St Mungo's reports £12m rise in income to record high

Income at the homelessness charity St Mungo’s rose by more than £12m last year after it secured millions in new support service contracts.

The charity’s latest accounts, for the year to the end of March 2020, show total income was up from £95m in 2018/19 to a record high of £107m.

Its annual income has been increasing steadily since 2014/15, when it was about £70m.

New support service contracts contributed £7.2m in 2019/20, including an additional £16m to pilot emergency temporary accommodation known as “floating hubs” around London.

Fundraising income remained stable year on year, at £12.6m.

Spending increased by nearly £18m to £108m, which left the charity with a small surplus of more than £200,000 after it also sold one of its properties for £1.7m.

The charity had reserves of £16.5m and cash and bank balances of nearly £21m.

St Mungo’s social housing property portfolio grew by 281 bed spaces.

Meanwhile, the portfolio of its social lettings agency, Real Lettings, increased by 143 properties over the course of the year.

The chair of the St Mungo’s board of trustees, Robert Napier, said in his foreword to the accounts that no one could have envisioned the pace of change the coronavirus pandemic had brought with it.

He also thanked the charity’s thousands of staff, volunteers and supporters for their commitment and dedication to the cause.

“With the outbreak of the pandemic, the board acted quickly to put further mitigation plans in place for the potential impact of coronavirus on our cash flow.

“While the immediate risks have not materialised to the extent originally feared there is still considerable uncertainty about the future economic impact of the pandemic,” said Napier.

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