Cost savings We’re celebrating strong 2020-2021 financial year end results after a challenging, energising and pivotal year when income and reserves grew and expenditure was reduced significantly without losing staff resource. Total income was £374,808, expenditure was £293,084 and reserves were £207,979. For every £1 invested in fundraising in 2020-2021 (including fundraising salaries), we generated £5.84 to advance our work. This means we’re well placed to implement an exciting 10-year vision. Thank you to our funders and supporters. Significant cost savings were made in 2020-2021 to ensure Teapot Trust is lean and efficient. Expenditure continues to follow a downward trajectory. By no longer running Open Groups in hospital settings (the health and safety risks are too great in the pandemic) and delivering art therapy online we have reduced art therapy delivery costs. Staff costs (distinct from self-employed/sessional art therapists) are at a five-year low which means we’re lean and efficient. When we had the opportunity of a lease break in October 2020, we downsized our office to a modest base giving our 5 staff the option to work more flexibly – reducing annual rent and associated costs by almost two-thirds. The move was done entirely by volunteers. In summer 2020, we outsourced our Finance for greater efficiency. This brought added value in terms of analytical insights that are aiding financial planning, control and risk management. We have also re-negotiated contracts with some partner hospitals which means they will bring art therapy in-house within 3 years and meet the cost themselves – enabling Teapot Trust to use resource to introduce and embed our service in other hospitals. For more financial insights, with five-year trends and graphs, please see our Annual Review page. For every £1 invested in fundraising in 2020-2021, Teapot Trust generated £5.84 to advance our work.