The 2016 Lincoln Christmas Market made a £10,282 profit, the first time a surplus has been achieved in six years according to the latest financial report.
City of Lincoln councillors are to review the full account of the market’s financial position at a meeting on Thursday, July 13.
The annual event, which was last year attended by around 260,000 people, has improved its financial portfolio over the last six years, with this year being the first year the market has seen a profit:
- 2010 (cancelled due to bad weather) – £266,000 loss
- 2011 – £113,000 loss
- 2012 – £102,850 loss
- 2013 – £83,000 loss
- 2014 – £64,850 loss
- 2015 – £60,811 loss
- 2016 – £10,282 profit
In addition to the operational income and expenditure on the market, the event is also subject to corporate central support charges (CSS) which covers:
- Staffing by other teams for provision of services
- Food health and safety
- Licensing charges
The total CSS bill for 2016 was £91,791 – a 20,840 decrease on the previous year.
This brings the total profit to £10,282.
The Lincoln Christmas Market has been delivered for over 30 years in the grounds of Lincoln Castle and the surrounding streets.
The city council estimates the total visitor spend in the region as £14 million in 2016 – an estimated economic value of £2.65 million.
A survey by the University of Lincoln notes in the report that the average visitor spend at the market has increased from £53 in 2014 to £57 in 2015.
There were 200 stalls at the 2016 market, with stallholders paying 8% more for their pitch than in the previous year – generating an income of £386,183.