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.
Simon Colburn, Assistant Director for Health and Environmental Services at City of Lincoln Council, said: “The 2016 Lincoln Christmas Market was probably our most successful yet. The weather stayed kind, our improvements were warmly received and the Park and Ride service was well used.
“It’s good news that the event has met its income targets, and the surplus made has been set aside as a contingency against any unexpected costs that the market might face in future years.
“More importantly, the event was a major success as a showcase for Lincoln, attracting in excess of 250,000 people to the city and helping put more than £14million into the local economy.
“As the oldest traditional Christmas market in the UK we attract visitors from across the country. It’s a free family friendly event that marks the start of the festive season for many.
“The 2017 Lincoln Christmas Market runs from 7 to 10 December and will once again be offering more than 200 stalls selling food and drink, including local produce, hand crafted items, unique gifts and much more.”