## **Financial Review – The Besom in Taunton for the year 1st October 2020 to 30th September 2021** **Gross income in this financial year was £33,008** ; this included £4,509 received from other Besoms in the UK to allow The Besom in Taunton to pay a single collective insurance premium on behalf of the Besom network. Excluding this sum, the **net income was £28,499** – an increase of £4,691 compared with the 2019-20 financial year. Net expenditure (excluding the additional insurance premium of £4,509 paid on behalf of the other Besoms) was £26,852 – an increase of £1,443 compared with the previous year. In line with accounting framework set out by the Charity Commission, and as income exceeded £25,000, an independent examination has been carried out of the accounts for 2020-21. The Annual Return will be completed and submitted to the Charity Commission within six months of the financial year end date (30[th] September 2021), and will detail our financial spending and reserves. Our thanks, once again, go to the following churches for their ongoing monetary support, without which the Besom would not be in a position to lease the warehouse: - All Saints Church, Trull - Living Light Church - North Street Church - Riverside Church - St. James Church - Vineyard Church We are also deeply appreciative for the continuing generosity of all our regular givers, and for those who have contributed one-off donations throughout the year. This year we have received corporate donations from: - Somerset West and Taunton Council (food resilience grant) - LiveWest Homes - TK Maxx and Homesense - J P Gainsford Associates Page 1 of 5 The Besom in Taunton – Financial Review 2020-21 ## **Fund Movements** Donations have been matched with the appropriate fund where possible. On the basis that individual funds cannot operate with deficits, any shortfalls in specific donations have been made up from the general fund. ||**Opening**|**Income**|**Expenditure**|**Closing**| |---|---|---|---|---| |General / Admin|£18,091|+ £11,827|- £3,312|£17,651| |Besom Network Insurance||+ £4,509|- £4,509|| |Crisis Food Boxes||+ £3,514|- £5,535|| |Seasonal Hampers|£77|+ £150|- £50|£177| |Starter Packs||+ £3,753|- £5,816|| |Projects|||- £72|| |Warehouse||+ £9,255|- £9,715|| |Van|||- £1,940|| |Website|£395||- £164|£231| |Reserves|£5,000|||£7,400| |**Total**|£23,563|+ £33,008|- £31,112|£25,459| ## **Reserves** There are two reserve funds: the general reserves and a fund for the eventual replacement of the Besom’s van. The general reserves fund stands at £5,000 in line with the reserves policy. This fund is required to: - conform to the Charity Commission’s Statement of Recommended Practice (SORP); - ensure that there are sufficient funds for committed expenditure (specifically the warehouse lease); and - have some time in trying to secure new funding if such need should arise. The general reserves fund would enable the current level of activity to continue for 3 months in case of an income hiatus. Creation of the reserve fund for replacement of the Besom’s van was agreed by the trustees during the financial year, and stood at £2,400 on 30 September 2021. Page 2 of 5 The Besom in Taunton – Financial Review 2020-21 ## **Income and Expenditure** A breakdown of income and expenditure is presented in the trends table below. ## **Income & Expenditure Trends** |**Income**
General Fund
Besom Network Insurance
Crisis Food Boxes
Seasonal Hampers
Starter Packs
Warehouse
Website
**Total Income**
**Expenditure**
General / Admin
Besom Network Insurance
Crisis Food Boxes
Seasonal Hampers
Starter Packs
Projects
Warehouse
Van (running costs)
Website
Depreciation of Van
**Total Expenditure**
**Net Surplus /Deficit**
Funds Brought Forward
**Funds Carried Forward**|**2016-17**
**2017-18**
**2018-19**
**2019-20**
**2020-21**
£6,591
£7,821
£10,862
£8,906
£11,827
£4,509
£60
£2,066
£699
£2,794
£3,514
£150
£60
£35
£150
£1,500
£3,547
£3,947
£3,909
£3,753
£8,114
£9,666
£9,281
£8,163
£9,255
£1,250| |---|---| ||**£16,415**
**£24,350**
**£24,849**
**£23,808**
**£33,008**
£1,601
£1,334
£1,145
£3,514
£3,312
£4,509
£1,509
£2,056
£1,477
£3,269
£5,535
£138
£3
£18
£9
£50
£3,209
£3,855
£3,714
£5,691
£5,816
£716
£469
£1,334
£107
£72
£11,533
£9,264
£8,249
£10,261
£9,715
£1,941
£3,217
£2,155
£2,163
£1,940
£333
£438
£85
£164
£606
£485
£388
£310
£248| ||**£21,253**
**£21,016**
**£18,918**
**£25,409**
**£31,361**| ||**-£4,838**
**£3,334**
**£5,931**
**-£1,602**
**£1,647**
£21,979
£17,141
£20,475
£26,406
£24,804| ||**£17,141**
**£20,475**
**£26,406**
**£24,804**
**£26,452**| Page 3 of 5 The Besom in Taunton – Financial Review 2020-21 The pie charts below indicate the income and expenditure under each heading (excluding payments associated with the insurance premium for the Besom network). The column chart shows how expenditure has varied over the last five years. **----- Start of picture text -----**
The Besom in Taunton - Sources of Income 2020-21
Individual regular
Regular corporate 8%
13%
Individual one-off
18%
One-off corporate
18%
Gift Aid
4%
Stewardship, CAF, Impact
Giving
7%
Churches
32%
The Besom in Taunton - Expenditure 2020-21
General / Admin
Website 12%
1%
Van
7.3%
Crisis Food Boxes
20.8%
Seasonal Hampers
0%
Warehouse
37%
Starter Packs
21.9%
Projects
0%
**----- End of picture text -----**
Page 4 of 5 The Besom in Taunton – Financial Review 2020-21 **----- Start of picture text -----**
The Besom in Taunton - Expenditure Trends
£35,000
£30,000
£25,000
Besom Network Insurance
Van Depreciation
Website
£20,000
Van
Warehouse
Projects
£15,000
Starter Packs
Seasonal Hampers
Crisis Food Boxes
£10,000
General / Admin
£5,000
£0
2016-17 2017-18 2018-19 2019-20 2020-21
**----- End of picture text -----**
## **Comments** Expenditure on crisis food boxes in this financial year has increased by 69% (275% compared with 2018-19) and starter packs by 2% (57% compared with 2018-19). Expenditure on projects remained low due to the continued effects of the COVID pandemic, which have prevented any decorating projects and severely limited our ability to carry out gardening projects. General / admin expenditure includes regular expenditure on management of safeguarding (32%), utility bills (17%), travel costs for food box coordination (11%) and various one-off items including insurance (18%). The exceptional income and expenditure in relation to insurance for the Besom network will be managed by other Besoms in years to come. Mark Turner **Treasurer, The Besom in Taunton** November 2021 Page 5 of 5 The Besom in Taunton – Financial Review 2020-21 Annual Accounts to 30 Se tember 2021 The Besom in Taunton (A company limited by guarantee) Company No. 8500773 ST JAMES CHURCH St James Street Taunton Somerset TAI IJS Directors, Report A) The principal activitles of the company 194910- Actlvltles of religious or8anlsatlons). The Besom In Taunton 5s a charlty which helps Christians go out and serve their community. It provides links between soclal agencies and churches. so that those who are in need can be reached by those who feel called to serve. 81 Detalls of the company dirertors (Trustees) a. Ro8er Keith Hab8ood {Chairmanl: Jeremy Peter Gainsford; Elaine Fenton; Mark Christopher Turner (Treasurer) C) Polltlcal donatlons and expendlture none D) Charitable donations none E) Acqulsltlons of own shares none Fl Employment of disabled persons none Treasurer. Mark Tumer Page l of4 Signature: Date: Income & Ex nditure Trends 2016-17 2017-18 2018-19 2019-20 2020-21 Income General Fund Crisis Food Boxes Seasonal Hampers Starter Packs Warehouse Websrte Besom Ne￿Ork Ifor insurance) £6.591 £7.821 £10.862 £699 £8,9 £2.794 £35 £3,909 £8,163 £11,827 £3,514 £150 £3.753 £9.255 £150 £1.500 £8,114 £3.547 £9,666 £1.250 £3,947 £9.281 £4.509 Total Income £16.415 £24,350 £24,849 £23.808 rJ3.008 Expenditure General l Admin Crisis Food Boxes Seasonal Hampers Starter Packs Projects Warehouse rental and expenses Van running costs Webs Depreciation of Van n8urance for Besom Network £1.601 £1.509 £138 £3,209 £716 £11.$33 £1,941 £1.334 £2.056 £3 £3,855 £1,145 £1,477 £18 £3,714 £1.334 £8.249 £2.155 £438 £3.514 £3,269 £3,312 £5.535 £50 £5,816 £72 £9,715 £1,940 £164 £248 £4,509 £5.691 £107 £10,261 £2.183 £85 £310 £9.264 £3,217 £333 Total Expondlturn £21,253 £21.016 £18,918 £26,409 £31361 Not Surplus l D•ficft 838 £3.334 £6,931 41,602 £1,647 Funds Brought FoThvard £21.979 £17,141 £20.475 £28.4(￿ £24 804 Funds Carrled Forward £17,141 £20.475 £26.406 £24.804 £26,461 Treasurer. Mark Turner Pa8e2of4 Signature: Date: Balan￿ Sheet for the Year Endlng 30 September 2021 Flxed Assets Diesel Van wa￿hoUse rental de￿slE (see note) Current Assets HSBC CUr￿nt Account Credit balance on ASDA pr&pay card Gifts & Cheques Awaiting Bankin8 Total Assets Cost Depredation £5.920 £4.927 Net £993 £3.ILX) £25.459 £112 £29ffi3 Current Uabllltles Total assets less current Ilabllltles £29.663 Share Capltal and Reserves Share Capitsl Retained Funds Reserves Total Capltal and Reserves £22.263 £7,4 £29.663 Note: The deposit for the rented warehouse has been held by the landlord since the 2016-17 financlal year. These accounts have been prepared in accordance with the provlsions app14cable to companies subject to the small companies, re8ime. The Besom In Taunton Is entitled to exemption from audit under 5ertlon 477 of the Companles Act 2(￿ relatlngto small companles. The trustees have not required the charity to obtain an audit of its accounts for the year endin8 30 September 2021 in accordance with section 476 Companies Act 2iJ)6. The trustees acknowledge thelr responslbility for complying wlth the requirements of the Companies Act 2006 wbth respect to accounting records and the preparation of accounts. The accounts for the year ending 30 September 2021 have been Independently examlned, and the examiner has confirmed that: l. the accounting records have been presented correctty; 2. the accounts were in agreement with the records presented: and 3. the formatting of the accounts was correct. The examlner has made no comment in relation to any other concerns about the account5. Treasurer. Mark Turner Page3of4 Signature: Date: i o Notes to the accounts In line with the accounting framework set out by The Charity Commlsslon: an examination of the accounts is required under section 145{11 of the Charitles Act 2011 section 144{11 (audit) of the Charities Act 2011 does not apply to the charity the current thresholds for audit are n(rt exceeded the charity is exempt from audit in accordance with sertion 477 of the Companies Act 2006 the accounts have been prepared on a receipts and payments basis under section 133 of the Charities Art 2011 The directors and members of the core [management] team receive no remuneration for their support of the charity. No HMRC taxation of income is required as Besom is a non profit- making charitable company. Desl nat The desSgnated funds are as follows:_ l. General / admin 2. Crisis food boxes 3. Seasonal hampers 4. Starter packs 5. Projects 6. Warehouse 7. Van 8. Webslte 9. Reserves (see below) The purpose of the Individual funds Is to keep track of any Income and expenditure assoclated wlth the appropriate fund. Reserves The general reserves fund stands at £5,(IJO in line wlth the reserves policy. The maln concems of the trustees are:. to confomi to the Charlty Commissions Statement of Recommended Practice ISORP); to ensure that there are sufficient funds for committed expenditure lie the warehouse lease)," and to have some time in tryin8to secure new fundin8. The re5errfes fund would enable the current level of actlvity to continue for at least 3 months if a crlsis in ongoing fundin8 should occur. De recSatlon The van is bein8 depreciated at 20% per annum on a reducing balance basis. Treasurer. Mark Turner Pa8e4of4 Si8nature: Date: Mr David Brooks-Daw 81, Eaton Crescent, Taunton, Somerset, TA2 7UE The Trustees, The Besom in Taunton, c/o St James Church, Taunton, TA1 3ED Tuesday 26[th] October Dear Sirs/Madams: ## **Taunton Besom** I have reviewed the financial statements of Taunton Besom from the records and information supplied to me. These covered the period between 1 October 2020 until 30 September 2021. - I confirm that the accounting records have been presented correctly. - My examination showed that the accounts were in agreement with the records presented - And that the formatting of the accounts was correct. In conclusion I would like to commend the treasurer for meticulous manner in which these records have been kept. Yours Sincerely David Brooks-Daw