Financial Statement of the Solent Protection Society for the year ended 30 June 2021
Prepared by Dr Peter Henderson in cooperation with the recently retired Treasurer, Mr Poh Chye Lim
General Observations
The final position of SPS in June 2021 is exceptionally good. This in part relates to the pandemic and a reduction in our expenditure, but also to the receipt of two generous donations of £500 and £5,000 respectively. For the year ended 30/6/2021 SPS recorded an excess of receipts over payments of £7,247. In addition to the donations, we saved £855 in room hire fees and £195 in travelling expenses.
SPS has been in negotiation with Solent Forum about our magnitude of annual subscription. As this has not, as yet, been paid the accounts show a liability of £1,383 which is the subscription requested by Solent Forum.
Total assets over liabilities were £123,837 with our Charifund units valued at £79,480 and Charibond units at £30,670. The Charifund increased by £13,069.43 and the Charibond decreased by £472.71 over the last financial year. As has been the case in previous years investment income is essential, as our annual payments exceed income from subscriptions.
1 Notes to the accounts
For the financial year ended 30 June 2021, The Solent Protection Society (SPS), a small charity, registered under the Charitable Incorporation Organisation (CIO), [Registered Charity No 1154317], has prepared for the sixth year its account on a “Receipts and Payments” basis rather than on an accrual basis, which finished in 2014/15.
All monetary values for the year 2019-2020 given in Sections 6 & 7 below are rounded to the nearest pound and therefore the totals, which are correct, may not be exactly generated by simple addition of the columns.
2 Accounting Policies
-
The “Receipts and Payments Account” and the “Statement of Assets and Liabilities” have been prepared in accordance with the applicable Accounting Standards and the Charities Statement of Recommended Practice 2000 and under historical cost convention, except for the valuation of the Investments, which are stated at market value as at 20 June 2020.
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The Receipts and Payments for the year are all accounted on a cash basis.
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Fixed Assets. In line with the previous practice, no depreciation is provided during the year. All new purchases are written off at cost.
3 Taxation
SPS is an approved charity and is not liable for income tax on any surplus.
4 Audit
- SPS is not required under the CIO regulations to have an Account either audited or independently examined.
5 Review
Two members of the SPS council, other than the Chairman and the Honorary Treasurer, have reviewed the Accounts and discussed the results for the year with the Honorary Treasurer, but have not carried out an independent audit. The two reviewing council members were: Mr Richard Brown and Mr Michael Rainey, BSc Dip. Arch (UCL), RIBA.
Receipts and Payments Account for the year ended 30 June 2021
RECEIPTS
| RECEIPTS | ||
|---|---|---|
| Y 20-21 | Y 19-20 | |
| £ | £ | |
| Subscriptions | 7,290.00 | 7,372 |
| Donations | 5,500.00 | 0 |
| Income tax recovered | 1,125.16 | 1,029 |
| Interest | 734.79 | 686 |
| Dividends | 3,476.47 | 4,307 |
| Awayday | 0 | 157 |
| Sundries | 0 | 0 |
| Total receipts (A) | 18,126.42 | 13,550 |
| PAYMENTS | ||
| Secretary | 7,500.00 | 8,124 |
| Insurances | 874.41 | 874 |
| Printing and stationary | 220.08 | 380 |
| Telephone and postage | 573.81 | 807 |
| Travelling | 0.00 | 195 |
| Conference expenses | 118.80 | 268 |
| Subscriptions | 5.00 | 5 |
| Advertising and publicity | 1,460.00 | 1,240 |
| Solent Forum | 0.00 | 1,373 |
| Hire of rooms | 0.00 | 855 |
| Refreshment and entertaining | 0.00 | 0 |
| Website and computer costs | 0.00 | 0 |
| Computer material | 126.95 | 0 |
| Sundries | 0.00 | 0 |
| Total Payments (B) | 10,879.05 | 14,123 |
| Total receipts over payments (A-B) | 7,247.37 | -573 |
| DONATIONS MADE BY SPS | ||
| Marine Archaeology Trust | 0 | 1,000 |
| Total payments after donations (C) | 10,879.05 | 15,123 |
| Payments over total receipts (A-C) | 7,247.37 | -1,573 |
| STATEMENT OF CASH AT BANK | ||
| Balance at bank 1 July 2020 | 8,295.62 | 9,869 |
| Total payments over receipts | 7,247.37 | -1,573 |
| Balance at bank 30 June 2021 | 15,542.99 | 8,296 |
/page 2
Statement of Assets and Liabilities
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| CASH FUNDS | ||
| Cash at banks | 15,542.99 | 8,296.00 |
| COIF | 0.00 | 0.00 |
| Total cash funds | 15,542.99 | 8,296.00 |
| INVESTMENTS | ||
| 5189 Charifund units | 79,479.79 | 66,410.36 |
| Increase in value in 2021 | 13,069.43 | |
| 24493 Charibond units | 30,197.42 | 30670.13 |
| Decrease in value in 2021 | -472.71 | |
| Total investment funds | 109,677.21 | 97,080 |
| TOTAL CASH AND INVESTMENTS | 125,220.20 | 105,376 |
| Less liabilities | -1,383.00 | |
| TOTAL ASSETS OVER LIABILITIES | 123,837.20 | 105,376 |
Dr P A Henderson, Treasurer 13.12.21