Finance Report
2023 revenue was up by around 16% compared to previous year and we also benefitted from a number of grants from Hitchin & North Herts Councils as well as Hitchin Youth Trust. Although the overall expenditure was also higher, this was funded partly by the grants, giving an annual surplus of £2,362 for the year.
We carry forward a cash balance of £14,961 into the new financial year, which puts us in a very strong financial position as a small charity.
In addition to this cash balance we carry forward assets, in terms of Honey stock of approximately £4,250 and around £500 of pre-booked training courses, which will be recognised in the 2024 revenue.
Buzzworks Associaton Hitchin
| 2023 Accounts (full year) REVENUE Administraton Educaton Marketng (including Stalls, Honey Sales etc) Membership Training Donatons Total Revenue GRANTS Grants Received EXPENSES Administraton Apiary Materials Educaton Marketng (including Stall, Open Days etc) Site Maintenance & Gardening Training Total Expenditure 2022 Proft & Loss Current Year Surplus/(Deficit) Previous Year Surplus/(Deficit) - brought forward Current Balance - surplus/(deficit) ASSETS & LIABILITIES Asset - Buildings & contents (based on insured value) Asset - Honey in stock to be processed (estmated) Asset - 2024 training Pre-booked Liabilites - Equipment on loan (estmated Value) Total Assets |
2023 - £ 1,339 £ 4,913 £ 180 £ 923 £ 140 £ 7,495 £ 1,882 £ 1,300 £ 1,174 £ 645 £ 2,574 £ 1,321 £ - £ 7,014 £ 2,362 12,599 14,961 £ 40,642 £ 4,258 £ 497 £ (£500) 44,898 £ |
2022 100 £ 231 £ 5,259 £ 200 £ 681 £ - £ 6,471 £ 250 £ 1,342 £ 78 £ 1,125 £ 1,213 £ 817 £ 80 £ 4,655 £ 40,642 £ 4,536 £ - £ (£500) 44,678 £ |
Variance (B/W) £100 £1,108 £346 £20 £242 £140 |
|---|---|---|---|
| £1,024 £1,632 £42 £1,096 £480 £1,361 £504 £80 |
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| £2,359 £0 £278 £497 £0 |
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| £220 |
Revenue Analysis
2023 revenue was £7,354 which was up by 16% compared to the previous year. Although marketing, principally the stall and honey sales, is our largest revenue earner, both the educational and training teams saw a significant increase in their revenue generation. The overall contribution from the marketing area fell from 82% in 2022 to 67%, giving us a more balance revenue profile.
The Educational team saw a 4 fold increase in their revenue compared to 2022, running a number of home education and school visits, brining this area back in line with pre-pandemic levels, which is excellent.
The training area also had a strong year with revenue up by some 35% as well as having a significant number of bookings already taken for the 2024 season.
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BAH 2020 AGM – 23[rd] January 2020
AGM Report
Expenditure Analysis
Most areas within BAH incur a level of expenses, including some general administration costs associated with running the charity (around 18% of total expenditure), of which the largest outlay is the annual insurance premium to cover the sites, public liability etc followed by the web site hosting services.
The Apiary had increased expenditure, some of this was due to restocking following the significant losses during the winter as well as an investment in Queen rearing, through training and equipment purchase.
The Marketing area had to purchase some honey from local suppliers to ensure we had sufficient stocks to support the stalls and events prior to the BAH 2023 harvesting (approximately £1,900) This accounts for a large % of their expenditure and will obviously be recovered through sales.
In preparation for the open days and educational visits at the Buzzworks Site the volunteers undertook some refurbishment of the site, buildings and garden, which accounted for a significant part of the expenditure, together with general maintenance such a hedge cutting, petrol for the mower etc.
2024 Budget
Based on input from each area, together with the historical spend we have developed the 2024 budget which has been discussed and approved by the Trustees.
Each area will be expected to operate within their allocated budget, recording expenditure and submitting receipts.
The summary below shows the approved BAH 2024 budget
Buzzworks Associaton Hitchin
| 2024 Budget REVENUE Administraton Educaton & Open Days Marketng Membership Training Donatons Total Revenue GRANTS Grants EXPENSES Administraton Apiary Materials Educaton Marketng Site Maintenance & Gardening Training Total Expenditure 2024 Projected Surplus/(Deficit) |
2024 - £ 3,800 £ Based on 25 visits from schools, home ed & local groups 5,057 £ Estimated sales 200 £ Baded on 20 members @£10 920 £ Based on 16 attendees - £ 9,977 £ 1,300 £ Insurance, Web Hosting 800 £ Estimated @£50 per hive (x16 colonies) 1,100 £ Includes Gazebo, additional materials 1,439 £ Jars, labels etc and additional honey processing equipment 1,750 £ Replacement canopy at HW, repair of HW Bridge - £ 6,389 £ 3,588 |
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With our current cash position it maybe be difficult to seek further grants in 2024, although we will still look at options for donations from local organisation where appropriate.
The Trustees will review the budget against expenditure & revenue quarterly and make any adjustments that are required.