## Finance Report The 2024 revenue was up by around 30% compared to the previous year and although the overall expenditure was also higher the outturn was a surplus of £770. We carry forward a bank balance of £15,730 into the new financial year, which puts us in a very strong financial position as a small charity. In addition to this balance we carry forward assets, in terms of Honey stock of approximately £5,740 and number of pre-booked training courses of around £760, most of which will be recognised in the 2025 revenue. ## **Buzzworks Association Hitchin** ## **2023 Accounts (full year)** |**REVENUE**
Administration
Education (including Open Days)
Marketing
Membership
Training
Donations
**_Total Revenue_**
**GRANTS**
Grants Received
**EXPENSES**
Administration
Apiary Materials
Education
Marketing
Site Maintenance & Gardening
Training
**_Total Expenditure_**
**2022 Profit & Loss**
_Current Year Surplus/(Deficit)_
_Previous Year Surplus/(Deficit) - brought forward_
**_Current Balance - surplus/(deficit)_**
**ASSETS & LIABILITIES**
Asset - Buildings & contents
Asset - Honey in stock to be processed (estimated)
Asset - 2024 training Pre-booked
Liabilities - Equipment on loan (estimated Value)
**_Total Assets_**|**2024**
-
£
2,315
£
5,117
£
154
£
2,164
£
-
£
**_9,750_**
**_£_**
**_-_**
**_£_**
1,797
£
544
£
961
£
2,797
£
2,640
£
240
£
**_8,980_**
**_£_**
_770_
_14,961_
**_15,731_**
**_£_**
81,050
£
5,740
£
763
£
_(£500)_
**_87,053_**
**_£_**|**2023**
-
£
1,339
£
4,913
£
180
£
923
£
140
£
**_7,495_**
**_£_**
**_1,882_**
**_£_**
1,300
£
1,174
£
645
£
2,574
£
1,321
£
-
£
**_7,014_**
**_£_**
60,691
£
4,258
£
497
£
_(£500)_
**_64,946_**
**_£_**|**Variance (B/W)**
£0
£976
£204
£27
£1,241
£140| |---|---|---|---| ||||**£2,255**
£1,882
£498
£630
£316
£224
£1,319
£240| ||||**£1,966**
£20,359
£1,482
£266
£0| ||||**£22,107**| ## **Revenue Analysis** 2024 revenue was £9,750 which was up by 30% compared to the previous year. Although marketing, principally the stall and honey sales, is our largest single revenue earner, both the educational and training teams saw another significant increase in their revenue. The overall contribution from the marketing area again fell this year from 67% in 2023 to 52%, giving us a more balance revenue profile. The Educational team saw another strong year with revenue up by around 70% compared to 2023 and accounted for around a quarter of the total revenue, which was higher than pre-pandemic levels, which is excellent. (Note that Open Day events are included in the Educational activity) The training area also had a very strong year, despite having to cancel one of the sessions due to bad weather, refunding a number of participants. Total revenue was up by around 135% compared to 2023 and we already have a significant number of bookings for the 2025 season. ## **Expenditure Analysis** Most areas within BAH incur a level of expenses, including some general administration costs associated with running the charity (around 20% of total expenditure in 2024), The largest outlay is the annual insurance premium to cover the sites, public liability etc, this increased in 2024, based on the trustees revaluation of the building and contents to reflect more realistic replacement prices. Most of the expenditure within the Educational area relates to that associated with the Open Days, and this accounted for around 90% of their total spend, the remaining 10% is made up largely of consumables needed to support the educational activity. The Marketing area purchased some additional honey due to the poor 2023 season (approximately £1,820) and this accounted for around 65% of their total expenditure, the remaining is made up of Jars, labels and stall materials. The Site Maintenance expenditure was higher than 2023 and includes the purchase of new Gazebos and the employment of a local contractor to maintain the hedges at both sites. ## **2025 Budget** Based on input from each area, together with the historical spend we have developed the 2025 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 current BAH 2025 budget. The current projection will give a small deficit at the end of the year. |**Buzzworks Association Hitchin**
**2025 Budget**
**REVENUE**
Administration
Education & Open Days
Marketing
Membership
Training
Donations
**_Total Revenue_**
**GRANTS**
Grants
**EXPENSES**
Administration
Apiary Materials
Education & Open Days
Marketing
Site Maintenance & Gardening
Training
**_Total Expenditure_**
**_2025 Projected Surplus/(Deficit)_**|**2025**
-
£
1,950
£
_Based on 18 visits from schools, home ed & local groups_
6,400
£
_Estimated sales_
200
£
_Baded on 20 members @£10_
560
£
_Based on 4x Exp days & 6x Taster Days_
-
£
**_9,110_**
**_£_**
1,560
£
_Insurance, Web Hosting & bank charges_
720
£
_Estimated @£60 per hive (x12 colonies)_
800
£
_Includes White Board, additional materials & Face paint for Open Days_
2,170
£
_Jars, labels etc and additional honey processing equipment_
3,989
£
_Repairs, Hedge trimming & Disabled access_
240
£
**_9,479_**
**_£_**
**_(£369)_**| |---|---| With our current cash position it maybe be difficult to seek further grants in 2025, 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.