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2022-12-31-accounts

MCG Officer’s Reports 2023

Finally, our AGM schedule is back to normal after the Covid19 pandemic.

Please find herein the reports of the various club officers for the period April 2022 to April 2023, unless otherwise stated.

This is our first year operating as a Charitable Incorporated Organisation or CIO – ‘Mendip Caving Group’ - charity number 1197325.

Secretary’s report

Bill Chadwick writes:

Please accept our apologies for the recent infrequency of the publication of MCG News. We elected a new Editor at our April 2022 AGM but his personal circumstances then changed, leaving him no time to work on a Newsletter. I produced Newsletter 388 in October myself. I would also like to record that 2022 has seen the publication of Tim Francis’ excellent ‘Blackmoor Valley from the Log book’ as MCG Occasional Publication No. 7. We are still in need of an Editor for 2023-2024.

The MCG did of course lose income from bed night fees etc. during the pandemic, but that was more than made up for by government grants, so that the MCG is still in a comfortable financial position. I am pleased to report that guest bed night fees are back up again, from both Scout and University groups and others too. We have increased the guest bed night fee to £7.50, to match other Mendip providers. Due to rising costs, the time has now come though, when we must consider raising our membership fees and other charges, for members.

Jason Kirby continues to work hard to keep the cottage running smoothly. Many thanks to all the folk who helped at the work weekend in October.

Mark Edwards has been busy with several new members and we have made up some new Full members. Mark’s efforts in this area are most important in maintaining the youth and vigour of the MCG – thankyou Mark.

Dan Matthews has been minding the tackle in its new location in the shed. Operation from the shed seems to be going well.

Many thanks to Tom Harrison for his hard work on our accounts and the examiners Peat Bennet and Linda Milne for their checking of them. For 2023-2024, we need a new volunteer to replace Peat.

During the year, we have had several great socials and meals organised by Jackie Murch, including another of the now famous, MCG Christmas dinners. Chris Barrington’s outdoor bat talk, accompanied by our resident bats, made the most of a rare warm summer’s night at Nordrach.

After several years as a trustee of the MCG, Dave Lossl is not standing for re-election this year. Dave has made numerous contributions to the life of MCG over recent years, including the regeneration of our website, which we thank him for wholeheartedly. As a consequence, we are in need of a new Recorder / Librarian for 2023-2024. I would also like to thank Joan Goddard and Mike Moxon for working hard to help keep the library in a good shape.

Sadly, as I write, we have yet to complete the transfer of the cottage to our new Charitable Incorporated Organisation – the transfer is still being processed by the Land Registry. Many thanks

to Steve Porter for all his hard work on the cottage transfer. Ben Cooper has been working extremely hard on transferring our investments to the CIO. This has involved a huge amount of correspondence with the institutions involved. As I write, some but not all of the transfers have been completed.

We have done the work requested by the last AGM, to provide a draft of a revised constitution that would provide for the admission of under 18s as members of the MCG.

We hold regular, on-line, trustee’s meetings to deal with the management of MCG affairs. Having both the named role trustee positions as well as some custodian trustees, has helped keep our meetings quorate. So thankyou to Ben Cooper, Time Francis and Brian Snell for their help with our decision making.

2024 will be the 70[th] anniversary of the formation of MCG. To celebrate the 50[th] and 60[th] anniversaries we held large formal dinners. We should discuss what to do about our 70[th] , or perhaps 75[th] anniversary, during this year’s AGM.

Finally, I would like to give notice that if elected for 2023-2024, I will have served as Secretary for six years. I do not propose to stand for election as Secretary for 2024-2025.

Treasurer’s report

This report covers the calendar year 2022.

Tom Harrison writes:

TREASURER’S REPORT FOR 2022

April 2023

Summary

This is a confirmed report for 2022, after the accounts have been examined by Pete Bennet and Linda Milne.

2022 brought a small surplus of £412, however, as the accounts close on 31[st] December this figure includes £1006 received from members for payment of the BCA membership.

Member bed nights have remained flat during 2022 and would probably have been lower than 2021 if there hadn’t been a lockdown between January and April of that year.

Positively, guest bed nights have tripled as groups return. In August 2022, we raised the bed night fee for guests from £6 to £7.50 to cover some of our increased costs and to bring them into line with other comparable facilities. This does not seem to have affected the numbers booking.

Income from the MCG Investments has also helped prevent a significant deficit.

We haven’t received a bill from Calor yet, (usually we receive a delivery in March) and electricity costs have been stable from less cottage use and government energy bill support. We have also stopped receiving the rate relief from Mendip District Council, so we can expect all these costs to rise in 2023. We spent a lot less on maintenance and improvements than in the previous few years and made no caving equipment purchases, further helping to keep our expenditure lower.

Therefore, after several years of keeping membership fees static, it may be time to consider a small increase in both subs and bed night fees, to ensure we do not start running at a deficit. I will look to produce and provide a proposal for this in the coming months.

Tom Harrison

MCG Treasurer

MENDIP CAVING GROUP CIO: 1197325
FINANCIAL REPORT FOR 2022 Year to Year to
Notes(see 31.12.2022 31.12.2021
INCOME ACCOUNT next page)
Member Bed Nights A 1,200 1,230 -2%
Guest Bed Nights B 1,851 604 206%
Day Use C 89 84 6%
Deposits 2023 and Bed Nights 2021 D 239 233
Cottage Donations E - -
Other Cottage Income F 45 107 -58%
Total Cottage Income: £ 3,424 £ 2,258 52%
Subscriptions G 4,021 3,529 14%
Shop & Social H 118 170 -31%
Donations I 188 185 2%
Interest / Dividend Income J 1,446 1,215 19%
Other General Income K 2,169 15,607 -86%
Total General Income: £ 7,942 £ 20,704 -62%
BCA L 1,820 1,512 20%
Other M - -
Total Restricted Income: £ 1,820 £ 1,512 20%
EXPENDITURE ACCOUNT
Insurance N 1,336 1,274 5%
Electricity & Gas O 1,725 1,711 1%
Rates, Water & Refuse P 2,656 1,503 77%
Maintenance & Improvements Q 1,881 8,583 -78%
Telephone & Internet R 609 686 -11%
Other Cottage Expenses S 15 91 -84%
Total Cottage Expenditure: £ 8,222 £ 13,848 -41%
Caving Equipment T - 459 -100%
CCC Permits & BCA Membership U 118 206 -43%
Library & Membership Admin/Postage V 219 328 -33%
Newsletter Printing & Postage W 244 270 -10%
Other Expenditure X 2,302 1,465 57%
Total General Expenditure: £ 2,883 £ 2,729 6%
BCA Y 1,668 1,607 4%
Total Restricted Expenditure: £ 1,668 £ 1,607 4%
General Surplus / (Deficit)
Cash funds end as of: 31.12.2021 : £ 36,418 31.12.2020 : £ 30,127
Income 13,186 24,474
Expenditure 12,773 18,184
Surplus / (Deficit) 413 6,291
Cash funds reserve @ end of: 31.12.2022 : £ 36,830 31.12.2021 : £ 36,418
BALANCE SHEET
Assets: Unrestricted Restricted (See
Liabilities)
HSBC Community Account £ 23,802 £ 969
HSBC Savings Account £ 2,504 £ -
Santander Account £ 1,309 £ -
CCLA COIF (Cottage) £ 7,837 £ -
Petty Cash £ 214
Due from Card Payments (SumUp) £ 158 £ 37
Total £ 35,824 £ 1,006
Total Cash Assets: £ 36,830

Other monetary assets Z Henderson Global Care ... Henderson Global Equity… M&G Charifund Income Premier Monthly Income Rathbone Income Fund SVS Brown Shipley COIF Deposit Custodian Trustees

Assets retained for the charity’s own use AA Cottage- Building £ 400,000

Cottage- Contents

£ 80,000

Liabilities AB BCA Membership Subscriptions Held in MCG Accounts/Cash: £ 1,006

Notes

Income

----- Start of picture text -----
Bed Nights
700
600
500
400
300
200
100
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Members Bed Night s Guest Bed Nights
----- End of picture text -----

If you are coming to use the cottage but do not stay the night, please consider a donation of a couple quid which helps to cover the ever increasing, lighting, heating, water, business rates and other ongoing cottage costs.

Total subs received for 2022 membership was £3794. We received £4,138.50 for 2021 membership subs.

----- Start of picture text -----
Member Numbers
140
130
120
110
100
90
80
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
----- End of picture text -----

Expenditure

Business Rates – 2022 - £1471 2021 £332.57 – Business Rates relief for Covid ended in 2021

Specific improvement costs – Replacement Safe & Library Table

Materials £425 Fire Alarm System & Extinguishers - £1223 See

Cottage Warden’s report.

AA – Estimated building and contents replacement costs, as well as value of land. Needs professional assessment for accurate assessment.

AB – Money currently held in MCG accounts owed to BCA for 2023 memberships. (Paid to BCA in Feb 2023)

----- Start of picture text -----
Receipts vs Expenses
£40,000
£35,000
£30,000
£25,000
£20,000
£15,000
£10,000
£5,000
£0
2013 2014 2015 2016 2017 2018 2019 2020 2021
Receipts Expenses
Receipts vs Expenses (Subs adjusted for year and
Grants not included)
£25,000
£20,000
£15,000
£10,000
£5,000
£-
2017 2018 2019 2020 2021
Receipts Expenses
----- End of picture text -----

Investment report

This report covers the calendar year 2022. Ben Cooper writes:

Custodian Trustees Report 2023 for year ending 31[st] December 2022 v1.0

Ben Cooper

Investments held up well despite some market uncertainty, with a net fall of 4%. Work has been underway to move the investments from the holding of the Custodian Trustees into the CIO. As of 31[st] December 2022, one fund (M&G Charrifund) had completed the transfer and is now owned by the CIO. As part of the transfer, the Trustees requested the fund to be converted from Income units to accumulation units, which happened at the end of the year just after the final dividend payment. The remaining funds are on track to be moved to the CIO during the first half of 2023.

Investment Valuation and historic comparison

31/12/2015
31/12/2016
31/12/2017
31/12/2018
31/12/2019
31/12/2020
31/12/2021
31/12/2022
Henderson Glbl Equity £3,366.79
£5,731.31
£4,522.86
£4,157.18
£4,815.52
£4,858.32
£5,525.65
£5,652.44
Henderson UK Resp… £5,483.02
£4,104.29
£6,311.40
£5,592.09
£7,120.08
£6,619.49
£7,507.57
£7,094.46
M&G Charifund Inc £17,936.31
£19,206.60
£20,548.32
£17,813.22
£20,773.60
£17,169.51
£19,466.54
£0.00
M&G Charifund Acc £18,382.55
Premier (Credit Suisse) £7,473.13
£7,685.25
£8,149.46
£6,511.95
£7,782.73
£5,577.43
£5,895.03
£6,036.94
Rathbone Income Fund £4,419.74
£4,756.34
£5,107.01
£4,635.29
£5,314.36
£4,873.99
£5,865.70
£5,855.74
SVS Brown-Shipley £2,244.32
£2,489.94
£2,767.03
£2,520.22
£2,961.63
£3,317.77
£3,754.34
£3,064.09
Total funds
£40,923.31
£43,973.73
£47,406.08
£41,229.95
£48,767.92
£42,416.51
£48,014.83
£46,086.22
COIF
£5,638.41
£5,662.42
£5,675.63
£5,701.42
£5,733.88
£5748.96
£5,749.48
£5,749.48
Total investment value
£46,561.72
£49,636.15
£53,081.71
£46,931.37
£54,501.80
£48,150.39
£53,764.31
£51,835.70

Unit Prices and historic comparison

Investment Unit Price
31/12/2020

Unit Price
31/12/2021

Unit Price
Growth
Henderson Global Equity ... £0.6712 £0.6680
-0.5%
Henderson UK Responsible ... £1.3700 £1.2390
-9.6%
M&G Charifund Income £15.5620
M&G Charifund Accumlation £289.4616
Premier (CS) Monthly Income Fund £1.5480 £1.7350
12.1%
Rathbone Income Fund £9.6706 £9.2273
-4.6%
SVS Brown Shipley* £3.4957 £2.8530
-18.4%
TOTAL Investments £48,014.83 £46,086.22
-4.0%

Investment Analysis

Investment 31/12/2021 Valuation

31/12/2022
Growth1		 Realised
Income2
Re-
investment3		 Yield4 Performance5
Value
Gain		 Performance5
Value
Gain
Gain-%
Henderson Global Equity... £5,525.65 £5,652.44
2.3%		 £185.15 3.4%
£5,652.44		 £126.79
2%
Henderson UK Responsible ... £7,507.57 £7,094.46
-5.5%		 £307.21 4.1%
£7,094.46		 -£413.11 -6%
M&G Charifund Income £19,466.54 £0.00
-5.6%		 £1,038.24 5.3%
£1,038.24		 -£45.75 0%
Premier Monthly Income £18,382.55
Premier Monthly Acc £5,895.03 £6,036.94
2.4%		 £265.47 4.5%
£6,302.41		 £407.38
7%
Rathbone Income Fund £5,865.70 £5,855.74
-0.2%		 £256.42 4.4%
£5,855.74		 -£9.96 0%
SVS Brown Shipley (Solus) £3,754.34 £3,064.09
-18.4%		 £7.46 0.2%
£3,071.55		 -£682.79 -18%
TOTAL Funds £48,014.83 £46,086.22
-4.0%
£1,311.17
£748.78
4.3%
£29,014.84
-£617.44		 -1.3%
COIF £5,749.48 £5,749.48
0.0%		 £0.00
0.0%
£5,749.48
£0.00
0%
TOTAL Investments £53,764.31 £51,835.70
-3.6%
£1,311.17
£748.78		 -£617.44 -1.1%

  1. Valuation Growth is simply the valuation of the current holding compared to last years, including any increased stock holding.

  2. Realised Income is the income received into the Group’s current account; effectively withdrawals from the investment funds.

  3. Re-investment is the income re-invested in the investment funds. The re-investment amount is already included in Valuation. 4. Yield is the income as a percentage of the invested value (i.e. the value at the start of the year) 5. Performance is overall gain, taking into account the capital growth and income (i.e. compared to the start of the year).

Tackle Master

Dan Matthews writes:

Not much has happened this year. No new purchases. Gear log is working well to keep up with checks on gear. It has been brought to my attention that the labels have come off some of the ropes this is in hand to be sorted. One of the l+ over-suits has gone missing if you happen to find one that you don’t recognise it could be the clubs.

I’m happy to stand again as tackle master or if someone wants to take on the position I will stand for

Editor.

Thanks

Daniel Matthews.

Cottage Warden

Jason Kirby writes:

I would like to start with an introduction for the benefit of newer members, my name is Jason Cardwell Kirby I'm the hut Warden my role is to facilitate the smooth running of the MCG premises, and deliver reactive repairs to the cottage, a job I enjoy and take very seriously.

I have a big thank you to all members for considerately using less gas and taking full advantage of the log fire to cut back on running costs. Gas consumption has dramatically reduced and although we are at the mercy of the gas companies, we have at least held back the next big bill.

Projects completed this year include upgraded lighting outside and new Electric points by the washdown area.

Cottage work weekend was a major success again mostly by new members, thank you to all that attended.

I'm very pleased people are making a good effort to clean the cottage after using it. I would like to remind all members this is a critical part of being a member of MCG as we don't employ cleaners, so it's down to all members to keep the hut in the best condition possible. A large part of our income comes from cottage bookings from clubs and organized groups. If the hut is in a poor state on their arrival, they are less likely to come back.

There are some outstanding jobs that I need to address:

After many years of use our front door Yale lock is in a poor state. So, I have proposed to the trustees that we fit a second magnetic lock meaning we can do away with keys so that members will only need a fob to enter the hut. I am in communication with a company named M3 Security who will, when I have the time, fit and upgrade the entry system at the front door. My decision

for this upgrade is due to my experiences over the past few years. We have had quite a lot of instances where the door has not been locked after everyone has gone home leaving the hut vulnerable, I believe this will eliminate that problem as when the door is shut it is locked. We will also save the cost of cutting around 200 new keys which would be very expensive.

I have one small point for people to consider when you're all at the hut and in a rush to get digging, caving or going out. Please consider the people that are still in the hut and keep doors closed to save heat losses. This not only makes sense for keeping costs down, but will help the environment as well and keep the hut more comfortable for those left behind.

As we are all aware the car park is still a problem and my previous project proposals have stalled for various reasons. It is still at the forefront of my mind to resolve this issue, but with rising costs it is unlikely we will be able to continue with this project any time soon.

What I now need is guaranteed volunteers to dig trenches for perforated drain pipes and soakaways to be installed. Bear in mind this is hard and compacted ground and the use of a digger would be a central part of this plus three different aggregate grades to be laid on top.

However, in the meantime, a smaller project may be achievable. A trench should be dug across the gate and a perforated pipe be sunk to deflect the flow of water from the road away from our entrance to a French drain. This can be achieved with a small team of dedicated diggers and greatly reduced cost. So, if you are as keen as me to fix this problem, please let me know thank you.

One last thing, cleaning supplies. As I am not at the hut all the time, it is difficult for me to do stock takes on how much is left. It would be really helpful if people would email a list to me so I can order items in time and bring them to the hut. I have seen a list on the whiteboard. This is an impractical way of communication as I need to be there to see it. So simply email me and I will order and make the journey to drop stuff off.

Many thanks for your time.

Social Secretary

Jackie Murch writes:

We’ve had some well attended social events during this year’s members’ weekends.

In May we had a Mexican themed evening with Chilli and all the trimmings, a delayed weekend in June due to Queens party; a grand BBQ party in the garden, lovely summer weather and a good time. July we attended the Wessex challenge, very entertaining and MCG competited. Aug we held another BBQ in the glorious weather and a fantastic bat talk and presentation by Chris Barrington, plus appearance from our in-house bats!

August some of us went on a visit to Crickhowell for Cavefest and September we held a fun filled Oktoberfest. Our Christmas dinner was another great success and good to see everyone helping out with peeling all those veg; thanks to everyone that helped to make it a great evening.

We had a spring themed social in March, variety of sausages and different mashes.

Quizzes: Love them or loathe them! I usually do a short quiz for people to get engaged and there’s usually a theme i.e. spring themed in March and we all tried to wear something yellow

Any one is welcome to organise a Saturday social or if you don’t want to arrange, suggestions are always welcome.

I try to keep the cost as low as possible. The events are advertised on facebook and yahoo groups and it’s always useful to have an idea of who’s coming so that I can cater for everyone.

This year our AGM dinner is being held at the Castle Of Comfort – after dinner speech by Kye and Russ on the discovery of a cave on Kye’s land.

Caving Secretary

Mark Edwards writes:

Annual Report - Caving Secretary 2023

There continues to be a healthy interest in new people wanting to try caving with MCG. Tuesday evening caving continues to be reasonably popular. It can be awkward logistically However, when it is just me as the experienced caver, so any established members who want to come along are more than welcome.

Club weekends continue to be reasonably well attended with various sport caving trips and digging activities and usually a communal meal on Saturday evening.

I aim to do a reasonable sport caving trip on the Saturday and maybe a beginner’s trip on the Sunday, I would be more than happy if anyone else was willing to lead an occasional trip on a club weekend.

Some of us have visited OFD in South Wales a few times, and there was also a trip to the Sorbus caving area in Southern Spain in May facilitated by one of our members David Vidal, who is sadly now moving back to Spain.

Many thanks to John Crowsley who put on a free caving course for members, which was very informative and well received by those who took part.

An MCG contingent went to and organized Cavefest in Wales in September which was very enjoyable.

On the digging front operations have resumed at Fern Mine and another entrance for Pearl mine has been found on Sandford Hill.

Very little has happened in Upper Flood as attention has been directed towards Stainsby`s, fourteen trips have been undertaken, much spoil hauled and stacked and the winch has been firmly secured. At present the focus is on a gently descending crawl full of orange mud and small rocks and occasional large chunks of stalagmite, clearly water washed, the air seems fresh, hopes are high!

Editor

The editor position has been vacant since the summer of 2022.

Librarian

Dave Lossl writes:

Librarian AGM report 2023

After 11 years as a committee member, I am resigning. The prime reason is that a bad infection of Lymes disease has had long term effects, and I am no longer doing a reasonable Librarian role. I would urge all members to think about taking on a committee role at some time. Without members volunteering the club could not function, and the reality is that the very low membership fees we pay are on the basis that we all contribute throughout the year in voluntary tasks – from cleaning the cottage to being on the committee.

Many members have put in years of committee service, so if you haven’t been on the committee yet, you really do need to consider how you can help, even if it’s for a 1 year stint. COVID was a challenging time, and the committee performed amazingly well. The change of Charitable status was also a major accomplishment. The next year should seem like a breeze by comparison.

You may think you are not a “committee person”, but all we need is a little of your time and your help in keeping the club running efficiently. Meetings are online now, so it really is straightforward. I would like to thank everyone in the club for sharing so many great adventures and friendships, and I look forward to many more caving and digging trips.

David Lossl