2024-03-31-accounts

Trustee of Municipal Charities For meeting on 12[th] June 2024 End of Year Financial Report

1 Purpose of Report

• 1.1 The purpose of this report is to provide the Trustees with the outturn position, and set out the income and expenditure statement, and balance sheet for the accounting period beginning 1[st] April 2023 and ending 31[st] March 2024.

2 Overview

• 2.1 The financial position statement for the Bedford Municipal Charities, as attached in Appendix A to the report shows a net income of £10,887 for this period. 2.2 The Balance Sheet position, as attached in Appendix B to the report, sets out the level of total available funds of £1,665,708 at 31[st] March 2024. This comprises unrestricted funds of £1,610,161 and NMCT restricted funds of £55,547.

3 Income and Expenditure Statement – (Appendix A)

• 3.1 The income and expenditure statement for the Bedford Municipal Charities sets out the composition of the net income of £10,887 for the 12-month period from 1[st] April 2023 to 31[st] March 2024.

• 3.2 The actual income for the 12 months is £44,646, comprising dividends of £42,656 and interest of £1,989 from all investments held by the charity. Income was £2,205 higher than budgeted primarily due to increased interest on the CAF account due to the increase in interest rates.

• 3.3 The total expenditure for the 12-month period ending 31[st] March 2024 was £33,759 inclusive of the grant awarded to Smart Project (hot meals for the homeless).

The Municipal Charities overall expenditure is similar to last year but it is 20% below the budgeted spend for 23/24. The decrease on budgeted spend was due to furniture and equipment grants awarded being £9,192 less than budgeted. This is partly offset by increased expenditure of £2,400 on accounts preparation fees which were not budgeted. This amount has been accrued for and not yet paid over to the Borough Council.

4 Balance Sheet – (Appendix B)

• 4.1 The Balance sheet position, as attached in Appendix B to the report, sets out the level of available funds that currently stand at £1,665,708. This is made up of The Municipal Charities unrestricted funds of £1,610,161 and NMCT restricted funds at £55,547. This represents a £138,006 increase on the level of funds from the previous financial year.

• 4.2 The movement is predominantly due to an increase in the value of investments held along with the increase in the profit and loss account as a result of spending less that has been received.

5 Charity Account Preparation

• 5.1 The current position statement is prepared on an accruals basis that enable the recognition of the income and expenditure in the period to which it relates in line with the CIPFA statement of Recommended Practice. The value of the transactions undertaken by the Charity within the financial period is beneath the threshold to require an audit of its accounts.

Wadzanayi Mavhura

Management Accountant Bedford Borough Council

APPENDIX A

Municipal Charities

	Municipal Charities					A
	Income & Expenditure Statement as at 31.03.24 Income COIF – Dividend CAF Bank Interest incl NMCT Held by BBC Imperial Brands – Dividend Total Income Expenditure Fuel Grants / one off grant Contingency Grants (Furniture & Equipment) Other Expenditure: Almoners Allowance Insurance Bank Charges Administration costs – Payroll Accounts Preparation fees Miscellaneous Total Expenditure Net Income(-)/Expenditure(+) Reconciliation of Funds Unrealised gain(-)/loss(+) on Investments Total Funds Brought Forward Invested Funds		Municipal Charities NMCT Total Unrestricted Funds Restricted Funds 31-Mar-23 31-Mar-24 31-Mar-24 £ £ £ -41,118 -41,074 -203 -548 -1,950 -40 -1,327 0 -1,380			Total 31-Mar-24 £ -41,276 -1,989 -1,380
			-42,993	-43,024	-1,622	-44,646
			12,956 16,066	4,675 22,715	0 0	4,675 22,715
			29,021	27,390	0	27,390
			2,516 1,271 72 657 0 230	3,135 423 60 140 2,400 210	0 0 0 0 0 0	3,135 423 60 140 2,400 210
			4,746	6,368	0	6,368
			33,767	33,759	0	33,759
			-9,225	-9,265	-1,622	-10,887
			53,233 -1,571,711	-125,500 -1,475,357	-1,619 -52,345	-127,119 -1,527,702
	Total Funds Carried Forward		-1,527,703	-1,610,122	-55,586	-1,665,708

APPENDIX B

- Municipal Charities Balance Sheet as at 31.03.24

	Fixed Assets Investments Investments NMCT - COIF Investment - Norah Mavis Campbell Trust Current Assets Balance at Bank - CAF Gold Municipal Charities Cash held by BBC COIF Dividend Receivable Current Liabilities Accruals Net Current Assets		31-Mar-23 £ 1,386,461 27,647 17,522 84,064 1,804 10,204 0	31-Mar-24 £ 1,511,961 30,150 16,638 97,577 1,420 10,362 -2,400 106,959 1,665,708 -98,508 -1,511,653 -1,610,161 -16,788 -38,759 -55,547 -1,665,708
			96,072
	Total Assets		1,527,702
	Funds Unrestricted Funds: Profit & Loss account Unrealisedgain(-)/loss(+)on Investment		-89,204 -1,386,153
	Total Unrestricted Funds		-1,475,357
	Restricted Funds: NMCT - Unrealised gain(-)/loss(+) on all Investments NMCT Grant Reserve		-15,169 -37,176
	Total Restricted Funds		-52,345
	Total available Funds c/fwd		-1,527,702