Report For the year ending 31[st] March 2021
Accounts Summary
Last year, the Unit is pleased to say that they were financially viable to continue as a Unit and provide a place where the cadets can come, learn and have fun. I am pleased to announce that the Unit is still financially sound for another financial year.
Report for 2020-2021
Revenues
Revenues have decreased by 3% compared to last year. There are 2 factors affecting the revenue stream:
-
1) We have received a third less than normal from our rental income. This is due to one of the flats being put on the market for sale without a tenant in situ for and it was on the market for 4 months before a buyer was found. The sale, however, has subsequently fallen through and we will see rental income from this property in the current financial year, albeit for only half the year or so;
-
2) We received an insurance claim payout which was due to flooding in our ward room. These works are ongoing and will be paid out in due course in the current financial year.
Expenses
The Unit has seen a reduction their expenses by 18% compared to last year. We were still repaying our debt to British Gas but that has now ended with regular payments being paid to keep the account up to date. Whilst we did receive the insurance fund we still deferred payment on the ground rent for the Unit as well
as the service charges for the flats. Apart from the insurance work being carried out little else maintenance has been required due to no parade nights throughout the pandemic.
Cash Available
The cash available to the Unit is down by 14%. The cash available to us is broken down as:
Budget for 2020-2021
For 2021-2022 the budget will be based on the actual monthly information from 2020-2021 with a slight increase for utilities and other expenses now that the Unit is back to having parade nights. There will be an increase to the budget for rental income from the flats as we re-let one that was previously up for sale and look to increase the rental amount on the other tenanted flat. The flat, that was up for sale, has had some maintenance work so can be re-let as a 2 bedroom rather than a 1 bedroom so this should help us recoup some of the lost revenue from this year.
Receipts & Payments Account for Year End 31 March 2021
| Unit Name | Merton Unit 368 | C |
|---|---|---|
| 2021 | ||
| £ | ||
| REVENUE | ||
| Revenue Receipts | ||
| Capitation Grant | 0.00 | |
| Travel Expense Refunds | 938.00 | |
| Annual Fund or Direct Grant | 0.00 | |
| SCVA (Sea Cadet Victualling Allowance) | 0.00 | |
| Other Grants | 0.00 | |
| Cadet Contributions | 0.00 | |
| Other Donations | 80.00 | |
| Legacies | 0.00 | |
| MOD Boat Repair Grant | 0.00 | |
| Fundraising Proceeds | 0.00 | |
| Special Events Proceeds | 0.00 | |
| Other Charitable Activities | ||
| Competition Receipts | 0.00 | |
| Course Fees | 0.00 | |
| Sundry Sales Receipts | 0.00 | |
| Investment Income Received | 0.00 | |
| Bank Deposit Interest | 7.44 | |
| Property Rents Received | 21,344.16 | |
| Other Revenue Receipts | 0.00 | |
| Total Revenue Receipts | 22,369.60 | |
| Non-Revenue Receipts | ||
| Investment Sales Proceeds | 0.00 | |
| Sales of Fixed Assets | 0.00 | |
| Loans Received/Recovered | 3,130.00 | |
| Transfers from any other fund of the Unit | 0.00 | |
| Any Other Receipts | 12,104.14 | |
| Total Non-Revenue Receipts | 15,234.14 | |
| TOTAL REVENUE | 37,603.74 |
| 2021 | |
|---|---|
| £ | |
| PAYMENTS | |
| Revenue Payments | |
| Fundraising Costs | 0.00 |
| Investment Management Costs | 0.00 |
| Direct Charitable Activity Costs | |
| Special Events Costs | 0.00 |
| Competition Costs | 0.00 |
| Travel Costs | 0.00 |
| Catering Costs | 0.00 |
| Training Courses Costs | 85.00 |
| Grants | 0.00 |
| Articles purchased for resale | 0.00 |
| Overhead Costs | |
| Rent & Council Tax | 7,827.31 |
| Heat, Light & Water | 12,950.33 |
| Telephone | 603.60 |
| Postage | 0.00 |
| Printing & Stationary | 107.94 |
| Maintenance Costs | |
| Buildings | 9,713.43 |
| Boats | 0.00 |
| Vehicles | 765.32 |
| Computers | 44.49 |
| Other Equipment | 394.47 |
| Fuel Costs | 181.01 |
| Insurance Costs | 4,289.14 |
| Bank Interest & Charges | 24.00 |
| Charity Governance Costs | |
| Audit or Independent Examination | 0.00 |
| Accounts Preparation | 0.00 |
| Legal Advice | 500.00 |
| Other Revenue Costs | 0.00 |
| Total Revenue Payments | 37,486.04 |
| Non-Revenue Payments | |
| Investments Purchased | 0.00 |
| Other Fixed Assets | 0.00 |
| Loans Made/Repaid | 1,630.00 |
| Transfers from any other fund of the Unit | 60.00 |
| Any Other Payments | 17.25 |
| Total Non-Revenue Payments | 1,707.25 |
| TOTAL PAYMENTS | 39,193.29 |
| CASH/BANK RECONCILIATION: | |
|---|---|
| 2021 | |
| £ | |
| Cash/Bank Balance at last Year End | 11,454.62 |
| Revenue Items | -15,116.44 |
| Non-Revenue Items | 13,526.89 |
| Cash/Bank Balance at Year End | 9,865.07 |
| STATEMENT OF ASSETS & LIABILITIES | |
|---|---|
| 2021 | |
| £ | |
| ASSETS | |
| Cash/Bank Balance at Year End | 9,865.07 |
| Loans Recoverable | 0.00 |
| Land & Buildings | 0.00 |
| Boats | 0.00 |
| Vehicles | 32,929.55 |
| Computers | 0.00 |
| Other Equipment | 0.00 |
| LIABILITIES | |
| Loans Repayable | 1,500.00 |
| Charity No.: | 275607 |
|---|---|
| 2020 | |
| £ | |
| 0.00 | |
| 0.00 | |
| 0.00 | |
| 0.00 | |
| 0.00 | |
| 548.00 | |
| 0.00 | |
| 0.00 | |
| 0.00 | |
| 0.00 | |
| 480.00 | |
| 0.00 | |
| 1,120.00 | |
| 0.00 | |
| 0.00 | |
| 19.42 | |
| 31,812.00 | |
| 0.00 | |
| 33,979.42 | |
| 0.00 | |
| 0.00 | |
| 0.00 | |
| 520.00 | |
| 4,317.85 | |
| 4,837.85 | |
| 38,817.27 |
2020 £
0.00 0.00 2,360.72 0.00 0.00 990.20 3,893.20 0.00 0.00 11,470.14 11,725.71 530.42 0.00 3.29 9,206.70 0.00 753.55 0.00 893.13 538.46 3,903.60 184.00 0.00 0.00 0.00 0.00 46,453.12 0.00 0.00 0.00 520.00 572.25 1,092.25 47,545.37
2020 £ 20,182.72 -12,473.70 3,745.60 11,454.62
2020 £ 11,454.62 0.00 0.00 0.00 38,079.05 0.00 0.00 0.00
Report For the year ending 31[st] March 2020
Accounts Summary
Last year, the Unit is pleased to say that they were financially viable to continue as a Unit and provide a place where the cadets can come, learn and have fun. I am pleased to announce that the Unit is still financially sound for another financial year.
Report for 2020-2021
Revenues
Revenues have decreased by 3% compared to last year. There are 2 factors affecting the revenue stream:
-
1) We have received a third less than normal from our rental income. This is due to one of the flats being put on the market for sale without a tenant in situ for and it was on the market for 4 months before a buyer was found. The sale, however, has subsequently fallen through and we will see rental income from this property in the current financial year, albeit for only half the year or so;
-
2) We received an insurance claim payout which was due to flooding in our ward room. These works are ongoing and will be paid out in due course in the current financial year.
Expenses
The Unit has seen a reduction their expenses by 18% compared to last year. We were still repaying our debt to British Gas but that has now ended with regular payments being paid to keep the account up to date. Whilst we did receive the insurance fund we still deferred payment on the ground rent for the Unit as well
as the service charges for the flats. Apart from the insurance work being carried out little else maintenance has been required due to no parade nights throughout the pandemic.
Cash Available
The cash available to the Unit is down by 14%. The cash available to us is broken down as:
Budget for 2020-2021
For 2021-2022 the budget will be based on the actual monthly information from 2020-2021 with a slight increase for utilities and other expenses now that the Unit is back to having parade nights. There will be an increase to the budget for rental income from the flats as we re-let one that was previously up for sale and look to increase the rental amount on the other tenanted flat. The flat, that was up for sale, has had some maintenance work so can be re-let as a 2 bedroom rather than a 1 bedroom so this should help us recoup some of the lost revenue from this year.