Report For the year ending 31[st] March 2024
Revenues
Towards the end of the year was a struggle. As many of you will know we own 2 flats which provide the Unit with the majority of its funding. In October, as a committee we decided to sell these flats as they were starting to cost us money for repairs and the advice was they would sell quickly. So we put both up for sale, our tenants moved out and whilst we had no trouble in finding buyers both sales fell through due to all the issues that the flats carry. Unfortunately, it wasn’t a case of the sales falling through in days it was quite a few months of back and forth which in turn meant no income for the unit. From November through to March we were funded by a loan from the MSSC and the sale of items we had around the unit as well as loan from members of our committee and uniformed staff. You will also have seen fundraising activities by our chairman.
Expenses
The major expenses this year have also taken its toll, especially one that is only every 5 years. They are:
-
The Unit did catch up on the payments for the ground rent of the land, however, we have fallen behind again.
-
The Unit needed to have a full 5-year Electrial Safety test carried out. This came to just over £5k and was funded by some of the loan from the MSSC
-
We were stung by British Gas with a £5.5k bill as they hadn’t been billing us correctly. Then subsequent bills have been around £1.2k. We paid the £5.5k with some of the loans from the committee and have some of the outstanding on payment plans
-
The Unit is paying the MSSC back on a monthly basis until Dec 2024 for the loan. We have been paying this since Jan 2024
Cash Available
The cash available to us is broken down as:
| Balance of Funds | |
|---|---|
| CO Fund | 175.05 |
| TS Trafalgar | 11.73 |
| Sum Up - Stand Easy/Subs | 22.43 |
| TS Trafalgar | 23.45 |
| TS Trafalgar | 456.50 |
| TS Trafalgar | 6.92 |
| Total of Funds | 696.08 |
Budget for 2023-2024
For 2023-2024 the revenue budget will be based on new higher rents as we have had to put these back on the rental market. In terms of the expenditure budget we have set figures to use for things such as insurance and council tax but we will use estimated figures for the utilities. In terms of ground rent the budget will reflect the higher amount we need to pay to get us back on track. We also need to reflect the payments required to repay staff and committee alike.
Annual Statement of Account
Receipts & Payments Account
for Year End 31 March 2024
| 2024 £ REVENUE 0.00 90.00 0.00 0.00 0.00 90.00 21.72 0.00 0.00 1,008.56 0.00 0.00 0.00 2,600.05 0.00 1.57 26,223.80 1,429.58 31,465.28 0.00 0.00 24,799.65 0.00 1,765.00 Total Non-Revenue Receipts 26,564.65 TOTAL REVENUE 58,029.93 Investment Sales Proceeds Sales of Fixed Assets Loans Received/Recovered Transfer receipts from any other fund of the Any Other Receipts Non-Revenue Receipts Fundraising Proceeds Special Events Proceeds Other Charitable Activities Competition Receipts Course Fees Sundry Sales Receipts Investment Income Received Bank Deposit Interest Property Rents Received Other Revenue Receipts Total Revenue Receipts MOD Boat Repair Grant Charity No.: Revenue Receipts Capitation Grant Travel Expense Refunds Annual Fund or Direct Grant Unit Name Merton Unit 368 SCVA (Sea Cadet Victualling Allowance) Other Grants Cadet Contributions Other Donations Legacies |
275607 2023 £ 0.00 0.00 0.00 0.00 0.00 1,025.47 63.31 0.00 0.00 0.00 0.00 0.00 1,431.20 433.39 0.00 0.75 35,632.21 2,248.14 40,834.47 0.00 0.00 900.60 455.00 933.45 2,289.05 43,123.52 |
|---|---|
Annual Statement of Account
| PAYMENTS Audit or Independent Examination Accounts Preparation Legal Advice Other Revenue Costs Transfer payments from any other fund of the Unit TOTAL PAYMENTS Loans Made/Repaid Any Other Payments Total Non-Revenue Payments Other Fixed Assets Boats Vehicles Computers Other Equipment Fuel Costs Insurance Costs Bank Interest & Charges Total Revenue Payments Charity Governance Costs Non-Revenue Payments Investments Purchased Buildings Catering Costs Training Courses Costs Grants Articles purchased for resale Overhead Costs Rent & Council Tax Heat, Light & Water Telephone Postage Printing & Stationary Maintenance Costs Travel Costs Fundraising Costs Investment Management Costs Direct Charitable Activity Costs Revenue Payments Special Events Costs Competition Costs |
2024 £ 0.00 3,802.48 17.25 0.00 0.00 1,350.23 0.00 0.00 1,245.53 10,625.78 10,078.65 884.07 0.00 0.00 10,126.42 0.00 1,867.47 2,110.03 96.45 418.44 4,583.48 42.31 1,908.00 0.00 500.00 42.00 49,698.59 0.00 0.00 5,830.52 0.00 2,400.44 8,230.96 57,929.55 |
2023 £ 259.29 5,950.64 54.84 100.00 80.99 1,466.41 615.00 0.00 499.80 11,460.60 6,065.00 914.81 30.40 28.10 3,358.84 0.00 1,972.91 389.46 1,014.87 1,095.80 4,416.19 1.98 0.00 0.00 0.00 0.00 39,775.93 0.00 0.00 4,070.00 635.00 1,097.44 5,802.44 45,578.37 |
|---|---|---|
Annual Statement of Account
| CASH/BANK RECONCILIATION: | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Cash/Bank Balance at last Year End | 595.70 | 3,050.55 |
| Revenue Items | (18,233.31) | 1,058.54 |
| Non-Revenue Items | 18,333.69 | (3,513.39) |
| Cash/Bank Balance at Year End | 696.08 | 595.70 |
| STATEMENT OF ASSETS & LIABILITIES | ||
| 2024 | 2023 | |
| £ | £ | |
| ASSETS | ||
| Cash/Bank Balance at Year End | 696.08 | 595.70 |
| Loans Recoverable | 0.00 | 0.00 |
| Land & Buildings | 0.00 | 0.00 |
| Boats | 0.00 | 0.00 |
| Vehicles | 17,481.05 | 22,630.55 |
| Computers | 0.00 | 0.00 |
| Other Equipment | 0.00 | 0.00 |
| LIABILITIES | ||
| Loans Repayable | 25,602.25 | 0.00 |
Annual Statement of Account
DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-91.22% -65.69% #DIV/0! #DIV/0! #DIV/0! #DIV/0!
DIV/0! -100.00% 499.93% #DIV/0! 109.33% -26.40% -36.41%
DIV/0! #DIV/0! 2653.68% -100.00% 89.08%
Annual Statement of Account
-100.00% -36.10% -68.54% -100.00% -100.00% -7.92% -100.00% #DIV/0! 149.21%
-7.28% 66.18% -3.36% -100.00% -100.00%
201.49% #DIV/0! -5.34% 441.78% -90.50% -61.81% 3.79% 2036.87%
DIV/0! #DIV/0! #DIV/0! #DIV/0!
DIV/0! #DIV/0! 43.26% -100.00% 118.73%
Report For the year ending 31[st] March 2024
Revenues
Towards the end of the year was a struggle. As many of you will know we own 2 flats which provide the Unit with the majority of its funding. In October, as a committee we decided to sell these flats as they were starting to cost us money for repairs and the advice was they would sell quickly. So we put both up for sale, our tenants moved out and whilst we had no trouble in finding buyers both sales fell through due to all the issues that the flats carry. Unfortunately, it wasn’t a case of the sales falling through in days it was quite a few months of back and forth which in turn meant no income for the unit. From November through to March we were funded by a loan from the MSSC and the sale of items we had around the unit as well as loan from members of our committee and uniformed staff. You will also have seen fundraising activities by our chairman.
Expenses
The major expenses this year have also taken its toll, especially one that is only every 5 years. They are:
-
The Unit did catch up on the payments for the ground rent of the land, however, we have fallen behind again.
-
The Unit needed to have a full 5-year Electrial Safety test carried out. This came to just over £5k and was funded by some of the loan from the MSSC
-
We were stung by British Gas with a £5.5k bill as they hadn’t been billing us correctly. Then subsequent bills have been around £1.2k. We paid the £5.5k with some of the loans from the committee and have some of the outstanding on payment plans
-
The Unit is paying the MSSC back on a monthly basis until Dec 2024 for the loan. We have been paying this since Jan 2024
Cash Available
The cash available to us is broken down as:
| Balance of Funds | |
|---|---|
| CO Fund | 175.05 |
| TS Trafalgar | 11.73 |
| Sum Up - Stand Easy/Subs | 22.43 |
| TS Trafalgar | 23.45 |
| TS Trafalgar | 456.50 |
| TS Trafalgar | 6.92 |
| Total of Funds | 696.08 |
Budget for 2023-2024
For 2023-2024 the revenue budget will be based on new higher rents as we have had to put these back on the rental market. In terms of the expenditure budget we have set figures to use for things such as insurance and council tax but we will use estimated figures for the utilities. In terms of ground rent the budget will reflect the higher amount we need to pay to get us back on track. We also need to reflect the payments required to repay staff and committee alike.