## Report For the year ending 31[st] March 2025 ## Revenues This year has not been as much of a struggle as last year as we managed to re-let both flats which has brought us a 64% increase in revenue. We have still needed some funding from committee members prior to these lets but nowhere near as much as last year. We were also lucky enough to receive a grant from Lords Builders Merchants Foundation Ltd. ## Expenses Expenses for the year are up by 6% but this is because we have been repaying the loans made by the MSSC and our committee members. Expenses that made an impact are: - The Unit has been catching back up on the payments for the ground rent of the land and are on track to have this repaid by the end of Dec 2025 - The Unit has been paying the MSSC back monthly since Jan 2024 for the loan we borrowed in Nov 2023. This payment plan was completed with the last payment in Dec 2024. - Other loan repayments made came to a total of £4,157 although this was offset by committee members putting £3,468 back into the bank to cover payments to British Gas We still have an outstanding balance with British Gas which being covered by payment plan with additional top-ups each month which varies depending on what is showing as spare cash and what committee members can add to bring it down quicker. In order to also help stop the increase of the debt to British Gas the Unit has invested in some infrared heaters as well as glass panel heaters which are much more efficient than the old electrical storage heaters that we had. This has already shown a reduction in the billable amount and so the increase of that owing has slowed compared to last year. ## Cash Available The cash available to us is broken down as: ## **Balance of Funds** |**Balance of Funds**|| |---|---| |CO Fund|175.05| |TS Trafalgar|3,730.16| |LDN Area Band Funds|183.15| |Sum Up - Stand Easy/Subs|0.85| |TS Trafalgar|195.36| |TS Trafalgar|(0.00)| |**Total of Funds**|**4,284.57**| ## Budget for 2025-2026 For 2025-2026 the revenue budget will be based on our current rental income now that both flats are leased again. 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 based on the lower bills being generated now. 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 although these payments are set to run through to the 2027-2028 budget due to the small amounts the Unit can afford. Annual Statement of Account ## Receipts & Payments Account ## for Year End 31 March 2025 |2025
£
**REVENUE**
0.00
0.00
0.00
0.00
7,741.52
122.00
0.00
0.00
0.00
0.00
300.00
0.00
0.00
9,812.84
0.00
2.40
42,920.92
361.43
**61,261.11**
0.00
0.00
3,468.00
0.00
535.00
**Total Non-Revenue Receipts**
**4,003.00**
**_TOTAL REVENUE_**
**_65,264.11_**
Transfer receipts from any other fund of the
Any Other Receipts
Other Revenue Receipts
**Total Revenue Receipts**
**Non-Revenue Receipts**
Investment Sales Proceeds
Sales of Fixed Assets
Loans Received/Recovered
Competition Receipts
Course Fees
Sundry Sales Receipts
Investment Income Received
Bank Deposit Interest
Property Rents Received
Other Donations
Legacies
MOD Boat Repair Grant
Fundraising Proceeds
Special Events Proceeds
**Other Charitable Activities**
Capitation Grant
Travel Expense Refunds
Annual Fund or Direct Grant
SCVA (Sea Cadet Victualling Allowance)
Other Grants
Cadet Contributions
Unit Name
Merton Unit 368
Charity No.:
**Revenue Receipts**|275607
2024
£
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
**26,564.65**
**_58,029.93_**| |---|---| 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_**
**Non-Revenue Payments**
Investments Purchased
Other Fixed Assets
Loans Made/Repaid
Any Other Payments
**Total Non-Revenue Payments**
Other Equipment
Fuel Costs
Insurance Costs
Bank Interest & Charges
**Charity Governance Costs**
**Total Revenue Payments**
Printing & Stationary
**Maintenance Costs**
Buildings
Boats
Vehicles
Computers
Articles purchased for resale
**Overhead Costs**
Rent & Council Tax
Heat, Light & Water
Telephone
Postage
Special Events Costs
Competition Costs
Travel Costs
Catering Costs
Training Courses Costs
Grants
**Revenue Payments**
Fundraising Costs
Investment Management Costs
**Direct Charitable Activity Costs**|2025
£
0.00
5,623.95
152.80
28.78
15.00
2,684.83
0.00
0.00
443.33
6,114.97
12,528.55
500.14
0.00
0.00
7,111.84
0.00
1,108.55
964.80
3,007.92
287.26
5,174.48
36.29
0.00
0.00
0.00
250.00
**46,033.49**
0.00
0.00
15,157.13
0.00
485.00
**15,642.13**
**_61,675.62_**|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_**| |---|---|---| Annual Statement of Account ## **CASH/BANK RECONCILIATION:** |**CASH/BANK RECONCILIATION:**||| |---|---|---| ||2025|2024| ||£|£| |Cash/Bank Balance at last Year End|696.08|595.70| |Revenue Items|15,227.62|(18,233.31)| |Non-Revenue Items|(11,639.13)|18,333.69| |**_Cash/Bank Balance at Year End_**|**_4,284.57_**|**_696.08_**| |**STATEMENT OF ASSETS & LIABILITIES**||| ||2025|2024| ||£|£| |**ASSETS**||| |Cash/Bank Balance at Year End|4,284.57|696.08| |Loans Recoverable|0.00|0.00| |Land & Buildings|0.00|0.00| |Boats|0.00|0.00| |Vehicles|12,331.55|17,481.05| |Computers|0.00|0.00| |Other Equipment|0.00|0.00| |**LIABILITIES**||| |Loans Repayable|18,578.52|25,602.25| Merton Unit 368 of the Sea Cadet Corps Year end 31[st] March 2025 ## External Report ## _Purpose of this report_ The treasurer of Merton Unit 368 of the Sea Cadet Corps has asked me to verify that all receipts and payments shown in these accounts are a true and accurate reflection of what has gone by this year. To do this I was provided with bank statements, invoices and any other relevant documentation that I deemed necessary to carry out this request. ## _Revenues_ All the revenue for the Unit is paid directly into the bank account from various sources including the letting agent who pays in the largest amounts each month. All revenue received by the Unit in this way has been accounted for within these accounts. ## _Expenses_ All expenses have been paid either directly from the bank account or via a transfer made to the treasurer who then pays the relevant bills on their credit/debit card. The treasurer has shown me her bank statements as well as credit card statements to show that the money she received was spent on what was specified in the transfer. The treasurer also confirms that Mr C Burton, a committee member who loaned the Unit a fair sum of money, has started to receive re-payments of this loan. ## _Cash Available_ I can confirm that the account balances shown in the accounts are a true reflection of what the bank statements show. Overall, I can confirm that I have verified these accounts, and they are a true reflection of the last year for the Unit. Mr Edward Almond Independent Examiner