Financial Report for the 2020 Financial Year
Financial Report
Introduction
Financially, it was a fairly quiet year with all the main events that we would have attended being cancelled due to the Covid-19 Pandemic. All expenditure we did make was in line with the Constitution and/or agreed by the Council. The reserves have been reviewed and proposals are in the latter parts of this document, the membership report and a motion to the members at the AGM.
Financial Commentary
I intend to keep the financial commentary brief but, again, I will make some comments on the largest items and notable changes to the reporting.
CBKA cash funds at the end of 2020 stood at £12,404.86 This is an increase of £2,349.06 compared to the level of cash funds (£10,055.80) at the start of the year. This amount includes financial commitments, which I am now calling “Ringfenced Funds” of £1,994.82 detailed at the bottom half of page 2 of the financials.
The “Restricted Funds” are funds are funds given to the CBKA for a specific purpose and are legally restricted to those aims. The move of the bulk of this investment from Virgin into a 2 year trust bond with Hampshire Trust Bank has enabled the funding pot to grow this year for the first time, even after accounting for the Carrick & Kerrier group, who are the beneficiaries of these funds, not taking their annual sum until January 2021. These funds are accordingly reported on outside CBKA funds.
I have not produced an “Event Reporting” page this year as they did not run and expenditures were simple, meeting room hire for the RCS and an AHAT training event with Somerset.
Net subscriptions increased, due to more members and, maximizing eR2’s ability to ask members to do so, a major increase in gift aiding. This allowed us to give a substantial increase back to our groups – allocating them 80% of the gift aid collected from their members!
Council expenses have been tightly controlled and have reduced considerably. We made a donation of £225 to Asian Hornet Research at Exeter University. Hall hire includes a payment of £143.88 for the CBKA Zoom Licence which lasts for a year
and can be used by all our groups. Bank charges have reduced as 2019 figures included the purchase of the chip and pin machine and associated charges.
Reserves
Whilst we are financially secure at the moment and we saw an increase in our reserves in 2020 of £2,349.06 we are aware that there are several challenges coming along soon that could eat into these and I think it is prudent for us to consider this now. There is a fine balance in having too many reserves whilst ensuring that we can cover any unexpected events that could cause us problems later on.
We are still not sure if, or when, our large events will resume. RCS has already been postponed to September but, if it is cancelled at short notice, then we will undoubtedly have paid out expenses in the planning process and getting our stocks of plants/seeds/exhibition equipment ready to go.
The container, where we store our large stands and other equipment, is at the Wadebridge showground but is in a very sorry state of repair. Your CBKA council has agreed that this must be replaced this year with a custom kitted out new/nearly new one. We are currently still obtaining costings for removal/scrappage of the old one and supply of the new one but we expect this to be several thousand pounds.
At the 2021 BBKA Annual Delegates Meeting a rise in subscriptions for 2022 was passed by £2. This is money that we have now to pay to BBKA to obtain your memberships and has to be absorbed by CBKA or passed on to the members. Please refer to the Motion to Members at the AGM to increase membership fees in 2022.
Thank you
Lastly a big shout out and thank you to our group treasurers for their work at group level and to Arthur Barker, who scrutineers our accounts, who continues to be a great support to me.
Vanessa Tyler Honorary Treasurer March 2021
Cornwall Beekeepers' Association Charity no: 298470
| Cornwall Beekeepers' Association Charity no: 298470 |
|
|---|---|
| Financial accounts for year ended 31 December 2020 Prepared by: Vanessa Tyler - Honorary Treasurer 31/12/2020 INCOME Subscriptions 2019 Gross Subs £11,748.00 Gift Aid Claimed £4,092.85 Additional BDI £800.60 Magazine subscriptions £2,595.00 Donations £251.25 Bee Suit Hire £10.00 Total in £19,497.70 less payments to : Group funding (gift aid) £3,274.26 BBKA £8,738.00 BDI £1,707.35 Magazine Payments £2,550.00 £16,269.61 Net Subscriptions £3,228.09 Events (see sheet for breakdowns) CBKA Jubilee Day £0.00 Royal Cornwall Show -£21.00 Callington Show £0.00 Bee Health Day £0.00 -£21.00 Other income AGM Refreshments £0.00 Advertising Income £0.00 Donation for Education Fund £0.00 Donation for Research Fund £5.00 Merchandise sales £0.00 Paypal giving fund £0.00 Other donations £0.00 Bank Interest £39.54 £44.54 Total CBKA Income £3,251.63 EXPENDITURE Education Fund £93.60 Group Grants other grants £93.60 Council Meeting Room Hire £185.88 Equipment BBKA Booklets £64.00 Website £104.99 AGM Postage £46.00 Honoraria - Secretary and Treasurer £100.00 Donations made £225.00 Bank Charges £60.00 other Stationery £23.10 Award Purchase and Repair £808.97 Total CBKA Expenditure £902.57 Total increase in Funds 2019 £2,349.06 Represented by: Cash Funds at 31 December 2019 CAF Bank CASH Account £441.80 CAF Bank Gold Account £16,400.27 Virgin Deposit Account £5,970.24 Bank Entries in Progress £187.75 Sub Total £23,000.06 Less Subs Paid in advance 2020 -£10,595.20 £12,404.86 |
31/12/2019 £10,702.50 £2,022.68 £665.05 £920.00 £405.45 £20.00 £14,735.68 £1,616.20 £7,735.50 £1,415.30 £960.00 £11,727.00 £3,008.68 -£522.48 -£143.40 £0.64 -£50.00 -£715.24 £50.10 £186.00 £139.56 £0.00 £16.80 £5.00 £201.25 £53.64 £652.35 £2,945.79 £388.91 £388.91 £56.00 £104.99 £84.74 £100.00 £50.00 £168.80 £187.37 £9.50 £761.40 £1,150.31 £1,795.48 £2,349.06 £315.34 £13,850.13 £5,941.03 £231.60 £20,338.10 -£10,282.30 £10,055.80 |
| -£715.24 £50.10 £186.00 £139.56 £0.00 £16.80 £5.00 £201.25 £53.64 |
|
| £652.35 £388.91 |
|
| £388.91 £56.00 £104.99 £84.74 £100.00 £50.00 £168.80 £187.37 £9.50 |
|
| £761.40 |
Restricted Funds
| Len Andrew Legacy Fund- granted to Carrick & | Kerrier Group | |
|---|---|---|
| Virgin Account Capital & Accrued Interest at 31 December 2019 | £20,720.41 | |
| add: | ||
| Interest due 31.05.20 | £6.45 | |
| Interest due 30.11.20 | £2.00 | |
| HTB interest | £368.55 | |
| less: | ||
| Annual drawing (Carrick) | not taken 2020 | £0.00 |
| Virgin Capital & Accrued Interest as at 31 Dec 2020 | £1,728.86 | |
| Hampshire Trust Bank - 2 year bond set up July 2019 | £19,368.55 | |
| Total funds at 31 December 2020 | £21,097.41 |
Ringfenced Funds
| Funds we have allocated to projects | Funds we have allocated to projects | ||
|---|---|---|---|
| **B/F from 2020 net Funds 2020 ** | C/F to 2021 | ||
| Callington Show | £0.64 | £0.64 | |
| Education Fund | £119.56 | -£93.60 | £25.96 |
| Group Funding Grants | £1,666.04 | £1,666.04 | |
| Research Fund | £0.00 | £5.00 | £5.00 |
| Royal Cornwall Show | £318.18 | -£21.00 | £297.18 |
| Total C/F | £2,104.42 | £1,994.82 |