ST. MARGARETSBURY RECREATION GROUND TRUST
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | £ | |
| INCOME | |||
| Bungalow rental | 6,000 | 6,000 | |
| Premises rental | 6,500 | 6,500 | |
| Rent of yard | 1,000 | 1,000 | |
| Use of premises for polling | 500 | ||
| Hire hall- Slimming World | 1,425 | 2,425 | |
| Donations (French & Jupps) | 100 | 100 | |
| Grants | 7,000 | 6,000 | |
| Football/Cricket/Tennis clubs dues | 5,104 | 5,104 | |
| ECB -grant re toilets | 5,000 | ||
| Grant | 4,116 | ||
| Interest received | 5 | ||
| --------- | --------- | ||
| 31,750 | 32,129 | ||
| --------- | |||
| LESS | |||
| EXPENDITURE | |||
| Management charge | 6,500 | 6,500 | |
| Wages | 9,482 | 8,645 | |
| Holiday cover while caretaker on holiday | 760 | 826 | |
| Premises rates | 634 | 1,267 | |
| Insurance-50% charge | 3,394 | 5,727 | |
| Insurance bungalow Toilet refurbi.shment |
407 | 338 12,624 |
|
| Boiler | 4,116 | ||
| General repairs and maintenance Contribution to FC & CC for grass cutting |
12,848 1,500 |
9,967 1,500 |
|
| Gator loan interest | 40 | ||
| --------- | |||
| 39,641 | 47,434 | ||
| ----------- | --------- | ||
| EXCESS OF EXPENDITURE | £( 7,891) | £(15,305) | |
| --- | -- |
Accounts independently reviewed and tied back to bank statements and supporting information supplied.
R Soady FCCA
St Margaretsbury Recreation Ground Trust Annual report to trustees.
The past year has been challenging for the Trust as the level of general repairs and maintenance has continued to rise which has resulted in a further excess of expenditure over income.
In addition one of the operating clubs at the ground has been experienced a drop of income resulting in a loss for the year as well as some unpaid charges to the Trust.
A management change has been implemented and a recovery plan put in place that should result in a better financial result in the coming year.
Not withstanding this they still face significant challenges in delivering the proposed plan.
All the other clubs active on the recreation ground continue to operate well and all payments from these clubs to the Trust have been met.
Other use of the clubhouse has declined due to the loss of a regular letting and the management are looking at ways of increasing the income to the trust without placing unsustainable strains on the sports clubs.
Financial support from the three Parish Councils was significantly increased in the year to partially offset the drop in income from lettings but without further changes to the operation of the clubhouse and a resolution of the failing sports clubs finances the coming year will be challenging.
The Annual fireworks display run by the Sports and Social Club from the Clubhouse continues to be a main source of funds for maintaining its overall financial stability.
Mike Dormon (Chair)
May 2024