Kemnal’s Own Scout Group (Charity Number 303518)
Annual Financial Report for year ending 31[st] December 2022
Financial summary
| Bank Account | Bank Account | |||
|---|---|---|---|---|
| Current | Reserve | Other | Total | |
| 1st January2022 | £30,617.35 | £26,938.42 | £0.19 | £57,555.96 |
| Net Inflow | -£6,796.60 | £26.02 | £0.00 | -£6,770.58 |
| 31st December 2022 | £23,820.75 | £26,964.44 | £0.19 | £50,785.38 |
Kemnal’s performed to budgets in 2022, achieving 130% of revenue and 98% of overheads planned.
In 2022 Kemnal’s started to return to normal after the Covid pandemic. Having benefited in 2021 from substantial government grants, and whilst a final small grant of £2,667 was received in March, we returned to relying on the fantastic fundraising efforts of our supporters as the main source of finance for Group operations.
Our three main events generated a £11,436 surplus in the year covering our routine costs of £11,555, as well as bringing our community back together for thoroughly enjoyable days. The hiring out of our facilities therefore delivered the ‘icing on top’ with a further £4,685.
| Kemnal's Own Scout Group Trust Income and expenditure for theyear ending 31-Dec-22 |
Kemnal's Own Scout Group Trust Income and expenditure for theyear ending 31-Dec-22 |
|---|---|
| Description | Income Outgoings Net revenue |
| HQ Improvement | £14,264.45 -£14,264.45 |
| Hall Upgrades Hall Upgrades - Office conversion Utilities |
£2,045.18 -£2,045.18 £12,219.27 -£12,219.27 £419.67 £3,518.97 -£3,099.30 |
| Bungalow | £2,664.72 -£2,664.72 |
| Council Tax - Bungalow Maintenance Bungalow HQ Maintenance |
£2,341.32 -£2,341.32 £323.40 -£323.40 £2,606.92 -£2,606.92 |
| Housekeeping Maintenance Hall Insurance |
£59.03 -£59.03 £2,547.89 -£2,547.89 £2,492.55 -£2,492.55 |
| Business Rates | £272.36 -£272.36 |
| Events | £18,303.56 £6,866.87 £11,436.69 |
| Xmas Bazaar 2021 Summer Fete 2022 Fireworks 2022 Xmas Bazaar 2022 Hall/Equipment Hire |
£651.00 £651.00 £5,721.30 £2,655.00 £3,066.30 £4,506.91 £2,722.73 £1,784.18 £7,424.35 £1,489.14 £5,935.21 £4,705.00 £20.00 £4,685.00 |
| Donations | £785.00 £785.00 |
| Other | £2,707.00 £1,009.99 £1,697.01 |
| Grant Petty Cash Sundry |
£2,667.00 £2,667.00 £40.00 £40.00 £0.00 £969.99 -£969.99 |
| Bank Interest | £26.02 £26.02 |
| Totals | £26,946.25 £33,716.83 -£6,770.58 |
From a finance standpoint, there are so many people to thank for the time, skills, ingenuity and commitment they gave to Kemnal’s in 2022. This may have been to help us raise money through the events, give their time to keep our costs down, such as working on the improvements made to the hall and grounds, through donations or by performing the many other jobs needed to keep Kemnal’s running, without asking for payment.
Although we saw a net outflow of £6,770 in 2022, this was not a loss. It represented capital investment in our facilities, in fact we invested £14,265 in improving the hall.
Review of accounts
The Trustees are all very grateful to Helen Edmonds for answering the request at the last AGM for a review of our accounts. Helen has extensive financial experience and made light of the time she took to ensure that all was as it should be.
The review was successfully completed, and Helen gave a clean bill of health. We would be grateful if someone is willing to step up to review the 2022 accounts.
Outgoings
Hall Upgrades
The major improvement in the year was the Office upgrade, but other works included providing external power and lighting for the barbecue area, to improve safety and allow power to be used more easily on the field when needed.
Utilities
Utilities represented 28% of overheads in 2022 and continue to be the largest element of our outgoings.
| Utilities | £3,099.30 |
|---|---|
| Gas | £1,928.05 |
| Electric | £321.89 |
| Virgin Broadband | £403.20 |
| Water | £237.16 |
| Garden Waste Collection | £209.00 |
We have been shielded from the energy crisis by existing fixed rates but have budgeted for significant increases in 2023.
Gas
The fixed rate gas deal which had protected us from the energy crisis was replaced in early 2023 once market rates came off their high levels. We project that costs for 2023 will be approximately double 2022 levels, assuming similar usage levels.
Electricity
Electricity contracts are fixed to early 2024. In 2022 the cost of £741.56 was significantly offset by a goodwill payment of £419.67 made in settlement of a dispute with our previous energy broker.
We continue to monitor wholesale and retail energy costs and will buy ahead at a fixed rate as early as prudent, should market conditions improve further on Q1 2023 levels.
Income
Overall, the group generated a £7,500 operating surplus in 2022, enabling us to push ahead with the further improvement works to our site and facilities. At time of reporting, the office improvement work has been completed and, thanks to the foresight, skill and generosity of those involved, the final cost is expected to be only half of the £24,000 included in the 2022 budget.
Income breakdown (Main account)
| Income foryear | 2022 |
|---|---|
| Events | £18,303.56 |
| Xmas Bazaar 2021 –Matched Funding Fiona Ragg / Fidelity Investments Summer Fete 2022 Fireworks 2022 Xmas Bazaar 2022 Cash from Bazaar - Charities Trust - Matched funding- Sue Beevers/Barclays Bank |
£651.00 £5,721.30 £4,506.91 £7,424.35 £6,674.35 £750.00 |
| Hall/Equipment Hire | £4,705.00 |
| Other | £2,707.00 |
| Grant Bexley Council - Hospitality Grant re Covid Petty Cash |
£2,667.00 £40.00 |
| Donations | £785.00 |
| Cash from sales of Poundland stuff - From Sharon Egan Paid in by Rotary Club of Sidcup - Cash from Sharon Egan - Easter Shop |
£340.00 £300.00 £145.00 |
| Utilities | £419.67 |
| Electric –goodwillpayment as dispute settlement | £419.67 |
| Bank Interest | £26.02 |
| Grand Total | £26,946.25 |
In addition to the great success of our main events, we are grateful to Fiona Ragg and Sue Beevers whose employers ( Fidelity Investments and Barclays Bank ) matched the funds raised on their stalls at the Christmas Bazaar, adding a total of £1,401 between them.
Matched funding plays a key role in the success of our events and covered around 10% of Kemnal’s annual running costs. We would welcome hearing if any other helpers at events may have the opportunity to support us through their employer.
Another great initiative was Sharon Egan’s sale of donated Poundland goods at Christmas and Easter. The initiative provided welcome gifts for our young people and raised £485.
Budget 2023
| Description | Income | Outgoings | Net revenue |
|---|---|---|---|
| Hall Hire | £4,500 | £4,500 | |
| Donation / Grant | £500 | £500 | |
| Summer Fete | £6,000 | £3,500 | £2,500 |
| Fireworks 2023 | £5,000 | £3,000 | £2,000 |
| Xmas Bazaar 2023 | £8,000 | £2,000 | £6,000 |
| Council Tax - Bungalow | £2,500 | -£2,500 | |
| Maintenance Bungalow | £1,000 | -£1,000 | |
| Business Rates - Hall (reduced) | £290 | -£290 | |
| Maintenance Hall | £4,000 | -£4,000 | |
| Insurances | £2,500 | -£2,500 | |
| Electric | £1,000 | -£1,000 | |
| Gas | £4,000 | -£4,000 | |
| Virgin Broadband | £440 | -£440 | |
| Water | £250 | -£250 | |
| Housekeeping | £250 | -£250 | |
| Catering supplies | £100 | -£100 | |
| Budget totals | £24,000 | £24,830 | -£830 |
As reported above, we believe that the current energy prices are exceptional. Whilst we confidently hope that our supporters and members of the public will continue to enjoy and participate in events, we do not predict that the revenues will be able to cover the increased overhead in 2023.
We are therefore currently making the exceptional proposal to budget for a deficit of £830 in 2023, based on expected events and anticipated cost increases.
Going concern
Kemnal’s remains financially secure and a going concern with significant reserves built up through the efforts of fundraisers and donors in recent years.
Paul Davidson
Paul Davidson Hon. Treasurer
Stop press: New energy rates were negotiated on the day before the AGM (10/10/23), as the uncertainty caused by war in the Middle East was causing advantageous rates to be withdrawn. We secured a 2-year rate which is expected to bring annual costs in significantly below budget for combined gas and electricity. The benefit of budgeting certainty is believed to outweigh the risk that prices may fall further in the next 2 years.