62nd Coventry Scout Group
Charity no. 518233
Financial statements for the year ended 31 March 2023
Treasurer’s Report May 2023
Activity levels during 2023 have increased significantly with the number of camps, sleepovers and trips up significantly on last year.
After 18 months of rigorous negotiation with Coventry City Council we have finally secured a new lease with acceptable terms. The 62[nd] Scout Group is therefore now secure on this site for a further 25 years. This has come at a cost though, as the rent has now doubled. There have been no rent increases over the past 25 years however so that is not unreasonable. The rent will also now increase each year in line with the Retail Price Index but with a minimum increase of 2% and a maximum increase of 4%. We can now to start to consider options for replacing our 50 year-old hut.
Income.
Subs payments have increased from 2022 and are nearly back to the precovid levels. Through the efforts of the section leaders in getting parents and carers to complete Gift Aid forms, we were able to claim our highest level of Gift Aid this year.
Fund raising activities continue to be restricted and we have not been able to do any supermarket bag packs which were previously very lucrative. Sponsorship levels for the Big Walk were very strong this year, and we hope to repeat this in a few weeks time.
The interest rate increases had a positive impact on the Group, and we received a healthy amount of interest on the funds we have saved up to help fund the replacement of the Hut.
Expenditure
We incurred a significant cost this year with maintaining the trees that surround the site. We are obliged to do this on a three yearly cycle as part of the terms of our lease, but the costs could have been much higher had we not shopped around for quotes.
We have so far been protected from the increases in Gas and Electricity costs as we entered into a fixed rate agreement with our suppliers in 2021. That ends in July this year though and it is inevitable that our bills will increase significantly at this point.
Prudent control of the heating controls had a positive impact on our Gas bills, but as I said earlier, we know this will change significantly from July.
Summary and Recommendations
62nd Coventry Scout Group
Charity no. 518233
Financial statements for the year ended 31 March 2023
Through prudent control of our finances and budgeting controls, we have generated a modest surplus of circa £4,300, which will go towards the hut replacement fund, and the planned Gilwell trip which the Group is subsidising. This figure is down on previous years, and is reflective of the restrictions on fundraising activities.
We know that costs are increasing in 2023 through higher rent charges and utility bills, so it is with much regret that I am today proposing an increase in subs payments for the first time in at least 10 years.
I am proposing to increase the quarterly subs payments from £30 to £35 but retaining the subsidy of £5 for second and subsequent children.
Finally, I would like to thank Edd Crust for once again carrying out a full audit of our accounts.
Andy Smedley,
Group Treasurer.
62nd Coventry Scout Group
Charity no. 518233
Financial statements for the year ended 31 March 2023
Independent examiner’s report to the trustees of the 62[nd] Coventry Scout Group
I report to the trustees on my examination of the accounts of the 62nd Coventry Scout Group (the Trust) for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed:
Dr Edward Crust Chartered Accountant (ICAS) Date: 12 May 2023
62nd Coventry Scout Group
Charity no. 518233
Financial statements for the year ended 31 March 2023
Statement of financial activities
| 2022/23 | 2021/22 | ||||
|---|---|---|---|---|---|
| Incoming resources | Note | Unrestricted | Restricte d |
Total | Total |
| £ | £ | £ | £ | ||
| Incoming resources from | |||||
| charitable activities | |||||
| 14,53 | 14,53 | 11, | |||
| Subscriptions | 3 | 2 | - | 2 | 378 |
| 4,83 | 7,78 |
12,61 | 9, | ||
| Activities for generating funds | 3 | 3 | 1 | 4 | 473 |
| 59 | 59 | ||||
| Investment income | 3 | 5 | - | 5 | 23 |
| 19,96 | 7,78 |
27,74 | 20, | ||
| Total incoming resources | 0 | 1 | 1 | 874 | |
| Resources expended | |||||
| Cost of generating unrestricted funds |
4 | 12,07 6 |
- |
12,07 6 |
9, 223 |
| 11,35 |
11,35 | 6, | |||
| Fundraising costs | 4 | - | 1 | 1 | 510 |
| 12,07 | 11,35 |
23,42 | 15, | ||
| Total resources expended | 6 | 1 | 7 | 733 | |
| 7,88 | 4,31 | 5, | |||
| Net Movement in funds | 4 | (3,570) | 4 | 141 | |
| Total funds brought forward | 89,915 | ||||
| Total funds carried forward | 94,229 |
62nd Coventry Scout Group
Charity no. 518233
Financial statements for the year ended 31 March 2023
Balance Sheet
| 2022/23 | 2021/22 | ||||
|---|---|---|---|---|---|
| Note | Unrestricted | Restricted | Total | Total | |
| £ | £ | £ | £ | ||
| Current Assets | |||||
| Short term investment (Deposit account) |
6 | 84,52 3 |
- |
84,52 3 |
83,929 |
| Cash at Bank and in hand | 7 | 13,31 5 |
13,31 5 |
7,475 | |
| Debtors | 8 | - | - |
- | 357 |
| Creditors falling due within | 9 | - | (3,609) |
(3,609) | (1,845) |
| one year | |||||
| 97,83 | 94,22 | ||||
| Net assets / (liabilities) | 8 | (3,609) | 9 | 89,915 | |
| Funds of the Charity | |||||
| 90,62 | |||||
| Unrestricted funds | 0 | 88,070 | |||
| 3,60 | |||||
| Restricted funds | 9 | 1,845 | |||
| 94,22 | |||||
| Total funds | 9 | 89,915 |
The financial statements were approved by the Trustees on 12 May 2023 (the date of the Annual General Meeting that approved the accounts) and signed on their behalf by:
A Smedley Treasurer
62nd Coventry Scout Group
Charity no. 518233
Financial statements for the year ended 31 March 2023
Note 1 Basis of preparation
1.1 Basis of accounting
These accounts have been prepared on the basis of historic cost (except that investments are shown at market value) in accordance with:
-
Accounting and Reporting by Charities – Statement of Recommended Practice (SORP FRS102);
-
and with Accounting Standards
-
and with the Charities Act 2006.
1.2 Changes to previous accounts
No changes have been made to accounts for previous years.
1.3 Change in basis of accounting
The accounts were previously under SORP 2005 and for the current year have transitioned to SORP FRS102 – there was no impact to the current year or prior year Balance sheet of SoFA due to this change. There has been no change to the accounting policies (valuation rules and methods of accounting) since last year.
Note 2 Accounting policies
Incoming Resources
Recognition of incoming resources
These are included in the Statement of Financial Activities (SoFA) when:
-
the charity becomes entitled to the resources;
-
the trustees are virtually certain they will receive the resources; and
-
the monetary value can be measured with sufficient reliability.
Membership subscriptions
Membership subscriptions are recognised based on the period they relate to and includes any associated gift aid.
Incoming resources with related expenditure
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SoFA.
Grants and donations Grants and donations are only included in the SoFA when the charity has unconditional entitlement to the resources.
Tax reclaims on donations and gifts
Incoming resources from tax reclaims are included in the SoFA at the same time as the gift to which they relate.
Contractual income and performance related grants
This is only included in the SoFA once the related goods or services have been delivered.
Gifts in kind
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SoFA as incoming resources when receivable.
Donated services and facilities
62nd Coventry Scout Group
Charity no. 518233
Financial statements for the year ended 31 March 2023
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material .
The value placed on these resources is the estimated value to the charity of the service or facility received.
Note 2 Accounting policies (continued)
Volunteer help
The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.
Investment income
This is included in the accounts when receivable.
Expenditure and liabilities
Liability recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Governance costs
Include costs of the preparation and examination of statutory accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters.
Note 3 Analysis of incoming resources
Subscriptions
| 2022/23 £ |
2021/22 £ |
|
|---|---|---|
| Subscriptions | 14,532 | 11,378 |
Activities for generating funds
| s for generating funds | ||
|---|---|---|
| 2022/23 £ |
2021/22 £ |
|
| Fund raising | 2,771 | 3,275 |
| Miscellaneous | 1,042 | 2,037 |
| Scouts | 2,010 | 1,035 |
| MondayCubs | 2,050 | 760 |
| WednesdayCubs | 1,232 | 689 |
| Joint Activities | - | - |
| Joint Cubs | - | - |
| Joint Beavers | 1,447 | 95 |
| Hut hire | 2,062 | 1,582 |
| 12,614 | 9,473 |
Fund raising includes a one-off grant payment of £10,000 from the Coronavirus support for businesses scheme. It is not subject to any further criteria or evaluation and is non-repayable.
Investment income
| 2022/23 | 2021/22 |
|---|---|
| £ | £ |
62nd Coventry Scout Group
Charity no. 518233
Financial statements for the year ended 31 March 2023
Investment income 595 23
Note 4 Analysis of resources expended
Cost of generating unrestricted funds
| 2022/23 £ |
2021/22 £ |
|
|---|---|---|
| Insurances/MembershipFees | 5,595 | 4,963 |
| Utilities | 2,044 | 2,090 |
| Trainingand Equipment | 292 | 1,257 |
| Hut Maintenance | 3,604 | 799 |
| Miscellaneous | 540 | 114 |
| 12,075 | 9,223 |
Fundraising costs
| 2022/23 £ |
2021/22 £ |
|
|---|---|---|
| Badges and Uniform | 2,014 | 1,922 |
| Scouts | 2,043 | 1,058 |
| MondayCubs | 2,104 | 767 |
| WednesdayCubs | 1,494 | 796 |
| Joint Activities | 970 | - |
| Joint Beavers | 1,980 | 469 |
| Miscellaneous | 745 | 1,498 |
| 11,351 | 6,510 |
Note 5 Other costs and fees
No support costs, trustee out of pocket expenses, independent examiner fees, staff costs were paid during the current or prior year.
Note 6 Short term investments
Deposit account
| 2022/23 £ |
2021/22 £ |
|
|---|---|---|
| Deposit account | 84,523 | 83,929 |
Note 7 Cash at bank and in hand
| 2022/23 £ |
2021/22 £ |
|
|---|---|---|
| Cash | 13,315 | 7,476 |
62nd Coventry Scout Group
Charity no. 518233
Financial statements for the year ended 31 March 2023
Note 8 Debtors
| 2022/23 £ |
2021/22 £ |
|
|---|---|---|
| Accrued income | - | 357 |
| - | 357 |
Note 9 Creditors and accruals
| 2022/23 £ |
2021/22 £ |
|
|---|---|---|
| Deferred income | 3,074 | 1,342 |
| Accruals | 536 | 503 |
| 3,610 | 1,845 |
Note 9 Transactions with related parties
No related party transactions occurred in the current or prior year.