Narrative for Financial Review section of Trustees, Annual Report 2024
This year's Finance Report has been affected dramatically by the receipt of a substantial grant
from the Community Lottery Fund Nl and the subsequent associated expenditure. Receipts for the
year totalled £6753 with the lottery monie5 representing £6500 of this sum. The remaining
income{£253}repre5ented other donations, collections and bank interest received.
Payments for the year totalled £6410.82 and again the bulk of this is represented by the lottery
spendl£5702.32). The remaining expenditure of £708.50 comprises replacement discs{£295.45),
insurance fees{£227.10) and variou5 suppliesl£123.95} with the balance representing membership
fees.
The net result for the year was that receipts adequately exceeded payments by £342.30. This
positive result has increased our bank cash balance from £2697.10 to £3039.40 as at ISI April
2024.
It would however be useful to extract the impact of the Lottery monies to see the underlying
financial position. First of all, it should be noted that £797.68 of the Lottery Funding remains
unspent at year-end and will be earmarked for eligible expenditure in the new year.
After removing the lottery impact, we see an income figure of £253.12 and, with expenditure at
£708.50, the net result is a loss of £455.38 on the operating side. Donations and grants in previous
years have tended to keep us in surplus but this year we have not benefited to the same extent
(bearing in mind that Lottery funding is largely earmarked for l-off expenditure).
Nevertheless, the organisation's finances are in a strong position with a cash balance of £2242
after the remaining Lottery Funds have been spent. The current levels of cash held would be
sufficient to meet 21A years operating costs. This is comfortably within our target of ensuring that,
at the very least, an amount equivalent to one-year's operating costs1£900) is held in reserve at
each year-end. Our financial position will also be boosted in the incomin8 year from Tesco
Springhill's bookstall charity where at least £IOOO has been committed.
Trevor Dillon
Treasurer