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Accounts - Treasurer’s Report

Presented to the AGM onThursday 26 June 2008

This report will cover the financial transactions of the Development Trust over the year 2007/8 and the associated statements of income/expenditure and assets/liabilities.

The first thing I must note in this report is that our Auditor (Michael Gibbs, to whom we once again owe a vote of thanks) has qualified his report in regard to the control that the Trust has over the stock of “We Can Mind The Time” and the associated sales. He is happy to sign of the rest of the accounts as a true and fair view, but his qualifying report reads, “In my audit I have not included an examination of the remaining stock of “We Can Mind The Time”, nor changes in the numbers or values of those books during the year”. This can only be seen as fair comment when I reported the stock on hand at the last year end as 690 books, whereas we now appear to have 714 in stock. The accounts are therefore still in draft pending any discussion at this meeting, before we can ask Michael to formally sign off the draft. I must accept responsibility for the lack of correct records in regard to the books and would like to raise the matter further when we get to AOB.

Moving on to the results declared in the draft accounts, it has been an unpromising year for the Trust, but not as unpromising as the accounts appear to show. In summary, we had funds on hand of £9550.76 at the start of the year which had reduced to £7767.65 by the year end. Set against this we need to take into account the £1497.33 we have received in grants since the year end in regard to the expenditure made during 2007/8 for the replacement boards for the Arnold Reserve. We have therefore seen a real reduction in the funds of the trust of £285.78 rather than the £1783.11 indicated in the Statement of Assets and Liabilities. As of today, the Trust is holding £9311.65 as Petty Cash or Bank deposits.

There has only been activity in two of the Restricted Funds. The Arnold Reserve Fund shows a credit balance today of £158.11 rather than the deficit of £1338.40 declared at the year end due to the receipt of the various grants. The fund also received a significant boost early in the year thanks to a Coffee Morning which contributed a magnificent £416.00. The expenditure was incurred in the annual trip which this year went to the Washington Wildfowl Park. Thanks to all who have raised funds and organised the trip and particularly to Michael Gibbs for his sterling work in gathering all of the grants for the Information Boards.

The other fund which has seen activity this year is in a far less healthy state. The Playground Revenue fund once again incurred costs of £1063.13 for insurance and safety inspections against an income of £330.39 (grant from the Parish Council and a donation of small change collected by Andy in the Catering Van in the Car Park). The Fund now shows a deficit of £1140.99. If the income we hope to gain from Northumbrian Water is not forthcoming, the Trust will be unable to continue taking responsibility for the playground as we will run out of money to pay for the maintenance and insurances.

In summary, it has been a very quiet year for the financial affairs of the Trust, which is duly reflected in these accounts. However, the Trust in currently in a situation which is not tenable in the longer term. We will need to consider this further once the situation with Northumbrian Water becomes clear.

While it is not the normal way to accept the accounts at an AGM, I would like to take comment from the floor regarding the qualification in the Auditor’s report before I submit the accounts. Once we have reached a satisfactory conclusion, I shall agree any necessary amendments with Michael Gibbs and then arrange for the Chairman and myself to sign off the accounts.

Are there any question or comments about the Trust Accounts for 2007/8?

Summary account for CCDT for 2007/8


Cash at Bank and as Petty Cash






Bank Interest



Sale of Books



Arnold Reserve Activities















Arnold Reserve Activities

£ 1921.76











Receipts - Payments

- £1,783.11


Cash at Bank and as Petty Cash



Receipts due in regard to Arnold Reserve Activities.



Cash and accrued receipts


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