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Accounts - Treasurer’s Report
Presented to the AGM onThursday 11 June 2009
The Treasurer first reported that the Auditor (Michael Gibbs) had signed off the accounts and financial statements held by the Trust as a true and fair view of the financial affairs of the Trust. The Treasurer thanked Michael for his work.
The Treasurer continued by reporting that it had been another unpromising year for the Trust, which is not fully reflected in the financial summary for FY 2008/9. This shows that the Trust had funds on hand of £8485.53 at the end of the year against an opening balance of £7767.65 (an apparent increase of £717.88). However, this did not reflect the real situation as the opening balances were after the expenditure on the new information boards for the Arnold Reserve in March 2008, but before the grant income of £1497.33 had been received. Allowing for this the Trust had actually seen its funds decrease by £779.45 over the year. This would have been rather worse but for the unexpected income of £483.00 from the sales of “We Can Mind The Time”. The Trust still retains a stock of 646 books from which it should obtain some revenue in the future. The timing and value of this revenue is uncertain.
There have been two significant areas of expense for the Trust. The Unrestricted Funds had seen a major expenditure of £210.00 for Trustee’s Liability Insurance. The Trust has not carried this before, but has now taken on the cover in view of the personal financial risk that would be carried by Executive Committee members in the event of a claim against the Trust.
Of the Restricted Funds, the main area of concern once again was the Playground Funding. The Capital Fund had reduced by £418.02 this year due to replacement seats being required on some of the swings leaving a balance of £1830.57. As the playground was now starting to enter the time when replacement of time-expired equipment would become a regular cost, the Treasurer estimated that the Trust only had enough funding under this head for another 4 to 5 years. The Revenue Fund started the year with a deficit of £1140.99 which had risen to £1817.18 by the end of the year. Once again the main cost was for Public Liability Insurance. The Trust had conducted a market search and managed to find an alternative insurer, enabling it to obtain the same cover for a smaller premium than for 2007/8, but this still came out at £888.06 for the year (as opposed to £975.00 from our original insurer). Unless the Trust finds a source of income to cover the costs of the playground, it will have spent all of the funds remaining in the Trust within the next five years.
The Accounts were accepted as a true and fair view of the financial activities of the Trust for the financial year 2008/9 by unanimous decision.
Statement of Assets and Libilities as at 31st March 2009
Lloyds TSB Alnwick Current A/c
Lloyds TSB Alnwick Instant Access A/c
- Playground - Capital
- Playground - Revenue
- Arnold Reserve Bird Station
- Craster Youth Activities
- Joiner's Shop
1. Tangible Assets
The Trust owns the equipment installed on the Craster Playpark leased (at peppercorn rent) from the Craster Parish Council. This cost £57,205 on completion, June 2000.
In addition, from its History Project, the Trust holds computer equipment costing £2,970 anda stock of some 646 "We Can Mind The Time" books, costing £1,292 in 2005.
John Gallon, Honorary Treasurer
Michael Craster, Honorary Chairman
In my audit, I have not included an examination of the remaining stock of "We Can Mind The Time". Apart from that, I am satisfied that the accompanying Statement of Assets and Liabilities as at 31 March 2009 and the Statement of Receipts and Payments for the year ended on that date have been prepared in accordance with the records, information and explanations as given to me by the Officers of the Trust.
Signed M.C.F. Gibbs
The Treasurer's Report and Accounts for 2007 to 2008