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Treasurer’s report of year 2016 – Frank Sudlow
It’s my privilege to present the accounts which have been prepared and audited by Collett Hulance in accordance with the relevant Charity Commission requirements and Company Law.
Pages 1 – 13: cover the Trustees’ annual report and information about the centre, much of which will be covered in Kay’s report. However, I would like to draw your attention to the graphs on page 6 which shows the number of sessions being delivered to centre members and on page 10, the number of staff we now employ to deliver those. You will see a significant growth in the number of Physiotherapy and Hydrotherapy sessions. This has been made possible by our adding a part-time hydrotherapist to our staffing. We have further added to this provision this year in order to better meet the demand for Physio and Hydrotherapy
Pages 14 -15: carry the Independent Auditors’ report and, as you will see, they have thankfully found our accounts to be in good order. As this represents my first full year as Treasurer, I am greatly relieved.
Page 16: shows the Statement of financial activities with breakdown of restricted and unrestricted funds: income £439,723 (up from £376,113) and expenditure £394,979 (down from £404,934) this means that after depreciation and other adjustments we are still in credit to the tune of £44,744 for the year (compared with a deficit of £28,821 last year). We have hopefully turned a corner after a few turbulent years, but we need to remain vigilant.
Page 17: Gives the balance sheet and shows that while our net assets have risen to £543,636 from £498,892. Our aim is to hold one year’s expenditure in reserve, as has been our policy for some time, and we have achieved this. However, we only hold £252,610 in Current Assets – funds we could turn to cash relatively quickly. This represents just over 7 month expenditure.
Pages 18 onward: give more detail of the figures behind the accounts
I want to draw your attention to just a few.
Note 2 refers to Donations and Legacies.
You will see that the total value of donations fell by £23,511 from £200,419 to £176,908
Fortunately we received a very generous legacy of £50,000 ensuring we had a positive balance at the end of the year.
However, hidden within the Donations, but exposed by Note 5 was an increase in donations from Members from £89,286 to £106,464, an increase of almost 20% and exceeding the target we set ourselves last year. Members’ donations now represent 24% of our income and most are made by standing order which makes it much easier for us to budget. Many members are very generous with their support and we hope that all members will consider taking out a standing order for the centre in the coming year.
We have also seen an increase in funds raised by our Fundraising team as shown in notes 3 and 5. The Charity Bazaar is what we commonly call the shop and saw an increase in income from £8,197 to £10,349 while Jane’s Bazaar also saw an increase to £8,653. Fundraising Events including the Emporium and combined with Jane’s Bazaar raised 14% of our income. Our thanks to all concerned.
The remaining notes relate to our expenditure, but I feel the detailed statement on page 29 gives a clearer view. This does not form part of the accounts, but has been prepared for us by the auditors.
Our major costs are, of course, the salaries of our therapists. They represent just 70% of expenditure. We try to increase salaries in line with inflation but this year, with inflation so low, we did not increase salaries, rather we amended some contracts and took on two part-time staff – a Gym Assistant and a Trust Fund Raiser. The Gym Assistant has enabled us to accommodate more members in the Gym and our Trust Fundraiser has raised over £72,000, of which over £40,000 was for general expenditure. The Gym Assistant was funded by not fully replacing the Physio Assistant who is on maternity leave.
Our repair and maintenance costs remain a significant part of our indirect costs and this year included the cost to repair the front door and the repair of our Boiler but mostly the redecorating and refurbishment or replacement of our furniture.
The cost of gas and electricity continues to rise, but with the purchase in 2015 of our Solar Panels, we have not only reduced the amount of electricity we have to buy, but have received over £5,000 for the surplus electricity the panels generated. In effect, we have covered the cost of all our Electricity.
The most significant note to make with regard to our Expenditure is that we were well within budget this year, a testament to our staff for getting the most out of our equipment and to our Trust Fundraiser for being able to attract funds for those items we had to purchase.
We are blessed with some excellent staff, who are frugal in their spending and persuasive in their fundraising. Our thanks to them all.
I have deliberately not mentioned anyone in particular this year, since it has been a real team effort with both staff and members ensuring we raised the funds we needed and only spent what we had raised.
However, I’d like to finish by thanking Sue Napper who for over 30 years managed the accounts for the centre and who continues to support me. She still carries out our bill payments but also gives me invaluable support and advice. I’d also like to thank Pauline and Ann who play their own roles with quiet efficiency.
The full audited accounts can be viewed here: Final Accounts 31.12.16
Registered Charity Number: 802510
Bradbury House, 155 Barkers Lane, Bedford, MK41 9RX.
The Bedfordshire and Northamptonshire MS Therapy Centre aims to provide the therapies, services & support needed for people with multiple sclerosis.