Financial Statements

Statement of Financial Activities

Statement of financial activities for the year ended 31 March 2008 (incorporating the income and expenditure account):

 

 

Table 1: Statement of Financial Activities for the Year Ended 31 March 2008
  Notes Unrestricted
Funds		 Restricted
Funds		 Total
2008		 Total
2007
    £ £ £ £
Incoming Resources          
Incoming Resources from Generated Funds          
Voluntary Income:          
Grants   24,000 - 24,000 20,000
Activities for Generating Funds:          
Annual Fundraising Dinner   112,050 - 112,050 94,900
Investment Income:          
Bank Interest   34,081 - 34,081 15,275
Incoming Resources from Charitable Activities          
Members' Subscriptions   474,327 - 474,327 418,370
Members Services   48,000 - 48,000 32,810
Professional Development   291,589 - 281,589 241,413
Policy   21,410 - 21,410 6,095
Best Practice   42,563   42,563 14,107
Other Activity   10,701   10,701 8,910
Other Incoming Resources   2,025 - 2,025 8,650
Total Incoming Resources   1,061,646 - 1,061,646 860,530
Resources Expended          
Cost of Generating Funds   48,901 - 48,901 50,801
Charitable Activities          
Member Services   303,611 2,083 305,694 232,599
Professional Development   325,717 - 325,717 300,600
Policy   136,484 - 136,484 103,078
Best Practice   97,286 - 97,286 54,575
Other Activity   18,591   18,591 29,033
Governance Costs   40,070 - 40,070 58,873
Total Resources Expended  2  970,660 2,083 972,743 829,559
Net Incoming/(Outgoing) Resources /
Net Income/(Expenditure) 		 3  90,986 (2,083) 88,903 30,971
Net Movement in Funds   90,986 2,083 88,903 30,971
Total Fund brought forward at 1 April   284,769 2,083 286,852 255,881
Total Funds carried forward at 31 March  8  375,755 - 375,755 286,852

 

There are no recognised gains and losses other than those in the statement of financial activities. Therefore no statement of total recognised gains and losses has been prepared.

 

For Companies Act purposes, total income is £984,446 (2007: £786,480) and total expenditure is £895,543 (2007: £755,509), which is total incoming resources and total resources expended as shown above, both net of gifts in kind of £77,200 (2007: £74,050). All the above amounts relate to continuing activities.

 

Voluntary income during the year was £24,000, (2007: £20,000), this was entirely made up of a grant from the CAF Collaborative Fund.

 

The notes further down on this page form part of these accounts.

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Balance Sheet

Balance Sheet as at 31 March 2008:

 

Table 2: Balance Sheet as at 31 March 2008
  Notes 2008 2007
    £ £
Fixed Assets      
Tangible Assets 5 11,610 19,900
       
Current Assets      
Debtors 6 349,501 208,664
Short Term Deposits   520,478 478,933
Cash at Bank and in Hand   56,350 43,644
    926,329 731,241
       
Liabilities      
Creditors: Amounts falling due within one year 7 (582,184) (464,289)
       
Net Current Assets   364,145 266,952
       
Total Assets less Current Liabilities 9 375,755 286,852
       
Funds 8    
Unrestricted Funds      
Designated   177,425 -
General Reserves   198,330 284,769
    375,755 284,769
Restricted Funds   - 2083
       
    972,743 829,559

 

The notes below form part of these accounts.

 

'The accounts were approved and authorised for issue by the Board of Trustees on 3 June 2008 and signed on their behalf by:

 

ON BEHALF OF THE BOARD OF TRUSTEES

 

Signature of Charles Nall ACA

 

Charles Nall

Chair

3rd June 2008

 

 

Signature of tom Sterry MBE

 

Tom Sterry MBE

Treasurer

3rd June 2008

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Notes to the Financial Statements

For the year ended 31st March 2008:

Note 1: Accounting Policies

 

The following accounting policies have been used consistently in dealing with items which are considered material in relation to the financial statements.

 

a) Basis of Perperation of Accounts

 

The financial statements have been prepared under the historical cost convention and comply with the Companies Act 1985. The financial statements have been prepared in accordance with Statement of Recommended Practice (SORP), "Accounting and Reporting by Charities: Statement of recommended practice", published in March 2005 and applicable accounting standards.

 

b) Fund Accounting

 

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the charitable objectives of CFDG.

 

Designated funds comprise unrestricted funds that have been put aside at the discretion of the trustees for particular purposes (see note 8).

 

Restricted income funds are funds subject to specific restrictions imposed by donors or by the purpose of the appeal.

 

c) Incoming Resources

 

All income (including grants) is accounted for as soon as CFDG has entitlement to the income, there is certainty of receipt and the amount is quantifiable.

 

Donated facilities are included at the value to CFDG, as described in note 3b). Although SORP 2005 recommends that the value of donated facilities is included in voluntary income, they are included under the relevant category of income for charitable activities because CFDG considers this gives a fairer presentation.

 

d) Members' Subscriptions and Events and Conferences

 

Subscriptions and events income are accounted for in the year to which they apply. Subscription income received during the year that relates to a subsequent financial accounting period is carried forward as a creditor in the balance sheet and shown as deferred subscriptions income, it is accrued in line with the benefits received.

 

e) Pension Policy

 

CFDG operates a pensions policy in compliance with the Stakeholder pension requirements. CFDG pays twice the percentage that the employee contributes up to a maximum of 10%. CFDG employees who contribute to a pension scheme are either members of the CIS Stakeholder Pension Scheme or of the Pensions Trust Growth Plan (see note 10).

 

f) Resources Expended

 

All expenditure is accounted for on an accruals basis and has been listed under headings that aggregate all the costs related to that activity. Where costs cannot be directly attributed they have been allocated to activities on a basis consistent with the use of the resources.

 

Direct costs, including directly attributable salaries, are allocated on an actual basis to the key strategic areas of activity. Overheads and other salaries are allocated between expense headings on the basis of time spent.

 

Governance costs include the costs of governance arrangements which relate to the general running of the charity. These activities provide the governance infrastructure which allows the charity to operate and to generate the information required for public accountability. They include the strategic planning processes that contribute to future development of the charity.

 

Cost of generating funds is the cost of the Annual Fundraising Dinner and covers direct expenditure on the dinner together with the appropriate allocation of staff and support costs.

 

g) Fixed Assets

 

Assets with a cost in excess of £2,000 intended to be of ongoing use to CFDG in carrying out its activities are capitalised as fixed assets.

 

Depreciation is charged on tangible fixed assets at 25% of cost per annum, so as to write them off over their expected useful lives.

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Note 2: Resources Expended

 

Statement of resources expended for the year ended 31st March 2008:

 

a) Analysis of Total Resources Expended

 

Table 3: Analysis of Total Resources Expended
  Staff
Costs		 Support
Costs		 Other
Direct Costs		 Total
2008		 Total
2007
  £ £ £ £ £
Unrestricted Funds          
Cost of Generating Funds 8,986 2,959 36,956 48,901 50,801
Charitable Activities          
Member Services 130,542 42,991 130,078 303,611 220,099
Professional Development 141,947 46,747 137,023 325,717 300,600
Policy 83,896 27,630 24,958 136,484 103,078
Best Practice 38,523 12,687 46,076 97,286 54,575
Other Activity 13,985 4,606 - 18,591 29,033
Governance 15,781 5,197 19,092 40,070 58,873
Total Unrestricted Resources Expended 433,660 142,817 394,183 970,660 817,059

 

Within all charitable activities rows of the 'Other direct costs' column there are costs of £77,200 (2007: £74,050) relating to services donated to CFDG that were not incurred by CFDG (see note 3b).) Had the services not been donated CFDG would have incurred this cost.

 

b) Analysis of Support Costs

 

Table 4: Analysis of Support Costs: Summary
  Total Charitable
Activity		 Generating
Funds		 Governance Total
2008		 Total
2007
  £ £ £ £ £
Unrestricted Funds          
Employee-related Costs 17,215 378 664 18,257 6,390
Premises 55,473 1,219 2,141 58,833 47,792
Communications and IT 14,490 318 559 15,367 15,258
Postage and Printing 12,595 277 486 13,358 14,999
Financial Costs 29,037 638 1,121 30,796 29,297
Depreciation 5,851 129 226 6,206 7,067
Total Unrestricted 134,661 2,959 5,197 142,817 120,803
           
Restricted Funds          
Depreciation 2,083 - - - 2,083
Total Restricted 2,083 - - - 2,083

 

Table 5: Analysis of Support Costs: Charitable Activity
  Member
Services		 Professional
Development		 Policy Best
Practice		 Other
Activity		 Total
  £ £ £ £   £
Unrestricted Funds            
Employee-related Costs 5,496 5,976 3,532 1,622 589 17,215
Premises 17,710 19,258 11,382 5,226 1,897 55,473
Communications and IT 4,626 5,030 2,973 1,365 496 14,490
Postage and Printing 4,021 4,372 2,584 1,187 431 12,595
Financial Costs 9,270 10,080 5,958 2,736 993 29,037
Depreciation 1,868 2,031 1,201 551 200 5,851
Total Unrestricted 42,991 46,747 27,630 12,687 4,606 134,661
             
Restricted Funds            
Depreciation 2,083 - - - - 2,083
Total Restricted 2,083 - - - - 2,083

 

All support costs are allocated on the basis of staff time.

 

Staffing support costs have not been analysed as the majority of CFDG staff work directly on activities and the amount allocatable to support is therefore not material.

 

c) Analysis of Governance Costs

 

Table 6: Analysis of Governance Costs
  Total
2008		 Total
2007
  £ £
Legal and Professional Fees 1,960 4,896
Audit Fees 3,600 3,450
Costs of AGM, Trustee Travel, Recruitment and Training 11,532 10,898
Apportionment of Staff and Support Costs 20,978 35,979
Donated resources 2,000 3,650
Total Governance Costs 40,070 58,873

 

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Note 3: Net Incoming/(Outgoing) Resources

 

Statement of net incoming and outgoing resources for the year ended 31st March 2008:

a) These are Stated after Charging:

 

Table 7: Net Incoming/(Outgoing) Resources
  Total
2008		 Total
2007
  £ £
Auditors' Renumeration 3,600 3,450
Depreciation 8,290 19,567

 

We have been in 1 London Bridge since 2004. In common with all the other organisations sharing the space, we have a licence agreement with Community Action Network which means that our commitment is only three months.

 

b) Valuation of Donated Resources

 

Donated facilities are included at the value to CFDG. These are largely made up of meeting venues, audio-visual equipment and refreshments.

 

Table 8: Analysis of Governance Costs
  Total
2008		 Total
2007
  £ £
Member Services 48,000 32,800
Professional Development 26,800 37,200
Policy 400 400
Best Practice - -
Other Activity - -
Governance 2,000 3,650
Total Governance Costs 77,200 74,050

 

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Note 4: Trustees and Employee Information

 

Statement of trustee and employee information for the year ended 31st March 2008:

 

a) Trustee Information

 

No remuneration was paid to the Trustees during the year (2007: £Nil). Expenses of £865 for travel was paid to four trustees during the year (2007: £946, five trustees).

 

b) Employee Information

 

Table 9: Employee Information
  2008 2007
The average number of staff employed during the year was: 10.8 9.8
     
Employee costs during the year were : £ £
Salaries 374,967 336,602
Social Security 38,359 33,338
Pension 20,334 26,754
Total Governance Costs 433,660 396,694
     
The number of employees whose emoluments for the year fell within the following bands were:    
£80,000 to £89,999 1 1

 

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Note 5: Tangible Fixed Assets

 

Statement of tangible fixed assets for the year ended 31st March 2008:

 

Table 10: Tangible Fixed Assets
  Computers Database Total
  £ £ £
Cost      
At 1st April 2007 7,502 74,445 81,947
       
Depreciation      
At 1st April 2007 7,407 54,640 62,047
Charge for the Year 95 8,195 8,290
  7,502 62,835 70,337
       
Net Book Value      
At 31st March 2008 - 11,610 11,640
At 31st March 2007 95 19,805 19,900

 

The above fixed assets are used to support all of CFDG's activities.

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Note 6: Debtors

 

Statement of debtors for the year ended 31st March 2008:

 

Table 11: Debtors
  2008 2007
  £ £
Trade Debtors 272,225 145,599
Other Debtors 12,438 12,420
Prepayments and Accrued Income 64,838 50,645
  349,501 208,664

 

Trade debtors are significantly higher this year largely as a result of differences in timing. The Annual Conference is three weeks earlier in May 2008 and therefore many delegates and exhibitors were invoiced before 31st of March. Also annual subscriber invoices were sent out later in March this year and as a result fewer had been paid by the year-end. We are holding a Northern Conference in June 2008 for the first time so invoices for delegates and exhibitors are also on the balance sheet at year end.

 

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Note 7: Creditors

 

Statement of creditors for the year ended 31st March 2008:

 

Table 12: Creditors
  2008 2007
  £ £
Amounts Falling due within One Year    
Trade Debtors 272,225 145,599
Other Debtors 12,438 12,420
Prepayments and Accrued Income 64,838 50,645
  349,501 208,664

 

Creditors are significantly up on last year. This can be explained by two factors. Firstly members' annual fees have been coming in much faster this year than usual. By the end of March we were 10% ahead of the same time the previous year. Secondly as mentioned above our 2008 Annual Conference being three weeks earlier than last year we had had a significant amount of delegate fee income in by the 31st of March.

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Note 8: Total Funds

 

Statement of total funds for the year ended 31st March 2008:

 

Table 13: Total Funds
  Opening
Balance		 Incoming
Resources		 Resources
Expended		 Transfers Closing
Balance
  £ £ £ £ £
Unrestricted Funds          
Designated Funds          
CRM Project - - - 82,425 82,425
Online Document Library - - - 45,000 45,000
Professional Development Strategy - - - 50,000 50,000
  - - - 177,425 177,425
General Funds 284,769 1,061,646 (970,660) (177,425) 198,330
Total Unrestricted Funds 284,769 1,061,646 (970,660)   375,755
Restricted Funds 2,083 - (2,083) - -
  286,852 1,061,646 (972,743) - 375,755

 

Designated funds comprise unrestricted funds that have been put aside at the discretion of the trustees for particular purposes. At the year-end they comprise: the CRM project fund which represents funds set aside for the purchase and implementation of a CRM system during 2008/9; The online document library fund which consists of funds set aside for the development of an improved document library which will be put in place once the new CRM system is completed; and the Professional development strategy fund which is set aside to cover the costs of a consultancy to help produce a strategy for our professional development.

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Note 9: Analysis of Assets between Funds

 

Statement of assets between funds for the year ended 31st March 2008:

 

Table 14: Analysis of Assets between Funds
  Unrestricted Funds Restricted Funds Total Funds
  £ £ £
Funds Balances at 31st March 2008 are Respresented by:      
Fixed Assets 11,610 - 11,610
Debtors 349,501 - 349,501
Deposits and Cast at Bank 576,828 - 576,828
Creditors (562,184) - (562,184)
  375,755 - 375,755

 

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Note 10: Pensions Trust Growth Plan - Pensions Obligations

 

Last year CFDG had a contingent liability under this pension plan of £47,539.84; however this year that debt has been reduced to £Nil. The reason for this was explained in a letter from the Pensions Trust of May 2007, which explained: 'The estimated amount of employer debt on withdrawal liability for Charity Finance Directors' Group as at 30 September 2006 has been calculated as nil... Previously if a member had transferred Series 1 and Series 2 benefits from their former employer, you as the member's current or last employer were allocated the liability of those benefits. We have now refined our data, something that we were not able to do previously, to re-allocate the liability for benefits to the employer with whom they were originally accrued.... If your organisation has a nil debt for the first time this year it is probably as a result of the allocation exercise. This position is unlikely to change in the future.'

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Note 11: Capital Commitment

 

At 31st March 2008 there were no capital commitments.

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Note 12: Related Party Transaction

 

There were no related party transactions during the year (2007: There were also none.)

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