Financial Statements

Statement of Financial Activities

Statement of financial activities for the year ended 31 March 2009 (incorporating the income and expenditure account):

 

Table 1: Statement of Financial Activities for the Year Ended 31 March 2009
  Notes Unrestricted
Funds		 Restricted
Funds		 Total
2009		 Total
2008
    £ £ £ £
Incoming Resources          
Incoming Resources from Generated Funds          
Voluntary Income:          
Grants   20,000 4,260 24,260 24,000
Activities for Generating Funds:          
Annual Fundraising Dinner   109,700 - 109,700 112,050
Affinity products   415 - 415 -
Investment Income:          
Bank Interest   29,463 - 29,463 34,981
Incoming Resources from Charitable Activities          
Members' Subscriptions   552,281 - 552,281 474,327
Members Services   59,250 - 59,250 48,000
Professional Development   357,597 - 357,597 291,589
Policy   4,400 - 4,400 21,410
Best Practice   26,004 - 26,004 42,563
Other Activity   9,800 - 9,800 10,701
Other Incoming Resources   5,638 - 5,638 2,025
Total Incoming Resources   1,174,548 4,260 1,178,808 1,061,646
Resources Expended          
Cost of Generating Funds   56,879 - 56,879 48,901
Charitable Activities          
Member Services   368,962 1,580 370,542 305,694
Professional Development   441,372 - 441,372 325,717
Policy   161,592 1,580 163,172 136,484
Best Practice   89,537 1,100 90,637 97,286
Other Activity   23,215 - 23,215 18,591
Governance Costs   59,254 - 59,254 40,070
Total Resources Expended  3  1,200,811 4,260 1,205,071 972,743
Net Incoming/(Outgoing) Resources /
Net Income/(Expenditure) 		 4  (26,263) - (26,263) 88,903
Net Income/(Expenditure)          
Net Movement in Funds   (26,263) - (26,263) 88,903
Total Fund brought forward at 1 April   375,755 - 375,755 286,852
Total Funds carried forward at 31 March  10  349,492 - 349,492 375,755

 

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 £1,081,908 (2008: £984,446) and total expenditure is £1,108,171 (2008: £895,543), which is total incoming resources and total resources expended as shown above, both net of gifts in kind of £96,900 (2008: £77,200). All the above amounts relate to continuing activities.

Within the Group Statement of Financial Activity the Charity Finance Directors' Group's incoming resources is £1,178,808 (2008: £1,061,646) and its resources expended is £1,203,171 (2008: £972,743).

Voluntary income during the year was £24,260, (2008: £24,000), this was made up of a grant from the CAF Collaborative Fund (£21,440) and a grant from the Income Generation National Support Service (£2,820).

The notes on pages 30 to 36 form part of these accounts.

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Balance Sheet

Balance Sheet as at 31 March 2009.

Table 2: Balance Sheet as at 31 March 2009
  Notes 2009 2008
    Group Charity Group Charity
    £ £ £ £
Fixed Assets          
Tangible Assets 6 13,557 13,557 11,610 11,610
Investments 7 - 10,000 - -
    13,557 23,557 11,610 11,610
Current Assets          
Debtors 8 219,508 219,508 349,501 349,501
Short Term Deposits   602,278 602,278 520,478 520,478
Cash at Bank and in Hand   65,126 65,126 56,350 56,350
    886,912 886,912 926,329 926,329
           
Liabilities          
Creditors: Amounts falling due within one year 9 (550,977) (559,077) (562,184) (562,184)
           
Net Current Assets   335,935 327,835 364,145 364,145
           
Total Assets less Current Liabilities 11 349,492 351,392 375,755 375,755
           
Funds 10        
Unrestricted Funds          
Designated   57,000 57,000 177,425 177,425
General Reserves   292,492 294,392 198,330 198,330
    349,492 351,392 375,755 375,755
Restricted Funds   - - - -
           
    349,492 351,392 375,755 375,755

 

 

 

The notes on pages 30 to 36 form part of these accounts.

The accounts were approved and authorised for issue by the Board of Trustees on 2 June 2009 and signed on their behalf by:

 

 

Signature of Charles Nall ACA

 

Charles Nall

Chair

2nd June 2009

 

Signature of tom Sterry MBE

 

Tom Sterry MBE

Treasurer

2nd June 2009

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Notes to the Financial Statements

For the year ended 31st March 2009:

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 preparation 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 (revised May 2008) and applicable accounting standards.

The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the financial statements of the Charity and of its subsidiary undertaking. The results of the subsidiary are consolidated on a line-by-line basis.

The Charity has availed itself of paragraph 3(3) of Schedule 4 of the Companies Act and adapted the Companies Act formats to reflect the special nature of the Charity's activities. No separate SOFA or Income and Expenditure Account has been presented for the Charity alone as permitted by section 230 of the Companies Act 1985 and paragraph 397 of the SORP.

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 10).

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 4b. 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 & 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 were either members of the CIS Stakeholder Pension Scheme or of The Pensions Trust Growth Plan up to July 2008, from then onwards all staff moved to a scheme with Aegon Scottish Equitable (see note 12).

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: Results from the trading activities of the subsidiary

The Charity has one wholly owned subsidiary which is incorporated in Great Britain. CFDG Trading Ltd was incorporated on 5th February 2009 so that it would be ready to raise funds via commercial activities and sponsorship for CFDG from 1st April 2009. CFDG Trading Ltd intends to donate its taxable profits to CFDG under Gift Aid subject to its working capital requirements being maintained.

 

Trading activities

Table 3: Trading Activities
CFDG Trading Ltd 2009 2008
  £ £
Incoming Resources    
Total incoming resources - -
Incoming Resources    
Governance 1,900 -
Total resources expended 1,900 -
Retained loss for the year (1,900) -
Fund balances at 1st April - -
Fund balances at 31st March (1,900) -
Total Assets 10,000 -
Total Liabilities (1,900) -
Total Shareholders' Funds 8,100 -

 

 

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Note 3: Resources expended

Statement of net incoming and outgoing resources for the year ended 31st March 2009:

 

a) Analysis of Total Resources Expended

 

Table 4: Analysis of Total Resources Expended
  Staff
Costs		 Support
Costs		 Other
Direct Costs		 Total
2009		 Total
2008
  £ £ £ £ £
Unrestricted Funds          
Cost of Generating Funds 9,984 4,386 42,509 56,879 48,901
Charitable Activities          
Member Services 154,962 68,071 145,929 368,962 303,611
Professional Development 162,356 71,319 207,697 441,372 325,717
Policy 105,899 46,520 9,173 161,592 136,484
Best Practice 45,547 20,007 23,983 89,537 97,286
Other Activity 16,130 7,085 - 23,215 18,591
Governance 17,423 7,654 34,177 59,254 40,070
Total Unrestricted Resources Expended 512,301 225,042 463,468 1,200,811 970,660
           
Restricted Funds          
Charitable Expenditure          
Member Services 1,580 - - 1,580 2,083
Policy 1,580 - - 1,580 -
Best Practice - - 1,100 1,100 -
Total Restricted Resources Expended 3,160 - 1,100 4,260 2,083
Total Resources Expended 515,461 225,042 464,568 1,205,071  
Total Resources Expended 2008 433,660 144,900 394,183 972,743  

 

 

Within all charitable activities rows of the  'Other direct costs' column there are costs of £96,900  (2008: £77,200) relating to services donated  to CFDG that were not incurred by CFDG.  (See note 4b.)  Had the services not been donated CFDG would have incurred this cost.

 

 

b) Analysis of Support Costs

 

Table 5: 1.Analysis of Support Costs: Summary
  Total Charitable
Activity		 Generating
Funds		 Governance Total
2009		 Total
2008
  £ £ £ £ £
Unrestricted Funds          
Employee-related Costs 10,432 215 375 11,022 18,257
Premises 65,249 1,344 2,345 68,938 58,833
Communications and IT 82,881 1,706 2,978 87,565 15,367
Postage and Printing 12,657 261 455 13,373 13,358
Financial Costs 34,238 705 1,230 36,173 30,796
Depreciation 7,545 155 271 7,971 6,206
Total Unrestricted 213,002 4,386 7,654 225,042 142,817
           
Restricted Funds          
Depreciation - - - - 2,083
Total Restricted - - - - 2,083

 

 

Table 6: 2.Analysis of Support Costs: Charitable Activity
  Member
Services		 Professional
Development		 Policy Best
Practice		 Other
Activity		 Total
  £ £ £ £ £ £
Unrestricted Funds            
Employee-related Costs 3,334 3,493 2,278 980 347 10,432
Premises 20,852 21,847 14,251 6,129 2,170 65,249
Communications and IT 26,487 27,751 18,102 7,784 2,757 82,881
Postage and Printing 4,045 4,238 2,764 1,189 421 12,657
Financial Costs 10,942 11,464 7,477 3,216 1,139 34,238
Depreciation 2,411 2,526 1,648 709 251 7,545
Total Unrestricted 68,071 71,319 46,520 20,007 7,085 213,002
 

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 7: Analysis of Governance Costs
  Total
2009		 Total
2008
  £ £
Legal and Professional Fees 9,066 1,960
Audit Fees 4,000 3,600
Costs of AGM, Trustee Travel, Recruitment and Training 21,111 11,532
Apportionment of Staff and Support Costs 25,077 20,978
Donated resources - 2,000
Total Governance Costs 59,254 40,070

 

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Note 4: Net (outgoing)/incoming resources:

 

a) These are stated after charging:
Table 8: Net Incoming/(Outgoing) Resources
  Total
2009		 Total
2008
  £ £
Auditors' Renumeration    
Audit
 4,000 3,600
Other
 2,850 -
Depreciation 7,971 8,290

 

We have been located at 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 9: Valuation of Donated Resources
  Total
2009		 Total
2008
  £ £
Member Services 59,250 48,000
Professional Development 33,250 26,800
Policy 4,400 400
Governance - 2,000
Total Governance Costs 96,900 77,200

 

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Note 5: Trustee and employee information

a) Trustee information

No remuneration was paid to the Trustees during the year (2008: £Nil). Expenses of £57 for travel was paid to two trustees during the year (2008: £865, four trustees). 

b) Employee information

Table 10: Employee Information
  2009 2008
The average number of staff employed during the year was: 12.4 10.8
     
Employee costs during the year were : £ £
Salaries 427,947 374,967
Social Security 45,098 38,359
Pension 42,416 20,334
Total Governance Costs 515,461 433,660
     
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 6: Tangible fixed assets - Group and Charity

 

Table 11: Tangible Fixed Assets
  Computers Database Total
  £ £ £
Cost      
At 1 April 2008 7,502 74,445 81,947
Additions 9,918 - 9,918
Disposals (6,548) - (6,548)
At 1st April 2009 10,872 74,445 85,317
       
Depreciation      
At 1st April 2008 7,502 62,835 70,337
Charge for the Year 1,860 6,111 7,971
Disposals (6,548) - (6,548)
  2,814 68,946 71,760
       
Net Book Value      
At 31st March 2009 8,058 5,499 13,557
At 31st March 2008 - 11,610 11,610

 

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

 

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Note 7: Investments

 

Table 12: Investments
  Group

Shares in subsidiary

undertaking

 Charity
Market Value      
At 1 April 2008 - - -
Additions - 10,000 10,000
At 31 March 2009 - 10,000 10,000
Historical value at 31 March 2009 - 10,000 10,000



Table 13: Principal Subsidiary Undertakings
  Registered in:

Percentage of

Capital Held

No. of £1 Ordinary

Shares Held
CFDG Trading Ltd England & Wales 100% 10,000

 

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Note 8: Debtors


Table 14: Debtors
  2009 2008
  Group Charity Group Charity
  £ £ £ £
Trade Debtors 136,660 136,660 272,225 272,225
Other Debtors 12,630 12,630 12,438 12,438
Prepayments and Accrued Income 70,218 70,218 64,838 64,838
  219,508 219,508 349,501 349,501

 

Trade debtors are significantly lower this year largely as a result of not having invoiced for the sponsorship and exhibitors at the Annual Conference prior to the year-end, so these do not figure in debtors as they have done in previous years.

 

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Note 9: Creditors

Amounts falling due within one year.

 


Table 15: Creditors
  2009 2008
  Group Charity Group Charity
  £ £ £ £
Deferred Subscriptions Income 405,590 405,590 344,632 344,632
Deferred Events Income 39,700 39,700 153,899 153,899
Other Creditors and Accruals 105,687 113,787 63,653 63,653
  550,977 559,077 562,184 562,184

 

Creditors are slightly down on last year. Deferred subscription income is up because a larger percentage of our members had paid their annual membership renewal fee by the year-end. Deferred events income is reduced because we had not invoiced for conference exhibition stands as mentioned in the note above. Other creditors are up because we had two large invoices for conference venue costs that remained unpaid at the year-end (but were paid in April) these amounted to over £38,000

 

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Note 10: Total group funds

 

Table 16: Total Funds
  Opening
Balance		 Incoming
Resources		 Resources
Expended		 Closing
Balance
  £ £ £ £
Unrestricted Funds        
Designated Funds        
CRM Project 82,425 - (82,425) -
Online Document Library/CMS 45,000 - - 45,000
Professional Development Strategy 50,000 - (38,000) 12,000
  177,425 - (120,425) 57,000
General Funds 198,330 1,174,548 (1,080,386) 292,492
Total Unrestricted Funds 375,755 1,174,548 (1,200,811) 349,492
Restricted Funds - 4,260 (4,260) -
  375,755 1,178,808 (1,205,071) 349,492

 

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 online document library fund which consists of funds set aside for the development of an improved document library and content management system for the website which work will commence on now that the new CRM system is completed; and the final tranche of 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 11: Analysis of group assets between funds

 

Table 17: Analysis of Group Assets between Funds
  Unrestricted Funds Restricted Funds Total Funds
  £ £ £
Funds Balances at 31st March 2009 are Respresented by:      
Fixed Assets 13,557 - 13,557
Debtors 219,508 - 219,508
Deposits and Cash at Bank 667,404 - 667,404
Creditors (550,977) - (550,977)
  349,492 - 349,492

 

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Note 12: Pensions

During the year CFDG operated three pension plans. The CIS Stakeholder Pension and The Pensions Trust Growth Plan were used until July 2008, when as a result of a review carried out by Gissings, at the request of the Trustees, it was decided to move all staff to a Group Personal Pension Scheme operated by Aegon Scottish Equitable.

When we launched the new pension scheme we were able to persuade several more staff to join it and the Board decided to offer staff the opportunity to backdate their contributions. During the previous financial year pensions were provided through CIS and The Pensions Trust and also the Office of Government Commerce (OGC), who administered the pension for a member of staff that was on secondment.

Employer contributions to staff pensions

Table 18: Employer Contributions to Staff Pensions
  2009 2008
  £ £
CIS Stakeholder Pension 7,976 11,729
The Pensions Trust 1,676 4,836
Office of Government Commerce - 3,769
Aegon Scottish Equitable 28,435 -
Aegon Scottish Equitable (Retrospective payments) 4,329 -
  42,416 20,334

 

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Note 13: Capital commitments

At 31st March 2009 there were no capital commitments.

 

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Note 14: Related party transaction

There were no related party transactions during the year. (2008: There were also none.)