It is with deep regret that I will not be standing for re-election as Honorary Treasurer. In the short term I am happy to stand for re-election as a Trustee and give my support to the temporary arrangements put in place by the Executive Committee pending the recruitment of a new Honorary Treasurer.
Turning now to our performance in the financial year 1st April; 2005 to 31st March 2006. You will note that there has been a further change in our Auditors. Leggatt Bell, after an initial year, decided that they did not have adequate resources to handle our Accounts. Chelmsford Mind suggested that we approached their Auditors, Fisher Michael of Chelmsford. They reacted very positively and I would like to take this opportunity to formally thank them for their very generous reception to our difficulty both in terms of the audit timetable and cost. Now to the figures. A separate Report and Financial Statements (on pink pages) gives the detailed picture of our finances. I will pick out a few key figures:
1. After last year’s deficit of £17,693, we returned to a surplus, albeit modest, of £3,372.
2. After several years of growth due to our NERIL and BroSis projects, we had a steady year. Our expenditure in the year fell very slightly from £653,000 to £642,000.
3. In cash flow terms all projects carried over a surplus into the current year. In particular the Charity Overhead Costs fell by nearly £3,000 and were fully covered by recovery charges on funded projects.
4. We have completed the switch of our main banking operations from Lloyds TSB to the Charities Aid Foundation (CAF Bank).
5. Our financial reserves defined as Net Current Assets rose by 9.5% to £157,125 equivalent to some 19 weeks of operating expenditure for the year 2006/2007.
However, the current year 2006/2007 has several problems on the financial side:
1. The oldest project, Network has suffered a substantial reduction in support from Essex County Council.
The Executive Committee has agreed to support this project from reserves. The founder of this project, the late Maura Benham, made a very generous legacy to the Charity and this legacy is the principal foundation of our Reserves.
Notwithstanding this support, the project’s longer term survival will depend on additional funding, either statutory or voluntary or both.
2. Our latest project, BroSis, aimed at the teenage generation relies on a disparate mix of funds, all supplied on relatively short term arrangements of 1 to 3 years, Statutory Services please note!
Finally, I would like to return to my succession. My first accounts were dated 31st March 1992 - total expenditure was £75,505 and there was a deficit of £1,235. Sixteen years later, as stated above the comparable numbers are £642,241 and a surplus of £3,372.
Behind those sixteen years, two people have played the major role in recording and monitoring income and expenditure, making life relatively easy for both the Treasurer and the Auditors in preparing draft Accounts and Budgets for both existing and foreseen projects and grant applications. The two people are Debbie Smith, the Financial Officer from 1993 to 2000 and Michelle Bennett 2001 to date. Debbie is still with Maldon Mind at the sharp end, as administrator across several Projects. Michelle has grown into her role as Finance Officer and has become a major cornerstone in the structure of our Charity.
