League of Friends’ 49th Annual General Meeting – Treasurer’s report
Treasurer’s Report for 2016 AGM
First of all may I say thank you to the Committee for entrusting me with the responsibility for looking after the League’s finances.
I’ve only been doing the job for six months so am still on a learning curve, but my position has been made easier thanks to the warm encouragement and support of all members of the committee and the senior staff at the Hospital.
Its’ been a steady year. Income was just over £28,000 with 70% of that coming from donations, legacies & regular giving.
£6,000 was spent on welfare making the lives of patients and staff that much easier. £7,800 has also been spent in support of the Embleton Day Unit services and equipment costing £4,625 has been bought for the Hospital.
The League’s Investment portfolio is professionally managed by Smith & Williamson. The stock market particularly at the end of the year was very volatile which led to S & W reducing the amount invested in higher risk equities and putting the money on deposit. They are steady and reliable which is what our investment strategy demands, but were still able to achieve dividend income of over £8,000 which is approximately 3%.
The portfolio balance at the end of the year was nearly £270,000 which keeps the League in a strong position. I have every confidence in the committee and with the support of Members as well as the local community I am convinced that we are well placed to continue providing the right resources to our Community Hospital here in Buckingham
The Accounts for the year to 31st December 2015 have been professionally inspected and show income of £28,305.52 and expenditure of £34,897.20
The Income section includes a Legacy of £5,000, Investment dividends from Smith & Williamson of £8,003.97 and a Gift Aid Tax refund for 2012/13 of £1,375.74.
The major expenditure item is Garden Maintenance which is £11,778.00. For 2016, a new two year contract has been agreed at £800.00 per month or £9,600.00 per year.
The support costs of the Embleton Day Unit were £7,800.00.
Five items of equipment were purchased for the Hospital at a cost of £4,766.38
Cura Porter Chair 3,175
Rota Stand 250
Hoist Weigh Scale 550
5 Dementia Clocks 450
As I said in my Newsletter Report, your Committee look regularly at how monies are being spent. Administration costs were £1804.00, but this includes Insurance and the Auditors fees, which we are obliged to have under the Charities Act. If these are excluded, then Administration represents just 1.79% of all expenditure, meaning for each £1.00 donation we receive, our costs are just £0.02.
That is my Report Mr Chairman.