AGM Finance Report and Audit disapplication 2024
FINANCE REPORT
The Committee presents its report and accounts for the year ended 5 April 2024.
We had a total income of £103,687 (2023: £151,188). Donations were £46,779 (2023: £111,054) - which includes £6,000
from PayPal Giving Fund UK (2023:73,000 from the PayPal Small Charities Campaign), and £13,372 for our Server Heroes
Appeal (2023: £9,818). We received £7,300 (2023: £7,200) from our very generous anonymous sponsor and Gift Aid
reclaims amounted to £7,243 (2023: £5,286). Our income from advertising/trading was £21,532 (2023: £19,018), and we
received £12,524 (2023: £6,000) in grants from local Councils. The remaining income included £303 (2023: £350) from
Give As You Live, £3,350 in bank interest (2023: £1,164 ), and a payment of £4,500 from a third party for systems
integration work.
Our expenditure was £122,169 (2023: £90,213). IT costs were £72,922 (2023: £54,124) with most of the increase due to
app development and server migration. We spent £23,430 (2023: £22,700) on media, £20,999 (2023: £11,400) on work
with local councils to promote Freegle, £285 (2023: £759) on volunteer support, £0 (2023: £129) on fundraising, and
£4,533 (2023: £1,101) on administration and insurance.
The result for the year was a deficit for the year of £18,482 (2023: £60,975 surplus). We had a surplus brought forward
from last year of £142,113 (2022: £81,138) so are left with reserves of £123,631 (2023: £142,113), of which £3,760 (2023:
£5,042) is restricted for specific expenditure. Although we did not have a surplus this year, our rules state that any profits
are applied solely to the continuation and development of the Society.
The Committee members have taken all the steps that they ought to have taken as a committee (Board) in order to make
themselves aware of any relevant audit information and to establish that the society's independent examiners are aware
of that information.
AUDIT
Request from the Freegle Board:
1. The Board would like the AGM to approve the dis-application for a full audit for the Freegle Ltd accounts 2024/25. This would be in line with previous procedure and is due to the level of expense for an external auditor and time required from the volunteer Treasurer for a full audit.
Industrial and Provident Societies must have a full audit if they are a Registered Society with a turnover of over £10,200,000 or assets in excess of £5,100,000.
As we don't get near to these figures the expense and time for a full audit seems unnecessary when our transparency is confirmed by a qualified accountant’s Independent Examination. More information can be found in the legal explanatory note here: http://www.legislation.gov.uk/ukpga/2014/14/section/84
2. If the above is agreed, the Board would also like the meeting to approve the continued appointment of Price and Co as independent examiners for the accounts, fees to be agreed by the Board on behalf of Members.
Link: AGM 2024 Agenda
