AGM Board Finance Report and Accounts 2024/25: Difference between revisions
Created page with "coming soon" |
No edit summary |
||
| Line 1: | Line 1: | ||
coming soon | coming soon | ||
=====Finance Report===== | |||
The Board presents its report and accounts for the period 6 April 2024 to 31 March 2025 to the AGM 2025. | |||
To simplify internal accounting processes the Board applied to the Financial Conduct Authority (FCA) to change the Freegle Limited financial year end to 31 March (previously 5 April). This was agreed by the FCA on 3 March 2025, and therefore the accounts for the financial year 2024/25 cover the period 6th April 2024 to 31st March 2025. | |||
We had a total income of £91,049 (2024: £103,687). Our expenditure was £132,637 (2024: £122,169). | |||
The result for the year was a deficit for the year of £41,588 (2024: £18,482). We had a surplus brought forward from last year of £123,631 so are left with reserves of £82,043, of which £5,516 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. | |||
We carried out a review of Members to check that they still met the requirement of being current moderators of Freegle groups, and this resulted in 57 shares being converted to donations. | |||
The Board have taken all the steps that they ought to have taken as a committee 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. | |||
The full accounts submitted to the FCA are here - https://drive.google.com/file/d/1GpBbK6cHmJNAefZG6t-Y4T37wFobqD5c/view?usp=sharing | |||
====Audit disapplication and appointment for audit arrangements 2025/26==== | |||
Request from the Freegle Board: | |||
1. The Board would like the 2025 AGM to approve the dis-application for a full audit for the Freegle Ltd accounts 2025/26. 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 2025 Agenda]] | |||
[[category:AGM 2024]] | |||
Revision as of 19:20, 5 September 2025
coming soon
Finance Report
The Board presents its report and accounts for the period 6 April 2024 to 31 March 2025 to the AGM 2025.
To simplify internal accounting processes the Board applied to the Financial Conduct Authority (FCA) to change the Freegle Limited financial year end to 31 March (previously 5 April). This was agreed by the FCA on 3 March 2025, and therefore the accounts for the financial year 2024/25 cover the period 6th April 2024 to 31st March 2025.
We had a total income of £91,049 (2024: £103,687). Our expenditure was £132,637 (2024: £122,169).
The result for the year was a deficit for the year of £41,588 (2024: £18,482). We had a surplus brought forward from last year of £123,631 so are left with reserves of £82,043, of which £5,516 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.
We carried out a review of Members to check that they still met the requirement of being current moderators of Freegle groups, and this resulted in 57 shares being converted to donations.
The Board have taken all the steps that they ought to have taken as a committee 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.
The full accounts submitted to the FCA are here - https://drive.google.com/file/d/1GpBbK6cHmJNAefZG6t-Y4T37wFobqD5c/view?usp=sharing
Audit disapplication and appointment for audit arrangements 2025/26
Request from the Freegle Board:
1. The Board would like the 2025 AGM to approve the dis-application for a full audit for the Freegle Ltd accounts 2025/26. 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 2025 Agenda
