Cherries Trust Budget & Expenditure Statement
Budget & Expenditure Statement
The Cherries Trust is a member-led organisation staffed by volunteers. Our primary objective is to ensure the interests of fans come first and that our income is spent wisely. The Trust incurs a number of costs each year, all of which come out of the operating income (includes donations, sponsorship and the fees paid by the Full Members):
- Cost of sales, e.g. membership fee processing, membership management costs.
- Admin & Office costs, e.g. cost of meetings and events, member management systems, membership of other bodies, web hosting services, insurance fees, postage, etc.
- Legal & Consultancy costs, e.g. accounts preparation, audit, registered office address, etc.
- Campaigns, Projects & Donations, e.g. campaigning costs, community projects, donations, surveys, website development, etc.
- Capital Costs, e.g. office equipment, computers, etc.
The following table shows how we spent the income in 2022 compared with the previous 2 years (Actual) and what the Board has budgeted to spend in 2023 (Budget):
Notes to the table:
- Costs presented as a % of Total Operating Income.
- In 2021 Total Operating costs exceeded income with the deficit being met from free cash reserves.
The increase in 2022 Administration & Office Costs is due to the subscription for a “built-for-purpose” membership management system and the introduction of fixed fee bank charges on the Trust’s current account (Note: with increasing interest rates this is expected to be offset by interest received on the Trust’s savings account in the future). The increase in this area in the 2023 budget is down to video conferencing subscription payments. This enables full participation of overseas Board Members in our meetings and enables Trust members from around the world to take part in the AGM.
The reduction in 2022 Campaigns, Projects & Donations costs reflects the change in activities, in particular the ending of the shirt provision/sponsorship for AFCB junior teams. The 2023 budget in this area reflects a trade-off between two things. Firstly, the inclusion of one-off costs associated with the development and roll-out of a new website. Secondly, tighter control of the donations budget with the Board looking to introduce greater involvement of members in how potential donations are identified and decided.
The outcome of these changes is that the Board has budgeted for a broadly break-even position for 2023.
Full details will be made available in the Annual Report and Accounts. These will be sent to members in advance of the AGM.
Rob Webber
Treasurer (Interim), Cherries Trust
Cherries Trust are a voluntary, independent, not-for-profit organisation, relying solely on membership fees and donations to cover running costs. We are the only independent Supporters Trust for AFC Bournemouth.
