Board report july 2013 draft by Jodie Reid

AGENDA FOR THE BOARD MEETING OF HERTFORDSHIRE CHAMBER OF COMMERCE & INDUSTRY TO BE HELD AT 5.00 PM AT 4, BISHOPS SQUARE, HATFIELD, AL10 9NE ON

TUESDAY 23rd JULY 2013

AGENDA 1

Apologies for absence

To agree minutes of the previous meeting

Matters arising

Chairman’s Comments

Anne Sullivan

Finance

Chief Executive’s Report

New Members

Feedback from the Board

Any Other Business Date of Next Meeting Monday 23rd September 2013 Date of AGM: Wednesday 18th December 2013 Marriott Hanbury Manor

Minutes of the HCCI Board Meeting MacLaurin Building, 4 Bishops Square, Hatfield, 20th May 2013 Present: Neville Reyner, Yolanda Rugg, Gary Barrett, Perry Burns, Arthur Merchant, Lisa Hall, Jeremy Bishop, Edward Veale, Andy Cooke In attendance: Jill Coggins 1.

Apologies for Absence

Apologies were received from Tracy Lacey-Smith who is still on maternity leave. 2.

Minutes of the previous meeting

These having been circulated prior to the meeting, were agreed. 3. Matters Arising We have broken down the debtors and also included a brief narrative at the beginning of the accounts. KPIs – YR has worked with AM to develop these. Sole trader rate has been removed from the website and application forms YR has a copy of the Masterplan for Dacorum Borough Council. YR attended the BCC Chief Executive's conference recently. We have a further Chamber of Commerce who wishes to become affiliated with us. We will look into costs etc. This is Rickmansworth Chamber. Clarification was required on the accounts regarding the Exemplas Shares. This was in fact a loan to the East of England Chambers. We will be looking into writing this off. 4. Chairman’s Report We have a new financial report format. NR has asked for trend and profit. Apart from redundancy costs, the trend looks positive. We have zero based the membership. NR still remains amazed that CEO’s keep in mind a number "real or not". With the cooperation of the BCC, we have reduced our membership to real. KPIs- we need to move to a more intelligent reporting. We need to see what is happening real time. We had a very successful Inspiring Hertfordshire awards Dinner. John Longworth was our guest. Porsche want us to come back. We need to set a date for 2014. Action: Set date for new Inspiring Herts Awards Dinner 2014 NR visited East Lancs Chamber recently. They are an exemplar in international training. Our next step is to look at what they are offering and possibly introduce at a minimum cost.

We are looking at joining COBCO. BCC are operating in companies such as Estonia. This would be offered as a service to our members. PB has a contact and will discuss off line. We are looking at changing our branding in line with BCC. This would show that we are an Accredited chamber of commerce. We will be reviewing our website. NR wants to set a strategic away day or afternoon where we can get the Board together. We will need to sign off our corporate and business plan. Input from the board will be very useful. We are talking to the town chambers about creating "Business Hertfordshire". This is a way of creating a hub and spoke for Hertfordshire. 5. Finance Our auditors are happy to top and tail what we normally do. Overall income for the year was down by £5k. There were increases in chamber services. Export was up 14.3% on documentation. We are looking to grow this as UKTI have given us a small marketing fund for working with them. Rent is particularly high. We had 3 years rent free and now pay £30k/year. YR is looking at University to get more funding from them to offset this. General office costs. Web site costs are £18k to cover a dispute with Simply Solutions. Going forward we will be looking at each area of profitability. We will also look at marketing expertise. Fixed assets include shares in Exemplas. YR to check with Wagtaffs regarding long term loan with Exemplas. YR will update the board of any changes.Action: This loan was in fact for East of England Chambers which no longer exists so the £1000 loan was written off During the year to 31/3/13, the company incurred a trading loss of approximately £29k – which broadly relates to the redundancy costs paid in respect of Tim. The fact we have trading losses means there are no profits – thus no tax to pay this year. The small bonus is that we may carry some of the loss back to 2012 and recoer the £350 paid in respect of that year. There are trading losses to carry fo4rward – broadly amounting to £26k. These losses may be used to offset future profits from the same trade (not bank interests receivable). Debtors - these are less than last year. We will have a more structured approach to this going forward. Lisa Hall asked about companies paying more than 30 days. It is taking longer to get money from exporters. There are a number of members who have resigned but we have reduced their rate to keep them as members. Lisa Hall asked about a percentage of the invoice for those paying more than 90 days. We have increased our prices by 15%. Arthur Merchant suggested we need to be more commercial. Cash in bank £353 not £315.

Creditors ÂŁ89k which helped carry the education team forwards 12 months. Most of this has dried up apart from ÂŁ9k 6. Chief Executive Report We are looking at KPIs Export - we are looking at who we have in the team. We want to help more businesses in the county and get them to use our services. There will be more events here and through UKTI. We are looking at adding additional resources as Trevor is 69 currently. We need to get someone into the role on a part time basis. Membership We now have Pippa Hutchison on board for 3 or 4 days a week in Dacorum. We are bolstering her with part time support. This person will come on board in the next couple of weeks to help achieve more membership. Eddie Veale is happy to go out and see members who have resigned. Lisa Hall asked about resources in the office to support this. We have someone from Milton Keynes Chamber of Commerce coming on board. These new people are all coming in on short term contracts. YR is speaking with Broxbourne Borough Council to see if they wish to work with us. We are launching our ambassador programme. We will be getting these people together to help drive membership. EV suggested looking at Cambridge Cleantech. YR has put in an application to Growth Accelerator programme for leadership training for herself and some of the key members of staff. In terms of our own training programme, we are looking at launching some training programmes in September. Ashridge have asked to put events on at a reduced rate for us. We are looking at targeting North Herts and particularly Hitchin YR met with Sally Taylor to see if we can look other funding pots. YR is looking at a draft budget. We are looking at how we can outsource our newsletter. We are looking at other areas i.e. marketing collateral products with Hertford Regional College. YR is also looking at expenditure and direct costs. Neville Reyner commented that the budget should be tied with our KPIs. London Stansted corridor forum - YR asked if any B oard member might like to get involved with this. Edddie Veale asked YR to do a monthly email on where we want support. Action: YR to produce a monthly email for Board We have had one to ones, team meetings, try to get members of the team to go out with other members of the team. Contracts of employment have all gone out to everyone and job descriptions have all been done. Jill is looking at reducing her hours. Membership Retention

We are looking at engineering forums, and new hubs. We are looking at bringing Environment Population into the Chamber. HR Forum was launched with the help of Lisa Hall. Yr has spoken with Ocado in Bessemer Road in Welwyn Garden City and hope to have our engineering forum there. Membership Growth £20k revenue from new members year to date. We have a new Member Engagement Officer in Dacorum. She has a target to bring in 100 new businesses a year. YR congratulated Andy Cook for his Queens Award Export We had a meeting with UKTI where we can optimise synergy. EV would like to sit in on this. FH went to the BCC Trade Fair recently. Education Team They have been setting up some good events on developing goals to achieve growth Inspiring Herts - We would have made a good profit of £20k but because Exemplas pulled out this took us back to £13k. JC has already sent thank you letter out to the sponsors asking if would like to sponsor again for 2014. PB suggested we draw up contracts for next year to avoid the same thing happening Action: JC to draw up contracts for all 2014 sponsors A business dinner is set for 12th June to meet with all the other town chambers. YR will report back at the next meeting on this. Yr attended BIS confence in London recently. She has also been asked to sit on the BCC Commercial Steering Group. YR has done a number of radio interviews. She asked the Board if anyone was interested in helping with these when she was not available. Lisa hall is press trained. Our website is at least 8 years old. We are looking at how we can capitalise on BCC branding campaign #getconnected and #bewellconnected. We don’t have a sales brochure at the moment. We would like to do this. We also need a new website. YR gave a presentation on the branding campaign. The Board agreed to this. YR will check all the colours. We will send out colours to the Board and get feedback from them and also ask a couple of members 7. New members These were ratified

Feedback from the Board

EV asked about CEO role. YR was asked to leave the room while this was discussed. It was agreed to drop the Acting Chief Executive Title.

Any Other Business

There was no further business and the meeting was closed at 7 p.m. The date of the next meeting is Tuesday 23rd July 2013.

HCCI Activity report April- June 2013 Business activity Overview Each area of the business has been reviewed against the budget which was set at 9 months of the last financial year. It was decided to review YTD performance , business on the books, and outline an amber and red forecast, with the amber being more realistic in most cases giving an overall 5% growth; and the aspiration forecast in highlighted in red showing a 10% growth. This is for further discussion with the Board. We have in the last week, had a team meeting, and there is a high degree of optimism and membership has really started to pick up. Our members are feeling positive about their own business growth, and for the County to achieve growth but less positive towards the UK economy. Export –confidence in the service sector for export is strong, although manufacturing confidence is now starting to grow again, and businesses claim they are busier than they have been for a long time, and still operating very lean structures. The chamber recognises the need to raise the bar with our marketing to drive growth. Objectives 1) Objective: Membership Grow To deliver a growth of 150 net new members To deliver 10 new Large Corporate s - 3 joined IKEA, Metro Bank, Handlesbanken,

YTD Revenue 53477

Last year £227K

Budget £250K

Forecast £235k

Forecast £250k

Over 40 new member’s year to date, with 29 resignations East of the County doing well with membership growth, and a strong program of events. Pippa Hutchinson now supported by with Amy Rich to helping to boost appointments and help raise profile and visibility in Dacorum and West of the county. Feedback from DBC is good. In Dacorum, Pippa now seeing new members coming in , will be on track from September to hit target of 10 per month. Amy Rich new membership support officer being developed, had field sales based training also helping to contact membership debtors and resignations. Membership packages are currently being reviewed to increase value to both SME’s and large corporate organisations, through ‘Business growth’ and Alliance Packages in addition to start up and sole trader rates.

Ambassadors program, has been launched first meeting in September, and will supporting referrals will also provide a customer insight panel. 2) To grow Highly effective Team Joined Growth Accelerator to benefit from 50% reduction on Leadership and Management training for CEO and senior staff; including Media and Presentation Skills training and Coaching on Business Strategy and Planning for Growth. KPI’s being monitored and forecasting now being carried out across events & training, and education; and will be in place for membership and export. New recruit Paul Lee resigned due to his own decision that he was unable to fulfil the role and he decided to pursue other interests locally. 3. Membership retention to reduce resignations by 10%Over 400 resigned off last year, year to date resignations at 29 Account team of Pippa, Mary & Amy and team all efficiently following up all resignations with a phone call or face to face meeting. Starting to see success in converting some resignations. Account management launched and will further support retentions this autumn, thus minimising resignations. Strong focus on identifying new patrons for the autumn. Have sent proposals to Exemplas, BRE, West Herts College. 4. For the Board and Team to be engaged Management Information being developed in line with needs of the board, and creating timely information to share with team to respond to changes affecting forecast and budget. All members of the team receiving updates on organisational performance, monitoring contribution , reviewing KPI’s and contributing to their business unit forecast. Team having 1:1’s on monthly basis. 5. To Grow other revenue i) Export- To grow revenue by 10% and export docs by 15% YTD £56,586K

Last Year £228K

Budget £262K

Forecast £239K

forecast £250K

Ahead of last year by £3K, and ahead of budget by £5K- delivering £56,586K revenue in QTR1 A marketing strategy for International trade has been created. Held event to promote trade links to India with UK India, and Sherrards, attracting around 40 businesses and received excellent feedback. Have now affiliated to COBCOE and are leveraging stronger links with UKTI. Starting to plan promotions for BCC International trade event, bulk buying tickets to leverage better price for members.

ii)) Events – KPI to grow attendees to average of 50, excluding awards evening, currently at 41. Revenue Forecast YTD

Budget

Last year

£49,759K

£90K

£71K

Forecast Amber £84K

Forecast Red £90K

Key event last quarter and for calendar year was May’s Inspiring Hertfordshire Awards event, delivered £14K profit and increased numbers from year before. Now contacting sponsors for year three. Building diversity on events, just added 6 th August football box for Stevenage v Ipswich Town. Invited Secretary to Treasury, David Gauke {who has accepted}, and Suffolk Chamber. Still to invite some businesses. Finalising Autumn program and adding training working with UH and Ashridge. Held joint event with Watford Chamber, and plan to run other events with other chamber s in our County and in other accredited chambers. iii) Education – target £118K against actual revenue of £37969 YTD including July (£18K invoices for July) YTD

Last year

Budget

£61K

£140K

£116K

Forecast Amber £75K

Forecast Red £80K

Inspirational target to deliver cost plus 10% margin too high, Need to adjust budget to more realistic £80K for 2013/14 with stretch target Exploring options to work in partnership with other organisations to deliver the WEX program, and had meetings with other local councils, such as Broxbourne. Looking at developing Industrial Cadets programme. Team have worked really hard with Warner Brothers, Herts. Fire and Rescue –delivering 61 placements and a roll out of a Tesco branded program. V) Other revenue A bid was sent to the LEP to support funding to create a Manufacturing and Engineering Forum in the county to support raising awareness of the vital skills shortages and supporting export and International trade opportunities. This would be funding a post and creating a highly visible network of experts in this field to tackle key issues affecting growth of this important sector and convergence across automotive, healthcare, tourism, med- technology etc. Within the first year the following outputs would be expected: •

50 referrals to service providers such as MAS, Growth Accelerator and UKTI.

•

10 new supply chain relationships established among members.

•

Exports of manufactured and engineered goods from Hertfordshire grow at a 10% compound rate.

•

There is a 10% growth in the GVA of forum member businesses.

•

100 new Manufacturing and Engineering Apprenticeships

•

250 Manufacturing and Engineering work placements.

•

10 new KTP exchanges between Hertfordshire students and Hertfordshire Engineering and Manufacturing businesses.

Ongoing It is planned that the Forum eventually becomes self sustaining, requiring only a light touch in terms of facilitation and administrative support from HCCI. Funding Required Yr 1: £75,000

Yr 2: £25,000

Yr 3: £10,000 Yr 4: £10,000

Through our Environmental Forum we are also submitting a bid to support funding a Smart County Project to drive sustainability and low carbon initiatives in Herts., building on the research project from Cranfield Business School, and in collaboration with other partners. The areas of the business being reviewed to exploit opportunities to grow Chamber brands, i.e. Chamber HR, Environmental Population, , Go Global and CSR accreditation, with the aim of attracting and sustaining membership and additional forum revenue from these services. Sally Taylor has joined the chamber team on a freelance, part time basis to support with the rebranding and creating more enhanced marketing. Sally has a network of her own, through her business ‘Environmental Population’ which offers green networking, green website etc. She will also take over our environmental forum, and grow the green solutions opportunities for Herts. businesses with supply chains, and networking. She will also manage recruitment of new members with a strong link to CSR and environmental policy and is creating a plan to convert many of her existing Hertfordshire based members (100 in Herts. ) to HCCI membership. Also developing a strategy and plan to help all team members sell member benefits that earn revenue. I am also having talks around funding to support the Tourism strategy with the HCCI and HHA (Hertfordshire Hoteliers Association) for the County, and will update the Board on developments. In September we will be developing training tools and hold a training day to help team members sell revenue generating benefits, and cross sell. 6) ‘Make it easy to do business with us ‘

Rebranding underway, business cards, and marketing plan being drawn up, to systematically manage the process efficiently and effectively. Sally is busy creating fliers, conference brochures, before reviewing the website redesign and will support external communications with copywriting. Danny Jack from BCC visited the team to help clarify brand compliance. We will be looking to leverage as much publicity as possible from this rebrand. From October HCCI will outsource newsletter to Benham publishing, referral from Surrey chambers, which will save over £12,500 per annum on distribution costs, and save time. Benham have contracts for several other chambers, and it works very well. We have given notice to Crosby we wish to cancel diary agreement, understand we are contracted for one last year. A marketing plan will be outlined during the strategy day. Herts Chamber of Commerce and Industry Report on management accounts Period ended 30th June 2013 Profit and loss account •

Overall income in the period was £201,588 compared to £179,606 for the first quarter last year, an increase of £21,982 or 12.2%.

•

The composition of sales has remained broadly similar – but the increase is mainly due to an increase in membership fees – up £12,845 (26.7%) on the same period last year. Export income continues to be a strength – and has also increased in the period (up 7.2%)

•

Turnover for the quarter is ahead of the budget by £25,319 (14.4%). This may be a little high – given the profile of events income as the budget for the year has been pro rata for these management accounts. If we take the budget for the year for events of £93,500 – take out the Inspiring Hertfordshire Awards – amounting to £29,900 and take 3/12 of the remaining budget, expected budgeted income would be £45,800. This would make the total budgeted income £199,569 – and therefore we are £2,019 (0.1%) ahead of a more profiled budget.

•

The combination of events income, export services and membership subscriptions accounts for 84.3% of total income for the first quarter – compared to 81.2% last year. This demonstrates that the Chamber is continuing to build on its traditional service offering to members.

•

Gross profit margin achieved is 54.5% compared to 41.2% last year – and is also ahead of budget (51.8%). The central costs apportionment has been removed from the management accounts and consideration will be given to a correct allocation of staff to direct costs for the

next set of management accounts. We may then establish a more accurate value for the contribution generated by each activity towards the core overheads of the Chamber.

•

Staff costs are down by 12.4% compared to the same period last year – but slightly over budget by 3.4%. The overall staff costs include £3,880 of recruitment fees in June which has pushed the overall costs slightly over budget. Core staff costs are therefore 3.3% below budget after removing the recruitment fees. This shows that the staffing restructure that took place last year is now showing a positive effect on the trading result.

•

Establishment expenses remain constant and include rent, service charges and insurance. These costs are broadly in line with budget.

•

Travel and entertaining expenses are in line with 2013 and below the budget.

•

Included in general office costs are website expenses. These are just under £2,000 up on the same period last year. Commission and agents fees have been shown separately this year – but were included within the total for marketing in the budgets. The main overspend against budget is in the combination of website and all forms of marketing - £2,147 overspend.

•

Costs need to be tightly controlled and this highlights that there may be scope to work on reducing future spend to bring back into line with the overall budget.

•

Operating profit before exceptional items for the year was £13,507 compared to a loss of £30,848 last year – and up on budget by £12,105.

•

The overall profit for the year to date is £14,356 – which includes bank deposit interest earned in the quarter of £849.

•

Based on the losses sustained in the previous year, there will be no corporation tax charge based on the results to date.

•

Considerations for the future – costs for the staff need to be matched against project income. Presently there is no recognition of work in progress. We need to establish ongoing

projects and the rights to recognise income in the management accounts – or create work in progress based on time and costs incurred with projects. Balance sheet • Fixed assets include shares in Exemplas. In addition during last year, shares were acquired in Foundation East. Fixtures and fittings include computer equipment – modest additions in the period of just under £1,600. • Overall debtors at the end of June 2013 were £134,649 compared to £174,784 at the end of March 2013, a reduction of £40,135.

• Trade debtors at the end of 2012 were £122,879 net of provisions compared to £157,042 this year - a reduction of £34,163.

• Trade debtors days are 58 days compared to 83 days for 2013.

• Bank and cash amounts to £325,555 at the end of June compared to £316,049 (increase of £9,506). The increase arises following the trading performance in the 3 months. The movements in debtors and creditors broadly offset each other and thus the movement in cash arises from the positive trading result in the period.

• Overall creditors have declined – falling from £130,745 at the end of March 2013 to £99,255. The main shifty is the movement of deferred income – given the Inspiring Hertfordshire event took place in May – monies collected at year end were £37,900.

• Included within accruals is £11,455 relating to telephones. This relates to the deal with the University – but has not been billed since the accrual was created in 2010/11. This needs some consideration regarding likelihood of expenditure.

• Net assets amount to £363,057 compared to £361,395 at the end of March 2013 – an increase of £1,662.

HERTS CHAMBER OF COMMERCE AND INDUSTRY MANAGEMENT INFORMATION (UNAUDITED)

FOR THE YEAR 2013/2014

FOR THE MONTH OF

JUNE 2013

HERTS CHAMBER OF COMMERCE AND INDUSTRY FINANCIAL HIGHLIGHTS JUNE 2013 COMMENTS

This Month

Turnover Gross profit percentage Net profit percentage

Last Month

Current Y.T.D

201,588

Prior Y.T.D

55,992

88,782

179,606

66.7

56.6

54.5

41.20

0.9

22.2

6.7

(17.20)

● Budgets are 3/12ths of 2014 budgets ● Debtors 90 days + are £37,590. Needs investigating further

to find out if any of these older debts to be written off.

● Export Deposit held in accounts totalling £4,600. Are

these correct @ 30/06/13?

30/06/2013 31/05/2013 £ £ Cash position

325,555

Debtors & Creditors

Total £

Trade debtors (pre prov's)

150,658

40,045

61,872

11,151

37,590

30,431

21,196

9,235

Trade creditors

Current £

30 Days £

311,501

60 Days £

90 Days + £

- Bicotest - Claude Lyons - I.D.C. - MBH Analytical - M.S.D. - Ohmeda - Tesco - William Ransom

500 500 500 100 1,500 500 500 500 4,600

● Currently a phone accrual of £11,445 relates back to 2011.

Will this be billed and paid? Assumptions These management accounts have been prepared for the internal use of the management and directors of the company using the following assumptions: ● Wherever possible accruals and prepayments have been estimated based on previous periods ● Wherever possible depreciation has been calculated and provided at the applicable rates ● VAT is at standard rate where applicable

● Need detail of export salary costs - could export staff be

seperated on the payroll journal?

HERTS CHAMBER OF COMMERCE AND INDUSTRY TURNOVER ANALYSIS JUNE 2013 Apr £

May £

Jun £

Subscriptions

17,488

20,491

23,771

Export

17,848

22,079

Training

Business Services

520

Events

(798)

Jul £

Feb £

Mar £

AS A % Of TOTAL

2014 £

AS A % Of TOTAL

2013 £

AS A % Of TOTAL

Aug £

Sep £

Oct £

Nov £

Dec £

Jan £

Budget £

61,749

30.6

48,904

27.2

62,500

35.5

17,379

57,306

28.4

53,445

29.8

65,519

37.2

444

0.2

(278)

(0.1)

1,561

0.9

3,750

2.1 12.8

12,168

34,396

4,415

50,978

25.3

43,530

24.2

22,500

International Training

1,000

0.5

1,850

Website Income

Other Income

Projects: Adult Learning Education/B Links

445

0.2

2,000

1.1

765

0.4

8,048

9,985

7,938

25,970

12.9

25,000

13.9

20,000

3,662

11.3

Tourism

410

0.2

Other

E Of England Bus'n Grp

333

1,000

0.5

Herts Connections

2,250

1,125

3,375

1.7

Future 565

Youth Connections

56,814

88,782

55,992

Membership Certificates

201,588

100

179,606

99.8

176,269

100

HERTS CHAMBER OF COMMERCE AND INDUSTRY CONTRIBUTION JUNE 2013

Subscriptions/Membership Costs

Export

Training

Business Services

Events

Apr £

May £

Jun £

14,905

17,908

21,188

8,591

16,181

(1,000)

486

(616)

(813)

Jul £

Aug £

Sep £

Oct £

Nov £

Dec £

Jan £

Feb £

Mar £

2014 £

2013 £

Budget £

54,001

35,025

53,750

11,066

35,838

30,625

38,019

(1,000)

(419)

(14)

(341)

(1,027)

1,750

12,692

1,314

13,390

11,426

7,750

980

445

2,000

International Training

1,000

Website Income

Other Income

Projects: Adult Learning

(1,598)

1,286

3,700

Education/B Links

643

1,771

Tourism

410

(75)

335

Other

E Of England Bus'n Grp

333

Herts Connections

2,250

1,125

Future 565

Youth Connections

22,153

50,294

37,331

Membership Certificates

GROSS PROFIT

(500) (625) -

12,000

1,853

1,000

3,375

74,077

91,269

109,778

HERTS CHAMBER OF COMMERCE AND INDUSTRY DETAILED TRADING & PROFIT AND LOSS ACCOUNT JUNE 2013 Mar £

Cumulative To Date £

Cumulative Prior Year £

201,588

179,606

176,269

100.0

7,748 21,468 1,000 63 37,588 -

13,879 22,820 863 2,588 32,104 870 -

8,750 27,500 2,000 14,750 -

3.8 10.6 0.5 18.6 -

7.7 12.7 0.5 1.4 17.9 0.5 -

5.0 15.6 1.1 8.4 -

1,598 22,270 75 -

1,265 25,625 5,515 -

32,000 -

0.8 11.0 -

0.7 14.3 3.1 -

18.2 -

91,810

105,529

85,000

45.5

58.8

48.2

109,778 54.5

74,077 41.2

91,269 51.8

54.5

41.2

51.8

60,448

68,991

58,473

30.0

38.4

33.2

10,547

13,460

9,000

5.2

7.5

5.1

4,778

4,643

6,250

2.4

2.6

3.5

6,710

20,498

17,831

16,144

10.2

9.9

9.2

30,587

36,842

96,271

104,925

89,867

47.8

58.4

51.0

(6,689) (11.8)

19,708 22.2

489 0.9

13,507 6.7

(30,848) (17.2)

1,402 0.8

6.7

(17.2)

0.8

EXCEPTIONAL ITEMS Restructuring Costs

INTEREST RECEIVED

849

0.4

INTEREST PAYABLE Bank Interest Loan Interest

(6,689)

19,708

1,338

14,356

(6,689)

19,708

1,338

14,356

Apr £

May £

Jun £

56,814

88,782

55,992

2,583 9,257 1,000 34 12,784 -

2,583 5,899 14 21,704 -

2,583 6,313 14 3,101 -

1,598 7,405 -

8,214 75 -

6,651 -

34,661

38,488

18,662

GROSS PROFIT GROSS PROFIT %

22,153 39.0

50,294 56.6

37,331 66.7

STAFF COSTS

16,601

19,372

24,475

ESTABLISHMENT COSTS

3,511

3,524

TRAVEL AND ENTERTAINMENT COSTS

1,286

1,359

2,133

GENERAL OFFICE COSTS

7,444

6,344

28,842 OPERATING PROFIT OPERATING PROFIT %

TURNOVER DIRECT EXPENSES Membership Costs Export Training Business Services Events International - Training Costs Re: Sponsorship Website Costs Projects: Adult Learning Education B/Links Tourism Other E Of England Bus'n Grp Herts Connections Future 565 Youth Connections Membership Costs - Other

NET PROFIT BEFORE TAX CORPORATION TAX PROVISION NET PROFIT AFTER TAX

Jul £

Aug £

Sep £

Oct £

Nov £

Dec £

Jan £

Feb £

(30,848) (30,848)

Budget

2014

2013

Budget

AS A % Of T/O

1,402 1,402

7.1 7.1

(17.2) (17.2)

0.8 0.8

HERTS CHAMBER OF COMMERCE AND INDUSTRY COSTS ANALYSIS JUNE 2013

Apr £

May £

Jun £

Jul £

Aug £

Sep £

Oct £

Nov £

Dec £

Jan £

Feb £

Mar £

Cumulative To Date £

Cumulative Prior Year £

Budget £

Salaries Pensions Healthcare JNR Honorarium Recruitment Cost Training

15,572 900 129 -

17,993 129 1,250 -

19,061 184 1,250 3,880 100 -

52,626 900 442 2,500 3,880 100 -

66,562 600 387 1,250 192 -

58,473

STAFF COSTS

16,601

19,372

24,475

60,448

68,991

58,473

Rent Service Charges Insurance

2,093 1,068 351

2,093 1,067 351

2,093 1,080 351

6,278 3,215 1,054

10,129 2,620 711

ESTABLISHMENT COSTS

3,511

3,524

10,547

13,460

9,000

Travel and Subsistence Entertaining

1,239 47

1,359 -

1,585 547

4,183 594

4,392 251

6,250 -

TRAVEL AND ENTERTAINMENT COSTS

1,286

1,359

2,133

4,778

4,643

6,250

Printing and Stationary Equip. Rental/Maintenance Phone, Fax, Mobiles etc Postage and Courier Sundry Expenses Donations Audit & accountancy Legal and professional Bank charges Depreciation Marketing Provision for Bad debts Loss on Disposal of Assets Irrecoverable Vat Website Costs Marketing Printing Commission & Agent Fees

1,328 521 72 2,483 112 375 231 658 473 1,192 -

1,176 (499) 113 500 149 1,225 218 32 794 2,637

518 80 152 1,719 43 800 21 76 360 1,058 1,885

3,022 102 336 4,702 304 2,400 469 766 833 3,043 4,521

1,156 1,676 275 4,903 377 5,625 1,263 152 1,319 1,085 -

2,000 1,250 759 3,723 1,125 1,000 38 6,250 -

GENERAL OFFICE COSTS

7,444

6,344

6,710

20,498

17,831

16,144

7,500 1,500

HERTS CHAMBER OF COMMERCE AND INDUSTRY DETAILED TRADING & PROFIT AND LOSS ACCOUNT - MONTH JUNE 2013 Month of June 2013

Actual £ TURNOVER

Budget £

Variance £

Actual £

YTD Budget £

Variance £

55,992

58,756

(2,764)

201,588

176,269

25,319

2,583 6,313 14 3,101 -

2,917 9,167 667 4,917 -

(334) (2,854) (652) (1,816) -

7,748 21,468 1,000 63 37,588 -

8,750 27,500 2,000 14,750 -

(1,002) (6,032) 1,000 (1,937) 22,838 -

6,651 -

10,667 -

(4,016) -

1,598 22,270 75 -

32,000 -

1,598 (9,730) 75 -

18,662

28,333

(9,672)

91,810

85,000

6,810

GROSS PROFIT GROSS PROFIT %

37,331 66.7

30,423 51.8

6,908 (249.9)

109,778 54.5

91,269 51.8

18,510 73.1

STAFF COSTS

24,475

19,491

4,984

60,448

58,473

1,976

ESTABLISHMENT COSTS

3,524

3,000

524

10,547

9,000

1,547

TRAVEL COSTS

2,133

2,083

4,778

6,250

(1,472)

GENERAL OFFICE COSTS

6,710

5,381

1,328

20,498

16,144

4,354

36,842

29,956

6,886

96,271

89,867

6,404

OPERATING PROFIT OPERATING PROFIT %

489 0.9

467 0.8

22 (0.8)

13,507 6.7

1,402 0.8

12,106 47.8

EXCEPTIONAL ITEMS Restructuring Costs

INTEREST RECEIVED

849

INTEREST PAYABLE Bank Interest Loan Interest

467

871

14,356

1,402

12,954

14,356

1,402

12,954

DIRECT EXPENSES Membership Costs Export Training Business Services Events International - Training Costs Re: Sponsorship Website Costs Projects: Adult Learning Education B/Links Tourism Other E Of England Bus'n Grp Herts Connections Future 565 Youth Connections Membership Costs - Other

NET PROFIT BEFORE TAX CORPORATION TAX PROVISION NET PROFIT AFTER TAX

1,338 1,338

467

871

Apr £

May £

Jun £

Jul £

Aug £

Sep £

Oct £

FIXED ASSETS Fixed Assets - NBV

398

366

1,858

250

649

617

2,109

135,004

143,370

122,879

7,229

5,899

11,770

Petty Cash

224

961

782

Export Float Stev. Licence Deposit

Shares - Herts Business Cnt Shares - Foundation East

CURRENT ASSETS Debtors (net of provisions) Prepayments & accrued income

Bank Deposits: Close Brothers

12 -

283,155

284,004

33,299

27,373

40,757

458,924

460,771

460,203

Trade creditors

10,768

26,123

30,431

VAT Liability

30,359

11,614

15,104

Pensions

1,163

PAYE

5,784

6,314

6,655

Bank - Current Account

CURRENT LIABILITIES

Chamber Healthcare Corporation Tax

(350)

(8,750)

To refund/Held on a/c

3,605

3,105

Deposits Held

4,600

Accruals

19,480

17,545

14,995

Deferred Income: Events

37,900

Deferred Income: Projects

4,267

34,923

33,465

108,825

95,124

99,255

NET CURRENT ASSETS

350,099

365,646

360,948

TOTAL ASSETS LESS CURRENT LIABILITIES

350,748

366,263

363,057

350,748

366,263

363,057

Accumulated Fund

229,310

Deferred Income: Subs

128,128

123,935

119,391

13,018

14,356

366,263

363,057

Deferred Tax

CREDITORS FALLING DUE AFTER ONE YEAR NET ASSETS CAPITAL AND RESERVES

Profit & Loss

(6,689) 350,748

Hertfordshire Chamber of Commerce and Industry Trade Debtors 30th June 2013 Analysis of top 10 balances Customer name 1 Dacorum Borough Council 2 Tesco Stores 3 Breeze and Wyles 4 Exemplas Trade Services 5 Cape Industrial Services 6 Grace Foods UK 7 Birchwood High School 8 Merk Sharp & Dohme 9 The Grove 10 Ikea Business Wembley Other balances

Top 10 balances account amount to Top 10 as a % of total debtors

Balance £

Current £

30 days £

60 days £

90 days £

90 + days £

32,445 7,224 5,760 4,800 3,938 3,018 2,820 1,996 1,710 1,698 85,249

1,824 4,800 72 1,146 803 1,710 1,698 28,395

32,400 1,104 1,872 2,820 1,193 22,483

45 5,400 660 4,844

1,566 7,518

5,760 536 22,009

150,658

40,448

61,872

10,949

9,084

28,305

65,409 43.42

12,053 29.80

39,389 63.66

6,105 55.76

1,566 17.24

6,296 22.24

HERTS CHAMBER OF COMMERCE AND INDUSTRY RECONCILE PROFIT TO CASH JUNE 2013

£ Profit - June 2013 Decrease in debtors Increase in fixed assets Increase in creditors

£ 489

14,621 (1,492) 4,131 17,260 17,260

Movement in Deferred income - Subs Interest received Corporation Tax paid Loan Payments

(4,544) 849 (3,695) (3,695)

NET IN - CASH Opening balance as at start June 2013 NET IN - CASH Closing balance as at end June 2013

14,054 311,501 14,054 325,555

Board Report Companies Joined Company Name Cameo Kitchens Intelligent Outsourcing Solutions Ltd UHSU Solutions Ltd Eco Service Profile Matters Hemel Stags Rugby League Club Ltd

Direct Path Solutions Excello Law Metro Bank IKEA Business Bowyer Bryce

Nature of Business Retailer of kitchens and appliances Virtual reception services and telemarketing campaigns Student Employment and Lettings Innovative brand of kitchen food waste disposer Public Relations Professional rugby league club, licensed premises, meeting hire and corporate sports facilities Solicitors â&#x20AC;&#x201C; Legal Services â&#x20AC;&#x201C; Employment Law Banking Chartered Surveyors

City

Joining Date

Postcode

Employees

Nazeing

22/05/2013

EN9 2HB

Bishops Stortford

22/05/2013

CM23 3DH

Hatfield

03/06/2013

AL10 9AB

Hemel Hempstead

10/06/2013

HP1 9FH

Watford Hemel Hempstead

10/06/2013 13/06/2013

HP2 5UD

Hatfield

14/06/2013 17/06/2013

AL10 9NA

2 1

Borehamwood London Stevenage

19/06/2013 20/07/2013 18/07/2013

WD6 4PR NW10 0TH SG1 2DX

14 2

Folkstock Arts Foundation CIC University Campus St Albans

Atlas Translations Limited

Redbourn Auto Solutions Rye House Kart Raceway Knight Property Management FutureHope Norton Folgate Capital Consulting LLP Simply Amazing Training Limited

Cavendish School Eleco Engineering Limited

Proforce 1 Security Limited Martin & Co (Welwyn) The Copy Wordsmith

Stevenage St Albans

24/06/2013 27/06/2013

SG2 7NQ AL4 0JA

1 2

St Albans

28/06/2013

AL3 4DJ

Car commercial services, repair, diagnostics a/c srvs One of the UKâ&#x20AC;&#x2122;s foremost Karting Centres The only chartered surveyor letting agents in Hertford and Ware Helping young people in crisis gain hope and a future Asset finance, leasing and business loans for all types of SME Marketing Training and Coaching for small, medium companies looking to drive sales

Redbourn

01/07/2013

AL3 7LG

Hoddesdon

02/07/2013

EN11 0EH

Hertford

04/07/2013

SG14 1LE

Hertford

04/07/2014

SG14 1HH

London

04/07/2013

EC2A 4EB

St Albans

05/07/2013

AL1 1DT

Mainstream secondary school Electro mechanical services, manufacturing appliances electrical safety testing Security services, security training and First Aid training

Hemel Hempstead

05/07/2013

HP1 3DW

160

Stevenage

12/07/2013

SG1 2BH

Barnet

12/07/2013

EN5 4SB

Welwyn Garden City Ware

15/07/2013 15/07/2013

AL8 6BQ SG12 4DX

4 1

Joint venture between Herts Uni and Oaklands to provide flexible and affordable degrees Translation, interpreting and language services

Copywriting services to

Agenda Recruitment

grow your sales or brand Recruitment agency, digital & creative, Rec2Rec and medical locums

Hertford

17/07/2013

SG13 7TZ

Board Report Companies Resigned Company Name Smithâ&#x20AC;&#x2122;s Coffee Company Ltd JCA Santander Corporate & Commercial Banking The Sele School Serco Welfare at Work Cranfield University Optomac Limited (Klenko) T/A Tots and Pots Herts Mind Network Limited PruHealth

Nature of Business

City

Leaving Date

Postcode

Employees

Reason of Leaving

Coffee roasters, tea blenders, fair-trade, organic, machines Building/Engineering Services Banking

Hemel Hempstead

22/05/2013

HP3 9RD

Cannot afford fee

Stevenage

22/05/2013

SG1 2UA

130

Non Payment

Milton Keynes

22/05/2013

MK9 1AN

Not using Chamber

LEA Secondary School Service Provider

Hertford Welwyn Garden City

22/05/2013 22/05/2013

SG14 2DG AL7 1HL

100 5

No Reason Non Payment

Education/Business Support Export of oil and gas products, engineering equipments for various industries Provision of support to people experiencing mental or emotional distress Private health insurance, appointed

Cranfield

21/06/2013

MK43 0AL

Membership no longer required

London

21/06/2013

W1U 6PZ

Moved Away

Hemel Hempstead

21/06/2013

HP1 1HN

No reason

Barnet

05/07/2013

EN5 2LQ

Illness

New Era Controls Interaction Recruitment Out & Out Answers Ltd

representative of PruHealth Environmental control software Jobs and recruitment/employmen t agency Anti-money laundering and data protection risk based compliance

Stevenage

18/07/2013

SG1 2DX

No reason

Letchworth

18/07/2013

SG6 3DF

No reason

Stanstead Abbotts

18/07/2013

SG12 8HE

No reason