UK CUBE ASSOCIATION
Website Banner@4x.png

Home

UKCA Announcements and Updates

UKCA Financial Transparency Statement 2024

Dear UKCA Community,

This financial transparency statement accompanies the official year-end accounts for the UK Cube Association CIC (Company Number 14933825) for the period from June 13th 2023 to June 30th 2024. These accounts, which are publicly available on Companies House, detail the financial activities of the UKCA CIC during our first full year of trading as a registered company. This statement aims to provide a clear and accessible summary of how the UKCA conducted its business.

Income (£253,252):

  • Registration Income (£226,052): This is predominantly from registration fees for our competitions.

  • Sponsorship Income (£27,200): This includes all sponsorship payments from our competition sponsors.

Expenses (£209,459):

  • Direct Costs of Competitions (£149,382): This includes the costs directly related to running our events, such as:

    • Venue hire

    • Equipment hire

    • Medals/Trophies

    • WCA Dues

  • Operational Costs (£51,752): These are the costs of running the UKCA behind the scenes, such as:

    • Equipment purchases and depreciation of assets (such as batteries, timers, printers, and laptops)

    • Storage fees

    • Insurance

    • Stationery

    • Delegate travel, accommodation, and lunch expenses in line with our defined policy

    • Accountancy and legal fees

  • Corporation Tax (£8,325): As a Community Interest Company, we still pay tax on our gross profit.

After deducting all expenses, the UKCA CIC had a surplus of £43,793 (17%) for the financial year. As a Community Interest Company, all profits have to be reinvested back into the business to benefit our community. This surplus will be used to fund future competitions, improve our events, and support the growth of speedcubing in the UK.

The UKCA CIC is in a stable financial position. We’re committed to managing our resources responsibly to ensure the long-term sustainability of the UKCA and our ability to serve the UK speedcubing community for years to come. I want to express my sincere appreciation to the entire community for their continuous support, and to my fellow directors, members and volunteers. I would especially like to thank Eleanor Sinnott, who, as Treasurer, led the collaborative effort with our accountants to prepare our first year-end accounts, which was a new process for all of us.

As an addendum to this statement, the UKCA is also pleased to announce the successful recovery of funds previously misappropriated by former UKCA President, James Molloy.

As communicated last year, a legal agreement was reached for the repayment of £56,281.32, representing the total sum misappropriated. We can now confirm that this amount, plus accrued interest, has been fully recovered.

In accordance with the agreement, these funds have been paid to the UKCA Unincorporated Association (UKCA UA), into an account which Molloy has no access to. This is a separate, unincorporated entity that existed prior to the formation of the UKCA Community Interest Company (UKCA CIC). The UKCA CIC is the company currently organising competitions and furthering speedcubing throughout the UK.

The UKCA UA will first utilise these funds to settle its outstanding historic financial liabilities. Once these liabilities have been fully settled, the remaining balance will be transferred to the UKCA CIC. This will increase our operational funds, providing a stronger financial safety net.

This statement will be the final communication regarding the misappropriation, bringing this matter to a definitive close. On behalf of everyone at the UKCA, I want to express my gratitude to all of our community for your patience and understanding throughout this process. We remain committed to upholding the highest standards of financial integrity and transparency, and ensuring the continued growth and development of speedcubing within the UK.

Sam Spendla - UKCA President

on behalf of the UKCA Directors

Sam Spendla