2020 AGM Treasurer's Report 2019-20
SCALING DAM SAILING CLUB
ANNUAL GENERAL MEETING SEPTEMBER 2020
TREASURER'S REPORT FINANCIAL YEAR TO END-FEBRUARY 2020
As usual I don't plan to go through the accounts line by line since by now you all should have had sight of the summary accounts - they are available here 2020 AGM Accounts 2019-20 (Draft).pdf . I will pick out a few important points and answer any questions you may have then (I hope) offer the accounts for approval. I will talk about the current state of the accounts later.
Last year we suffered an underlying deficit about £6k but after adding in the proceeds from the insurance claim of nearly £13k the accounts show a surplus of £4.4k. The insurance claim was spent replacing the stolen equipment while the improvements to the security of the boat store was met by NWL.
The club continues to draw on its' reserves the cash reserve falling from £31k to £26k. Obviously the club cannot continue this draw on reserves a situation which needs to be arrested - I'll discuss this elsewhere / later in the meeting.
All of the Debtors and Creditors were cleared shortly into the new financial year.
Once again I would like to acknowledge members' part in maintaining the health of the finances:
- Members have again made generous donations to the club dominated by the continuing rent holiday as recorded in the accounts - thanks to NWL and our generous donors.
- Open Water Swimming activities are now well supported and proving very popular with members. Thanks to Paul Brown, Michelle Bullock, Gilly Hale and their team of helpers for their efforts here. The successful swimathon was supported by a £300 contribution from Limelight Sports
- The Social and Training Sections have also contributed significantly to our income. Many thanks to Zoe, Hazel Meynell, Nick Hunt and their helpers for the Social Section contribution and Carl and all his volunteer instructors and helpers.
- Sail Camp again made a small surplus which helps maintain the juniors sailing fleet. Thanks to Ann Brining and the Sail Camp team.
- Sailability team led by John Tate continues to provide opportunity for disabled sailors and we received a donation of £120 from Kirkleatham School following their very successful days' sailing.
These accounts were not formally inspected this year. However I shared them with an accountant member of Hartlepool Yacht Club mainly to assess our potential Corporation Tax liability. He did not raise any issues with the accounts and considered we had no CT liability and should remain dormant for CT purposes.
Any questions should be addressed to the Hon Secretary or the Hon Treasurer and the responses will be promulgated to members in good time.
I propose the accounts be adopted and hope you will feel moved to do so.
Ian Holden
Hon. Treasurer
August 2020