2024 AGM - Finance Team Report
SDSWC AGM NOVEMBER 2024
TREASURER's REPORT
FINANCIAL YEAR TO END FEBRUARY 2024
The Accounts have been circulated to active members of the club by email and have been posted on the Club notice board. They are also attached to the online agenda for the AGM and can be viewed - Accounts here and Inspectors Report at here .
The account has been presented in two parts: one for Scaling Dam Sailing Club March 2023 to October 2023 and the second for Scaling Dam Sailing and Watersports Club November 2023 to February 2024. The formal transition to the new incorporated club took place on 1st November 2024. The published accounts provide detail for both periods / businesses together with a combined summary. All assets were transferred to SDSWC on 1st November 2024.
Overall, the Club returned a deficit of £4,711 an improvement on the previous year's deficit of £7,055 and significantly better than the deficit of £10,000 forecast at the last AGM. The Club's year end current assets remained stable at £51,792.
The Clubs main income streams held up well thanks to the efforts of the Training, Social, Sailcamp and Challenger Open teams well done all those supporters. Unfortunately, the impact of the energy crisis was significant.
The Inspection of the Accounts by our accountants Chipchase Manners concluded they are true representation of the Club's financial position. Their report has also been circulated to the members and submitted to Companies House.
ACCOUNTS 2024-25
The Board is acutely aware of the need to improve our performance and to that end is scrutinising all expenditure and seeking to increase our income streams. A budget process is being developed to institute more control over income and expenditure and work is in progress to break down the costs of our various activities to support the budgeting process.
The poor weather early in the 2024 season had a negative impact on some membership renewals, equipment hire and training. The newly recruited training / rescue team are working well and have delivered additional group training which has mitigated some of the early shortfall. It is expected that the reorganisation of the training / rescue boat team will yield a reduction in the wages bill of about £3k. The Paddleboard Team have worked really hard with their Paddlefest and other initiatives to increase their income significantly. One of our bonds matures in November generating £1550 in interest. The rib will require at least retubing in February costing a minimum of ~£7k. Overall, it is estimated the likely outcome for the full year to Feb 2025 will be a modest surplus of ~£3.6k, which would be a significant improvement on previous years.
SUCCESSION
The Treasurer had planned to retire at this AGM. So far only Matt James has put his name forward to take on the role. Matt is highly qualified and very keen to support the Club in this role but unfortunately his planned move back to the North East has been delayed and so (subject to your approval) I have agreed to remain in post for the time being to ensure secure a smooth handover to my successor.
Ian Holden
Hon Treasurer SDSC & SDSWC
22nd October 2024
