Treasurers Report 2019-20

Treasurer's annual report for Year Ender 30^th September 2020

Good evening all. 2020 will be remembered for many things, kindness to others, restrictions of movement and seeing friends and family and the fabulous spring and early summer weather, but mostly for the Covid virus.

With the club being closed for some, it would have suffered financially with out the support of the Government, ie a single payment of £25,000 plus a Business Rates Holiday worth £2,500 this year and £2,500 in YE 2020/21.

I will explain the major changes between this year and the previous year.

Accounting Policy Change

During the year the main committee approved minor change in the accounting policy. Previously any item or asset e.g. an outboard motor or a dinghy under £5,000 would not be capitalised, but expensed in the year. This value was increased to £10,000. There was only one item, a Hartley 15, cost £6,000, that was purchased in January 2020 that was impacted by this change

Membership

At the end of last year there were some 393 membership units. This dropped by some 50 at the renewals process in line with previous years, with new members increasing the numbers up to 367 by the financial year end.

Sailing

In the early part of 2020, the club invested in another 2 new 2 handed Hartley boats at a cost of £10k, plus the completion of the replacement of the old wooden planking on both pontoons at a cost of £8½k. Our thanks go to Friends of Papercourt Sailability for their contribution to this cost of £3k. Another investment was the replacement of the committee boat cover. The old one lasted some 12 years but was in tatters and beyond repair. This was replaced in the summer at a cost of £1½k. Other costs include the replacement of the ceased motor for the weed cutter at a cost of some £4k.

Training suffered with a loss of income of some £8k.

Social

The social side of the club is not run for a profit but to enhance the enjoyment of the club. And as such the closure the club for part of the year had little impact to the finances.

House

The costs of running the club buildings and compound was a lot lower than the previous year where the club had a major refurbishment of the galley, replacement of fridges and chairs plus the club had started the decorating of the hallway, club rooms and training rooms.

Estate

The estate works on a 3-year circle. In November 2019 was a demanding time, with the West bank being cut and the foot path being widened for safety reasons. There were also a number of rotten and dead trees that needing cutting. In addition, there was an infestation of Oak Processionary moth. During August there was a localised violent storm that blew over a number of trees, these had to be cleared from the paths and lake. The club continues to work with and comply with Natural England to manage our SSSI water and land. Costs for the next 2 years should be much lower.

Central

Many you will remember that last year I stated the club was appealing against the increases in Rateable value of the club and water. This process was started by my predecessor, Patrick Fell, with support of Frank Brown and others plus myself carrying it through the middle stages and Justin Meredith taking it across the finishing line. This resulted in the rateable being reduced from £39k to £20k. The impact to the club is a reduction in costs of some £4k per year. The club also received a refund of £6.9k but did incur costs of £4.7k.

Loans and Mortgage

As stated in the commodore's report, I am pleased to say that all the members' loans have been repaid.

The commercial mortgage has some 23 months to run from this financial year end.

Cash Reserves

The club continues to have good cash reserves. The club's cash less loans and mortgage improved from net £12k to £66k, an improvement of £54k. This is a testament to the hard work of all the members and committees, both past and present.

Membership fees

The committee is recommending not to change any of the membership or berthing fees, but the committee has, as you will all have seen from the pre- membership renewal email from Debbie Sharman, our membership secretary, an increased to the early payment discount.

This is an increase by 10% to 20% off the membership renewal if paid by 15^th January 2021 for this coming year only.

This is in part a recognition of the loss of sailing this year plus an encouragement to re-join and enjoy our great facilities and our outdoor hobby of sailing.

Please, if you have not done so already, log into Sailing Club Manager and check your details. If any have changed please advise our membership secretary of the changes or incorrect information that is on Sailing Club Manager, before the 10^th December 2020. This will save many hours of un-necessary work correcting the renewal invoices.

Last updated 10:42 on 9 March 2025