Dear Members, I hope you are OK, given the circumstances of the past year.
Please find attached the 2020 Club accounts, as approved by the Committee and by Wallace Crooke & Co. You will see that, notwithstanding no revenue from dinghy storage or moorings rent, surprisingly there was still an operating surplus, of £636.
On the balance sheet, a further £20,000 was invested in the Charites Aid Foundation UK equity income units. For many years upto 2015 cash and savings had totalled around £25k: enough for ongoing repairs but not for any major works on the sea wall or renewals to the clubhouse. The Committee had decided to build reserves and by the end of 2019 these had climbed to a creditable £50k. Before covid fully hit, the Committee had decided on the additional purchase of CAF units, bringing the total invested now to £40k. This is intended to be a ‘rainy day’ fund, to draw on in the future if/when major capital expenditure is required, and has a current market value (March 2021) of £43,490.
The big news has of course been the near-closure of the Club for the last year, and with it substantial government covid grants to meet capital costs to get the Club running again, as well as alleviate expected reduction in member subscriptions and fees. These grants totalled £16k in 2020, bringing the cash and reserves at the year-end in December to £70k, including £25k in cash in the bank current account.
Since the year-end the Club has been very fortunate to receive a £9k one-off grant from Sports Wales to buy two new Hartley H12-2 dinghies, which are now delivered and in the yard. And further government covid grants have been received in 2021 such the HSBC current account stands today at over £40k cash – an all-time record, by some margin. This and the 2020 covid grants are so far untouched, with the committee are considering what to do: I will update in a fuller report at the AGM at the late summer bank holiday, this year 11am on 30 August.
In the meantime hoping to see many of you at the Club, and on the water. Stay Well, Michael Bithell (Hon Treasurer)