AGM 2020 - TREASURER’S REPORT for Y/E 31st March 2020
First, I would like to thank David Branson for his willingness to examine the annual accounts for us once again, for checking the records so thoroughly, and for his recommendations and guidance, all of which has been very much appreciated.
As you will see from the statement of accounts, total income for the year was £1,881.90 and total expenditure was £1,607.35. The resulting profit was £274.55, compared with a profit of £7.47 the previous year, the success of our recent fundraising efforts, as described below, being one of the reasons for the increase. It should also be noted that this year’s profit would probably have been around £100 less if we had not had to cancel the meeting on the 18th March 2020 because of Covid-19. Subscriptions remained the mainstay of our income and came to £950. Encouragingly, membership was unchanged at 50 as, although some members did not renew their subscriptions, we have been delighted to welcome several new members during the year. Payments from visitors, at £179, were slightly down on the previous year, though still represent a useful contribution to our overall income. The reduction was largely due to the fact that, in 2018/19, a total of 18 visitors had attended Gwendal Moële’s musical evening whereas we had to cancel this year’s event, which had been due to take place on the 18th March. The Fête Estivale in June was well supported, and ticket sales amounted to £535. Proceeds from fund raising have been grouped together with donations in the accounts this year, rather than being included under “Events”, as in previous years. This is because the funds raised have been used not only for events, but for our other activities too. Thanks to the generosity of our members, both by providing splendid raffle prizes, donations and supporting our efforts generally, the total under this heading came to £217.90. Turning to expenditure, the principal item was for hiring the church hall. The total cost of £580 was a little higher than in the previous year because of a rate increase from £40 to £42 per meeting at the beginning of September. We paid £84 in advance for the meetings on the 18th March and 1st April 2020 which were subsequently cancelled. However, Christ Church have confirmed that they will hold this money to pay for future hire. This sum is shown in the accounts under the heading “Sundry debtors”. The cost of speakers was £237.95. If we had not had to cancel the 18th March meeting, the total cost would have been comparable with last year’s figure. Throughout the year, the committee continued to monitor our finances very carefully and endeavoured to contain costs by achieving a careful balance between the number of external speakers, talks from our own members and social evenings. Excluding the Fête Estivale, which is largely self-financing, the total cost of events was £78.52. Expenditure for the Fête de Noel was less than the previous year, when we had provided a buffet and had paid a substantial fee to Quire, but attendance had been disappointing. This year, we had an enjoyable evening which was well supported, and at the same time we were able to conserve funds by providing entertainment ourselves and inviting contributions from members for the festive table. The cost of refreshments, administration and miscellaneous was comparable with the previous year.
Having obtained competitive quotes for insurance, we decided to stay with Zurich Insurance, whose premium at £99.31 was unchanged from the previous year. Recognising problems faced by non-profit organisations such as ours because of Covid-19, our insurers have recently advised us that they are extending our period of cover by three months so that our renewal date, instead of being at the beginning of October is being deferred until the beginning of January next year.
David Branson has audited the accounts for the year to 31st March 2020 and has concluded that they are a true and fair representation of the activities of the Circle and I trust they will be acceptable to all our members. Should you have any queries, I shall be happy to answer them. Please use the contact details shown on our website and your queries will be forwarded to me.
Finally, looking at the accounts overall, we continue to “keep our heads above water” and your committee have therefore decided to hold annual subscriptions at their current level, i.e. £20. This amount will only become payable when we are able to resume our meetings. From that point onwards, your committee will continue to monitor expenditure very carefully, aiming to achieve value for money but, at the same time, providing our members with an enjoyable and varied programme and, hopefully, a wonderful celebration of our 50th Anniversary.
Jill Wilson – Treasurer
STATEMENT OF ACCOUNTS 2019/20