Treasurer's Report to AGM 2015
\treasurer's report 2015
Attached to this report is a copy of my forecast outturn figures for the financial year, which are obviously open to change subject to decisions yet to be made by the club, and budget suggestions for next year. Firstly let us look back over the last Rotary Year (for simplicity I have rounded all figures in this report to the nearest £100) and then deal with the budget for the next Rotary year:
ROTARY YEAR 2014/15
At roughly this point last year we set a budget which anticipated that the club would raise £6300 for charity and expend approx £6500; at that time we had £1000 accumulated towards the purchase of a defibrillator brought forward from previous years. In the event we have raised over £9100 plus a District Grant of £1300 enabling us to donate more than £10,500 whilst carrying forward to next year some £1600. This relatively high carry forward figure will serve as a useful reserve for the unexpected requests which may arrive in year and provide greater flexibility for next year. Due to the relatively high carry forward figure I have not recommended transferring the raffle moneys from the business account – it is still available for charitable purposes although not required at this time.
There are a number of reasons why we have exceeded our planned targets: additional events such as the WW1 evening, Arts Reception and Xmas Sale, enhanced tax recovery through GiftAid and of course the very successful lottery associated with the Classic Cars Day plus a District Grant of £1300 towards the defibrillator project.
Our budget last year looked forward to an income of about £3200 which will be exceeded comfortably whilst it foresaw expenditure of some £3100 including transferring £500 of raffle profits to the Charity account. In the event we have spent £3000 without transferring raffle moneys to the Charity account. The excess expenditure is mainly due to the fruits of our own success – higher costs for regalia (badges etc for new members) and miscellaneous expenses including the 2 rather jazzy and expensive table covers purchased this year.
ROTARY YEAR 2015/16
In formulating my budget proposals I have been guided by President-elect Joyce’s intention to support the Children’s Brain Cancer Charity, LOROS (for the Eyebrook Walk) and a Mango Tree project plus a fairly conservative estimate of our fund-raising potential so I have allowed for fund-raising at only 66% of last year’s level – obviously affected by this being a non-Classic Car year. I have maintained Foundation giving at the 2014/15 level as required by Standing Orders and Polio donations at the same level. I have put down a marker with District for another District Grant this time to support a project with Mango Tree budgeted at £2500 – I have actually made an initial request for £1500 which would support a £3000 project. Remaining provision is very much in line with previous years.
Our membership is forecast to be stable at 29, although obviously new recruits would be welcomed, as a result regalia costs will be more contained but affiliation fees and back dues to RIBI will be affected by our recruitment success in 2014/15. I have budgeted to transfer £500 from raffle takings to the Charity account at the year’s end and obviously our increased carry forward on the Business account enables us to transfer raffle moneys in year if required by any emergency otherwise they could be used for Club purposes – it’s our money and decision. Both RIBI and District 1070 have budgeted for modest or no increase in membership fees so I am confident in being able to recommend to members that our annual fee should remain unchanged at £110.
The past year has been highly successful on the financial front with record sums raised and donated whilst building up useful reserves for future charitable and business endeavours. I look forward to another successful year in 2015/16.