Pen-Y-Bont SLSC
AGM 28[th] November 2023
Treasurers Report
Introducton
The purpose of this report is to summarise the financial position of Pen-Y-Bont SLSC at the end of its last financial year, 31[st] March 2023.
The statement of Income and Expenditure has been prepared on a cash basis and has been reconciled to the bank account at both the beginning and end of the period.
Statement of Income & Expenditure
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£
Opening Cash 01-Apr-22 29,903.05
Income
Membership fees 21,725.41
Sundry 616.74
Clothing 798.51
Donations 2,500.00
25,640.66
Expenditure
SLSA Fees (3,509.68)
Pool Fees (10,822.50)
Equipment (7,737.97)
Repairs (744.36)
Competition (2,013.25)
Insurance (4,753.10)
Bank Fees (872.31)
(30,453.17)
Closing Cash 31-Mar-23 25,090.54
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The cash balance on the current account reduced by £4,812.51. However, the current account is running a significant surplus. This surplus is required principally for the following activities:
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Investing in new club equipment to support our growing membership and to replace our ageing equipment;
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Invest in developing and renovating our clubhouse.
Income
Our main source of income through the year has been membership fees and with our growing membership we have seen an income from this source of £21,725 in the financial year.
As noted above we need income to develop our club and support our members as well as maintaining our day to day operations.
We made a net profit from clothing during the period of £798.51.
We are very grateful for the donations in the year and the main element of the £2,500 received was £2,000 from British gas. We are very thankful for this kind donation.
Expenditure
As a busy and active club we have 3 main recurring expenditure areas:
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SLSA fees – membership for our members of the governing body as well as fees for courses and awards
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Pool Fees – for maintaining our Thursday night club sessions. We are seeing increasing and we are looking to increase our pool time – this will come at an additional cost.
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Insurance costs – costs of insuring our kit and commercial liability
In the last financial year we have been able to invest in new nipper boards and surfskis. This continued investment is hugely important as our club grows.
Ideally we would look to generate more significant revenue through grants to allow us to grow.
We made a loss from competitions in the year. This is predominantly due to the club paying for relay entries rather than asking them to be subsidised by members.
Bank fees relate to the costs of transacting via TeamApp.
Savings Account
The savings account balance at 31 March 2023 was £19.734.09
This has increased from £19,684.26 at the beginning of the financial period.
Huw Lewis (Treasurer)
28[th] November 2023