|OXFORD & CAMBRIDGE SAILING SOCIETY|
|FINANCIAL STATEMENTS FOR YEAR ENDING 31 DECEMBER 2018|
|INCOME & EXPENDITURE ACCOUNT||Note||2018||2017|
|Income on investments and deposits||803.09||697.27|
|Gain on investments||–||1,747.81|
|Profit on events||–||–|
|Wine storage and insurance||(302.73)||(89.56)|
|Loss on investments||(1,996.32)||–|
|Sponsorship of Entry Fees||2||(588.72)||(150.00)|
|Loss on events||2||(403.80)||(190.53)|
|Purchase of port||(119.63)||(1,434.00)|
|Net surplus for year||1||(2,742.46)||980.69|
|RESERVES||Balance brought forward 1st January||29,103.24||28,122.55|
|Net surplus for the year||(2,742.46)||980.69|
|Balance at 31st December||26,360.78||29,103.24|
|REPRESENTED BY||Cash at bank||1,535.63||2,441.41|
|Net Assets at 31st December||26,360.78||29,103.24|
|26 Sep 2019|
Notes to the Accounts
1. In 2018 the accounts above indicate that we made a total loss of £2,742.46. However, most of this was a notional ‘loss’ of £1996.32 on our investments due to decline in capital value. Our real or ‘cashflow’ loss was £746.14, of which £403.80 was a loss on the dinner.
2. The key factor in the loss of £764 on the year was a conscious decisions made by the Committee to use the Society’s excess funds for the benefit of its members. A decision was taken to pay for part of the entry fees of a Society team to the Oxford Magnum, Cam Cup, UKTRA and Wilson. In previous years we had only paid for the Wilson. In addition, current students and recent leavers are given a significantly reduced rate for the annual dinner to encourage their attendance. This, combined with the delayed delivery of our port from storage (necessitating the purchase of replacement port, as well as paying to put our port back in storage), led to a loss of £403.80 on the dinner.
3. Membership income was significantly down. This is due to the annual subscriptions of newly elected members not being due until January 2019, and so recorded membership income does not include all their life member subscriptions (of £31 each).
4. The creditors relate to money owed to Berry Bros in relation to port storage, and a cheque for our essential LEI license (required to make investment changes) that had not cleared by the year end and so still remained unpaid in these accounts.