AGM 2019 – Accounts

OXFORD & CAMBRIDGE SAILING SOCIETY
FINANCIAL STATEMENTS FOR YEAR ENDING 31 DECEMBER 2018
INCOME & EXPENDITURE ACCOUNTNote20182017
££
INCOMEMembership subscriptions3133.65448.70
Clothing sales76.00
Income on investments and deposits803.09697.27
Gain on investments1,747.81
Profit on events
936.742,969.78
EXPENDITURERYA subscription(125.00)(125.00)
Wine storage and insurance(302.73)(89.56)
Loss on investments(1,996.32)
LEI licence(138.00)
Sponsorship of Entry Fees2(588.72)(150.00)
Loss on events2(403.80)(190.53)
Purchase of port(119.63)(1,434.00)
Secretarial expenses(5.00)
(3,679.20)(1,989.09)
Net surplus for year1(2,742.46)980.69
BALANCE SHEETNote20182017 
££
RESERVESBalance brought forward 1st January29,103.2428,122.55
Net surplus for the year(2,742.46)980.69
Balance at 31st December26,360.7829,103.24
REPRESENTED BYCash at bank1,535.632,441.41
Investments19,282.1121,278.43
20,817.7423,719.84
Wines6,007.405,383.40
Debtors
Creditors4(464.36)
Net Assets at 31st December26,360.7829,103.24
C Lasko
(Hon. Treasurer)
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.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.