Hello Everyone,

 

Please see attached Annual Report and Audited Financial Reports for 2018.

 

You may notice a few changes to the accounts as we moved across to XERO last year. Part of this process has seen us coding income and expenditure differently in an effort to simplify the accounts. In particular, you will see that Subscription income looks lower this year. This is because we have coded Levies & Competition fees separately and these now show under other income in the financials. The committee accounts may appear to show losses but essentially, we are reporting expenses only. Their main source of income is competition fees which have not been allocated within the accounting system. From the next financial year, this has been addressed so it will be more transparent.Depreciation has also increased as we have written off alot of low valued assetts and sold redundant machinery.

 

In summary, we have had another good year. Our Auditors have given us a positive report, however they note that we operate on a very tight current assets to current liabilities ratio. This means that it is very important that the club keeps a close eye on the day to day financial management to ensure that the financial position continues to improve and that we gain the maximum value from the cash resources we have available.

 

If you have any questions, please ask and we look forward to presenting these reports at the AGM this coming Tuesday 24 April at 6pm. 

 

Kind Regards

Michelle Towersey

Club Manager