REPORT ON SECOND INFORMATION EVENING

 

Monday 13th October 2014

 

 

1.               WELCOME AND INTRODUCTION (by the Club Captain Mr Jim McGinn)

 

2.               FINANCIAL UPDATE (by the Vice-Captain Mr Jim McDonnell)

 

      Summary of Key Points:

 

At the First Information Evening held on 23rd June 3014, members were informed that      because of the large overall deficit in the financial year Oct 2012- Sept2013, the club           would be facing a serious cash flow issue in September this year. Members were given details at that meeting, of an emergency plan which had been agreed by Council to turn around our finances. It was stressed that for this plan to succeed we would need continued support from the bank and from club members.

 

Our bank has agreed to extend our overdraft facility to £100,000 until 31st January             2015. They have also agreed to help our cash flow by consolidating our loan repayments into one single payment in February each year.

 

            Council have taken a series of measures to reduce annual expenditure by approx.            £144,000.  The three main areas targeted for savings are

 

·       reduced bar discount from 20% to 10% (implemented 1st July)

·       staff savings (implemented from 1st October)

·       reduced age related discounts by 50% (to be implemented when fees are due)

 

These measures will be kept under review

 

There was significant improvement in the previous financial year just ended. We             moved from an operating deficit of £33,865 in 2012-2013 to an operating surplus of £43,166 (provisional figure) in 2013-14. The treasurer’s projected operating surplus of £164,953 for the current financial year 2014-15 is very encouraging indeed.

 

It must be stressed however, that these projections are based on the assumption that our membership numbers remain fairly steady. To continue to improve our finances we must have continued support from members [931 members at 31st Dec 2013; current membership 911].

 

The treasurer’s revised cash flow analysis projects that our peak cash requirement by the end of December will be £140,000. There is a pressing need to make up the £40,000 shortfall between this figure and our overdraft limit. The main way that we hope to make up this difference is by asking members to pay their annual subscription fees early this year, if possible, in part or in total, either in one lump sum or in instalments, between October and December (the earlier the better).  The Hon.Secretary will be invoicing members during the week beginning 20th October.

 

Some members have approached the Hon. Secretary and have agreed to provide short term loans to the club (repayable in February) to help the club deal with the cash flow issue. If you wish to help in this way please contact the Hon. Secretary

 

Another way you can help ease our current cash flow issue is by regularly topping up your smart card

 

Because of the measures taken by Council this year the projection is that there should be no cash flow issue next year

 

It was announced at the end of his presentation, that the Honorary Treasurer, Mr Hugh Moore had decided to step down because of his work commitments. Mr McDonnell stated that he wished to put on record that we owe Hugh a debt of gratitude for all his efforts on behalf of the club during this very demanding year.

 

Mr McDonnell appealed for someone to come forward and take over the role, even if it is only until the AGM in February. Any member who is interested should contact the Honorary Secretary.

 

3.               QUESTION AND ANSWER SESSION

 

A question and answer session followed the presentation and contributions came from a cross section of the membership including the Ladies Section.

 

Issues raised included:

           

·       The importance of effective communication with members

·       Development of a Strategic Plan to ensure tight control and monitoring of the club finances.

·       Strategies for maximising income from the bar and restaurant

·       The importance of retaining existing members and attracting new members

 

The Honorary Secretary also replied to written questions from Mr D. Bloomer on Staff discounted membership and management of redundancy procedures.

 

 

4.               SUMMARY AND MEETING CLOSED (by the Captain)

 

Approx. 70 members attended the evening