In my second year as Treasurer, I now have a greater understanding of the detail behind the income and costs, and a note of thanks to all previous Treasurers for the paperwork, which is meticulous - all three very large boxes of it! And now we have our finance system 'in the cloud', everyone on the Committee can have access to the see the accounts and their budget responsibilities. A far greater transparency means anyone can query a bill or income!
Club finances are in a good position: we budget for the year and match these to the income. However, the real 'surplus' is created by the efforts made by club members who spend their own time over and above that of rowing carrying out a variety of tasks, and without this commitment, we would have to pay for the services, and many funds would just not be received. This ranges from organising, administration, running events, coaching, in-house boat maintenance and repairs, sourcing the best product, negotiating with suppliers, calling on favours, finding sponsors and getting new ones, organising social events, selling 'stuff on eBay”... I have not listed all the efforts, it’s a long and varied list.
There is a plan for our surplus funds allocated to:
boat club development plan
current building/lease requirements
boat and equipment replacement, and
'working capital'
This is reviewed annually, and as and when required.
The subscriptions do represent very good value for money. Like any gym or club membership, the more you use the facilities the better value it is. As a member you can train nearly every day, whether it be on the water, ergos, circuits, weights, as well as receive training plans, coaching, be organised into crews, race, use of all the equipment and a clubhouse - and soon a much better one - all for around £1 per day!
The subscriptions only manage to run the club on a day-to-day basis; we need the continued support of our members to raise the funds to buy new boats, new oars, and a new club house!