The Hale Village Financial Year runs from 1st October to 30th September and this is an update on how the Club’s Finances are looking following the 2016 year-end.

Figures for this year refer to the period October 2015 to September 2016 (and “last year” refers to the year before that!)

INCOME
Total for the year = £18,000
• Over 90% of our Club’s income comes from Members Subscriptions. This totalled £16,000 (around the same as last year)
• Jordan Fishwick kindly renewed their sponsorship arrangement with HV as well
• Including small surpluses from various Senior and Junior events (around £500 in total) the total income for the Club was £18,000

EXPENDITURE
Total for the year = £10,600)
• Expenditure is split into three main sections
• Maintenance, covering the Clubhouse, Courts, Grounds and Financials such as Insurance and Accountancy Fees, cost £6,800 this year (down from £9,400 last year)
• Tennis, primarily covering League Fees, LTA affiliation and Tennis Balls for coaching/teams/tournaments, cost £2,000 this year (down from £2,500 last year)
• Club Improvements cost £1,800 this year (down from £2,500 last year). Main Club Improvements have been: Blankets for the Winter Months (these are in the black box under the table in the Clubhouse; 10 new outdoor chairs (stored behind the Clubhouse; Outside electrical sockets on Courts 1, 2 and 3; An improved “Ball Damper” on Courts 2 and 3; a Karcher/50metre hose/50 metre extension cable

Total Expenditure this year, therefore, was £10,600. This was down from £14,400 last year
• The main reasons for the reduction have been in areas where more work has been done by Club Members that external firms – the biggest examples being on the Grounds and Courts, where costs have been £1,500 lower without adversely impacting the Club. Additionally some expenditure last year (e.g. on Sand and Tennis Balls) were on things that were actually used this year

LOAN
Hale Village took out a £10,000 loan in 2012 as the final piece of funding needed for the new courts. Half was repaid last year and the remainder has also been repaid, leaving us debt-free!

CASHFLOW & THE SINKING FUND
• Hale Village started this year with £6,700 cash in its main Bank Account and finished it with just £100 less
• Paying off the Club Loan has meant that it has been possible to start putting money to one side to use to replace the main facilities of the Club. Known as a Sinking Fund, £2,500 was into a separate Bank account (which pays all of 10p interest a month!)

2016/17 BUDGET

INCOME
A reasonably similar level of income is expected in the coming year and, taking the planned expenditure into consideration, most Subscriptions are planned to be at the same level when they are due at the start of March (the Child membership will be cheaper though).

EXPENDITURE
Using the same main sections as above:

(a) Maintenance, covering the Clubhouse, Courts, Grounds and Financials such as Insurance and Accountancy Fees is budgeted at £8,300, with the main increase due to the cost of painting the Club House and Toilet Black

(b) Tennis, primarily covering League Fees, LTA affiliation and Tennis Balls for coaching/teams/tournaments, is budgeted at £2,800, with the main increase being around the Coaching team

(c) Club Improvements are budgeted at £2,600 and include: extending the decking right to the wall; starting to improve the Garden area where the grass is; having a new Website; buying a new BBQ

SAVINGS
We are planning to put up to £7,000 into the Sinking Fund in June 2017
We are starting a “Centenary Fund” and are putting £1,000 into it.

 

If anyone wants more information regarding the Club’s Financials, or any suggestions for Club Improvements or Maintenance, please email howelldavies@gmail.com or collar me!

Howell Davies

Club Treasurer.

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