Treasurer's Reports

Total Income received in the year amounted to £34,757 (2016: £31,469) which is 10.45% up on last year. 
A significant and important part of the Club’s income is derived from the School Leavers subscription  - 78% for the current year compared to 75% in 2016.

The 200 Club generated a profit of £5,922 (2016:£6,628) which is slightly down on the prior year position before the write back of overstated provisions which occurred last year.  In the year we have been successful in  replacing members who have withdrawn from the 200 Club which has meant that membership numbers are up on the previous year at 199 (2016: 195 members) We are always keen to attract new members and would be pleased to hear from anyone who has an interest in joining the Club.

The income and costs arising from the EAC Dinner show that this year the event made a small profit of £236 (2016 Loss of £256).

The purpose of the Dinner is provide an important opportunity for Club Members and friends to meet and socialise together and is not held to generate funds for the Club.

We continue to receive investment income earned from the Club’s investments amounting to £1,591 (2016 - £1,543) which is in line with the income generated in the prior year.

Total Costs in the year amounted to £24,484 (2016: £23,215).

By far the largest proportion of these costs continues to be for the production and distribution of the Edward Alleyn Club Magazine which totaled £15,477 (2016 - £15,996). The magazine provides our principal and most important point of contact with our membership and, whilst costs were marginally lower this year, we expect them to continue to rise as the membership grows and postage costs increase. It is our intention to maintain the publication of the magazine in its current format for the foreseeable future.

In addition to the 10% of the School Leavers’ Subscriptions which the Club pays over annually to the Alleyn Benevolent Fund, the Club increased its contribution by making a one-off donation of £5,000 to make a total contribution for the year of £7,701 (2016: £2,355).

Other costs incurred in the year were for a Gap Year Bursary, Advancing Alleyn's mailshot leaflets plus sundry costs to support the running of the Club.

The outcome for the year shows that we recorded an excess of income over expenditure for the year of £10,273 (2016: £8,254)

Investments at Cost

Our investments are limited and are for the most part in the form of cash being held on a 100 Day notice deposit account at United Trust Bank Limited and in a Business Direct 30 Day notice account at Bath Building Society. There are very few opportunities to generate a better return without substantially increasing the risk profile of the investment and so, for the foreseeable future. cash will remain invested in interest bearing deposit accounts.

Debtors

Within debtors is an amount of £6,000 (2016: £9,000) which is an interest free loan provided to the Edward Alleyn and Honor Oak Cricket Club on 5 June 2014, which is being repaid in equal instalments over a 5 year period.

For a number of years poor drainage at Burbage Road has increasingly impacted on the playing conditions for our Football and Cricket sections. As part of the Club's continuing commitment towards supporting the costs of running the Clubhouse and Grounds it has indicated a willingness to provide up to £40,000 (from a combination of its reserves and funding from the Football and Cricket sections). This will assist with the substantial drainage works, which are now considered necessary to provide the Sports sections with much improved playing conditions which it expects to last for very many years.

I should like to place on record my thanks to Richard Foster, AOB, for conducting an Independent Examination of these Accounts.

Chris Heayberd
Hon. Treasurer
14 November 2017

NOTE.
Please note that there are minor changes to the 2015 accounts, which were previously published.

Total Income received in the year amounted to £29,369 (2015: £33,227) which is 11.6% down on last year.

80% (2015:70%) of the Club’s income was derived from the School Leavers subscription (which after paying 10.00% (2015:10.00%) of the amount received to the Alleyn Benevolent Fund) amounted to £21,198 (2015 - £23,277). This continues to be a very important element of the Club’s income.

The 200 Club generated a profit of £6,628 (2015:£7,812) which compares favourably with the prior year position before the write back of overstated provisions which occurred last year. In the year we have been successful in replacing members who have left the Club which has meant that membership numbers have remained similar to the previous year at 195 (2015: 194 members) We are always keen to attract new members and would be pleased to hear from anyone who has an interest in joining the Club.

We continue to receive investment income earned from the Club’s investments amounting to £1,543 (2015 - £1,678) – This shows a slight reduction on last year resulting from the decreased interest earned on funds held with Skipton International Limited.

Total Costs in the year amounted to £21,115 (2015: £20,840).

By far the largest proportion of these costs continues to be for the production and distribution of the Edward Alleyn Club magazine which totalled £15,996 (2015 - £17,803). The magazine provides our principal and most important point of contact with the membership and, whilst costs were lower this year we expect costs to continue to rise as the membership expands and postage costs increase. It is our intention to maintain the publication of the magazine in its current format for the foreseeable future.

Other costs incurred in the year were for a Gap Year Bursary, the Club Dinner, plus sundry expenses and payments to the school which included a contribution of £1,200 towards the cost of curtains for use in the school dining hall and a contribution of £3,000 towards the costs of the Rhythm for Reading initiative undertaken by the school.

The outcome for the year shows that we recorded an excess of income over expenditure for the year of £8,254 (2015:£12,387)

Investments at Cost

Our investments are limited and are for the most part in the form of cash being held on a three month notice deposit account at Skipton International Limited. There are very few opportunities to generate a better return without substantially increasing the risk profile of the investment and so for the foreseeable future cash will remain invested on an interest bearing deposit account.

Conclusion

The finances of the Club remain broadly the same as last year. This year (as was the case last year) we have not made a contribution towards the costs of running the Clubhouse and Grounds at Burbage Road but will continue to support additional investment in Burbage Road when it is specifically needed.

Change from Audit to an Independent Examination of the Accounts of The Edward Alleyn Club

Approval will be sought from Members at an Extraordinary General Meeting to be held immediately following the AGM on 8 November 2016 to change the constitution of the Edward Alleyn Club, which currently requires that the accounts of the Club be audited, to requiring an independent examination. This is a simpler requirement than an audit but still involves a review of the accounting records kept by the club and a comparison of the accounts presented with those records. It also involves a review of the accounts and the consideration of any unusual items or disclosures identified.

The change proposed by the Management Board has been prompted by the much reduced size and complexity of the Club which the Management Board consider is unsuited to the rigours of an audit.

Chris Heayberd
Hon. Treasurer
September 2016

Total Income received in the year amounted to £33,227 (2014: £27,777) which is 20% up on last year.  

70% (2014:75%) of the Club’s income was derived from the School Leavers subscription (which after paying 10.00%  (2014:11.4%) of the amount received to the Alleyn Benevolent Fund) amounted to £23,277 (2014 - £20,816). This continues to be a very important element of the Club’s income.

The 200 Club generated a profit of £7,812 (2014:£5,315) well up on last year which is explained by the writing back of overstated provisions from prior years .  In the year we have been successful in replacing members who have left the Club and, as a consequence, we have had a slightly higher membership throughout this year which has averaged at 194 (2014: 192 members) We are always keen to attract new members and would be pleased to hear from anyone who has an interest in joining the Club.

We continue to receive investment income earned from the Club’s investments amounting to £1,678 (2014 - £1,636) – This shows a slight uplift on last year which reflects a small increase on the dividend received from the Unit Trusts that we hold within the M & G Dividend Fund.

In the year HM Treasury advised that they were repaying the 3 ½ War Loan stock which the Club has held for many years the proceeds being shown as income amounting to £460.

Total Costs in the year amounted to £20,840 (2014: £18,708 before deduction of £10,000 paid to the school).

By far the largest proportion of these costs continues to be for the production and distribution of the Edward Alleyn Club magazine which totalled £17,803 (2014 - £15,081). The magazine provides our principal and most important point of contact with the membership and, although we expect costs to continue to rise as the membership expands and postage costs increase, it is our intention to maintain the publication of the magazine in its current format for the foreseeable future.

Other costs incurred in the year were for Reunions, Gap Year Bursaries, the Club Dinner, plus sundry expenses and a contribution of £1,859 towards the costs of a dinner held at the school to celebrate the 40^th Anniversary of the introduction of Co Education at Alleyn’s.

The outcome for the year shows that we recorded an excess of income over expenditure for the year of £12,387 (2014: loss of £931)

Investments at Cost

Our investments are limited and are for the most part in the form of cash being held on a three month notice deposit account at Skipton International Limited. There are very few opportunities to generate a better return without substantially increasing the risk profile of the investment and so for the foreseeable future cash will remain invested on an interest bearing deposit account. 

Conclusion

 The finances of the Club remain broadly the same as last year. This year we have not made a contribution towards the costs of running the Clubhouse and Grounds at Burbage Road but will continue to support additional investment in Burbage Road when it is specifically needed.

Change from Audit to an Independent Examination of the Accounts of The Edward Alleyn Club

Approval will be sought from Members at an Extraordinary General Meeting to be held immediately following the AGM on 8 November 2016 to change the constitution of the Edward Alleyn Club, which currently requires that the accounts of the Club be audited, to requiring an independent examination. This is a simpler requirement than an audit but still involves a review of the accounting records kept by the club and a comparison of the accounts presented with those records. It also involves a review of the accounts and the consideration of any unusual items or disclosures identified.

The change proposed by the Management Board has been prompted by the much reduced size and complexity of the Club which the Management Board consider is unsuited to the rigours of an audit.

Chris Heayberd

Hon. Treasurer

16 August 2016