HI everyone
This email is to keep you all informed as to the financial position of our
club
As members you are all entitled to see the accounts and ask questions if you
wish.
There are 2 accounts that we hold
* The Club Account. This is where your subs are paid into and other
payments of a general club management perspective. Expenses and costs
associated with the running of the club come from this account (subs to RI,
RIBI, website hosting, venue hire, etc).
* The Charity Account. This account covers all of our charitable
functions. Money that we raised from charitable events, donations, grants
etc come in via this account. Similarly all donations we make to charities
come from this account. Because we are a registered charity this account is
our formal charitable trust account and has an additional level of
supervision. We have 3 trustees who's job it is to review the accounts and
sign them off. This has already been completed for this account. The next
step will be the official reporting to the Charity Commission.
Important notes:
* Within the Charity Account there is a significant sum held as
restricted funds. These are held for specific projects. My next step, once
the official report is made to the Charity Commission, is to start a process
of distributing these funds/soliciting suggestions for suitable causes
(within the previously approved remit areas). The aim is that all these
relevant funds will be donated within this Rotary year. All donations will
be approved by votes by the members.
* Within the Club Account there is a larger amount of club reserves
than is recommended by RI/RIBI for a club of our size. It is the intention
to reduce this reserve to the recommended figure during this Rotary year.
Again this will be through suggestions from club members for suitable causes
and approval through votes by the members. Note: the reserve has grown
through the covid period as expenditure has been lower and the overall
disruption/uncertainty has delayed plans to reduce the reserve.
If you have any questions then please send me an email or give me a call as
it may be quicker to speak on the phone.
Thanks
ADAM
