Camanachd Association Accounts Show Increased Profit in 2009. | |
10 April 2010 The Camanachd Association’s unaudited financial statement for the year ended 31 December 2009 has been issued to voting members ahead of the Association’s Annual General Meeting later this month.
Profit & Loss Accounts
The Profit & Loss Account headlines a jump in profit with the 2008 loss of £8,000 turned into a 2009 profit of almost £32,000. This improved financial position has in turn allowed the Association to increase their reserves from just under £20,000 to almost £52,000.
There have been several reasons for the financial turn-around.
Administration Expenses
Administration expenses have been reduced by over £54,000 from just over £233,000 to £179,000. This can be put down to several factors;
However Legal Fees have increased by £4,500 from £1000 in 2008 to £5,500 in 2010.
The Camanachd Association Headquarters at 4 Ballifeary Road, Inverness attracts an annual rental charge of £11,580 which is the same as in 2008.
The 2009 accounts benefited from the fact that the position of Chief Executive has been vacant since April last year. However the 2010 accounts will reflect the costs associated with the appointment of the new Chief Operating Officer who took up his post in April of this year.
Turnover & Cost of Sales
Turnover, which is Membership Income, Grants and Sponsorship, has shown a large increase from almost £383,500 in 2008 to over £444,500 in 2009 - a jump of over £61,000.
However Cost of Sales also increased, going up from just over £150,000 to over £222,500 over the same period - an increase of £72,500.
The main reasons for both increases are;
However Sponsorship and Donations reduced by £10,000 from £65,000 to £55,000 although Grant income did increase by over £2,500 – from £124,500 to just over £127,000.
Services to Clubs costs increased by almost £16,000 from over £52,000 to almost £68,000.
Debtors & Creditors
What may be of concern to the Association is that Debtors, which is income due to the Association, has almost doubled from £17,000 in 2008 to £31,000 last year. This includes income of £3,600 due in VAT.
Creditors, which is expenditure which falls due to be paid by the Association within the next 12 months, has also increased from almost £41,000 to over £65,000 – an increase of almost £24,500.
Annual General Meeting
The annual accounts will be put before the Camanachd Association Annual General Meeting which will be held in Fort William later this month. |