FMake a Gift to Cambridge Sailing Support Funds
The Club maintains four Cambridge sailing support funds so that alumni can direct their gifts to different purposes. The funds also support windsurfing and kitesurfing.
- Boat Fund: The Boat Fund accumulates money so that the Club’s dinghies and gear can be refurbished and replaced regularly.
- Board Fund: The Board Fund assists the annual refurbishment and replacement of the Club’s windsurfing boards, rigs, and gear.
- Entry Fees Fund: The Entry Fees Fund accumulates money to reduce the high entry fee costs incurred by sailors and windsurfers in attending university and other events around the country.
- Hardship Fund: The Hardship Fund accumulates money to assist team sailors who experience unexpected financial difficulty and would otherwise be unable to continue competitive sailing at Cambridge.
Support Fund Administration
The Support Funds take a long term view and therefore have their own bank accounts, ring fenced from general CUCrC funds. The Club’s Trustees, the Commodore, the Senior Treasurer, the Senior Secretary, and a senior Windsurfing representative manage the Boat and Board Funds. Alumni supporter donations go directly into the Support Funds bank account, and each alumnus designates the use of their gift when completing our online form or printed Alumni Gift Form. These forms also act as Alumni Supporter registration forms.
Boat and Board Funds
Currently the Club replaces each of its two flights of Fireflies every six years. The difference between the price of a new flight and the proceeds of selling the old flight is around £30,000. As a result, we need to generate Boat Fund income of at least £10,000 a year. Furthermore, the Boat Fund also pays for major refurbishments such as professional repair of damage or a new rudder. A different approach has been adopted for windsurfing; items are refurbished and replaced annually.
Entry Fees Fund
Participating team sailors and windsurfers pay the entry fees BUSA and SWA championships, and other weekend events during the year. In addition, they also pay travel, subsistence, and overnight expenses. Team racing entry fees alone, including the costs of hiring boats and facilities for the Varsity Match, amount to over £10,000 a year. The purpose of the Entry Fee Fund is to help defray the entry fee costs that sailors and windsurfers incur. The Fund is managed by the General Committee.
Because of its nature, the Hardship Fund is a somewhat private fund, managed by the Senior Treasurer and two Senior Committee Members who live in or near Cambridge. Applications are made in confidence to the Senior Treasurer.
An historic summary of support fund accounts is shown below, followed by the accounts for the current year. Email the Alumni Administrator if you would like more detail about any support fund.
CUCrC SUPPORT FUNDS HISTORICAL SUMMARY
|Year||Start Balance||Income||Expenditure||End Balance||Notes|
|2010/11||6,919||9,051||124||15,846||Expenditure was for a ‘Just Giving’ website page, subsequently discontinued.|
|2013/14||38,223||15,744||42,303||11,664||Purchase of 6 new Fireflies and 6 new covers for old Fireflies.|
|2015/16||29,102||27,209||46,468||9,843||Purchase of 6 new Fireflies and 7 replacement sails, plus some windsurfing expenditure.|
|2017/18||27,590||43,128||57,456||13,262||Sale of 2013 flight and purchase of a new flight, plus a new road trailer, plus the initiation of event entry assistance for student sailors.|
|2018/19||13,262||14,182||4,544||22,900||Entry fee assistance, dinghy refurbishment, hardship assistance.||2019/20||22,900||–||–||–|
Contributions to Support Funds by Alumni Decade
(Lump sum gifts amortised over 10 years)
|1940’s & 50’s||15%|
|2000’s & 10’s||8%|
|SUPPORT FUNDS INCOME & EXPENDITURE FOR 2018/19|
|Alumni Supporter gifts for dinghies including Gift Aid (D)||9,264|
|Bank interest (D)||7|
|Boat hire receipts (D)||900|
|Legacies and Other Income (D):||–|
|Total Income for Dinghies||£10,071|
|Alumni Supporter gifts for boards including Gift Aid (W)||119|
|Legacies and Other Income (W)||–|
|Total Income for Boards||£119|
|Alumni Supporter gifts for event entry assistance including Gift Aid (E)||50|
|Legacies and Other Income (E): Allocated Club surplus cash flow||2,805|
|Total Income for Event Entry Assistance||£2,855|
|Alumni Supporter gifts for hardship assistance including Gift Aid (H)||642|
|Legacies and Other Income (H): Allocated Club surplus cash flow||495|
|Total Income for Hardship Assistance||£1,137|
|Dinghy refurbishment (using unrestricted funds)||725|
|Total Expenditure for Dinghies||£725|
|Board Replacement and Maintenance (income distributed on an annual basis)||£119|
|Entry Entry Assistance||£3,000|
|SUPPORT FUNDS BALANCE SHEET AS AT 31 JULY 2019|
|Support and Hardship accounts||20,798|
|Income and gifts in other Club accounts||265|
|Alumni Supporter GAYE payments outstanding||100|
|Gift Aid yet to be received||1,737|
|Owed to main Treasurers account||–|
|Assets Less Liabilities||£22,900|
|This change in Balance Sheet represents an increase of £9,638 over last year (£13,262)|