Support Funds

The Club’s Four Support Funds
  • Boat Fund:   The purpose of the Boat Fund is to accumulate money that will enable the Club’s boats and gear to be refurbished and replaced regularly.
  • Board Fund:   The Board fund does the same for windsurfers as the Boat Fund does for dinghies.
  • Entry Fees Fund:   The purpose of the Entry Fees Fund is to accumulate money that can be used to reduce the high entry fee costs incurred by sailors and windsurfers in attending university and other events around the country.
  • Hardship Fund:   The purpose of the Hardship Fund is to accumulate money that can be used to assist team sailors who experience unexpected financial difficulty would otherwise be unable to continue competitive sailing at Cambridge.

 

Boat and Board Funds

Currently each of the Club’s two flights of Fireflies is replaced every six years, the replacements being separated by three years. The difference between the price of a new flight and the proceeds of selling the old flight is around £30,000 – requiring an income of £10,000 a year. The fund also pays for major refurbishments such as professional repair of damage or a new rudder. Minor on-going maintenance is treated as a normal Team Racing Section expense. A different approach has been adopted for windsurfers, with items being refurbished and replaced on an as-needed basis.
 
The Boat and Board Funds need to take a long term view, so they have their own ‘Boat Reserve’ bank account, ring fenced from general CUCrC funds. The funds are managed by the Club’s Trustees, the Commodore, the Senior Treasurer, the Senior Secretary, and a senior Windsurfing representative. Alumni supporter donations go directly into the Boat Reserve bank account, with each gift being designated on the Alumni Gift Form for one or more Club funds. This gift form also acts as an Alumni Supporter registration form.

Entry Fees Fund

The entry fees for entering the BUSA and SWA championships, national team racing competitions such as the Wilson Trophy, and windsurfing events such as the Aussie Kiss, are paid by the participating team sailors and windsurfers. They also have to pay travel, subsistence, and overnight expenses. 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.

Hardship Fund

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 detailed accounts for the current year.

CUCrC SUPPORT FUNDS HISTORICAL SUMMARY

Dinghy Refurbishment and Replacement (£)

YearStart BalanceIncomeExpenditureEnd BalanceNotes
2010/116,9199,05112415,846Expenditure was for a ‘Just Giving’ website page, subsequently discontinued.
2011/1215,8467,07722,923
2012/1322,92315,23738,160
2013/1438,16015,60742,30311,464Purchase of 6 new Fireflies and 6 new covers for old Fireflies.
2014/1511,46417,03328,497
2015/1628,49726,87645,5309,843Purchase of 6 new Fireflies and 7 replacement sails.
2016/179,84318,32728,170
2017/1828,170
Windsurfing Kit Repair and Replacement (£)
YearStart BalanceIncomeExpenditureEnd BalanceNotes
2010/11
2011/122525First alumnus gift for windsurfing received.
2012/13253863
2013/1463137200
2014/15200405605
2015/16605333938Major improvements to windsurfing kit with the aid of an additional £2,000 from reserves.
2016/17505505Income now distributed on an annual basis for board refurbishment and replacement.

Contributions to Support Funds by Alumni Decade

(Lump sum gifts amortised over 10 years)

DecadeContribution
1940’s & 50’s15%
1960’s29%
1970’s23%
1980’s10%
1990’s15%
2000’s & 10’s   8%

SUPPORT FUNDS INCOME & EXPENDITURE FOR 2016/17

Income (£)
Life Member gifts including Gift Aid (D)10,762
Bank Interest (D)10
Boat hire receipts (D)1,400
Event profits (D)1,512
Allocation of cash flow surplus from current year (D)640
Sports Service grant (D)1,000
Legacies and Other Income (D)353
Exceptional income – boat disposals plus team payments for rudders in lieu of damage charges (D)2,650
Total Income for Dinghies£18,327
Life Member gifts including Gift Aid (W)505
Allocation of cash flow surplus from previous year b/f (W)0
Legacies and Other Income (W)
Total Income for Boards£505
Expenditure (£)
Board replacement and maintenance (income distributed on an annual basis)505
Dinghy purchase
Dinghy refurbishment
Total Expenditure£505

SUPPORT FUNDS BALANCE SHEET AS AT 31 JULY 2017

Current Assets (£)
Boat Reserve Account28,175
Income and gifts in other Club accounts
Alumni GAYE payments outstanding20
Gift Aid  yet to be received1,965
Total Assets£30,160
Current Liabilities (£)
Owed to Club’s main Working account1,990
Total Liabilities1,990
  
Assets Less Liabilities£28,170

This change in Balance Sheet represents an increase of £18,327 over last year

Cambridge train in their tip-top Firefly flights – made possible by alumni generosity