Boat/Board Fund

Purpose

The main purpose of the Boat and Board Fund is to accumulate money that will enable the Club’s boats, boards, and gear to be replaced regularly. Such replacement is as important for windsurfing boards and rigs as it is for dinghies. Boards and rigs are replaced on an on-going annual basis, so Board Fund income is transferred to the Windsurfing section each year.

Level of Routine Expenses

The on-going maintenance of boats, boards, and gear is the responsibility of each CUCrC section. The expenses of entering team racing competitions, around £1,500 per year per person, and some of the expenses of windsurfing events, fall directly on those participating. Dinghy and board maintenance expenses are considerable, resulting in section operating expenses running at a high level. That leaves no opportunity to accumulate funds for boat, board, or gear replacement, which is the role of the Boat and Board Fund.

How the Fund Works

As well as accumulating capital, the Boat Fund enables CUCrC sections to borrow money from the Club’s endowment funds, if necessary. The Club’s endowment funds originated from the sale of the old St. Ives premises in 1997 (acquired in 1946/47 for the then-princely sum of £1,400!). Dinghy sailors obtained permission to borrow from these funds to purchase a new flight of Firefly dinghies in 2015, by being able to demonstrate an income stream, from event profits, that would pay off the loan.

Management of the Fund

The Boat and Board Fund needs to take a long term view, so it has its own ‘Boat Reserve’ bank account, ring fenced from general CUCrC funds, and is 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 sections. This gift form also acts as an Alumni Supporter registration form.

An historic summary of Boat and Board Fund accounts is shown below, followed by the detailed accounts for the current year.

CUCrC BOAT & BOARD FUND HISTORICAL SUMMARY
Dinghy Refurbishment and Replacement (£)
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.
2011/12 15,846 7,077 22,923
2012/13 22,923 15,237 38,160
2013/14 38,160 15,607 42,303 11,464 Purchase of 6 new Fireflies and 6 new covers for old Fireflies.
2014/15 11,464 17,033 28,497
2015/16 28,497 26,876 45,530 9,843 Purchase of 6 new Fireflies and 7 replacement sails.
2016/17 9,843 18,327 28,170
2017/18 28,170
Windsurfing Kit Repair and Replacement (£)
2010/11
2011/12 25 25 First alumnus gift for windsurfing received.
2012/13 25 38 63
2013/14 63 137 200
2014/15 200 405 605
2015/16 605 333 938 Major improvements to windsurfing kit with the aid of an additional £2,000 from reserves.
2016/17 505 505 Income now distributed on an annual basis for board replacement and repair.

 

Contributions to Boat and Board Fund by Alumni Decade
(Lump sum gifts amortised over 10 years)
Decade Contribution
1940’s & 50’s 15%
1960’s 29%
1970’s 23%
1980’s 10%
1990’s 15%
2000’s & 10’s   8%

 

BOAT & BOARD FUND 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

 

BOAT & BOARD FUND BALANCE SHEET AS AT 31 JULY 2017
Current Assets (£)
Boat Reserve Account 28,175
Income and gifts in other Club accounts
Alumni GAYE payments outstanding 20
Gift Aid  yet to be received 1,965
Total Assets £30,160
Current Liabilities (£)
Owed to Club’s main Working account 1,990
Total Liabilities 1,990
   
Assets Less Liabilities £28,170
 

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