AGM 2011 - Treasurer's Report
Season 2010/2011 saw increased membership of the ICU with receipts
from members totaling just over 23.5k. The Union has been run at
a deficit of 1,380 euro and holds Reserves at the end of season of
6,831. It has also seen a number of changes in how the ICU is being
run. Some of these changes, in terms of the financials, are listed
Agreement to re-state Financial Statements into one coherent and
consistent format for future years. This was not possible for the
current years accounts as it would require a restatement of the
prior year accounts, information for which is not sufficiently
available. We are in a good position to implement this from the
end of next season and I commend same to the incoming Treasurer.
Introduction of a budgeting process to assist the Committee in
structuring its decisions regarding how and when to allocate spend.
Whilst this was not without some issues in its introduction phase,
solid budgeting is best practice for any organisation and should
lead to a better managed spend.
Agreement that the ICU will co-ordinate individual payments for
international events for which there are a number of players (to
save on admin and bank charges for players).
Accounting provisioning is now in place to smooth out non-annual
high value expenses for the ICU. This has lead to an 1,800
provision in the accounts towards next years Olympiad.
Further to the above, an agreement that a provision for the uplift
in cost of hosting a Glorney Cup tournament be shared over the four
years of a cycle, instead of all hitting in the year of hosting
(such as happened this year).
(please refer to the financial statements for full figures)
Receipts from members in the period 23.5k
Glorney Cup costs 9.8k
Junior training costs 2.4k
FIDE costs (paid and accrued) 2.4k
Irish Championships support cost 1.7k
Other congress support costs 3.5k
There have been some issues this year with our bankers in terms of
international payments out of our accounts. This is compounded by
the fact that it requires two signatories to attend the bank each
time a transfer is required and that there is no facility for
internet review of the accounts (we still wait for paper statements
each month). It would be advisable for the next Committee to look
at other banking options which might give more flexibility.
You can download the ICU account for the season ending 31st August, 2011