Summary
Below is an outline of the financial transactions of the Union for the year ended 31st August 2007. Of the total income of 51,632.49, 26,006.72 was contributed by the members in annual fees. 12,609.17 of this sum was paid using credit cards. Entry fees for the Junior Championship and contributions towards the Glorney Cup make up the balance.
The biggest expenditure in the year was the cost of the running the Glorney Cup at Dublin City University, where 37,748 was spent. Grants of 1,200 towards the Irish Championship, 500 towards the Bunratty Tournament and 200 to the Braille Association were also made.
A deficit of 2,700 was offset by a transfer of 1,600 from the Junior Chess tournament. I am not aware what funds Junior Chess holds at this time.
In a non-Glorney year, assuming static membership fees, there will be available approximately 26,000 for expenditure and this is usually spent on the following items:
- National Team Expenses
- The Irish Championship
- FIDE Membership
- Grants to the Braille Association
- Junior Training
- Committee Meeting Expenses
- Grants to Junior Players
- Individual grants to players for International competition
It would be interesting to hear the views of the meeting as to how next years budget plus the cash on hand of 9,200 should be used.
The surpluses were achieved through the elimination of the Grand Prix and the discontinuation of the printing of the magazine.
My work during the year was facilitated in particular by Philip Hogarty our Chairman, Pat Fitzsimons who made an extraordinary effort for the Glorney Cup and Mark Orr who assisted greatly with the website and the PayPal account.
The incoming Committee needs to streamline the membership management so that income from PayPal and through the post are entered only in the membership database which in turn which should be passed to the Rating Officer for management.
Please excuse my non attendance (due to a family event).
I notice that there are no nominees for the position of Hon. Treasurer and I confirm that pending the appointment of a replacement I will maintain the financial affairs.
Income and Expenditure, 1st Sep 2006 - 31st August 2007
| INCOME | |
| Glorney and Faber Cups | 22,252.12 |
| Junior Championship | 1,773.65 |
| Memberships via Post | 13,397.55 |
| Memberships via PayPal | 12,609.17 |
| Transfer from Junior Chess | 1,600.00 |
| Total Income | 51,632.49 |
| EXPENDITURE | |
| Glorney | 37,747.93 |
| Prizes | 3,426.99 |
| Irish Championship | 1,200.00 |
| Junior Championship | 1,344.00 |
| Bunratty | 500.00 |
| European Competition Entry | 1,285.75 |
| FIDE | 3,187.32 |
| Braille Association | 200.00 |
| Chess Magazine (2006) | 2,038.85 |
| Expenses | 850.00 |
| Stationery | 871.39 |
| Bank Fees | 79.42 |
| Total Expenditure | 52,731.65 |
| BALANCE | |
| Deficit for the Year | -1,099.16 |
Balance Sheet as at 31st August 2007
| Cash at AIB (Current Account) | 6,027.17 |
| Lodgement outstanding | 295.00 |
| Deposit Account (AIB) | 579.19 |
| PayPal Balance | 2,344.45 |
| Total Assets | 9,245.81 |
| Liabilities | 0.00 |
| Members Funds | 9,245.81 |