Last night (Thursday 19 March) we should have conducted our AGM and yet, following Government advice to avoid non-essential gatherings of people, we naturally, couldn’t go ahead… So, our treasurer, Claire Allen of Team4Solutions bookkeeping, shares her financial summary here of the year that’s given it’s name to COVID19!
As a non-profit making organisation our Chamber is responsible for ensuring its funds are used appropriately to provide services supporting the local business community. During the 2019 financial year, we organised many successful events including bi-monthly members’ meetings, networking breakfasts, Uckfield’s Christmas late night shopping and a Christmas Gala Dinner. In addition to this we supported various community projects with sponsorship and donations, including the replacement of the Bellbrook Industrial Estate signage.
Our activities are funded by membership subscriptions, event ticket sales and advertising revenue.
There are of course core overheads which are necessary to ensure we have a well-run organisation, these include the salary of our part time secretary, office running costs, insurances, etc.
The detailed accounts are available to view in the membership area of our website although below there is a high-level summary of our financial activity for the year.
Our opening balance was just over £15k on 1 January 2019. During the year, our subscription income yielded £24,475 with profit from our various events and projects amounting to £2,515. The annual cost of running the Chamber for 12 months is just under £20k and we need to add in advertising and sponsorship costs of £6,334 during 2019, which largely support community projects. So, the core income and expenditure broadly balanced. Our significant donation this last year was to the Uckfield Youth Club of £5,400 allowing this important facility to recommence.
All in all, a successful year, having fulfilled our objectives in providing a wide range of financial and promotional support for our business community and end the year with a positive financial balance of £10,831 to carry forward into 2020.