Covent Garden London
The heart of London's West End
Treasurer's Report
We were forced this year to make concerted efforts to raise the necessary funding to maintain the continuity of the CGCA's activities (beyond the grants from Camden and Westminster Councils). Following a substantial deficit from the last financial year, we found ourselves obliged to use the majority of our reserves (which had been set aside as a 'legal' or 'fighting' fund) to keep us going up until October, at which time we had finally reached a critical financial situation. The CGCA's income had fallen to an all-time low, whilst, at the same time, our workload had increased dramatically. Unable to pay for extra staff, there was now less time available for our existing staff member and his volunteers to carry out the necessary fund-raising.
At first, we were unable to secure any substantial funding from charitable trusts or foundations. Things were looking pretty gloomy. However, in October we launched a major fund-raising appeal, writing to all our members and approaching many local businesses. The response to this was enormous, both from individual members and many local businesses. Donations and pledges of help flooded in and, in shock, we came to realise just how much people value our work with their generous contributions.
Another major boost to our immediate needs was a large grant from the Jubilee Hall Sports Club. Part of this money will be set aside for work with our elderly residents and generally to increase the well-being of local people.
We had no major items of expenditure during the year, and one local resident kindly donated £750 which enabled the purchase of a new computer.
We received a substantial tax rebate which netted approximately £1500. From 6th April 2000 we will be able to reclaim tax on each donation, on condition the donor is a tax payer.
We intend to make use of more volunteers this year and we are in the process of recruiting a part-time worker to assist the co-ordinator. We need more volunteers and help in kind of any nature from the members of our community. Needless to say, we still need contributions to our funds and any donation, no matter how small, is truly welcome.
One financial and social highlight was the magnificent classical concert held in St Paul's Church in September. With the generous help of the Westminster Trio and José Maria Guerrero, an extremely talented local tenor, we managed to raise more than £1,000 for the CGCA and St Paul's Church. Events like this are extremely time-consuming to arrange, but in the end it was both enjoyable and profitable, thanks to the assistance of local businesses in the form of free postage, drinks and glasses. We look forward to the next concert later this year, so look out for details and make sure you come.
On a cautious note, our financial situation may be sound at the moment, but towards the end of the current financial year we shall have to seek further substantial funds from additional sources. We are in the process of completing a 5-year development plan for the CGCA, with clear targets and we shall use this in a renewed drive for funding from charitable trusts and grant-making bodies.
The CGCA will continue to thrive and expand wherever possible, and we hope to remain firmly 'in business' by next year's "Treasurer's Report". However, lest we forget, it is only with YOUR help and support that we are able to continue into our third decade.
Sital Maan
(a copy of the audited accounts will be available at the AGM on 13th June or from the CGCA office on request)
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