Covent Garden London
The heart of London's West End
Treasurer's Report
The financial year for which I am reporting has not been a year without interest. Although the basic level of financial activity remains at a low level, which is in keeping with the previous year's, the latter stage of this year has served to reinforce the message that the Association has to address the need to secure its future by fundraising and planning the activities that need to be performed.
Highlights are the first grant for several years from the City of Westminster and the start of the Older Persons Outreach Worker (OPOW) project. In total, however, the level of income has fallen from the 1997/8 level. The development work for the OPOW evaluation is clearly seen in the increase in salaries caused by the additional post. Other areas that have seen increased expenditure include volunteer expenses. This is due to the continuing work that is going into the Business Watch project that is carried on by the former Business Group co-ordinator. That work has been funded, generously but anonymously, and can be seen in the income section as other grants. Further increases, which reflect the ongoing projects, are in telephone, stationery and general office expenditure. You will also note the increase in travel expenditure that reflects the continuing work associated with appearing at many licensing and planning hearings.
The overall effect of the items above is that the expenditure for 1998/9 is considerably in excess of income. This results in a further diminution of reserves, which is clearly shown in the balance sheet.
Having summed up the year, I can now move onto my other subject: the future funding of the Association. Many years have gone by without any major fundraising activity at the CGCA. We must, however, embark on a determined fundraising effort to ensure the future of our Association. Alongside the fundraising, the Executive Committee has also begun to look at strategic planning in order that long-term activities can be identified and properly prioritised. The committee has already set aside time to review how the current and future activities can be maintained and, where possible, expanded to meet the needs of our community.
Ken Peters
(a copy of the audited accounts will be available at the AGM on 16th June or from the CGCA office after 7th June).
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