Covent Garden London
The heart of London's West End
Treasurer's report
The CGCA's financial position is always precarious, but in some years more so than in others. The past year has shown a considerable deficit for two reasons: a much lower income from charitable trusts and large corporate donations, and the increased cost of a second employee.
We have been able to 'weather the storm' because of the large surplus that we carried forward from the previous year and through some very frugal financial management. It is very clear to the Executive Committee that the CGCA will again face a cash crisis if it does not manage to find substantial extra income.
With that in mind, the Finance Sub-committee is planning a fund-raising strategy, aiming primarily at charitable trusts and local corporate donors. In order to bring some medium-term financial stability to the situation, we seek to persuade potential funders to make a three year commitment.
We are adamant that the decision to employ a part-time assistant to our co-ordinator is wholly justified, particularly as this is intended to free-up some of John's time to concentrate more on much needed fund-raising. The workload has increased year-on-year and the 30th anniversary celebrations add a considerable burden to our situation during 2001. The additional work associated with the establishment of a new community facility in Stukeley Street, the Covent Garden 'Dragon Hall', helped us in deciding to employ the extra member of staff.
Despite the gloomy picture, we look forward to the future with renewed vigour. We are making great efforts to increase the CGCA's profile and reputation with a very wide range of celebratory events to mark our 30th birthday. This, in due course, will hopefully, pay off when we seek to raise additional funds from local businesses.
Finally, our fund-raising will be greatly helped by the completion of a medium-term 'development plan' (we don't want to call it a 'business plan'!). This not only will assist our Executive Committee to plan in advance, it is also an essential tool to state the CGCA's case for additional funding from charitable bodies and trust funds.
We continue to need every assistance we can get, both financially and in kind. If you are able to help, please complete one of our donation forms or contact an Executive member for sponsorship or donation details. With a little help from the Chancellor of the Exchequer, who will give us the tax that you have paid on any donation that you make to us, there is no better time to help you to help yourself by making a donation to the CGCA - every little helps and is much appreciated.
(a copy of the CGCA's audited accounts will be available at the AGM on 4th July or from the CGCA office)
Covent Garden Community Association Annual Report 2000-2001
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