This report should be taken with the accounts for the year, as it is in reality an explanation of those accounts. Generally the position is good.
The RACING FUNDS income (consisting of entrance Fees to club events) amounted to £8.5.0d., due solely to the maintained high entry. However, the expenses on this fund (consisting of medals, engraving & Standard Certificates) amounted to £8.12.0d. so a loss of 7/- on this fund was occasioned. In actual fact the loss is only caused by the cost of the new plate which had to be attached to the Championship Cup and without this expense a profit of a few pence would have been shown.
The GENERAL FUNDS which include the half share profit on the dance and the magazine, showed an excess of Income over expenditure of £3. 14s. 6d. As it was decided to buy a new Trophy with the profit of this dance the sum of £5 was transferred to the Doug Pentney Trophy Memorial Fund Account, and so the profit for the year shown by the accounts is the true one on the working of the club during the year.
Although the Cash in Hand at the end of the year may apear to be considerable it must be borne in mind that if the Club wishes to buy awards and to run functions a considerable sum of money must be tied up for the greater part of the year.
Provided that the club continues as it has during the last year there is no reason why the finances should not be in such a condition at the end of the next year as to enable us to domany of the things that we have wished to do for some time past.
L. F. Nicholas
Hon Sec. & Treasurer: January 1949
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