ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2014
Profit & Loss Account
Income has increased by £9,000 in 2014 to £19,461 compared to the prior year. However, this is a result of FI acting as the organising committee for the Thailand Worlds and hence the entry fees (£9,800) and costs (£9,325) have all passed through the FI accounts, rather than FI simply charging a levy to the organising NCA. The net profit on this event amounted to £530, which together with the FI levy from the Europeans in the Shetlands (£520) falls short of the £3,177 levy received from Slovenia in 2013. Membership fees have increased by £1,800 in 2014. This is the result of some NCA's bringing their membership up-to-date in time for the Commodore's election and hence some 2013 memberships have been recognised in 2014. In particular, £400 of 2013 membership fees relating to a single NCA have been recognised in 2014. Plaque sales are on a par with 2013 with 17 new boats being built. Plan sales have been significantly lower in 2014. We have received lots of interest in plans, but many interested parties have not followed through with payment.
Overall expenditure has increased in 2014 to £18,400, which is £8,700 higher than in 2013. As mentioned above, this is due to the Thailand World's costs being included in our accounts this year. Excluding this, administrative expenses have been broadly in line year on year, although lower IT costs in 2014 have been offset by a bad debts charge in 2014 of £400 (see below). Cost of sales (which includes plaques, membership cards, discs and plans) are lower this year as we had some plaques in stock at the end of last year.
The overall result for the year is a net profit of £1,083, £300 greater than last year.
Debtors (amounts owed to us) are in line with 2013 levels at £1,460. £1,000 of this debt was paid in January 2015. A further £400 relates to late 2013 membership fees invoiced in 2014, which remains unpaid. The debtors' ledger has now been fully cleansed, including the resolution of a £642 payment query from 2013. A further £400 bad debt provision was required this year, so we now have no debtors provision at the end of 2014. Cash at bank has increased slightly to £19,400. Creditors have increased by £300 to £8,080 and comprise amounts owed to the secretary, to be settled this week, and an accrual for £7,500 relating to plaque commission due to Norris brothers.
The budget for 2015 predicts a profit of £2,300 for 2015. However, the FI levy for the UK worlds needs to be verified, plus the status of the FI secretary needs to be confirmed.
Treasurer Fireball International