TREASURER'S REPORT
There were no unusual financial events during 2007 and the steady financial performance experienced during 2006 continued, with an overall surplus of some £51,000 arising from total incoming resources of £1,765,000.
Membership subscriptions have grown by £11,000 and continue to be the bedrock of our finances. Looking to the future, the need for compliance with various legislative and regulatory requirements, which has grown steadily, may well grow further and any additional costs must be met. It is, regrettably, subscriptions that have to bear the brunt of these costs. Girlguiding, however, continues to give unbeatable value for money.
In voluntary income the principal element behind the increase of £22,000 was an increase in the grant received from the Scottish Executive to assist in capacity building. Fees for the use of Netherurd fell back by £15,000 to just under £228,000 and we must continue to encourage the use of this magnificent facility by both members and, when not otherwise required, by external customers.
Turnover in our four shops was static at £953,000. The shops provide a useful service to our members and buying from them whenever possible provides helpful support to the Association. Investment Income,which is entirely bank interest received, is £9,000 higher than in 2006 as a result of higher interest rates and higher bank balances. Excluding the cost of goods sold in shops, the increase in expenditure was held to £37,000 which is an increase of 3.4%. Turning to the balance sheet, the fixed assets figure includes the purchase of a vehicle for Netherurd. An increase in debtors arises from £30,000 of grant and funding income not received until early in 2008. The higher figure for creditors is due to outstanding payments for work on the car park at Netherurd and to an alteration in the phasing of grant payments from the Scottish Government.
At the year-end our bank balance stood at £760,000, and consideration has again been given to possible alternative investments but this has not, for the present, been considered appropriate.
The financial position of the Association continues to be healthy.
J Richard Allan
Honorary Treasurer