Financial Update

Published 19:29 on 23 Sep 2022

Dear Members

You will all be painfully aware of the effects of the current price inflation and in particular the uncertainty over utilities costs. It is still a couple of months to the AGM so, as we move into Autumn, I thought it would be a good moment to update you all on the club's finances.

You will be assured to know that our working bank balance is at a very comfortable level and we are paying all our bills and wages without difficulty. We also have a substantial reserve fund for unexpected costs. Admittedly this is somewhat lower than pre-pandemic levels, but the reserve did what it is for and supported us in keeping going when we had to close for lockdown.

Our Income levels are variable as expected, but clearly all of us are having to economise on spending and we will be watching the impact of this this closely. Costs are going up, including those from our brewery ,and our drink prices will have to go up by around 10p at the end of October to cover this. Charges for mooring, storeage, cadets, membership etc will also rise by inflation as per our normal practice. This was around 11.8% in July but the club still offers incredibly good value for money and remains competitive.

So, as well as carefully monitoring costs and looking for lower cost alternatives (e.g. we are cleaning the slipway with a rota of volunteers), we will continue with fund raising and social events which I hope members will fully support over the winter. These add enormously to our income and help us to get things we need new lifejackets for our expanding cadet section will feature soon!

Regrettably, I understand that in spite of the positive things going on at TMSC it is being said in some quarters around town that the club is in serious financial trouble. This is absolutely untrue and is probably due either to supposition, lack of understanding of accounting or deliberately malicious gossip, I know not which. In any event it is not true and if you happen to become privy to such stories I, and your club officers, would be very appreciative if you put them straight! Club officers give up a huge amount of time to make sure the club is a success and they are supported by two levels of qualified management and corporate accountants who ensure we remain viable. It is disheartening to see the club brought into question by unnecessary rumour, so let's hope it stops circulating now.

Thank you for your support as always, and we will keep you all up to date as we progress.

Dee Casey Brown

Commodore TMSC

Last updated 18:44 on 18 January 2024