Fond Farewell!

Hi everyone,
Thank you so much for the beautiful bouquet of flowers and kind gift I received from you all.   As I have yet to put up my Christmas decorations the bouquet has brought a glimmer of Christmas into my house!
Thank you to everyone who was able to join the AGM via zoom.  I believe we had 85 registered attendees.  It was a very good meeting and I hope that everyone managed to have their say.   There were a couple of actions arising which I undertook to follow up on.   The Guidelines will be updated to take account of some of the excellent suggestions made and will be re-circulated by incoming Captain Margaret.
In relation to the refund proposal, and taking into account members wishes, I undertook to have another look at the surplus situation.   With my financial management hat on I had reviewed the finances going back to the years 2015/16.   I think it is prudent that we should all be aware that, if we ignore the year just gone, we have been operating with a deficit outturn for the three years 2016/7, 2017/8 and 2018/9, as outlined in the chart below.  
Opening Balance Closing Balance Surplus/Deficit
2019/2020 13,515.06 22,192.02 8,676.96
2018/2019 14,488.19 13,515.06 -973.13
2017/2018 15,428.72 14,488.19 -940.53
2016/2017 19,205.16 15,428.72 -3776.44
2015/2016 17,872.62 19,205.15 1,332.53
It is understandable that people may think that because we have days cancelled each year due to bad weather or because the course is closed due to racing, we are making savings.   The reality is that even with a number of days cancelled, based on the figures above, we are eating into our surplus year after year and, at some point in the not too distant future, we will have to either increase membership fees or reduce our annual expenditure.
The Committee and I took on board the members views put forward at the AGM and have decided to increase the refund to members from €50 to €75.  The cost of this is €9,075 and brings the carry forward surplus back down to €13,117.02.   For cash flow purposes we should aim to keep a surplus of between €8K and €10K at the financial year end.   This is to bridge the gap between the start of the new financial year on the 1st November and when the membership fees start to arrive in, in mid-late January, which is almost three months.   
The €75.00 refund will be offset against next years membership fee request, which from an administration perspective is the easiest way to deal with it.   Anyone not renewing their membership will receive a cash refund.
I hope that this is good news and puts a smile on everyone’s face Emoji.   We have had a hard year and it looks like we will be in the same boat for at least another six months.   
My job as Lady Captain is almost done with only two weeks to go.  Despite Covid-19 I have had a wonderful year and enjoyed every minute of being Lady Captain.  Everyone has been so kind and generous and it is a privilege being a member of such a wonderful Society.   I am so lucky to have had such a fabulous Committee supporting me throughout the year.   Without naming them I wish to thank many of the former Lady Captain’s who have been so generous with their advice and guidance.  Thanks to our out going President Joyce, who was a hard act to follow.    Good luck to incoming Captain Margaret, and her Vice-Captain Karen, I  know we will be in their very capable hands in 2021.
Finally, I wish you and all your families a very safe and happy Christmas and hope that wonderful things come your way in 2021.
With very best wishes,
Lady Captain 2020