Given the recent Budget, I feel a little bit like the Chancellor of The Exchequer when delivering this speech I do hope though that I will be better received than Madame Chancellor was…..
I am delighted to share with you that this year, the accounts make far better reading than last and, I can confirm that the anticipated profit has been realised albeit modest.
But, any profit should be applauded as it is the first time since 2019 that we have been in this position.
We have continued to invest in our members and have been duly rewarded by the support of them. The LIHS brought us new members and , like the other events held during the year was a resounding success.
2023 has seen a profit of £5,019 overall and the withdrawals made from the Rathbones Investment to boost funds in 2022 have been recovered.
The financial trajectory for 2024 is likely to be positive and should generate a profit. Based on the figures as we see them currently, this will be in excess of what we achieved last year.
We feel proud as a board that the foundations we have put down in careful budget planning, monitoring and adjusting as necessary have seen the expected positive outcomes which enable us to continue to build our reserves for our members.
During budget planning for 2024 it was established that increases were necessary to membership, registrations and affiliations. The Board have met and considered these increases and have agreed that in 2025 there will be no further increases in these costs to our members.Memberships and registrations have remained level this year and, it was great to see that many LIHS competitors joined as full members at the start of this year and progressed to compete in the main BSHA classes.
Events this year have included a Southern Spring Show and the hugely popular Nat Champs – both of which have made a small profit, but we agree that these events are for our members and the turning of a profit on them is not our main priority. Yes, we want to break even and a profit is great but events like these are for our members and we will continue to reinvest in them in this way.
To date in 2024, the performance of our investments has been mixed, very positive for Rathbones however, Raymond James leaves us wanting. It has done slightly better than it did in 2023 but we still are in negative territory with this one – we are monitoring this closely on an ongoing basis.
In conclusion, 2024 looks as though it will be a financial success for the society and the board will endeavour to continue this trend, implementing what we have put in place and making sound financial preparations for the future to ensure this continues to be the case.
KATHY ATKIN-BOWDLER
