Reply To: 2023 accounts

Members Forum Society Matters 2023 accounts Reply To: 2023 accounts

#247747
William Wyatt-Millington
Participant

    There are some difficulties in having an AGM at the same time as an Expo. Firstly the rules state that the AGM must occur before the end of the March following the end of the Society’s financial year which is 31st August. Nether of the two Expo’s fall in that time frame. Secondly most of the Board members are fully involved in the running of the show and therefore the show would have to be paused to allow time for an AGM. Also, I am unaware of any society’s that actually schedule an AGM at an exhibition.

    The Board expenses have been considerably reduced by the impact of the Covid pandemic. During the shutdown periods the Board used Zoom to hold its regular meetings. With the end of the pandemic the Board decided to continue with Zoom meetings thus reducing the travel costs, and the cost of hiring a room at Keen house. The other advantage of Zoom meetings is that the Board members are not travelling for up to 4 hours for a 90 minute meeting.

    With regards to assets these are depreciated over a period of 5 years, which is a fairly standard practise and as it happens the only assets we have that are still being depreciated is the society investment in the moulds that PECO hold for the track and turnouts. I know that the cost of sales are included in the Trade Accounts and the accounts are a true reflection of income and expenditure over the financial year. I know when I was Trade Officer a reasonable excess of income over expenditure was always achieved. At the end of the day the investment in the track work moulds came from the Trade Account.

    On the subject of our current balance I believe that this is in line with other Societies such as ScaleFour. Could we use funds in product development: the EMGS and ScaleFour Society do represent a niche market in terms of railway modelling and I think that the large manufacturers would not have a business case for doing anything specifically for these societies. Most of the manufacturing is done in China and the minimum order quantity would run to at least 5000 items before it is considered economically viable. The combined membership of EMGS and ScaleFour is about 2500. We are working with small UK traders in order to ensure the continual availability of specialist items.

    I would like to thank John for his comments and I have tried to answer some of the comments. The new Board will have a lot of items to discuss over the next year and beyond and comments/suggestions are always welcome.