Update from the Nick Taft on club’s finances
It’s been a full-on start to the rugby season – and it’s been as busy behind the scenes working on how the club operates today and for the months ahead.
The Operations team has been leading the charge: the new catering truck is proving a growing success and we’re working further on the catering and events proposition. Our own events calendar is being reviewed with numerous social events in the pipeline, which you’ll hear about soon. I do encourage anyone with a party or business event to consider Broadwater to host it – the Events team provides a great service and members get preferential rates, plus you would be supporting the club as an extra benefit.
Budgets are now agreed, though require additional work as we are currently forecasting a deficit. We believe this will improve as Events and Commercial gather momentum through the season but are still concerned and carefully managing costs and tracking revenues. Further details on each financial section are below. As previously mentioned, we have simplified the reporting of our finances and will review further. This will be updated with budget figures next month but any initial feedback is welcome.
The next major financial milestone will be the AGM (to be scheduled for mid-December), where we will present the full accounts from the last financial year. Loan repayments are also due in December and we will be contacting all loan holders within the next few weeks to share their annual statement and options.
Rugby: memberships are tracking slightly behind forecast so please can everyone make a push to complete membership payments as soon as possible. This really helps set the club up in terms of financial stability for the season ahead. Many age groups also benefit from new subsidised Raging Bull playing kit as a membership bonus.
Youth and Minis have an ambitious events calendars ahead and we’re looking forward to the various festivals and seeing the club thrive from a rugby (and revenue!) perspective.
Facilities, Management & Administration: the initial main projects of the catering truck, new pitch layout and parking are now complete with the costs covered by donations and a RFU grant. Other projects are being reviewed, but mostly focussed on maintaining the current standard.
Shop: the new shop has been well tested and we’re seeing great footfall and sales – with one Sunday seeing £1,150 in sales. New stock has recently arrived so please visit Roy, Clara and team for GRFC playing kit, accessories and leisure wear.
Commercial: the Commercial Committee with Roy, Emma Swadlo and team are building our pipeline through various market engagements. We had some great news for shirt sponsors in the off season – but are looking for numerous other partners to support the club and hopefully benefit their own organisations. Please get in touch if any members, friends or business contacts would be interested – there are numerous models available that can be considered and discussed, ranging from advertising, sponsorship or commission-based activations.
Catering and Events: as alluded earlier the Operations team are reviewing how best to maximise our facilities from a catering and events perspective. With Sally Iddles now on board, this includes further developing our events proposition, competitive offering and marketing and social media presence.
For the financial statement please click on financial statement report
Please feel free to contact me with any queries – or if you would like to help contribute (financially, support or otherwise) to the management of club’s finances.
Nick / [email protected]