Finance report

I wish to start off my summary by thanking all our members and volunteers for their continued support of the club during this difficult year. The disruption from the Covid-19 pandemic has had a significant and unprecedented impact on our lives. It has been fantastic to see the continued engagement and the way we as a club have adapted to ‘the new normal’

My Covid-19 cliché’s out of the way…onto finances!

The club remains in a healthy financial position with a sensible amount of reserves to allow us to remain operational during this prolonged period of uncertainty.

Club income dropped by a half this year to £13,342. This has been influenced by 2 main reasons:
1) The change of the 5K to a virtual event, with a lower cost of entry
2) Club unable to host the annual fundraising quiz
Membership fees and race entries remain the club’s key sources of income.

Levels of expenditure have similarly reduced, which was driven by the change in nature of the 5K event and the associated incurred costs. It is important to highlight that some of the outlay from the 2019 5K event were invoiced in this financial period, amounting to -£2.5k.

The virtual 5K event was a fantastic success, with great support and participation from members. My thanks to everyone involved. In total, we raised nearly £5k for Rainbow Home, which was met with overwhelming gratitude.

The club has continued to invest in our membership base, with the training of 5 more LiRF’s this year and an additional CiRF. We introduced the Winter Kit, which the club decided to subsidise for members.

We have also had to invest in new tools like a subscription to Zoom, to allow us to adapt to the new social distancing rules and continue to engage with members.

On a final point, we as a committee took the decision to switch our club banking from Barclays to the Co-Operative. This decision was made in light of Barclay’s introducing a monthly fee for using their banking services. We felt that it was in the best interests of the club and our members to switch to a bank that didn’t charge for their services.

I would like to thank the many organisations that have support Newcastle Frontrunners this year. Most importantly, my thanks to everyone for your efforts in continuing to support the club during this difficult year and ensure we have a healthy future

The end of year accounts are available here.

– Eddy, Treasurer 2019-20