Norfolk Broads Yacht Club Limited – Minutes of the Annual General Meeting held on Saturday 7th October 2022
The Commodore welcomed all those present, he asked all members to stand for a minute’s silence for those members who had passed away this year: Jadwiga Jobson, Mike Evans, David Elliott, Reg Parsons, Keith Payne
1 Apologies
A list of apologies was given and noted by Claire Lund
Minutes of the last Annual General Meeting
There were no minutes to be approved as this was the first Annual General Meeting of the Company
2 Commodore’s report
Bob Payne’s report was sent to the membership before the meeting, his conclusion was read out at the meeting;
Bob thanked everyone, this year has been fantastic. Would quite like another 3-4 months as Commodore!
Conclusion. NBYC is growing and competently run with good levels of satisfaction amongst the majority of its membership. It is a listening organisation with constant opportunities for feedback from all. The club remains true to its founding principles and respects its responsibilities to its heritage fleets, its families and its juniors whilst being keen to adapt to the demographic and technical changes that effect its core activities. The financial challenges of 2023 and beyond are not to be underestimated and it is certain your Flag Officers and Committee are going to have to take some very difficult decisions to protect your interests into the future. You should be confident they will always act prudently and with due consideration. Your support by informing their decision making, sharing your considered views, will be essential.
3 Treasurer’s Report
The Treasurer stated that;
The final accounts for the Club to 30 November 2021 were distributed earlier this year together with my report dated 18 April 2022. The next set of accounts will be for the 13 months ending 31 December 2022. These slightly different accounting periods makes it difficult for comparisons in that the 2021 surplus of £90,130 does not reflect the loss for December 2021 (£11,108) we would normally report within the 2021 Accounts. This loss will be reported within the figures for the 13 months to 31 December 2022.
In looking at the management information for the calendar year 2022, we are projecting a surplus of £40-£50k for the year after covid grants of £4k. This compares with last year’s £79k after covid grant of £29k.
We have continued to attract new members and our subscription income will be over £140,000 a record in recent years. The previous year’s figures were £134k in 2019, £125k in 2020 and £127k in 2021.
Similarly, demand for moorings has continued to be strong with income projected at £180,000 for the year. All pens and dinghy moorings have been let this season, comparison to the last couple of years; £170k last year and £150k in 2019
Training has been very popular. We have run less courses this year as Ruth Owen (our Chief Instructor) has been on maternity leave. The demand for places on Easter sailing school and the two cadet weeks was huge, and we owe thanks to everyone who was involved in managing these numbers. Income is £41k to date however courses are continuing until the end of the year so we are estimated to meet £46k projected figure.
Catering has had a steady income with a very busy Wroxham Week with takings for the week totaling £41k over the nine days! Thanks to the Catering team and Office for banking the monies. Forecast is £150k for the year. To date we have received £120k and in 2020 £101k which is not comparable due to covid, (in 2019 £152k) Catering reflective of the sailing programme, not allowing for lunch or social time between races.
These are our four major sources of income. In 2022 our income is projected £545k. It was £495k in 2019 which was our last year of full operation before Covid.
Therefore, our income in 2022 has been good, with the only exceptional item of expenditure being an increase in the amount of VAT we could not recover. This was largely related to the costs of the new office. Also as we change from a Club to Incorporated. Electricity is a factor, projected £22k this year compared to £13k 2020
Thus overall, for the calendar year 2022 we are presently predicting a surplus of £40-£50k but this very much depends on increased costs in the last months of the year. This surplus together with the loss of £11,108 from December 2021 will be reported in the accounts for the 13 months to December 2022. As in previous years, I will circulate the Accounts as soon as they are available rather than waiting for the AGM.
The cash generated in 2022 and earlier has enabled us to complete capital projects so far this year amounting to £83k. Authorised by Committee in 2021. This cost is principally related to the new Office (£50k) and quay headings (£30k). In addition, the committee has now authorised a further £61k of quay heading work which will be completed over the winter months, Goose Green and Jubilee Basin. The cost of new quay heading is staggering as we are replacing the old wooden quay heading with plastic which has a much longer effective life. It costs £475 per metre.
Looking Forward
Like all businesses we are aware of the large increases in costs that we will face in 2023. The greatest increase will be in our energy costs. These have already risen by 382% and could rise further. Relief is available; we were paying 20.3p per kw in July, we were paying 34p per kw in August, 62p per kw Sept and then it dropped to 30.6p per kw in October. Business rates of £11k in 2023 as opposed to £4k paying now. If we change our supplier we will need to do so by end of November. We now know that relief will be available until April 2023. The Government will cap energy costs at 21.1p for all energy purchased below 65.6p. Relief will only be valid for 6 months.
Business Rates will increase to £11k from £4k in 2023.
Inflation for 2023 is forecast to be 10% or more. We have estimated what these increased costs may be to set a budget and the level of subscriptions for 2023.
After much consideration, the Committee agreed that there should be an increase for adult members of 7% but the subscriptions for families and members under the age of 27 should be frozen at 2022 levels. In recession and with mortgage costs these may be the most effected groups. These figures will be proposed to the AGM for approval.
The Club will start 2023 in a strong position with adequate cash reserves from previous years. The Committee would like to commit some of these funds to continue with the capital programme for improving the Club’s facilities, but in the short term this is in abeyance until the revenue position for 2023 becomes clearer. We are forecasting a surplus for 2023, but very much aware of economic factors outside our control.
Our thanks to Peter, Claire, Emily and Sam Alexander for all their help processing and keeping everything up to date. Because of their hard work we have accurate management of the accounts and this is needed at the present time.
No questions
4 To approve the subscription proposals
- Robert Self – Want to encourage families, have you thought about single parents? It was explained that anyone on the family membership can have any number of children added to the family membership. Single parents can join as a family, you do not need to have two adults on this membership if this works out cheaper.
Subscriptions proposed by Malcolm Kemp
Subscriptions seconded by Jock Grieve
Votes in favour 69. Votes against 2. Abstentions 0.
5 Directors, Officers and Committee for 2022/2023
Election of new Commodore Ruth Knight
Bob Payne delighted to nominate Ruth Knight as Commodore
All in favour
Ruth Knight made a short acceptance speech
Election of new Vice Commodore John Reid
Ruth Knight delighted to nominate John Reid as Vice Commodore
Bob Payne seconded this nomination
All in favour
Election of Rear Commodore Beth Campbell
Bob Payne delighted to nominate Beth Campbell as Rear Commodore on behalf of John Reid
All in favour
Beth Campbell made a short acceptance speech
Election of Treasurer Martin Jones
Ruth Knight delighted to nominate Martin Jones as Treasurer
Beth Campbell seconded this nomination
All in favour
Martin Jones accepts this position however at the end of this season he will be retiring and asks for anyone interested to see the Commodore please
Election of Timekeepers Anne Richardson & Beth Campbell
Ruth Knight delighted to propose Anne Richardson, Nicky Talbot and Jenny Payne and thanked them for all they do at NBYC
Bob Payne seconded this proposal
All in favour
Anne Richardson thanked the team behind the timekeepers also, Anne will be after further volunteers
James Dugdale, due to article 16.3 has withdrawn his Committee place
The following were appointed as Directors of NBYC for 2022/2023;
Flag Officers, Treasurer, Mark Absalom, Rose Angell, Geoff Evans, Heather Evans, Nick Gill, Richard Lord, Nick Matthews, Chris Tuckett, Paul Walland, Brian Wilkins, Paul Wren, Bill Knight
No need for a vote as maximum Committee numbers were not reached this year.
Ruth Knight thanked Beth Campbell, Will Knight and James Dugdale who have not sought re election
6 Confirmation of representatives for the RYA and NSBA 2022/2023 Committee
- The Commodore thanked our RYA representative Sally Dugdale who is happy to continue in 2023
- The Commodore stated that the representatives to the NSBA, as is the norm will be, Commodore and the Chairman of the Sailing Committee
7 Confirm appointment of M & A Partners LLP as Reporting Accountants for the period to 31st December 2022 and authorising the Directors to agree their remuneration
All in favour
8 Any Other Business
Six questions submitted ahead of time
- Saturday pm racing/sailing. “Why are Sat pm sessions so quiet?” The offer of informal events was not taken up as much as hoped and so the Racing Group will be considering how to best use this time in the 2023 programme. Members should be aware that one rationale for the decision in 2022 was the difficulty in getting sufficient volunteers to manage racing.
- “Saturday pm to be used for alternate activities?” This idea to be passed to the Racing and the Social Group. The Yeoman fleet have of course led applying a very successful model, arranging a whole number of events of this type.
- “Whether to group races together, the so called “race and go” model or spread them out to encourage participants to socialise in the clubhouse between races?” The Racing Group are consulting, and we would suggest all members ensure their Fleet representatives are fully aware of their wants and needs. It would be wrong to suggest the “race and go” model was a response to Covid. The pandemic gave us a chance to pilot what had been a strongly voiced request of the membership for some time beforehand, fitting as it did with the imperative for social distancing. We changed the catering offer in response to the programme change. I am aware that the RG are already looking at how to meet the wants of both constituencies.
- “August and beyond being quieter?” This has long been a quieter period, certainly since I’ve been a member, and again the Racing Group will consider how to increase participation in this period. It has to be said that racing is always available, we have to find a way of making the existing offer compelling.
- Charging for racing at such as Open Weekends: “Why is this not a standing charge within the member subscription?” The club had not increased the fee, I believe, from 2002. It covers the extra cost of not only glasses but all the extra expenses to the club of organising racing. Whether this should be a burden on the non-racing members your new Committee may wish to consider.
- “How has the move to incorporation changed the liability of the clubs Officers?” As notified to all members in the FAQ information sent before last year’s AGM and the vote; the liability essentially moves from the Officers to the organisation.
Further questions raised at the meeting
Robin Richardson; Have the Club any policy towards the encroachment of the weed on the broad? If we do not do something at the rate the weed grows there will not be a broad. Losing vast quantities of the broad to the weed
- Bob Payne responded; The Committee received a paper on this looking at the extent of the broad. Monitor where we are and manage racing courses to avoid areas of weed. We have been told this is a 5 year cycle, 2022 is the 3rd year in this cycle. 23 weeds of which 4 are protected so cutting dredging and moving would be difficult. We were given a quote of £32k to deal with the weed in one small area, this will not eradicate the problem. We will continue to monitor the situation and the Committee will keep it high on their agenda.
Poppy Ferrier; Will the Landlord be responsible for the weed control at all?
- Trafford Estate spending £250k on the restoration of the island. We have not had a formal conversation concerning this. David Talbot answered it has been mentioned to our LL and is aware, his priority is the restoration to the island, he is aware of the problem and would not like to see the Club having problems with the weed. We will continue to work with him and make him aware of the problem.
Bob Payne welcomed Trish as a new member of Staff to the Office, Trish thanked everyone
Ruth Knight thanked Bob Payne for all of his service over the last three years with a power point presentation of photos and a present. “Thank you for the fun, friendship and fellowship”.
There being no further business the meeting closed at 7.30pm