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BCA Reserves policy
– November 2016
We aim to maintain unrestricted reserves equivalent to at least 24 months of net
The BCA runs a number of projects with an uncertain
level of income to fund them.
Maintaining about 24 months’ worth of reserves enables
us to plan events a couple of years into the future and to order batches of
adapted chess sets and clocks.
The term net expenditure is used here because with
tournaments much of the expense is offset by participants paying most of
their accommodation costs. Net
expenditure is the total outgoings less the amount coming in from event
participants for our 3 annual domestic tournaments.
Over the last 3 years the net expenditure has been about
£47,000 a year on average.
24 months of net expenditure therefore equates to about £94,000 in general funds.
reserves at end of last financial year £122,129
funds (raised or given for a specific purpose) £4,611
reserves of £117,518
We currently have more
than our estimated 24 months of net expenditure. This was not planned and is largely
explained by unexpected and large amounts being given to the BCA. We think that it is unlikely to be
repeated. This extra amount helps us
to deal with our uncertain income and gives us flexibility for allocating
money. We will keep this figure
under review during the next year.
Our income is
largely from donations raised by our fundraiser and is hard to predict.
We are also
mindful of the fact that if our fundraiser were to stand down, it could be
difficult to recruit a new officer quickly.
uncertainty is the fact that we purchase specially adapted chess sets and
clocks with no guarantee as to when we will have sold them all to members.
will be reviewed at least once a year.
Original policy drawn up in October 2010: reviewed
Signed and dated by 2 trustees on behalf of BCA