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Saturday, 1 October 2011

Residents' Club finances & newspapers

In the last few years, the Residents’ Club has been hit with a number of costly repair bills for the Bar cellar as well as losses on some overseas trips and an increase in the rate of VAT. Last year (2010-1), the elected Committee worked hard to increase the Club's reserves but mid-year had to repair the cellar again, using up all the funds they had managed to save.

Consequently, the Club has very little in the bank at the start of this year (less than £1000).
It is vital that by the end of this year, the Club's reserves are at least £3000. This means most of the subscription income not already accounted for by fixed costs must be saved, and the Bar must return a profit. These will be challenges for this year's elected Residents' Club Committee.

Traditionally, the Club subscribes to a number of daily newspapers which are placed the reception lobby for residents to read. At present, the Club has insufficient cash funds available to pay these subscriptions for September and early October.

Newspapers will be re-started when the Club receives this term's instalment of £10/resident/term subscriptions from the Bursar's Office.