Treasurers Report
We have now completed our first year of Accounts as an Industrial & Provident Society and a consequence of this is that the Accounts prepared by our Auditors are more detailed than those previously issued to us a Supporters Trust. It has been necessary to prepare the Accounts this way to meet our responsibilities as an Industrial & Provident Society and to demonstrate to both our members and the Regulator that we are running our financial affairs in a correct and proper way. You will notice that we have now incurred an Audit Fee and I can assure members that the fee charged is very competitive and well below that quoted by other Accountancy Firms who were approached to audit our accounts.
The Accounts show that we are more and more dependent on fund raising to provide income as our membership income is now below £1000. This reflects the fact that most of our members are now Life Members although many of our Life Members have made donations to the Trust for which we are most grateful.
We have also now had to allocate a reserve of £660 in respect of each £1 share in NTFC Supporters Limited that has been issued to our members.
Income from Trust Travel and Club 250 along with various other Fund Raising Activities accounted for the majority of our income and we are grateful to those members who have organised these various events. The other Fund Raising activities included The Annual Raffle, Open Forum Raffles, Sales of Badges, Profits from the End of Season Function and Quiz Night and a donation from the Hotelend Fanzine.
The new Internet Banking arrangements at the Co-operative Bank have worked well with statements and other information available at any time. We have also benefited from interest added to our account. We do not have to pay Bank Charges and the item of £5 referred to in our accounts relates to a charge made by our previous Bank for a duplicate statement.
During the year we made a payment to NTFC of £5001 which secured a further 3334 shares in Northampton Town Football Club. Additionally the Football Club received approximately £500 from memberships purchased with Season Tickets to help fund projects for the Study Centre. We have maintained a reasonably healthy balance at the Bank to ensure that we have sufficient working capital to run the Trust.
Please encourage your fellow supporters to Join the Trust and thank you to everyone who has paid to and helped generate income into the Trust during the past year.
Finally I would like to thank Monty Lynds of Clifford Towers for all the work that he has put in to completing our accounts and his assistance during the year.
Trina Smith
Treasurer
NTFC Supporters Limited
November 2005
