CDXC 2024 AGM

Treasurer’s Report, Accounts & Audit Certificate

Andrew Thomas, G8GNI – Hon Treasurer

Presented below are the audited accounts and brief comments on the financial highlights of the year ending 31st March 2024. The accounts have been approved by the Committee and audited by the Club Auditor, Owen Williams, G0PHY.

The accounts for the year show a deficit of £2775. This is primarily due to a considerable increase in DXpedition sponsorship as well increases in the cost of the CDXC Convention and the printing and distribution of the Digest. The main highlights in income and expenditure over the previous year are as follows:

Income

Overall, income is slightly lower than the previous year, primarily due to reduced income from the CDXC Convention. However, subscription income has increased slightly as has interest on investments.

Expenditure

The main increase in expenditure has been DXpedition sponsorship, up 61% on the previous year. Our administrative system, CMIS, has seen in an increase in cost as has the printing and distribution of the Digest. The cost of hospitality for speakers at the CDXC Convention increased the overall cost of the event compared to the previous year. In addition, CDXC made a contribution of £150 to DX World, sponsored WRTC 2026 and several DXpeditions, as follows:

CDXC DXpedition sponsorship 2023 – 2024

Balance Sheet items

CDXC negotiated a two-year discount on the cost of the administrative system, CMIS, with £1,591 being the amount pre-paid for the following financial year.

Current liabilities include:

1. The reserve for subscriptions paid in advance;

2. DXpedition sponsorship, which is charged in the accounts for the year in which sponsorship is pledged. Pledges which remain unpaid at the end of the financial year are recognised by provisions carried forward;

3. Other Creditors at 31st March 2024 are:

a. A £670 donation to CDXC in 2014/15. This will be utilised from time to time to satisfy DXpedition sponsorship requests which match special conditions stipulated by the donor which relate to the upload of logs to LotW and other QSO confirmation criteria; and

b. £500 allocated for the provision of trophies.

Accumulated Net Current Assets carried forward of £18,915 indicate a continuing healthy position and a continued sufficiency of working capital to meet the day-to-day needs of CDXC.

Subscriptions

Given CDXC’s overall financial position, subscriptions will continue at current levels for 2023/2024. These are: for UK members – £18; for Overseas members taking the eDigest only – £18; and for Overseas members taking a paper Digest – £24.

73 Andrew Thomas G8GNI

CDXC Treasurer

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Audited CDXC Annual Accounts – 2023 / 2024

Note: CDXC does not capitalise assets held such as loan equipment but writes them off when incurred. Therefore, there is no need for Fixed Assets or Annual Depreciation to be recognised in the Accounts.

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AUDITOR’S REPORT