19th August 2013
Since the first tranche of new elected Directors joined the British Fencing (BF) Board last October, the finances have been the Board’s major priority. CEO Peter King was concerned at the deficit he inherited and also at uncertainties in financial controls, due to changes in staff. A special Budget Group comprising Directors and management was created and their researches and recommendations have been discussed at each Board meeting and informed policy and operational decisions. The Gold and Grow programmes funded by UK Sport and Sport England are accounted for separately and balanced; the deficit issues have been in the BF “corporate services” or Green area.
The Board now expects, for the financial year 2012/13, a deficit significantly larger than that recorded in 2011/12 (£71,036). The final accounts, currently being prepared by our new auditors haysmacIntyre, will not be available till September, so we cannot provide exact numbers until that time, but a number of items including the special demands of the 2012 Olympic Games have contributed to the increased deficit.
BF's reserve position is strong, and while the accumulated deficits will reduce their value, the reserves remain adequate. The Board is taking steps to maintain and increase income. Effective financial controls are in place.
It remains the highest priority of the new Board to rectify BF's financial position. We expect that in the financial year 2013/14, a significantly lower deficit will be recorded, and it is the Board's determined aim to achieve a balanced budget within the next two years.