Let’s Talk About Money !
As we approach 4 months into a new way of paying for the use of the track I thought it would be a good idea to explain where our money comes from and, more importantly, what it gets spent on.
LP&S have four sources of income :
(i) track fees
(ii) membership fees
(iii) dance studio and sports hall fees
(iv) the Tote
Track fees are exactly what they say on the tin; monies collected to pay Edge Hill to grant LP&S exclusive use of the track on Tuesdays and Thursdays. It is vital that we collect these as the associated cost is the single, biggest expenditure the club has. We believe that £25 per quarter or £3 per session represents very good value.
I would like to make clear that, for those who have bought permits, any lost sessions through track closure for public holidays or adverse weather are “added on” to the end of permit by extending the renewal date. In a similar fashion, should anyone wish to renew their permit before it expires the new period will only start when the previous has finished.
Finally I must make clear that all track sessions must be paid for. There is a myth circulating that we offer “taster sessions”. Whilst LP&S has never insisted new members join the club straight away, track sessions have always had to be paid in full.
Of the £30 membership fees for joining LPS, more than 30% go immediately to EA for registering athletes. We have no choice but to pay this. Failure to do so renders athletes ineligible for competition.
Our remaining major expenditures include, coach education and training, licensing and training of officials, equipment purchases, vests and hoodies, membership of various leagues and subsidisation of the hire of the dance studio and sports hall. To achieve this for £30 per head is a bit of a tightrope walk but we’ve managed so far.
The £2 per session in the dance studio and sports hall doesn’t cover the cost of hire but the club has always believed this was worth subsidising and will continue to do so as long as demand remains.
Finally there is the Tote. This is essentially a lottery style raffle. anyone can purchase tickets by setting up a standing order for £2 per month for each ticket required. Every month a single ticket is drawn and half of all the months proceeds are given back as a prize to that ticket holder. This money is essentially used as an emergency fund or to make large purchases when necessary. It is important that we have this buffer should future circumstances ever place the continued existance of the club at risk. More details can be found on the clubs Tote page here: https://www.lps-athletics.co.uk/lps-tote-account/.
So, there you have it; that is where our funds come from and what they are spent on. The club is a non-profit organisation and will endeavour to keep any fees to a minimum; but must always cover its own costs.
Dave Brown – Treasurer