MESSAGE FROM THE NEW TREASURER
Monday 23 March 2020
Clive Fidgeon Takes Up Post As New VSCC Treasurer
We recognise and appreciate all the generous suggestions, ideas and pledges that have been made to support the Club in these extraordinarily difficult times. Many of these have been made privately to the President and he will be making an announcement in due course.
The accounts have just been signed off and the Club had a healthy cash balance at the end of 2019. This was obviously diminished in comparison to previous years as the two large losses took effect.
The Club had large cash outflows in the early part of the year relating to amounts provided for in the 2019 accounts. On the positive side, the bulk of our membership subscriptions are received in January.
We have also had significant cash outflows in respect of 2020 circuit hire and are obviously taking steps to recover these amounts where the event is not taking place. At the moment a number of events later in the year could theoretically happen but it would seem unlikely.
The Club does not have an immediate cash flow issue. The Committee, however, recognise that this year is going to be one of the most challenging to face the Club for many years. Government support will be available but as I am sure you can all see, announcements are happening daily and will take some weeks to actually impact organisations and individuals.
None of us know when motorsport activities will recommence. We have lost the Spring Start and who knows whether Prescott will run. These two events contribute significant amounts of cash to the Club.
We all want the VSCC to be around when the situation surrounding Coronavirus settles down and we can go back to enjoying life as it once was. The Committee therefore are taking steps, some of which have already been announced, to ensure that the costs of the Club in this period are kept to a minimum.
Please bear with us as we address the future of the Club. Rest assured there are Herculean efforts going on to ensure we are all around to have some fun in 2021.
By way of an introduction to me. I have been involved in Motorsport as a competitor since the early 90s, firstly in Historic Rallying, both Navigational and Stage, and later racing in various post war Formulas with the Historic Sports Car Club until around five years ago decided that I was getting too old to keep up with the young guns in single seaters so looked for a pre-war car. I have competed in my Frazer Nash TT Rep since 2017.
My professional career has always been in Industry. I became Finance Director of an operating subsidiary of a large plc when I was in my mid 20s and undertook various roles within that organisation before striking out on my own as a freelance FD for small companies during the 1990s. This eventually lead to an involvement with a company in London where I worked in an increasing role before I left in 2000 to take what I believed was early retirement and get back to spending more time racing.
Throughout this time my wife, Kathy, had been a partner in large firm of Chartered Accountants and in 2013 decided to set up her own practice. She decided she wanted a business partner and for some inexplicable reason chose me. We were in the process of winding that practice down in the early part of this year when I was approached by Paul to help with the VSCC. Kathy has been helping over the last six weeks or so with the 2019 Accounts and it would not have been possible in the timeframe to complete them without her. As always I am eternally grateful , as should be the Club and members, for her help and advice.