FINANCE AND FUNDING
A core priority has been the need to a secure a sound financial for Leeds Combined Arts (LCA) in order to provide the resources needed to accomplish our aspirations. Currently. By mid-May 2023, it was apparent that: –
- The LCA is not in debt. It is still financially solvent with just over £3,000 in the bank. This is enough to keep us going until the end of the year.
- The process of carefully reviewing the LCA’s filing and administrative had been successfully completed. This had been an enormous task and much re-ordering of the paperwork took place. However, all relevant bank statements have been tracked.
- Indemnity Insurance Cover had been set in place to cover the period following the Committees installation on Thursday, 6th
- Financial Documents like simple Trial Balance Sheets have already been designed to efficiently record income and expenditure. However, work is still in progress when it comes to devising Spreadsheets.
- Meticulous research showed where the LCA was likely to obtain future funding from. However, the committee unanimously agreed that as the LCA still needed to prove its resilience, grant applications would be delayed until the autumn.
- The Committee also agreed not to touch Theatre Funding until the new season begins in September. This should give those connected with the theatre plenty of time to get their own payments system in order. Should this not occur the Committee will review the situation during the autumn.
- At present the LCA is gaining some revenue from membership subscriptions and payments. This is more then enough to cover petty expenditure.
- Essential technical and training services have so far been provided free of charge.
- Focusing upon its core activities of indoor activities and walking has enabled the LCA to maintain a tight control of expenditure. It remains a voluntary group committed to living within means.
- The need for to pay for visiting speakers and a new part time administrator is likely to increase expenditure towards the end of the year.