RSC FINANCIAL SUMMARY
Rainbow Summer Camp is a not for profit event and we feel that it is important that when we ask to raise funds that those generous and fortunate enough to be able to support the Camp should know why we are doing so and where the money is going to. To this end we have put together a very simple financial explanation of what we have done and are currently planning to do with any money raised.
ANALYSIS – simplified observations.
- The monies we received through Early Bird 2010 and later ticket sales were subject to 3% deduction by PayPal
- We paid the deposit on the field from residual monies from RSC 2019 topped by SM/RB personal monies. Nothing from 2020 ticket sales has been used for this purpose
- Owing to Covid-19 situation we have to cancel the event and wished to refund tickets
- We are within 180 day cancellation period for PayPal so they will refund the 3% deduction we suffered from them, customers get full ticket value back, we only return what we received
- We have donation offers from very generous tribe members to the value of £1005 gross but we will only benefit from £975 owing to PP deductions
- We have now refunded to all customers save those above (07.06.20)
- We have Debtors ( i.e. ticket holders above not refunded as requested by them, SM part field deposit, advertising, admin costs, website hosting ) total £1544. However, £975 is not being reclaimed by ticket holders so indebtedness reduces to £569
- We have future storage costs 2020/21 of £1000 due Sept 2020
- This gives rise to a total cash flow requirement of £ 1569.00 which we hope to raise via the Silent Auction
- We have our £500 deposit on the field held by JC until 2021
- We have not allowed any financial consideration in admin time for SM/RB at this stage