November 30, 2017 Financial Update

Overall financial results have been satisfactory to start LBC's fiscal year.  While game fees have not grown from last year, LBC's minor other revenues - lessons, room rental, Special events and miscellaneous - are all up.  Membership dues are almost 8% ahead of last year, thanks to our new members!   Expenses are slightly lower, so overall net income of $17,401 is about $3,000 more than last year and also better than budget.

LBC's revenues are strongest in the fall of the year, with annual membership renewals in October, lessons in full swing, and golfers, cottagers and snowbirds all at the bridge tables.  We expect our income for the year ending July 31 to be between $5,000 to $10,000, and we are on track to repay the promissory notes (remaining balance is ~$70,000) by October 2022. 

To view the income statement for August 1 to November 30 click here.

2017 Annual General Meeting - Saturday, September 23, 2017

The 2017 Annual General Meeting for the London Bridge Centre was held at 1:00 pm on Saturday, September 23, 2017. The Agenda, approved September 17, 2016 Minutes,  draft September 23, 2017 Minutes, 2017 Financial Statements, and Proxy Form are available for your review. 

Financial Statements for the 6 months Ended January 31, 2017

Click here to view a PDF version of the our income statement for the 6 month period from August 31, 2016 to January 31, 2017.

While net income overall is ahead of budget by $4,700, of this $3,000 is due to continued volunteer efforts allowing us to avoid hiring management personnel.  The rest comes from membership dues and donations.  Bridge operations otherwise are below budget, with a $5,000 shortfall in game fees partially offset by savings in director fees (cancelled games), utilities (it has been a mild winter) and miscellaneous expenses. 

2016 Annual General Meeting - Saturday September 17, 2016

The draft minutes of the meeting can be read here.  These minutes will be approved at the 2017 Annual General Meeting.

The 2015-2016 Income Statement may be viewed here.

Member's Meeting and Financial Update - May 28, 2016

President Dwight Bender welcomed about twenty members to the update meeting at LBC on Saturday May 28, 2016.  He briefly reviewed developments from the formation of the organization committee on April 30, 2015, to the July 11, 2015 information meeting, the Grand Opening Week starting Nov.1, 2015 to May 28, 2016. 

We now boast 441 members, 60% more than the 275 in the first year of our business plan.  For the first four months of 2016, our number of tables in the ACBL-sanctioned games puts LBC in the top 100 of all ACBL clubs, and #1 in Unit 249 – South-Western Ontario Bridge Association.  Dwight thanked the many volunteers for their contributions to the early success of the club.

Members will see a few changes in the near future; blinds have been ordered for all the windows, the front door will be replaced by a sturdier, better-insulated model, and exterior lighting will be improved.

Vice-President Al Edwards then discussed the financial highlights.  At the January 9, 2016 update meeting the Board had presented financial statements for the period Aug. 1 to Nov. 30, 2015 – the end of the first month’s operations. We knew then that the $155,000 fund-raising campaign objective had been exceeded due to the overwhelming support from our bridge community.  The renovations and other start-up expenses were nearing completion and would cost less than originally planned.  All together, LBC was about $22,000 ahead of the financial plan, and committed to repaying the outstanding loans of $159,000 by Oct. 15, 2022.

With six months of operations included in the April 30, 2016 financial statements, the picture has further improved; we are now about $31,000 ahead of the financial plan.  While number of tables played is right on plan, overall revenues are slightly above plan and operating expenses are on plan.  The growth to 441 members gives an outstanding foundation for the future.  Our lease has reduced rents for the first four years, so we need to continue to grow revenues to cover the full rent in the fifth year and later.

Treasurer Sue Edwards distributed copies of the April 30, 2016 Income Statement and Balance Sheet and reviewed the results.  Total operating revenues of $88,058 included game fees of $70,335 and membership dues of $11,602 (these figures are net of the 13% HST.)  Total expenses of $75,022 include $43,797 for Facilities and Equipment and $22,707 for Bridge expenses (largely the honoraria for game directors.)  This leaves $13,036 net income from operations for the period Aug. 1, 2015 to April 30, 2016, which adds to the $9,353 in donations received in that period for total net income of $22,389.

On the LBC Balance Sheet, total assets of $199,919 included $101,674 in the bank and $93,342 of fixed assets.  The $161,432 of liabilities are comprised primarily of the $159,000 of promissory notes for the outstanding loans from members.  Total club equity has reached $38,487 including the net income to date.  The financial statements are available on the website and also on the bulletin board.

Al then presented some “looking ahead” comments.  While the club is off to a great start in its first six months, there are still some question marks, headed by table counts and utilities costs for the July-August period.  The Board is regularly reviewing the financial position and updating the financial model.

At the last review earlier this week, the Board decided that LBC could afford to repay 25% of the loans NOW – almost $40,000.  Cheques will be sent to the lenders within two weeks.  On the balance sheet, this will reduce the bank account and total assets by nearly $40,000 and reduce the promissory note liability by the same amount, with no effect on equity.  Each lender will be repaid 25% of the amount loaned to the club.  The Board expects the next repayment of principal will be in Oct. 2017.

Dwight then introduced the Code of Conduct working group – consisting of Al Edwards (Chair), Bruce Moor, Brian Rice, May James, Arlene Lundgren and Mike Potter.  This group has been tasked to propose a Code of Conduct for LBC members, after reviewing similar codes and policies from other clubs, as well as the ACBL Zero Tolerance Policy and Disciplinary Process.  The purpose of this Code is to promote a positive environment of “Best Behaviour” among our players so that all LBC members enjoy a bridge experience with their fellow players within conduct guidelines expected by the membership.  The final proposed Code will be subject to Board approval and ratification by membership vote.

After an active question and discussion period, Dwight reminded members that volunteers are needed, including three people to join the Board as Directors this fall.  Members interested in running for election to the Board should contact Al Edwards.

The meeting was then terminated and the Eight is Enough team game followed.   

Income Statement to April 30, 2016  Click here

Balance Sheet at April 30, 2016        Click here

January 9, 2016 Member's Meeting

LBC Financial Update


A member's meeting was held on Saturday January 9 to provide a financial update on LBC operations to November 30, 2015. Thirty five members heard Vice-president Al Edwards report on the club's financial position, as we near the end of the start-up phase of the London Bridge Centre.

In July 2015, a plan was presented that identified that a $155,000 would be needed  to start-up the LBC, and this amount subsequently became our fundraising target. The response from the bridge community has simply been terrific. As of the end of November, $23,733 in donations and $158,000 in loans has been received by the LBC. Thank you all for this tremendous support!

Not only did our fundraising exceed our target, so too has income from our first few months of operations, as the LBC is $21,600 ahead of plan. Several factors contributed to this unexpected income:

  • donations were $11,200 more than anticipated in the July plan (these included $3,700 from Friendly Bridge - thank you, Brian!);
  • our start-up expenses (some still to be paid) are now expected to be $3,700 lower than plan;
  • due to construction delays, the landlord waived November's rent of $3,700;
  • $1,500 of profits was earned from LBC games held in July through October;
  • 75 more members than predicted joined the LBC resulting in an additional $1,500 in dues net of HST and nametag costs

Income Statements and Balance Sheets for our first fiscal year (June 1 to July 31, 2015) and an interim year-to-date period (August 1 to November 30, 2015) were distributed at the meeting. While these financial statements highlight a very positive start; they do not begin to reflect the thousands of hours of member volunteer time, which have contributed so much to the quality of the bridge experience at the LBC.

A great beginning, but we need to continue to focus on the future, as game fees must be enough to cover expenses and to repay the loans within a seven year term, starting with a planned first repayment in October 2016. In the club's strategic plan our first year game fees are sourced from an expected 433 paid tables per month. In our first two months of operations we are close to target. In November there were 437 paid tables, including the Nov 7-8 championship weekend and the Barbara Seagram seminar. In December paid tables fell to 407, including the Eight is Enough and Christmas Party games.


So far, so good. But we continue to need your support. Play bridge often with regular and with new partners, continue volunteering, take lessons and don't forget to fill our suggestion box; we want to hear from you.

But above all, we want you to enjoy the LBC experience!

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