Minutes of the AGM 2024 – 15 November 2024

Held at Delta Hotels by Marriott Swansea

President: Amy Seppman

Present: Phil Lloyd, Andrew Downie, Phil Jones, Morwenna Tyler, Simeon Smith, Mark Sullivan, Ryan Miles, Mandi Gwynne, Jonathan Richards, Michael Morgan, Michael Jones, Louisa Huxtable-Thomas, Natasha Fulford

Apologies: Ange Windsor (stuck in traffic), Alison Vickers

The Annual General Meeting started at: 10:00 am

The President thanked those for attending the AGM following the Bank of England Breakfast event.

The President reminds attendees of the club’s Mission and Vision: to set a standard for the benefit of Club Members and businesses across the region.

  • Club Vision – To create opportunity for every business in the Swansea Bay Region.
  • Club Mission – To be a high calibre relationship building community for the transformation of regional business.
  • Club Values – To be a considerate and welcoming Business Club, acting with integrity and transparency.

The President mentions that the conversations following the Breakfast Event before the AGM is an example of how welcoming the Club is. The President also emphasises the importance of transparency to the Club Board, noting the publishing of the Club Policy document this time last year to ensure following of procedures and consistency.

The President proposes the minutes of last year’s AGM presented on 10th November 2023. Michael Morgan and Mandi Gwynne second the minutes.

President’s Update

The President details another successful year for the Club, with strong Membership and a healthy bank balance.

The President details that it’s the first ‘normal’ year following Covid with the return of events and also competing with fellow Clubs and other events. Membership figures were 322 at the AGM this time last year and now we are hovering just below 500 members – which the President details as the Membership sweet spot, in order to not turn away members at our events, and still allows them to bring guests.

The President details that we are no longer focused on building our Membership numbers, rather than engaging with them and retaining them down the line. The Club is now also focusing on the next generation of Club Members to ensure legacy and longevity of the Clubs.

The Club is also focused on good quality, fit for purpose speakers for business and celebration events, and spending more on speakers for celebration events, whilst balancing the budget across the year.

The President says that this ensures the Club doesn’t make a profit, as it is more important to reinvest in events. While the Club is in a good position, it will have to, at some point, pay more money for admin support from reTHINK PR & Marketing, particularly when the President steps back at the end of 2025.

Due to the ongoing success and growth of the Club, the Club has now registered for VAT. Costs will remain mostly the same, but with a slight increase to cover VAT costs across membership and sponsorship. VAT costs on event tickets will be absorbed for the rest of 2024, and VAT will be applied from 2025. However, there will only be a slight increase overall in ticket prices of around £1/£2 to cover costs.

Event dates are lined up for 2025 and once the VAT has been tested on the system, they will be published and available for booking.

The President details that the Club does not operate to make a profit but tries to keep one year’s operating costs in the bank at any one time.

The President announces that the Club has raised nearly £30,000 for the Chosen Charity, Faith in Families, so far, with the two-year target at £40,000.

The President gives thanks to the Club’s sponsors and partners, including season sponsor Swansea University and partners reTHINK PR & Marketing, Club

Photographers Innovation Photography, Behind the Lens Media, Gareth Danks Photography, JCP Solicitors, NetBop, Morgan & Morgan, and Bevan Buckland.

The President hands over to Michael Jones from Bevan Buckland who presents the Treasurer’s Report in the absence of Alison Vickers.

Treasurers Report

Michael Jones presents the figures from the end of 2023, at the end of Michael Morgan’s term as Club President and the first full year returning from Covid.

Lunch sales increased from £41,000 to £61,000 as the events were returning. These events offset the costs of running them. Membership and Sponsorship have increased, and this year, we’re looking at over £100,000, which is the biggest year of income for the Club.

With more events running, the costs of speakers have increased, but the rest of the costs have been maintained.

At the end of this year, we’re looking at a surplus of £10,000 compared to last year’s £6,000.

In terms of year-end figures, the debtor’s list has increased slightly, but a lower percentage of the income of the year, with the online system attributed to easier methods of paying and getting owed money.

This is reflected in the £27,000 increase of the year-end bank balance. Some of this is out of kilter slightly due to people booking and paying for events up-front.

Close

The President details that there is no other business for which notice had been given and finally gives thanks to the Board for their efforts during 2024.

The Annual General Meeting ends 10:14.