AGM update and statement on the financial position of the W&BCI:
We are delighted to announce our accounts for 2023/24 have been submitted by our accountants and show an income and expenditure surplus of £4,967 for the year to 29th February 2024. This compares to a deficit in our first year of operating the Bunkhouse to February 2023 of £10,751. The surplus has been achieved by expanding the marketing of the Bunkhouse through booking.com and related channels, and an increase in repeat bookings, creating a year-round 35% occupancy.
The two rental apartments created alongside the Bunkhouse as part of the former Bank of Scotland conversion were occupied throughout 2023/4 and continue to be occupied this year, with only a short period of vacancy for the accessible unit following a change of tenant. We are pleased to say that we have kept the rents at locally affordable levels for people connected to the Wigtown Community.
Our anticipation this year is that we will increase our income and reduce overall costs, which will help us build up our reserves in line with our policy of three months operating costs.
We are also excited that March 2025 should mark the completion of the purchase of the Church Hall, with funding secured from the Scottish Land Fund and additional funding support from South Of Scotland Enterprise to undertake repair work and improvements to the roof, guttering and external doors and windows as well as provision of additional storage space and energy efficiency. The existing users of the hall, Badminton, Table Tennis, Karate and Toddlers groups, are all keen to continue to use the hall and we have had 8 responses to our call out for new groups that would like to explore a variety of new uses. We will be launching a new website in March which will enable people to book online and see upcoming events at the hall.