Tops’l AGM 2026 (1 of 2)
Stephen S writes…
Our AGM took place at the end of March at Portchester, with a solid turnout in the room and others represented by proxy. It was a useful chance to pause, look honestly at how the year went, and set expectations for the season ahead – both on the water and behind the scenes.
A Look Back at the Year
It’s been a busy year, with further improvements to paperless processes and a major relaunch of the website. At least one new member has told us that the website played a big part in them deciding to join!
On the sailing side, Jocalia completed the second year of her cruise, travelling through Scotland and Ireland and returning south via the southwest coast. Club sails were refreshed and expanded, and members were encouraged to get involved or to suggest variations if the standard programme doesn’t quite fit what they’re after.
Socially, the laying‑up supper at Itchenor proved a popular replacement for the former dinner dance format.
The Financial Picture
The accounts were presented, approved and the overall message is that finances remain stable. Revenue was down slightly last year, mainly because of the increase to the value of sailing vouchers. Costs were mostly flat. Savings in berthing were cancelled out by higher repairs and maintenance, which is to be expected given the age and use of the boats. Interest earned on cash reserves helped balance things out, leaving a small surplus for the year in line with prior year.
Insurance
One major issue going forward is insurance. We effectively have only one insurer willing to cover us, and premiums are rising sharply in 2026. Excesses are also increasing, which the directors feel is an unreasonable risk for individual crews. As a result, the club will again cap the excess payable by crews this year while exploring longer‑term options.
Boat Valuation
The directors have decreased the value of the boats by £10,000 based on such market data as is readily available online.
Share Price
The share price has been set at £3.68 effective immediately, reflecting a modest increase year‑on‑year.
Subscriptions and Charges
Subscriptions and Charges will increase from 01 May, details >here<. All members must update their standing orders so that the correct new subscription amount is paid from 01 May and continues for the following twelve months. Standing orders do not update automatically. Please take a moment to check yours.
Please also see Tops’l AGM 2026 (2 of 2)