Hon. Treasurer's Report for the Year Ended 30th April 1985 - Trust Annual Report 1985
You will recall from my last Report that the matter of the Trust's corporate status has had to be considered during the year so that we might comply with the reporting requirements of the 1985 Companies Act. Your Council decided that the protection afforded by our present limited liability status was of such value that it should not lightly be given up, and therefore this year's Accounts have been drawn up in accordance with these requirements. At the same time, you will also notice that we now have complete Accounts for the Heritage Centre, which will now to all intents and purposes be financially independent. These Accounts are amalgamated with those of the Trust as at present the Centre has no corporate status. This amalgamation will continue for the foreseeable future.
Income - Income increased by £1,068 to £6,024 during the year. Subscriptions rose by 16% and as a result of higher rates, our interest earnings rose by £416 or 25%. As has been said many times in the past, our membership is of the utmost importance, not least in providing adequate subscription income to help defray our expenses.
Expenditure - A first glance shows an apparent large increase in expenses. However, this is not quite so drastic as would appear as in real terms 1984 expenses were some £3,300. However, there are two items worthy of mention. An increase of some £900 in the honorarium granted to our Secretary, Gill Graham. As you all know, this is richly deserved and earned by much very diligent work on our behalf. Repairs to the kitchen of our Canon Street property as a result of a water problem involved unbudgeted expense of £350 and a total of £508. As previously, however, I must draw to your attentiion the containment of expenses in all other fields and express my thanks to all concerned, especially Gill.
Balance Sheet - Our Balance Sheet shows an increase of £4,600 in Net Assets as a result of this year's profit retentions, thus ensuring again that there has been no erosion of the Trust's capital base. The investment of £15,000 plus accrued interest with Hampshire Buildings Preservation Trust was repaid to us during the year and is now deposited on a high interest account.
Heritage Centre - For the first time we have produced a Balance Sheet for the Heritage Centre as well as Income and Expenditure Accounts and the Shop Account. The Balance Sheet shows assets of a little over £5,000, which consist mainly of bank balances.
The Income and Expenditure Account reveals an excess for the year of £2,200. Income at £5,500 includes £2,500 of grant monies which will be non-recurring. Expenses include over £800 of repairs and renewals to the fabric of the Centre, which were all of an essential nature. The Shop Account shows an excess of £928 which of course reflects the sale of books donated by members of the Trust and other friends. I feel that the Centre is now reasonably well established financially and the recent appointment of its own Hon. Treasurer will lead to a desirable level of independence.
