Hon. Treasurer's Report for the year ended April 1986 - Trust Annual Report 1986
I am pleased to report that the Trust's financial health remains good and that although expenses continue to climb, our revenue increases at the same time.
Income. Our total income increased by 7.7% or £304 during the year, which is of course only just ahead of inflation. However, the most satisfying aspect of our receipts was an increase of £554 (32%) in our subscription income. This is our life blood and the continued efforts to increase membership are essential to ensure that these annual improvements are maintained. Interest income was some 25% higher at £2,594. The deposit previously held by the Hampshire Buildings Preservation Trust is now earning well on an investment account.
Expenditure. Total expenses were up £807 (17.7%) on the previous year. However, these costs were all as approved by Council, by budget or by subsequent allocation. Running costs are well contained by all Committees and especially our Secretary.
Income from all sources exceed our normal expenditure by £1,400. However, the Trust agreed to absorb some of the additional expenses of the establishment of the permanent exhibition in the Heritage Centre which were in excess of the grants received from the Carnegie United Kingdom Trust, and this results in the drop in the excess of income over expenditure when viewed against last year. When the results from the Heritage Centre, including the bookshop, are included, then we have a deficit of £208. However, as you will note from the accounts, a decision was made last year to write-off to depreciation the fixtures and fittings in the Heritage Centre by 30th April 1986. Hence there has been a particularly high charge of £1,149 this year.
Balance Sheet. The small deficit mentioned above results in a similar drop in the Trust's total assets. The Balance Sheet does conceal a considerable hidden reserve in fixed assets where our property at 24 Canon Street is valued at £12,000 only. In accordance with previous decisions, the property will be revalued for Balance Sheet purposes every five years with the next valuation due in 1988. With vacant possession the property has a current market value of at least £40,000.
Heritage Centre. The high depreciation charge on the fixtures and fittings at the Centre has resulted in a shortfall in income over expenditure of £1,187. However, the results do underline the need for the Centre to redouble its fund-raising efforts. The shop again produced a satisfactory result in terms of profit. However, the sharp fall in sales of 34% is disappointing and I know the Management Committee will be seeking the support of all members to help retrieve the ground that has been lost. The Balance Sheet for the Centre reflects the impact of the deficit as a result of the depreciation. The life blood of the Trust is its members and we must all make it our duty to ensure that we enrol at least one new member each year.
Regency House, Southgate Street