Hon. Treasurer's Report for the year ended 30th April 1988 - Trust Annual Report 1988
The twelve months ending 30th April 1988 resulted in an excess of expenditure over income of £1,751 which was made up as follows:
| Trust - excess expenditure | £ (1698) | |
| Heritage Centre - excess expenditure | £ (730) | |
| Heritage Centre Shop - excess income | £ 677 | £ (53) |
| £ (1751) |
The Trust excess of expenditure over income has increased by £824 from 1987 due to:
- A fall in interest revenue of £666 as a result of funding the Heritage Centre audio-visual enterprise with £5,500.
- Operating income overall is marginally up by £99 despite a reduction of £205 in subscriptions fallowing lower life membership entrants in 1988.
- Expenditure has increased by £1,612, mainly due to the special donation (reported last year) of £1,000 to the M3 Joint Action Group and £450 for the publication of the St. Thomas Street booklet.
- Partly off-setting these losses is the non-recurrence in 1988 of expenditure of £1,355 last year towards the cost of the permanent exhibition in the Heritage Centre.
The Heritage' Centre deficit of £730, despite grants of £1,520 during the year, is a disappointment. Forecast income from entrance fees to the audio/visual display which was to replace the loss of rental income has not materialised. Expenditure has been reduced in many cases from 1987 levels but two items should be mentioned:
- Advertising and Publicity expense increased by £367 representing the utilisation of the grant from the Southern Tourist Board on additional publicity.
- Depreciation of the audio/visual equipment is chargeable over 5 years at £864 pa. The current figure represents the first year's charge.
The Shop Accounts show a useful surplus of £677 compared with £684 in 1987. This is a significant contribution to the overall Heritage Centre results.
As will be seen, the Trust's income does not cover its expenditure and a continuing loss at the Heritage Centre appears inevitable in the immediate future, since its location at the rear of the Brooks Development inhibits an increase in income from entrance fees. Discussions with the City on the future of the Heritage Centre are in progress and in the meantime, the Trust will continue to support it in its many activities.
The consolidated balance sheet, showing net assets of £74,186, reflects the revaluation of 24 Canon Street to £50,000 whilst absorbing the excess of expenditure over income of £1,751 for the year. Since the completion of the accounts, vacant possession of 24 Canon Street has been obtained and the current valuation must therefore be considered conservative. The financial position of the Trust remains sound but the elimination of continuing annual operating deficits must be an important priority to retain financial strength to meet any exceptional future demands which the Trust may be called upon to support in pursuance of its aims and objectives.
Complete copies of the statutory and management accounts are available for the inspection of members in the Heritage Centre.
The outside of the Westgate in the early
19th century - from a painting by T Hart, a friend of Turner