Hon. Treasurer's Report for the year ended 30th April 1989 - Trust Annual Report 1989
The loss on ordinary activities for the year was £1,897 compared with the loss for the previous year of £1,751. However, there was an extraordinary gain during the year of £111,854, being the surplus on the sale of the Canon Street property. The ordinary activities loss is made up as follows:
| 1989 | 1988 | ||||
| Trust | (246) | (1698) | |||
| Heritage Centre | (2052) | (730) | |||
| Heritage Centre Shop | 401 | (1651) | 677 | (53) | |
| Profit | £(1897) | £(1751) |
The reduction in the Trust loss is mainly due to a significant increase in interest income arising from the investment of the proceeds of the property sale. This has more than offset the reduction in rents receivable. No new booklets have been published this year and, after the initial costs have been recovered, subsequent sales are recorded through the Shop Accounts. After adjusting for the cost of booklets in 1988, total overall expenditure of £6,790 in 1989 has been kept within the level of inflation.
The increase in the Heritage Centre loss is influenced by the grants of £1,520 received in 1988, but not repeated in 1989. Shop profit is lower as no Book Sale was held in 1989 and the Christmas Card sales were poor. Entrance fees, too, have continued to be disappointing. Lower expenditure in 1989 has helped largely to offset the fall in these two items.
The sale of the Canon Street property has considerably strengthened the Trust's Balance Sheet. The Accumulated Fund now stands at £184,143 and this is mainly represented by interest earning assets. £160,870 has been invested in Government Stocks of which £134,834 is index-linked and £26,036 short-dated. The investments have been selected to produce income which will cover foreseeable operating losses and, whilst the index-linked stocks produce a modest rate of interest by today's standards, the purchasing power of the investments is maintained for any future requirements.
Complete copies of the Statutory and Management Ac¬counts are available at the Heritage Centre for the inspection of members.