Hon. Treasurer's Report for the year ended 30th April 1991 - Trust Annual Report 1991
The profit on ordinary activities for the year was £677 compared to the profit for the previous year of £736. Extraordinary items, being a final distribution re St John's Street £3,466 (1990 - £1,787) and a provision for the renovation of the Heritage Centre £5,000 (1990 - nil), produced a net deficit for the year of £857 (1990 - net surplus £2,523) as follows:-
| 1991 | 1990 | ||||
| Profits (Losses) on Ordinary Activities | |||||
| Trust | 3281 | 2898 | |||
| Heritage Centre | (3053) | (2606) | |||
| Heritage Centre Shop | 449 | (2604) | 444 | (2162) | |
| Profit | £677 | £736 |
Extraordinary Items:-
| 1991 | 1990 | ||||
| Distributions from Hampshire Buildings Preservation Trust re St John's Street |
3466 | --- | |||
| Provision for renovation of Heritage Centre |
(5000) | 2898 | |||
| Transfer to Accumulated Reserves |
£(857) | £2523 |
The deficit for the year of £857 reduces the Trust's Accumulated Reserves to £185,809 at historic cost. Restating the Net Assets to include Investments at market value the current worth of Accumulated Reserves becomes £214,557 and affords substantial support for the Trust's future requirements. However, total Trust expenses increase year by year (£12,875-1991, £12,352-1990) and covering these expenses currently is heavily dependent upon the interest receivable from our investments, which contributed 71% of total Trust income in 1991. Interest rates are falling and it will be necessary to consider ways of increasing other sources of income or reduction expenditure if our capital base is not to be eroded.
The attached schedules detail the Consolidated Balance Sheet and Income & Expenditure Accounts of the Trust and the Heritage Centre. Trust income increased due to higher interest receivable, whilst significant changes in routine expenditure were in Printing and Stationery, where the cost of the newsletter has increased substantially and in Secretarial costs which have reduced significantly. The Heritage Centre results were again adversely affected by the proximity of the Brooks Development which seriously reduced Entrance Fees.
Complete copies of the Statutory and Management Accounts are available at the Heritage Centre for the inspection of members.