Hon. Treasurer's Report for the year ended 30th April 1992 - Trust Annual Report 1992
The loss on ordinary activities for the year was £310 compared to the profit for the previous year of £677. Profits from the sale of investments yielded £15,250 resulting in a net surplus transferred to Accumulated Reserves of £14,940 (1991 -(£857)) as follows:-
| 1992 | 1991 | ||||
| Profits (Losses) on Ordinary Activities | |||||
| Trust | 2738 | 3281 | |||
| Heritage Centre | (3651) | (3053) | |||
| Heritage Centre Shop | 567 | (3048) | 449 | (2604) | |
| Profit | £(310) | £677 |
Extraordinary Items:-
| 1992 | 1991 | ||||
| Profit on sale of investments | 15250 | 3466 | |||
| Distributions from Hampshire Buildings Preservation Trust re St John's Street |
3466 | ||||
| Provision for renovation of Heritage Centre |
(5000) | ||||
| Transfer to Accumulated Reserves |
£14940 | £(857) |
The surplus for the year of £14,940 increases the Trust's Accumulated Reserves to £200,749 at historic cost. Restating the Net Assets to include Investments at market value the current worth of Accumulated Reserves becomes £224,820 and affords substantial support for the Trust's future requirements. However, total Trust expenses increase year by year (£13,860 - 1992, £12,875 - 1991) and with interest rates falling the investment portfolio has been re-organised to produce increased income in 1992/93. It was also considered appropriate to increase subscriptions from 1st May, 1992 to maintain the members' contributions to total Trust Income at around 20%. By these means it is planned that our capital base should not be eroded.
The attached schedules detail the Consolidated Balance Sheet and Income and Expenditure Accounts of the Trust and the Heritage Centre and complete copies of the Statutory and Management Accounts are available at the Heritage Centre for the inspection of members.