FINANCIAL TRANSACTIONS AND POSITION IN 2003-2004

As in previous years, the Society’s budget was set in order to fund its events, grants and publications from its income, augmented by spending some of its accumulated reserves. Expenditure on all aspects came within the budget and, although a lower income from dividends resulted in a below-budget total income, expenditure exceeded income by only £1,975. Despite this, the Society’s reserves again increased slightly as a result of the improved financial markets. Our investments continued to be managed by Carr Sheppards Crosthwaite with a conservative objective.

It was decided last year not to implement an increase in members’ subscriptions that had been approved at the 2002 AGM. However, further examination of the Society’s finances carried out during this year showed that income from members’ subscriptions no longer covered the costs of servicing members, mainly as a result of an increased level of activities coupled with increased postal changes and costs of room hire. As the survey of members’ views initiated by Roger Davis in November 2003 had shown that members valued the increased number of events, would support expansion of the grants programme and were willing to pay an increased subscription to meet costs, it was decided by Council to increase the annual subscription to £18 with effect from 1 October 2004.