As in previous years, the Society’s budget was set in order to fund its events, grants and publications from its income, augmented if necessary by spending some of its accumulated reserves. Investment income was higher than budgeted. Expenditure on all aspects came close to budget. Our investments continued to be managed by Carr Sheppards Crosthwaite (now Rensburg Sheppards) with the objective of maintaining the value of our investments at least in line with inflation, while providing sufficient income for our expenditure.

As reported last year, Council decided to increase the annual subscription to Ł18 with effect from 1 October 2004 in order to meet the increased level of Society activities coupled with increased postage costs and charges for room hire, a survey of members having shown that they would be willing to pay an increased subscription in order to support an expanded programme. Although several members failed to renew their subscriptions, those concerned had in general moved away from Leeds, and new members have almost restored the total to its previous level.

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