Over leaf from this report is a copy of the annual accounts for the year ended 31 March 2004. This is the third year for which I have presented accounts to the AGM. As at 31 March this year the General Funds stood at £1111. 02 and the Glauert Fund stood at £2195.28.

I hope the accounts are fairly self-explanatory so I will not go through them in detail. I will however draw your attention to a few figures.

Looking first at the General Fund:

• Our subscriptions are down on the previous year, having received only £595.00 from 119 members compared with £1105 from 221 members last year. This will be discussed later in the meeting.
• All of the meetings made a surplus. This has been transferred to the Glauert Fund.
• Expenses are the usual items.

About half way down the page you can see that our total income for the year exceeded our expenditure by £323.37, £300.00 of which was transferred to the Glauert Fund. This covers the surpluses made at meetings plus a donation of 50p per paid up member, rounded up to £300.00

Looking now at the Glauert Fund:

• There were several fund raising events specifically for the Glauert Fund; a coffee morning and a barbecue being the main events with raffles and quiz sheets sold at the AGM lunch and autumn lunch. Together with several donations these raised a total of £574.90
• The funds are held in the National Savings Bank Investment account that yielded interest of £30.78
• Unfortunately the Sixth Form College was unable to recommend any candidate to receive the Glauert prize for this year, so there is no expenditure to report.

The excess income for the year is therefore £605.68.

Finally I would like to put on record my thanks to our accountant, Chris Found, who once again has reported on the accounts in a very short time scale.