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BGS accounts

Honorary Treasurer's notes on the BGS Accounts for 1998 and the Budgets for 2000

The summary of the BGS Accounts for 1998, inclusive of the Rankine Fund, and the proposed budgets for 2000 were circulated to all members a month or so ago.

As noted in the summary, the full accounts, a 15 page document in the format now required by the Charity Commission, is now available but only by request. Members were advised at last year's AGM that the full document would be made available to those members supplying a stamped addressed envelope and specifically requesting it in writing from the BGS secretary.

The summary was compiled from pages 9 and 10 of the Trustees' report, and presents the consolidated statement of financial activities for the BGS year ended 31 December 1998. The required integrated financial statement makes it less easy to follow the movement of our funds within the two groups of activities (the BGS general account and Rankine Fund account). Hopefully, these notes, which should be read in conjunction with the summary financial statement, will be of assistance.

After removing the Ground Engineering element of the subscription from both income and expenditure, which amounts to some £29,800, the income rose from nearly £31,500 in 1997 to £41,500 in 1998, principally from sales of Rankine dinner tickets.

Otherwise, the net income is about £1,000 less than last year owing to slightly lower yields by miscellaneous income and functions, these being partially compensated by higher income from publications and net subscriptions.

The large increase in income derived from the Rankine dinner was mostly offset by its costs, reflecting the huge increase in numbers attending this year. Although being budgeted to break even, the dinner finally closed by making a nominal surplus of £500. Elsewhere, modest savings coupled with similar surpluses resulted in an overall net surplus of income over expenditure for the BGS account of £3,300, about £1,000 more than last year, and over double that budgeted.

Rankine fund accounts

The Rankine Fund interest on deposit has halved on last year's figure, reflecting lower interest rates (but obviously it was not large then). However, our investment income more than compensated the shortfall, resulting in a rise in total income by 20% to £6,400. Combining this boost to the income with a smaller (7%) increase in expenditure, we have managed to transform last year's small deficit of £500 into a very modest surplus of nearly £400 (£520 deficit was budgeted). While the investment management fee has risen by around 33%, it should be remembered that it is calculated as a proportion of the value of our securities that are managed for the society.

After allowing for a rise in the value of our investments by £15,000 since the same time last year and taking into account the highly transient value of creditors and debtors, short-term deposits and cash balances, the overall net worth of the society at the end of December 1998, inclusive of the Rankine Fund, was £164,000. This compares very favourably with last year's (1997) value, which was just under £145,000, and the 1996 value of £124,000.

BGS budget 2000

We are budgeting for an increase in expenditure of about £5,000 on 1999, primarily to account for the Rankine dinner costs. Otherwise, there are minor upward and downward adjustments to the various items of expenditure, to provide fine tuning. Apart from the increase in income from the Rankine dinner- up £6,000 on 1999 but which will be run as usual as a self-financing activity - we have been cautious in budgeting for a modest decrease in annual subscriptions. Otherwise the income from the sources of income remain sensibly as last year, give or take minor adjustments. Despite this, we have arrived at a nominal budget surplus of £100.

Rankine fund budget 2000

This year's expenditure will be greater than 1999 budget, to reflect the cost of bringing the touring lecturer to three national venues for the membership and to allow for an increased investment management fee. This is partly compensated by the lower costs associated with a 'Home' Rankine lecturer, resulting in a small increase in expenditure by £350 to £6,950, which may be compared to the 1999 budgeted expenditure of £6,600. We have taken the risk that investment income will rise slightly, to £6,000, from that budgeted for 1999, £5,500, resulting in an overall budgeted deficit of £850.

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