GENERAL TREASURER’S REPORT

I have pleasure in presenting my report and accounts of the Central Fund and Central Reserve Fund for the year ended 31st December 2002.

There has been a significant decrease in subscriptions received. The net decrease in membership was 42. We lost 79 members paying the full subscription and 2 probationary members, and gained 35 members paying a reduced subscription. The summary of subscriptions below show the Districts most affected. Excluding the contribution from the Diocese of Winchester for travel to the Channel Islands, the Central Fund’s income almost stayed the same as 2001 due to the almost doubling of peal fees received.

Turning to the expenditure, the significant increase (an understatement) is our Public Liability Insurance. Our brokers experienced difficulty in obtaining a quote and we were forced to remain with our current providers who required a 100% increase in premium. September 11th was the main cause of this increase giving rise to a contraction of the world-wide insurance market. Towards the end of 2002 our brokers experienced even more problems with renewing the cover. A large number of insurers withdrawing from the market make “stand alone” Public Liability insurance even harder to come by. Our other expenses have not significantly changed (the secretary’s expenses for 2001 being distorted by the travel to the Channel Islands).

What of the future? I increased subscriptions across the board by £1 last AGM. The purpose of this was to help defray the increased cost of our Public Liability insurance and to ensure the financial stability of the Guild is secured for the near future.

District subscriptions were received as follows:-

Total financial assets held by the Guild are as follows:-