TREASURER’S REPORT - 2006

I am delighted to report that in the year we finally eliminated the deficit.

We in fact made a surplus of £7,674 on the General Fund. I must point out that this is not necessarily achievable every year, but while I am Treasurer, I am determined to ensure that we never again lapse back into deficit.

The other key issues to highlight are as follows:-

We have transferred the Property Investment Fund into the General Fund as that was the only way of covering previous deficits, in effect, we had already spent a lot of that Fund.

This left us with £66,050, unrestricted General Fund reserves, at 31/12/05.

The net assets of BHHC (excluding property), increased from £515,679 to £733,546 by 31/12/05.

The FES increased in value from £226,707 to £241,210 by 31/12/05.

The Cemetery Fund also increased from £167,238 to £172,965.

However, £165,500 from this Fund will be paid to Brighton & Hove City Council in August 2006 for the new cemetery.

Overall, it has certainly been a successful year, and I would like to sincerely thank members of the Finance Committee for their help, time and contributions.

Expenditure in nearly all headings was down, and within a budget that we can just about afford. However, there is an important element to be aware of. Long term it is essential that we increase our membership and/or sell assets to invest, to increase our annual income. This is the only way we will be able to maintain our current level of expenditure.

I am sure that the new Board of Directors will address this issue as a matter of top priority.

R.Graham Gordon – Treasurer of BHHC

1st Av 5766

26th July 2006.