26NADFAS REVIEW / AUTUMN 2010www.nadfas.org.ukAGM ACCOUNTScompared to a surplus of £9,406 in2008. As previously mentioned, this wassomewhat better than our expectationsat this time last year.GENERAL FUND RESERVESThe other good news was that therecovery in the stock market resulted inthe value of our investments increasingby over £65,000, leading to a positivetotal movement in our general funds of£52,571. Therefore, at the end of lastyear, our general reserves had increasedto £1.13million, which is equivalent to20062007£0K£10K£20K£30K£40K£50K£60KCHARITABLE FUNDS Amounts given in 2006, 2007, 2008 and 20092008£4,000Patricia FayMemorial FundBritcher FurlongFundZena Walker Fund£1,567£25,090£48,720£3,89420052006200720082009RESERVES COVER Free reserves target is 9 months revenue expenditure(minimum of 6 months required)9.301296308.769.969.84Months Cover9.5 months expenditure (our reservescover for the past five years is shownbelow).'Affiliation fee increase lessthan forecast'This was a little above our target of ninemonths, and it was for this reason, thatwe increased the affiliation fee by 10pless per member than the 25p we hadforecast. The 15p increase to £10.90was equivalent to 1.4%, and thereforebelow inflation.GRANT FUNDSFor many of our members, NADFAS isall about providing lectures andenjoyable outings. These are, of course,a very important element of oureducation remit, but our charitable aimsalso cover the giving of aid. Therefore,giving through grants, as well as throughvolunteering time, is important.The Trustees are responsible for threedesignated grant funds, and the grantsgiven by each of these for the past fouryears are shown in the bar chart below. If you add the substantial sums givenby Areas and Societies, we gave over£235,000 in 2009. From what we heardat the AGM this really is making adifference -especially in these difficulttimes. This sum does not includeanything for all the valuable volunteeringwork done by Heritage Volunteers,Church Recorders and Young Arts etc. If you put a value on their time, theamount would be many times this figure.'Grants increased further'The bar chart shows the substantialincrease in grants given in recent yearsby the Patricia Fay Memorial Fund. Theamount we give in grants is that year'snet Gift Aid receipts on the affiliation fee,together with the interest earned onSociety deposits. The reason for thisincrease is the success of the Gift Aidscheme and the considerable number ofSocieties who are now supporting it.Last year, another 13 Societies joined,and by the AGM, a further 12 had joinedthis year. This means that there are nowLeft: The keyquestion iswhether theconsiderablyhigher level ofTours income in2010 willcontinue£NIL£4,000£3,252£56,458(Min)(Target)9.502009£4,000£3,330£60,480NADFAS and Societies gave over £235,000 in 2009
www.nadfas.org.ukNADFAS REVIEW / AUTUMN201027AGM ACCOUNTSTours£59KInvestments£17KShop/Other£41KCourses£15KSubscriptions£1,053KAdvertising£186KTransfer to ITdesignatedfund£18KEducation£195KVolunteering£241KNADFASReview£310KOtherTradingActivities£133KGovernance£145KMembershipServices£326KGrants & othertransfers todesignated funds£15KNADFAS GENERAL FUND 2009INCOME £1.37mEXPENDITURE £1.38mNet Expenditure for 2009 -£12,496less than a hundred eligible, non-charitable Societies who are not in theScheme, and hopefully many of thesewill join soon.The Gift Aid administration fee, of £1per claim paid to a Society for all thework they do in administering thescheme, can be a valuable little earner.This is particularly the case if a Societydecides to claim previous years' Gift Aidwhen they join. My own Society,Okewood, when it joined last year,decided to do this, and theadministration fee paid by NADFAS, wasmore than enough to purchase ourdigital equipment. The policy is that all monies reclaimed, following the payment of the administrationfee to Societies, should be used forcharitable purposes. They cannot be puttowards NADFAS expenses. OUTLOOKTwo years ago, I asked you to continuetaking lots of holidays. It's enjoyable foryou; you spend your money before thechildren and the government get hold ofit; and in doing so, it makes our Reviewattractive to advertisers. It is even betterif you book directly with one of our travelaffiliates and mention NADFAS. We getthe commission and it makes nodifference to your cost.Well in 2010 you really seem to be out to enjoy yourselves, as the re-introduction of the Minervais proving to be extremely popular. Despite havingjust lost approximately £20,000 ofcommission, as a result of two verypopular cruises being cancelled due tothe volcanic ash flight problems, wecurrently expect to see our commissionmore than triple in 2010.As a result, our financial position is now very strong, which it needs to be, with the current economic turbulence. The key question though, is whether this much higher level of Tours income will be repeated next year and onwards. This is something we can't easily forecast. When the Trustees come to look at our finances in September, the degree of sustainability of this income will be a key item when considering future needs. Our Tours income is also primarily through only one affiliate. Our financial position has already enabled the Trustees to authorise additional expenditure which includes improving the content and search functionality of the website and increasing the size of the Review, so that we can cover more arts stories and Society news.So, in these difficult economic times weshould certainly have sufficient reserves,to see us through any furtherdownturns. Much more importantly, weare well placed to build on our successand to continue to thrive in what is adifficult economic climate. Thus, we arein a much better position than manysimilar organisations. 'Well placed to thrive in uncertain economic climate''NADFAS and Societies gave over£235,000 in2009, showingthat theAssociationreally doesmake adifference'