28NADFAS REVIEW / AUTUMN 2011www.nadfas.org.ukAGM ACCOUNTSour members. We are going to do thisby investing in a major one-off upgrade to our website to improve both the content, and the search facility; and 'Monies returned toSocieties'lastly, we effectively returned sums toSocieties. We did this by waiving thefares pool payment, which would havebeen £130 per society. This results in ourincome being around £45,000 lower in2011. It means that smaller Societies,CHARITABLE FUNDS Amounts given in 2006, 2007, 2008, 2009 and 201020062007200820092010RESERVES COVER Free reserves target is ninemonths revenue expenditure(minimum of six months required)9.312963010.09.89.9Months Coverwhich usually have a more difficult timefinancially, will get the same saving aslarger Societies. In addition, the affiliationfee for 2011 was only increased by2.3%, less than half the inflation rate.GRANT FUNDSFor many of our members, NADFAS is all about providing lectures andenjoyable outings. These are, of course,a very important element of oureducation remit, but our charitable aims also cover the giving of aid.Therefore, giving through grants, as well as through volunteering time, is important.The Trustees are responsible for threedesignated grant funds, and the grantsgiven by each of these for the past fiveyears, are shown in the bar chart below. The bar chart shows the substantialincrease in grants given in recent yearsby the Patricia Fay Memorial Fund. Theamount we give in grants, has until now,been that year's net Gift Aid receipts onthe affiliation fee together with the interestearned on Society deposits. However, inview of the Fund's higher reserves wewill, from this year, also include theincome from the Fund's investments. Last year, disappointingly, we did nothave sufficient grant applications to useall the available money. Applicationshave now increased and therefore weexpect to see another fairly large jump inthe level of grants given this year. Butcould I add that the Grants Committeewould like to see even more applications.'Gift Aid scheme greatsuccess'The success of the Gift Aid scheme, andthe considerable number of Societiesthat are now supporting it, really is agood news story. Last year, another 20Societies joined, and already, four morehave joined this year. This means thereare now less than 80 eligible, noncharitable, Societies who are not in theScheme. So if you are one of these,please do think about joining. Since itwas put in in 2004, we have transferredover £380,000 to the Patricia Fay Fund.Left: The GrantsCommittee wouldlike to receiveeven moreapplications for funding of worthwhilearts projects (Min)(Target)9.5£60K£50K£40K£30K£20K£10K£0KZena Walker Britcher FurlongPatricia Fay FundFundMemorial Fund20062007200820092010
www.nadfas.org.ukNADFAS REVIEW / AUTUMN201129AGM ACCOUNTSCourses£23KSubscriptions£1,076KShop/Other£38KAdvertising£182KTours£203KInvestments£20KGrants & othertransfers todesignated funds£23KEducation£212KVolunteering£246KNADFASReview£325KOtherTradingActivities£109KGovernance£146KMembershipServices£388KNADFAS GENERAL FUND 2010INCOME £1.54mEXPENDITURE £1.45mNet Income for 2010 -£93,971In addition we have returned over£200,000 to Societies in administrationfees, giving a total of nearly £600,000.Do remember that our policy is that allmonies reclaimed, following the paymentof the administration fee to Societies,should be used for charitable purposes.These monies cannot be put towardsNADFAS House expenses. 'NADFAS and Societies gavegrants of £238,000 in 2010'If you add the substantial sums given byAreas and Societies, we gave more than£238,000 in 2010. This sum does notinclude anything for all the valuablevolunteering work done by HeritageVolunteers and Church Recorders etc.As their value is not always fullyappreciated, we felt we should start totry to remedy this. Last year, over 3,000 HeritageVolunteerswere working on 500 projects.They ranged from stewarding to archivingto helping with restoration work. From asurvey, we estimate that they donatedover 300,000 hours. Using the NationalAverage earnings rate, the value of theirwork was at least £4.8 million.This estimated sum is just for theHeritage Volunteers, and excludes theChurch Recorders. It really shows theenormous value of our volunteers' work.OUTLOOKI would just like to finish by covering the outlook.We are in a strong financial position,and as I have outlined, this has enabledthe Trustees to authorise some one-offprojects, and effectively return monies to Societies, despite the difficulteconomic environment.This is in no small part due to you, as thesurplus arose from the Tours commissionwe receive when you book directly withone of our travel affiliates, and mentionNADFAS. So thank you very much.The key question though, is whetherthis level of Tours income will berepeated next year and onwards, andthat is something I certainly can'tforecast. This year we are still doingwell, but as expected, commission iscurrently below last year's level. Solooking ahead, the Trustees do have totake into account that this income couldwell be unsustainable in the future. As a result of the actions I outlinedabove, we expect our reserves at theend of this year to be very close to ourtarget, but certainly to be sufficient tosee us through any further downturns.'Well placed to thrive inuncertain economicenvironment'Much more importantly, we have the financial strength to build on our success and to continue to thrive, in what is a continuing, difficult economic climate. Thus, we are in a much better position than many similar organisations. 'We estimatethat HeritageVolunteersdonated over300,000hours... thevalue of theirwork was at least £4.8 million'