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page 76 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'

30NADFAS REVIEW / AUTUMN changeOn a trip to the south east coast, Annie Daviesdiscovers howthree seaside galleries are breathing new life into their towns bydrawing on the area's strong artistic heritageBY THE SEA