Honorary Treasurer’s Report on the financial statements to 31st December 2009

The accounts for the Conchological Society for 2009 show a reduction in reserves of £6438, an improvement over 2008 when our reserves were depleted by £13337. With reserves now standing at £97,238 the loss in 2009 is serious but not critical.

Our income has fallen by £4435, with the main factors a drop in donations and legacies of £3707 and interest of £1177. By their nature, legacies and donations fluctuate from year to year with little we can do to influence them. On interest, rates will remain low in 2010 and we will try to keep a close control on cash flow to minimise cash in bank accounts at low or no interest rates.

Our expenditure has increased slightly from last year but this includes a £1500 drop in grants and a £3106 increase in publication costs. Within the total of £21769 is £14550 for two issues of the Journal and £7219 for three issues of Mollusc World. A change in the production arrangements has been agreed to reduce the cost of Mollusc World and this will come into effect in 2010. We need to maintain a firm control of the costs of the Journal if we are to achieve a better balance between our income and expenditure. March 2010 AGM, Natural History Museum (Photo: P. Topley) Our investments have seen a capital growth in the year of £812 compared with the loss of £11022 in 2008. It seems likely that we will see further growth in 2010 as the economy returns to growth. Our investments are based on share and bond prices except £10000 which is in National Savings. These are both cautious and diverse and the relatively small losses we have sustained are a tribute to the team who established and implemented the investment policy.

The finances of the Society remain sound with sufficient reserves to cover our activities for many years to come. Having said this it remains our objective to ensure that our income matches our expenditure so that we have the resources to at least maintain our current activities, and where appropriate expand them.

What can members do to help? UK members who pay tax can ensure they have given us a Gift Aid certificate to enable us to maximise the tax we recover each year – at no cost to them. Foreign members and other users of Paypal can ensure they remit sufficient to cover payment costs, as the bank charge about £1 for each payment and Paypal slightly less. Remember the Society in your wills. Recommend us to your friends. As Tesco annoyingly reminds us – every little helps.

Nick Light

Honorary Treasurer 30th January 2010

Figure 1: March 2010 AGM, Natural History Museum (Photo Peter Topley)