UK. J. HNT. NAT. HIST., 7: 1994 



place. Mr Morris would also like more members to put their names forward to lead 

 future field meetings. 



A successful Annual Exhibition was organized by Mr Michael Simmons; it was 

 attended by 200 members and 70 visitors, around the same numbers as attended the 

 previous year. There were around 175 exhibits with the usual slant on the Lepidoptera 

 but with a welcome increase in the "other" orders. The Council introduced new 

 guidelines to stop controversial exhibits from being shown at the Exhibition. The 

 aim is to stop long series of any species from one locality, unless for a specialized 

 reason, from being shown. Dr Basil MacNulty again organized the Annual Dinner 

 with his customary skill, and the event was considered a success with 40 members 

 and companions sitting down to a meal that was enjoyed by all. This item is still 

 on the agenda for discussion at this year's meetings of the Council. 



TREASURER'S REPORT 



This last year has seen the final payments for building and equipping Dinton Pastures 

 which has enabled reorganization of our finances onto what hopefully will be a stable 

 basis for the future. 



The plans to end the distinction between "London" and "country" members 

 announced last year have come into effect and this necessitated changing our bye- 

 laws. We took the opportunity of a change in subscription rate to introduce covenanted 

 subscriptions which will be held at the current level for 4 years. Initial response is 

 good with about a quarter of our membership having taken this option. The Society 

 will benefit by some £500 a year in reclaimed tax. The suggestion to covenant was 

 first mooted some 30 years ago, I believe, but it is only now after a relaxation in 

 the views of the authorities and protracted negotiation with the Inland Revenue that 

 we have been able to proceed. 



The Charities Acts lay a duty of stewardship on Council and it was with this in 

 mind that a firm of financial consultants, Edward J. Mercy and Co. Limited were 

 consulted about our investments. Their proposals, to move the bulk of our cash 

 deposits to investment bonds, set up to comply with the requirements of the Trustees 

 Act, were put into effect just before the year end. We look forward to seeing the 

 benefits of this in the future as interest rates on deposits have fallen to such a low 

 ebb. I am also pleased to say that our consultants have donated some £1 160 to us 

 from commission earned on these transactions. 



The income and expenditure account shows that our income has fallen by over 

 half following the reduction in interest received, as a result of both lower rates and 

 lower deposits, and the more normal level of donations received. The cost of running 

 the Society has been £13 751 and £6275 for producing the journal. This has been 

 financed by the expected £8000 subscription income with the balance coming from 

 investment income, including £5367 from the bequest fund. The budget for 1994 does 

 not envisage major changes from this level of activity. 



The balance sheet shows that Dinton Pastures and its equipping reached a final 

 cost of £154 736 and that this is being written off over the term of the lease at £2210 a 

 year. The total asset value of the Society is almost unchanged at £352 "43. Additionally 

 there is an unrealized surplus on investment values of approximately £40 000. 



The new accounting requirements for charities which were expected this year, have 

 not yet materialized. However the accounts comply with current best practice and 

 forecasts of what the act is expected to contain. 



Colonel Sterling and Mr Bell have once again audited our books and I extend my 

 own and Council's thanks to them. 



