HON. TREASURER'S REPORT
The Accounts before you have again been kindly audited by Messrs. Wong Tan & Co.
Financially the Society has had an expensive year—expenditure has risen from $30,621 to $56,024, and in view of this a word of explanation is called for. Firstly Journal and other publication expenses have risen from $9,709 to $30,464 and reflects rising prices and the number of publications to which the Society committed itself, i.e. the 1975 Journal and 2 Symposium Journals, whereas the previous year there was only one annual Journal. Secondly the effects of paid secretarial assistance which started in February 1975 is beginning to be felt and thirdly the Society's obligation to the Hong Kong Arts Centre as a Constituent Society is shown by way of its annual subscription ($10 per local member). The Society has been able to sustain some of this increased expenditure by firstly the effects of the rise in the rate of annual subscriptions ($30 to $50 as from 1st January, 1975) and secondly by the very large increase in life memberships. Members will recall that when the annual subscriptions were raised it was decided not to raise the life membership fee until members had had the opportunity to transfer to life membership at the old rate. Several of you took this opportunity, which was wise of you since the life membership fee is now $500. The total amount received from this source of $11,088 therefore is an extraordinary amount and is unlikely to be repeated.
The overall result of the Income and Expenditure account is a deficit of expenditure over income amounting to $6,845. I am hopeful that this will be recovered in the current year by a decrease in expenditure on journals and other publications, and the full effect of the increase in annual membership.
The Balance Sheet shows that the Society is still in a reasonably healthy financial position. The figure of $40,000 under printing charges Sundry Creditors represents the amounts due for publications earlier and also the 1974 Journal. The Society's investments which are kept under review, continue to hold up well, with the exception of the U.K. stock holding which is down due to the devaluation of the £ sterling.
HON. TREASURER'S REPORT
The Accounts before you have again been kindly audited by Messrs. Wong Tan & Co.
Financially the Society has had an expensive year-expenditure has risen from $30,621 to $56,024, and in view of this a word of explanation is called for. Firstly Journal and other publication expenses have risen from $9,709 to $30,464 and reflects rising prices and the number of publications to which the Society com- mitted itself, i.e. the 1975 Journal and 2 Symposium Journals, whereas the previous year there was only one annual Journal. Secondly the effects of paid secretarial assistance which started in February 1975 is beginning to be felt and thirdly the Society's obligation to the Hong Kong Arts Centre as a Constituent Society is shown by way of its annual subscription ($10 per local member). The Society has been able to sustain some of this increased expenditure by firstly the effects of the rise in the rate of annual subscriptions ($30 to $50 as from 1st January, 1975) and secondly by the very large increase in life memberships. Members will recall that when the annual subscriptions were raised it was decided not to raise the life membership fee until members had had the oppor- tunity to transfer to life membership at the old rate. Several of you took this opportunity, which was wise of you since the life member- ship fee is now $500. The total amount received from this source of $11,088 therefore is an extraordinary amount and is unlikely to be repeated.
The overall result of the Income and Expenditure account is a deficit of expenditure over income amounting to $6,845. I am hopeful that this will be recovered in the current year by a decrease in expenditure on journals and other publications, and the full effect of the increase in annual membership.
The Balance Sheet shows that the Society is still in a reasonably healthy financial position. The figure of $40,000 under printing charges Sundry Creditors represents the amounts due for publica- tions earlier and also the 1974 Journal. The Society's investments which are kept under review, continue to hold up well, with the exception of the U.K. stock holding which is down due to the devaluation of the £ sterling.
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