Treasurer’s Report.
The Association made a satisfactory surplus of 14,900 pounds for the year, although subscription income showed a fall over the previous year for the first time, reflecting the anticipated decline in membership. The benefit of the new subscription rate will be reflected in the next year’s accounts.
Our office costs are well controlled by the Administration Director and steady changes are being both implemented and planned to the membership database and website. The Committee has continued its regular support to the Aviation Trust, the Sea Cadet Corps and the Fly Navy Heritage Trust, and is expecting to incur some further expenditure in 2011 on the Memorial at the National Arboretum.