 Ychydig o'r pethau. Felly mae'n cysylltu'r ffordd ddechrau'r cynnig o gyfnodol yn ei wneud. Mae'r cwpio gyda'r ddau cwpio a'r ffordd o'r gwasgwyr. Mae'r ffordd o'r ddau a'r ddau'r ffordd o'r pryd yn gwybod i'r ddechrau'r ddau'r gwasgwyr o'r gweithio'r ddau. Of course, the Finance Committee has already reviewed the annual report accounts in detail, and the council has approved them, and the most important will perhaps be what it is to sign off. I'll try to keep this fairly brief. So, in line with the statutory requirements, our annual report accounts is split into four sections, and they are as follows. Firstly, the narrative on the activities of society and how, through our charitable objectives, we benefited the wider public, and that benefited to the wider public as a really crucial part of what we do. The narrative is split into three areas, and they are on pages 129. Key achievements and performance, financial review, including policies and future plans. The second element is the detailed information in the statutory report accounts on the legal structure, the governance and management, and recording the approval given by council. That's on pages 30-33, and then the auditors report on pages 34-37, and finally the detailed financial information set out between pages 38 and 56. So, first of all, the statement of our financial activities abbreviated to SOFA on page 38, and that is presented in the format required by the Charity Commission, and I'll provide a brief overview of the figures presented on pages 38-56. The accounts are split by fund. Generally, I'll ignore the split between the different funds, and I'll talk about the total figures. This year, the accounts show unrestricted, restricted and endowment income expenditure. Just to remind you, restricted funds, bequest donations, grants, can only be spent on particular specified purposes. Unrestricted funds can be spent on any of the society's activities, and endowment funds relate to the capital that provides income for the support of specified objectives. So, beginning with income on this slide, and total incoming resources decreased by £1,546,701 in 2017-18, and we'll see that at the bottom there. That's 2017-18. Now, that may appear to be alarming, but in fact it's not alarming at all, because the decreases were caused by the fact that in 2016-17 we received, from the estate of Beatrice de Cardiff, an unrestricted donation of £5,000, and an endowment investment of £1.584 million. So, that showed in 2017-18, but that was not there in 2018. Also, we had a bequest from John Casey of over £500,000 in 2016-17, which we didn't have in the current year. So, that accounts for that significant decrease, and they were exceptional bequests. However, on the other hand, the decrease was not as large as it might have been, because in fact we got over half a million in donations and heritage lottery funds support for the accounts of past, present and future projects, and that has shown as part of that total in 2018. Also, COMSDOT and the other trading activities increased by £48,000, owing to a record number of visitors, £21,000, September, at COMSDOT. Just to show the income in a different way, which may be more readily understandable, this graph shows the income figures for 2018 in blue and 2017 in red, and the first columns on the left represent income from donations, grants and legacies, and the large decrease in 2018, as I've already said, is due to the one-off bequest from Beatrice de Cardie and John Casey in 2017 and John Casey in the current 2018. All the other income streams remain broadly the same relative to the prior year. Just to show that in yet another format, if you extract from those columns the COMSDOT past, present and future income, the de Cardie and John Casey requests, then that's what it looks like. Broadly, a similarity across the two years in terms of the different types of income. Expenditure. Expenditure is split, as you can see, in the three columns on the left between unrestricted funds, restricted funds and endowment funds. The performance of these funds is monitored very closely by the society, and they are detailed in the narrative section of the report. But let us focus on the two columns on the right-hand side, which I will take in funds for 2017 and 2018. The costs of raising funds at the top, on the left, and running across the page, these are costs incurred to raise voluntary income. They consist of the development office, the cost of sales of the trading company, Lucerna, and Roohy. The total cost of raising funds came to 275,000 and in 2017 it was 326,000. The reason for the lower costs in 2018 are mainly that the development office costs were lower than last year due to the head of development's time being spent on the company. The cost of sales for Lucerna increased in life with the higher trading. Charitable activities, moving halfway down on. Conservation activity, first of all. Our activity at Cannesburg Council, plus the Morris grants to churches and the care of our own collections. And there was a high spend on Cannesburg past, present and future, 438,000 compared to 98,000 in 2017. And that was because the project was beginning to get going and the development work was being done on a much greater scale in 2018. The research costs, the costs of running the library, and also the costs of research grants. Dissemination, which includes the publications programme, the costs of communicating with fellows and the running of a lecture programme. That's a C. And counted across all of these are our support costs. So there's a percentage of our support costs which go up to all of these areas of activity if I have some administration, human resources, and so on. And the maintenance of our office space in Burlington House. And support costs have decreased by 34,000 this year. And that's net of increases in rent which has gone up from 38,000 last year to 43,000 this year and will continue to rise. And I'll mention that again later. The society is still in discussion with our landlords and their agents. Our landlords being the government over rent for Burlington House and the renewal of the lease for a further 10 years. So, the total spend is 2045, 711 in 2018. Against income, if you cast your minds back to a proof slide, of 2,265,818, which is a surplus of 218,000. And just to show the expenditure in hopefully perhaps a more easily understanding of the fall under the different categories again. And just to remind you again that the higher costs, red is 2007, blue is 2018, 2017, 2018. And the higher costs of the charitable activities in 2018. Conservation, so that's that particular, those higher costs in 2018. That again is because it includes the expenditure on camps that pass present and future of 438,760, which I mentioned earlier now that the project has got going. And just to look at Camstot itself. And the income for Camstot pass present and future is included in the restricted income funds on page 54 of the accounts. And we receive matching funding donations for Camstot of over 324,000 and heritage lottery funding received in the financial year was 199,000. Giving a total on the Camstot pass present and future project at 524,000. And that is that being there, sorry, the 2018 column. And all of the expenditure at A in 2018 in respect of Camstot was incurred in preparing and submitting the heritage lottery fund bid, which has resulted, as I'm sure you will know, in the award of £4.3 million towards Camstot. And that is obviously not yet shown in these accounts and indeed will be paid when we put in claim forms to work that is carried out. Just moving on very briefly to the profit and loss account. The investment portfolio was valued £143,000 lower this year. That is at 18. Actuarial losses in the year were £3,500 compared to the gain of £12,000 in the previous year. And this gives a surplus of £71,040 a year, which is moving on to the balance sheet. The consolidated balance sheet is the review of the full financial assets of the society as of the third and first of March, this year at the end of the accounting year. And the intangible assets there are the costs of the value of software. The tangible assets going down the list are improvements to buildings, furnishings, equipment and taking into account in that process, depreciation. Investments I'll look at on a separate slide, but this is the value of Camstot, the various assets at Camstot plus our investment funds. Current assets include which is stock at Camstot debtors, gift aid, annual service and room half fees belowing. Liabilities, these include VAT settlement, grants agreed but not yet paid out and a proportion of the service received in January 2018, but no benefit delivered until April 2018 onwards. So not within the financial year. Moving down to the endowment at the bottom. The permanent endowment is the capital funds, the income from which is used for specific purposes and capital can't be converted, this is important to income unless approved by the charity commission. Restricted capital funds are from specific allocations and appeals by council for purposes, specific purposes such as research publications, Camstot and Burnton House and the council can spend in these cases capital if need be. Restricted income is income from permanent endowment funds to be used and applied to the specific purposes but not yet used. The funds of the charity section show net assets and how they are split by fund and the group net assets, that's Lucerna and the society have reduced by $71,000 as of the profit and loss account. I said I'd say a word about investments. Our investments are split between four types, as I said before, permanent endowment, restricted capital, restricted income and unrestricted. Sarasun's alpha common investment funds, which is our main channel for investments, 90% of that is in endowments, 10% of income and reserves, as it says, those funds are held by. The market value of the investments of 31 March 2018, the end of the financial year, was $15,760,000. There were a number of downturns during the year in our investment portfolio because of the markets, but towards the end of the year there was a substantial recovery. Just to set out on this slide that we had the auditors opinion at the end of the year, there was no qualification to our accounts and although they advised us as auditors on a number of my opinions in our accounting procedures, we got a clean bill of health which was good news and of course what we would expect again. Just to summarise there at the end to remind you of a number of points. First, we have an established policy to deliver our charitable purposes and those purposes must be maintained. As in the past, over the last year, the financial year for which these accounts have been produced, we have used our resources to deliver strongly our objectives of conservation, research and dissemination. We have exerted throughout the year and certainly the executive team and the finance committee have exerted very firm cost control measures through robust budgeting exercises and financial property. We have very much ensured that expenditure is kept in line with income. As I said before, that is taking into account the rental costs of our continuing to rise. We also, as you know, apply a total returns policy to take a modest amount of capital each year from our long-term investment policy, in addition to the interest of the tree we generate on that capital, which we can spend. That is obviously variable from year to year, but the percentage we have normally applied and that has not changed is 1.5% of that capital. Although no drawdown, no 1.5%, was required in 2017-18, because of the unrestricted request from John Casey, which meant that we didn't have to demand that drawdown. Just to remind you as well that the statutory accounts also have to show other costs which society incurs, which are above and beyond the day-to-day costs of depreciation, pension, liabilities and those sorts of things. Finally, our uncertainty going forward, our financial uncertainty, still lies largely in the cost of the occupancy of Burlington House. Although we are committed to staying with Burlington House, negotiations are continuing in regard to the new lease and the rent levels, which will be applied just over the next 10 years, and that is a really key issue for society. The second big challenge is pensions. The pension fund that we are in, which is the one that all the universities are in, has been re-valued, because basically the figures are going on at enough, and there are proposals at the moment to increase the contributions both for the employers and the employees, which would obviously not be welcome to the employees, but equally would not be welcome to the employers. So those discussions are on the go, and we've certainly failed into those discussions, although the big players in the pension scheme are the universities. So certainly in the coming year we'll be keeping a very close eye on the rent negotiations with Burlington House and the outcome of the pensions negotiations. Thank you very much.