 Felly, mae'n cael ei dda i'r cwmuned yn fawr o'r awddiad, ac mae'r fawr yn awddiad yn fawr. Mae'n fawr yn dweud i'r fawr. Felly, mae'n ddweud i'r awddiad i'r wneud o'r byw ymwneud yw ymwneud o'r parw yw'r pwgol. Mae'n ddweud i'r fawr o'r awddiad. Yn cael ei gweithio, mwyn fydd yn bwynt i'r gweithio. Mae'n ddweud i'r gweithio i'r gweithio i'r fawr. Felly, we did do what fellows at this event asked me and asked for, which was to post them on the website in advance as well, so people had a chance to look at them there. Obviously, the purpose of the presentation is to try and help you understand the accounts a little bit better than to give you an opportunity to ask any questions. And as you'd expect, Finance Committee has already reviewed the report and accounts in detail and council has approved the financial statements. So the annual report falls into four sections and it complies in its format and structure with the statutory requirements on charities for reporting. And it covers the four elements listed there on the slide. And we tried in the narrative part of the report this year to focus on outputs rather than achievements. I mean, you'll have a view as to how well we're succeeding with that, but certainly the Charity Commission expects you to, and actually I mean outcomes rather than outputs. And that's what the Charity Commission expects you to demonstrate actual impact. And so the four areas are the narrative, the detailed information on the legal structure, governance, management and all that, the auditor's report and then the detailed financial information. And I should say that the annual report and accounts gives you, in one sense, a snapshot of the finances of the society in that year. It's obviously influenced by what's gone on a year before in terms of things like reserves and investments and funds carried over. But it's also, it's only approved by the auditors if they think you are a going concern for the year ahead as well, in other words the year that we're in now. And I'll come back to that at the end, but clearly they did take that view. And we've arranged it a bit differently this time. I hope you find this a simpler, if you like, presentation. So some headlines. First of all, the fellowship and the fellow's subscriptions contribute 21% of our income, so it's clearly an important element. And the graph on this slide shows the trend in the number of fellows from 2013 to October 2019. And it's been pretty static in terms of numbers over that period, with roughly 100 increase over seven years or so. And that's at a time when, despite the economic situation, I think the heritage sector and interest in the past has continued to grow. There was a dip in 2019, as you can see, caused by 23 resignations and 15 deaths and then a steady recovery since to the end of October. And between April and October we've admitted 46 new fellows. And I have to say that one of the things that the society is really keen to do is to attract more fellows. And you'll know that in the past, Calc was talked about an associate scheme as well. And we will be coming back to that in the next few months. The reason we haven't touched enough for it is because of all the uncertainties about the lease and Burlington House, which I'll also touch on later. So, some headline figures on income. Income, total income for the society, and that includes Lucerna, Calmscott, was 2.6 million, roughly, up 16% from the last year. And I'll say a bit more about the various income streams in a moment. But the point to note, I think, is that that increase in income last year was mainly because of income from the Calmscott past, present and future project. Expenditure. Consolidated expenditure went up by 12% in the course of the year to 2.3 million, and you can see last year's figure there as well. And the net position, therefore, before gains on investments, was an increase of net income of 274,764, compared to the previous year when it was 218,109. I'm talking rubbish there because he's given me a slightly different slide. No, he hasn't. Forgive me. That was correct. Headline figures on investments. The valuation of our investments as of today is 15,420,928, and we've had a 3% increase in our investment portfolio in the course of the year, which is good news. But, as you can see, the investments are slightly down on the 15,768,112 last year, but we have made considerable gains on investments, as it says there, and it's a 3% improvement, which is good news. So, our investments have been up and down all year, as the marketers responded to various external factors, but the current position is reasonably healthy. I'll come back to investments again later on as well. Now a slide showing income streams, and this shows where we get our income from, the income which I referred to earlier, in percentages. So, our major income streams are subscriptions, which, as I said, are 21% investment income, which is 21%, trading activities, and that's Lucerna and Calmscott, 18% donations, excluding the amounts raised for the Calmscott project. 12% donations and legacies vary considerably from year to year, as you might expect, but donations and legacies are at 12%, or at 12%, and that is, and Calmscott income was, as I say, 24%. And I think that shows that the major income of the funds coming in from Calmscott on the society's finances, and of course, the income from Calmscott, which is partly donations and partly run from HLF, contributes, makes a substantial contribution to our overheads and our staff costs, which are allocated to it appropriately. And a little bit more expenditure. The top three of these, conservation, research and dissemination, are our charitable activities. That's how we're separated out, if you like, our cost centres. Conservation is 45% of our expenditure research, 24% and dissemination, 90%. And we spend 12% of our money on fundraising. The expenditure, of course, is split between that which comes out of restricted funds and that that comes from unrestricted funds. And we monitor the performance of those funds very closely. The charitable activities, the conservation activity, which counts for 45% of the total, includes Calmscott, plus the costs related to the Calmscott project, plus Morris grants to churches and the care of our own collections. The research activities include the costs of running the library, which is 174,000, support costs on research activities of 166,000, and research grants of 82,000. Dissemination counts for 90%, it says there, and it includes the publications programme, the costs of communicating with fellows and the running of the lecture programmes. And the overall costs of raising funds are 12% of our expenditure. And they're the costs incurred in raising voluntary income, and they consist of our development office, the cost of sales of the trading company, Lucerna, which is 190,000, and RoomHire, 85,000. But the actual costs of fundraising, as defined by, for example, the fundraising regulator, which takes great interest in these things, and we are about to sign up with a fundraising regulator, the actual cost of fundraising is about 75,000. So in terms of the money raised to our fundraising, for Calmscott in particular, but also more broadly, we're getting a lot of banks for our buck. So the support costs that are allocated to charitable activities. And this slide shows the breakdown of maintaining and developing, the breakdown of costs involved in maintaining and developing Burlington House as a viable entity. And that's shown in note 7A on page 41 of the accounts, I think. So you can see the impact of the rent that we pay for Burlington House there. And as you know, that rent has been increasing in recent years and is set to increase by a lot more. The actual rent for the 2018 year was 150,970, and that was a considerable increase on what it had been before. So some of the other things that account for support costs are professional advice, and the professional advice particularly that's needed for negotiations over the Burlington House site. And also the staff time, not least that of the general secretary in dealing with the lease increases and all the issues around the lease. And the next slide will show the dramatic increase in rent that we have undergone. The three lines that you can see there, sorry I'm having trouble seeing, the blue line is accruals as described in the accounts, the red line is the actual GVA demands and the grey line is unrestricted income. And from 2014-15 until February 2019, there was no indication of how fast rent would rise, and we assumed throughout those years a 12% annual increase. In order to meet this projected rise we made some library staff redundant as you know, as well as many other cost cutting measures. And the library restructureing was done also to save 100,000 on rent and pension increases coming in the near future. In 2017 we commissioned a report on options for rent and costs for relocation from the Burlington House. So even an increase of 12% per annum as it was then was seen as extremely challenging when our unrestricted income was growing at a far slower rate as you can see from this slide. In 2018 we liquidated 655,000 of our unrestricted capital, in other words we took 655,000 out of our investments in order to pay the estimated back rent and rent up until the end of the present lease period, 3,025, as well as other costs such as pension funding increases which I'll also come back to. And it wasn't until February 2019 that the true extent of rent increases became apparent with the issuing of rent demands for back rent from the government. And these were far higher than we'd accrued for or prepared for and were met by reallocating a 527,000 bequest. The remaining amount together with the liquidated 655,000 of capital should cover the sale rent up until March 2023. So we've put aside money with difficulty to do that. After that the continuing rent increases, the escalating rent increases will have to be paid for either by further liquidation of capital or from other unrestricted income sources. Both of these options will result in cuts to our, would result in cuts to our charitable activities and public benefit. And ultimately on that basis the society would have to cease to operate. And to put it simply, the present escalating rent demands are already unaffordable and cannot be paid before March 2023. The other fly in the argument so to speak. And none of this is new and we've explained this in newsletters to fellows. The other fly in the argument are the substantial increases in pension contributions, both the members of the pension scheme and the employer. And you can see they're set out in this slide. So the contribution rates on the right from October 2021 will be 23.7% for the employer. And the two contributions together will total 34.7%. And we've been doing our best obviously to influence the discussions over pensions, but we're a very small fish in a very large pond in its basically the university's pension scheme. So our views don't count for a great deal, although you might say that we're disproportionately affected because we're small. So the contributions changed earlier this year and they're the ones you can see on the left of the slide as a result of the 2018 revaluation. And the rates will change again from October 2021 as shown in the table, depending on the 2020 valuation, but that's the predicted increase. So the impact of that on salaries, as you can see from this slide, is quite substantial. And the savings that we made in 2017 by way of staff redundancies have, as you can see, been eroded by pension increases and to an extent inflation. And the thing to pick out on this slide is that the bars down each side are different. So you have to bear that in mind. But if you look at 2021, then the pension costs are something like 115,000. And the salary costs are 750,000. Those pension costs, incidentally, are the total of pension costs that are paid by the employer. And the member. And if you just take out the member's contribution, we, by 2021, will be paying something like 23.7 of our salary costs will be attributable to pensions. So 23.7% is quite a large amount of paying towards pensions. The seems to be very little way out of that one. We could buy ourselves out of the scheme. Some of our employees might not appreciate that too much, although the scheme is costing them more as well now. But buying ourselves out of the scheme would probably cost us something in the region of 3 million. And we might not be allowed to do that in pension trustees. Let us move on to income. And the statement of financial activities sofa on page 34 of your report is presented in the format required by the charity commission. And this slide is a brief overview of the figures presented on pages 38 to 56 of the report. The accounts are split by fund. And generally, I'll ignore the splitting talk about the total figures. So total incoming resources, as we've said before, were 2,634,940, and particular increases were the grants and donations, particularly the KPPF, and other income streams are relatively the same as compared to last year. I'll just give you a little more detail on the income that I've given you before. And similarly, a little bit more detail on the expenditure. Again, figures which in total I've shown before, a little bit on the Cumscott past, present and future project. The Cumscott past, present and future income and expenditure is included in the restricted income funds on page 51 of the accounts, as you'll have seen. And the total income for Cumscott in 2019 was 635,405. And that is split between the HLF grant, HLF funding received in the financial year of 242,257, and the matching funding donations that we've raised. And the staff, incidentally, have done a tremendous job on fundraising for Cumscott. And those amount to 393,148. And just a quick word about the balance sheet, drawing to a close. And the balance sheet that you can see there includes Lucerna in the group column, if you look at the group column for 2019 on the left of the slide. And it's a review of the full financial assets of the society as of 31st of March this year, in other words, the end of the financial year. And it includes tangible assets, which are improvements to buildings, furnishings, equipment and investment funds. It includes investments, which I'll say a little bit more about on the next slide. It includes current assets, which includes stock for example at Cumscott, debtors and gift aid and annual subs and room high fees still owing. Liabilities, including VAP settlement grants agreement not yet paid out and a proportion of the subs received in January 2019, which gave no benefit to the society until after the end of the financial year. And then you've got the permanent endowment, which is capital funds, the income from which is to be used for specific purposes. And capital cannot be, this sort of capital can't be converted to income unless approved by the charity commission. And restricted capital funds. And those come from specific allocations and appeals by council for particular purposes, research, publications, council got burnt in house. And the council can spend that capital if need be. And restricted income, income from permanent endowment funds to be used and applied to specific purposes but not yet used. And the funds of the charity sector section at the bottom shows our net assets and how they're split by fund. And the group net assets have increased by 709,728. The, a little more on the investments. So the investments that we have consist of Calmscott cottages, listed investments and Calmscott cottages is the top line, listed investments beneath that and cash held by the investment manager. And the total market value of all those in 2019 was 16,279,315. During the financial year we made a capital drawdown, as I've said before, of 745,000, consisting of 655,000 to meet rising costs, particularly the lease, back rent on burnt house, and 90,000 to meet the refurbishment of Calmscott cottages. And the investment value at 21 November 2019 is 15,420, sorry, 15,420,928, and that's the figure there. And finally, the auditor's opinion. Fundamentally, the auditors were satisfied with the report and accounts. We were asked to report by exception on nothing at all actually, so that was very good. And I should say that coming back to my point at the beginning of this, that the auditors also would not have signed off the reports and the annual report accounts unless they thought that the society was again concerned. We're again concerned for the time being, but as you will have gathered from this presentation, we've got a lot to think about in terms of future history to 2023 and what happens thereafter. Thank you very much. Any questions for you too much? I mean, it sometimes baffles me, but sorry, Joe. Yes, I think we can probably do even more with it as well, but I think it's a step in the right direction. Well, thank you very much.