Accounts of the Company--Corporate Fund

Income and Expenditure Account for the year ended
31 December 2004
       2004    2003
           £       £

Income
Fines     17,646   18,925
Members: subscriptions and
quarterage   37,623   35,969
Investment income      2,000      2,000
Deposit interest      1,061       794
Sundry income          10            -
200 Club contribution    1,600      1,460
Contribution towards administration
expenses from related charities   2,000       2,000     ______ ______
     61,940   61,148

Expenditure
Clerk's fee and admin expenses  32,579 29,569
Beadle's fee        1,650   1,650
Chaplain's Honorarium        300      300
Net cost of functions    19,191   7,408
Insurance       1,809   1,789
Accountancy fees         275      275
Subscriptions          385      335
Temple Bar donation    10,000           -
Miscellaneous         643        22
Taxation                                       (77)    1,204
(Profit)/loss on goods sold/utilised    1,204       965
Newsletter       2,961    2,515
Lord Mayor's Show      (119)   (3,366)
Liverymen's Committee     (230)           -      ______ ______
      69,367  40,566
Total surplus/(deficit)
  for the year   (7,427)  20,582

Balance Sheet as at 31 December 2004

           2004    2003
               £       £

Fixed assets
Silver Plate and
        Badges      55,000  42,000
Investments      23,926  23,926

Current assets
Stocks       19,163  17,712
Debtors and
         prepayments          5,247    8,821
Cash at bank and
         in hand      50,509  57,889
     ______        ______
        74,919  84,422

Less: Current liabilities   
Creditors        1,387    3,462

Net Current Assets       73,532  80,960
       ______        ______
      152,458       146,886

Corporate Capital Funds    152,458       146,886

These figures indicate a satisfactory performance for the year particularly as they take into account two items of "special" expenditure, namely £10,000 contribution towards the paving at Temple Bar and £10,000 contribution towards the Grant of Charter celebrations.

The financial result showed a welcome improvement over both the Budget for 2004 and the Six

Year Plan forecast for the year.  The improvements largely resulted from tight control over a number of expenditure heads without detriment to the welcome ambience of the Company's various functions at an acceptable cost to members.
The Company is on course to achieve the aim of the Six Year Plan of creating a £100,000 free cash reserve by 2009 but on condition that membership increases by a net 10 each and every year to 2009.

Christopher Sedgwick, Chairman, Finance Committee