For the first time in many years, we are reporting a loss for the year and we cannot allow this to continue. It is due mainly to falling publications sales because there was no new bestseller published during the year. It had originally been hoped that UCP 500 would be updated but this has been postponed, so the benefits of a sales uplift must wait for UCP 500’s successor, expected in 2005.

We have tried to counteract the loss of profits and our royalty income increased substantially, with additional royalties accruing from a bigger and better ICC United Kingdom Handbook and also from our website. Interest income fell resulting from lower interest rates. Profit on seminars was also down.

We have raised subscriptions for 2003 by five per cent to bring our budget back to a small surplus for the year.

Kenneth Gardener
Honorary Treasurer