I am pleased to report that the League’s finances continued to improve overall in 2012 in spite of the country’s continuing gloomy economic situation. At the end of the year our total resources had increased by £29,274 to just over £330,000. In my view, and given the economic difficulties in 2012, this overall improvement is very satisfactory.
The League’s total income at £36,357 was £5,618 higher than in 2011 due mainly to a single legacy of over £9,000. Donations by local groups and investment income were both higher than last year and subscriptions by members held up very well, but other donations and collections were lower than last year. Thanks to the efforts of local organisations and the continuing generosity of the people of Buckingham and surrounding villages, we had a successful fund raising experience in 2012.
Total expenditure in 2012 at £25,905 was very similar to the previous year with direct charitable expenditure lower than in 2011 and administration higher than in that year. Expenditure on medical equipment, in response to requests for funding from the hospital, was almost £2,000 lower than in 2011 whilst fees paid to our investment managers were higher due to the fourth quarter’s fees for 2011 not being billed until early in 2012.
Once again the League’s investment portfolio held up very well given the tricky market conditions in the earlier part of the year. During the year we transferred further funds for investment to Smith & Williamson Investment Management and at the year end the portfolio value was almost £27,000 higher than at the end of 2011.
The League’s finances remain strong and we are confident that we will be able to continue to support tthe Buckingham Hospital, its patients and staff for the foreseeable future. Alan Maidment