Oxford University Cave Club

The accounts of the club seem to become increasingly complicated each year, but after much time spent in thought and financial manipulation, I have come to the satisfactory conclusion that the finances of the club are not in too bad a shape. This is no cause for us to sit back on our laurels, however, and indulge in a spending spree, and we must constantly drive for increased membership in order that the club may own enough tackle and equipment to use on all our projects without having to depend on the generosity of other clubs.

Statements of the accounts for the past year are circulating round the table for members' inspection. But perhaps I had better amplify one or two points. Before I do that however I think that word of thanks are due in several directions. Firstly to Dr Garton, whom I am sorry to say was not able to be here tonight, due to a previous engagement. Without his help in the guarantee of our loan from the bank, it would not have been possible to purchase of the equipment from the expedition that we now own. Our thanks are also due to Laurie Jenkins for his help in producing the cards each term, and to Tim Cooke, our secretary, for the hard work that he has put into securing a room for our meetings each term.

With regard to the magazine, I have at the moment stood the cost of this project, £8-5-0d in fact, it but as I am going down at the end of this academic year this amount will have to be found from the general account. Thus we are eight pounds poorer than the accounts may indicate. Theoretically the club should make a profit on the magazine, but at the beginning of a venture such as this, some initial losses are inevitable for the first two or three issues.

At the beginning of Michaelmas term last, I re-organised the accounts completely. This was done because of the loan we had from the bank, and because of the fact that we now have our own bank account. The van account remains quite separate as it was before, but a new account called the tackle fund has been brought into existence. This fund started off with a deficit of 20 pounds, the loan from the bank, and this figure is reduced by payment of tackle fees that are levied after every meet at which club tackle is used. Tackle fees received to date total [blank], leaving a further [blank] to be obtained. Officially we have a further six months to have this overdraft, but if the overdraft is steadily lowered, I have little doubt that the bank manager would not object to an extension of this period. I hope, however that it will not become necessary to ask him for this. When the overdraft has been cleared the system of tackle fees will be carried on, and new club tackle will be bought with the proceeds. If the club returns to northern Spain on a larger scale, much more tackle will be needed than we have at the moment.

Finally I would like to thank my fellow members of the committee of his club, for their help in making this year a very pleasant one for me.

If there are any points relating to the accounts, or to anything that I have just mentioned, I should be most pleased to do my best to explain.

Thank you.