2005 Annual General Meeting
Treasurer's Report

Audited copies of the 2005 Financial Statements are available for perusal.

Briefly, our reserves have been decreasing over the past few years, due largely to the drop in tender prices for closed season catches (e.g. down R200 000 in 2004 from the previous year) and low interest rates, while research costs escalate each year. The Research Committee has done an excellent job of assessing applications and allocating funds to those projects from which industry will derive the greatest benefits.

An amount of R541 000 was allocated for research in 2005. Of this, R273 000 has been utilised so far. As usual, the balance of R268 000 will be utilised mainly during the current closed season. The scientists will be giving us a report back on their research later today, which should prove most interesting.

I just briefly wish to explain to you the item "Unallocated Funds" under Current Liabilities in the Balance Sheet. Of the total amount of R56 145, the sum of R10 716 is to be transferred to Closed Season Income, as this was for fish caught and sold by the scientists during the last closed season. Unfortunately we received clarity on this item only after the financial statements had been completed. The balance of R45 430 under this item represents the deposits of R1 000.00 per boat paid by boat owners to cover legal costs incurred in respect of squid applications. We received the sum of R61 000.00 and we thank those boat owners who so willingly contributed towards this fund. To date, invoices totalling R16 826 have been paid to Dawson Edwards for their services. A decision will have to be made regarding the current balance of R44 174 still being held by SASMIA.

Membership has remained unchanged over the past two years. Due to a technical glitch, invoices for subs were sent out later than in previous years, but funds have been coming in and we thank you all for your prompt support. If you have not received an invoice, please contact me during the break so that we can verify your details.

Funds in the Bank are currently as follows:

32 Day Call AccountR281 106
Savings AccountR346 588
Research Cheque Account  R34 520
Admin. Cheque Account  R55 940

Thank you.

GWEN MALHERBE
Treasurer