The Cutlers - The Company Today

Finance Committee Report

FINANCE COMMITTEE REPORT

The financial affairs of the Company have not been immune from the storms that are devastating the economy.

The catering operation in the Hall is by far the most important source of the Company’s income. Bookings have held up well but attendances have fallen. As a result, the commission we receive has come down whilst the related fixed costs of cleaning, security and day-to-day maintenance have remained. At the same time, our relatively small dividend income has declined and the capital value of the portfolio has fallen in line with the market.

Expenditure has been reduced and the development programme has been slowed down.

We expect that much of the economy will recover slowly but that parts will never do so. We cannot assume that everything will eventually return to “normal”. We do not know what the next decade will bring but theCompany dates back to 1624 and it has seen difficult times in the past.  It has adapted and has survived. To ensure that it does so this time, we are reviewing our strategy afresh.

All of this means that the donations made by the Freemen and Friends of the Company make an even more vital contribution to the finances and we thank all the donors for their generosity.

M J Mallett, Chairman