what we do and to embrace the changes and consequent economies that technology can help us with. As a result we released slightly less from our Life Subscription Fund to emphasise this line of thinking. Meanwhile, as expected, Annual and Periodic subscriptions are declining following the changes to Life Membership several years ago. Dividend income also dropped slightly as some of our investments have re-timed payments, but these may be expected to recover in the coming year. Our expenditure also revealed variations. The cost of our publications rose again prompting debate about producing an electronic version of The Old Berkhamstedian to save postage and distribution costs – and coincidentally create an accessible archive for the future. We increased support again for our sporting subsidiaries, and for the first time have included the OB Lodge. The decision was taken that all the costs of running the Trust Company, in particular the audit and portfolio management fees, should now be borne by TOB Ltd in order to maximise our help to the School. In the year, we gave further support to the School Archives. Our Overton administrator was away for part of the year on maternity leave and costs reduced a little as a result. Sterling help from Lynne Oppenheimer and Jayne Willson kept things going until Vicky’s return. Regrettably, the deficit on social functions was exacerbated by a late charge from the previous year. During the year we made the decision to give our brokers, Brewin Dolphin, investment discretion against agreed parameters, in common with the majority of their clients. There were few changes of investment in the year and consequently no realisation of profits on investments to offset the operating loss. With the completion of our commitments to the David Case Pavilion, the annual transfer to the Trust Company has now returned to more normal levels. Our investments had a reasonable year with
relatively few changes. The UK’s decision in June to leave the European Union resulted in a considerable devaluation of sterling and our investments, with a fairly strong element of overseas investment, have held up well and are considered well-placed for the future.
The OB Trust Company Ltd
The Trust Company also experienced a year of change and refocus. Firstly, it was decided that keeping separate funds when there was no particularly good reason, and certainly no legal reason to do so, was over-complicating matters. Accordingly, the three funds – Scholarship and Bursary, Knox-Johnston Award and the Emergency Funds – were combined, coupled with the undertaking that the normal commitments undertaken by the funds would continue to be honoured. Secondly, Club 2000 ceased operations from 1st January 2016 as a separate entity as the number of members participating was declining, the Inland Revenue had contested its constitution and refused Gift Aid and, while there was still sufficient income to pay out the prizes, there was not much left to buy items for the School. All members were written to and a goodly number have very kindly agreed to continue their contributions, but now as donations to the Trust Company. In turn, the Trust Company has accepted responsibility for continuing the support to the School, hitherto provided by Club 2000. During the year we completed – a year early – our commitment in respect of the David Case Pavilion, making a final payment of £20,000 (of the £40,000 promised overall). We provided KnoxJohnston Award voyages and travel grants to a number of students and, after a gap of two years, have resumed giving bursary assistance. We also provided over £2,000 of ‘nice to have’ items formerly provided by Club 2000. It is worthy of note that the Trust Company, since its (CONTINUED ON PAGE 10)
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