2007 Annual General Meeting
Treasurer's Report

Audited copies of the 2007 Financial Statements are available for perusal.

As usual the chairman has covered all the activities of the past year. Financially, the situation continues to improve. Tender prices for closed season catches picked up last year and the trend has continued this year. Interest rates are favourable, and our reserves are healthier than they have been for the past few years.

An amount of R516 020 was allocated for research in 2007; the projects approved are listed in the financial statements and you should be receiving some feedback later today. Unlike previous years, the total amount has already been utilised. Ad hoc funding amounted to R20 500.

Included in the funds in the Admin Money Market account is an amount of R56 000, which is the balance of the Boat Fund set up in 2005, to cover possible legal costs in regard to squid applications. The list of contributors and amounts spent is on the table. At last year's AGM, it was decided to leave this money in the fund for possible future use.

Owners of boats who were affected by the 1 man reduction in permits, set up a fund to fight this matter with MCM. The list of contributors is available for perusal by interested parties. All monies received for this fund have already been paid over to Abrahams & Gross, the attorneys handling the matter.

Membership is still a headache. If you have not received an invoice for membership fees for 2008, please check your details on the list and amend where necessary. Invoices can be organised for you right away. If you know where to contact those whose addresses/ telephone numbers are blank, please let us know. It is becoming more and more important that lists are up to date, as MCM tend to query that SASMIA is representative of the Industry as a whole. Check the payments list if you are not certain what your standing is. Holding companies, who do not own any boats, are on the membership list, but not on the subscription payment list.

Funds in the Bank are currently as follows:

Money Market (Research)R501 159
Research Cheque Account  R42 373
Admin. Cheque Account  R47 760
Admin. Money market AccountR135 040

Our reserves have almost doubled since last year, which means that more funds will be available for research in the year ahead, which should be good news for the scientists!

In conclusion, I wish to say that I have enjoyed my stint with SASMIA, but due to the demands of other commitments, find it necessary, with some regret, to tender my resignation as Treasurer of SASMIA.

Thank you.

GWEN MALHERBE
Treasurer