The fact that the Association is still in existence and solvent is no mean achievement, but prospects for the next year are mixed. The generous £5,000 grant we have received from The Wates Foundation over the past three years will cease this year. However, for the first time in the 27 years of CGCA's existence, Westminster City Council have given a grant of £2,500 towards our revenue costs. While a small grant, it is a significant step forward and a very useful precedent; the grant would not have been awarded without the active support from our local councillor, Alexander Nicoll.

Camden Council continue to support the Association much more generously (£11,250) for which we are extremely grateful. However, their grant has stood still over the past three years, so the Association has had to find additional funds to cover increasing costs and inflation. In addition, Camden has agreed to give a one-off grant of £7,500 from the Social Services budget for a part-time worker whose job will be to give support to the elderly residents in our neighbourhood. Our application would not have been successful without the active support and help from Lindsey River at Camden Age Concern, whom we are indebted to. This project will be a most exciting new venture for the CGCA.

Next year we will have a significant additional cost, as our rent will be reviewed and is bound to increase. Our current annual expenditure is around £42,000 and of this sum we are assured of £15,000 from grants from Westminster and Camden - the remainder of the monies are raised from our members, from the CGCA's Business Group, from special fund-raising events and as a consequence of some very generous individual donations. A very significant source of income is by way of Covenants - I hope all members will agree to support the Association by this method. If you are interested in finding out more about tax-efficient donations, please ask us to send you full details.

Last year, expenditure was larger than the previous year, entirely due to the publication at last of the Covent Garden Handbook. This is a project that has taken many years to complete but the end result was well worth waiting for and the finished product is a credit to the CGCA. A free copy of the Handbook was made available to every household in Covent Garden and to our business members. Further copies are available for a small fee of £3. My report would not be complete without drawing attention to Jo Weir's work; due to her determination she managed to raise over £4,000 for the CGCA's general funds in the past year. If only every member could do just half, or a quarter as well as Jo!

Copies of the audited accounts for the year ended 31st March 1998 are available from the CGCA office

 

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