With regard to financial matters this year has been a very difficult one for IMUSA. An emergency committee meeting on April 4th voted to suspend the treasurer elected at last year's AGM and I took over as acting treasurer for the remainder of the year. The reason for suspension was that the committee felt the treasurer was in breach of the constitution which requires:

"The Treasurer shall cause adequate financial records to be kept and shall be responsible for the proper administration of the Association's financial affairs."

For historical reasons IMUSA maintain three bank accounts with Nat West Bank. In due course these accounts will be closed and the money transferred to our new account at the Royal Bank of Scotland.

The current balances in all our accounts are as follows:

IMUSA still have some outstanding debts as a result of the Murdoch campaign and I expect the new treasurer, elected by this meeting, to deal with the arrangements for repayment.

The constitution requires me to provide audited accounts for last year to this meeting. Unfortunately, I would only be able to provide accounts for the last seven weeks which seems rather pointless. I will, therefore, be proposing to this meeting a change in the constitution altering IMUSA's financial year end from March 31st to December 31st. In future, if this is accepted, accounts will be produced in January and audited in time for the AGM the following May.