NOVA PUBLICATIONS: DIRECTORS' REPORT 1961
Detailed accounts by the auditors were included with the report. These have been omitted. These pages scanned/OCRed from Les Flood's copies, as supplied by Mark Plummer.
The Directors submit their Report and Statement of Accounts for the year to 31st December 1961.
Trading throughout the year declined slightly against the 1960 figures, the fall being divided mainly between the home market and Australia, where sales dropped still further from the 1959 level. The partial loss of the Australian market has been directly due to competition with American imports since restrictions were lifted late in 1959 and attempts to increase sales in this area were not successful.
The year's financial deficit was almost entirely due to the unsuccessful attempt to market the magazines in North America, a scheme which was started in late 1960, with the co-operation of Gordon & Gotch Ltd. , as distributors. Whilst it was anticipated that a loss might be incurred on this operation for an unspecified period - in view of the complexities of American distribution - it was after the end of the year that the Directors could be sure the scheme was not profitable and the arrangement was cancelled.
In the light of experience gained it has been possible to make new arrangements for 1962, guaranteeing the company a trading profit on North American deliveries.
Strenuous efforts are being made to raise home sales, in order to mitigate the increase in printing charges in the autumn of 1961 which squeezed already narrow profit margins.
The loss for the year, as shown by the annexed accounts, was £1, 664 from which has been deducted the balance on Profit and Loss Account brought forward from 1960 of £219 and income tax recoverable on 1960 profits of £279 leaving a debit balance on Profit and Loss Account to be carried forward to the next account of £1,166.
The Auditors, Messrs. Myring & Bradbury, having amalgamated on 2nd April, 1962, with Messrs. Martin, Farlow & Co. , Chartered Accountants of 27/28 Finsbury Square, London, E. C. 2. the Auditors' Report has been signed by Martin Farlow & Co. Notification has been received that Martin, Farlow & Co., are resigning as Auditors and will not seek reappointment at the Annual General Meeting. A resolution will be proposed to appoint Messrs. Ford, Rhodes, Williams & Co., Chartered Accountants, of 4B Frederick's Place, Old Jewry, London, E. C. 2, as Auditors, and delegating authority to the Directors to fix their remuneration.
BY ORDER OF THE BOARD,
6th June 1962.