2021 accounts and notice of AGM

[blythburgh]

Sorry Richard but church thing is more important to us than the AGM.

Unlike John Lennon, I don't believe I'm bigger than Jesus

[blythburgh]

I am finding the Lent Course really interesting. We are using a booklet and exploring contextual theology. Last week it was African's women theology. To come are Korean and then Liberation theology, Celtic spirituality, Dalit Theology.

We read through the text then in groups of 4 discuss set questions about it. Really good to hear people's thoughts

[pabenny]

I didn't frame my observation as a question, so I suppose that explains why there's been no response...

In the year to June 2021, there was loss of £15,000 - or £35,000 if the covid subsidies are ignored as these have ceased.

Nothing in trading has obviously improved since then. With reserves/cash of £48,000, it looks like IM will run out of money around December this year. Sooner, probably if Kelkoo doesn't return.

Is that analysis substantially correct? If not, what has changed?

[blythburgh]

It's a fair question.

I would certainly expect another loss this year but admin expenses have been further reduced and the site can "tick over" on quite low overheads until more favourable conditions return. I have taken on full time contract work to minimise the need to take a salary from imutual, though obviously this severely limits the amount of time I can devote to the site.

My plan is to see that current contract through (could be this year, could be next) before resuming a more significant role in imutual.

And, as ever, cashback balances are explicitly protected by a Directors Guarantee.

[Richard Frost]

The accounts currently show two employees. Because of the limited format that the accounts have been produced in, it is not clear what salaries have been paid or to whom. Can you let us know what salary you and Susan (if any) were paid in the year?

[pabenny]

It's a fair question.

I would certainly expect another loss this year but admin expenses have been further reduced and the site can "tick over" on quite low overheads until more favourable conditions return.

So what's the current level of admin cost? How long can IM survive with current levels of income and expenditure?

[giardap]

Hi., may I ask if the directors guarantee cover a members (mine) reward that has been incorrectly cancelled or is this another way of saving money? The site instead of ticking over will wither on the vine as unpaid members move transactions to other sites

[giardap]

The accounts currently show two employees. Because of the limited format that the accounts have been produced in, it is not clear what salaries have been paid or to whom. Can you let us know what salary you and Susan (if any) were paid in the year?

In 2020 wages for were cerca £46k with the directors pay being cerca £36k

[Richard Frost]

The accounts currently show two employees. Because of the limited format that the accounts have been produced in, it is not clear what salaries have been paid or to whom. Can you let us know what salary you and Susan (if any) were paid in the year?

In 2020 wages for were cerca £46k with the directors pay being cerca £36k

Thank you but I was referring to the 2021 accounts.

[blythburgh]

Hi., may I ask if the directors guarantee cover a members (mine) reward that has been incorrectly cancelled or is this another way of saving money?

If it's been incorrectly cancelled, then please accept my apologies. I'll admit that responses to queries have been slow at times but we will get this sorted for you