The EEIBA Annual Review for the year to 31 December 2004 shows that the financial outcome is better than the previous year by some £35,000, but the published deficit at £308,000 gives the trustees continuing concern. With total assets at just under £4m, the trustees believe there are adequate funds to provide on-going support and advice services. Total income for 2004 was some £68,000 less than 2003, the principal reason being that income from legacies, although ahead of the 2004 budget at £54,000, was £87,000 less than the unusually high sum received in 2003.
Also in 2003, the charity received a most welcome transfer of assets from the Seeboard Benevolent Association at just over £50,000. Income from companies, individuals and charitable giving trusts was marginally up with investment income and rents being much the same as previous years, and fundraising income from national events, showing an increase of £55,000. Costs of providing support and advice services (welfare), core support services and fundraising and publicity was down by £103,000.
Although the total amount of welfare spend is reported at just under £20,000 less in 2004, the amount of grants obtained from others in support of beneficiaries, grants obtained and given direct to beneficiaries, and statutory benefits obtained by welfare staff for the charity's beneficiaries, more than made up the gap by bringing in £33,500 more than the previous year.
The total value of giving support and advice to EEIBA beneficiaries amounted to some £1,324,000 as compared to £1,309,456 in 2003. At the AGM, president David Dennison said: “Having an industry benevolent fund is a good idea. In fact, it is, I believe, a necessity. People in need can call on the EEIBA for help and advice, made possible by donations provided by the industry. This equation relies on your generosity.To our industry sponsors, company donors and individual givers, I record my warmest thanks and appreciation.”