Dear Members,

While 2024 presented financial challenges, I want to reassure you that the Society remains stable, forward-looking, and committed to serving our members with integrity and care.

We did not achieve the profit we had hoped for last year, instead recording a loss of £14,392. This was primarily due to unexpected legal expenses and increased administrative costs. However, these were one-off pressures, and we’ve taken proactive steps to ensure they do not impact our future sustainability.

Although increases in membership, registrations, and affiliations in 2024 helped offset some of these costs, they weren’t quite enough to close the gap. Recognising this, the Board made the thoughtful decision not to raise fees in 2025, prioritising affordability for our members. Modest adjustments will be introduced in early 2026 to support our continued growth and financial health.

Membership numbers dipped slightly compared to 2023, but registrations and affiliations rose — a promising sign. We were especially pleased to welcome many LIHS competitors as full members, with several progressing to compete in our main BSHA classes. The introduction of a minimal LIHS registration fee in 2025 has helped us better track competitors and streamline the qualification process, all while keeping costs manageable.

Our events — including the Northern and Southern Spring Shows and the ever-popular National Championships — each generated a small profit. More importantly, they delivered value and enjoyment to our members. Profit is welcome, but our priority remains reinvestment in experiences that enrich our community.

On the investment front, we saw mixed results. Rathbones continued to perform strongly, while Raymond James showed slight improvement over 2023 but remained in negative territory. In response, we consolidated our investments into Rathbones in Q2 of 2025. I’m pleased to report that not only have we recovered previous losses, but our portfolio now exceeds its original value — even after a £50k withdrawal a few years ago.

In summary, while 2024 was financially challenging, the Society remains sound and resilient. We are actively preparing for the future, guided by a commitment to our members, staff, and Board. With careful planning and a focus on long-term sustainability, we are confident in our path forward.

Thank you for your continued support.

Kathy Atkin-Bowdler