Income Statement
for the period January 1 – December 31, 1999

When the Executive Editor assumed his post in 1997, he was to be only that. Unfortunately, due to circumstances beyond his control, the Business Manager in the U.K. fell away in 1998, leaving him no option but to assume control of the distribution, subscription and bookkeeping. 1998 was a particularly difficult year for the magazine, as there was no subscription list to work from and subscribers had to be traced by various means. Some went for months without their magazines, despite having paid subscriptions, simply because we did not know who our subscribers were. We believe this has been corrected and 1999 saw a smoothly running magazine, with one major challenge: The number of paying subscribers was insufficient to cover costs, as is obvious from these financial statements. A drive for new subscribers has been ongoing during 1999 and we trust sufficient new subscribers will be attracted to fill the hole in the budget for 2000. Our budget is based on 200 subscribers, without the need to increase subscriptions and a slightly cheaper cost structure. In order to put the magazine in a stable position, we would need to increase subscriptions to around 250 – 300 subscribers, which certainly is an attainable goal.