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.

DIRECTORS:
J.D. Copeman (Chairman)
E.J. Carnell
F.C. Copeman
L. Flood
J.B. Harris
G.A. Smart

The Directors submit their Report and Statement of Accounts for the year to 31st December, 1958.

The new magazine, Science Fiction Adventures, had its first full year - six published issues - and, after taking into account the initial expenses incurred in launching the title, shewed a profit from the fourth issue onwards. During this period the original American edition ceased publication but it was decided that the title should be continued by the Company using new material. This decision has proved advantageous and helped to further establish the magazine.

Both New Worlds and Science Fantasy continue to be well received despite the heavy fall in sales of general periodicals during the last three months of the year. Some effects of this recession were felt by the Company and accordingly it was considered prudent to increase the provision for Returns from newsagents. The Directors feel, however, that having regard to the conditions obtaining sales have been satisfactorily maintained.

The profit for the period, as shown by the annexed Accounts was £1,332.18.4, which deducted from the deficit brought forward of £1,890. 1. 6, leaves a deficit to be carried forward to next Account of £557. 3. 2.

The Auditors, Messrs. Myring & Bradbury, having intimated their willingness to continue in office, a resolution fixing their remuneration will be proposed.

By Order of the Board,

G.A. SMART,

Director and Secretary