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, 1962.

Trading throughout the year again declined in comparison with the 1961 figures and, despite new arrangements with our North American wholesalers, distribution from that area did not produce the extra profit anticipated. By the end of the year it became evident that the Directors would be compelled to discontinue the scheme.

Vigorous efforts to increase both the home and Australasian sales, were made, but the increase in circulation was still below the anticipated level, and, in particular, SCIENCE FICTION ADVENTURES continued to decline in popularity. To avoid further losses on this title, the Directors decided to discontinue publication after the April 1963 issue.

The year's financial deficit was partly due to the original long- range trading with North America, necessitating a period of six months to conclude, and the intense competition in the home and export market by the expanding paper-back business, aggravated by increased printing and carriage costs.

Further efforts are being made to increase sales and revenue during 1963, which it is hoped will be successful. In this connection both NEW WORLDS SC1ENCE FICTION and SCIENCE FANTASY are being increased in price to 3/-d per copy as from August 1963.

The trading loss for the year, as shown by the annexed accounts was	1,140
To this must be added the deficit brought forward from the previous year ...	1,166
Less Provision for subvention payment from fellow subsidiary company	2,306 1,300
Leaving a deficit to be carried forward to 1963	£1,006

By order of the Board,

M. C. Crowlie

Secretary

27th August 1963.