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, 1963.

As members will see from the results, 1963 was a most disappointing year. Early in the year "Science Fiction Adventures" ceased publication. Falling sales and increased costs have made the position of the company increasingly serious. In the light of this and after a careful consideration of the future prospects, the Board regretfully decided early this year either to sell the goodwill of the titles or to cease publication. In the event they were able to dispose of "New Worlds" and "Science Fantasy" for a nominal sum. The last issues published by the company appeared in April and the company will virtually cease trading during the current year. The Directors greatly regret this action but had no alternative in the face of continuing losses.

The Board wishes to express their deep appreciation of the loyal services and considerable efforts of their colleague Mr. E.J. Carnell, who has managed and edited the magazines for so many years. They wish him well in his new appointment and are sure that the shareholders will join them in this.

The trading loss for the year, as shown by the annexed accounts was ...	£ 1,948
To this must be added the deficit brought forward from the previous year ...	1.006
	2,954
Less Provision for subvention payment from fellow subsidiary company after an adjustment on 1962	1,840
Leaving a deficit to be carried forward to 1964	£ 1,114

By order of the Board,

R.M. Best

Secretary

9th June 1964.