Annual report for the year ended 31 August, 2004

The past year marks the transition of Chess Friends to action after a long period of steady growth and preparation

General policy and growth of funds

The income of the consolidated funds reached $1359.59, with donations of $660 and interest $699.59. The donations plus more than half the interest income have been added to the past year’s term investment of $13,700, lifting this year’s term investment to $14,500. Interest rates have also increased and this year’s investment is at 6.55%, which will yield tax-free income just under $950.

At least until the invested capital reaches $20,000 a conservative policy is being followed to ensure that additional term investment provides for real capital growth, over and above the inflation rate. At the same time the investment growth (helped meantime by higher interest rates) is enabling a steady but continuous increase in expenditure on coaching.The trusts’ financial statement is attached.

First coaching clinic

The Hamilton Chess Club, under the guidance of William Lynn, has taken positive initiatives which have greatly helped the progress made by Chess Friends in the past year, in adding to the funds through a levy on entry fees in their junior tournaments, and in conducting a coaching clinic at the conclusion of the 2004 NZ Junior Championships.

A report on the clinic is attached, but I wish to place on record the appreciation of Chess Friends of the support and initiative taken by Hamilton and particularly William Lynn. Feedback on the coaching clinic has been positive and the fact that 32 junior players took part (11 with tournament experience and 21 in the beginners to intermediate category) shows that demand is there, with potential for ongoing development.

We also thank William (basics, art of checkmates, tactical play) and Peter Stuart (endgames) for their contribution as coaches for this initial clinic.Chess Friends provided $300 towards the coaching costs of the clinic.

Clinic to follow the 2004 zonal. 

Paul Spiller of Howick-Pakuranga Chess Club has approached Chess Friends with a proposal for visiting Australian Champion, Gary Lane IM, to conduct simultaneous exhibitions and a coaching clinic early next February, after the zonal tournament to be held in Auckland.

This is a valuable and significant progressive move, and a proposal for Chess Friends to contribute $500 towards the costs of the coaching clinic is being considered by our trustees. I am confident it will have their enthusiastic support.    

Chess Foundation

In accordance with the deed of trust of the New Zealand Chess Foundation deed of trust, the Foundation’s share of the past year’s investment was $2,834.74, which yielded income of $143.15, and under the provisions of the deed of trust 10% of this ($14.31) must be retained and reinvested, so the reinvestment on account of the Foundation for 2004-05 is $2858.05. The remaining 90% ($128.84) must be spent or passed to the Chess Federation, so this will be the first sum allocated to the proposed support for the coaching workshop planned to follow next year’s zonal tournament.

Further fund-raising

Our fund-raising this year has been low profile, particularly as it is an Olympiad year, but donations totalled $660. Now that Chess Friends has moved into action and officials and players can see the benefits which will accrue from developing the coaching programme, we will be renewing our appeal for support. This report is being circulated to clubs for their consideration.

Web page

The UCOL School of Design in Wanganui is cooperating in developing a web page for Chess Friends, which will have a link to the official New Zealand web page. We expect this to appear later this year and it will expand the promotion of Chess Friends and general chess promotion of New Zealand chess through the internet.  

Cooperation with Chess Federatio

Now that the programme of activity for Chess Friends is emerging, support from the Chess Federation continues

Trustees

The trustees of Chess Friends are Ted Frost, Graham Haase and  Peter Weir.   One member retires each year and is eligible for re-election.  Graham Haase retires this year and I request that the federation to reappoint him for another term.

Chess Friends of New Zealand Trust & New Zealand Chess Foundation Trust Consolidated Financial Statement, 2003-04