In 2012, Equity had a small operating deficit of £3,954. I am pleased to report that normal service has now been resumed and that in 2013 the union achieved a significant operating surplus. There is good news also regarding the Equity Staff Pension Scheme and, as at 31 December 2013, our net assets have risen to over £8 million. There is, however, no room for complacency; a number of income streams on which we have relied in the past are no longer available to us or have reduced and, as a consequence, the future continues to be a challenging time for Equity.