1 4th Annual General Meeting Sunday 14 October 2007 at Catania, Italy The International Society for Condensed Matter Nuclear Science N.B. Non ISCMNS members are welcome to attend.

2 Chief Executive’s Report Elections & Appointments Membership Finances Charity Looking forward to the future

3 Situation 2007 The following officers will retire on December 31 st 2007 Akito Takahashi(Hon. President) Xingzhong Li(EC Chairman) Yuri Bazhutov(ICCF13 Chairman)

4 3 Candidates for President and Chairman Scott Chubb Xingzhong Li Francesco Celani Elections were held by in September 51 votes were cast.

5 Election Results 51 members voted. 1 Abstention 1 invalid vote No false ID codes.

6 Election Results - President Prof. Xingzhong Li 26 Dr. Scott Chubb 9 Dr. Francesco Celani 16

7 Election Results - Chairman Dr. Scott Chubb16 Dr. Francesco Celani 33

8 New Appointment Collis retired from EC at 31 st December 2006 and did not seek re-election. Became Chief Executive of the Society.

9 Membership 180 members at 29 September 2007 Up from 163 at 14 September 2006 Membership lapses if you don’t pay dues!

10 Finances Net Assets in Euros 13,308 7,367 Income 18,029* 10,963 Expenses 12,088# 5,237 Surplus 5,941 5,726 * Includes $10,300 donation # ICCF12 & RCCNT13 expenses included.

11 PayPal Problems ISCMNS currently maintains a non interest bearing credit with PayPal amounting to about €11,000! PayPal have frozen this credit pending “verification” of the Society. PayPal has failed to even attempt verification procedures.

12 ICCF-13 Proceedings The Executive Committe today unamimously decided to subsidize publicaton of ICCF-13 proceedings by $3,000 sufficient to allow printing of 300 copies of 1,000 pages. Donations sollecited to allow possible publication by World Scientific (Singapore).

13 Looking to the future (2006) As a Charity we will raise funds from the public. Becoming a Charity is an opportunity for publicity. Changes in Company Law may come into effect in and ISCMNS may wish to amend its constitution (again!) to take advantage.

14 ISCMNS is now a UK Charity! Status recognized by HM Revenue Customs UK Charity Commissioners. No fees paid! ISCMNS can now receive donations in the UK (and USA thanks to Steve Krivit) with tax benefits to donors. The society should pay little or no income tax.

15 Regulation & Bureaucracy The major bodies regulating ISCMNS are:- Companies House Charity Commission HM Revenue & Customs

16 Eliminating Duplication As from 2008 it will be possible to form Charitable Incorporated Organizations (CIO) which no longer need to register with Companies House. This saves paying fees and filling in forms!

17 Conversion Procedure Draft a new constitution. Members approve the constitution. File documents. Set up new CIO Transfer assets. Dissolve the old ISCMNS company.

18 Your input required We are in no hurry to make any changes so we have time for extended discussion. Do you have ideas for changes to the constitution? (Example election procedures, Executive Committee).

19 Looking forward to the future ISCMNS raises most of it funds by “commercial” activities like organizing conferences not from membership fees. Commerce is OK up to about $100,000 Anything “risky” should be done by a separate company.

20 Collaborative Research ISCMNS has had tentative contacts with groups interested in forming international research projects. This comes under the definition of “risky”! So prudence will dictate that any such activities must be carried out by a fully owned subsidiary. FP7 presentations on Monday

21 Why should ISCMNS get involved? The ISCMNS mission is to promote Cold Fusion! EU consortia need at least 3 partners from different countries. ISCMNS is British. EU grants pay a larger % of expenses to non profit organizations. ISCMNS members could participate even if they are not EU citizens through ISCMNS.

22 What about taxes? Of course the subsidiary company must pay tax in the normal way However a UK subsidiary of a Charity can eliminate its entire tax liability by making a “donation” to its parent (or any Charity). Care needs to be taken to retain working capital in the subsidiary.

23 Any Questions?