Welcome to Issue 64, February 2021 and a Happy New Year to all our readers!
2020 was a year to forget, a year dominated by the Covid 19 crisis; whilst there is encouraging news about the vaccines, we are not ‘out of the woods’ yet and the situation in the UK is deeply concerning with new infections having grown alarmingly in the November/December period.
Given this background, it is virtually impossible to plan any events. This has led to a certain amount of confusion regarding the International MG and Triumph Spares Day. We were advised that the Show is being moved from its traditional venue of Stoneleigh to the Telford International Centre and is taking place on 7th February. Indeed, the organisers are selling tickets on their website for this date. However, whilst it is understood that a date in April is also being held, as recently as a two weeks’ ago, the organisers were still insisting that the Show would be held on 7th February.
I’m not a betting man, but I would bet against the 7th February date and also have a punt against an April date. It is regrettable that the Stoneleigh venue is not available and the soundings I am getting from quite a few exhibitors is that they do not regard Telford as an attractive venue. We will certainly not be attending, even if it was possible to attend, and I gather that the Octagon Car Club will not be having a spares stand at the Telford venue.
We are still selling books, with Barrie Jones’ Maintaining a 1955 TF in the 21st Century and Jonathan Goddard’s Practical M.G. TD – Maintenance, Update & Innovation, our two best sellers. Pictured below is John Yuhas’ TD.
John, who is in Connecticut, recently purchased a copy of Jonathan Goddard’s book for a friend, who is restoring a TD, and sent me some pictures of his TD. John purchased TD5985 just over a year ago. As best as he can determine, a restoration was performed about 30 years’ ago, the car having never seen the road as the owner died before enjoying its rebirth.
The MG ‘T’ Society was incorporated in October 2016. It is a Company Limited by Guarantee (essentially a non-profit making enterprise). The two Directors are me (John Dennis James) and my son (Stephen John James). Contrary to one comment, which got back to me, we don’t take a penny in expenses or remuneration from the Company. Indeed, we actually put money into the Company (nearly £2,000.00) at its inception and this money is still in the balance sheet and will not be taken out. We have also used our own IT equipment from the start, although we have purchased a laptop in the past year to allow for more flexible working.
The accounts for year ended 31st October 2020 have been prepared by a retired accountant and were signed by me in the presence of the accountant on 10th December 2020. They will shortly be submitted to Companies House.
For the past three years we have paid Corporation Tax. I have never minded paying this, given the size of the UK National Debt, but our accountant keeps reminding me that we should not be paying tax. Our liability from the most recent set of accounts (which are under ‘Publications’ on the website) is £142 (£215 in the previous year) and this is easily funded by profit from book sales.
Our liability for Corporation Tax stems from the wording of our Articles of Association in the event of the Society ceasing to exist. The current wording reads In the event of the Society being dissolved and wound up, its assets are to go to a MG Club Limited by Guarantee which helps keep the MG T-Series of cars on the road by the provision of spares.
To avoid Corporation Tax liability, it needs to read In the event of the Society being dissolved and wound up, its assets are to be returned to the members on a fair and equitable basis and related to the length of time that membership has been held.
I am hoping that this suggested amendment will not prove to be controversial.
To close this final editorial for 2020, I am sometimes asked why I continue with the website and the bimonthly publication Totally T-Type 2. My answer is quite simple; I have gained much pleasure from M.G.s since I bought my first M.G. (a J2, which I still have) 55 years ago, and I like to put something back.