£50 is less than five members. We expect to have at least 20 members by the AGM according to http://meta.wikimedia.org/wiki/Wikimedia_UK_v2.0/Business_Plan#Membership
Yes, and most of that money will go on costs already incurred and costs incurred as part of the AGM (in fact, I doubt 20 members will cover all those costs - if the board want their travel costs paid for the AGM [which I think would be reasonable], they will probably have to wait until more money comes in).