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Jai Shree Krishna
Community Elders, Honoured Guests, Ladies,
Gentleman and Children I wish you and your
family a Happy Diwali and a Prosperous New
Year.
I have prepared for you a short report
on JKSM’s financial position as at
the year end 31st March 2002 and also as
at 31st October 2002. The accounts up to
31st March 2002 are audited and the accounts
up to are 31st October 2002 are not. I will
not be reporting on the accounts as at 31st
March 2001.
Profit & Loss Account
Income
£55,000 The highlight of
the accounts is the sale of the property
for £175,000 against a book value
of £120,000 which resulted in a profit
of £55,000. Following the payment
of expenses relating to the sale of the
property and the loan of £15,000 the
net proceeds of £150,000 was placed
on an annual term deposit which matures
in September.
£1,435 This profit represents the
net proceeds of the Black Tie Hall Ball
held in March 2002 by your new committee.
£800 We have written back £800
from the amount pledged to JO from the original
accrual of £1,600 as JO has confirmed
this to be our liability.
Overall You will notice that overall all
the events yield small surpluses which we
have utilised to run the mandal.
Expenses
There are three main points on
this front :
£5,050 This amount is mainly made
of the expenses relating to the sale of
the property which includes items such as
legal fees, surveyors fees and the like.
£1,130 & £1,294 These two
amounts have grown substantially as a result
of the increase in the amount of communication
you are receiving from JKSM. As you know
we have published 4 newsletters in the past
12 months and we have brought you 6 events.
This increase in activity had the effect
of increasing our printing, postage and
stationery costs.
£215 This amount is a new expense
for the SMS text messages we have been sending
you prior to our events.
The past 7 months has so far yielded a
profit of £1,987
Total Accumulated Funds
The total accumulated funds are
self explanatory.
Current Liabilities
The creditors and accruals of £2,708
is made up of £ 800 due JO, £478
from Aarti Collection available to JKSM
for donation and £1,430 payable for
the Navratri hall hire and Think Tank Meeting
Hall Hire. The £1,691 is made up of
£1,600 due to JO and £91 from
Aarti Collection available to JKSM for donation.
Current Assets
Debtors and Prepayments of £1,459
is mainly made up of £995 due from
the Black Tie Ball and £464 which
is the prepayment of the hall hire for Lalabapa
and Sati Dudhimata’s Tithi.
Deposits This amount is made up of two
amounts. A deposit of £1,000 for the
Hispaniola for our event in February 2003
and a holding deposit of £363 for
the Walthamstow Assembly Hall.
That ladies and gentleman is your Treasurers
Report on the accounts.
For you information I would like you to
know that we have the expertise and the
systems and controls in place to ensure
that we are able to write up books within
two weeks of an event to determine whether
we made a surplus or deficit. Each event
is preceded by a financial budget and agreed
by the Executive Committee before we proceed
with the event. We always monitor our progress
against these budgets which we set which
we try and keep to.
Thank you |
