|
Please refer to the audited financial statements.
As can be seen from the income statement on page 5, income for this financial year was derived from 4 sources viz. interest on money in the bank (R169,343), membership subscriptions (R81,888), profit form Congress 2004 (R390,619) and sponsorship from a number of pharmaceutical companies for attendance of members at the PASCAR Congress in 2004 (R60,000).
There are no major differences in expenditure from previous years except for monies spent on the development of the Cath Lab Registry (R81,050) and a positive move is that money spent on the awarding of research and travel scholarships has nearly doubled to R98,000.
The net income for this period then is R701,805 minus R487,079 which is R214,771.
On page 6 in note no. 2 it is evident that the retained income, being the sum of the net income and the previous retained income, is R3, 353,551.
In the balance sheet on page 4, it can be seen that this money is largely in the bank and the accounts receivable of R360,000, which is the profit form congress 2004, has in the meantime been received.
In conclusion the Association remains financially sound and continues to grow in worth. From now on, Congress profits will be decentralized to the 6 Special Interest Groups and the 6 Regional Branches pro rata on the basis of organization and participation in the congress. A draft document proposing the formula for the disbursement of these funds will be discussed at the AGM , and has been accepted in principle by the National Executive Council.
Dr R Jardine
top of page
|
