Our Annual Accounts
Treasurer's Report (2021-22)
I wish to present my report which includes the operative and final results for the last three years.
The operation has resulted in a loss during the last three fiscal years and only in year 2019/2020 was the final result overturned by the revaluation of the funds held in foreign currency. This situation did not occur in the years 2020/2021 and 2021/2022, due to the stocks and bonds loss in the New York Stock Market and the devaluation of the UK Pound, and hence, the reduction of our investments values.
The message I wish to convey is that the ABCC has had operative losses for many years and has being able to make ends meet by the use of the reserves in foreign currency and the interests/dividends collected which has maintained the assets value of the ABCC.
We have managed to reduce the operating loss in 23.6% in this fiscal year, due to several decisions but mainly to spontaneous donations and the income from events, which in the prior years had been suspended due to the outcome of the (COVID-19) pandemic.
Below I detail in a chart the origin of the income and the application of funds.
The salient issues of this fiscal year have been:
The reinstating of central and district events, these being the Hurlingham Kermesse, the Bridge Tournament and the Family Fair,
The donations from districts, mainly form the North Riverside Car Boot Sale.
The investment in the perfection of the legacies-donations of properties. By the end of this fiscal year we already have a property in the name of the ABCC.
Managing the entity with this level of inflation has a toll on the direct debit donation campaign, as the values lose their purchasing power as the time goes by. To illustrate this, $100 at the beginning of the fiscal year represented $39.02 at the end of the fiscal year. The inflationary process, which in the coming year will get much worse with an estimated inflation over 100%, requires actions over and above those already enforced. This erosion of income affects the ABCC, BABS and Links as part of the fundraising responsibilities.
I wish to thank all the donors, volunteers, staff, honorary professionals and Community members in providing the support required to carry out the necessary changes to convert the ABCC in a modern organization.
Robert C. Cox, October 2022