As promised last quarter more on the topic of our finances
as reported at the AGM which was held on Thursday May 29 adjourned from Friday
April 20.To quote from pages 4 and 5 of the Report of the Directors and Trustees
on the Financial Statements for the year ended September 30, 2006 where I looked
at the figures in detail:
INCOME AND EXPENDITURE
It was another good year for the Foundation with income
being above that achieved in 2005 at $813K (2005 - $758K) but not as good as the
growth achieved between 2004 and 2005.
Covenants and donations rose by $12K to $173K (2005 - $42K to $161K) but with
donations showing the larger increase.
Overall fee income rose significantly by $77K i.e. 32% due
to considerably increased activity within ECC which saw an increase in fee
income of 105% to $140K (2005 - fell by 15% to $68K). However, CDP&R suffered
its lowest year on year increase with fee income rising by only 3% to $179K
(2005 -40% to $174K) which was primarily due to fewer new clients enrolling.
Fundraising rose by $16K to $46K in 2006 with no new events
introduced in the year.
Heartline continued to perform ahead of target with
advertising income up per edition and sponsorship income significantly
increased. However, despite a rise in the circulation and an increased number of
pages whilst the cost of production per edition continued to rise a profit was
achieved. This was $14K against a loss of $1K in 2005.
Unfortunately, fewer large Special Projects led to a
significant reduction in income down by $60K to $101K from $161K the year
before. The number of projects remained constant at seven but the largest
contribution from the ECC Conference fell from $95K to $31K. In 2005 we hosted
the conference here in Barbados earning significant sponsorship whilst in 2006
the conference was held in St. Lucia.
Total expenditure rose $49K (2005 - $316K) to $783K (2005 -
$734K) with the largest increase being in Salaries $90K. The only other major
increase occurred in Loan Interest $7K.
The most significant reduction in expenditure was on Special
Projects down by $41K with just $17K spent on the ECC Conference.
Therefore the surplus recorded for the year rose above that
of $24K achieved in 2005 by 27% to $30K.
BALANCE SHEET
The only capital expenditure in 2006 was for additional
laptop computers.
In last year's report we commented that: “However, as a word
of warning whilst project income received in advance of $179K (2004 - $103K) has
been banked it has not been included in the Income and Expenditure but deferred
to 2006 and is included on the Balance Sheet under Accounts payable, accruals
and prepaid receipts.
Therefore it is most likely that as projects for which funds
were received in 2005 are carried out in 2006 that the cash reserves will be
substantially reduced.”
This is borne out by the much lower levels of cash reserves
at the end of 2006. This is accounted for by the significant reduction in the
level of Accounts payable, accruals and prepaid receipts. Therefore the
Foundation ended the year with a much reduced bank balance standing at $57K
(2005 - $117K).”
A copy of the full accounts can be obtained by writing to me
at the Foundation requesting that it be sent to you. Alternatively they can be
downloaded from or viewed at our website
www.hfob.org.
Turning now to something completely different, last year in
February I was invited by the Framework Convention Alliance (FCA) for Tobacco
Control to attend the first Conference of the Parties (COP) to the Framework
Convention on Tobacco Control (FCTC) as the only NGO representative from the
English speaking Caribbean. The FCA is an international NGO with offices in
Geneva and New York and the Foundation has been a member for about three years.
The FCA sponsored and funded my trip covering all expenses including return
airfare to Geneva, hotel accommodations and per diem.
I have again been invited by the FCA to attend the second
COP due to be held in Bangkok, Thailand in early July this year on the same
basis as last year. The main business of this conference, of interest to us here
in Barbados, will be to produce the guidelines for the implementation of Article
8 of the FCTC which deals with “Protection from exposure to tobacco smoke”. This
is because we are still awaiting legislation regarding the banning of smoking in
“indoor workplaces, public transport, indoor public places and, as appropriate,
other public places.” in Barbados.
Other issues and topics to be discussed include:
• A protocol on illicit trade in tobacco products
• Guidelines for the implementation of product regulation
• A protocol on cross-border tobacco advertising
• Establishment of a study group on alternative crops
• Education, communication, training and public awareness
• Packaging and labelling of tobacco products
• Reports on progress emanating from COP 1
• Financial resources and mechanisms of assistance
It will therefore doubtless be a very full week and a full
report of the conference will be carried in next quarter's Heartline.
