IBCA Treasurer's Report for the year ending 31 December 2015
I am pleased to present my report as honorary treasurer of IBCA for the 2016 AGM. The numbers below are based on the audited financial statements for the year 2015.
Membership fees for the year 2015 were significantly higher than in the previous year amounting to NIS 16,690 as against NIS 11,950 in 2014. This resulted from a wave of new members and renewals mainly in advance of the 2015 Balfour Dinner.
Functions' income was NIS 191,832 compared with NIS 82,345 in 2014 and this reflected the great success of the Balfour Dinner in 2015 which was attended by 325 people versus approximately 100 in 2014. This includes income from the Balfour Dinner brochure in 2015 of NIS 38,000 which was approximately the same as that in 2014.
In 2015 the surplus on the Balfour Dinner and on the event at the UK Ambassador's residence of NIS 50,426 (2014: NIS 23,063) was transferred to the John Furman Scholarship Fund. The Fund sponsored in the beginning of 2014, ten young Israeli surgeons at a total cost of NIS 70,000 in association with The David Yanir Foundation for the Advancement of Colorectal Surgery, to enable them to take part in a short course in England. As the fund had insufficient resources to finance the entire cost in 2014, only NIS 67,043 was paid by the fund and the balance from general funds. In January 2016 the Fund sponsored a further 10 surgeons in association with The David Yanir Foundation at a cost to IBCA of NIS 37,750.
Administrative expenses were 22% higher than last year due to an increase in our activities but still represent only 14% of our income.
Our net deficit for the year amounted to NIS 10,653 compared with a deficit of NIS 11,606 in 2014.
Our cash and short term bank deposits at December 31, 2015 were NIS 188,025 (31-12-2014: NIS 152,863).
We are very grateful to our Auditor, David Krisman and his staff at KPMG Somekh Chaikin, Jerusalem who have been very helpful in dealing with our annual audit for many years on a pro bono basis. Their support is greatly appreciated.
I would like to thank Bobby Luz and Harvey Harris for serving on the Audit Committee.
I would also thank the Chairman and committee members for their help and support.
July 12, 2016