Financial Accounts Year ended 31 December 2016


At Sunday’s Annual General Meeting, Ashish Jayantilal Patani, our Hon. Treasurer presented the financial accounts for the year ended 31 December 2016 to the members and sought approval for the audited accounts.

Ashishbhai, began the Treasurer’s report by introducing the members of the Finance and Audit Sub-Committees, as well as their remit as follows:

Sub-committee NameRemitSub-committee Members
  • Oversee Area Treasurers and provide assistance
  • Oversee financial reporting for all Areas
  • Oversee of regulatory compliance within all Areas
  • Monitoring the internal control process within all Areas
Hon. Treasurer & Hon. Vice President and All Area Treasurer: Ashwin Virpar Shah (East), Dhiru Velji Shah (Leicester), Sital Vimal Shah (Luton), Jayshri Nalin Khamasia (Northampton), Suresh Shah (North), Parit Mukesh Shah (North East), Mohan Devshi Harania (North West), Sandip Premchand Shah (South), Nijesh Jayantilal Shah (West)
  • Oversee financial reporting and disclosures
  • Monitoring choice of accounting policies and principles
  • Oversee hiring, performance and independence of external auditors
  • Oversee of regulatory compliance and ethical conduct
  • Monitoring the internal control process
  • Discussing risk management policies and practices and make recommendations to Trustees.
Hon. President, Hon. Vice President, Hon. Secretary and Hon. Treasurer

Thereafter, the financial results summary was presented along with a historical trend line was shown, summarising some of the key events which had taken place in recent years and their impact on the financial results.

It was notes that Auditors had provided a clean (unqualified) independent audit opinion on the accounts for the year ended 31 December 2016.

A financial outlook was also highlighted with a cash projection till 2020, highlighting some of the major capital projects which are in the pipeline for our Association and their impact on the cash reserves of the Association.

Furthermore, a summary of some of the other initiatives undertaken by the Finance and Audit Sub-Committees was notes, as follows:

  • Online event ticketing – E-tickets being issues for events with electronic check-in for events making faster ticket processing and providing better event attendance info
  • Online accounting – Online Accounting software implemented for Centre for over a year and now being rolled out to all Areas to help with faster receipts and bank reconciliation as well as producing a consolidated view of all Areas with faster accounts production and going forward a shorter audit timetable in future
  • Smart card readers – rolling out Smart Card Readers for Centre & Areas to help with faster transaction processing and offering greater security by helping to move away from cash
  • Recruitment – Shortlisted candidates currently being interviewed for role of part time Accounting and Digital Media Assistant

Thereafter, a question and answer took place on the Treasurer’s Report after which the financial statements were presented to the members for approval.

  • Proposer – Minaxiben Kirit Shah
  • Seconded by – Prakash Virchand Shah

A show-of-hands vote took place and the financial accounts for year-ended 31 December 2016 were duly approved by the members.

The final agenda item for the Treasurer’s report was the proposal for the re-appointed of the External Auditors. It was noted that Lubbock Fine were a top 50 accountancy firm with 13 partners and registered with the ICAEW to carry out audit work.

  • Proposer – Ashwin Dharamshi Shah
  • Seconded by – Rumit Devchand Shah

A show-of-hands vote to re-appoint Lubbock Fine took place and proposal was duly approved by the members.

To see more Finance reports, click here.