Finance Department ReviewFinance Department Review

• 5 Years Financial indicators• 2011 Financials • Challenges in 2011• 2012 numbers

HighlightsHighlights

5 Years Highlights 5 Years Highlights 2011 2010 2009 2008 2007

US$ US$ US$ US$ US$ Fee Income 2,456,518 2,258,867 1,754,902 1,365,891 1,346,027Grants & Sponsorships 56,654 129,388 151,989 63,971 111,516Total Operating Expenses 2,359,262 2,321,408 1,767,422 1,311,707 1,042,925Finance (Income) and Other Costs 116,949 27,500 125,312 -174,271 140,757Surplus/(Deficit) for the year 36,961 39,348 14,157 292,426 273,861Total Reserves at end of year 1,464,251 1,427,290 1,387,942 1,373,345 1,254,802

Closing Cash at bank 1,091,669 1,345,636 1,270,636 1,343,229 1,254,878Reinvestment in infrastructure 48,958 346,203 29,827 34,230 31,195

Actual vs Actual '11 ACTUAL BUDGET ACTUAL Budget '11 Actual '10 2011 2011 2010

Fee Income -9.8% 8.8% 2,456,518 2,723,249 2,258,867

Grants & Sponsorships -43.3% -56.2% 56,654 100,000 129,388

Administration Costs -12.1% 13.0% 1,661,258 1,890,641 1,470,135

Distribution Costs -25.9% -18.0% 698,004 941,973 851,272

Total Operating Expenses -16.7% 1.6% 2,359,262 2,832,614 2,321,408

Finance (Income) and Other Costs 116,949 19,233 27,500

Surplus/(Deficit) for the year 36,961 9,868 39,348

Total Reserves at end of year 1.9% 2.6% 1,464,251 1,437,158 1,427,290

2011 Financial Highlights2011 Financial Highlights

   Actual vsActual '11 ACTUAL BUDGET ACTUAL

  Budget '11 Actual '10 2011 2011 2010

HR Costs -20.9% 22.2% 1,023,055

1,294,069 837,465

Office Expenses 16.3% 64.2% 257,581 221,520 156,870Bank Charges -27.6% -23.7% 19,571 27,044 25,647Legal & Consultancy Fees 12.5% 51.6% 147,380 131,000 97,219

Meeting Expenses -17.7% 5.0% 198,558 241,400 189,073Travel Expenses -14.2% -24.0% 385,903 450,000 507,619Contributions & Sponsorships 18.5% 27.8% 68,524 57,833 53,624

2011 Major Costs movements2011 Major Costs movements

• Our major challenge for 2011 has been fees collections. Defaults are on the increase.

2011 Main Challenge…2011 Main Challenge…

2012 Highlights2012 Highlights

• Operating Costs Budgets• Financials January 2012 to April

2012• Prospects for 2012

BUDGET ACTUAL ACTUALFinancial Performance Indicators 2012 2011 2010 US$ US$ US$ Fee Income 3,017,128 2,456,518 2,258,867Grants & Sponsorships 135,000 56,654 129,388Administration Costs 2,307,394 1,661,258 1,470,135Distribution Costs 840,343 698,004 851,273Total Operating Expenses 3,147,737 2,359,262 2,321,408Finance (Income) and Other Costs -31,000 116,949 27,500Surplus/(Deficit) for the year 35,391 36,961 39,348Total Reserves at end of year 1,499,642 1,464,251 1,427,290

2012 Operating Costs Budget2012 Operating Costs Budget

Major Costs movementsMajor Costs movements   BUDGET ACTUAL ACTUAL 

  2012 2011 2010

HR Costs 76.9%76.9% 1,809,766 1,023,055 837,465

Office Expenses 20.1%20.1% 205,796 257,581 156,870

Bank Charges 15.0%15.0% 22,500 19,571 25,647Legal & Consultancy Fees 55.8%55.8% 65,200 147,380 97,219

Meeting Expenses 7.9%7.9% 182,900 198,558 189,073

Travel Expenses 5.0%5.0% 366,667 385,903 507,619Contributions & Sponsorships 61.7%61.7% 110,833 68,524 53,624

ACTUAL BUDGET% AnnualBudget

Financial Performance Indicators

Jan 12 to Apr 12 2012

Fee Income 2,336,211 3,017,128 77.4%

Administration Costs 559,013 2,307,394 24.2%

Distribution Costs 141,640 840,343 17.5%Total Operating Expenses 700,653 3,147,73

7 22.2%

HR Costs 391,602 1,809,766 21.6%

Bank Charges 9,211 22,500 40.9%Legal & Consultancy 20,881 65,200 32.0%Meeting Expenses 24,240 182,900 13.2%Travel Expenses - Board 4,201 60,000 7.0%Travel Expenses - Management 93,582 306,667 30.5%

2012 Financials todate2012 Financials todate

Prospects for 2012 Prospects for 2012

• Based on the financial indicators thus far, together with a sustained cost control discipline, there are good signs that the target set for 2012 shall be met and will be achieved within budgets.

• At this point, the main focus shall be to achieve a higher % of fees collections and continue with our effective costs control initiatives

Thank you for your attentionThank you for your attention