CBI OVERSEAS SCHOLARSHIPS BOARD
Annex
Paper OS 012
INTRODUCTION
1.
Accounts for the Year Ended 31 March 1992
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This paper submits for
for the consideration of the Board the audited accounts for the year to 31 March 1992 and compares actual expenditure with the original estimates for the year.
INCOME AND EXPENDITURE ACCOUNT (Appendix A)
2.
It will be seen that there is an excess of income over expenditure of £14,693. The reason for this exceptionally large excess of income is that in October 1991 authority was given by
by the Department of Trade and Industry for the Accumulated Fund to be increased from £36,000 to £50,000 and for the necessary increase to be effected by 31 March 1992. This was done in the only way possible, by demanding from the DTI a sum of £13,000 in excess of the Scheme's calculated expenditure requirements
for the year.
COMPARISON OF ACTUAL EXPENDITURE WITH ESTIMATES
3.
4.
5.
(Appendix B)
The original estimates assumed there would be 95 arrivals in the year with an average monthly scholar strength throughout the year of 82. In the event, there were 82 arrivals and an average monthly scholar strength of 76.
INCOME
(a)
(b)
(c)
(d)
Receipts from Industry and the DTI are directly related to expenditure, in particular that on scholars'
maintenance allowances.
The DTI contribution in the year amounted to 41.17% of total expenditure, compared with a permitted maximum of 50% of total expenditure.
It will be noted that the £270,300 contributed by the DTI was reduced to £266,400 by virtue of a refund to the Department of £3,900. This was necessary in order to keep the Accumulated Fund within the newly authorised maximum figure of £50,000.
Interest. Falling interest rates and changes in the Deposit Account interest rate structure led to a decline of 50% in the amount of interest earned in the year. We are now using a Business Call Account instead of a Deposit Account, which offers more advantageous
terms.
EXPENDITURE
(a)
Maintenance expenditure was less than expected due to lower intake (and average monthly scholar strength) than was originally estimated.
a
contd 2....