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(b) Air Fares expenditure was lower than expected because of the continued availability of cheaper air fares generally. Air fares expenditure is extremely difficult to assess in advance due to the highly competitive nature of the industry and little information when the estimates are prepared about the countries involved. The average cost of an air fare in the year was £360.
(C)
(d)
(e)
(£)
BALANCE SHEET
Selection Committee Expenses. There is an increasing tendency for countries to charge for advertising and/or servicing our scheme, hence the higher than expected level of
of expenditure. We must expect this trend to
continue.
British Council Charges. Fewer than expected arrivals in the year
account for a lower expenditure for the use of British Council reception services.
Miscellaneous. Additional staff training on our new computer facility accounts for a higher than expected expenditure in the year.
Depreciation. This is a new item in the accounts, which arises from the purchase of the new computer/printer (see also paragraph 6 (e) below).
(Appendix C)
6.
(a)
The usual provisions accruals of homeward
(b)
have been made for estimated air fares and for estimated
liabilities in respect of British Council Charges, Selection Committee Expenses and Audit Fee. All other figures are factual.
Fixed Assets. This relates to the purchase of a personal computer word processor and laser printer for general office and accounting purposes in late 1991, which requires the item to appear in the Balance Sheet and depreciated in the Income and Expenditure Account as already explained above.
RECOMMENDATION
9.
The Board is invited to
is invited to approve the audited accounts for the year ended 31 March 1992.
June 1992