For the year ended
I am pleased to report that having monitored the accounts and finances over the year, I have found everything to be in order and the corporation to be run with appropriate levels of financial prudence. Not for profit organizations need to establish and maintain a fine balance between appropriate levels of funds in order to meet costs of new investments and expenses, while at the same time ensuring charges to members are kept to a minimum. I am pleased to report that, in my opinion, NCF has achieved and maintained this balance.
We appointed new auditors for the year 2017. These auditors carried out a comprehensive review of the accounts and procedures relating to the financial health of the corporation. I am pleased to report that the auditors found everything to be satisfactory. The auditors made a number of suggestions and recommendations that will further enhance controls and oversight by the board and these are being implemented. I will be pleased to share these in more detail to any member who is interested.
29 May 2018