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Year Ending 2009
Chairman: Treasurer, John Slack
To advise and guide the Treasurer and Executive Director on the financial aspects of the Chamber's activities, scrutinise the annual budget and monthly financial reports, and make appropriate recommendations to the Board of Management.
From the Treasurer
The attached financial statements of the Chamber are presented to inform the Members of the Chamber of the financial position of the Chamber at the end of 2009.
The final audit for the year is being carried out by AAJ Associates who we expect will issue a clean opinion. We do not expect any significant adjustments when the final report is issued. A copy of the annual audited financial statements, next month, will be provided to any member on application to the Chamber’s Executive Director.
Budget and Performance
The Chamber operates on a tight budget which is financed from members’ subscriptions and sponsorship. We entered 2009 with some uncertainty and against a back-drop of crisis in the global financial markets. We were unsure how this would affect our members and their business interests in Indonesia. It appears that the impact to Indonesia was less than in certain other countries and I am pleased that we completed the year successfully and with renewed, but cautious, optimism for 2010. Our Executive Office, headed by Executive Director Chris Wren, worked hard to continue the services and facilitate the special interest groups. We took steps to contain costs by reducing office space at Wisma Metropolitan and I would like to thank the management of Jakarta Land for their assistance in this matter.
Overall the financial performance for the year resulted in a small deficit but was cash positive.
The overall normal office, salary and benefit cost was within our budget for 2009. With the support of our members, Sustaining Sponsors and all who attended events, the Chamber was able to cover the necessary operating costs.
Balance Sheet
Because of the deficit for the year there is a decline in the Unrestricted Net Assets (i.e The Reserves) of the Chamber. I consider that the Reserves, represented mainly by cash balances held with strong banks, are sufficient to meet any obligation of the Chamber in the event of a serious business reversal.
Taxation
Judicious management of our tax obligations and tax payments has resulted in a position where the Chamber did not pay any corporate tax for the year. In previous years the corporate tax obligation arose from the earnings generated from Project involvement however there was no such activity during 2009. The Chamber fully complies with employee and withholding tax regulations and the accrual for these taxes, represented on the balance sheet at Rp 205,487,839, was fully paid in 2010.
Summary
The financial position of the Chamber is sound, however tight budget control and the continued support from our members is vital for the future of the organisation to enable it to carry out the core services to members and exist as an important business link for British and Indonesian companies. 2010 still contains significant uncertainty as we will not earn any Project Revenue to support or subsidise operating costs and the uncertain outlook for all member firms will also be a concern to us. We will strive to increase membership by making the Chamber an attractive and useful partner for your business needs and we encourage you all to use the facilities and services available from our people in Wisma Metropolitan I Building.
I would like to thank the management and finance staff of the Chamber, especially to Chris Wren and Bp Rimbun Hutagalung for all their help and support to me as Treasurer and to the organisation this year.
John S. A. Slack
Honorary Treasurer
Jakarta, 29 April 2010
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