Dear Members of OSS,
On behalf of the Executive Committee (EXCO), I am releasing the audited accounts – the Annual Financial Statements for the period 1st January 2021 to 31st December 2021 – as adopted by EXCO. The report will be presented formally in the forthcoming Annual General Meeting (AGM) slated for 27th March 2022.
We closed the year 2021 at an accumulated deficit of KES 876,381, a marginal increase of KES 117,472 realised from operations in the period. Our income was negatively impacted by the pandemic which affected our events’ income and member contributions. Income from the Gala Dinner and membership drive were the main contributors to our operations in the period. The deficit was further contained by austerity measures adopted by EXCO to keep expenditure at bear minimum levels.
The outlook for 2022 is however positive. As at 31st December 2021, we had pre-collected KES 818,114 membership fees which were allocated to the 2022 financial period. We have since additionally collected KES 633,599 from the membership drive this year as at 28th February 2022 providing a starting operating surplus of about KES 1.4 million so far in the first quarter to hand over to the incoming administration.
We expect that with the fading effects of the pandemic, and easing of restrictions, the financial outlook will generally maintain an upward trend throughout the year.
Last and most importantly, we have a positive auditor’s opinion that our books reflect a “… true and fair position of the society…in accordance with International Financial Reporting Standards (IFRS)“.
A detailed presentation of the report shall be made at the forthcoming AGM. We shall also respond to questions and invite comments from members as per tradition on the day.
For and on behalf of EXCO.
Old Starehian Society.
17 March 2022.