to the 2020 Annual General Meeting
The numbers below are based on the audited financial statements for the year 2019. Membership fees for the year 2019 were lower than in the previous year amounting to NIS 9,895 as against NIS 12,960 in 2018.
Functions' income was NIS 79,841 in 2019 compared with NIS 144,502 in 2018. Functions for 2019 included the Balfour Anniversary Dinner attended by some 150 guests and in 2018 we had some 200 guests.
The net surplus on the 2019 Balfour Dinner of NIS 36,368 was transferred to the John Furman Scholarship Fund. (2018: NIS 34,856).
The Fund sponsored in the beginning of 2020, eleven young Israeli surgeons to enable them to take part in training and a short course in England, at a total cost to IBCA of NIS 74,000 (2018: NIS 73,000).
The balance on the John Furman Scholarship Fund at December 31, 2019 was NIS 71,247 and this is before the amount spent in 2020 as mentioned above (31-12-18: NIS 34,879) Administrative expenses of NIS 25,287 in 2019 were less than 2018 of NIS 30,103.
Our net deficit for the year 2019 amounted to NIS 30,030 compared with a deficit of NIS 15,059 in 2018.
Our cash and short term bank deposits at December 31, 2019 were NIS 136,525 (31-12-2018: NIS 135,447). The balance at July 1, 2020 was approximately NIS 65,000.
We are very grateful to our Auditors', David Krisman and his staff at KPMG Somekh Chaikin, Jerusalem who have been very helpful in dealing with our annual audit for many years on a pro bono basis. Their support is greatly appreciated.
I would like to thank Harvey Harris & Michael Hunter for serving on the Audit Committee.
Thanks go to the Chairman, committee members & our administrator for their help and support.
July 1, 2020