In previous years we have emphasised that the overriding ...



2019 Treasurer’s Report

Dear Members,

I am pleased to present my Treasurer’s Report on the 2019 Audited Financial Statements for the British Chamber of Commerce in Hungary (BCCH). The following report should be read in conjunction with our Simplified Annual Report.

As a non-profit organisation, the financial policy of the BCCH revolves around ensuring our operations are prudent. With a simple operating structure, we derive revenues from membership fees as well as sponsorship of our events, equally from members. With the new BCCH Council that took office in May 2019 we managed to put an end to the declining trend in membership numbers and fees, and indeed have registered a substantial increase in both respects, without having to raise the fees for the membership categories.

Our revenue situation has also been boosted by the participation fees and sponsorship of events held by the BCCH itself. Increasing the number of BCCH-branded and BCCH-organised events was a deliberate decision taken by the new Council, moving away from the joint promotion of many events held by other entities that ultimately made no financial contribution to the upkeep of the BCCH. We continue to be cautious in our cost management.

Under Hungarian law, the financial year-end of the BCCH is 31 December, and Panhans, Kolta és Társa Kft. have audited the statutory accounts for 2019 with the help of our accountants MemoLux Kft. The statutory financial statements are prepared on an accrual basis.

This confirms that the procedures at BCCH are done in a transparent and professional manner; the balance sheet and financial report give a true and fair view of the position of the BCCH. The accounts for the year ended 31 December 2019 show a loss of HUF 8,675 million for the year, compared to the gain of HUF 5,929 million for 2018. The principle reason for the loss is the termination package awarded to the former BCCH Executive Director, as well as lagging impacts of the British Business Centre and its withdrawn contributions to BCCH costs.

I am happy to announce, however, that with these legacy issues related to the first half of 2019 now behind us, the BCCH is on a very stable financial footing, and all our efforts are dedicated at reinforcing this in what is a very challenging environment.

Let me thank our Chairman, the Council and our Executive Director for their ongoing support during the year, but also you our members, as the much-improved payment of membership fees has gone a long way to securing the stability that we now enjoy. I would also like to thank Lia Balogh for taking care of our day-to-day financial issues, MemoLux Kft., our accountants, and Panhans, Kolta és Társa Kft., our auditor.

Please do not hesitate to contact me if you have any questions or suggestions with respect to the 2019 Treasurer’s Report or any related matters.

Best regards,

Douglas Arnott

Treasurer

BCCH

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