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FINANCIAL REPORT
2001-2002 INCOME
(Rs) | Subscriptions | 71,078.00 | Membership
fees | 200.00 | Donations | 9,500.00 | Grants | 75,000.00 | Interest
on IT refund | 169.00 | Interest
on fixed deposit and savings bank | 26,403.00 | Sale
of back issues | 7,168.00 | Life
subscription no longer refundable | 40,940.00 | Advertisement | 2,000.00 | Total | 232,458.00 | | | EXPENDITURE
(Rs) | Establishment
expenditure | 44,045.00 | (as
per Schedule A) | | Audit
fees | 1,575.00 | Depreciation | 5,769.00 | Ehucation
(as per Schedule B) | 37,957.00 | Printing
and posting of journal | 129,416.50 | Surplus
carried to balance sheet | 13,695.50 | Total | 232,458.00 | | | Establishment
Expenses (as per Schedule A, in Rs) | Meeting
expenses | 30.00
| Telephone/Fax
charges | 212.00
| Conveyance | 3,540.50
| Repair
and Maintenance | 8,100.00
| Salary
| 29,300.00
| Bank
charges | 1,894.00
| Xerox
expenses | 968.50
| Total | 44,045.00
| | | Expenses incurred on objects of the trust,
educational(study
on pharmaceutical promotional practices, as per Schedule B, in
Rs) | Printing
and Stationery/Xerox | 600.00
| Meeting
expenses
| 10,657.00
| Travel
and field expenses | 10,700.00
| Salary
to researchers | 16,000.00
| Total | 37,957.00
| | | BALANCE SHEET | | | PROPERTIES
AND ASSETS (Rs) | Fixed
assets | 7,114.00 | Others | 10,000.00 | Tax
deducted at source | 2,608.00 | Other
income | 24,124.00(accrued
interest on FD with bank) | In
savings bank account | 61,000.90 | Cash
on hand with trustee | 1,790.50 | Fixed
deposits | 355,000.00 | Total | 461,637.40 | | | FUNDS
AND LIABILITIES (Rs) | Trust
funds or corpus | 20,157.00 | Contingencies/reserve
fund | 45,000.00 | Liabilities
(life subscriptions) | 307,435.00 | Income
and expenditure A/c | 89,045.40 | Total | 461,637.40 |
As the audited accounts printed on this page show,
subscription income did not cover the cost of printing and posting the journal.
In addition, there were the salaries of two part-time employees and other
subsidised, administrative costs. (For the past 11 years, the editorial and
administrative offices have been in the homes or offices of
members.) Income from subscriptions has fallen to Rs 71,078
(from Rs 91,275 in 2001-2002) following the completion of the collaboration with
CEHAT to promote medical ethics through gift subscriptions to various
individuals and institutions in the hope that they would renew. The income from
sale of back issues, including CDs, has fallen from Rs 53,235.75 (in 2001-2002)
to Rs 7,168 with the end of the collaboration with CEHAT. At the same time, printing and posting of the
journal were more expensive in the year under review, at Rs 1,29,416.50
(including Rs 27,000 for making CDs) compared to Rs 87,594.75 in the previous
year. The accounts show, as income, two items which we
cannot treat as income for the purposes of the organisation. One of these is Rs
40,940 representing life subscriptions which are over six years old and no
longer refundable. (According to a resolution in 1996, life subscriptions are
refundable if the journal closes down within six years of the subscription).
Another source of income presented on this page is the money for a study on
pharmaceutical promotional practices, funded by the WHO, for which Rs 75,000 was
received as the first instalment and Rs 37,957 was spent in the financial year
under review (presented in Schedule B). If the income from life subscriptions no longer
refundable and the unspent money from the WHO project is deducted (and the
surplus carried forward to balance sheet in included), the true shortfall of
income over expenditure is Rs 64,287. A number of expenses are envisaged in the coming
year. The FMES and the Journal need separate office spaces. Since 2001, the
websitewww.issuesinmedicalethics.orghas been kindly subsidised by M/s Sabu Francis and Associates, but some payment
for the website hosting will have to be made from this coming year. The
estimated minimum future expenses per annum, to run an office, print and post
the journal, and maintain the website, are approximately Rs 3 lakh. For these reasons, the following decisions were
taken at the annual general body meeting on September 7, 2003. 1. Life subscriptions would remain in fixed
deposits and the interest used to service the subscription. Money from life
subscriptions which were removed from fixed deposits would be
replaced.
2. Subscription rates (except for foreign subscriptions)
would be increased to ensure that the journal's production costs were covered by
income from subscriptions.
3. Subscription and fund-raising drives would
be undertaken. An application was made by M/s Sachin P
Mulgaokar and Co, Chartered Accountants who audit our accounts, for 50%
income tax deduction under Section 80G. Starting in November 2003, donations to
FMES till March 2006 are eligible for 50% income tax deduction under
Section 80G. We thank Dr Pramod Dukle, Dr Motwani, Ms Shubada
Gadre and Dr SK Pandya for donations totalling Rs 9,500 in this financial
year.
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