You are on page 1of 5

FINANCE department REPORT

Presented by:

Ms. Evadne A. Brown (Finance Manager)

RJR 94 FMRANNUAL FINANCIAL REPORT

2012-2013

MISSION STATEMENT:
Our mission is to manage and maintain financial records in conformity with generally accepted accounting principles and in compliance with the stipulations of the law. In doing so, we aim to develop and maintain effective and efficient financial planning, reporting and central support systems in order to support the operating departments of JRJ in achieving their program objectives. By extension, the finance department aims provide RJR with financial information on a timely and meaningful basis, providing quality service to the various departments and to safeguard the JRJs assets.

EXECUTIVE SUMMARY:
The Finance Department strongly supports JRJ 91 FM and its General Managers as the finance lead, and as such, strategically partner for all broadcast assets in the local market and account for all financial activity at RJR while ensuring maximum efficiency and transparency. The Finance Department administers the financial resources of JRJ in a safe, fair, accurate and professional manner and comply with all applicable laws, and generally accepted accounting principles. In addition it provides timely and reliable information by which the Department Heads, Budget Committee, and ultimately the Board of Directors can make informed decisions that are in the best interest of the Radio Station. Through close interaction with sales, programming, and operational leaders, Finance Department helps to identify and fund growth opportunities, identify operational efficiencies, and manage the administrative functions of RJR 91 FM. The Finance team is proactive, hands on, understands the business, and helps drive a culture of compliance and accountability within the stations operations. Within the capacity of Financial Manager, I am pleased to present the financial report for RJRs Finance Department for the year ended April 31, 2013. THE STAFF: The Finance Department has a total of six (6) staff members. They are as follows: Senior AccountantMrs. Edith Barrett

Staff accountantMr. Alfred James Payroll specialist Mr. Peter Brian Accounting Clerk Ms. Sofia Malcolm Secretary Ms. Jennifer Taylor Janitor Mr. Tom James

To commence the 2013 financial year, the finance department received a total of $103 200 000 (One Hundred and Three Million Two Hundred Thousand Dollars) for the departmental operations. This amount was utilized to cover expenses relating to wages and salaries, and other expenditures. The breakdown in dollars ($s) is as follows:

WAGES & SALARIES:


Total Amount In Wages & Salaries For 2012-2013 amounted $5 400 000

WAGES & SALARIES

2012-2013 JA $000 1 680 000 1 320 000 960 000 600 000 288 000 192 000 5 040 000

2011-2012 JA$000 1 680 000 1 320 000 960 000 600 000 288 000 192 000 5 040 000

Senior Accountant (*1) Staff Accountant (*1) Payroll Specialist Accounting Clerk (*1) Secretary (*1) Janitor (*1) TOTAL COSTS

Table 1.1: Shows the projected and actual wages and salaries for the year ended 2012- 2013.

EXPENDITURE:
Total Amount In Expenditure For 2012-2013 amounted $ 1 476 000

DESCRIPTION

QUANTITY

COSTS JA $000

Compaq Computers Alera Office Desks Inkjet Printer Stationary/supplies Extension Cables Electricity Bill Telephone Bill Miscellaneous
TOTAL EXPENDITURE TOTAL G.C.T (17.5%) GRAND TOTAL

3 5 1 12 yearly 2
12 12

540 000 50 000 180 000 50 000 16 000 180 000 180 000 100 000 1 476 000 258 300 1 734 300

Table 1.2: showing the relationship between expenditure & costs for the fiscal year.
Total G.C.T (17.5%) amounted $258 300 Total in wages & salaries and Expenditures amounted $6 876 000( G.C.T NOT ADDED) Grand Total amounted $ 1 734 300

There is a substantial amount in cash surplus within the department of finance for the fiscal year end 2013, amounting to $96 065 700. The vast surplus in revenue is owing to the implementation of cash saving strategies within the finance department, which became effective at the fiscal end year end 2012. This amount will be brought forward to the preceding fiscal year 2014.Wages and Salaries constituted the major spending which amounted to a total of $5 400 000. Expenditure and other related expenses (inclusive of G.C.T) was the second largest spender amounting to $1 734 300. The chart below illustrates the above mentioned details.

WAGES & SALARIES EXPENDITURE G.C.T (17.5%)

Table 1.3 shows the total cash distribution in proportion.

The cash flow for the finance department recorded a total of $ 103 200 000 for the fiscal year end 2013. Wages & Salaries amounted to $ 5 4000 000. While there is a total of $1 476 000 in expenditure, the total GCT for the fiscal year end is $ 258 300; grand totalling $ 7 134 300. The table below shows in detail.

SUMMARY OF CASH FLOW 2012-2013


JA$'000 REVENUE WAGES & SALARIES EXPENDITURE G.C.T(17.5) GRAND TOTAL TOTAL CASH OVERFLOW 5400000 1476000 258300 7134300 96065700 JA'$'000 103200000

Table 1.4 illustrates the summary of cash flow of the fiscal year 2012-2013 ---30---