The BFI Reports 2023-24

Early this morning, a couple of documents were released by the BFI. These are

• BFI Financials
• BFI Annual Report

It is indeed laudable that the BFI has chosen to share these documents with us bridge players. Presumably these documents will be presented during an AGM held during the ongoing Inter State Championships. I am presenting below a few observations on these documents along with a few questions.

These are not meant to be a criticism of the actions of the committee. Rather, it is hoped that these questions will be addressed in future publications (if not the current one). All comments refer to the hyperlinked documents. Unfortunately, I could not find them on the BFI website which, I think would be my bad.

Nevertheless, here goes

BFI Financials

Here are some observations and questions based on my reading of the documents

• The first point that comes to mind is the period. The documents states that this a financial statement as at 31st March 2024. Having read financial statements for the past several years, the first anomaly that strikes me is that information for the corresponding previous year is missing. You have to ask the question why?

  It is hard to imagine that a charitable trust will be able to get this document cleared without reference to the previous financial year.
  Can this simple change be incorporated into this document?

• What are TDS receivables? And why is such a huge amount pending from AY 2018-19 i.e. Financial Year 2017-18. The revenue department usually clears any such dues fairly rapidly. If these are not receivable from the revenue department, who are they receivable from?
• We have close to 36 Lakhs of cash in HDFC Bank. Are these in a current account? Or are these deposits?
  How is it that we have such huge cash balances when, around 12 months prior, the BFI appeared to be cash starved?

  The answers to questions like this are usually to be found in a funds flow statement which is also missing!

These are a few simple questions that occurred to a non accounts expert. Maybe financial experts would have more points to talk about.

BFI Annual Report

To be honest, this report is slightly confusing. If it is pertaining to the previous financial year, it should not be referring to incidents happening in the given financial year.

For example, reporting the selection trials for 2024 seemed to be a bit off.

Of course, the error pertaining to the winner of the Nationals was a bloomer that could have been easily corrected.

Personally, I thought it would have been nice to report about the Silver Events too. As also the Senior Championships. But that is actually a matter of opinion rather than anything else

In Conclusion

In conclusion, I would reiterate that publishing these reports is a step in the right direction. Having said that, a few more points do need to be added. I am sure the BFI would take care of these in the years to come.

Disclaimer : All opinions are entirely those of the author and are no reflection of the views of the BridgeFromHome Team.