AFS Report 2024-25
1. What is an Annual Financial Statement (AFS)?
This is the official record that accurately documents an institution’s income, expenditure, assets, and liabilities for a financial year (from April 1, 2024 to March 31, 2025). It plays an important role in ensuring the institution’s financial transparency and accountability.
Main Components of the AFS:
| Component | Description |
|---|---|
| Income & Expenditure Statement | A record of the institution’s total income received during the year (taxes, fees, grants) and total expenditure incurred (salaries, project expenses, maintenance). |
| Balance Sheet | Shows the institution’s assets (buildings, land, bank deposits) and liabilities (loans, amounts payable) as of a specific date. |
| Receipts and Payments Account | Records all cash received (Receipts) and cash paid (Payments) throughout the year. |
- Income & Expenditure Statement
- Income & Expenditure Statement
- Balance Sheet
- Receipts and Payments Account
- Trial Balance
