Annual Financial Statement : 2024-25
What is an Annual Financial Statement (AFS)?
The Annual Financial Statement (AFS) is an official document that records the precise details of an organization’s income, expenditure, assets, and liabilities for a specific financial year (from April 1st, 2024, to March 31st, 2025). It plays a crucial role in ensuring the financial transparency and accountability of an institution.
Key Components of AFS:
| Component | Description |
|---|---|
| Income and Expenditure Statement | A detailed account of the total income received by the institution during the financial year (including taxes, fees, and grants) as well as the total expenses incurred (such as salaries, project costs, and maintenance). |
| Balance Sheet | A financial statement that presents the institution's assets (buildings, land, bank deposits) and liabilities (loans, outstanding payments) as of a specific date. |
| Receipts and Payments Account | A comprehensive record of all cash receipts (funds received) and cash payments (funds disbursed) made throughout the financial year. |