Annual Financial Statement 2024-25
1. What is Annual Financial Statement (AFS)?
It is an official document that records the exact figures of income, expenditure, assets and liabilities of an organization for a financial year (April 1, 2024 to March 31, 2025). It plays an important role in ensuring financial transparency and accountability of an organization.
Key components of AFS:
Element Description
Income-expenditure statement A statement of the total income (taxes, fees, grants) received by the organization for a year, as well as the total expenses incurred (salaries, project costs, maintenance).
The balance sheet shows the firm's assets (buildings, land, bank deposits) and liabilities (loans, payables) as of a given date.
Receipts and Payments Account records the receipts and payments throughout the year.