The financial year
At the recent general meeting of the Malta Community Chest Fund it was announced that its financial accounts would be based on the calendar year (January to December).
Allow me to state that, some years ago, the MCCF’s previous accountants had decided that the financial year should run between April and March of the following year.
This decision was more appropriate in view of the fact thatthe President’s term of office commences in April (4) every five years.
As a result of the proposed change to the MCCF’s financial year, there would be an overlapping of one President’s term of office on another’s. This does not make sense and the MCCF should reconsider the decision and go back to the April/March year and so cover the full term of a Presidency.