First of all,my apologies are addressed you and Misigaro for having delayed to submit the annual report.Since I am not a direct manager,I had to wait for being provided some details.
The Income Statement is the following:
Revenue: money received from bricks sales: 2 million 400 thousand Bu francs
:Cost of material to make bricks : 500 thousand Bu francs
: amount paid for the men to make bricks : 400 thousand Bu francs
:Further expenses(tickets from countryside to Bujumbura or vice- versa and various spendings on internet): 440 thousand Bu francs.
:Investment in co op : 200 thousand Bu francs.
The balance sheet is the following:
:Value of unsold bricks: 600 thousand.
:Value of the kiln : 550 thousand.
:Cash :1 million 120 thousand.
: co op value :400 thousand Bu francs
The total capital is 2 million 670 thousand Bu francs.
Note : We have face a loss of around 15 thousand bricks destroyed by the hard rain
which surprised us on September 2010.This was equivalent to 170 thousand Bu francs. So, the whole dividend should be 1 million 120 thousand.
May you have a nice understanding.
Here's a question I put to Leonard, and then his response, and my response:
ReplyDeleteDear Leonard,
Greetings in our Lord Jesus. Your report has arrived within the required time, so I am thankful. You have done well.
This is a good report. The business has been very successful. I pray many have been helped by the bricks. I pray this helps the work of the gospel there.
I have just sent a camera to Bishop Justin, and I hope he can use it to send me pictures of the brick kiln and a house made with bricks from the kiln. This will help to raise further funds to start a new business, if you would like to do that.
I believe our part of this year's dividend, being half the whole dividend, is 560 thousand francs. Is this correct?
I will advise you shortly as to whom you should pay the 560 thousand francs. I expect it will be to an Anglican church near to you, who will set up their own business using the money. Do not pay the money to anyone until I say so, please.
I have one question: Can you explain what 'co op value' means, please? Does someone owe the business 400 thousand francs? If not, how did you get this number of 400 thousand francs?
Greetings to Pastor Alexis and all in your church
May our Lord Jesus be glorified through all of Burundi,
His servant,
Mike Russell.
Dear Pastor Mike,
I am glad you received well the annual report .Besides, I really congratulate both you and my Bishop for the relatioship just undertaken. Well, the amount of 560 thousand as a half of the
whole dividend is correct .We shall pay it under your recommendations.
By the' co op value ' I wanted to mean the amount that we expect to get in the honey when
we harvest it in this next summer. We included it because it has also been another side of interest in our investment. Finally,I hope pictures will be scanned on your email.
Greetings to Adelaid ,Bosco and your church.
Yours warmly Leonard.
Dear Leonard,
Thank you for this explanation. It is good to know how the honey co-op is going. I am thankful for this good news.
I recommend however that you do not include this in future annual report statements. This is because the honey co-op is entirely our gift to you. It is not part of the kiln business which the annual report describes.
I am very happy with how things are going. This is the best news I have had for a while.
May God bless you richly,
Pastor Mike