ACT REGION VETERAN GOLFERS ASSOCIATION
BALANCE SHEET AS AT 30/6/2017
SHARE CAPITAL (CPS Credit Union} $10.00
LIQUID ASSETS
Working Accounts $20,209.73  
Term Deposits $30,400.15  
Cash (Float and petty cash) $263.80 $50,873.68
STOCK ON HAND
Woolworths Vouchers $540.00  
Golf balls $1,580.00  
Drummonds Vouchers $0.00  
Gungahlin Lakes Vouchers $460.00  
Tradies vouchers $0.00 $2,580.00
EQUIPMENT 
2014 Lap Tops   $350.00
Prize vouchers not yet presented   -$340.00
Unpresented cheques   $0.00
Net position   $53,473.68

TREASURERS REPORT

 FINANCIAL YEAR ENDING 30 JUNE 2017

I am pleased to report that as at 30 June, and despite a loss for the financial year, we remain in a strong financial position.  All accounts are paid to date and we have no known unscheduled major liabilities.

The financial statements for the year have been audited and are posted on the website.

In 2016/17 we experienced a balance sheet loss of $7,500 due to three main factors:

While this result was worse than expected, our asset position is more than adequate to meet our ongoing operational needs.   

On the positive side, the raffle (with prizes donated by ACTEWAGL and Drummonds) returned a profit of $984. 

Our net financial position at 30 June is assets of $53,500.   This is represented by liquid assets ($51,000) stock and equipment ($2,580) less unredeemed prize vouchers and unpresented cheques ($350).

Details are on in the Financial Statements on the web site.

Sponsorships have been running in excess of $6,000 pa for the last 5 years and now form more than 25% of our revenue base.  While we hope that this will continue, we acknowledge that the sponsorship pool is getting tighter year by year. 

The Committee has determined that we need to bring revenue from our own resources (memberships and comp fees) more in line with expenses and cut down the reliance on sponsorships. At the same time we need to cut down on expenses such as printing costs.

The Committee has therefore resolved to:

For 2017-18, the Tradies have renewed their sponsorship ($4,500 in total) and Gungahlin Lakes continue to supply Dinner Vouchers.  We are in discussion with ACTEWAGL.

We are indebted to our sponsors (the Tradies, Gungahlin Lakes, ACTEWAGL and Drummond Golf).  It is due to their continuing support that we have been able to avoid increases to subscriptions and competition fees for several years.

 

Alan Chrisp

Treasurer