Treasurer’s Report Year End 2017

ACT MASTERS SQUASH ASSOCIATION INC

 

REPORT OF THE TREASURER

 

 

I present my report on the audited financial statements of the Association for the year ended 31 December 2017.

 

The financial statements package include:-

 

Statement of Income and Expenses

Balance sheet

Statement of cash flows

Notes to and forming part of the financial statements.

 

Significant changes from the previous financial year include

  • The final result was an overall loss of $8567.31 compared to a loss of $4629.33 in 2016.
  •  Overall numbers for the three competitions declined by 10%.
  • Raffle proceeds were down by 14.7%.
  • Reserve fees were down by 13.7%.
  • 39 ACT players attended the Australian championships in Bathurst resulting in an increase in subsidies of $2024.
  • Expenditure of $3594 for promotional shirts for the March tournament in 2017,
  • Cash at bank decreased by $11,290.

 

A big thank you to our sponsors: Rolfe Mazda, PS News, Robinson+McGuiness, ACT Light Control, Real Estate Shop, Total Traction Services, Valley View Kitchens and Visual Q.  Also welcome on board to JR Masonry and Blossoms of Chisholm for 2018.   I would also like to acknowledge Luana King, our Auditor who audited these financial statements free of charge.  A big thank you to Luana. Our sponsors support us, please support them and let them know that you are from Masters Squash when utilising their products and/or services.

 

I would like to thank the committee for their hard work and support during 2017. Also a special mention to Linda Barich for maintaining the results on a weekly basis.  Linda is standing down from the committee in 2018 and in recognition of her services to Masters Squash, Linda was awarded the Keith Jones Memorial Award at the 2018 March function held at the Bradman pavilion in Manuka oval.  Also to non committee members, Geoff Coggins for looking after and maintaining the web site,  and to Jenny Moylan and Mike De Nardi for the great suppers including tonight as well as running the kitchen for the March championships.

 

The 2018 ACT March tournament sustained a small loss of $900. A big thank you to Sue Parker our functions organiser, Heather Campbell and Alan Martin for the organising of trophies, Richard Horlock for the work he does in organising the raffles and food, Heather Campbell, Lyn Dunmore, Linda Barich and Julie Medway for running the desks and to Linda Shannon (kitchen) and Michael Barrett in helping with the barbeque and general help.

 

There are copies of the financial statements available throughout the room and instead of boring you with detail I am happy to take any questions now or after the meeting.

 

ACT MASTERS SQUASH ASSOCIATION INC
STATEMENT OF INCOME AND EXPENSES FOR THE YEAR ENDED 31 DECEMBER 2017
2016 2017
INCOME
               522.00 Bega Challenge  Net Receipts                        –
Ballarat Accommodation receipts          33,444.20
                       – Less payments          33,446.00                  (1.80)
                       – Club practice             1,560.00
          57,960.00 Competition Fee           56,105.00
Functions/dinners receipts            5,531.00
          (1,054.70) less payments            6,838.10           (1,307.10)
            2,061.77 Interest             2,194.08
March Tournament receipts          12,468.10
             (408.10) less expenditure          14,054.16           (1,586.06)
                 50.00 Membership fees                  30.00
            1,912.03 Profit on bar Note 3             2,454.12
             (450.00) Profit/loss on clothing sales Note 5                358.29
            3,732.45 Raffle Proceeds             3,185.15
            5,391.00 Reserve Fees             4,654.10
                       – Sale of Beanies                  80.00
            6,150.00 Sponsorship             6,300.00
          75,866.45 TOTAL INCOME           74,025.78
EXPENDITURE
            2,463.00 Advertising             2,916.00
               576.00 AMSA Fees                520.00
               200.00 Audit Fees                200.00
          11,666.00 Australian Championships           13,690.00
                       – Badges             1,087.50
               383.45 Ball Purchases                464.45
703.41 Bank charges                120.00
                       – Cash draws                300.00
            1,051.04 Catering-Comp                700.42
          51,555.10 Court Hire           49,960.00
               250.00 Donation – First Aid course                        –
            1,575.00 Insurance             1,770.00
                       – Shirts for March tournament             3,593.75
               237.00 Miscellaneous                337.88
               260.00 Purchase of urn                        –
               754.52 Printing & Stationery                786.68
               863.00 Refunds             1,152.00
                 39.00 Registration lodgement fees                  41.00
                 42.00 Telephone reimbursement                        –
            7,637.26 Trophies Note 4             4,713.41
               240.00 Web Expenses                240.00
        80,495.78 TOTAL EXPENDITURE         82,593.09
        (4,629.33) NET OPERATING SURPLUS (DEFICIT)         (8,567.31)
ACT MASTERS SQUASH ASSOCIATION INC
BALANCE SHEET AS AT 31 DECEMBER 2017
2016 2017
CURRENT ASSETS
                 70.00 Bar float                  79.60
          27,587.45 Cash at bank           16,297.61
          80,000.00 Term Deposit           80,000.00
               394.00 Bar stock Note 3                870.00
                 75.00 Clothing stock Note 5             2,759.71
            3,253.44 Trophies stock Note 4             5,631.41
            5,113.75 Prepaid expenditure Note 6                500.00
        116,493.64 Total Assets         106,138.33
CURRENT LIABILITIES
            3,928.00 Prepaid revenue Note 2             2,140.00
            3,928.00             2,140.00
        112,565.64 Net Assets         103,998.33
MEMBERS EQUITY
        117,194.97 Accumulated funds at beginning of year         112,565.64
          (4,629.33) Surplus/Deficit for the year           (8,567.31)
        112,565.64 Accumulated funds at end of year         103,998.33
ACT MASTERS SQUASH ASSOCIATION INC
STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2017
CASHFLOWS FROM OPERATING ACTIVITIES
2016 2017
Cash inflows from operating activities
            3,952.97 Bar Receipts             3,567.08
          60,195.00 Competition Fee           54,417.00
            2,061.77 Interest             2,194.08
            9,446.60 March Championships           12,368.10
            3,732.45 Raffle Proceeds             3,185.15
            5,391.00 Reserve Fees             4,654.10
            6,150.00 Sponsorship             6,300.00
               715.00 Clothing sales             4,358.18
            5,715.00 Functions/dinners             5,531.00
          34,439.00 Championship accommodation           33,444.20
            1,350.00 Bega challenge                        –
                       – Club practice             1,580.00
                       – Miscellaneous – Sale of Beanies                  60.00
          70,000.00 Internal cash transfers           83,000.00
                 50.00  Membership fees                  30.00
        203,198.79 Total cash inflows from operations         214,688.89
Cash outflows from operating activities
            2,863.00 Advertising             2,516.00
               576.00 AMSA                520.00
               200.00 Audit Fees                200.00
          11,666.00 Australian Championships           14,777.50
               383.45 Ball Purchases                464.45
 – Badges
               703.41 Bank charges                120.00
            2,019.74 Bar Purchases             1,588.96
               828.00 Bega challenge
                       – Cash Draw prizes -payment of fees                300.00
            1,051.04 Catering-Comp                700.42
          34,439.00 Championship  accommodation           33,446.00
               765.00 Clothing             6,684.60
          51,555.10 Court Hire           49,960.00
               250.00 Donation – First aid course
            6,769.70 Functions             6,838.10
            1,575.00 Insurance             1,770.00
          70,000.00 Internal cash transfers           83,000.00
          14,338.45 March Championships           13,434.16
               237.00 Miscellaneous                337.88
               754.52 Printing & Stationery                786.68
               260.00 Purchase of urn
                 39.00 Registration lodgement fees                  41.00
               863.00 Refunds             1,152.00
                 42.00 Telephones
            5,105.93 Trophies             7,091.38
               240.00 Web expenses                240.00
        207,524.34 Total cash outflows from operations         225,969.13
          (4,325.55) Net cash inflows/(outflows) from operations         (11,280.24)
          (4,325.55) NET INCREASE/(DECREASE) IN CASH HELD         (11,280.24)
        111,983.00 Cash at the beginning of the financial year         107,657.45
 $     107,657.45 CASH AT THE END OF THE FINANCIAL YEAR  $       96,377.21
          18,348.12 Cheque Account           13,510.68
            9,239.33 Society Account             2,786.93
          80,000.00 Term Deposit           80,000.00
                 70.00 Cash on Hand/Bar Float                  79.60
 $     107,657.45  $       96,377.21