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 | |||||||||
