Treasury and Finacial Report 2003 |
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Treasures Report
by John Nelson
Accounts of SSEC - June 30 2003
The financial year 2002/2003 reported both an increase in income and associated expenditure of the Centre when compared with the previous year. The increase has been largely brought about by the increase ingrants to the Centre.
Operating Deficit
At 30 June, 2003 the accounts of the Centre showed an operating loss of $(20,401) compared to an operating surplus in the previous year of $266,151.
Income
Total Income for the year $298,402 is again up on the previous years amount of $235,431.
Items of note within Income of the Centre included:
- An increase in grants
- Rent received for the leasing of unit 4a to Shawby Investments
- Again, as in past years, we continue to operate financially with the generous donations of individuals and organisations and the time devoted by a solid core of devoted volunteers.
It goes without saying that without such support the Centre could not afford to continue to operate as effectively as it does. This year we again saw substantial receipts from the Street Stalls and it should be noted that revenue earned through this and the other core fund raising activities help to keep the doors of the Centre open over the year.
Expenditure
Total Expenditure for the year of $318,803 represents an increase over the previous year of $219,280.
Major areas of variation in expenditure over last year are seen in:
- Environmental Projects with a number of key campaigns and forums being co-ordinated by the Centre;
- Advertising - which shows a modest increase over the previous year as a result of more activity generally within the Centre;
- Superannuation and Wages representing the full costs of staffing the Centre (and not recovering these against projects); and
- Accommodation Costs. With the move to the new premises the Centre now has a mortgage to service and increased auxiliary expenses associated with a larger office.
Balance Sheet
Turning to the Balance Sheet, the effect of the purchase of the new premises is reflected in both Fixed Assets (to represent the capital cost of the office) and the Loan/Mortgage (reflecting the moneys borrowed to procure the office).
Other Creditors & Accrual relates to the accrual of the outstanding Tax liability as at balance date (30 June) and Employer Superannuation contributions. Offsetting this, we have funds available in various other bank and deposit accounts as shown under Current assets. Of the amounts held in bank accounts approx. $32,000 relates to grants and is earmarked for expenditure during the next financial year.
The addition of new equipment in the Centre’s Offices is also reflected in the increases as shown under Property Plant and Equipment. These purchases were seen as necessary to provide an infrastructure under which the Centre can continue to expand.
The new premises and new equipment purchased throughout the past year are expected to yield significant benefits to the operation of the Centre. These expenditures have major impact on the Balance Sheet for the Centre and its cash flows. In the coming year, new sources of revenue will be sought to ensure the successful on-going operations of the Centre.
Special Mention
Special mention and thanks are extended to Shirley Renshall for her commitment and effort in completing and tracking financial details on a weekly basis. Also, thanks are again extended to Jim Sloan for his work in this area and to Bruce Spaul from the accounting firm of Munro Spaul for his and his staff’s time in auditing the accounts of the Centre. All play a significant part on a voluntary basis. |
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Income and Expendature |
| 2002 |
INCOME |
2003 |
|
6,411 |
Subscriptions |
1,398 |
|
161,112 |
Donations |
130,704 |
|
5,223 |
Sales |
3,711 |
|
30,500 |
Grants |
142,394 |
|
43 |
Interest Recieved |
224 |
|
32,142 |
Fund Raising Events & Sundry Income |
5,971 |
|
- |
Rents Recieved |
14,000 |
|
235,431 |
TOTAL INCOME |
|
298,402 |
| 2002 |
EXPENSES |
2003 |
|
5,540 |
Advertising |
6,312 |
|
314 |
Bank Charges |
332 |
|
1,427 |
Computer Software and Maintenance |
2,715 |
|
15,135 |
Consultants Fees |
8,750 |
|
5,112 |
Depreciation |
5,667 |
|
573 |
Electricity |
1,162 |
|
8,806 |
Environmental Projects |
26,926 |
|
15,152 |
Fund Raising Activities |
4,339 |
|
190 |
General Expenses |
223 |
|
2,824 |
Insurance |
5,742 |
|
7,994 |
Interest |
16,938 |
|
1,320 |
Leasing Equipment |
1,320 |
|
- |
Lease Preperation Costs |
125 |
|
264 |
Meeting Expenses |
416 |
|
2,025 |
Postage |
1,564 |
|
4,522 |
Printing and Stationery |
4,163 |
|
5,618 |
Rates and Strata Fees |
16,005 |
|
2,727 |
Rent |
- |
|
1,303 |
Repairs and Maintenance |
1,550 |
|
88 |
Staff Amenities |
391 |
|
1,055 |
Staff Training |
924 |
|
190 |
Subscriptions and Licences |
299 |
|
9,746 |
Superannuation |
15,970 |
|
3,081 |
Telephone and Internet |
3,104 |
|
108 |
Travelling Expenses |
336 |
|
124,166 |
Wages |
193,530 |
|
219,128 |
TOTAL EXPENSES |
|
318,803 |
| 2002 |
SURPLUS (DEFICIT) |
2003 |
|
235,431 |
TOTAL INCOME |
298,402 |
|
219,128 |
TOTAL EXPENSES |
318,803 |
|
16,151 |
OPERATING SURPLUS |
(20,401) |
|
|
Non Operating Income |
|
250,000 |
Donation (re Property Acquisition) |
|
- |
266,151 |
OPERATING SURPLUS (DEFICIT) AND EXTRAORDINARY ITEMS |
|
(20,401) |
39,493 |
Retained Surplus (Deficit) Brought Forward |
|
305,644 |
305,644 |
ACCUMULATED SURPLUS (DEFICIT) |
|
285,243 |
|
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Balance Sheets |
| 2002 |
|
2003 |
|
|
SHARE CAPITAL AND RESERVES |
|
|
305,645 |
Accumulated Surplus |
|
285,244 |
|
|
|
|
|
PROPERTY PLANT AND EQUIPMENT |
|
|
506,353 |
Building - at Cost |
|
506,353 |
46,990 |
Furniture & Fittings - at Cost |
38,822 |
|
18,740 |
Less Prov'n for Depreciation |
12,791 |
|
28,250 |
|
|
26,031 |
534,603 |
TOTAL PROPERTY AND EQUIPMENT |
532,384 |
| |
|
|
|
| |
CURRENT ASSETS |
|
|
91 |
Cash on Hand |
44 |
|
23,119 |
Cash at Bank |
32,080 |
|
3,541 |
Public Gift Fund |
15,054 |
|
830 |
No. 2 Account |
806 |
|
10,002 |
Community Sustainability Account |
58 |
|
4,680 |
Cash Management Account - EMRAA |
- |
|
- |
Cash Management Account - PHPS |
8,245 |
|
700 |
Security Deposit |
700 |
|
- |
Trade Debtors |
47 |
|
386 |
Prepayments |
56 |
|
55,534 |
GST on Aquisitions |
1,334 |
|
98,883 |
|
|
58,424 |
633,486 |
TOTAL ASSETS |
590,808 |
| |
|
|
|
| |
CURRENT LIABILITIES |
|
|
12,882 |
Other Creditors & Accruals |
21,818 |
|
- |
Deposits Refundable |
1,400 |
|
49,000 |
Loan Literary Productions Pty Ltd |
19,000 |
|
6,266 |
GST on Supplies |
3,653 |
|
9,694 |
Grants Received in Advance |
9,694 |
|
77,842 |
|
|
55,565 |
| |
|
|
|
| |
NON-CURRENT LIABILITIES |
|
|
250,000 |
Loan - Colonial First State Investments Limited |
|
250,000 |
| |
|
|
|
305,644 |
NET ASSETS |
285,243 |
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Statement of Accounting Policies |
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Auditor's Report |
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