Finance Report

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The society's financial result for the year ended 30 June was very good - a credit to the committee and the very full program of activities presented for members throughout the year, and also a credit to you, our members, for your enthusiastic participation in those activities.

The summary operating statement and the balance sheet show financial 2011 figures as well, so that you can compare them. They are extracted from the full audited financial statements. This is the first time that our financial accounts have been audited. The audit process will give members and the committee an assurance that the accounts of the society have been kept in a manner that meets the requirements of Australian accounting standards, statutory reporting requirements and the society's constitution. The audit process also identifies any aspects of our financial procedures that require changes to fully meet those standards and requirements.

As a non-profit organisation, the income from activities between the society and its members are not taxable. The society achieved a surplus of income over expenses of $23,042, after taxation on income from non-member sources.

Among the member activities income and expenses, you will see an expense of $5141 for depreciation. This is a non-cash expense to allow for a decline in the value of the society's new logo and the excellent new website by 30 June. You will see the 'intangible' assets in the balance sheet for the first time, being the logo and website, with the amount of the depreciation subtracted.

Our balance sheet shows that at 30 June the society had nearly $178,000 in cash assets, and had invested close to $23,500 in the society's new logo and the very functional and attractive website. After allowing for the expenses incurred during the year but not yet paid, the society's retained earnings, which are the members' funds, had increased to nearly $194,000.

Charles Houen
Finance Officer