Treasurer's Report

 

Annual Treasurer’s Report Financial Year Ending 30 June 2021

·      The 2020/2021 financial year started with an opening balance of $11,867. The closing balance as 30 June 2021 was $14,152. 

·      The society Bank account remains with ANZ Bank the account keeping fees total $125 for the financial year. 

·      The financial accounts are being audited by Sharp Accounting (Glen Sharp) and will be loaded up online on the Society Website once completed.

 

It is recommended that cellar fees remain at $500 p.a. Dinner Fees at $150 per dinner for Members and $120 for guest.  

 

A treasurer prepared income and expenses summary statement for the last three financial years below.

·      The income collected for dinner and cellar fees total $28,531.  The expenses can be split as follows:

§  Dinner Expenses represent 61% of total income $20,952 (YE19 $22,815)

§  Wine Purchases represent 26% of total Income $7,048 (YE19 $15,887.) 

§  Other expenses represent 13% of total income, noting that Victor Gibson Weekend there were some preliminary expenses for booking of venues or catering, this represented 65 of total expenses.

 

·      The cash position was higher than previous year as a direct result of a reduction in the number of dinners compared to previous years due to COVID-19 and limited numbers allowed on the dinners that we had during the period.

·      Whilst, VG Weekend event took place on current financial year, it should be noted that on cash basis there was a small profit after all cost were accounted for, this was after a few cancellations due to COVID were refunded.

 

Gabriel Yanes Treasurer