Annual Treasurer’s Report Financial Year Ending 30 June 2020
The 2019/2020 financial year commenced with an opening balance of $2,803. The closing balance as 30 June 2020 was $11,868.
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 two financial years below.
YE 30/06/2019 | YE 30/06/2020 | |||
Opening Balance Start Financial Year | $3,181 | $2,802 | ||
Total Income | $40,084 | $40,039 | ||
Expenses Percentage Percentage | ||||
Dinner Expenses | $22,815 | 57% | $20,592 | 51% |
Wine Purchases | $15,887 | 40% | $7,048 | 18% |
Bank Fees | $144 | $125 | ||
Insurance & Memberships | $873 | $920 | ||
Wine Boxes & Glasses | $477 | |||
Agricultural $ Pastoral Society | $330 | |||
The Courier (Ballarat) | $127 | |||
Printing | $129 | |||
Closing Balance End Financial Year | $2,803 | $11,868 | ||
The income collected for dinner and cellar fees total $40,039. The expenses can be split as follows:
▪ Dinner Expenses represent 51% of total income $20,952 (YE19 $22,815)
▪ Wine Purchases represent 18% of total Income $7,048 (YE19 $15,887.) ▪ Otherexpensesrepresent1%oftotalincome.
The cash position was higher than previous year as a direct result of a reduction in wine purchases, this was a combination of a change in cellar master as there was a significant time and effort placed in a new database for the cellar and in addition a deliberate decision to maintain a strong cashflow position through COVID for good governance.
Gabriel Yanes
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