AGM Financial Report 2014

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This report contains information extracted from the audited financial statements for the financial year 2013-14. The full audited financial statements will be published on the website after the Annual General Meeting.

Summary Operating Statement

We ended the financial year with an overall deficit (total income less total expenses and income tax) of $4654. The $24,000 difference from last year's surplus of $19,000+ is that total income was down by nearly $29,400 while total expenses were also down by $6300. The factors behind these differences were:

  • At the end of the financial year, many fewer members paid their July renewals in advance in June, so that while overall membership numbers are slightly up, fees received in FY 2014 were down by $8000
  • Freelance Register fees were lower by $6000 because the fee was reduced when we stopped producing a print version
  • Training fee income was down by $18,000 due to a lower number of courses
  • On the expense side, membership-related total expenses for the committee, general and finance, IPEd and industry liaison and the website were lower than in FY 2013 by a total of about $17,000
  • Expenses for services such as meetings, Redact and training were up by around $11,600 mainly because of FY 2013 expenses that were not paid till FY 2014.

Considering all of these factors, the overall result was quite reasonable, mainly through care with controllable expenses.

Balance Sheet

The balance sheet shows that members' net assets (ie total value of our assets less what we owe to anyone) have decreased by about $4500 over the past financial year. We have a $105,100 term deposit (which increased to $109,514 when the interest was paid on 14 July), that matured in July and was rolled over for another 12 months.

We are rapidly writing down the value of our intangible assets, ie the money invested in Editors Victoria's logo and brand, and in developing the new membership system. Effectively, those costs are being spread over two and half years, in the form of the depreciation expense each financial year.

Charles Houen