AGM: Financial Report

These are the financial operating results for the year ended 30 June 2016 for Editors Victoria Inc.

Editors Victoria had a deficit of $9,057 for the 2016 financial year. The overriding cause of that deficit was that membership fee income for the year was nearly $13,000 less than for the 2015 financial year. The reason was that a large proportion of members whose subscriptions are due for renewal in July normally pay those subscriptions in June. This year, we asked them not to do that because members records were to be transferred to IPEd on 1 July, so it was more practical for the members to wait and pay IPEd rather than EV.

As it was, the overall financial result is summarised as follows:

  2016 2015
Total income from membership and activities     $113,412   $95,037
Total operating expenses $122,469 $111,997
Deficit from ordinary activities -$9,057 -$16,960
Income tax -$146 0
Total operating deficit -$9,203   -$16,960

The 2015 deficit was due to a non-operating expense of $25,560 (the IPEd transition levy) which was for set-up costs of IPEd as a direct membership body.

The 2016 balance sheet shows that Editors Victoria finished the financial year in a very healthy financial position:

  2016 2015
Cash at bank   $174,957   $174,936
Other current assets   $1,061 $7,034
Total current assets $176,018 $182,240
Total non-current assets (membership system, logo etc.)   $12,654
Total assets  $188,672 $192,468
Total liabilities (unpaid purchases etc.) -$6,094 -$686
Net assets    $182,578   $191,782

That is, the accumulated surplus of the association was $182,578 and, of that, nearly $175,000 was cash. After allowing for unpaid expenses, the cash was still $168,863.

The detailed financial statement will be distributed by email and posted on the Editors Victoria website.

Charles Houen