Treasurer’s Report
For 15-month period 1 October 2020- 31 December 2021
Change in Year End
At the special general meeting last week, the members voted to change the year end to 31 December. The benefits of this are that the income and expenses relating to the same calendar year and seasons will be reported in the financial report which will result in a more meaningful financial report.
This reporting period has been extended to 15 months to December 2021 to accommodate this change in year end and going forward we will report 12-month periods ending 31 December 2021.
No comparatives will be reported for the 15-month period as, due to prolonged closures as a result of the impact of the Covid 19 pandemic, the comparatives do not represent a typical 15-month period and therefore do not add any value to the reader of these financial statements.
The Secretary has applied to Business Victoria to change the year end, in accordance with due process. Should Business Victoria reject the application we shall let members know immediately. I will also briefly report a reconciliation back to the result for the 12-month period ended 30 September 2021 at the end of the report, to avoid having to hold an additional AGM if our application is rejected.
Results for the 15 Month Period ended 31 December 2021
This period was another challenging period for the badminton operations of the club as the impacts of the coronavirus pandemic continued. Due to government restrictions, play was suspended for several months of the period and the competition season was abandoned for all three seasons, albeit season 1 2021 was almost completed before suspension. A round robin format competition was held each week for the few remaining weeks of Season 2 2021 when we finally returned to play.
Financially this was another hard period for us as:
– we had most of our usual overhead expenses but limited income to cover them; and
– we haven’t yet passed on the price increase agreed to in 2019 as a result of the increase in court hire rates. The Committee decided to suspend the price increase until members had had a full season of uninterrupted play (or close to).
Fortunately, we received help in the form of two grants totalling $2,500 from the Department of Jobs, Precincts and Regions.
This period the Club made an operating surplus of $2,123. When adjusting for the $1,200 credit for unplayed matches that will be carried forward to next year and the refund of $890 for the 2020 insurance relating to last year, with the support of the grants, we just managed to break even at $33.
The main details are as follows:
Income:
Total income was $9,405.
Match fees were down to $5,857 due to the suspension of play for a significant proportion of the period. $1,200 of this will be carried forward to Season 1 of 2022 as a credit for those members who paid for a full season at the beginning of Season 2 2021 but played less games due to lockdown. This means that the match fee income was really only $4,657.
Fundraising consists of the two government grants totalling $2,500. No other fundraising events were held during the period.
This period shows the receipt of a refund of our 2020 Badminton Victoria Insurance relating to last year (this didn’t credit the bank until 21st October 2020 and so is formally reported in this 2021 Financial Report).
Other income received was $120 from the sale of our second-hand shuttles and $38 from fill-ins.
Expenditures:
Total expenditure for the period totalled $7,282 and consisted of:
– Court Hire $4,259
– Shuttles $1,072
– Badminton Victoria Insurance $890
– Trophies (Prizes) $276
– Admin $246
– Refreshments $259
– Cards and Gifts $198
– Refunded fees (paid in cash, not credit) $82.
Funds in Bank:
At the end of period the balance was $10,045.92.
The balance at bank at the start of the period was $7,923.40.
Reconciliation back to 12-month period to 30th September 2021
The income receipts between 1 October 2021 and 31 December 2021 were:
Income
– $1,500 of government grants received;
– Match fees of $1,209: These were fees from people who hadn’t paid the Season 2 fee before lockdown;
– $50 of shuttles sales; and
– $28 received from fill-ins.
Expenditure
The expenditure payments between 1 October 2021 and 31 December 2021 were as follows:
– $1,072 for shuttles;
– $756 for court hire;
– $91 for cards and gifts;
– $60 for refreshments for the Christmas lunch; and
– $36 for trophies.
Result for 12-month period ended 30 September 2021
Once the above transactions are removed, the result for the 12-month period ended 30 September 2021 was:
– Total Income $6,618
– Total Expenditure $5,268
– Net income $1,350
2022 Outlook:
Unfortunately, numbers in Section 2 have been dwindling and at the time of writing we are still trying to find solutions to keep section 2 feasible.
We hope Season 1 2022 will be a full season, although we recognise the first half of the season may require more fill-ins and emergencies due to isolation and quarantine requirements as a result of the increase in levels of coronavirus cases compared to last year. We hope to pass on the price increase of $10 per season to (season fee will increase to $130 per season) in Season 2 this year, provided we have a relatively normal Season 1.
Full details of our financials are available from the Secretary or can be seen here.
Michelle Jackson
Treasurer
