The Annual Financial Statements were approved by the Board at the September meeting and will be presented at the AGM on 14 November, 2018.
Key issues in these accounts are:
- Charitable distributions reached a new record level of $228,000.
- This level is 8% higher than the prior year.
- Distributions funded initially from the current year bequests, member donations and specific project funding with the balance from investments returns.
- More than a quart of the investment returns were retained and added to Trust funds along with $80,000 of capital bequests.
- Total trust funds nudged $2.5 million, a growth of 23% over the last five years, 5.7% of which occurred in the 2017-2018 year.
- Our operating result was break even before allowing for depreciation and project costs, consistent with our budget expectations.
- The full impact of the SRO dispute was accounted for in previous years.
David is happy to provide any clarification that may be required after the financial statements have been made available to Members.