Treasurer’s Report
For the Year Ended 30 June 2019
The club has finished the financial year in a very strong position, with $128,591 in the bank
and net assets of $144,563. This is a decrease over last year by just over $6,000 and is
represented by the net cash outflow of $6,123 for the year.
The Statement of Income and Expenditure shows that expenditure exceeded revenue by
$6,123 compared with $7,985 for 2018. As the Notes to the Accounts declare, this
statement is presented on a cash basis, which means that income and expenses belonging
to the current financial year which are received or paid for in either 2018 or the coming year
2020, are not accounted for in the current year by way of accrual accounting.
Notwithstanding this, the changes required to show the accounts on the basis of accrual
accounting are not material to the truth and fairness of the accounts as reported.
Total income is down on last year, with small reductions in income in the areas of
Advertising, Bank Interest & Membership Dues.
Total expenses of $71,707 are down on last year, with savings in the areas of Awards,
Challenge Expenses, and the Muster which is only run every 2 years.
There are 2 areas worth further explanation –
1. Annual Four Wheel Drive Victoria payment for the 2019/20 financial year, which
includes 4WD association membership & insurance. This fell due, and was paid in
June 2019. As a result was considered (by the auditors) as a prepayment and thus
the expense allocated as a current asset as at 30/06/19.
2. Pajero Challenge, this ran at a small profit in 2019, with expenses of $8,005 and
income of $8,160 (the income figure isn’t particularly clear in the P&L as Challenge
income is derived from multiple sources, one of which being the Coopers Tyres
vouchers that we are currently raffling).
The accounts as presented in the magazine at the AGM are fully audited. The auditor’s
report to members, is located at the end of this report.
David Diamond
Treasurer