Surfing Queensland 2013 Annual General Report 2013 | Page 24

FINANCIALS

FINANCIAL STATEMENTS
STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED 31ST DECEMBER 2013

The 2013 year was a very successful year for Surfing Queensland with great results achieved over a
number of different areas as outlined in both the Chairman’s and CEO’s reports. The financial result
was a surplus of $120,368 which was extremely pleasing given the tough economic environment
of the last 12 months. Surfing Queensland has continued to attract high levels of interest from
both corporate sponsors and government departments allowing for quality events to be activated
throughout the year.
The organisation is in a very healthy position with good reserves that can be utilised to help fund
current and future years operations. The Balance Sheet is strong with no borrowings and only
minimal liabilities. The liquidity is also strong which places Surfing Queensland in a good position to
take advantage of any future opportunities. Trade Debtors has been reduced from 2012 standings
and is now all current and at a very manageable level. Retained Earnings are $1,056,936.

2013 ($)
Revenues from ordinary activities
Employment expenses
Event and operating expenses
Depreciation expenses

2012 ($)

2,542,950 2,409,526
(510,884)

(428,794)

(1,889,957) (1,647,935)
(38,368)

(47,460)

Profit from ordinary activities

103,741

285,337

Other income

16,627

2,282

Total Surplus for Year

120,368

287,619

24 – SURFING QUEENSLAND ANNUAL REPORT 2013