LMVA Annual Report 2019
Finances
Income:
The income for the 2018/19 financial year has declined. While the amount is $22,010 it is not consider a material amount. Several factors attributed to this decline. The main points of this is
Gift Shop sales reduced by approximately 15%
Thrifty V sales declined due to the closure of the Martins Plaza shop
Community Partnerships income declined as the Event & Fundraising Manager position was not refilled and as such had no to little income come from this source
While the points mentioned above were a large reason for the decline in income some other areas compensated and help keep the income relatively steady.
Market Stall sales increased by over 25%
Fundraising increased due to increase in BBQ’s
Solar rebate is due to solar panels on the new operations centre
Grant income has increased significantly
Expenditure:
Expenditure decreased significantly in the 2018/19 financial year. Most of the costs have been achieved by using better purchase procedures that generated discounts by ordering in bulk or finding cheaper sources. The main changes of note within the expenses are.
The reduction in rent is due to the closure of the Martins Plaza Thrifty V store and moving the Operations Centre to a facility with lower rent.
Cleaning & Rubbish removal savings was obtained by the removal of a number of waste bins at the Philip Highway store and better sorting of rubbish at the Thrifty V Operations Centre
The costs attributed to the Arts & Crafts Work for the Dole program was reduced due to the program ending’
Balance Sheet
In 2018/19 the Balance sheet of the Lyell McEwin Volunteer Association continued to be in a strong position.
Balance Sheet Summary
Assets:
The substantial change in Assets is largely due to the increase in the cash at bank. The other current and none current assets had slight movements none of which would be considered a material difference.
Liabilities:
The change in liabilities is attributed to the Provision for Annual Leave and Grants In Advance. Provision for Annual Leave has increased due to the untaken leave, however most staff are taking measures to decrease their annual leave. Grants unexpired is due to the increase in Grants the Asociation has received in the 2018/19 Financial year.
Members Funds:
For the first time in four years and only the fourth time in the last 10 years the Association has seen a growth in Members Funds. While only a small step it is a sign the Association is heading in the right direction.
Conclusion
While the Association has seen many challenges in the last few years the financial position continues to get stronger. However we need continue to be vigilant to ensure the Association continues to grow and remain strong into the future.
