Report of Grand Treasurer at Grand Installation 2016

 

 

Most Excellent, I move that the Interim Financial Statements being the Balance Sheet and Profit and Loss Statement for the 9 months ended 30th September, 2016 as printed and circulated be received.

Most Excellent.  I believe that the accounts are reasonably sound and self explanatory.  There are a couple of matters I would like to highlight:-

  1. We continue to have detailed financial reports with comparisons to budget produced and reported monthly to Grand Committee.  There have been no significant deviations from our established budget.
  1. The interest Income amount shown on the accounts for the 9 months shows a loss of $2,500.  The equities market took quite a downturn in the 2 or 3 months leading up until June, 2016, and this resulted in a loss on the value of our investments of $ 11,000 in the June half year, so we in fact earned interest of about $8,500 before we recognised the investment loss.  These investments have been coming back in value since then, but we have not received current value statements to include in the interim accounts.  These will be shown on the 2016 year end statement.
  1. All debts and tax have been paid. I believe we are in a position to meet all debts as they fall due.
  1. Budgeting for 2017 is currently being completed and will be presented to Grand Committee for approval in November.  However early indications are that there will need to be an increase in membership fees of $5.00 per member, although, we will attempt to retain the $5.00 early payment discount.
  1. All tax returns have been completed and lodged by the appropriate due dates, and the 2016 assessment has been received.

Most excellent, I am happy to answer any question that there may be.

Most Excellent, I move that the Financial Statements as circulated, be adopted and, together with my report, entered into the minutes of this Grand Convocation. 

 

 

 

Kirby J. Leeke

 Grand Treasurer

 

 

 

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