Treasurer's report 2015-2016

Charmaine JonesI am pleased to present the audited financial statements for the year ended 30th June 2016. This financial year has a surplus of $19,318.

This result is the product of good financial management including gaining income from internal management services as well as close monitoring of expenses over the entire financial year.

The Tenants’ Union of NSW Co-operative Limited receives core funding from NSW Fair Trading and the Community Legal Service Program administered by Legal Aid NSW and funded by the federal and state governments and for this we offer our thanks and appreciation. In addition to the core funding we receive grants for particular projects. We are particularly grateful to the Law and Justice Foundation for funding the Residential Parks Community Education Project, which was completed with great success. We are also very grateful to Ageing, Disability and Home Care for funding the Boarding House Education Project.

The organisation’s total income for the year was $1,817,986.

The financial position of the organisation remains sound with a positive net equity of $80,672. It is pleasing to note that all projects fell within their budget and that the organisation as a whole ended fairly close to the budgeted income and expenditure for the year ended 30th June 2016.

We achieved this financial outcome through close monitoring and good management. We are, however, totally aware of the potential difficulties and challenges in the future due to foreshadowed funding cuts. To that end the Executive team, the Finance Committee and the Board are undertaking
discussion and planning regarding the future financial sustainability of the Tenants’ Union. We will be examining options to increase income and at
the same time realistically looking at cost control.

I would like to acknowledge and thank the other members of the TU Board and members of the Finance Committee and in particular thank our
Finance Manager, Martin Bangs, for his diligent administration of the organisation’s accounts.

Please refer to the foloowing audited financial reports of the TU for more detail on our financial position.

Charmaine Jones


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