Treasurer's Report 2017-2018

Charmaine JonesI am pleased to present the audited financial statements for the year ended 30th June 2018. This financial year has a surplus of $81,418 compared with a surplus of $42,285 in the last financial year ended 30th June 2017.

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, funded by the federal and state governments, and for this we offer our thanks and appreciation.

The organisation’s total income for the year was $1,825,936.

The financial position of the organisation remains sound with a positive net equity of $204,375. 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 2018.

While the financial result for the year was comfortable it was monitored and controlled by good management. We are, however, totally aware of the potential difficulties and challenges in the future due to the containment of funding from providers in the years to come. To that end the Executive team, the Finance Committee and the Board are providing deep thought and discussion about the financial sustainability of the Tenants’ Union in the future and as such are working hard to broaden the scope of income and at the same time realistically looking at careful cost control.

Please refer to the audited financial reports of the Tenants’ Union for more detail on our financial position.

Charmaine Jones
Treasurer

 

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