It is my pleasure to present this report as Executive Director of the Youth Coalition of the ACT (the Coalition). I am presenting the report as the position of Treasurer is currently unfilled, which has seen the Board Executive assume the responsibility of oversight and reporting on our financial position to the membership for the 2016 Annual General Meeting and Annual Report.
I wish to acknowledge the work and support of our Office Manager, Sharon Casey, our bookkeeper, Lesley Porroj, and our auditors MCS Audit Pty Ltd. I would also like to thank the Youth Coalition Board.
The 2015/16 financial year was a big learning curve for the Coalition. In addition to a change of Treasurer in October we also saw a change in the staff position of Office Manager, with Sharon joining us in January. I would like to thank the previous Office Manager, Sonia Karouzos, who left at the end of 2015, for her tireless work. Prior to leaving, Sonia and I started the process of reviewing our record keeping and implementing the National Standard Chart of Accounts (NSCOA), as recommended by the Australian Charities and Not for Profit Commission. While this is not yet compulsory the NSCOA does have benefits, including providing a common approach to the way not-for-profits record and report accounting information, meaning we can learn and leverage off the work of each other. Thank you Sharon, who came in and picked up this work, we successfully implemented the new system at the transition of financial year.
Our income for 2015/16 was $604,030 from all sources, up from $516,971 in the 2014/15 financial year. The budgeting for the 2015/16 financial year had predicted a deficit of approximately $11,000. This was revised during the year to a much larger expected loss due to unexpected expenditure from the Board, and the planned Conference not going ahead, despite some initial staffing investment.
The final audited statements for 2015/16, show a deficit of $6437. This deficit has decreased the Coalition’s retained earnings from $115,100 last year to $108,673 this year. While we would prefer to be increasing our retained earnings slightly, given the loss is less than expected we pleased to be able to say that the Coalition’s earnings remain in a healthy financial position. The reduction in the deficit, against the 201/16 budget and mid year revised calculations demonstrate the Board and the staff team’s ongoing commitment to the sustainability of the Coalition.
The Coalition has budgeted for a small profit of approximately $4843 in the next financial year. In addition we expect to receive additional funds from a project that will be funded upon completion, for which we expended some staffing budget in the 2015/16 financial year.
The Coalition will continue seeking new funding opportunities throughout this financial year in order to maintain financial viability. With the change in the structure of the Board in September 2016 following the Board’s review of the Coalition’s constitution, the 2016/17 Board will also be reviewing the information provided in the ongoing financial reporting to the Board. With the challenges facing the community sector regarding funding models and viability, the Board will be looking to not only navigate change, but ensure we are on the front foot in considering the unique position of Peak organisations in this space.
During the 2015/16 financial year, the Coalition obtained funding from several sources. The ACT Government continues to provide the main stream of revenue which funds the activities of the Coalition’s peak services, and the Youth Week project. The attached audited financial report provides a full list of the Coalition’s other sources of funding; a selection from this list includes:
Community Services Directorate $386,853
Other Grants $103,000
(including the Young People and Gambling Project)
Registration/Training Fees/Memberships $15,464
Other Income $23,111
(including back office support to Families ACT)