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Youth Coalition of the ACT 2014-15 Annual Report: Treasurer's Report

It is my pleasure to present this report as Treasurer of the Youth Coalition of the ACT (‘the Coalition’). I wish to acknowledge the support of the Director, Emma Robertson, the Office Manager, Sonia Karouzos, our bookkeeper, Lesley Porroj, and our auditors MCS Audit Pty Ltd. I would also like to thank the Finance Sub-committee.

Our income for 2014/15 was $516,971 from all sources, down from $697,372 in the 2013/14 financial year. The budgets for the 2014/15 financial year predicted a deficit of approximately $41,000. This estimation was incorrect following the final audited statements, which indicated a surplus of $4,210. This surplus has increased the Coalition’s retained earnings from $110,900 last year to $115,100 this year. As a result, the Coalition’s earnings remain in a healthy financial position. The Finance Subcommittee reviewed the Coalition's policy on a prudent reserve, and decided to raise the minimum amount to be maintained by the Coalition in its prudent reserve. The reduction in the deficit, and resulting small surplus, to the 2014/15 budget shows the Board and the staff team’s ongoing commitment to the sustainability of the Coalition.

The Coalition has budgeted for a small deficit of approximately $11,000 in the next financial year. If this prediction is accurate, the consequent reduction will nonetheless leave the Coalition’s retained earnings above the prudent reserve as set by the Board. Additionally, the Coalition will, aided by the Board, continue seeking new funding opportunities throughout this financial year in order to maintain financial viability. The sustainability of the Coalition has been a key strategic conversation of the Board this year, and will continue to be a focus for the Board in the year ahead.

During the 2014/15 financial year, the Coalition obtained funding from several sources. The ACT Government continues to provide the greatest stream of revenue which funds the core activities of the Coalition’s peak services, the Youth Week project, and a grant to run the Youth Work – More Than Just Pizza project. The attached audited financial report provides an exhaustive list of the Coalition’s other sources of funding; a selection from this list includes:

ACT Health $15,000
CSD $397,774
Office of Children, Youth & Family Support $20,147
Non-Government funding $24,701
Memberships $7,414
Registration/Training Fee $8,565

Again, this year’s budget is a testament to the hard-work and dedication of the Coalition team in securing new sources of funding, strong financial procedures and excellent book-keeping.

Genevieve Lai
Treasurer of the Board
October 2015