Report of Grand Treasurer at November Grand Installation 2013
I believe that the accounts are reasonably sound and self-explanatory. There are a couple of matters I would like to highlight:
- As I reported last year, we have now established procedures to prepare our annual budget on a monthly basis, and compare our actual achievement against those budgets. I think Grand Committee would agree with me that my monthly report has become reasonably boring because our budgets have been very accurate with very few variations.
- Improvements in the equities market over the last 12 months have shown a good return, and the interest figure toward the bottom of the Profit and Loss reflects this improvement. Those improvements have not returned the losses we incurred during the Global Financial Crisis, but they have certainly improved our position. Had it not been for those returning values, we would have been about ‘break even’ for the 9 months.
- All debts except the September PAYE (Withholding) tax have been paid. The September tax was paid before 21st October which was the due date. I believe we are in a position to meet all debts as they fall due.
- Budgeting for 2014 has been completed but not yet approved by Grand Committee. They indicate an increase in membership fees of $5.00 per member, and the retention of the $5.00 early payment discount.
- All tax returns have been completed and lodged by the appropriate due dates, and the 2013 Income Tax assessment has been received.
Kirby J. Leeke