Report of Grand Treasurer at May Convocation 2012
Most Excellent, I move that the Audited Financial Statements for the year ended 31st December 2011 being the Balance Sheet, Profit & Loss Statement & Associated Reports as printed and included in the handouts for this Convocation, be received.
Companions, the financial statements for the year ended 31st December 2011 have been finalised, and an unqualified audit report has been issued by our auditor. The accounts show an operating loss of $10,326.15, although the Global Financial Crisis has affected our investments with our Colonial First Investment dropping by over $31,000 during the year. The only good point is that this has improved since December.
During the year, we had to spend almost $5,600 in re-developing our membership database as our old database could no longer be maintained.
The termination of the Grand Lodge Deposit Scheme has also significantly reduced the interest we have received. Interest rate drops over the last 12 months, including the .5% announced this week will not help this problem.
All other items of income and expenditure were in line with budget. 2011 Income Tax returns have been prepared, lodged and finalised.
Most Excellent, I am happy to answer any questions, but in the absence of any questions,
I move that the Audited Financial Statements as Circulated for the year ended 31st December 2011 be adopted and entered into the records of this Grand Convocation.
Kirby J. Leeke