SAVRALA
FINANCIAL REPORT FOR THE YEAR ENDED 30 JUNE 2002
This was a year in which a lot of new ideas were initiated, examples of which were the development of a web site and a bigger awareness of SAVRALA as an organization through effective marketing and the use of Public Relations, as well as the pursuit of existing programmes such as education.
The Financial Statements reflect a very successful year ending with a profit of approximately R93 000 which is pretty much in line with budget expectations.
The annual Manufacturer of the Year Gala Dinner, again in line with budget, effectively broke even and this meant that effectively investment income and member subscriptions were used to cover the costs relating to the administration, gathering and consolidation of statistical information by the various organizations used by the Association for these purposes. These costs are reflected under the description of administration fees and professional fees. The remainder of the Association’s expenditure, I believe, is self explanatory.
When looking at the balance sheet one can immediately see the success of the Association by purely looking at the cash resources totaling approximately
R585 000, of which total assets amount to R665 000. These resources are held in a 32 day call account with Investec as well as a current account with Nedbank.
Actual receivables due at the end of June amounted to roughly R45 000, most of which were paid after year end. The difference in the amount reflected in the financials is due to a R15 000 deposit paid against the 2003 Awards function.
Included in trade and other payables is an amount of R193 000 being income invoiced against the 2003 function, effectively only due after year end. The balance is made up of provisions relating to Public Relations, the cost of the development of the web site, education, VAT and monthly retainers.
In closing I would just ask that members, who are aware that they are in arrears, settle these amounts as soon as possible as specific guidelines relating to the continued membership of members with arrear subscriptions are contained in the Constitution. I would also ask that members who are aware of personnel changes within their organizations relating to SAVRALA representation contact me in order that these amendments can be made. Should anyone have any queries relating to the financial statements or the status of their account, please feel free to contact me.
WARREN FLETCHER
SECRETARY
Tel: (011) 646 2131