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DIRECTOR OF FINANCE (CONTINUED)
the vital connection with our community, to help us deliver services of beach patrol and sporting programs and nippers. Thank you.
One significant change in the Annual Report
is the introduction of rental income. The Surf Club’s renegotiation of our sublease with the Supporter’s Club now includes a commercial rental arrangement, which better reflects the relationship and requirements between our two clubs. The rental income is being paid monthly and greatly improves the Surf Club’s cashflow management.
Adjusting for donations and rental income, total income was up $73.7k to $180.2k in FY21, thanks to both a $30k net improvement in fundraising efforts and Government subsides including Cashflow Boost and Jobkeeper.
Total expenditure was up 48% to $612k. A good portion of this increase was interest expense on our loan facility to build our new clubhouse. Incidentally our loan facility was repaid an impressive $1.539m during the year, with a balance outstanding at 30 April 2021 of $2,929m which is fantastic.
The $248k ‘loss on buildings, plant & equipment’ relates to the writing-off of decking built during the 2016-17 building project. Depreciation of $604k for the year was up nearly $400k from FY20, of which the major contributor being the wear and tear on the new clubhouse.
A special thank you to Yvette McKinley for her dedication and hard work over the years in the role as Director of Finance, and for assisting with the handover. I would also like to thank Michelle Burnett whose experience and work ethic are invaluable in keeping the operations moving as efficiently as they do. And finally, a thank you to both Karen Hocking in accounts, and all the directors for maintaining strict attention to budgets.
All in all, the club’s strong financial position will ensure that the Surf Club is well placed to continue our vital role in the Sunshine Coast community.
GRANT UPDATE
QLD Government COVID Safe Active Clubs Kickstart Round 1
Hand Sanitising Stations
$2,200.00
QLD Government Sport & recreation Program
Nipper Racing Boards
$5,500.00
BSEF Beach Safety Equipment Fund
Sanitising, AMT Manikin, IRB Manikin
$5,500.00
QFES Lifesaving Services Development Fund
2 X Marquees, Patrol Uniforms, Torniquet & Bleed Kit
$4,526.00
QFES Sustainability Grant Round 15
Patrol Rashies, Marquee, Patrol caps and hats
$2,563.70
Sunshine Beach Surf Life Saving Club Annual Report 2020/21
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