Treasurers Report – Autumn 2018


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This report covers the financial aspects of the Club’s activities for our financial year 2017 and will be the report considered by members at the AGM in Barmera in May 2018. The full accounting reports and the Auditor’s report are presented in another section of this Riding On; so for details please refer to those reports.

Financial year 2017 has delivered mixed results – the trading outcome reported for the year is a loss of $21,265 compared to last year’s outcome, a loss of some $127,134. Essentially this outcome can be attributed to significant emphasis on the part of NatCom to focus on areas of the Club’s operation which pose the most risk of losses. Advertising Riding On revenue continues to decline in line with print magazine advertising generally and this is of concern. With the change in treatment of Subscriptions in Advance (introduced in 2016) the subscription revenue improved. However, the major change from 2016 was the outcome for the AGM Event with a turnaround of $89,667; the risk to the Club’s financial stability is clearly demonstrated by this volatility. With the reduction in membership and participation at the annual event we must change our mindset regarding charges to attend, or be satisfied with a major reduction in the Event format – all driven by cost.

Significant progress has been made in control of expenditure. Notwithstanding the new Riding On website coming on line, IT costs were reduced by over $10k due to reduction in iMIS system costs and Admin Bandit software. NatCom costs have been reduced by 22.5% over 2016 costs by introduction of changes in meeting and travel processes

The area of most concern is the net cost of the Riding On magazine. 2018 budget indicates that the magazine is going to “lose” some $145k.  If we move to e-magazine using the already established Riding On Website we will secure the financial future of the Club with no increase in subscriptions. I believe this and potential Rally losses are the major areas of financial risk for the Club and require complete focus from NatCom to secure acceptable change.

A surprise with the 2017 accounts was the write back of GST liability from previous years of some $25,485. Whilst it is impossible to explain this situation without risking besmirching reputations I am prepared to accept the present Auditor’s view on this issue and accept the adjustment to our accounts. The outcome overall for 2017 is that Members Equity in the Club has increased $4,221 which is a small move in the right direction.

I am looking forward to continuing to work with the group which has seen significant change in 2017.

John Osborne. #41785

National Treasurer

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