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Treasurers Report
Treasurer’s Report
Deborah Meehan
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When this report is published the APSI’s financial year will have ended. This report, however, is written in November and is therefore only indicative of how the APSI performed financially over 2020. The audited financial statements, available before the Annual General Meeting in June 2021, will provide an accurate picture of the APSI’s financial performance over the full year of 2020.
As you know well, the snow sports industry, and consequently the APSI, was impacted by the COVID-19 pandemic. Despite this, the APSI will achieve an exceptional end of financial year result – potentially making a very small profit!
Several factors helped to achieve this positive outcome:
Revenue from courses and exams in Japan BC, that is, before COVID, early in 2020 Government COVID-19 grants totalling $18,000 (November 2020) Cash flow boost from Government of $87,500 (November 2020) tax free Jobkeeper subsidy totalling $58,500 (November 2020) to keep office staff at work and able to support courses and exams in Australia Revenue from courses and exams conducted late in the Australian season
A period during which rent for the Jindabyne office was reduced, though rent payable has now returned to normal
As expected, the membership number dropped in 2020. However, the APSI received revenue from people renewing their membership, and the Board thanks members for their support over this challenging year.
The new Board, elected in June 2020, is actively pursuing several projects to help the Board and office team better understand what drives the business and how these factors influence financial outcomes, deliver better financial forecasts, and ultimately, manage member funds effectively. The projects include:
Reviewing the APSI’s investment strategy for savings held in a term deposit
Analysing the contribution that Japan operations makes to the bottom line and, sadly, the converse - determining the impact of no training and exams in Japan in early 2021
Revising the chart of accounts to facilitate indepth financial, operations and human resourcesrelated reports, and
Identifying specific information (reports) to be provided regularly to the Board to inform decision making. The knowledge the Board will gain from the standard reporting suite will aid the Board when, for example, employee wages and course and exam pricing are reviewed.
The benefits of the projects outlined above will be evident once the APSI has completed the 2021 financial year, and each project is a crucial step towards a more efficient and sustainable APSI.
Looking to 2021, it will be another tight fiscal year for the APSI, with no revenue from Japan as foreshadowed above, no further government grants likely and Jobkeeper supplements ceasing in March. While the APSI will be able to withstand another difficult year, it will be uncomfortable. Through this ongoing challenge the Board and office team will continue to work tirelessly to keep the APSI on track, and able to offer great training and professional development to members.