BOWLS WA REPORTS - FINANCE We started the 2020/21 year projecting a large deficit (after depreciation) -$108,100, knowing we had capacity to see improvements during the year. We had anticipated some ongoing impacts of Lisa Featherby Covid 19 in that deficit with a reduction of members Affiliation fees and some loss of sponsorship but to see such a reversal of fortune in the last 12 months has been pleasing. The final outcome is a surplus for the year of $75,127. A great result for the Association.
perhaps a reduction in the Affiliation fees paid to Bowls Australia (down $39,264) given they calculate this payment “as a percentage of the Affiliation fees received by our member clubs”. At the time, the 20% Covid rebate was offered to our clubs we were unaware Bowls Australia would assist in this way. These changes resulted in a cash surplus (after depreciation) of $75,127. Along with the Cash surplus we have also benefited from the rebound in the investment markets. Surprisingly, and after some very stressful moments early in the Covid pandemic the IOOF investment has increased to $800,349.
In adding the Fair Value Gain on the financial assets ($63,950) to the cash surplus we can The reasons for the improvement revolve see the overall asset growth for the year at around the increase in income, as well as $139,077. cost reductions. Investment markets showed a dramatic increase in this period with It is always pleasing to improve the financial higher returns by way of interest, dividends position of the Association, but also to and distributions – up $15,867. Grants and get a clean bill of health once the financial Sponsorship income was up $64,211, with the statements are prepared and audited. As WA Government continuing to support BWA has been included in the Annual Report our with their Department Sport & Recreation Auditors state clearly that the information (DSR) Industry Investment Program (IIP) we are presenting today is a “true and fair assistance $180,000 (same as in 2019/20). The view” of our position as at April 2021; and support of Bowls WA competitions this year that we have the capability to meet all our by players also well exceeded expectations obligations. Again, a good audit with very few and contributed to an increase in competition qualifications or concerns. income. The 2021/22 forecast position reverts to a There was some ongoing Covid 19 support in post Covid “normal” scenario. No added this period, including the Government Cash Government assistance and a return to Flow Boost, $60,305 which was as planned. full expenditure in regard to the HighThis has now been finalised and no further Performance program and Bowls Australia payments. Staffing costs will increase due to assistance is anticipated. compulsory superannuation payments and Rigorous cost management is a priority and the full-time appointment of Kaitlin Tyrell expenditure was down $63,874 on initial subsequent to her traineeship and linked forecasts. Small savings were evident across to the funds received for the Winning Drive many areas such as Administration, Board program. costs, Development programs and a scaled back Awards Night. The biggest impact
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