BOWLS WA REPORTS - FINANCE
We star ted the 2021/22 year projecting a large deficit (after depreciation) -$65,820, knowing we had capacity to see improvements during the year.
rights sponsor for the BPL Perth Suns team.
The WA Government continued to support BWA with their Department of Sport and Recreation Industry Investment Program assistance $180,000 (same as in 2019/20 and 2020/21) but provided some extra DSR support for specialist programs to assist with our Governance Review ($20,000). These funds have and will be spent on their target There was still a great areas this year and next and are welcome Lisa Featherby deal of uncertainty lines of support to ensure these projects can around, given Covid proceed. The support of BWA competitions and its impact on events etc, and as occurred this year by players also well exceeded in the previous year, this actually had a expectations and contributed to an increase positive impact on our financial result for the in competition income. year. Rigorous cost management is a priority and The final outcome is an operating surplus for expenditure was down $50,676 on initial the year of $25,340, a significant turnaround forecasts. Small savings were evident across from the budgeted forecast. many areas but the biggest saving was against “High Performance” with the National As you will see in the Financial Statements Sides again cancelled due to Covid concerns. however, other factors have impacted the A saving of $49,476. “comprehensive income” for the year – that is a fall in investment values; and a revaluation We did make the decision to contract SEN and subsequent fall in land and building to do professional live streaming of selected values. These combined bring the final result events post budget at a cost of $11,000. This to a loss of $380,828 for the year. pushed up costs under “club development”. The reasons for the improvement in the These changes resulted in a cash surplus operating surplus revolve around the increase (after depreciation) of $25,340. in income, as well as cost reductions. Although we benefited last year from a The return on our investments by way of rebound in financial markets; this year the interest, dividends and distributions was up reverse with a fall of $46,293. This reflects $19,187. We did lose our major sponsor in market volatility and a decline to April 2022. Blooms the Chemist (post budget) of $50,000; As we know investment values rise and fall but worked hard to secure two new ones in and the desire to achieve returns higher than AFGRI Equipment and The Professionals and cash rates (as has occurred) means that we the return of Henselite. With long standing must endure these fluctuations. sponsors Dyenamic Sublimation, BCIB and The Association was advised to obtain a the Seniors Recreation Council plus Liquor market appraisal on the land and building Traders Australia sponsorship dollars were assets it owns – being Level 1 158 Main down overall but the impact significantly Street, Osborne Park. The appraisal was addressed. We continue to look for new disappointing (down $359,875 from the partners to fill the void; particularly a naming previous full valuation in 2018). Whether that
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