A Home of The Chinese Community
Financial Summary – Honorary Treasurer’s Report
Revenue Income Surplus Cash and Cash Equivalent Net Assets
Year 2016 $’000s
Year 2017 $’000s
Year 2018 $’000s
Year 2019 $’000s
Year 2020 $’000s
Year 2021 $’000s
5,167
6,365
7,995
10,110
9,997
11,842
329
648
1,031
446
363
785
3,702
4,555
5,708
6,963
8,013
9,219
9,044
9,692
10,723
11,169
11,532
12,881
Segment Information Year 2021
Association Services
Aged Care
Chinese Schools
Total
$'000s
$'000s
$'000s
$'000s
740
10,416
686
11,842
-7
672
120
785
887
7,751
581
9,219
6,778
4,910
1,193
12,881
Revenue Income Surplus Cash & Cash Equivalent Net Assets
The principal activities of the Chung Wah Association during the year were to provide welfare services education, cultural and social activities to their members and the community. For the year ended June 30 2021, the operating surplus of the Chung Wah Association was $785,430, which was twice the 2020 surplus of $363,056. All three business divisions of the Chung Wah Association have improved. The good performance of the Chung Wah Association is firstly due to the good control of COVID-19 in Western Australia in 2021, and secondly, thanks to the efforts of all members and the management teams of all business segments of the Chung Wah Association. 26 | The Chung Wah Association Inc. - Annual Report 2020-2021
The revenue of the entire Chung Wah Association was $11.842 million, an increase of 18.5% over the the previous year of $9.997 million. Revenue growth can be attributed to a variety of factors, a good CAC aged care management system, the increase in income from cultural activities, the increase in government funding for welfare and schools, and the reduction of service costs. Chung Wah’s cash and cash equivalents and net assets grew steadily, and the land and buildings were reassessed this year.
