FINANCE REPORT It is my pleasure to submit to our members the Annual Report of the Swimming Pool and Spa Association of Australia. The financial health of your association is stronger than ever before, and our corporate governance and economic management has produced a solid result. The 2016/17 consolidated operating result for SPASA Australia was a surplus of $3,821,340. The result is due to the merging of the 3 regional entities into SPASA Australia. Following the 2016/17 financial year the decision was made to alter the reporting year from a financial year (Jul/Jun) to a calendar year (Jan/Dec) to better align to our membership cycle and as result the financial result for the 2017 year covers the six month period from July to December 2017. The 2017 half year result was a loss of $(233,969) which compares to an unaudited loss of $(405,268) for the same period in the prior year. On a full year basis (Jan/Dec), and removing the impact of one-off costs relating to restructure and acquisition activities, the net earnings result for the combined entities in 2017 was an unaudited profit of $23,314 compared to an unaudited loss of $(30,617) in the prior year. SPASA Australia reports all entities in a consolidated manner including the Registered Training Organisation and the Trustee and Water Tight trust fund. This provides a total true and correct report of all financial workings within SPASA Australia’s responsibility. The Association's external Auditors Loren Datt Audit have conducted the 2016/17 and the special purpose Audit Report for the year ending 31st December 2017, herein attached. Key Points •
The completed merger of the 3 regional Associations into SPASA Australia.
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Our strong financial position has enabled SPASA to review and act on an investment strategy which included the acquisition of SPLASH!, including the largest pool and spa expo in the southern hemisphere and the dominant trade magazine.
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Training income is up 77% from the 2016 calendar year. This reflects our Training Pillar – Transforming Industry, Meeting Educational Needs and Building Careers.
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SPASA has increased its human resources by employing three new staff members and refocusing current employees in specific skilled areas to improve efficiency and increase benefit to members.
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The SPASA office in NSW is owned by the Association. A valuation was conducted in the last quarter of 2017 reflecting a value of $770,000.
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A significant improvement in the operational efficiency of the Association over the historical federated model. This has resulted in not requiring the Trust fund interest to cover overheads. Adam Jaworski Finance Audit and Compliance Committee - Chairman
SPASA AUSTRALIA - ANNUAL REPORT 2017
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