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 the association is strong and is combined with a corporate governance and economic management model that produced a solid result long term. The 2018 consolidated operating result for SPASA Australia was a surplus of $468,351. The result is due to the consistency of existing services and the expansion of new events and media programs. Following the 2016/17 financial year report, 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. As a result, the financials for the 2017 year covered the six month period from July to December 2017 with a full years’ reporting for 2018. SPASA Australia reports all entities in a consolidated manner including the Registered Training Organisation and the Trustee of the 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 Audit Report for the year ending 31 December 2018, herein attached.
SPASA AUSTRALIA - ANNUAL REPORT 2018
Key Points: • Operational efficiency and growth programs resulted in a full year net surplus of $468,351 with Net Assets and Equity of $4,267,549 • Membership has increased by 5% over the prior year, with fees totalling 17% of 2018 revenue. • Investment strategy included the SPLASH! acquisition, which delivered for the southern hemisphere the largest trade pool and spa expo on record. • Training represented 10% of total income. Investments have been made in expanding courses and qualifications to meet the industry’s educational and professional development requirements. • SPASA restructured its human resources to employ new staff members dedicated to infield support to members. • The SPASA office in NSW is owned by the Association. A valuation was conducted in the last quarter of 2018 reflecting a value of $770,000. Adam Jaworski Finance Audit and Compliance Committee Chairman
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