Rainbow Wellington – The Wellington Rainbow Network Incorporated Financial Report for the year ended 31 Dec 2010
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Introduction
I am pleased to present my second annual financial report.
Rainbow Wellington’s 2010 accounts report a full year of operations after last year’s 9-month “year”, occasioned by the change in accounting-year-end from 31 March to 31 December.
I express my gratitude to those who have assisted me to prepare the accounts for the year ended 31 December 2010. Not withstanding that assistance, I take full responsibility for the accounts as presented.
Our Accountant’s report to the members of Rainbow Wellington on his review of our financial statements is attached to the annual accounts.
Balance Sheet
These accounts report that the net worth of the organisation has risen from $20,151 at the end of our 1 April-31 December 2009 9-month transition “year” to $24,144 at the end of the 2010 year. The surplus for the year was $3,993. This is in line with the result from the last full-year result in 2008/09 of $4,074.
Items to note from the “Represented by” section of the Balance Sheet:
- The cheque account balance was retained at an historical high to ensure that expected early 2011 payments probably due in January were being provided for: ILGA subscription, the possible call for part-payment of our late-2010 offers to sponsor two speakers for the OutGames (up to $5,000 for each of two overseas speakers) and sponsorship of the March 2011 ‘Out-in the Square’ event ($500).
- ‘Income received in advance’ represents subscriptions for the next year received in the current year. This amount becomes income in the year to which it relates.
- ‘Creditors’ represents two items: provision carried over from 2008/09 to cover un-invoiced advertising by Rainbow Wellington ($1,841 – The Board will decide later in 2011 whether this provision should continue) and the invoice for the ILGA subscription.
- I draw attention to the Note at the bottom of the Balance Sheet signalling the effects on the 2011 Balance Sheet of the Board’s commitment to “up to $10,000” sponsorship of the Wellington 2011 OutGames speakers (item 3 above). This amount is not represented in the 2010 accounts because that amount was still an offer-to-sponsor and the timing of any invoice was uncertain.
Income and Expenditure
As reported above, the surplus of $3,993 is in line with the last 12-month year. Total Income for the year was $11,695. Total Expenditure was $7,702
Items of note from the “Receipts” section of the Statement of Income and Expenditure are:
- The rise in subscription receipts reflects the return to a full year. The trend line over full-year reports of subscription income since 2006/07 is a matter of concern.
- During 2010 Rainbow Wellington hosted a number of events for members. One event, the function for the US Ambassador, was partially funded by member contributions. The Board expected this significant event to make a loss.
- Monthly bank interest income has been somewhat better than last year.
Items of note from the “Expenditure” section of the Statement of Income and Expenditure are:
- There was no expenditure on paid advertising in 2010. Our profile has remained high, none-the-less, as a result of Rainbow Wellington’s active programme of advocacy work on behalf of our sector. This has generated many reports in both the GLBTI and general media.
- Expenditure on Events-Members exceeded Income on Event-Members by $387, mainly on account of Rainbow Wellington hosting the US Ambassador in July. The net income for this member-only event was -$357. The Board expected that this significant event would
- The rise in Web Hosting costs was occasioned by payment of a one-off revamp of our web page. There has been no increase in monthly web-hosting fees during the year. These remain at the level of previous years – $44.94/month.
Events
Items that have had an effect on the Balance Sheet have been signalled above.
Conclusion
The Balance Sheet reports that the Board has maintained careful monitoring of Rainbow Wellington’s assets and has maintained careful control over expenditure, resulting in continued growth in the organisation’s net worth.
It should be noted, however, that commitments the Board consciously made at the end of 2010 to the 2011 Wellington Asia-Pacific OutGames because of the significance of that event to GLBTI communities locally, will have an effect on Rainbow Wellington’s 2011 Balance Sheet.
Steve Farrow
Treasurer