12 Sept 2017 Treasurer's report
FINANCIAL STRATEGY
The PPA is a public benefit organisation with the primary objective of promoting cycling. The Executive Committee pursues a conservative financial policy which facilitates achieving the objectives of the organisation.
During the year, the PPA Office presents monthly financial reports to the Management and Finance Committee for review, after which the monthly financial results are presented to the full PPA Executive Committee. This ensures that the committee is aware of financial matters on an on-going basis. During the past year the Management and Finance committee met when required and the Executive Committee met x times. At all times a quorum was present.
AUDITED FINANCIAL STATEMENTS
The Audited Annual Financial Statements for the year ended 30 June 2017 have not been reproduced in full. Copies are available on request from the PPA Office.
The PPA has in the year ended 30 June 2017 continued to build on the program which it started in the 2015 Financial Year to substantially increase its capacity to execute both events and projects and has positioned itself to increase its ability to execute its primary mandate of promoting cycling.
The PPA has a 3 year plan which focusses on achieving these objectives. The Bike 4 All campaign, the PPA Cycling Academy, and the Safe Cycling campaign are the significant initiatives through which PPA works to promote cycling.
The financial results of the PPA were audited by our independent registered auditors, Braude Gordon & Co who issued an unmodified audit opinion. The key features of this year’s financial performance are as follows:
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PEDAL POWER ASSOCIATION |
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STATEMENT OF FINANCIAL POSITION AT 30 JUNE 2016 |
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2016 |
2015 |
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R |
R |
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ASSETS |
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NON-CURRENT ASSETS |
8,006,798 |
8,122,006 |
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Property Plant and Equipment |
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8,006,798 |
8,122,006 |
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CURRENT ASSETS |
3,558,124 |
4,577,673 |
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Trade and other receivables |
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1,327,294 |
1,705,065 |
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Bank |
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2,230,830 |
2,872,608 |
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TOTAL ASSETS |
11,564,922 |
12,699,679 |
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EQUITY AND LIABILITIES |
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EQUITY |
10,630,649 |
12,041,616 |
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Accumulated surplus |
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10,630,649 |
12,041,616 |
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CURRENT LIABILITIES |
934,273 |
658,063 |
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Trade and other payables |
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581,925 |
453,664 |
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Membership fees received in advance |
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337,955 |
180,568 |
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Bank overdraft |
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14,393 |
23,831 |
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TOTAL EQUITY AND LIABILITIES |
11,564,922 |
12,699,679 |
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PEDAL POWER ASSOCIATION |
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STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2016 |
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2016 |
2015 |
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R |
R |
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REVENUE |
8,106,675 |
12,101,553 |
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Subscriptions received |
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3,623,293 |
7,257,443 |
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CTCT Income |
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3,747,227 |
3,889,914 |
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PPA Trust |
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465,857 |
552,797 |
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Finance income |
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180,647 |
333,212 |
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Other revenue |
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89,651 |
68,187 |
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OPERATING COSTS |
5,183,246 |
3,678,894 |
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OPERATING SURPLUS |
2,923,429 |
8,422,659 |
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EVENT EXPENSES |
1,277,611 |
1,466,568 |
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PROJECT FUNDING EXPENSES |
3,056,776 |
4,845,591 |
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NET SURPLUS/(SHORTFALL) |
(1,410,958) |
2,110,500 |
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PEDAL POWER ASSOCIATION |
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OPERATING EXPENSE LISTING FOR THE YEAR ENDED 30 JUNE 2016 |
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2016 |
2015 |
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R |
R |
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AGM Expenses |
10,858 |
7,837 |
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Audit Fees |
78,475 |
81,569 |
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Bank charges |
33,257 |
27,413 |
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Computer Expenses |
118,625 |
112,734 |
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Copier service contract & service fee |
5,596 |
3,811 |
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Credit Card Commission |
249,245 |
289,325 |
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Depreciation |
227,148 |
114,443 |
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Electricity |
32,670 |
19,953 |
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Finance cost |
5,206 |
18,971 |
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Garden |
7,640 |
620 |
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Gifts & Donations |
951 |
1,640 |
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Groceries |
16,933 |
16,158 |
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Honoraria |
48,000 |
48,000 |
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Insurance |
50,729 |
43,288 |
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Legal Fees |
174,834 |
199,002 |
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Motor Vehicles Expense |
67,426 |
68,609 |
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Municipal Costs |
149,482 |
54,552 |
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Operating expense |
30,289 |
0 |
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Postage, printing and stationery |
24,381 |
18,867 |
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PPA Bloemfontein Office |
114,398 |
23,795 |
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Recruitment Fees |
85,239 |
123,693 |
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Refreshments & Catering |
24,374 |
17,103 |
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Repairs & Maintenance |
25,931 |
22,358 |
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Salaries |
3,511,229 |
2,304,613 |
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Security |
8,432 |
7,441 |
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Staff Training |
16,666 |
200 |
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Subscriptions |
3,576 |
3,141 |
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Telephone |
61,655 |
49,758 |
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OPERATING COSTS |
5,183,246 |
3,678,894 |
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PEDAL POWER ASSOCIATION |
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PROJECT COSTS FOR THE YEAR ENDED 30 JUNE 2016 |
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2016 |
2015 |
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R |
R |
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BMX |
47,250 |
26,378 |
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Community projects |
256,860 |
269,348 |
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Commuting |
233,563 |
1,016 |
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CSA |
187,740 |
129,195 |
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Development |
409,359 |
418,373 |
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MTB |
149,621 |
187,290 |
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Disabled |
97,500 |
13,155 |
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Safe Cycling |
1,581,724 |
3,733,883 |
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Additional projects |
93,159 |
66,953 |
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3,056,776 |
4,845,591 |
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