Business Victor Harbor enjoyed a successful 2021 financial year posting a modest net profit of $29,176 ($19,681).
The most notable improvement came as a result of the increased collaboration with the Council of Victor Harbor, which enabled the organisation to engage two extra key staff members. This arrangement saw an increase in Local Government Grants received from $20,000 in the 202FY to $100,000 in 2021.
Members will note that the financial implication of the grant nets to nil, but substantially increases the volume of activities that BVH conducts.
The organisation’s balance sheet is sound, noting net assets of $77,372, an increase from $48,195 in the previous year. The organisation has no liabilities and keeps a conservative cash balance approximately equal to 6-9 months of expenditure. The organisation runs its operations with a low amount of risk, given that expenditure is only made when funds are secured.
BVH’s financial outlook is also promising, and subject to the success of the new tiered membership system, will see 2022 build on last year’s consolidation.
I am pleased to present the audited financial statements to the members of BVH (click here to view).
Treasurer Tom Cosentino