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Financial Report 2014-2015
Currency Rates
Currency rates at the end of the fiscal year:
- USD: 0.770051
- EUR: 0.690462
Summary
Description |
2014/2015 |
Diff. |
|
Current Assets |
11342.89 AUD |
+93.0% |
5876.45 AUD1 |
Current Liabilities |
4600.34 AUD |
+578.8% |
677.76 AUD |
Equity |
6742.55 AUD |
+29.7% |
5198.69 AUD1 |
Income |
5398.31 AUD |
+8.4% |
4982.09 AUD |
Expenses |
3854.45 AUD |
-28.4% |
5384.02 AUD1 |
Profit |
459.77 AUD |
-214.4% |
-401.93 AUD1 |
1: When I finalised this years financial report, I noticed that the ending balances of the foreign currency PayPal accounts were wrong. The annotated items show the corrected numbers for better comparison, although the financial report for 2013/2014 itself will not be modified (you can look there for the incorrect numbers). Due to some error by the accounting program or me, the initial balance in foreign currency were not correctly imported at the start of 2013/2014. At the end of 2013/2014 I did the usual currency corrections and the error that formerly only influenced the foreign currency value now also showed up in the AUD value. To recover from this I made a correction in „Extraordinary Items“.
Current Assets
Acc. No. |
Account Name |
2014/2015 |
Diff. |
|
B212 |
Accounts Receivable USD |
-130.00 USD is -168.82 AUD2 |
+89.4% |
-83.75 USD is -89.14 AUD |
B213 |
Accounts Receivable EUR |
206.84 EUR is 299.57 AUD |
+37.1% |
150.28 EUR is 218.46 AUD |
B421 |
Westpac Transaction Account |
441.10 AUD |
+0.3% |
439.66 AUD |
B422 |
Westpac Savings Account |
1577.12 AUD |
+31.4% |
1200.05 AUD |
B423 |
Credit Union Australia |
137.25 AUD |
+0.0% |
137.25 AUD |
B431 |
PayPal AUD |
4472.76 AUD |
+144.0% |
1833.18 AUD |
B432 |
PayPal USD |
138.25 USD is 179.53 AUD |
-85.6% |
1171.7 USD is 1247.11 AUD1 |
B433 |
PayPal EUR |
3041.06 EUR is 4404.38 AUD |
+394.9% |
612.15 EUR is 889.88 AUD1 |
Total Current Assets |
11342.89 AUD |
+93.0% |
5876.45 AUD1 |
- 2: The negative number is because of the prepayments for the membership fees some members made.
Current Liabilities
Acc. No. |
Account Name |
2014/2015 |
Diff. |
|
E113 |
Accounts Payable EUR |
3101.36 EUR is 4491.72 AUD3 |
-338.5% |
-1060.21 EUR is -1541.23 AUD |
E32 |
Provisions for bills to receive |
108.62 AUD4 |
-95.1% |
2218.99 AUD |
Total Current Liabilities |
4600.34 AUD |
+578.8% |
677.76 AUD |
- 3: Just before the end of the fiscal year we received the invoice from secure-u for the outstanding hosting costs. We have paid it in FY15/16.
- 4: Contains the anticipated hosting costs for July 2015.
Equity
Acc. No. |
Account Name |
2014/2015 |
Diff. |
|
C3 |
Retained earnings (last year) |
6282.78 AUD1 |
+12.2% |
5600.62 AUD |
PNL |
Retained earnings (this year) |
459.77 AUD1 |
-214.4% |
-401.93 AUD1 |
Total Equity |
6742.55 AUD |
+29.7% |
5198.69 AUD1 |
Income
Acc. No. |
Account Name |
2014/2015 |
Diff. |
|
F1 |
Donations |
2777.04 AUD |
+9.8% |
2529.11 AUD |
F21 |
Membership Fees |
897.36 AUD5 |
-10.9% |
1006.98 AUD |
F22 |
Assurer Certificates |
80.28 AUD |
-59.5% |
198.08 AUD |
F23 |
Password Reset Service |
809.87 AUD |
+31.5% |
615.70 AUD |
F3 |
Advertising Income |
832.20 AUD |
+35.0% |
616.24 AUD |
=> Total Own Income |
5396.75 AUD |
+8.7% |
4966.11 AUD |
|
G1 |
Interest Income |
1.56 AUD |
-1.9% |
1.59 AUD |
G2 |
Income Suspense |
0 AUD6 |
-100.0% |
14.39 AUD |
=> Total Other Income |
1.56 AUD |
-90.2% |
15.98 AUD |
|
Total Income |
5398.31 AUD |
+8.4% |
4982.09 AUD |
- 5: Although we have 72 members the income from membership fees is lower than 72 * 10 EUR = 1042.78 AUD. The cause is ceased members: The membership fees already accounted for in the last years are subtracted in the current year if a member leaves CAcert and has unpaid fees. In 2014/2015 the board has not waived any membership fees according to §9(2), but it did recently for one member, so that will turn up in the 2015/2016 financial report.
- 6: That's actually a good sign: no income I could not assign to the proper income account.
Expenses
Acc. No. |
Account Name |
2014/2015 |
Diff. |
|
I74 |
Hosting |
3916.86 AUD |
-15.0% |
4610.34 AUD |
I82 |
Bank Service Charges |
220.74 AUD7 |
-35.1% |
340.02 AUD |
I83 |
Exchange Variance |
-283.15 AUD8 |
-165.3% |
433.66 AUD1 |
Total Expenses |
3854.45 AUD |
-28.4% |
5384.02 AUD1 |
- 7: The transaction fees for the payment of the invoice to secure-u that just arrived is not contained in that figure. So if we would count peas we would have to take that into account for this years hosting costs too.
8: In this year we have a some income from the foreign currency gain. This is actually a good and a bad thing. It's bad because the cause of it was that the Australian Dollar lost value this year (http://www.xe.com/en/currencycharts/?from=AUD&to=EUR&view=1Y, http://www.xe.com/en/currencycharts/?from=AUD&to=USD&view=1Y). The good thing is that we had most of our money in foreign currencies (USD and EUR) so it didn't drop with the rest of the market. Also I managed to exchange all of our USD to EUR at just the right moment when the rate was good. But that leads to an obscure effect: Although it seems that we have more money when looking at the Australian Dollars, we actually lost some. The reason is that we need to cover our hosting fees in EUR so if the AUD looses value we have to pay more of them to get the same service.
Profit
Acc. No. |
Description |
2014/2015 |
Diff. |
|
- |
Regular Profit |
1543.86 AUD |
-484.1% |
-401.93 AUD1 |
J |
Extraordinary Items |
-1084.09 AUD1 |
- |
|
Total Profit |
459.77 AUD |
-214.4% |
-401.93 AUD1 |
Conclusion
The reduced hosting costs and the increase in donations are a real life-saver for us and even gave us a decent regular profit so that we can save some money for more daunting times. Because the AUD continues to be weak, we should continue to restructure our income side to be more EUR-based, so that we are more independent from currency exchange rates and the fees that come with it. For example we could make the currency on the donations button selectable and make EUR the default.