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2017 Treasurer’s report

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:

 

PEDAL POWER ASSOCIATION

           

 

STATEMENT OF FINANCIAL POSITION AT 30 JUNE 2016

   

 

               

 

         

2016

2015

 

 

         

R

R

 

 

               

 

ASSETS

             

 

               

 

NON-CURRENT ASSETS

     

8,006,798

8,122,006

 

 

       

 

 

 

 

 

Property Plant and Equipment

   

 

8,006,798

8,122,006

 

 

       

 

 

 

 

 

               

 

CURRENT ASSETS

     

3,558,124

4,577,673

 

 

       

 

 

 

 

 

Trade and other receivables

   

 

1,327,294

1,705,065

 

 

Bank

     

 

2,230,830

2,872,608

 

 

       

 

 

 

 

 

               

 

TOTAL ASSETS

     

11,564,922

12,699,679

 

 

               

 

               

 

EQUITY AND LIABILITIES

           

 

               

 

EQUITY

       

10,630,649

12,041,616

 

 

       

 

 

 

 

 

Accumulated surplus

   

 

10,630,649

12,041,616

 

 

       

 

 

 

 

 

               

 

CURRENT LIABILITIES

     

934,273

658,063

 

 

       

 

 

 

 

 

Trade and other payables

   

 

581,925

453,664

 

 

Membership fees received in advance

 

 

337,955

180,568

 

 

Bank overdraft

   

 

14,393

23,831

 

 

       

 

 

 

 

 

               

 

TOTAL EQUITY AND LIABILITIES

   

11,564,922

12,699,679

 

 

               

 

               
                       

 

 

PEDAL POWER ASSOCIATION

           

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2016

               
         

2016

2015

 
         

R

R

 
               

REVENUE

   

8,106,675

12,101,553

 
       

 

 

 

 

Subscriptions received

   

 

3,623,293

7,257,443

 

CTCT Income

   

 

3,747,227

3,889,914

 

PPA Trust

     

 

465,857

552,797

 

Finance income

   

 

180,647

333,212

 

Other revenue

   

 

89,651

68,187

 

       

 

 

 

 

               

OPERATING COSTS

     

5,183,246

3,678,894

 
               

OPERATING SURPLUS

     

2,923,429

8,422,659

 
               

EVENT EXPENSES

     

1,277,611

1,466,568

 

PROJECT FUNDING EXPENSES

     

3,056,776

4,845,591

 
               

NET SURPLUS/(SHORTFALL)

     

(1,410,958)

2,110,500

 
               
               
               

 

 

               

PEDAL POWER ASSOCIATION

           

OPERATING EXPENSE LISTING FOR THE YEAR ENDED 30 JUNE 2016

               
         

2016

2015

 
         

R

R

 
               

AGM Expenses

     

10,858

7,837

 

Audit Fees

     

78,475

81,569

 

Bank charges

     

33,257

27,413

 

Computer Expenses

     

118,625

112,734

 

Copier service contract & service fee

   

5,596

3,811

 

Credit Card Commission

     

249,245

289,325

 

Depreciation

     

227,148

114,443

 

Electricity

       

32,670

19,953

 

Finance cost

     

5,206

18,971

 

Garden

       

7,640

620

 

Gifts & Donations

     

951

1,640

 

Groceries

       

16,933

16,158

 

Honoraria

     

48,000

48,000

 

Insurance

     

50,729

43,288

 

Legal Fees

     

174,834

199,002

 

Motor Vehicles Expense

     

67,426

68,609

 

Municipal Costs

     

149,482

54,552

 

Operating expense

     

30,289

0

 

Postage, printing and stationery

     

24,381

18,867

 

PPA Bloemfontein Office

     

114,398

23,795

 

Recruitment Fees

     

85,239

123,693

 

Refreshments & Catering

     

24,374

17,103

 

Repairs & Maintenance

     

25,931

22,358

 

Salaries

       

3,511,229

2,304,613

 

Security

       

8,432

7,441

 

Staff Training

     

16,666

200

 

Subscriptions

     

3,576

3,141

 

Telephone

     

61,655

49,758

 
               

OPERATING COSTS

     

5,183,246

3,678,894

 
               
               

 

 

PEDAL POWER ASSOCIATION

           

PROJECT COSTS FOR THE YEAR ENDED 30 JUNE 2016

       
               
         

2016

2015

 
         

R

R

 
               

BMX

       

47,250

26,378

 

Community projects

     

256,860

269,348

 

Commuting

     

233,563

1,016

 

CSA

       

187,740

129,195

 

Development

     

409,359

418,373

 

MTB

       

149,621

187,290

 

Disabled

       

97,500

13,155

 

Safe Cycling

     

1,581,724

3,733,883

 

Additional projects

     

93,159

66,953

 
               
         

3,056,776

4,845,591