PEDAL POWER ASSOCIATION
TREASURER’S REPORT 1 JULY 2018 to 30 JUNE 2019
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 5 times. At all times a quorum was present.
AUDITED FINANCIAL STATEMENTS
The Audited Annual Financial Statements for the year ended 30 June 2019 have not been reproduced in full. Copies are available on request from the PPA Office.
Sponsorship changes in respect of the Cape Town Cycle Tour resulted in a reduced distribution from the Cycle Tour Trust to the PPA. The PPA prudently anticipates that the distribution from the Cape Town Cycle Tour Trust will remain depressed in the short and medium term and has planned to manage its activities so as to maintain the momentum of its events and campaigns within its funding constraints.
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.
Click here to open the FINANCIAL POSITION AT 30 JUNE 2019: