The Association's Income
Statement shows a loss from operations of $545,109 made up of 2 components.
These are a trading loss of $353,339 and non cash Auditors prior years adjustments
written back of $191,770. The Association has a strong Balance Sheet, good cash
reserves, and total assets greatly exceeds total liabilities to record a total
equity of $6,189,854.
Market and industry factors
contributed to the loss as the economic downturn effected all major industry
segments. Total revenue increased slightly but the downturn in the economy
resulted in reduced revenue in the area of the Group Training Scheme,
membership and advertising.
The Association has a strong
membership base and financial resources, however we must continue to work hard to
ensure that we are ready for the years ahead.
