SACOME Annual Report 2007-08

DISCUSSION AND ANALYSIS FOR THE YEAR ENDED 30 JUNE 2008
INCOME STATEMENT
The Chamber’s revenues from ordinary activities increased in 2008 by 42.22% to $1,585,352 (2007: $1,114,707),
which included Chamber function fees of $152,098 (2007: $121,522) Uranium project management of $50,000
(2007: $50,000), Sponsorship of functions of $82,500 (2007:$100,518), Subscription revenue of $927,932 (2007: $623,713),
Unearthing project and DEST Grant $161,121 (2007 Nil), Grant funding reimbursements $125,478 (2007 $140,020)
and interest revenue of $40,387 (2007: $21,212).
Total expenditure increased in 2008 by 20.54% to $1,310,202 (2007: $1,086,951), which included function and project
expenses of $191,475 (2007: $216,530), rent expenses of $77,244 (2007: $48,814), marketing expenses of $40,392
(2007: $41,398) travel expenses of $26,198 (2007: $28,314), employee benefits of $545,408 (2007: $553,612), DEST
project expenses of $181,248 (2007 Nil), recruitment expenses of $30,640 (2007 $24,397) and depreciation expenses
of $27,541 (2007: $16,122).
The operating surplus from ordinary activities increased in 2008 by $247,394 to $275,150;
from a surplus in 2007 of $27,756.
BALANCE SHEET
The Chamber’s net assets increased by 334.66% in 2008 to $357,367 (2007: increased by 50.96% to $82,217).
This increase of $275,150 reflects the Chamber’s operating surplus for 2008.
Total assets in 2008 increased by $165,078 or 32.27% to $676,682 (2007: increased by $152,421 or 42.43% to $511,604).
Cash holdings increased during the period by $26,900, trade and other receivables increased by $8,611 and property,
plant and equipment increased by $129,783.
Total liabilities in 2008 decreased by $110,072 or 25.63% to $319,315 (2007: increased by $124,665 or 40.91% to
$429,387). Grants received in advance decreased by $85,726, sponsorship in advance decreased by $38,500,
income received in advance decreased by $16,056, subscriptions in advance decreased by $16,520, trade payables
decreased by $56,794, other creditors and accruals decreased by $37,850, HSE conference liabilities increased by
$124,684 and employee benefits increased by $16,690.
CASH FLOW STATEMENT
Net cash in flows provided by operating activities in 2008 were $184,224 (2007: $294,316),
which represents a decrease of $110,092 in cash provided by operating activities.
During 2008 receipts from members and customers increased by $313,672 and payments to suppliers and employees
increased by $445,188.
The net cash flows used in investing activities were $(157,324). This was represented by payments for plant, equipment
and motor vehicles of $157,324 which was an increase of $148,088 from the prior year, and proceeds from the sale of
plant, equipment and motor vehicles of $Nil, which was a decrease of $15,932 from the prior year.
The net cash flows used in financing activities were $Nil (2007: $26,294).
These outflows represent the repayment of interest bearing liabilities in 2007.
The Chamber’s cash increased by $26,900 during the year to $441,413 (2007 increase of $274,818).
SACOME FINANCIALS
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