15 May REEF Treasurer presents financial statements at AGM May 15, 2017 By Reef Admin REEF management 0 REEF's audited financial statements for 2016 were presented by Treasurer Paul Byrne at the recent AGM, outlining the achievement of a small surplus. Financial statements I have pleasure in presenting to REEF's audited financial statements for the year ended 31 December 2016. 2016 was financially a difficult year for REEF, but I'm pleased to report that despite this we were still able to achieve a small surplus of $2,842. As a not-for-profit organisation, I'm extremely proud that REEF was able to return this modest operating surplus while continuing to provide an extensive suite of professional products and services as part of the membership subscription. For less than $14 per week, I believe that REEF membership still represents outstanding value for money. As we have experienced over the past eight or so years, membership retention remains REEf’s greatest challenge. Income from membership subscriptions still represents over 96 per cent of REEF’s income and so remains the 'lifeblood' for our ongoing viability. I'm therefore delighted to report that we finished 2016 with 1,479 members, which represented a small increase in membership from 2015. In summary, the notable financial highlights of the year included: Membership increased to 1,479 from 1,473 Operating costs increased by 9.6 per cent Income from membership grew by 2.2 per cent Total income exceeded the 2015 results by just under 1 per cent The net asset position of REEF improved by 22 per cent to just over $1.7 million. The increase in operating costs and the increase in the net asset position are highlights worthy of some further clarification. In early 2016, REEF underwent significant personnel changes. These changes included the appointment of a new Chief Executive Officer, the creation of the new position of Membership Services Director and the appointment of two casual industrial support officers. While necessary, and in some respects unavoidable changes to the personnel structure at REEF, they combined to significantly impact on our overall 2016 operating costs. As members would be aware, in the latter half of 2016 REEF was a leading participant in the statutory four-year review of the Real Estate Industry Award 2010. Throughout these proceedings, REEF felt that it was crucially important to engage the services of a specialist industrial law firm and legal counsel to comprehensively represent and protect the interests of our members. The subsequent and considerable legal expenses associated with this review therefore also impacted on the 2016 operating costs. In 2005, the Committee of Management decided that to ensure REEF’s longevity, it should cease renting premises and acquire our own property. The office suite at 97-99 Bathurst Street was ultimately chosen to become REEF’s new home and purchased using a combination of cash reserves and debt. It's therefore extremely pleasing to report that some 11 years later the loan has long been repaid and the office suite has significantly increased in value. The strong increase in the net asset position of REEF in 2016 was therefore primarily due to the re-valuation of the office suite and the reflecting of this change on the balance sheet. It's my pleasure to present this report and the accompanying financial statements to members which are also available by clicking here >>> Paul Byrne Treasurer Related REEF Treasurer presents financial statements at AGM REEF's audited financial statements for 2017 were presented by Treasurer Paul Byrne at the recent AGM, as was the operating report. REEF President gives 2017 annual report at AGM At the recent AGM, REEF President Fred Andriessen presented his annual report and provided a snapshot of just some of the activities REEF has been involved in over the course of 2017. REEF President gives annual report at AGM At the recent AGM, REEF President Fred Andriessen presented his first annual report to members and shared some of REEF's big wins during 2016. A message from the CEO: What's happening at REEF It's hard to believe we're halfway through the year. What started as a busy year shows no sign of slowing down. Here's just a few things we've been focused on. A message from the CEO: Why REEF is ahead of the pack Do a quick Google search and you'll quickly find a long list of employment advisors out there who want to help you – for a hefty fee! – should you find yourself in hot water. But not all advisors are created equal. New REEF Management Committee elected The Australian Electoral Commission recently conducted elections for the 2017-18 REEF Committee of Management. Congratulations to those members elected to the Committee. Comments are closed.