12 March REEF Treasurer presents financial statements at AGM March 12, 2018 By Reef Admin REEF management 0 REEF's audited financial statements for 2017 were presented by Treasurer Paul Byrne at the recent AGM, as was the operating report. Financial statements I have pleasure ofpresenting to members the audited financial statements of the Federation for the year ended 31 December 2017. After a somewhat difficult financial year in 2017, it is pleasing to report that we saw the Federation’s operating activities return a modest surplus of $7,755. In summary, the notable financial highlights of the year included: Membership increased from 1,479 to 1,501. At year end, REEF had nine subscribers in Queensland and Tasmania. Income from membership and subscriptions grew in 2017 by 19.3%. Total income for the year increased by 18.9%, primarily due to the increase in new memberships and subscriptions and the increase in the 2017 membership fee. Operating expenses for the year increased by 18.4%, primarily due to a significant increase in marketing, printing and postage expenses, and an increase in permanent staffing costs and associated entitlements expenses. The balance sheet showed a reduction in cash reserves due to an increase in prepayments and a general reduction in members’ subscriptions being received in advance for the 2018 year. The net asset position of REEF remained static at $1.714 million. The financial statements reflect the President’s message that 2017 was a year highlighted by the implementation of the Management Committee’s new and somewhat aggressive marketing strategy to facilitate REEF’s ongoing expansion. In this regard, considerable financial resources were applied to the upgrading of REEF’s bi-monthly Employer’s Guide, the REEF website and a range of marketing and promotional material used to attract new members and subscribers. This expenditure was directly reflected in increases to the expenses relating to the Employer’s Guide, marketing, printing and postage. The REEF team of Workplace Relations Advisors was expanded to four full-time employees, to enable the Federation to keep pace with the increased telephone call volume throughout 2017 (around 15,000 calls). This impacted on salaries and related costs. The REEF team now consists of seven full-time employees. Legal expenses were higher than in previous years due to costs incurred in respect of the ongoing review of the Real Estate Industry Award. Other administrative costs, in particular travel costs, increased due to the number of Interstate presentations that REEF made to the various franchise groups. I believe that the cost of REEF membership and subscription still represents outstanding value for money at less than $17.50 per week. Your Management Committee maintains its commitment to delivering sound financial management practices, with modest surpluses in accordance with its fiscal responsibility to members and subscribers. It's my pleasure to present this report and the accompanying financial statements to members and subscribers, which are also available by clicking here >>> PAUL BYRNE Treasurer Operating report You can view a copy of REEF's operating report for 2017 by clicking here >>> Related REEF Treasurer presents financial statements at AGM REEF's audited financial statements for 2016 were presented by Treasurer Paul Byrne at the recent AGM, outlining the achievement of a small surplus. 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.