REEF Treasurer presents financial statements at AGM

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.


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 >>>




Operating report

You can view a copy of REEF's operating report for 2017 by clicking here >>>


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About REEF

The Real Estate Employers' Federation is the real estate industry’s leading not-for-profit employer and workplace relations advisory association. It has more than 1600 members and subscribers across Australia.

Each year, REEF receives more than 20,000 calls from real estate employers needing help and guidance on matters affecting the employment relationship.

Contact us

  •  Level 6, 99 Bathurst Street,
     Sydney  NSW   2000

  •   1300 616 170

  •   02 9261 2622