The results for 2021/22 showed a small surplus of $8,264 compared to $22,903 last year, while grant income this year was $1.955 million compared to $1.684 million last year.
This principally accounted for a large number of new projects being undertaken by the organisation over this period. The impact of the new projects is also reflected by increased annual expenses. Employee costs are the highest expense and show a significant increase from the previous year, purely due to the increased staff requirements associated with the grant funded activities being progressed.
The organisation’s net assets as of 30 June 2022 are $623,000, showing little change from the previous year. There has been some change in total assets and total liabilities, noting it is reflected in increased cash holdings with the funds received for these projects yet to be expended.
The Auditor’s report for 2021/22 indicates no significant audit differences or issues to be addressed and the board has endorsed management’s assessment that TasCOSS is a going concern. We’re provided assurance that TasCOSS can continue to operate for the next 12 months.
Finally, I’d just like thank Corinne for all her dedication and work in the finance area and for the support she provides the finance team.