Delivered at the TasCOSS Annual General Meeting, Wednesday 25 October 2023, Hobart.
The results for 2022/23 indicate a net loss of $33,933, compared to a profit of $8,264 last Financial Year.
The principal contributor to the loss is related to accrual accounting on some programs and the under recovery of staffing and overhead costs against some of the grant funded programs. Although not significant, a review of the recoupment process for overheads will be completed in 2023/24.
The Statement of Profit or Loss indicates significant increased grant income this Financial Year, due to the large number and quantum of projects being delivered. The increased revenue for project funding is offset principally by employee costs due to the additional recruitment of staff engaged to complete project activities.
TasCOSS’s net assets as of 30 June 2023 are $589,000, showing little change from the previous year. Cash is well managed with approximately $750,000 invested in line with the TasCOSS Investment Policy, providing additional interest income to the organisation.
The Auditor’s Report for 2022/23 indicates no significant audit differences, and the TasCOSS Board has endorsed management’s assessment that TasCOSS is a going concern and can provide assurance that TasCOSS can continue to operate for the next 12-months.
On behalf of the Finance and Audit Sub-Committee, I wish to thank Adrienne and her team for their work in the finance area and for the support given to the Finance and Audit Sub-Committee in carrying out its work.
Download TasCOSS’s 2022/23 Financial Statements (PDF, 684KB).