Delivered at the TasCOSS Annual General Meeting, Wednesday 30 October 2024, Hobart.
The results for the 2023/24 Financial Year indicate a profit of $27,323, compared to a loss of $33,933 in the previous financial year. This is a good outcome for the organisation as it is not a revenue generating business.
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 staff salaries and specific project costs associated with those activities.
Interest income of $53,000 is a significant increase due to higher investment rates and prudent financial management.
In 2023/24, TasCOSS negotiated a longer-term office lease arrangement which is classed as a Right of Use Asset, which in accordance with accounting standards accounts gives rise to an asset, a liability and interest expense.
TasCOSS has net assets as at 30 June 2024 of $616,000, a slight increase from the previous year. Cash is well managed with approximately $1.5 million invested in fixed-term deposits in accordance with the TasCOSS Investment Policy providing additional interest income to the organisation, as already noted.
The Auditor’s Report for 2023/24 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 the organisation can continue to operate for the next 12 months.
On behalf of the Finance and Audit Subcommittee, I wish to thank Adrienne and her team and For Purpose Accounting for their work in the finance area and for the support given to the Finance and Audit Sub-Committee in 2023/24.
Download TasCOSS’s 2023/24 Financial Statements (PDF, 361KB).