Treasurer's Report
TREASURER'S REPORT TO THE ISOCNZ ANNUAL MEETING 23 JUNE 2000
ACCOUNTS TO 31 MARCH 2000
The financial accounts for the 6 months to 31 March 2000 have been distributed to members, and answers to many questions from members have been given on the isocnz members list.
In commenting on the accounts, I would remind members that there were three significant reasons for the change of balance date for ISOCNZ, as follows:
- to bring the ISOCNZ balance date in line with IRD's requirement for a tax balance date of 31 March.
- to bring ISOCNZ and Domainz together to a common balance date.
- to move the ISOCNZ AGM/Summit date away from December, a time of year which has proved difficult to draw members to meetings.
The accounts disclose a profit of $38,905 for the 6 month period, compared to a loss of $20,833 for the previous (entire) year. Retained earnings for the Society at 31 March 2000 stood at $86,785.
At the last AGM the question was raised as to the Society's balance sheet valuation of the investment held by the Society in The NZ Internet Registry Limited. The valuation in the balance sheet continues to be disclosed at cost, i.e. 1,000 shares at $1 per share = $1,000.
I had hoped that NZIRL would have completed their annual accounts giving sufficient time for me to incorporate the retained earnings of the company in the notes to the accounts for ISOCNZ. The draft accounts sent for audit included a note to the accounts revealing an estimated retained earnings figure for NZIRL, but this note was deleted by the auditors, as they were unwilling to include unaudited figures within our report. I can advise now, that the audited retained earnings in the NZIRL balance sheet at 31 March 2000 were $1,059,530. It should be noted that these retained earnings are not a representative valuation of the investment held by the Society, nor will they necessarily automatically flow through to the Society in their entirety.
With regard to the Treasurer's position, I would have to say that during the iod the efforts from Lyudmyla Arkhypova and Sue Leader in attending to the day to day accounting of the Society has been outstanding, and their great effort has allowed me to focus more on the long term/big picture financial issues of the Society.
BUDGET FOR YEAR TO 31 MARCH 2001
As is required under the constitution, the current Council has established a budget for the forthcoming year, and the budget has been circulated to members and discussed on the membership list. Given that potentially, half the Council personnel may change at any AGM, it is possible that an outgoing Council could set impossibly restrictive budgets which a new Council would be obliged to follow. For that reason, this budget has been set on a somewhat liberal basis.
I would seek that the members approve the budget, and permit the incoming Council to re-assess the costs and benefits relating to each project on its merits, and that Council be authorised to approve expenditure up to the level budgeted, prior to actual commitments for expenditure being entered into.
Keith Davidson
Treasurer
© 2000 The Internet Society of New Zealand
Last updated 23 June 2000
