Treasurer's Report
Treasurer's Report to accompany the Audited Accounts 2003.
Two issues have impacted on the Society in the period covered by these accounts. The first, as you will have noticed throughout this year's annual report, has been the introduction of the SRS. This project has caused a considerable outlay of funds by the Society over the past two financial years and also impacted on the income for the Society. Two matters needed to be addressed in the period covered by this report. There was a need to finance the setting up of the new NZDNRL subsidiary and we were aware that there would be no income for the financial year 2003/04. To this end the Society obtained a one-off dividend from our existing subsidiary, Domainz. The sum enabled the implementation of the SRS and the Society to purchase share capital in, and make a substantial loan to, the new company. The loan is in the process of being repaid. This put NZDNRL on a sound footing and, as foreseen, the repayments of the loan will fund the Society's activities in the forthcoming year.
The second issue of note was the coming into force of the IRD requirement for incorporated societies to implement consolidated accounts when there are subsidiary companies. The consolidation has given a more rounded picture of the group as a whole than has been able to be reported in past years. The consolidation process has put a bit of a burden on the external professionals, the auditors and accountants, because each arm of the structure must provide audited accounts for the final consolidation. In the event this all went smoothly but has given pause for thought on how we can better manage the process and take in the financial results. This matter is now being dealt with elsewhere.
In general terms the Society managed the financial issues raised in a professional manner and the Society's activities, including the new Office of the Domain name Commissioner under the auspices of the NZ Oversight Committee, came in under budget.
I would like to take this opportunity to thank Bruce Stormer of Mason King, the Society's accountants, for his help and support, and to Grant Thornton the Society's auditors.
