Financial Report - Year Ended 30 June 2013
Our concise financial report (federal fund) is now available and is an extract from the full financial report for the year ended 30 June 2013. The financial statements and specific disclosures included in the concise financial report have been derived from the full financial report. The full financial report and auditor's report will be sent to members on request, free of charge. Please contact CPSU/SPSF Group Federal Fund's office and a copy will be forwarded to you. The committee of management has resolved on 17 September 2013 that this concise report be provided in accordance with s265(2) of the Fair Work Registered Organisations Act 2009.
Statement of comprehensive income
The deficit attributable to members for the year was $166,874 compared with a $602,737 deficit last year. This was a direct result of significant cost cutting during the year. Total expenses decreased by $524,768 from $2,486,906 in 2012 to $1,962,138 in 2013. This is mainly due to the reduction of employee related expenses as the number of employees reduced during the year.
Capitation fees income decreased by $81,679 from $1,790,064 in 2012 to $1,708,385in 2013. This however includes the estimated capitation fee due from the Queensland Branch of $420,000 which may not be fully collectible. Overall revenue decreased by $88,905 in 2013 due to a reduction in interest income and capitation fee.