CHAIRPERSON’S REPORT CHAIRMAN’S REPORT
results, repaying loan balances, returning to rebate payments and prudently retaining earnings. This has placed us in a good position to absorb the negative impacts of a difficult year. For the 2021-2022 financial year, the Company produced a consolidated after-tax loss of $57,388. During that time, we continued to reduce our member loan position by an additional $260,700 and we invested in building organisational capability including our e-commerce website and our GVGL Field Team. The Board prudently determined that it was not possible to pay a rebate this year. Based upon our cash reserves, undrawn finance facilities and expected ongoing earnings, we are confident the Group has sufficient funding capacity to meet all of our obligations. The Board will continue to monitor the performance of the company carefully and the management team will be exploring new sources of revenue, increasing revenue from existing sources, managing expenses carefully and driving the return from our organisation capability investments. Strategic Priorities As is the case each year, the board and management team met to discuss our strategic priorities and for the 20 - 23 financial year, has taken a more focused approach across fewer projects to ensure some key basic priorities are met.
These are:
1 2 3 4
Ensuring adequate service levels to Members Maximising value from the Crossmark investment Driving higher sales performance through E-commerce Data and process automation project
We will also continue to assess and re-evaluate our business model to ensure Go Vita is a strong force in the market for a long time to come. Corporate Governance Over the past few years, we have done much to evolve the corporate governance practices of the organisation and educate the membership base about the importance of governance standards to the success of the business. We have particularly put more effort into communicating the expectations of Member Directors who assume significant responsibility and liability when they offer themselves to service on the Board of Go Vita Group Limited. During the 2021-2022 year, we again conducted a governance training session for any members who were considering standing for a Member Director position or who simply wanted to understand more about corporate governance and how we do that at Go Vita. We will continue to offer these sessions annually and will encourage more members to attend because understanding how your co-operative is governed is important and should provide reassurance that a very professional approach is being taken to the governance and management of Go Vita.
GO VITA GROUP LIMITED ANNUAL REPORT 2021-2022 I 15
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