THE QUADRANGLE Treasurer’s Report
The Association enjoyed another financially successful year to end October 2015 with bottom line performance close to the record achieved in FY13 and the investment portfolio continuing to grow steadily.
As Old Boys know, the association has the unusual financial year end of 31 October. Every year this makes it difficult to complete the audit on a timeline that works for printing and despatch of the December Quadrangle. As a result, references here are to unaudited figures (summarised below). The audit is due to be completed just before Christmas and a link to final accounts will be included in the monthly CCOBA email newsletter, as well as available in hard copy from the association’s office. Operating income was up 21% on the back of higher subscriptions (the subscription level for life membership was raised for the first time in many years), donations and higher investment income. The improvement in investment income was driven by both increased returns and a higher portfolio balance. Normalised for donations, income was still 14% up on prior year. Operating expenses were higher, in part reflecting a busier year and higher donations (up by around $3000
over last year). The net operating position was a surplus of $60,459 - 50% above last year. In addition, the association enjoyed good revaluation gains across the portfolio. After strong gains from equity markets in 2013 and 2014, 2015 performed beyond expectations and delivered around $80,000 of capital growth. At October 2011, the CCOBA portfolio sat at just $1.7m and at this year’s end was $2.256m. We have enjoyed growth of just under $600,000 over four years from a combination of investment gains and operating surpluses, plus paid out tens of thousands in scholarships each year. The association has done
well from its prudent investment portfolio (which remains around 50% bonds and cash and 50% equities) but cannot count on such performance year after year. As always many thanks to Justine, the association’s secretary, for gracefully juggling a thousand different tasks during the year, including the rather uninteresting one of keeping the accounts up to date and the administrative paperwork flowing. Old Boys and the school benefit greatly from her contribution.
Alex McKinnon (11465, Jacobs)
2015
Var
2014
Total revenue Total expenses
$182,349 $121,890
21% 11% 50%
$150,463 $110,024
Operating surplus
$60,459
$40,439
Investment gains (realised and unrealised)
$79,530
80%
$44,075
Total comprehensive gain
$139,989
66%
$84,514
Notice of CCOBA AGM Please be advised that the 137th Annual General Meeting of the CCOBA will be held in the Old Boys’ Theatre from 5.00pm on Thursday 25 February 2016. (Drinks from 5.00pm, the meeting will begin at 5.30pm)
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College Issue 30 2016
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