FSC surplus drops
The Financial Services Council has reported a significant year-on-year drop in surplus.
Monday, November 11th 2019, 8:43PM
While it turned in a surplus of more than $200,000 last year, it only had a surplus of $68,506 in the most recent financial year.
Member subscriptions provided $1.315 million in the year, up from $1.08 million last year, and conference and event income leapt from $65,188 to $483,615.
But conference and events expenses also jumped ten-fold from $58,471 to $519,656.
Chairman Rob Flannagan said the drop in surplus was largely due to increasing capability and delivering new projects in support of the members.
“Our net assets at June 30, 2019, were $570,370.
“The FSC is actively managing cash and bank deposits on a variety of terms and interest rates to meet the cashflow needs of the organisation. We are forecasting a continued growth in new Members joining in 2019/20, as well as strengthening incomes from the conference and events revenue streams through continuing to build our proactive work programme.”
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