Waiheke Island Choral Society Inc.
Financial Performance for the year ended 31 December 2011
| 2011 | 2010 | ||||
| $ | $ | ||||
| Income | |||||
| Subscriptions | 945 | 920 | |||
| Donations | 151 | 0 | |||
| Sales of 25-Year books | 50 | ||||
| Bond refund from 2010 | 150 | ||||
| Interest | 41 | 59 | |||
| Concert Income: | |||||
| - Messiah | 1670 | ||||
| - Fiddler on the Roof | 17745 | ||||
| - A Funny Thing Happened on the Way to the Forum | 9559 | ||||
| - Christmas concert | 624 | 715 | |||
| Creative Communities Grant | 1000 | ||||
| Total Income | 21376 | 12253 | |||
| Expenses | |||||
| Advertising/Stationery/Copying | 157 | 163 | |||
| Auditor | 324 | 281 | |||
| Bank Fees | 43 | 13 | |||
| Association Fees | 349 | 350 | |||
| Depreciation | 156 | 168 | |||
| General | 114 | 322 | |||
| Donations to charities | 0 | 200 | |||
| Social | 105 | 190 | |||
| Travel | 0 | 0 | |||
| Write-off of 25-Year books | 390 | ||||
| Petty Cash | 0 | 0 | |||
| Hall Hire | 828 | 961 | |||
| Concert Expenses: | |||||
| - Messiah | 1207 | ||||
| - Fiddler on the Roof | 16201 | ||||
| - A Funny Thing Happened ... | 7802 | ||||
| - Christmas concert | 41 | 1310 | |||
| Total Expenses | 19915 | 11760 | |||
| Net Surplus (-Deficit) | 1461 | 493 | |||
Waiheke Island Choral Society Inc.
Financial Position as at 31 December 2011
| 2011 | 2010 | ||||
| Accumulated Funds | $ | $ | |||
| Balance as at 1 January | 21397 | 20904 | |||
| Net Surplus (-Deficit) | 1461 | 493 | |||
| Total Funds Invested | 22858 | 21397 | |||
| Invested as Follows: | |||||
| Current Assets | |||||
| ASB Bank General Account | 14353 | 8367 | |||
| ASB Bank Reserve Fund | 5837 | 9796 | |||
| Music Stocks | 320 | 320 | |||
| 25-Year History Books | 0 | 390 | |||
| 20510 | 18873 | ||||
| Less Liabilities | |||||
| Creditors | 20 | 0 | |||
| Working Capital | 20490 | 18873 | |||
| Fixed Assets | |||||
| as per Schedule | 2368 | 2524 | |||
| Net Assets | 22858 | 21397 | |||
Waiheke Island Choral Society Inc.
Schedule of Fixed Assets and Depreciation for the year ended 31 December 2011
| Asset | Cost | Accum Depn | Book Value | Additions/ | Depreciation | Depreciation | Book Value | |
| 31 Dec 2010 | 31 Dec 2010 | Disposals | Rate | Amount | 31 Dec 2011 | |||
| Piano | 4531 | 2453 | 2078 | 7.50% | 156 | 1922 | ||
| Piano Cover | 446 | 0 | 446 | 0 | 0 | 446 | ||
| 4977 | 2453 | 2524 | 156 | 2368 |
The Choral Society made a small profit of $1461 during 2011, due entirely to the equally small profit of $1543 that we made from Fiddler on the Roof. For such a major effort, resulting in such a brilliant and successful show, the level of profit was a bit disappointing.
We can attribute this result to several factors:
The cost of Artworks was over $3700 (compared with under $1500 for 2008 and 2009). The main difference here was the cost of rehearsals, for which Artworks did not charge us in earlier years.
We gave only ten performances of Fiddler, compared with eleven for The King and I and Peter Pan. The extra income from that one additional performance was nearly all profit.
We did not receive a Creative Communities grant in 2011. These are getting harder to come by in the present economic and political circumstances.
Having Iain Tetley as the musical director, while advantageous in many excellent ways, ran our travel budget to over $1000, as he had to commute from Pukekohe.
One factor which was not significant to the result was the performance rights for Fiddler. Although they were the highest we have ever paid, they were not significantly higher than The King and I, and were actually less than the total fees paid for A Funny Thing Happened on the Way to the Forum, because that show incurred some substantial late penalties.
Leaving out the show, we did not quite break even for the year. This is about normal; income from subscriptions and our smaller concerts usually just about covers costs each year, give or take a bit, and this was the case for 2011.
One growing expense that we shall have to watch is the cost of the auditor. This has risen from $180 in 2007 to $431 this year, which represents 30% of our profit. Suggestions are requested for how we might limit this cost. Our Constitution requires that our accounts be audited by a qualified accountant each year.
Mark James
Treasurer.