CBVA Financial Reporting FY24
Financial Statements
Financial Performance
| CBVA Financial Peformance | |||||
| For the period 1 April 2023 to 31 March 2024 | |||||
| Last 12m trend | FY24 Actual | FY24 Budget | FY Budget variance | FY25 Budget | |
|---|---|---|---|---|---|
| Income | |||||
| Adult coaching fees | $62,601 | $45,000 | $17,601 | $60,000 | |
| Junior program income | $52,195 | $49,000 | $3,195 | $47,700 | |
| Adult membership | $33,925 | $35,600 | −$1,675 | $33,600 | |
| Squad program income | $27,273 | $34,800 | −$7,527 | $29,568 | |
| External Funding | $5,000 | $6,000 | −$1,000 | $12,500 | |
| Sales to members | $4,022 | $12,290 | −$8,268 | $13,300 | |
| Other income | $1,770 | $0 | $1,770 | $0 | |
| Tournament fees | $0 | $0 | $0 | $2,400 | |
| Total Income | — | $186,786 | $182,690 | $4,096 | $199,068 |
| Expenses | |||||
| Adult coaching costs | −$59,436 | −$40,200 | −$19,236 | −$52,750 | |
| Junior program expenses | −$53,652 | −$47,500 | −$6,152 | −$49,434 | |
| Squad program expenses | −$26,760 | −$29,830 | $3,070 | −$28,630 | |
| Administration | −$15,697 | −$17,156 | $1,459 | −$22,075 | |
| Purchases for members | −$11,442 | −$17,760 | $6,318 | −$23,500 | |
| Events | −$6,164 | −$9,000 | $2,836 | −$12,500 | |
| Equipment expenses | −$3,540 | −$2,500 | −$1,040 | −$3,122 | |
| Jnr support expenses | −$3,000 | −$3,000 | $0 | −$3,000 | |
| Tournaments costs | −$360 | $0 | −$360 | −$4,789 | |
| Donations | −$250 | $0 | −$250 | $0 | |
| Tech & Comms costs | −$231 | −$3,500 | $3,269 | −$4,000 | |
| Coaching development | −$190 | −$2,000 | $1,810 | −$2,500 | |
| Transaction fees | −$12 | $0 | −$12 | $0 | |
| Total Expenses | — | −$180,734 | −$172,446 | −$8,288 | −$206,300 |
| Net Result | — | $6,052 | $10,244 | −$4,192 | −$7,232 |
Notes:
Our financial performance for the Club overall
yielded a modest surplus of ~$6k for FY24, slightly lower than $10k
budgeted. As a not-for-profit association, this result is what we would
consider reasonable to balance the short and long term objectives of the
Club.
CBVA can be viewed financially as a series of cost
centres which align to their operating activities. They are:
>
CBVA Core: The Adult social beach volleyball club for members.
>
Adult Coaching: Beginner, intermediate and advanced training classes
offered to both members and trainees. This cost centre is surplus
generating by design.
> Junior Program: Training classes for U18
players, catering to all levels from beginners to national competition.
The program aligns to the school term year. The program aims to
breakeven.
> Squad Program: Training classes for selected high
performing players. The program has two terms in summer and a winter
program. The program aims to breakeven.
More information about
the financial performance of these cost centres can be found in the
‘Detailed Breakdowns’ section below.
Financial Position
| CBVA Financial Position | ||||
| Last 12m trend | 2023-03-31 | 2024-03-31 | Change | |
|---|---|---|---|---|
| Assets | ||||
| Cash at bank | $25,216 | $39,887 | $14,671 | |
| Paypal cash account | $0 | $49 | $49 | |
| Printful cash account | $0 | $384 | $384 | |
| Account receivables | $8,500 | $3,080 | −$5,420 | |
| Prepayments | $408 | $3,470 | $3,062 | |
| Equipment assets | $2,749 | $1,003 | −$1,746 | |
| Brand assets | $5,000 | $5,000 | $0 | |
| GST paid | $0 | $639 | $639 | |
| Total Assets | — | $41,873 | $53,512 | $11,639 |
| Liabilities & Equity | ||||
| GST collected | $0 | $2,947 | $2,947 | |
| Account payables | $7,331 | $5,634 | −$1,697 | |
| Unearned income | $2,603 | $5,000 | $2,397 | |
| Jnr support provision | $3,916 | $730 | −$3,186 | |
| Accrued expenses | $0 | $5,126 | $5,126 | |
| Retained equity | $28,023 | $34,075 | $6,052 | |
| Total Liabilities & Equity | — | $41,873 | $53,512 | $11,639 |
Notes:
CBVA remains in a good financial position. Our cash
balance increased to almost $40k by year end. Additional accounts were
introduced (Paypal and Printful) while connecting the new store.
The closing balance of Receivables relates to amounts owed from Vaucluse
Public School, and prepayments were made for shades and barriers not
received and funded by Coogee Diggers. GST was introduced to CBVA at the
beginning of January 2024 as our annual turnover exceeded the legislated
threshold of $150k.
Unearned income relates to a grant received
from Coogee Diggers to be recognised in Season 2024/25. The funds have
been provided for the shades, barriers and new website. The Junior
Support Provision is a fund set aside to support junior players
attending national tournaments. Accrued expenses related to adult
coaching expenses for March, not yet invoiced.
Additional Analysis
Year to date performance
Monthly performance
Historical performance
Year to date history
Long term cash trend
Our long term cash trend shows a
return to historical levels following COVID years. For its current scale
of operations, CBVA should aim to maintain a cash balance between $25k
and $40k.
Income and expense flows
Detailed Breakdowns
CBVA Core
‘CBVA Core’ refers to activities
related to the basic functioning of the Club (social play and related
activities, excluding coaching programs). Performance this year was in
line with expectations, returning a modest surplus.
Membership
was lower than expected, driven by fewer newer members than expected.
Avion sponsored the Club for another year contributing $5k as a cash
payment. We were unable to deliver uniforms this year, but were able to
offer members a purchase of discounted balls thanks in part to
beachvolleyball.com.au.
Incomplete sub-committee positions for
the first half of the year meant some administration costs were avoided,
and spend on events came in below budget. A detailed breakdown of
administration costs is provided in a separate tab. A $250 donation was
made to OzHarvest following our February King & Queen of the beach
tournament.
| CBVA Core Operations | ||||
| FY24 Amount | FY24 Budget | FY Budget variance | FY25 Budget | |
|---|---|---|---|---|
| Income | ||||
| Adult Renewed membership | $18,431 | $17,600 | $831 | $17,600 |
| Adult New membership | $16,890 | $18,000 | −$1,110 | $16,000 |
| Sponsorship | $5,000 | $3,500 | $1,500 | $5,000 |
| Apparel sales | $4,022 | $8,000 | −$3,978 | $8,200 |
| Other income | $1,223 | $0 | $1,223 | $0 |
| Interest | $297 | $0 | $297 | $0 |
| Ball sales | $0 | $4,290 | −$4,290 | $5,100 |
| Grant funding | $0 | $2,500 | −$2,500 | $7,500 |
| Tournament fees | $0 | $0 | $0 | $2,400 |
| Total Income | $45,863 | $53,890 | −$8,027 | $61,800 |
| Expenses | ||||
| Administration | −$15,697 | −$17,156 | $1,459 | −$22,075 |
| Apparel purchases | −$9,967 | −$12,000 | $2,033 | −$14,400 |
| Events | −$6,164 | −$9,000 | $2,836 | −$12,500 |
| Jnr support expenses | −$3,000 | −$3,000 | $0 | −$3,000 |
| Equipment expenses | −$1,795 | −$2,500 | $705 | −$1,400 |
| Equipment depreciation | −$1,746 | $0 | −$1,746 | −$1,722 |
| Ball purchases | −$1,475 | −$5,760 | $4,285 | −$6,600 |
| Adult Refunds | −$1,396 | $0 | −$1,396 | $0 |
| Tournaments costs | −$360 | $0 | −$360 | −$4,789 |
| Donations | −$250 | $0 | −$250 | $0 |
| Technology costs | −$231 | $0 | −$231 | −$3,500 |
| Coaching development | −$190 | −$2,000 | $1,810 | −$2,500 |
| Transaction fees | −$12 | $0 | −$12 | $0 |
| Marketing and comms | $0 | −$3,500 | $3,500 | $0 |
| Design expenses | $0 | $0 | $0 | −$500 |
| Member benefits | $0 | $0 | $0 | −$2,500 |
| Total Expenses | −$42,283 | −$54,916 | $12,633 | −$75,486 |
| Net Result | $3,580 | −$1,026 | $4,606 | −$13,686 |
Junior Program
The Junior program has continued its
year on year growth, and ended with an outcome reasonable close to
breakeven. The program collects incomes predominantly through
school-term based coaching fees, with lesser amounts collected through
membership, tournaments and a schools program with Brigidine College.
Additional financial support comes from multiple sources.
$2.5k in funding was provided by Coogee Diggers for this financial year.
CBVA (the cost centre) contributes $3k, and some sub-committee
volunteers (Jesse, Paul and Ines) contribute their ‘thank-you’ payment
as well.
| Junior Program Detail | ||||
| FY24 Amount | FY24 Budget | FY Budget variance | FY25 Budget | |
|---|---|---|---|---|
| Income | ||||
| Jnr program fees | $24,412 | $32,000 | −$7,588 | $24,200 |
| Jnr schools program | $18,800 | $10,000 | $8,800 | $16,000 |
| Jnr membership | $4,198 | $0 | $4,198 | $5,000 |
| Jnr grant funding | $2,500 | $0 | $2,500 | $0 |
| Jnr tournaments income | $2,285 | $2,000 | $285 | $2,500 |
| Active Kids inflows | $250 | $0 | $250 | $0 |
| Jnr apparel sales | $0 | $5,000 | −$5,000 | $0 |
| Total Income | $52,445 | $49,000 | $3,445 | $47,700 |
| Expenses | ||||
| Jnr coaching costs | −$33,597 | −$33,000 | −$597 | −$31,740 |
| Jnr schools coaching costs | −$14,400 | −$8,000 | −$6,400 | −$12,000 |
| Jnr uniforms | −$2,855 | $0 | −$2,855 | $0 |
| Jnr tournaments expenses | −$1,540 | −$500 | −$1,040 | −$2,444 |
| Jnr admin | −$914 | −$500 | −$414 | −$750 |
| Jnr equipment | −$345 | −$500 | $155 | −$800 |
| Jnr apparel purchase | $0 | −$5,000 | $5,000 | −$1,500 |
| Jnr marketing | $0 | $0 | $0 | −$200 |
| Total Expenses | −$53,652 | −$47,500 | −$6,152 | −$49,434 |
| Net Result | −$1,206 | $1,500 | −$2,706 | −$1,734 |
Squad Program
The squad program returned a near
breakeven result. FY25 is expected to have a similar outcome. The Squad
Program is made up of Summer and Winter adult coaching programs for
selected players. It differs from Adult Coaching in that fees are paid
on a term basis, and are the same across squads, and coaches are paid on
an hourly rate.
The difference between actual and budgeted
outcomes for this year was due to a revised Winter program and a
re-pricing of Summer program fees.
| Squad Program Detail | ||||
| FY24 Amount | FY24 Budget | FY Budget variance | FY25 Budget | |
|---|---|---|---|---|
| Income | ||||
| Squad coaching fees | $27,273 | $34,800 | −$7,527 | $29,568 |
| Total Income | $27,273 | $34,800 | −$7,527 | $29,568 |
| Expenses | ||||
| Squad coach payments | −$25,760 | −$27,830 | $2,070 | −$26,880 |
| Squad admin | −$1,000 | −$1,500 | $500 | −$1,250 |
| Squad equipment | $0 | −$500 | $500 | −$500 |
| Total Expenses | −$26,760 | −$29,830 | $3,070 | −$28,630 |
| Net Result | $513 | $4,970 | −$4,457 | $938 |
Adult Coaching
By design, adult coaching generates a
surplus for the rest of the Club. 15% of fees collected are retained by
CBVA, with the remaining 85% reimbursed to coaches. Coaches are free to
set their own prices. We currently have three coaches for these adult
coaching classes: Mully, Anderson and Marcos.
Coaching fees
have continued to grow year on year, and are the highest grossing income
item for the Club. We have conservatively estimated FY25 coaching fees
to be similar to this year.
| Adult Coaching Detail | ||||
| FY24 Amount | FY24 Budget | FY Budget variance | FY25 Budget | |
|---|---|---|---|---|
| Income | ||||
| Adult coaching fees | $62,601 | $45,000 | $17,601 | $60,000 |
| Total Income | $62,601 | $45,000 | $17,601 | $60,000 |
| Expenses | ||||
| Adult coaching costs | −$53,476 | −$38,250 | −$15,226 | −$51,000 |
| Adult coaching equipment | −$3,960 | −$450 | −$3,510 | $0 |
| Adult coaching admin | −$2,000 | −$1,500 | −$500 | −$1,750 |
| Total Expenses | −$59,436 | −$40,200 | −$19,236 | −$52,750 |
| Net Result | $3,166 | $4,800 | −$1,634 | $7,250 |
Administration costs
| Admininstration Detail | |
| YTD Amount | |
|---|---|
| Governance & Compliance | |
| Rent | $3,958 |
| VNSW Affiliation | $408 |
| Compliance | $54 |
| Total Governance & Compliance | $4,421 |
| Meetings | |
| Meals | $2,292 |
| Venue hire | $234 |
| Travel | $38 |
| Total Meetings | $2,564 |
| Personnel | |
| Sub-committee - Equipment | $1,500 |
| Sub-committee - Onboarding | $1,375 |
| Sub-committee - Tech | $1,250 |
| Sub-committee - Comms | $750 |
| Sub-committee - Tournaments | $750 |
| Board costs | $634 |
| Sub-committee - Partnerships | $500 |
| Sub-committee - Grants | $250 |
| Sub-committee - Member support | $150 |
| Total Personnel | $7,159 |
| Other | |
| Product samples | $672 |
| Membership cards | $553 |
| Awards | $303 |
| Stationary | $25 |
| Total Other | $1,554 |
| Total Administration Expenses | $15,697 |
Reconciliations
Cash reconciliation
The table below shows the opening cash
balance, the net movement from cash transactions and a calculated
closing balance compared to the closing balance from the bank
statement.
| Cash reconciliation summary | |
| Amount | |
|---|---|
| Opening balance | $25,216 |
| Change in transactions | $14,671 |
| Calculated closing balance | $39,887 |
| Balance from bank statement | $39,887 |
The difference between the calculated cash closing balance and the closing balance per the bank statement is 0.