CYGNET FOLK FESTIVAL TREASURER’S REPORT - FYE FEBUARY 28, 2018 ANNUAL GENERAL MEETING March 26th, 2019
Preparation of Association Report and Audit
Bookkeeper, Christine Chiavassa, and Simon Townsend from accounting firm, 4Business & Community, have been engaged and an annual Association Report has been produced. The Association Report and final Audit report by Rendell W. Ridge from Max Peck & Associates have been made public via the festival website.
Income and final result
- The final result was a loss of $7380 compared with a surplus of $7885 last year.
- Ticket sales were $285,592 against last year’s sales of $268,294.
- Donations received were $2,145 versus $1,812 last year.
- Grants received were $4,091 versus $2,500 last year.
- Sponsorship income was $8,545 versus $7,500 last year.
- Income from stalls was from $11,464 compared to $3,645 last year.
Expense items of note
- This year artists’ fees totaled $95,193 versus $89,023 last year.
- Venue hire increased from $5,298 last year to $7,545 this year.
- Honorariums paid to venue and other volunteer coordinators and Cygnet community groups was $17,702 (not all contractor invoices had been received at the end of the financial year).
- Hire of Hocker marquee and seating for the Mary Street car park, costing about $4,500.
- Donation of $25,000 to the Cygnet Arts Council ($15,000 paid in the financial year ending February 2019 with the balance due in the new financial year).
- Purchase of two stretch structures marquees, two heavy duty trollies, and street & venue decorations (total value of $22,100).
Huon Folk Inc invested in much needed infrastructure including two stretch structures marquees – one used for the Loongana park stage, the other in the Willie Smith’s paddock, two heavy duty trollies for carting instruments around town, and street & venue decorations including new bunting, Bali flags and festoon lighting.
The festival is still relying almost exclusively on ticket sales. The committee needs to give some attention to secure further sponsorship and grants. Grants are likely to be associated with events such as the Welcome ceremony or other specific events.
The festival is financially secure and with good fiscal management, the festival can and should include the ongoing, professional services of the Festival Coordinator and the Artistic Director based on two part-time employed positions.
The Cygnet Folk Festival is still a very affordable festival and ticket prices are comparable to similar festivals. It is recommended that ticket prices are increased by 3% for the 2020 festival.
Assets & Liabilities
- Total member’s funds are $141,965 compared to $149,346 last year.
- The following assets, with a total value of $22,100, have been added: two stretch structures marquees – one used for the Loongana park stage, the other in the Willie Smith’s paddock, two heavy duty trollies for carting instruments around town, and street & venue decorations including new bunting, Bali flags and festoon lighting.
- Liabilities include trade and other payables, GST payable and current liabilities total $26,878.
- Promised donation to the Cygnet Arts Council of $10,000.
Huon Folk Inc Financial Position
The Huon Folk Inc is still in a strong financial position and there are no foreseeable threats or danger to the ongoing success and viability of the festival.
Michael Thomsen, Treasurer
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