Adopt Treasurers Third Quarter Report and Forward Cash Budget 2024-2025

To complete this ACTION from the last Committee Of Management meeting on the 16th May 2024, Accept the Third Quarter report, read the balance sheet, profit and loss, and the forward budget. Then answer the two e-votes and complete the name and email section for verification.

I accept the Treasurers report for the third financial quarter of F23.(Required)
Third Quarter Report. Since the most recent meeting of the LCGWC (Limestone Coast Grape & Wine Council) we have updated our accounts to the end of the 3rd quarter 23/24, and submitted our BAS. This quarter this resulted in a return of $2404. Attached are the LCGWC Balance Sheet and the LCGWC Profit & Loss, both to 31st March 2024. As usual our equity position is dependent on AOP activities completed and their invoicing, receipt of regions volunteer subs, and timing, at 31 March it was $237,307.96 which is comparable with recent 3rd quarter equity positions for the LCGWC. Our Profit and Loss for the 3rd quarter is showing a small loss of $1248.05 which is in line with expectations of a small overall overall operating loss for the full financial year as highlighted at the last LCGWC AGM and in all recent treasurer reports. I note that the committee agreed to accept a small operating loss given the challenging conditions affecting grapegrowers and winemakers across the Limestone Coast and the broader wine industry. The wineshow profit has yet to have the full admin support apportioned against it (will happen in the end of FY accounts. We have finalised the activities against the Landscapes Board Grant and that is now acquitted. We have finalised and acquitted WARP AOP actions for 21 – 23 and received WA agreement on this. We have yet to square off WARP AOP 2017 – 21 but hope to in the next few weeks. Since the last meeting we have meet with the ANZ and adjusted our Term Deposits to maximise our returns from interest payments. Included is the latest Forward Operating budget for FY24 – 25, clearly ARE support and Economic Activity (highlighted in yellow on spreadsheet) have a provision sitting there however this is an estimate at best based on discussions at the latest LCGWC COM meeting in May. Regards Brian – 0417 996 796. Treasurer.
I accept the forward cash budget for July 2024 to June 2025(Required)
Document attached: LCGWCF24-25