Very worrying reduction of funding. Perhaps the QLD grant info isn’t released yet? But would assume that’s FY July 20 - June 21, and thus it’s not awarded.
Minimum $225k reduction and maybe $400k.
I would note 2 additional things:
1. 2019 annual report (calendar year) ASC grants were reported as $542k, down from $499k in 2018. Neither aligns directly with the financial year numbers stated on the ASC website. Both appear to be declines, however.
Grants - other would be assumed to be the QLD grant? Up from $171.7k in 2019, $131.7k in 2018, but alas not mentioned for the year ahead. The odd amounts suggest some splits between calendar and financial years, but I’m speculating.
The totals would suggest either: there are one or more additional grants in excess of what you’ve identified here Sean. Or that there is an additional decline from 2018-2019, which would be odd considering the amounts in the accounts show an increase (not impossible, but unlikely on face value as would imply an increase from 18-19, then subsequent decrease... but whatever, rather see the books opened to review.)
2. Note 11 to the 2019 accounts has $682,858 current liability for “Income Received in Advance”.
That’s a significant amount compared to the grants, unless there was a multi-year award made in 2019. Particularly when compared to $270k in 2018.
I would suggest “Early Bird Registrations” account for a significant portion.
Assuming 50% of the 2019-2020 grants were carried forward ($356,844), this means $326k in memberships occurred via Early Bird (c.45%). Note: there are other sources of revenue not considered here.
Interesting again is the 2018 figure.
Also assuming 50% of the 2018-2019 grants were carried forward ($315,370), this leaves a hole on the balance sheet of $45,255 before we even consider other sources of revenue that may have been received in advance - any of which would make this hole BIGGER.
I’ll assume our accounts passed audit, so this is not an actual hole but a flaw in my assumption that grants were on a 1 July - 30 June Financial Year basis. In which case it’s difficult to see the pattern year on year reflecting in TBA books.
In conclusion:
1. I think it’d be useful to see more full disclosure.
2.There does indeed appear to be a serious issue with year on year grant funding.