Financial Report

Micah Projects had another year of growth in delivering on existing services, in particular Domestic and Family Violence services and the establishment of Caboolture Young Mothers for Young Women. The financial reports demonstrate the work of Micah Projects and the agreed strategic priorities for the financial year ended 30 June 2018.

A highlight from this year is the first full year of operation for Hope Street Café which incorporated the first Skilling Queenslanders for Work project. Hope Street Café’s income of $239,140 from sales (after cost of goods sold) was greater than the budget projection. This is very exciting for the first full year of operation. Hope Street Cafés will still require Micah Projects’ ongoing financial support in order to continue to deliver the benefits from operating the Social Enterprise.

Donations and fundraising activities exceeded expectations and we thank all our donors and supporters who give to support our vision to break social isolation and build community. A large one-off distribution from winding up a not-for-profit was received at year-end which will assist in meeting the proceeding year’s strategic priorities.

Expenditure for the year is consistent with the revenue. As a service organisation salaries and wages represent the largest component of expenditure. The property and amortisation expenses increases are consistent with the Hope Street Café refurbishment and increases in property leases from the previous year. At year-end we had a surplus of $464,358. The equity position at 30 June 2018
is $1.9 million.

As always the Board acknowledges the contribution of the Finance Team, part of Micah Projects Business Services, Rajkumar, Miseon, Rebecca, Trish, Gita, Luke and their Team Leader Sherryn. We recognise that we are fortunate to have the services of such highly skilled and dedicated members of staff.

The Board is confident that Micah Projects is in a sound fiscal position.

Sue Bradnock, Director

Statement of profit or loss and other comprehensive income for the year ended 30 June 2018

 
2018
$
2017
$
REVENUE
21,845,963
20,113,273
Other income
505,141
675,611
22,351,104
20,788,884
EXPENSES
Employment expenses
(14,947,470)
(14,051,864)
Property and energy expenses
(1,969,400)
(1,917,530)
Administration expenses
(2,620,388)
(2,410,512)

Motor vehicle expenses
(746,343)
(780,103)
Client related expenses
(1,084,664)
(1,143,907)
Depreciation and amortisation expenses
(323,176)
(232,420)

Other expenses
(195,305)
(180,251)

SURPLUS/(DEFICIT) BEFORE INCOME
TAX EXPENSE
464,358
72,297
Income tax expense
-
-
Surplus/(deficit) for the year
464,358
72,297
Other comprehensive income
-
-
TOTAL COMPREHENSIVE INCOME/(DEFICIT)
FOR THE YEAR
464,358
72,297

If you would like to view the full financial statements for the 2017/2018 financial year, please contact Micah Projects or visit the Australian Charities and Not-for-profits Commission (ACNC) website.

Statement of financial position as at 30 June 2018

 
2018
$
2017
$
ASSETS
CURRENT ASSETS
Cash and cash equivalents
4,220,316
4,722,578
Inventory
-
1,785
Trade and other receivables
237,720
274,677
Other current assets
121,974
103,009
TOTAL CURRENT ASSETS
4,580,010
5,102,049


NON-CURRENT ASSETS
Security deposits and bonds
383,345
321,015
Equity accounted investment
265,551
264,959
Property, plant and equipment
973,045
843,819
TOTAL NON-CURRENT ASSETS
1,621,941
1,429,793
TOTAL ASSETS
6,201,951
6,531,842


LIABILITIES
CURRENT LIABILITIES
Trade and other payables
1,625,039
1,500,345
Provisions
1,128,422
1,228,741
Other current liabilities
1,048,300
1,834,996
TOTAL CURRENT LIABILITIES
3,801,761
4,564,082


NON-CURRENT LIABILITIES
Provisions
429,947
461,875
TOTAL NON-CURRENT LIABILITIES
429,947
461,875
TOTAL LIABILITIES
4,231,708
5,025,957
NET ASSETS
1,970,243
1,505,885


EQUITY
Retained surplus
1,970,243
1,505,885
TOTAL EQUITY
1,970,243
1,505,885

Note 1.

This concise financial report is an extract from the financial report. The financial statements and specific disclosures included in this concise financial report have been derived from the financial report. The concise financial report cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the entity as the financial report. The presentation currency used is Australian dollars and there are no significant events occurring after the reporting date to be reported.