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