Prudence and good governance have resulted in a 33% increase in Sanire’s total assets. Read more about this encouraging change in treasurer Friedemann Essrich’s report:
Finances look good
Total assets of R287 465, an increase of 33% over the previous year, were reflected on Sanire’s balance sheet as at the end of June 2010.
Current assets consisted of almost equal parts of cash, investments, merchandise stocks and outstanding member fees. Approximately half of the unpaid fees were subsequently written off as unrecoverable and the members concerned were removed from the member list.
The main expense items were salaries, catering, lost member fees, the electronic newsletter and the development of the new Sanire website. The graph shows the full breakdown of expenses.
The net profit for the year was R73 469. This will help Sanire to further recover from its earlier loss. This profit was achieved mainly because of adherence to the financial planning and the consistent fee recovery efforts of Sanire’s administrator, Charlotte van der Westhuizen. She recovered more than R22 000 in unpaid fees just before the books closed.
Behind the numbers
Several unexpected events occurred during the current year, such as the move of Sanire’s offices from Virginia to new premises at Bambanani Mine, where they are still charitably accommodated by Harmony Gold Mining Company.
Prior to the move, uninsured computer equipment was stolen and had to be replaced.
On the positive side, the Rock Engineering School for Managers, jointly hosted with the South African Institute of Mining and Metallurgy (SAIMM), was successful and fully booked out. So was the 2010 Sanire symposium at Western Levels organised by the North West branch. Both of these events will assist in funding expenses during the current financial year.
Major planning items to be funded in the 2011 financial year include attendance of the International Society for Rock Mechanics (ISRM) conference in New Delhi by the President and the ISRM liaison officer, the administrator’s salary and the quarterly electronic newsletter, which has received positive responses from members since inception.
See for yourself
The financial statements for the 2010 financial year were presented to the Sanire council on 20 August 2010 and approved without changes. They are available to members at the website.