Social Enterprise in School Evaluation Report ACRE Annual Report 2017 Final | Page 18

Finances
FINANCE REPORT
Our finances are in good shape with another
operating surplus in the 2017 financial year.
This surplus will be expended in future years
as we acquit the grant funds received.
Total Revenue has increased by 18% over the
2016 level. It is pleasing to note that as we
grow towards being a financially sustainable
social enterprise our fee for service income
grew from 19% of total income in 2016 to 34%
in 2017.
Total expenses have increased by 20% over
the 2016 level. Our largest expense item is
employment costs. Despite the significant
growth in the level of activity in 2017 we were
able to contain the growth in staff numbers
by 0.8FTE to 3.8FTE. Other costs continue to
be carefully managed.
Our financial position looks healthy with a
cash position of $193,271 at the end of the
2017 financial year. With the Old Beechworth
Gaol transaction settling in 2017, the 2017
Statement of Financial Position reflects the
investment we made to support its purchase.
The re-purposing of this asset is progressing
well with a number of new tenants moving in
and a significant increase in on-site activities
aligned to ACRE’s mission.
Our 2017 Financial Statements and Reports
have been independently and externally
audited and they have received a clean audit
report. A full set of our Audited Financial
Statements and Reports, including the
Audit Report can be found on our website
acre.org.au.
As we plan for expansion across Victoria next
year, with the support of the Nous Group, we
have prepared a Financial Plan to underpin
the Business Plan. This will be an important
document as we closely manage our finances
through the expansion phase.
ACRE’s Financial Statements and Reports for the year ended 30th June 2017 have been prepared in