WPF Financial Report as at 31.12.2022 – Audited

On balance, I thoroughly enjoyed being part of the 2022 WPF executive committee and board of management, the camaraderie; the fun and now lasting memories of a successful 2022 season. It was, of course, not without its challenges, and we learned in my inaugural year some interesting facets of the WPF and its members.

Overall, the WPF is in a healthy financial position, although we continue to payout more and receive less and obviously, this is a recipe for disaster. We must review our pricing model in 2023 to ensure we remain financially viable.

We face some significant headwinds with the federation remaining at risk of not owning its own property. In 2020/ 21 this caused significant disruption throughout COVID and our inability to race. The council have now reviewed their procedures and processes, which require the WPF to submit an annual plan to ensure we maintain our premises.

It is envisioned by the end of 2023, the WPF will exceed $150,000 in turnover and must become registered for GST for the 2024 season.

This will result in a wholesale increase in our pricing of 10% across the board. In our last special annual general meeting, I failed to communicate why we need change successfully, and we had a small representation of the WPF at 19 members who don’t want change but unfortunately, it will be pushed upon us by forces greater than us. I suspect the majority of members who were not represented and were silent may have a different view. I will survey members throughout the year to get your feedback on how best to migrate to this.

A 10% wholesale increase in pricing, plus we must ensure we stop the significant outflow of funds, which will, unfortunately, result in higher prices in 2023. We will do our utmost to keep this at the absolute minimum and find alternative ways of generating income like sponsorship. We introduced a sponsorship programme and look forward to improving this to ensure we get more sponsors in 2023.

The 2022 racing season transport costs to our members were drastically reduced due to several factors which included carry forward transport discounts ( for members who support these sales) and ring sales ( discounts for all) for 2019, 2020 and 2021 which totalled $13,006 and contributed to the negative cash flow.

Prior year transport discounts were, $5376 and ring sales discount was as follows:

2019 $2170;
2020 $2460;
2021 $3000.

In 2022 we had two extraordinary expenses:

The hospitality for our 50th-year jubilee event with approximate costs of $3,500 and significant repairs and maintenance to our trailer and watering system for our birds, amounting to $5844. We also had race refunds from members no longer wishing to participate in the 2023 breeders plate and our cancelled race to Coombah due to insufficient numbers amounting to $12,749.00.

On a positive note, we discovered a significant reduction in costs to transport our birds to Tasmania. In the past, WPF paid approximately $6000 to transport our race birds incurred by the WPF. Using a trailer instead of race units, the costs were reduced significantly to around $1200. Thanks, Felix Lia, for discovering this; Marc Tenaglia for getting reduced quotes and lastly, Charlie Grech for providing the use of his trailer at no cost to the WPF!

This year we saw a significant change, given that a transporter required electronic payments, recording a transport fee of $49,813, shared by outside clubs, Geelong contributing $5321 and the Victorian Racing Pigeon Union at $14,787, which we welcomed and appreciated.

We thank Hunter stock feeds, who provided a supply of $1500 of high-quality grains and CCA Financial planners provide $1,000 prize money which was matched by the WPF for our 50th Jubilee event. Congratulations to Joe & Joe Pulis for winning the 50th Jubilee!

The WPF would also like to thank those who donated cash or birds; Charlie Cassar for donating his prize money including the following members from outside clubs for our transport sale:

• John Agostini – Canberra Racing Pigeon Combine.
• Renni Vella & Simon Grech – VRPU.
• Tony Sofra – Shepparton.
• Geoff Parker – Shepparton.
• Raffaele Lay – GMPF
• William & Susan McKenzie – Ararat
• A & M Vella – VHA
• Haidar Brothers – VHA
• Joe Denaro – VRPU
• Steven Cini – VRPU
• Mark Tung – VHA

Our investments with La Trobe Financial tracked well providing an income of $7793 which helped reduce outgoing expenditure and will be rolled over on a 12-month deposit now earning 5.65%. This year the WPF embraced electronic payments including funds transfer and it was great to see this was supported by over 95% of the members with only seven prize money cheques being written. It is envisaged that cheques will be phased out entirely.

Our WPF website was significantly upgraded to allow members to communicate with the federation directly; lodging membership forms; buy rings and even submit their race entries online. Whilst there were some initial teething problems we will continue to learn and grow on how best to move forward and continue improving our wonderful sport of pigeon racing.

Lastly, I couldn’t have done this job without the support and dedication of our secretary Marc Tenaglia, we’re no request was ever withheld. He was always ready and willing to help me in the transition to the treasurer role as he had a real understanding of how the federation was run (I didn’t have a clue before this), so any thanks should all go to our secretary Marc. Thank you, Marc.

Yours in Sport!
Christopher Cachia
Treasurer
Ph: 0418 360 771
15.19 / 401 Docklands Drive
Docklands Victoria 3008

OC-2023.02.21-WPF Cash Flow Statement as at 31.12.2022 - Audited
OC-2023.02.21-WPF Bank Reconciliation as at 31.12.2022 - Audited
WPFAuditLetterDdecember2022

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