Financial Results By Nicolas Ribollet, Treasurer of the Chamber and Partner at Mazars The financial highlights below are derived from the financial statements for the year ended 31 December 2016, which have been approved by the Directors and audited by Byrne Palmer & Co.
REVIEW OF BUSINESS Turnover increase:
Net surplus:
+5.9%
+£142K
Reserves as at 31 December 2016:
+£959K
Equivalent to 5.1 months of turnover
2016 was an exceptional year for the Chamber. The profit before tax was £181K, thanks to the depreciation of the pound and treasury management, which resulted in foreign exchange gains, good cost management and good performances from some departments. The overall turnover increased by 5.9 per cent as compared to 2015 and the Chamber’s surplus after tax in 2016 amounted to £142K. Throughout the year, our goal was to continue to deliver high-quality and useful services to our members and clients. £2,139K +5.9%
£2,266K
£K
TURNOVER 2016: +5.9% The turnover represents the amounts receivable relating to the financial year for membership subscriptions and services provided to members and clients.
881
848
2000
925
781
1500
925 Member’s subscriptions
1000
381
350
881
Business Support Services
350
Events
110
Publications
500
128
110
0 2015
2016
TURNOVER BY CATEGORY The turnover from Membership subscriptions increased by 9% as compared to 2015. The turnover of Business Support Services increased by 11% as compared to 2015. The increases in turnover in Membership subscriptions and Business Support Services compensated for the decreases in turnover in Events and Publications.
5%
41%
41% Member’s subscriptions 39% Business Support Services
15%
15% Events 5%
Publications
39%
Cost of sales At £233K, the cost of sales represented the equivalent of 10.3% of turnover in 2016. This is a decrease of 0.6% compared to 2015, where cost of sales represented 10.9%. Expenditure Expenditure: +1.2% (£1,950K vs £1, 927K in 2015). This was an increase of 1.2% (+£23K) as compared to 2015, with the main increases being staff costs.
These financial results are the outcome of the continuous support of members, partners and sponsors of the Chamber in 2016. They are also a reflection of the continued hard work and commitment of the Chamber’s staff and managers.