PRESIDENT’S REPORT
PRESIDENT’S REPORT
medium businesses and not-for-profit organisations during the economic downturn associated with COVID-19;
• Employment expenses – the Board has
committed to a three-year Strategic Plan that aims to solidify our position as one of Australia’s most valuable cattle breeds and create a valued membership experience. The increase in employment expenses in the reported year reflects the Society’s commitment to delivering the priorities contained within the Plan;
• The Society committed a further $40,000 toward promoting the breed at Beef 2021; and
• The financial position allowed for a further write down of some Society merchandise.
• The BIN Steer research project – the
BIN Steer research project has provided the Society with invaluable research since 2013. It also reflects in and has contributed to the Society’s non-operating income and expenses over this period. In some previous years, the consignments of BIN Steers sold have made a significant positive contribution toward the Society’s financial position. The research project’s impact on the Society’s financial position in the reported year was negligible;
• The Society’s amended Terms and
Conditions for Society Sponsored Sales have mitigated the Animal Health risks that previously required the Society to make a $20,000 annual provision. Indeed, the Society has released $40,000 of this provision in the reported year;
• Legal expenses - Even though legal
expenses for the Society for the reported year were higher than expected at $27,547, it is worth reflecting on the significant decrease in expenditure in this category. In each of the previous financial years, this expense category has exceeded $60,000;
• Meeting costs have decreased significantly on previous years;
• Government Cash Flow Boost – the
Society benefitted significantly from the Commonwealth Government’s cash flow boost to support small and
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The focus activities of the Society over the 2020-21 financial year included:
• A review of our brand strategy which resulted in a refresh of the brand along with the implementation of a new and modern website.
• Updated and improved communication and promotional mediums both internally and externally.
• Onboarding and negotiating
corporate partnerships with: – Newstead Brewing, – Ariat Australia, – Just Country Australia, – Australian Community Media and – Morgans Financial Services.
• Initiation and coordination of the production of a new promotional video (“Our Story”) which was launched in November 2020.
• Identifying key risks in the business
and putting mitigation strategies in place to protect the business which included new Terms and Conditions for Society Sponsored Sales.
• Coordinating the rollout of further
BREEDPLAN traits to the membership.
• Employing two new staff (Events and
Office Services Coordinator & Member Services and Office Coordinator)
droughtmaster.com.au
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ANNUAL REPORT 2021
