FINANCial security

FINANCE COMMITTEE 2020:

Extract from 2020 Annual report

(Extract from 2020 Annual report.)

It is with a great sense of pride that I can report on yet another fantastic year at Rynpark from a financial point of view.Despite not quite achieving the record Life Right sales of last year (45), we did exceed budget with 39 units being achieved. This together with excellent cost controls by our superb management team, resulted in a surplus for the year totaling R7m.

As at 31 March, we still have a healthy Balance Sheet reflecting a total of R25m in investments. This results in a Liquidity ratio of 54% – still significantly higher than our target of 32%.

In closing, I would like to compliment both the senior management team and my fellow Board members on another very successful financial year. I would also like to record my thanks to Isabel van der Poll and her dedicated accounting team for their hard work over this past year. Finally, thanks to our Auditors, Bailie Koseff & Grobler, for their valuable input and support during this past year.

 

FINANCIAL MANAGER:

Isabel van der Poll

 

(Extract from 2020 Annual report.)
 

The end of March marks another year that Rynpark had been blessed with a sound financial balance sheet despite many challenges.  

We are privileged and grateful that our Life Right sales surpassed the budget. Our total assets  including  cash  equivalents  improved  by  R5 384 402  as  at  31  March  and  we  are  showing  stability  in  our  investments  notwithstanding  the  prevailing  economic  climate.  Thus  putting  Rynpark  in  a  favourably  liquid  position,  22%  higher  than  expected  and  acting  as  a  medium to continue its obligation to ensure continued capital improvements within all parks. Rynpark engaged in a number of projects, including  the  upgrading  of  Harmony  home  and  the  installation of camera & electric fence to improve the security of all members within Rynpark, which impacted substantially on the cash flow of the Association.In  addition,  the  unfortunate  occurrence  of  the  Covid  19  pandemic  caused  for  a  considerable  amount of expenditure during the month of March as a means of precautionary action.    

Isabel van der Poll