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 totalling 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.
Isabel van der Poll
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.