The Jewelers Association of Australia (JAA) has changed its financial reporting cycle to a calendar period, rather than the traditional financial year.
The JAA’s statements for the previous financial year would normally be lodged with the Australian Charities and Not-for-profits Commission (ACNC) by 31 January of each year, however, president Joshua Sharp told Jewelers that the reports are not due with the ACNC until 30 June this year.
“This is due to the fact that we are currently in an 18-month reporting cycle as we changed financial year reporting to a calendar year,” Sharp explained.
The JAA advised members of the change in September, noting a new reporting deadline of 30 June.
He added, “In the future our [new] The financial year will end on the 31st December, with reporting to the ACNC made by 30th June.”
The annual financial report is an opportunity for the wider jewelery industry to gain insight into the internal machinations of the representative body which in recent years has suffered from a consistent decline in membership and subsequently, income.
“The JAA would have approximately 400 members in 2022,” he advised.
These numbers would suggest that the trend of declining membership has continued for the JAA. Ten years ago the JAA had 867 members – a position which has been in steady decline.
Although the statutory reporting has changed Sharp was able to advise that the JAA’s profit to 30 June 2022 was “around $90,000”.
Sixth board member confirmed
Late last month the JAA appointed a sixth director to the board, Daniel Anania of Sydney-based Anania Jewellers.
“We are pleased to welcome Daniel to the JAA Board. Daniel’s demonstrated experience in business development and growth is an attribute that I am keen to see contribute to the growth and strength of the JAA,” Sharp said.
The JAA also confirmed a special resolution to amend the constitution regarding the composition of the board and the election and appointment of directors was passed at the AGM in November.
Apart from Sharp and Anania the current board consists of Ronnie Bauer of Klepner’s (by vice-president), Cameron Marks of Percy Marks (treasurer), Jo Tory of Najo and Dr Meredith Doig, a professional company director and governance consultant.
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