General Report

The members present their report and the GUG’s financial statements for the year ended 7th May 2023.

President

Ms. Estelle Scicluna

Registered Office

GUG,

Universita ta’ Għawdex,

Xewkija, Gozo

Results

During the period under review GUG made a net profit of €3,695.46. The results for the period are set out in the Income and Expenditure Account below.

Events after the balance sheet date

No significant events occurred after the balance sheet date which requires mention in this report.

Ms. Estelle Scicluna Mr. Joseph Mario Grech

President Financial Officer

Executive 2022/23 Executive 2022/23

Reopening with Financial Success

Financial Officer’s Report for the year ending 7th May, 2023

The past financial year was the first full executive year after the pandemic, in which as an executive we were not hampered by the Pandemic restrictions. This was seen in the many successful events and activities organised that enabled our organisation to render a profit. Thus, the social situation led to better results, which unfortunately could lead to the financial year analysed to not be properly compared to the prior 2 years.

The GUG is a student organisation who is the sole voice of Gozitan youths from various backgrounds, which naturally thus bring their own experiences.

From a financial aspect, financial year 2022-23 saw the entity register a profit of €3,695.46. This was generated from the various events, sponsorship and membership uptake which helped our entity to register a revenue total of €33,548.36, with total expenditure amounting to €29,852.90. The profit registered helped our entity to increase its equity, which during the pandemic years were decreased.

The results obtained from the past financial and administrative year have helped to better the financial health of the entity. This enables the next executive to be able to organise events, which our entity is known for, as well as to speak up and help Gozitan students.

Throughout the year, along with various colleagues from the executive, whom I thank wholeheartedly for their support, the GUG collaborated with other entities with positive results. Amongst the collaborations, the GUG managed to increase the sponsorship base. I take this point to thank all of our sponsors (who are too many to name) for their financial help to our entity.

The past financial year also saw our entity celebrating its 35th anniversary, which as an executive member, I had the honour of forming part of the longest continuing voice for Gozitan students during an anniversary year.

As a student organisation, we hope that we continue to hold talks with various stakeholders and students to further the interests of Gozitan students studying in tertiary institutions in Malta. We hope to build a better understanding and bridges between various stakeholders and students.

Joseph Mario Grech

Financial Officer

Executive 2022/23

Statement of Financial Position as at 7th May 2023.

	2023	2022	2021
	€	€	€
Assets
Non-Current Assets	0	0	0

Current Assets

Debtors	1,623.00	–
Cash and Cash Equivalents	4,820.00	2,779.65	5,103.00
Total Current Assets	6,443.00	2,779.65	5,103.00

Total Assets	6,443.00	2,779.65	5,103.00


Equity & Liabilities
Equity
Retained Earnings	6,443.00	2,779.65	5,103.00

Liabilities	–	–	–


Total Equity and Liabilities	6,443.00	2,779.65	5,103.00

Ms. Estelle Scicluna Mr. Joseph Mario Grech

President Financial Officer

Executive 2022/23. Executive 2022/23

Income and Expenditure Account for year ending 7th May 2023

	2023	2022	2021
	€	€	€
Income:
Sponsorships	6,350.00	700.00
Memberships	880.00	1,050.00
Events	26,318.36	572.22	280.00
Total Income	33,548.36	2,322.22	280.00

Expenses:
Web Hosting	185.90	139.00
Bank Charges	169.29	157.00	70.00
Events	29,326.46	3,349.16	465.00
Team Building	30.00	233.50
Donation			290.00
GUG Card Expenses	126.25	146.25	0.00
Other Expenditure	15.00	426.50	72.50
Total Expenditure	29,852.90	4,451.41	897.50

Net Profit/(Loss) for the year	3,695.46	(2,129.19)	(617.50)

General Reserve
Balance as at Year Opening	2,747.54	4,876.73	5,720.00
Accumulated Funds for the Year	3,695.46	(2,129.19)	(617.50)
Balance as at Year End	6,443.00	2,747.54	5,102.50

Statement of Cash Flows for the year Ended 7th May 2023

	2023	2022	2021
Cash Flows from Operations	€	€	€
Net Profit (Loss)	3,695.46	(2,129.19)	(617.50)
Adjustments for Depreciation/Interest
Changes in Trade Receivables	(1,623.00)		2,392.00
Net Cash Flows Generated from (Used in) Operations	2,072.46	(2,129.19)	1,774.50

Cash Flows from Investing


Cash Flows from Financing


Total Cash Flows Generated (Used) during the Year	2,072.46	(2,129.19)	1,774.50
Add Opening Cash & Cash Equivalents	2,747.54	4,876.73	3,102.23
Closing Cash & Cash Equivalents	4,820.00	2,747.54	4,876.73

Notes

These financial Statements are presented according to the local GAPSME regulations.
These statements are based on results for Financial Year 2022/23, which started on 8th May 2022 and ended on 7th May, 2023.
These statements were prepared on a going basis.
The total members for the year including the 13 executive members was of 101 members.
Revenue generated from events is any revenue generated from events, after taking sponsorships to another category (Sponsorships).
Web Hosting costs relate to the relative costs of making use of a Google Drive System, as well as .
Donations were given as part of an event by the entity, and thus are a part of event costs. The Entity also participated in a book-donation event with other entities, and thus are classified as other Expenditure, as the event was not organised by GUG.