General Report

The members present their report and the GUG’s financial statements for the year ended 12^th May 2024.

President

Ms. Christine Sultana

Registered Office

GUG,

Universita ta’ Għawdex,

Xewkija, Gozo

Results

During the period under review GUG made a net profit of €5,194.14. The results for the period are set out in the Income and Expenditure Account on page 5.

Events after the balance sheet date

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

Ms. Christine Sultana Mr. Joseph Mario Grech

President Financial Officer

Executive 2023/2024 Executive 2023/2024

Financial Success with Prudence and Discipline

Financial Officer’s Report for the year ending 12^th May, 2024

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 2023-2024 saw the entity register a profit of €5,194.14. This was generated from the various events, sponsorship and membership uptake which helped our entity to register a revenue total of €35,378.00, with total expenditure amounting to €30,183.86. The profit registered can be attributed to the increase in total revenue which was achieved by mainly an increase in sponsorship base and an increase in total memberships.

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 organize educational events. 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.

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.

This is my last executive report, and I can proudly say that I had the honour of forming part of the longest continuing voice for Gozitan students. I would also like to all my past colleagues for their help and patience with me throughout the past 2 years.

I hope that the future executive continues to build on the successes which were seen by the past executives. I would like to end my report by auguring those who will be elected after us to continue building GUG as a strong student union for the Gozitan Student.

Joseph Mario Grech

Financial Officer

Executive 2023/2024

Statement of Financial Position as at 12^th May 2024.

	2024	2023	2022
	€	€	€
Assets
Non-Current Assets		–	–
Ball Equipment	144.00
	144.00	–	–

Current Assets

Debtors	5,400.00	1,623.00	–
Cash and Cash Equivalents	6,093.14	4,820.00	2,779.65
Total Current Assets	11,493.14	6,443.00	2,779.65

Total Assets	11,637.14	6,443.00	2,779.65


Equity & Liabilities
Equity
Retained Earnings	11,637.14	6,443.00	2,779.65

Liabilities		–	–

Total Equity and Liabilities	11,637.14	6,443.00	2,779.65

Ms. Christine Sultana Mr. Joseph Mario Grech

President Financial Officer

Executive 2023/2024 Executive 2023/2024

Income and Expenditure Account for year ending 12^th May 2024

	2024	2023	2022
	€	€	€
Income:
Sponsorships	8,992.00	6,350.00	700.00
Memberships	1,090.00	880.00	1,050.00
Events	25,296.00	26,318.36	572.22
Total Income	35,378.00	33,548.36	2,322.22

Expenses:
Web Hosting	205.81	185.90	139.00
Bank Charges	57.00	169.29	157.00
Events	29,015.74	29,326.46	3,349.16
Team Building	170.00	30.00	233.50
Donation	100.00
GUG Card Expenses	0.00	126.25	146.25
Other Expenditure	99.31	15.00	426.50
Irrecoverable Debts	450.00
Depreciation	36.00
Tax	50.00	0.00	0.00
Total Expenditure	30,183.86	29,852.90	4,451.41

Net Profit/(Loss) for the year	5,194.14	3,695.46	(2,129.19)

General Reserve
Balance as at Year Opening	6,443.00	2,747.54	4,876.73
Accumulated Funds for the Year	5,194.14	3,695.46	(2,129.19)
Balance as at Year End	11,637.14	6,443.00	2,747.54

Statement of Cash Flows for the year Ended 12^th May 2024

	2024	2023	2022
Cash Flows from Operations	€	€	€
Net Profit (Loss)	5,194.14	3,695.46	(2,129.19)
Adjustments for Depreciation/Interest	36.00
Changes in Trade Receivables	(3,777.00)	(1,623.00)	0.00
Net Cash Flows from Operations	1,453.14	2,072.46	(2,129.19)

Cash Flows from Investing
New Ball Equipment	(180.00)

Cash Flows from Financing


Total Cash Flows Generated during the Year	1,273.14	2,072.46	(2,129.19)
Add Opening Cash & Cash Equivalents	4,820.00	2,747.54	4,876.73
Closing Cash & Cah Equivalents	6,093.14	4,820.00	2,747.54

Notes

These financial Statements are presented according to the local GAPSME regulations.
These statements are based on results for Financial Year 2023/2024, which started on 12th May 2024 and ended on 12^th May 2024.
These statements were prepared on a going-concern basis.
The total members for the year including the 13 executive members were of 122 members.
Assets bought were equipment that would be used in the annual Ball. They are being Depreciated over 5 years.
The significant increase in Debtors presents sponsors that have not yet paid after Gozo Week which was done in April 2024.
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 website domain costs .
Donations present a donation made during the year after an event done by the entity.