http://cms.cyclingsa.com/templates/narrowhead/images/csalogo.gif < ="text/" ="http://cms.cyclingsa.com/s/js/swf.js"> < ="application/x-shockwave-flash" ="http://cms.cyclingsa.com/templates/narrow/accordion.swf" id="movie2350" name="movie2350" ="#33669" quality="high" wmode="transparent" width="450" height="100"> var so2350 = new SWFObject("templates/narrowhead/accordion.swf", "movie2350", "450", "100", "8", "#33669");so2350.addParam("wmode", "transparent"); so2350.write("id2350"); News http://cms.cyclingsa.com/images/M_images/arrow.png : Organisation : http://cms.cyclingsa.com/images/M_images/arrow.png Financials http://cms.cyclingsa.com/images/M_images/arrow.png DECEMBER MANAGEMENT ACCOUNTS AVAILABLE DECEMBER MANAGEMENT ACCOUNTS AVAILABLE Please find for download the December management accounts pre-audit - the auditors are currently busy with the year-end audit. The income for the year in Cycling SA was a total of R 435000 better than budget. This is a direct result of 1) Membership income increasing during the year 2) Improving on revenue collection from the various events around the country. We plan to build on this in the 2009 year Expenses are substantially over budget. The main reasons for this are 1) Funds from Lotto still to be received of R1250000 which is offset against expenses 2) The arrangement with PPA re the salary of the COO coming to an end and now being a cost to Cycling SA 3) Travel expenditure increased due to various road shows etc required for the new licencing system Overall the results reflected a deficit for the year of R 332464 as opposed to a budgeted surplus of R779404. The main cause of this is the funds still due from the Lotto of R1250000 which we have not provided as a debtor in the management accounts As at the end of December, our cash resources were adequate, however a number of funds received on licencing income and day licences from Cycle tour is in respect of the 2009 calender year and has been recorded as a prepaid income and is reflected as a creditor in the Balance sheet. We anticipate that the next amount receivable from the Lotto will be paid across during Feb 09 with the final amount during March 09 BMX reflects a surplus for the year as opposed to a budgeted deficit of R 164496 This is mainly due to the sponsorship received during the year. Portion of the funds to be received from Lotto is to be allocated to BMX Please do not hesitate to contact us should you have any queries in this matter Regards Mark Bradley Financial Trustee Cycling South Africa