Lockhart River Arts Indigenous Corporation completed a successful 2016-2017 financial year for the year ending 30 June 2017. At completion of the financial year 2016-2017, the net surplus of the Corporation after income tax was $25,899 compared to a net surplus of $29,389 for financial year ended 30 June 2016. The Corporation's net result in 2016-2017 was -8.80% from previous financial year 2015-2016 however the net result in 2017 recorded a second consecutive year of net profit growth purely from art sales excluding grant funding capital. The Corporation was audited by Jessups Accountants and Business Advisors Cairns.
Our arts program format continues to be fluid with our primary market being galleries and secondary market being direct single serve buyers, art fairs and special events. The Corporation also had successful sales growth at the July 2017 Cairns Indigenous Art Fair and August 2017 Darwin Aboriginal Art Fair. The Corporation also thanks the Department of Communications and the Arts through the IVAIS Funding program and Arts Queensland through the IRADF, BIA and Capacity Building Program for providing the foundational platform for the Corporation's key performance indicators.
2017-2018 forcasts a more challenging journey with a narrow trajectory result however continued focussed on market retention, new product development and new market exploration will enable a positive narrative.
In late November 2017, the Corporation completed its 2017 Annual General Meeting with 5 new director appointments. The Corporation also completed its annual 2017 General Report to Office of the Registrar for Indigenous Corporation (ORIC). The reports including financial reports are available for public viewing and can be viewed at oric.gov.au and type 7276 in the search field.
We welcome you to join us in 2018 and look forward to a stronger, positive narative.
Enoch Perazim, Corporation Manager, 10 January 2018