Financials 21/22
Reports & Statements
Treasurer’s Report
It is very pleasing to report that OzHarvest was able to achieve Total Revenue for the year ended 30 June 2022 of $36,763,026 (FY21: $29,651,296). This was made possible by our very generous partners and supporters in a year where the impacts of COVID-19 continued to be widely felt.
The need for food relief grew even further during the year. The continued commitment from Government at all levels enabled us to continue and expand significant emergency food relief projects to support the most vulnerable in capital cities and regional areas across Australia. Food rescue operations also expanded with an increase in the number of vehicles on the road, driven by growing demand from both food donors and recipient charities. This has led to a rise in the organisation’s operating expenses to $36,841,526 (FY21: $27,182,160).
OzHarvest continues to invest in education and sustainability initiatives to drive action and influence food waste policy. The net result for the year was a small deficit of $78,500 (FY21: Surplus $2,469,136).
I wish to thank Graham Jowett (CFO) and the finance team for their dedication and professionalism. I also acknowledge the continued work and guidance of the auditors, Ernst & Young.
Kieran Pryke
Treasurer
OzHarvest Board Director
Auditor’s Report
Opinion
The summary financial statements, which comprise the summary statement of financial position as at 30 June 2022, the summary statement of comprehensive income, summary statement of changes in equity and summary statement of cash flows for the year then ended, and related notes, are derived from the audited financial report of Oz Harvest Limited (the Company) for the year ended 30 June 2022.
In our opinion, the accompanying summary financial statements are consistent, in all material respects, with the audited financial report, in accordance with Australian Charities and Not-for-Profits Commission Act 2012.
Summary Financial Statements
The summary financial statements do not contain all the disclosures required by Australian Accounting Standards and Australian Charities and Not-for-Profits Commission Act 2012 . Reading the summary financial statements and the auditor’s report thereon, therefore, is not a substitute for reading the audited financial report and the auditor’s report thereon.
The Audited Financial Report and Our Report Thereon
We expressed an unmodified audit opinion on the audited financial report in our report dated 26 October 2022.
Responsibility of the Directors for the Summary Financial Statements
The directors of the Company are responsible for the preparation of the summary financial statements in accordance with the Australian Accounting Standards and Australian Charities and Not-for-Profits Commission Act 2012.
Auditor’s Responsibility
Our responsibility is to express an opinion on whether the summary financial statements are consistent, in all material respects, with the audited financial report based on our procedures, which were conducted in accordance with Auditing Standard ASA 810 Engagements to Report on Summary Financial Statements.
Ernst & Young
Sydney, 26 October 2022
Statement of comprehensive income
For the year ended 30 June 2022
2022
$
2021$
$
Revenue
Interest
47,705
40,322
Donations and sponsorships
18,824,378
14,430,717
Government grants
16,739,220
14,735,750
Other revenue
1,151,723
444,507
36,763,026
29,651,296
Expenses
Marketing and advertising
(249,190)
(108,340)
Depreciation and amortisation
(1,625,383)
(1,755,384)
Employee benefits
(15,727,601)
(13,037,339)
Occupancy costs
(1,226,964)
(532,372)
Motor vehicle expenses
(1,490,195)
(1,053,152)
Lease finance costs
(251,402)
(269,028)
Insurance expenses
(547,261)
(465,987)
Food relief costs
(12,859,036)
(7,977,559)
Travel costs
(92,380)
(43,537)
Education and events
(680,252)
(596,437)
Other expenses
(2,091,862)
(1,343,025)
(36,841,526)
(27,182,160)
Surplus / (Deficit) before income tax
(78,500)
2,469,136
Income tax expense
-
-
Surplus / (Deficit) for the year
(78,500)
2,469,136
Other comprehensive income
Other comprehensive income for the year, net of tax
-
-
Total comprehensive income (expense) for the year
(78,500)
2,469,136
Statement of financial position
As at 30 June 2022
2022
$
2021
$
$
$
Current Assets
Cash and short-term deposits
4,583,152
7,018,100
Trade and other receivables
626,015
1,038,184
Financial assets
6,000,000
4,000,000
Prepayments
466,839
319,372
Inventories
162,077
87,254
Total Current Assets
11,838,083
12,462,910
Non-Current Assets
Property, plant and equipment
2,759,860
2,752,834
Right-of-use leased assets
3,710,338
3,839,082
Intangible assets
69,476
117,584
Other Non-Current assets
104,060
-
Total Non-Current Assets
6,643,734
6,709,500
Total Assets
18,481,817
19,172,410
Current Liabilities
Trade and other payables
4,853,971
5,551,686
Lease liability
678,011
892,478
Provisions
1,183,068
963,316
Total Current Liabilities
6,715,050
7,407,480
Non-Current Liability
Lease liability
3,239,486
3,200,054
Provisions
250,830
209,925
Total Non-Current Liability
3,490,316
3,409,979
Total Liabilities
10,205,366
10,817,459
Net Assets
8,276,451
8,354,951
Equity
Sustainability reserve
3,000,000
3,000,000
Retained surpluses
5,276,451
5,354,951
Total Equity
8,276,451
8,354,951
Statement of cash flows
For the year ended 30 June 2022
2022
$
2021
$
$
$