Treasurer’s Report
It is very pleasing to report that OzHarvest was able to achieve Total Revenue for the year ended 30 June 2024 of $31,474,145 (FY23: $27,037,739). This was made possible by our very generous partners, donors, and supporters in a year where the need for food relief continued to increase with the ongoing cost of living crisis impacting a growing cohort of people.
Our food rescue operations increased due to growing demand from recipient charities. We worked closely with all our food donors to increase the quantity of food rescued and the efficiency of food rescue collection, whilst continuing to focus on the quality and mix of food provided to our charities. This has led to an increase in the organisation’s total food rescue expenses, but at a reduced cost per kilogram rescued.
OzHarvest rescued 14.4 million kilos (FY23: 12.7 million) of food and, together with food purchased utilising Government and other grants, supplied the equivalent of 28.5 million (FY23: 26.0 million) meals to charity agencies and direct to the community in the year ended 30 June 2024.
We continue to invest in and expand our education and sustainability initiatives to drive action towards the Australian national goal of halving food waste by 2030.
The increase in food rescue, education and sustainability expenses were partially offset by a reduction in food relief costs resulting in an increase in overall expenses to $28,319,549 (FY23: $25,819,252).
The net result for the year was a surplus of $3,154,596 (FY23: $1,218,487). A major portion of the increased revenue was received towards the end of the financial year and this is now being invested in increased program delivery costs in FY25.
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 2024, 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 2024.
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.
Audited Financial Report and Our Report Thereon
We expressed an unmodified audit opinion on the audited financial report in our report dated 13 November 2024.
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
13 November 2024
Statement of comprehensive income
For the year ended 30 June 2024
2024
$
2023
$
$
$
Revenue
Interest
402,969
262,668
Donations and sponsorships
28,344,876
22,423,781
Government grants
2,179,089
3,739,593
Other revenue
547,211
611,697
31,474,145
27,037,739
Expenses
Marketing and advertising
(331,863)
(313,189)
Depreciation and amortisation
(1,684,989)
(1,649,302)
Employee benefits
(18,648,928)
(15,980,990)
Occupancy costs
(699,606)
(582,421)
Motor vehicle expenses
(1,739,007)
(1,431,838)
Lease finance costs
(216,347)
(253,014)
Insurance expense
(1,017,223)
(800,615)
Food relief costs
(925,278)
(2,100,493)
Travel costs
(316,972)
(216,891)
Education and events
(691,155)
(728,077)
Other expenses
(2,048,181)
(1,762,422)
(28,319,549)
(25,819,252)
Surplus before income tax
3,154,596
1,218,487
Income tax expense
–
–
Surplus for the year
3,154,596
1,218,487
Other comprehensive income
Other comprehensive income for the year, net of tax
–
–
Total comprehensive income for the year
3,154,596
1,218,487
Statement of financial position
As at 30 June 2024
2024
$
2023
$
$
$
Current Assets
Cash and short-term deposits
9,329,689
6,442,358
Trade and other receivables
2,017,732
2,186,025
Financial assets
3,500,000
3,000,000
Prepayments
407,016
367,848
Inventories
–
137,643
Total Current Assets
15,254,437
12,133,874
Non-Current Assets
Property, plant and equipment
3,226,869
2,693,692
Right-of-use leased assets
2,295,832
2,906,578
Intangible assets
4,247
33,275
Financial Assets – Related Parties
450,000
–
Other Non-Current assets
158,898
115,455
Total Non-Current Assets
6,135,846
5,749,000
Total Assets
21,390,283
17,882,874
Current Liabilities
Trade and other payables
4,338,631
3,689,163
Lease liability
545,541
588,983
Provisions
1,409,957
1,201,036
Total Current Liabilities
6,294,129
5,479,182
Non-Current Liability
Lease liability
2,146,800
2,646,705
Provisions
299,820
262,049
Total Non-Current Liability
2,446,620
2,908,754
Total Liabilities
8,740,749
8,387,936
Net Assets
12,649,534
9,494,938
Equity
Sustainability reserve
3,500,000
3,000,000
Retained surpluses
9,149,534
6,494,938
Total Equity
12,649,534
9,494,938
Statement of cash flows
For the year ended 30 June 2024
2024
$
2023
$
$
$