It is very pleasing to report that OzHarvest was able to achieve Total Revenue for the year ended 30 June 2023 of $27,037,739 (FY22: $36,763,026). 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.
The significant Covid-19 relief programs funded by Government over the last 2½ years ended during the year. This was the major reason for the reduction in both revenue and costs. Our emergency food relief projects were scaled back, and our operations were recalibrated to refocus on expanding food rescue and education.
Our food rescue operations were increased driven by 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 food rescue expenses.
OzHarvest continues to invest in 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 more than offset by the reduction in food relief costs resulting in a reduction in overall expenses to $25,819,252 (FY22: $36,841,526). The net result for the year was a surplus of $1,218,487 (FY22: Deficit $78,500).
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
Opinion
The summary financial statements, which comprise the summary statement of financial position as at 30 June 2023, 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 2023.
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 25 October 2023.
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, 25 October 2023