Treasurer’s Report

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 

Auditor’s Report

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

Statement of comprehensive income

For the year ended 30 June 2023

2023
$
2022
$

Revenue

Interest
262,668
47,705
Donations and sponsorships
22,423,781
18,824,378
Government grants
3,739,593
16,739,220
Other revenue
611,697
1,151,723
27,037,739
36,763,026

Expenses

Marketing and advertising
(313,189)
(249,190)
Depreciation and amortisation
(1,649,302)
(1,625,383)
Employee benefits
(15,980,990)
(15,727,601)
Occupancy costs
(582,421)
(1,226,964)
Motor vehicle expenses
(1,431,838)
(1,490,195)
Lease finance costs
(253,014)
(251,402)
Insurance expense
(800,615)
(547,261)
Food relief costs
(2,100,493)
(12,859,036)
Travel costs
(216,891)
(92,380)
Education and events
(728,077)
(680,252)
Other expenses
(1,762,422)
(2,091,862)
(25,819,252)
(36,841,526)

Surplus/(Deficit) before income tax
1,218,487
(78,500)
Income tax expense
-
-
Surplus/(Deficit) for the year
1,218,487
(78,500)

Other comprehensive income
Other comprehensive income for the year, net of tax
-
-
Total comprehensive income/(loss) for the year
1,218,487
(78,500)

Statement of financial position

As at 30 June 2023

2023
$
2022
$

Current Assets

Cash and short-term deposits
6,442,358
4,583,152
Trade and other receivables
2,186,025
626,015
Financial assets
3,000,000
6,000,000
Prepayments
367,848
466,839
Inventories
137,643
162,077
Total Current Assets
12,133,874
11,838,083

Non-Current Assets

Property, plant and equipment
2,693,692
2,759,860
Right-of-use leased assets
2,906,578
3,710,338
Intangible assets
33,275
69,476
Other Non-Current assets
115,455
104,060
Total Non-Current Assets
5,749,000
6,643,734
Total Assets
17,882,874
18,481,817

Current Liabilities

Trade and other payables
3,689,163
4,853,971
Lease liability
588,983
678,011
Provisions
1,201,036
1,183,068
Total Current Liabilities
5,479,182
6,715,050

Non-Current Liability

Lease liability
2,646,705
3,239,486
Provisions
262,049
250,830
Total Non-Current Liability
2,908,754
3,490,316
Total Liabilities
8,387,936
10,205,366
Net Assets
9,494,938
8,276,451

Equity

Sustainability reserve
3,000,000
3,000,000
Retained surpluses
6,494,938
5,276,451
Total Equity
9,494,938
8,276,451

Statement of cash flows

For the year ended 30 June 2023

2023
$
2022
$

Cash flows from operating activities
Receipts from donors and customers
24,128,054
38,155,001
Payments to suppliers and employees
(23,620,348)
(36,536,573)
Lease Finance Costs
(254,145)
(251,401)
Interest received
262,668
47,705
Net cash flows from operating activities
516,229
1,414,732

Cash flows from investing activities
Purchase of property plant and equipment
(799,826)
(821,513)
Proceeds from sale of plant and equipment
68,886
27,399
Payments for Rental Bonds
(5,595)
(167,823)
Financial assets invested
3,000,000
(2,000,000)
Net cash flows from/(used in) investing activities
2,263,465
(2,961,937)

Cash flows from financing activities
Payment of principal portion of lease liabilities
(920,488)
(887,743)
Net cash flows (used in) financing activities
(920,488)
(887,743)

Net increase/(decrease) in cash held
1,859,206
(2,434,948)
Cash at beginning of financial year
4,583,152
7,018,100
Cash at end of financial year
6,442,358
4,583,152