It is pleasing to report that OzHarvest was able to achieve a surplus of $146,957 for the year ended 30 June 2018. This compares to the surplus of $745,519 reported last year.
Total Revenue for the ﬁnancial year was $13,812,011 (FY16/17: $11,744,296), an increase of 18% over the prior year. Donations continue to be the primary source of income for OzHarvest making up 76% of total revenue. Donations have increased by 20% over the prior year.
The continuing growth in demand for food rescue services from both food donors and the recipient charities has driven an increase in employee numbers and in the number of food rescue vehicles. OzHarvest has also continued to expand its education pillar with the addition of FEAST, a program designed to teach primary school kids about sustainability, food waste and nutrition. This has led to a rise in the organisation’s operating expenses to $13,665,054.
OzHarvest continues to search for new and innovative ways to provide sustainable funding for its expanding services.
The surplus for the year has enabled OzHarvest’s net asset position to increase to $5,780,804.
I wish to thank Graham Jowett, CFO and Scott Martin, Head of Business Services and their team for their hard work and dedication. I also acknowledge the work and support of the auditors Ernst & Young.
– Kieran Pryke
Treasurer, OzHarvest Board Director
The summary ﬁnancial statements, which comprise the summary statement of ﬁnancial position as at 30 June 2018, the summary statement of comprehensive income and summary statement of cash ﬂows for the year then ended, are derived from the audited ﬁnancial report of OzHarvest Limited for the year ended 30 June 2018
In our opinion, the accompanying summary ﬁnancial statements are consistent, in all material respects, with the audited ﬁnancial report.
The summary ﬁnancial statements do not contain all the disclosures required by Accounting Standard AASB 101 Presentation of Financial Statements and International Financial Reporting Standards applied in the preparation of the audited “full” ﬁnancial report of the company. 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.
We expressed an unmodiﬁed audit opinion on the audited ﬁnancial report in our report dated 17 October 2018. The audited ﬁnancial report and the summary ﬁnancial statements do not reﬂect the effects of events that occurred subsequent to the date of our report on the audited financial report.
Our auditor’s report on the Company’s audited ﬁnancial report for the year ended 30 June 2018 draws attention to Note 1 of the ﬁnancial report which describes the basis of accounting. That ﬁnancial report is prepared to assist the Company to meet the requirements of the Australian Charities and Not-for-Proﬁts Commission Act 2012. As a result, the summary ﬁnancial statements may not be suitable for another purpose.
The directors of the Company are responsible for the preparation of the summary ﬁnancial statements in accordance with the summary of accounting policies described in Note 1 of the audited “full” ﬁnancial report of OzHarvest Limited.
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, 17 October 2018