FINANCIALS 20/21

Scroll to read our Treasurer’s Report, Auditors Report and Financial Statements.

FINANCIALS 20/21

Scroll to read our Treasurer’s Report, Auditors Report and Financial Statements.

TREASURER’S REPORT

It is very pleasing to report that OzHarvest was able to achieve Total Revenue for the year ended 30 June 2021 of $29,651,296 (FY20: $18,897,925). This was made possible by our very generous partners and supporters in a year where the impacts of COVID-19 were widely felt.

The need for food relief grew significantly 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 $27,182,160 (FY20: $18,495,825).

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 surplus of $2,469,136 (FY20: $402,100).  Of this amount, $1,000,000 was transferred to sustainability reserve whilst the remainder will be invested into food, education and sustainability programs in FY22.

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

The summary financial statements, which comprise the summary statement of financial position as at 30 June 2021, 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 2021.

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.

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.

We expressed an unmodified audit opinion on the audited financial report in our report dated 27 October 2021.

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.

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, 27 October 2021

2021
$

2020
$

REVENUE

Interest
Donations and sponsorships
Government grants
Other revenue

40,322

14,430,717

14,735,750

444,507

29,651,296

20,636

11,082,000

7,305,770

489,519

18,897,925

EXPENSES

Marketing and advertising
Depreciation and amortisation
Employee benefits
Occupancy costs
Motor vehicle expenses
Lease finance costs
Insurance expense
Food relief costs
Travel costs
Education and events
Other expenses

(108,340)

(1,755,384)

(13,037,339)

(532,372)

(1,053,152)

(269,028)

(465,987)

(7,977,559)

(43,537)

(596,437)

(1,343,025)

(27,182,160)

(172,551)

(1,727,505)

(10,769,108)

(359,829)

(850,786)

(239,935)

(304,219)

(2,467,614)

(82,516)

(492,765)

(1,028,997)

(18,495,825)

SURPLUS BEFORE INCOME TAX

Surplus before income tax
Income tax expense
Surplus for the year

2,469,136

-

2,469,136

402,100

-

402,100

OTHER COMPREHENSIVE INCOME

Other comprehensive income for the year, net of tax
Total comprehensive income (expense) for the year

-

2,469,136

-

402,100

Statement of financial position

As at 30 June 2021

2021
$

2020
$

Current Assets

Cash and short-term deposits
Trade and other receivables
Financial assets
Prepayments
Inventories
Total Current Assets

7,018,100

1,038,184

4,000,000

319,372

87,254

12,462,910

6,388,451

587,194

6,116,808

280,878

95,748

13,469,079

Non-Current Assets

Property, plant and equipment
Right-of-use leased assets
Intangible assets
Total Non-Current Assets
Total Assets

2,752,834

3,839,082

117,584

6,709,500

19,172,410

2,421,738

3,686,848

220,628

6,329,214

19,798,293

Current Liabilities

Trade and other payables
Lease liability
Provisions
Total Current Liabilities

5,551,686

892,478

963,316

7,407,480

9,284,552

1,011,259

682,116

10,977,927

Non-Current Liability

Lease liability
Provisions
Total Non-Current Liability
Total Liabilities
Net Assets

3,200,054

209,925

3,409,979

10,817,459

8,354,951

2,835,673

98,878

2,934,551

13,912,478

5,885,815

EQUITY

Sustainability reserve
Retained surpluses
Total Equity

3,000,000

5,354,951

8,354,951

2,000,000

3,885,815

5,885,815

Statement of CASH FLOWS

As at 30 June 2021

2021
$

2020
$

Cash flows from operating activities

Receipts from donors and customers
Payments to suppliers and employees
Interest received
Net cash flows from operating activities

26,560,132

(25,906,107)

41,413

695,438

27,421,621

(16,170,262)

7,055

11,258,414

Cash flows from investing activities

Purchase of property plant and equipment
Proceeds from sale of plant and equipment
Purchase of intangible assets
Financial assets invested
Net cash flows from / (used in) investing activities

(1,035,430)

8,184

-

2,115,717

1,088,471

(806,287)

5,488

(142,638)

(5,000,000)

(5,943,437)

Cash flows from financing activities

Payment of principal portion of lease liabilities
Net cash flows used in financing activities

(1,154,260)

(1,154,260)

(1,196,043)

(1,196,043)

Net increase in cash held

Net increase in cash held
Cash at beginning of financial year
Cash at end of financial year

629,649

6,388,451

7,018,100

4,118,934

2,269,517

6,388,451

NOURISHING OUR COUNTRY

OzHarvest HQ is based in Sydney, with eight offices, four hubs and seven volunteer run regional chapters across the country. Click on the map to see our local impact in each location. The number of meals delivered includes purchased food, cooked meals and hampers where applicable.

DISCOVER OUR IMPACT