A message from the Treasurer
It is my pleasure to present the Annual Financial Statements for the year ended 30 June 2024.
Overall the 2024 financial year was another successful year for WHGNE. We continue to support women in our community in facing challenges when it comes to health and education, and our commitment has only strengthened over the last 12 months, even amid risks and questions surrounding funding for the organisation.
Just like every organisation, there are always challenges that come our way that may affect our internal culture, financial performance or how far our efforts can reach, however an organisation as committed as WHGNE can always overcome those challenges and come out stronger. Our values are never compromised as we learn from experiences and continue to focus on improving the organisation’s systems and processes, governance and policies and the quality of the services we provide.
In terms of the financial results of the organisation, I will commence with commenting on the Profit and Loss Statement on page 6 of 23:
Revenue totalled $2,313,805 , which was an increase of +$757,916 from the 2023 financial year. This increase was the result of a boost in funding from the Departments of Health, and Families, Fairness and Housing. The boost was for the period 1 July 2022 to 30 June 2024 and while in the first year, not all of the funds were expended, all funds were expended in year 2.
With interest rates on the rise as well, interest earned for the year more than doubled compared to last year.
Expenses were $2,329,060 which was a +$724,890 increase from the 2023 financial year. This related largely to salaries and wages as well as contractual payments to partners with whom we worked in collaboration to deliver health promotion services.
Overall, this resulted in a deficit of $15,255, which was a -$33,026 reduction compared with the 2023 financial year result of -$48,281.
The balance sheet of the organisation remains exceptionally strong with:
- Assets of $1,169,812, of these assets 99% are cash & cash equivalents.
- Liabilities of $389,415; and
- Total Equity of $780,397.
The current ratio stands at 3.12 which demonstrates the organisation’s strong liquidity.
WHGNE has used some of the cash surplus from 2023 and grant money received for the year to continue to invest in its staff, allocating costs for training, consultants and towards various program expenses.
As can be seen on the Statement of Finance Position, employee entitlements have increased with annual leave and long service leave benefits continued to be recognised, and the other big change to last year is the deferred income balance, reducing from $607,627 in 2023 to $90,883 as at 2024. As mentioned earlier, this is due to all funds being expended in 2024.
In summary, it has been another strong financial year for WHGNE and that has been due to many people, including:
Crowe Horwath who have completed the audit of the accounts for the second year in a row and it was a very smooth and well planned process. The auditors confirmed that no adjustments were made by them to the June accounts prepared and we are happy to say that they issued an unqualified audit report, meaning no issued were identified.The audit work was supported by Amanda as the CEO who has done a great job of managing the process and continuing to be a strong leader for her team and in supporting the board.Jason Brown of Elliot Accounting, who has supported Amanda and the board with managing the financial process and is a valued member of the team.The rest of the board who have supported me in my role as Treasurer.Finally, on behalf of myself and the Board, we want to say thank you for all your efforts and we look forward to continuing to work together to promote and improve the delivery of health and community services for women in our local community.
– Donna Marcus
Treasurer, WHGNE