The Prisoners’ Aid Association of New South Wales Inc has released its Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2023. Here’s a concise look at the organization’s financial performance compared to 2022.
Revenue Highlights
- Service Revenue: Increased significantly, rising from $419,672 in 2022 to $749,177 in 2023.
- Government Assistance: In 2022, the Association received $64,505 in JobKeeper and Cashflow Boost payments. In 2023, this assistance ended.
- Other Income: Climbed from $71,515 in 2022 to $134,956 in 2023, contributing further to overall revenue growth.
Expenses
- Cost of Goods Sold: Jumped from $603,286 in 2022 to $899,259 in 2023, reflecting a substantial increase in operational costs.
- Other Expenses: Decreased from $4,239 in 2022 to $902 in 2023, indicating tighter control over certain overheads.
Bottom Line
- Surplus / (Deficit) Before Income Tax: A deficit of $16,028 in 2023, compared to a larger deficit of $51,833 in 2022.
- After-Tax Result: No income tax expense was recognized, so the total comprehensive loss stands at $16,028 for 2023, a marked improvement from the $51,833 shortfall in 2022.
Moving Forward
The Association’s increase in service revenue and other income helped reduce the deficit compared to last year. However, higher costs—especially in goods sold—continue to challenge the bottom line. As Prisoners’ Aid NSW pursues its mission to support individuals re-entering the community, ongoing efforts to maintain revenue growth and manage rising expenses will be vital to achieving a healthier financial position in the future.
