The Prisoners’ Aid Association of New South Wales Inc has released its Statement of Profit or Loss and Other Comprehensive Income for the financial year ended 30 June 2024. The results highlight both exciting growth in revenue and some challenges in managing rising costs. Below is a snapshot of the key points from their latest financial report.
Revenue: A Strong Year of Growth
Total Revenue and Other Income: Increased from $884,133 in 2023 to $1,271,345 in 2024. This surge reflects the organization’s expanded programs, grants, and fundraising efforts that have helped broaden support for individuals navigating the justice system and re-entering the community.
Expenses: Managing Rising Costs
- Employment Costs: Jumped from $510,163 to $803,452, making it the largest expense category. The increase underscores the Association’s investment in skilled staff and volunteers who provide vital support services.
- Consulting: Rose from $102,131 to $134,189, indicating the value placed on professional expertise to improve programs and organizational strategies.
- Vehicle Costs: Increased from $77,980 to $101,580, supporting the transportation needs of staff who travel to deliver services and meet clients.
- Recycling Costs: Decreased from $99,640 to $75,333, reflecting more cost-effective or streamlined approaches in this area.
- Other Overheads: Down from $110,248 to $97,986, showing that operational efficiencies were achieved in certain administrative areas.
- Occupancy Costs: Reported at $84,404 in 2024 (no prior-year figure was listed), indicating a dedicated budget for facilities and housing-related expenses.
Bottom Line: Moving Forward
- Overall Deficit: The year-end deficit grew from $16,028 in 2023 to $25,599 in 2024. Although revenue increased significantly, the higher operating and program-related costs contributed to a larger shortfall.
- No Income Tax Expense: There was no income tax expense in either 2023 or 2024, resulting in a total comprehensive loss of $25,599 for 2024 (versus $16,028 in 2023).
Looking Ahead
Despite the increased deficit, the Prisoners’ Aid Association of NSW remains committed to delivering essential services for individuals transitioning out of the justice system. The notable uptick in revenue is a testament to the organization’s expanding reach and the community’s continued support.
To address higher costs, the Association will likely focus on:
- Strengthening fundraising efforts to ensure sustainable growth
- Exploring additional grant opportunities to supplement operational and program funding
- Enhancing cost-control measures to manage rising employment and overhead expenses
Stay tuned for updates on how Prisoners’ Aid Association of NSW plans to turn these financial insights into actionable steps for the coming year. Their commitment to the welfare and successful reintegration of individuals continues, driven by dedication to community engagement and continuous improvement.
