The Prisoners’ Aid Association of New South Wales Inc has published its Statement of Profit or Loss and Other Comprehensive Income for the financial year ended 30 June 2022, offering insights into the organization’s evolving revenue sources and expense structure.
Revenue Overview
- Service Revenue: Slightly decreased to $419,672 (from $437,643 in 2021).
- Government Assistance: Dropped from $122,070 in 2021 to $64,505 in 2022, reflecting reduced JobKeeper and Cashflow Boost benefits.
- Other Income: Saw a notable jump to $71,515 (up from just $4,374 in 2021), indicating successful diversification of income streams.
Expenses
- Cost of Goods Sold: Rose from $557,694 in 2021 to $603,286 in 2022, indicating higher overall operating costs for the year.
- Other Expenses: Decreased to $4,239 (from $9,468 in 2021), suggesting improved management of certain overhead items.
Bottom Line
- Surplus / (Deficit) Before Income Tax: The organization recorded a deficit of $51,833 in 2022, a considerable jump from a deficit of $3,075 in 2021.
- No Income Tax Expense: There was no income tax expense for either year, so the total comprehensive loss matches the pre-tax deficit for both 2022 and 2021.
The increased deficit is primarily due to reduced government assistance and higher operational costs. However, the rise in other income points to new funding avenues and potential for future revenue growth. The Prisoners’ Aid Association of NSW remains committed to supporting individuals transitioning from the justice system, focusing on financial sustainability while delivering essential services.
