I am pleased to report ACOSS operated sustainably over the 2022-2023 year, recording a modest surplus of $174,891.
The total income for the year was $3,825,021, which was 8% higher than the previous year. Sources of growth included an increased agreement with the Australian Government, higher membership, and philanthropic support and individual donations. We thank all supporters for their ongoing commitment to ACOSS and its work.
The total expenditure was $3,650,130. Wages remain the biggest cost area at 73% of total costs, and ACOSS felt pressures in this part of the budget consistent with the experience of organisations across the Sector. Travel returned in the year with COVID restrictions easing and, in administration, targeted investments in IT systems saw higher expenditure.
Looking at ACOSS’s balance sheet, reserves at 30th of June 2023 are $971,468, which represents a modest but vital reserve, in-line with the benchmark set by the Board to provide a buffer for unforeseen financial risks.
The 2023 financial statements have been audited by Stewart Brown and an unqualified audit opinion was issued. The financial statements will be available on the ACNC website.