This is my second year as Treasurer of Harm Reduction Victoria (HRVic), after being elected as a Board Member in 2021.
Dr Chooi Beh - Chartered Accountant conducted the audit for fnancial year 2023. He delivered a satisfactory report with no concerns raised regarding organisational management of finances. HRVic is able to pay all of its debts as and when they become due and payable.
This year, HRVic implemented a new budgeting technique which assisted in distinguishing between certain organisational and program income and expenditure. This is noted as “Levy Income” and “Levy Expense” on the Detailed Management Profit & Loss Accounts page of the audited financials in equivalent amounts of $844,780. This technique is strictly for accounting and internal purposes and is not indicative of actual additional income or expenses.
HRVic has had a sound financial year with a deficit of $48,247. The most significant expenses were Employee Expenses (salaries & on-costs) of $1,423,398. In addition to these expenses, we see expenditure on Volunteer Reimbursements of $57,284, which is an indicator of HRVic’s engagement with and valuing of the community. Lastly, there was $63,913 spent on Events & Programs, further reflecting HRVic’s involvement in & support of our community.
This year, HRVic received $1,416,807 from the Victorian State Government (VSG) in the form of government grants. In addition to this, the Grant in Advance (GIA) income of $860,342 is primarily made up of VSG grants from previous years that were permitted to be held over and expended this fiscal year. We also received smaller but still significant pieces of income for various fee-for-service and other projects.
We thank the VSG as well as the Burnet Institute & DanceWize event promotors in particular for their support.
Accumulated Funds remain steady at $806,067 for the year.
In summary, it has been another successful year for HRVic, and I would like to thank the HRVic staff and Board as well as our accounts consultants for their support and assistance throughout the year.
Peter Higgs