ABA FINANCES
SUMMARY REPORT
At the close of 30 June 2022 , the Almond Board of Australia reported a net surplus of $ 996,499 comprising $ 5,837,493 income and $ 4,840,994 expenditure .
The Almond Board of Australia has four distinct financial areas of operation : General Operations and Administration ; Market Development ; Industry Research and Development Projects ; and the Almond Centre of Excellence Experimental and Demonstration Orchard .
Income in 2021 / 22 marginally decreased ( 2 %) with key areas of income for the ABA being : Project and Grant Funding ( 43 %); Market Development Levy ( 35 %); and Sales & Royalties ( 16 %).
Expenditure for the financial year increased slightly ( 4 %). Organisational expenditure is comprised of four key areas : Administration and organisational management including staff costs allocated to R & D projects ( 46 %); Market development activities ( 20 %); Contributions to co-invest with the Commonwealth in research projects ( 15 %); and Budwood Production ( 13 %).
Following two years of industry disruption due to COVID-19 we have seen a gradual return to normal market development activities with expenditure in this area increased by 24 % over the previous financial year .
The market development program , where a significant proportion of the ABA ’ s total reserves are held , is closely monitored and managed by the Market Development Committee at its quarterly meetings . The committee members who represent the major marketers continue to be mindful of the accounts funding position but has the industry well placed to engage further with the domestic and global nut trade .
ABA membership provides less than 1 % of the organisations revenue base representing outstanding value to industry growers and stakeholders considering membership prices have not risen in over a decade and contrasted against the extensive range of activities the ABA undertakes from input surety for pollination and water , plant improvement , chemical advocacy , identification and extension of best practice through to biosecurity , sustainability and market development making funding from other sources imperative to the organisation ’ s resourcing .
Administration and organisational management expenditure include : Staff Costs ; Chair Allowance ; Rent and Leases ; Insurances ; Communications ; Affiliation Fees ; Sponsorships ; Audit and Legal Fees ; Depreciation ; Travel and General Operational costs .
The Audit and Risk Committee of the ABA convene quarterly throughout the financial year to review the financials and assess any material risks to the organisation . The Committee also direct the investment of ABA reserves .
Membership of the Audit and Risk Committee consisted of ABA Directors Damien Houlahan ( Chair ), Stephen Beckwith , Neale Bennett , and Paul Thompson . The ABA CEO and Finance Manager also attend the meetings .
The ABA ’ s accounts met all relevant accounting standards , and the auditors had no qualification regarding the 2021-22 accounts .
The ABA continues to remain in a solvent and sound financial position and is well positioned to manage the existing and emerging industry challenges that lay ahead .
- Shannon Harkins , Finance and Business Manager
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2021 / 22 ABA ANNUAL REPORT