ABA FINANCES
SUMMARY REPORT
The Almond Board of Australia 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 .
At the close of 30 June 2023 , the Almond Board of Australia reported a net deficit of $ 175,516 comprising $ 5,837,493 income and $ 4,840,994 expenditure . This deficit is a reflection on the timing of funding sources and project payments and should not be viewed as a decline in the financial position .
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 2022 / 23 increased significantly ( 55 %) primarily off the back of Project and Grant Funding ( 90 %), 2022 Almond Conference ( 100 %), Marketing Development Levy ( 26 %) and Experimental Orchard Crop Sales ( 30 %). This has been offset by a decrease in Scion and Rootstock Royalties ( -43 %) and Experimental Orchard Recharges ( -23 %).
Expenditure for the financial year also increased ( 91 %). Organisational expenditure is comprised of four key areas : Administration and organisational management including staff costs allocated to R & D projects ( 27 %); Market Development activities ( 26 %); Contributions to co-invest with the Commonwealth Government in research projects ( 29 %); and Budwood Production ( 9 %).
The overall market development program , where one third of the ABA ’ s total cash reserves are held , represents a significant proportion of the ABA ’ s financial year activity ( Income 63 % / Expenditure 57 %).
Following the past three years of industry disruption , primarily due to COVID-19 , the ABA saw a gradual return to normal market development activities during 2021 / 22 and full resumption of international trade activities during 2022 / 23 as represented by a 149 % expenditure increase over the previous financial year . Further investment in development and maintenance of Australian almond markets is also planned for 2023 / 24 with 60 % of total expenditure earmarked for this area alone .
The ABA saw the return of the biennial Australian Almond Conference ( AAC22 ), not seen since 2018 , and was conducted within the allocated budget once again .
ABA membership provides under 1 % of the organisations income base , making funding from other sources imperative to the organisation ’ s resourcing .
Administration and organisational management expenditure include : Chair Allowance ; Staff Costs ; Rent and Leases ; Insurances ; Communications ; Affiliation Fees ; Sponsorships ; Audit and Legal Fees ; Depreciation ; Travel and other General Operational costs .
The Audit and Risk Committee of the ABA meet quarterly throughout the financial year to review the financials and assess any material risks to the organisation . The Committee also directs the investment of ABA cash reserves .
Membership of the Audit and Risk Committee consisted of ABA Directors Damien Houlahan ( Chair ), Stephen Beckwith , Neale Bennett , Paul Thompson , Darren Minter and David Surveyor ( later in the financial year ). 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 2022-23 accounts . - Shannon Harkins , Finance and Business Manager
18 2022 / 23 ABA ANNUAL REPORT