Back to losses for PVCA in 2020 financial accounts

The Print and Visual Communication Association (PVCA) has reported loss of $583,344 during the 2020 financial year ending 31 December 2020, going back to red after a year of profit in 2019.

The association previously reported a $94,000 profit in its 2019 full year accounts, marking a substantial turnaround after it recorded a $847,000 loss in the prior year.

However, it has once again slipped back to losses, reporting $495,841 in subscription revenue – from $759,204 last year and $993,000 in 2018.

In the report, the PVCA attributed the losses to member assistance.

“During the year, the Print and Visual Communication Association continued to assist its members with specialty services, advice, support and representation,” it said.

“As a result of these activities, the Print and Visual Communication Association generated a loss of $583,344 during the year. There were no significant changes in the nature of the activities of the Print and Visual Communication Association during the year.”

While its subscription revenue fell from $993,000 in 2018 to $759,204 in 2019, a rise in the valuation of land and buildings owned by the association rose by $174,307. This gain on revaluation of land and buildings in 2020 was reported at $59,534.

With the decline in subscription value, the PVCA also recorded 573 members in the register at the end of the financial year – a decline from 733 members in 2019.

Of the board directors, it was reported that Theo Pettaras resigned as of 1 March this year, while Stuart Fysh was appointed on 1 January 2020.

There were also two full-time equivalent employees of the PVCA at the end of the financial year, bringing its remuneration and other employment-related costs and expenses – employees down from $817,605 in 2019 to $462,300 in 2020.

For the year financial year ending 31 December 2020, the PVCA also had Susan Heaney, Peter Clark and Andrew Macaulay noted as officers of the PVCA who are also directors of a company that is a trustee of Media Super, a superannuation entity.

Macaulay stepped down from the role of PVCA CEO in March this year, with PVCA president Walter Kuhn taking over his responsibilities whilst the search for a “hands-on GM with the experience to grow [its] membership and lead [its] team” continues.

“Board changes will happen when the elections are on. Unfortunately, we’re still waiting on the Australian Electoral Commission (AEC) to hold the elections,” Kuhn told Sprinter.

In the report, the committee of management of the PVCA also passed a resolution in relation to the general purpose financial report (GPFR) for the year ending 31 December 2020.

“There are reasonable grounds to believe that the Print and Visual Communication Association will be able to pay its debts as and when they become due and payable,” it stated.

Comment below to have your say on this story.

If you have a news story or tip-off, get in touch at [email protected]  

Sign up to the Sprinter newsletter

Leave a comment:

Your email address will not be published. All fields are required

Advertisement

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.
  • This field is for validation purposes and should be left unchanged.
Advertisement