The Print and Visual Communication Association (PVCA) has reported yet another year of financial loss for its FY21 results for the year ending 31 December 2021, with the association revealing that it generated a loss of $1.47 million.
The association attributed the loss to the continued assistance that it provided its members including specialty services, advice, support and representation.
“During the year the Print and Visual Communication Association continued to assist its members with specialty services, advice, support and representation. As a result of these activities, the Print and Visual Communication Association generated a loss of $1,474,511 during the year,” it said.
“There were no significant changes in the nature of the activities of the Print and Visual Communication Association during the year.”
The results show that the association has fallen deeper in to the red, having reported a loss of $583,344 during the 2020 financial year ending 31 December 2020 from a profit of $94,000 the year before.
It also recorded $847,000 in losses in 2018.
For the 2021 financial year, its membership subscription revenue was recorded at $398,504 and rental revenue recorded at $105,027.
In its financial statement, it also indicated that the loss on revaluation of investment property amounted to $35,000, while the share of net loss of its joint venture with Visual Industries Events was $34,595 and the loss on sale of assets in a Perth investment property was almost $1.3 million.
The PVCA also saw a decline in the number of members – from 573 members in the register at the end of the 2020 financial year (a decline from 733 members in 2019) to 528 members in FY21.
During that financial year, Theo Pettaras and Richard Celarc resigned, on 1 March 2021 and 31 December 2021 respectively, and there were no employees of the PVCA at the end of that financial year, bringing employee expenses down from $462,300 in FY20 to $83,578 in FY21.
For the 2021 financial year, 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 PVCA CEO role in March 2021, with PVCA president Walter Kuhn taking over his responsibilities in the interim before Peter Clark was elected as president in February this year.
In April this year, The Real Media Collective (TRMC) CEO Kellie Northwood issued a statement announcing the intention for merger of TRMC and the PVCA, to form the largest association across the industry.
In May, TRMC held its Special General Meeting (SGM) to secure member voting in support or decline of the proposed merger, with the TRMC board confirming that the motion has been carried with no objections issued.
More details about the merger including brand, positioning and naming of the entity, as well as the timeline for future events and activities will be revealed at a combined member briefing at PacPrint, which will take place from 28 June to 1 July.
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