Chief Financial Officer Report 2023-24

In 2023-24, Bush Heritage made our largest ever land acquisition – the 235,000-hectare Evelyn Downs property in South Australia, Antakirinja Matu-Yankunytjatjara and Yankunytjatjara Country. 

This purchase was funded in full by generous donor contributions to our dedicated fundraising campaign, which supplemented our already strong revenue for the year.

We remain in an excellent position to deliver on the key priorities of our 2030 Strategy, as evidenced by our significant acquisition during the year while continuing to grow a strong financial base.  For 2023-24, our total revenue was almost $42 million, an increase of 23% on the prior year and buoyed by the specific donations for the Evelyn Downs acquisition. 

This continued a trend of progressively increasing our core donor revenue streams over the past five years.

This strong revenue position has enabled our continued commitment to increased impact, with higher levels of expenditure across our key operational streams. The current year total expenses of $39 million was an increase of 16% from the prior year, with expenditure on conservation management activities making up 70% of total expenses. We anticipate total expenses in the coming year to be at least at the level of 2023-24, with the current expectation to generate a break-even net surplus in 2024-25.  

Financial results

“In 2022-23, our supporters’ continued generous contributions allowed Bush Heritage to deliver a robust financial outcome. We achieved a strong revenue that enabled a significant increase in expenditure across our key impact areas throughout the year.”

In addition to the Evelyn Downs acquisition, we furthered our goal to deepen and double our impact with the purchase of a new property, Sanstrom Reserve, on Djandak (Dja Dja Wurrung country) in Victoria. Sanstrom links two existing reserves to establish a crucial reconnection of remnant woodlands. 

Just prior to the end of the financial year, we also entered into a purchase agreement for a new property connecting our Monjebup and Red Moort reserves on Goreng-Noongar country in south-west Western Australia, which will be settled in July 2024.  

We follow a rigorous assessment process for new property acquisitions and will continue to apply this discipline as we search for appropriate potential opportunities.  We remain in a very strong financial position, providing the capacity to consider growth opportunities as they are identified, and the security of available funds to support the business during any potential volatility in the future.