Page 5 - Palms-Australia-Annual-Report-2019

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We also achieved income growth We have mapped budgetary projections

beyond budget projections in FY 2018-19, across all line items for each of the next

but analysis of underlying trends makes five years. I encourage members to ask for

it clear that to sustain 50 people on a copy. It is expected that there will be at

assignment beyond FY 2023-24 requires least a six month lag between employing a

devoting capacity now to fundraising. fundraiser and increasing income, and not

every line of income will increase by the
Future Investment arbitrary 20% figure nominated at one of

the initial planning meetings in 2017.

While it is understood in business that

one has to invest to grow, it is sometimes Our targets are ambitious and stretching,

considered imprudent for charities to and not without risk, but we have made

show large deficits on annual profit and a sound identification of the potential new

loss (P&L) statements. I need to advise investors and the right person in the

that the effect of employing Palms first fundraising position will provide the

dedicated fundraiser in the coming year capacity we need to have them appreciate

will be a further increase in that deficit. the value of Palms model of international

development. The alternative is not

To avoid weak knees on this it is attempting to grow, but simply spreading

important to remember two things: the legacy over the longer term. The funds

could be spent maintaining 15 assignments

1. Injections of income the size of our per annum for maybe 10-12 years and

2017 legacy gave us a monstrous P&L hoping for another sizable legacy in

surplus in that year, but we cannot rely that period to avoid winding up in

on similar to happen again. The income around 2028-29.

growth required to achieve our plan of

a break-even P&L with 50 volunteers on Palms Vision and Mission is being achieved

assignment in 2023-24 is unlikely to be daily because of the values and approach

achieved without investment in we take to mutual human development in

fundraising capacity in the intervening the remote grass roots communities of the

years. world and at home. Growing and sustaining

2. Continuing to invest is projected to our vision requires that we give opportunity

produce a greater surplus on the 2024- to more Australians to appreciate the value

25 balance sheet (756,742) than we of investing in it.

had three years ago ($721,334), but

gives us 50 volunteers on assignment

instead of 20. Long-term vision is

required, rather than fear of short-term Roger O'Halloran

budget deficits, if we are to avoid
Executive Director
depleting funds before we get to our
Palms Australia
target.