The Visual Media Association (VMA) has reinforced its long-term financial strength, delivering another year of positive operating performance while significantly strengthening its balance sheet and cash reserves.
The Association's 2025 Annual Report records a statutory surplus of $678,244, reflecting a number of strategic one-off transactions completed during the financial year, alongside continued growth in commercial activities and disciplined financial management.
Importantly, while the statutory result reflects accounting treatment required under Australian Accounting Standards, the Association said the underlying operating performance provides the clearest indication of the organisation's ongoing financial health.
“The reported surplus includes the full recognition of the PacPrint and Visual Industries Events operating profit for the year, which under normal commercial circumstances would have been recognised progressively over a two-year event cycle,” said Tony Bertrand, honorary treasurer of the VMA.
“The accounts also include the first payment received following the strategic divestment of the Association's interest in Visual Industries Events together with the accounting gain on disposal. These are significant one-off transactions that strengthened the Association's financial position, but should not be viewed as recurring operational income.”
Bertrand adds that the Association had also deliberately deferred several technology and innovation projects during 2025 as implementation timeframes shifted, with associated expenditure now being delivered throughout the 2026 financial year.
“Adjusting for these timing and one-off items, the Association delivered an underlying operating surplus of approximately $128,000 against a budgeted operating surplus of $80,000,” he said.
“That represents a strong operational outcome and demonstrates the continued financial discipline of the organisation.”
The Annual Report also highlights the Association's strengthened financial position, with cash and cash equivalents increasing to more than $2.18 million, total net assets growing to $5.45 million, and liabilities reducing substantially during the year.
According to Kellie Northwood, chief executive officer of the VMA, the result reflected several years of consistent financial stewardship following the merger that established today's VMA.
“Since the merger, the Board and Executive have remained committed to building a financially resilient industry association that can continue investing in advocacy, workforce development, sustainability programs, research and member services,” she explained.
“Our focus has never been on generating profits for profit's sake. As a not-for-profit industry association, every surplus generated is retained for the benefit of members and reinvested into strengthening the industry's future.
“The continued growth in our retained earnings and cash reserves provides security for members, while allowing the Association to respond to emerging opportunities, invest in new strategic initiatives, and maintain stability through changing economic conditions.”
Rather than distributing surpluses, the Association has continued to strengthen its financial reserves through conservative financial management, with funds held in secure cash investments and fixed-term deposits to ensure long-term sustainability and support future industry initiatives.
The financial performance also reflects continued confidence from members and industry partners, with strong revenues generated across membership, partnerships, events and commercial activities throughout the year.
According to Bertrand, the Board remained focused on maintaining prudent financial governance.
“Our responsibility is to ensure the Association remains financially strong for future generations of members. Building sustainable reserves, while continuing to invest in services, advocacy and industry capability provides that confidence,” he said.
“As we enter the next phase of the Association's strategic development, we do so from a position of financial strength.”
The VMA’s Annual General Meeting was held on 30 June 2026 with the Financial Accounts being accepted by the membership.