Summary of financial results
Table 2 summarises information from the board’s financial reports for the 2024–25 financial year. For comparison, it includes results from the previous 4 financial years.
Table 2: Five-year financial summary
| Result | 30 June 2025 $’000 | 30 June 2024 $’000 | 30 June 2023 $’000 | 30 June 2022 $’000 | 30 June 2021 $’000 |
|---|---|---|---|---|---|
| Total income from transactions | 34,588 | 40,179 | 38,751 | 37,975 | 36,869 |
| Total expenses from transactions | 39,637 | 36,793 | 35,199 | 37,674 | 33,314 |
| Net result from transactions | (5,049) | 3,386 | 3,552 | 301 | 3,555 |
| Other economic flows included in net result | (58) | (9) | (4) | 10 | 122 |
| Net result for the period | (5,107) | 3,377 | 3,548 | 311 | 3,677 |
| Net cash flow from operating activities | – | – | – | – | 136 |
| Total assets | 28,685 | 31,807 | 30,355 | 28,833 | 26,179 |
| Total liabilities | 3,300 | 1,315 | 3,240 | 5,266 | 2,923 |
Revenue
Total income reduced by $5.6 million in 2024–25, representing $5 million in funding redirected as part of the 2024–25 State Budget decision to return surplus accumulated reserves to government, and a further $0.5 million returned under a marketing savings initiative. A $0.9 million increase in services received free of charge from the department was offset by a $0.8 million reduction in supplementation funding provided during 2023–24 to support the pre-accredited training rate increase.
Expenses
Expenses were $2.8 million higher in 2024–25, driven largely by $2.2 million incurred on the release of the Learner and Program Sustainability Grant and a $0.9 million increase recognised in services provided free of charge.
Subsequent events
On 31 July 2025 the department announced proposed workforce changes under Clause 11 of the Victorian Public Service Enterprise Agreement 2024. The new structure was finalised on 1 October 2025, with resultant changes anticipated to result in a material reduction to the valuation of services provided free of charge. Given the implementation of changes will occur across the financial year, the change in valuation can only be quantified at the conclusion of the 2025–26 financial year.
No other matters or circumstances have arisen since the end of the financial year that significantly affected or may affect the operations, the results of operations or the state of affairs of the board in future financial years.
Updated