Annual Report 2015 Speech Pathology Australia

Financial Report

after incorporating all event and staffing costs also made a loss of approximately $22,000. While the Association aims to maintain education events at an affordable level for members, it is regrettable that this year both the conference and CPD activities’ income did not fully support the resources required to deliver these programs at their high quality level. Other areas of income include bank interest on Association reserve funds, commission from member insurance and benefit programs, publications income, and general professional services, including assessment of those with overseas qualifications, university accreditations and resources such as the online COMPASS tool. A significant grant from the Department of Health to implement a three year research project “Embedding Simulation in Clinical Training in Speech Pathology Project – Phase 2” was also received, with the first year’s grant income after expenses, yielding a small administration profit. Expenses span many areas of general operating costs and include expenses of catering, venue and audio-visual for educational events; consultancy fees for CPD speakers and professional services; accommodation and travelling for Board and Branch meetings; computer operations; and printing for promotional merchandise and publications. Expenses for the Simulated Learning project and grant programs under the QRBLF, as referred to previously, were offset by income received. Staffing expenses for salaries and overheads have risen proportionately to expansions in positions and the scope of work undertaken. Funds were also allocated to a range of strategic projects including policy and advocacy representation at National and Branch levels, the International Communication Project, development of online CPD resources, and member support and representation concerning the NDIS roll-out and changes in aged care. Income tax of $2,931 was payable in relation to non- member related income received, while payroll tax of $47,555 was incurred. As reported, while a small loss occurred this year, the cash reserves as accumulated funds, remain very strong and provide the basis upon which the Association can continue to expand and enhance member services and deliver on its strategic plan. 2015 was another highly successful year with respect to the Association’s strategic advocacy, representation and public awareness raising, with the ability to maintain this focus due largely to the solid financial position that has allowed us to extend capacity and resources across these key directions for the Association. Belinda Hill Vice President Operations

The 2015 Financial Accounts reflect a continued strong and sustainable financial position of Speech Pathology Australia (the Association), despite a small net deficit of $24,422, after tax, was incurred over the 2015 financial period. The slightly reduced total equity/retained earnings of $2,403,438 comprises Current and Non-Current (Fixed) assets less all Liabilities. Fixed Assets include furniture and equipment, IT infrastructure and the Association’s national office property. As confirmed in the financial notes, the owned premises in Melbourne CBD is shown as historical purchase cost, although the market valuation (of 2014) shows an estimated value range of $1,050,000 to $1,150,000. While this value may only be realised if sold, the property remains a strong asset of the Association. Following financial and investment advice, the Board of the Association elected to retain the building as a rentable asset while the National Office relocated to a larger premises on a lease basis. The Association’s future minimum lease receipts and minimum lease expenses over the period of respective leases have been outlined in Notes 17.1 and 17.2. Further equity is shown in Cash Reserve Assets and bequest funds, predominantly held in term deposits. Bequest funds for the Elizabeth Usher Lecture fund, Murie Pollen bequest, and Nadia Verrall Memorial Research Scholarship grant are noted in Note 19. Other income includes payments to be received from sundry debtors and prepayments. These assets are offset in part by Current and Non-current Liabilities of sundry creditors, employee entitlement provisions and money received in advance, for the 2016 year or subsequent years, the latter being the case for the Queensland Registration Board Legacy funds of $671,052. These funds are held in trust for expenditure over a ten year period for designated annual grants and programs to benefit the profession in Queensland. The Detailed Profit and Loss Statement highlights that while the overall total income for the year was approximately $410,000 more than that of the previous year, the expenses were also considerably above that of last year. The principle income for the Association is membership subscriptions which yielded approximately $220,524 above that of last year, reflecting a continued steady growth in membership, although the projected membership income fell slightly below the budgeted target. Other major sources of income are generally derived from Continuing Professional Development workshop fees and Conference registration and exhibitor/sponsor fees. Unfortunately a loss of approximately $25,000 was incurred from the 2015 National Conference after all associated expenses, while the total CPD program

14 2015 ANNUAL REPORT Speech Pathology Australia