Speech Pathology Australia Annual Report 2023

Financial report

Speech Pathology Australia continues to present a strong financial position. Our financial accounts for the end of 2023 indicate an overall total equity of $2,587,348, and an operating loss of $375k which is in line with the budget for 2023 and the intention of the Board to utilise surplus generated in the operating years affected by COVID. While growth in income was once again evident, there was a rise in expenses including costs from suppliers of $738k from 2022. The second half of the year saw a concerted effort to identify ways to increase efficiency of operations and streamlining of operating expenses, with a focus on utilising resources on areas generating the greatest member impact. There are challenges in revenue generation, particularly in professional education. Post-covid, the professional education landscape has changed significantly, with more demand for online education, less attendance at face-to-face events and increased options for sourcing professional education offered by providers external to SPA. We are continuing to look at ways to provide high quality, affordable and accessible CPD for members as we navigate this changing landscape. In 2023 the Board approved investment of resources into key areas to provide members with an improved level of service which included upgrading SPA's critical infrastructure with a new member database, website, and learning management system implemented as well as the Communication Hub. In addition, there has been significant investment to improve the operational efficiency in National Office with the implementation of a digital invoice system, leave system and HR Employment platform. To help facilitate an improved hybrid working environment and allow for meetings to be hybrid rather than face-to-face, the video conferencing facilities were upgraded at National Office which has reduced travel expenditure. The Association’s assets continue to include strong cash reserves and invested funds. Investment income exceeded expectations, reaching $189k, which was $161k higher than the budgeted performance. This revenue offset some other revenue shortfalls including revenue no longer received from the rent of the Bank Place property. The success of the investment income was attributed to the lifting of the RBA cash rate with our average interest rate on term deposits increasing to 5.0%, additionally our equity portfolio performed strongly up +$37k or 4.4%. The detailed profit and loss statement shows a healthy 12% growth in revenue, with a rise from $7.63m in 2022 to $8.78m. Membership income remained the most significant source of revenue, consistent with the budgeted projection, totalling $5.94m This equates to 67.7% of total revenue and represents a growth of 11%. The success in revenue generation in the investment area underpins the ongoing intent to focus efforts to diversify income sources and ensure effective asset management in financial planning. In 2024, our investment strategy will continue to be reviewed and investments actively managed, monitoring performance and considering the best placement of funds to maximise returns. A high proportion of expenses for the Association relate to human resources, with staffing allocations apportioned across key principle activities of member support, professional education and events, regulation and standards, advocacy, and public relations. Corporate services and occupancy and infrastructure costs were also incurred to maintain the Association’s office and general operations.

Alison Smith Director, Vice President Finance

10 Speech Pathology Australia | 2023 Annual Report