Speech Pathology Australia Annual Report 2023

18.2 Related Party Transactions The Company has received membership fees from directors for the year ended 31 December 2023 totalling $3,708 (2022: $3,589). The Company paid for all directors (8) and the Chief Executive Officer to attend the National Conference in May 2023 at a total cost of $3,520 (2022: $3,025). Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were given or received. Outstanding balances are usually settled in cash.

19. CONTINGENT LIABILITIES There are no contingent liabilities that have been incurred by the Company in relation to 2023 and 2022.

20. COMMITMENTS The Company has no other commitments to note as at 31 December 2023 (2022: Nil) other than its lease contracts.

21. BEQUESTS

Software

Total

$

$

BETTY USHER LECTURE FUND Opening balance

56,128

56,299

Interest income Funding support Closing balance

3,034

903

0

(1,074) 56,128

59,162

NADIA VERRELL SCHOLARSHIP Opening balance

10,000

10,000

Deposit

0 0

5,000

Funding support Closing balance

(5,000) 10,000

10,000

Balances for the Betty Usher Fund and Nadia Verrell Scholarship are shown in the balance sheet as part of the Financial Assets. Funds were merged in 2009 to be held as one term deposit account.

22. MEMBERS’ GUARANTEE The Company is incorporated under the Corporations Act 2001 and is a Company limited by guarantee. If the Company is wound up, the constitution states that each member is required to contribute a maximum $100 each towards meeting any outstanding obligations of the entity. At 31 December 2023, the total amount that members of the Company are liable to contribute if the Company wound up is $1,432,700 (2022: $1,317,400).

23. EVENTS AFTER THE REPORTING PERIOD The financial report was authorised for issue on 15 March 2023 by the Board of Directors. No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Company, the results of those operations, or the state of affairs of the Company.

2023 Annual Report | Speech Pathology Australia 43