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2015 ANNUAL REPORT Speech Pathology Australia
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
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
Financial Report