Annual report 2009 - Australian and New Zealand College of ...

DISCUSSION AND ANALYSIS
OF THE FINANCIAL STATEMENTS
Information on Australian and
New Zealand College of Anaesthetists
Concise Financial Report
The financial statements and disclosures in the concise
financial report have been derived from the 2009 Financial
Report of the Australian and New Zealand College of
Anaesthetists.
A copy of the full financial report and auditor’s report will be
sent to any member free of charge, upon request.
The discussion and analysis is provided to assist the
members in understanding the concise financial report.
The discussion and analysis is based on the Australian
and New Zealand College of Anaesthetists consolidated
financial statements and the information contained in the
concise financial report has been derived from the full 2009
Financial Report of the Australian and New Zealand College
of Anaesthetists.
The College is a Company Limited by Guarantee that has
no share capital and declares no dividends. The College is
exempt from income tax pursuant to Section 50-5 of the
Income Tax Assessment Act 1997.
STATEMENT OF COMPREHENSIVE INCOME
The surplus from operating activities for the year was
$1,682,576, which is an improvement of $2,305,295 on
the prior year, which had a deficit of $622,719. The overall
result was assisted by the partial recovery of the investment
markets in 2009 resulting in a positive return of $980,408
compared to a loss of $2,752,483 in 2008. As a result of
this, the surplus for the financial year was $2,662,984,
compared to a $3,375,202 deficit in 2008. Under the terms
of a Deed of Assumption and Release relating to the agreed
separation from the College of the Joint Faculty of Intensive
Care Medicine and the establishment of a new College
of Intensive Care Medicine, net assets of $978,999 were
transferred to JFICM. This transfer of assets resulted in a
net surplus for the year of $1,683,985.
Total operating revenue rose by 24.0% to $20,505,110,
whilst operating expenditure was contained to rise by
9.7% to $18,822,534.
STATEMENT OF FINANCIAL POSITION
Total assets increased by 5.7% or $1,620,321. The major
contributors to this were the recovery in the value of the
investment portfolio as outlined above and the increase in
other current assets reflecting a higher level of prepayments
compared to 2008.Total liabilities decreased marginally by
$87,502 to $9,378,427 representing a decrease of 0.9%.
The result of this is an increase in net assets of $1,707,823
or 9.1%.
STATEMENT OF CHANGES IN EQUITY
Total equity for the year increased by $1,707,823. This arose
from the net effect of the surplus of $2,662,984 and a gain
on exchange translation differences of the New Zealand
assets and liabilities of $23,838, partially offset by the asset
transfer at nil consideration to the Joint Faculty of Intensive
Care Medicine of $978,999.
STATEMENT OF CASH FLOWS
Cash flows for the year increased by $2,294,899 primarily
reflecting the impact of the improved investment returns
and the higher collections from members and customers.
AUDITOR’S INDEPENDENCE DECLARATION
Level 8 Rialto South Tower
525 Collins Street Melbourne VIC 3000
PO Box 248 Collins Street West VIC 8007
T +61 3 9286 1800 F +61 3 9286 1999
www.rsmi.com.au
As lead auditor for the audit of the financial statements of the Australian and New Zealand College of
Anaesthetists for the financial year ended 31 December 2009, I declare that to the best of my
knowledge and belief, there have been no contraventions of:
(i)
(ii)
the auditor independence requirements of the Corporations Act 2001 in relation to the audit;
and
any applicable code of professional conduct in relation to the audit.
RSM BIRD CAMERON PARTNERS
Chartered Accountants
P A RANSOM
Partner
23 March 2010
Melbourne
Registrations, training
and exam fees $7,878,802
Other income $1,497,526
Donations $263,594
Total revenue for the 12 months
ended 31 December 2009
Total expenses for the 12 months
ended 31 December 2009
Employee costs
$8,247,071
Other expenses $629,423
Research grants $461,941
Information technology
$1,030,191
Meeting and course
income $4,478,007
Subscriptions and
entry fees $6,387,181
Professional
services $1,395,373
Facilities $2,231,801
Travel and events
$4,826,734
Liability limited by a
scheme approved under
Professional Standards
Legislation
Major Offices in:
Perth, Sydney, Melbourne,
Adelaide and Canberra
ABN 36 965 185 036
10
RSM Bird Cameron Partners is an
independent member firm of RSM
International, an affiliation of independent
accounting and consulting firms.
58 ANZCA Annual Report 2009
ANZCA Annual Report 2009 59