Annual report 2010 - Australian and New Zealand College of ...

discussion and analysisof the financialstatementsfinancialstatementsInformation on Australian andNew Zealand College of AnaesthetistsConcise Financial ReportThe financial statements and disclosuresin the concise financial report have beenderived from the 2010 Financial Report ofthe Australian and New Zealand Collegeof Anaesthetists (ANZCA).A copy of the full financial report andauditor’s report will be sent to anymember free of charge, upon request.The discussion and analysis is providedto assist the members in understandingthe concise financial report.The discussion and analysis is basedon ANZCA’s consolidated financialstatements and the informationcontained in the concise financial reporthas been derived from the full 2010Financial Report of ANZCA.The College is a company limited byguarantee that has no share capitaland declares no dividends. The Collegeis exempt from income tax pursuantto Section 50-5 of the Income TaxAssessment Act 1997.Statement of comprehensive incomeOperating activities for the year resultedin a deficit of $715,366 compared toa surplus of $1,682,576 in the prioryear. This was offset by the investmentearnings of $721,432 ($980,408 in 2009)resulting in a net surplus for the year of$6066. This compared to a net surplusof $1,683,985 in 2009 which was affectedby the transfer of net assets of $978,999to the new College of Intensive CareMedicine under the terms of a Deedof Assumption and Release.Total operating revenue decreased by5.6 per cent to $19,363,015, whilstoperating expenditure rose by 6.7per cent to $20,078,380. It should benoted that year on year comparisonsare distorted by the separation of theJoint Faculty of Intensive Care Medicine(JFICM) at the end of 2009.Statement of financial positionTotal assets increased by 5.6 per centor $1,671,760. The major contributorsto this were the continued recovery inthe value of the investment portfolioand the increase in current assetsreflecting a higher level of prepaymentsand subscription debtors comparedto 2009. Total liabilities increased by$1,673,654 primarily due to higher levelsof subscriptions, examination and traineefees relating to 2011. The result of this isthat net assets remain at a similar level;$20,428,606 compared to $20,430,500last year.Statement of changes in equityTotal equity for the year remained virtuallyunchanged at $20,428,606, a reductionof $1894 on 2009. This arose from thenet effect of the surplus of $6066 beingoffset by a loss on exchange translationdifferences of the New Zealand assetsand liabilities of $7960.Statement of cash flowsCashflow for the year increased by$372,563 primarily reflecting the netimpact of operating activities andinvestment activities.Statement of Comprehensive Income for the financial year ended December 31, 20102010 2009$ $RevenueSubscriptions and entry fees 6,523,076 6,387,181Registrations, training and exam fees 7,099,458 7,878,802Meeting and course income 3,850,716 4,478,007Other income 1,889,765 1,761,120TOTAL REVENUE FROM OPERATING ACTIVITIES 19,363,015 20,505,110ExpensesEmployee costs 9,339,487 8,247,071Facilities 2,284,052 2,231,801Travel and events 4,479,557 4,826,734Information technology 1,177,272 1,030,191Professional services 1,757,947 1,395,373Other expenses 384,366 629,423Research grants 655,700 461,941TOTAL EXPENSES FROM OPERATING ACTIVITIES 20,078,380 18,822,534Surplus/ (Deficit) from operating activities (715,366) 1,682,576Income from non-operating activitiesInvestment Income 721,432 980,408SURPLUS FOR THE PERIOD 6,066 2,662,984Asset transfer at nil consideration - JFICM - (978,999)NET SURPLUS 6,066 1,683,985Other comprehensive incomeExchange translation differences (7,960) 23,838TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (1,894) 1,707,823Total revenue for the 12 monthsended December 31, 2010Registrations, trainingand exam fees $7,099,458Other income $1,687,590Donations $202,175Total expenses for the 12 monthsended December 31, 2010Employee costs$9,339,487Facilities $2,284,052Travel and events$4,479,557Meeting and courseincome $3,850,716Subscriptions andentry fees $6,523,076Information technology$1,177,272Professionalservices $1,757,947Other expenses $384,366Research grants $655,70044 ANZCA Annual Report 2010ANZCA Annual Report 2010 45