Annual Report 2011 - ACEM

HONORARY TREASURER’S
REPORT Andrew Maclean
I am pleased to report that the College has continued
the strong performance of 2010. A surplus of $1,929,668
($1,597,851 in 2010) and an increase in net assets to
$14,681,607 ($12,555,826 in 2010) are indicative of
both the growth and the sound fi nancial position of
the College.
During the year, a major renovation of the College offi ce was
undertaken to accommodate the expansion of staff numbers
required for the DOHA funded project ‘More Doctors for
Emergency Departments’. The renovation and recruitment of
staff for the project have been notable items of expenditure
that are fully offset by the project funding.
Other notable increases in expenditure include College
committee costs, computer software support, primary
examination costs and wages. The valuable work of the
College committees continues to expand and the number
of committees has grown, with the transition of the
Non-Specialist working group to a committee and
establishment of the International Development Fund
Committee. A one-off expenditure in the 2010-2011
fi nancial year was required to establish the online MCQs
for the primary examination. The increase in staff numbers,
outside of those staff brought on board for the DOHA
project, has resulted in higher expenditure on both wages
and staff benefi ts. In other areas, such as printing, postage
and stationery the pattern of substantial savings continues
through from 2010.
Looking forward, the College is moving into a period of
signifi cant growth. The preparation of a Budget for 2011-
2012 by Peter Bain, ACEM’s new Director of Operations, has
clarifi ed that the primary focus over the next 12 months will
be the implementation phase associated with the College staff
restructure, redesign and development of both the website
and database and the DOHA Project. Other key areas will
include initiatives in education including e-learning and the
CPD program and developments associated with the Policy
and Research area. These initiatives will result in a smaller
surplus than previous fi nancial years but, even taking into
account the additional expenditure required, it is forecast
that the College will achieve a substantial surplus for the
2011-2012 year. My thanks go to Peter and Alana Killen for
the work they have undertaken in project planning, budget
and business planning, ensuring that the College maintains
its sound position into the future.
I am pleased to welcome Johanna Owen, Finance Offi cer,
to the team and extend thanks to Mandy Strates, Finance
Manager, for another year of hard work and much
appreciated support.
Andrew Maclean, Honorary Treasurer
ACEM Annual Report 2011
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