Financial performance and business review
In 2020-2021, the ARBV recorded a net surplus of $67,851 which was a $238,562 improvement on the net deficit of $170,711 in 2019-2020.
Revenue increased by $316,577 due primarily to applications and registration income increasing by $161,661 and examination income increasing by $169,465, the latter being a result of:
- coronavirus (COVID-19) impacts, which forced examinations planned for 2019-2020 to be rescheduled to 2020-2021
- exam fee increases to recover cost increases for externally facilitated exams
- an increase to the number of exam participants.
Expenditure increased by $78,015 which included:
- employee expense increases of $105,390, including Enterprise Agreement back payments, recruitment and training and reinstatement of payroll tax post coronavirus (COVID-19) relief programs
- professional (consulting) services increases of $102,688 including:
- procurement, tendering and implementation support for a new
- Customer Relationship Management system (CRM)
- assistance with the revision of ARBV’s Regulatory Strategy
- examination increases of $32,485 reflecting an increase in exam participants
- depreciation increases of $22,381 due primarily to depreciation on the Right of Use building lease.
Offsetting these increases, were reductions totalling $179,068 compared to 2019-2020 for legal services, administration (including information technology) and occupancy expenses.
Financial position
Net assets increased to $1,348,654 as a result of the net surplus for the year.
Total assets increased by $545,735 and total liabilities increased by $477,930 relative to 2019-2020. A Right of Use asset for the lease of new premises is recognised at $619,218 and is offset on the liabilities side of the balance sheet by a lease liability of $620,650.
Cash is lower by $239,812 largely reflecting the $180,089 increase in intangible assets (CRM and website), the net cash outflow of $40,326 from operating activities and the purchase of minor plant and equipment totalling $19,352.
Income received in advance (fees) reduced by $200,595 due primarily to implementing a new CRM resulting in a delay in the yearly renewal process.
The annual financial statements have been prepared using the going concern basis of accounting.
ARBV 5-year financial summary
| ARBV 5-year financial summary | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|
| Total income from transactions | 2,501,132 | 2,184,555 | 2,477,596 | 2,124,263 | 1,975,946 |
| Total expenses from transactions | 2,433,281 | 2,355,266 | 2,379,098 | 2,066,187 | 1,805,602 |
| Sponsorships and donations (1) | 0 | 5,000 | 25,782 | 61,000 | 70,000 |
| Net results for the period | 67,851 | (170,711) | 98,498 | 58,220 | 171,000 |
| Net cash flows from operating activities | -40,326 | 476,231 | 144,208 | 303,439 | 152,876 |
| Total assets | 3,915,471 | 3,369,736 | 2,934,365 | 2,786,808 | 2,494,405 |
| Total liabilities | 2,566,817 | 2,088,887 | 1,482,805 | 1,433,746 | 1,199,563 |
Notes:
- Sponsorships and donations are included in the net result for the period.
Financial management compliance attestation statement
Financial statement
Updated