Financial report

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


  1. Sponsorships and donations are included in the net result for the period.

Financial management compliance attestation statement

ARBV financial management attestation statement 2020-21
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Financial statement

ARBV financial statement 2020-21
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