Governance and Financials
We finished the 2019/2020 financial year with a surplus of $159,742 largely due to the Government COVID-19 stimulus packages. We cancelled scheduled exams for April through to June due to the pandemic, including our largest session, the Intern Written Exam in June. This caused a significant drop in budgeted exam income.
- 640 interns attempted exams compared to 1490 in 2018/19
- 417 KAPS exams attempts compared to 744 in 2018/19
We expect to recoup much of this income in the 2020-21 financial year as candidates sit the rescheduled exams.
Assessment numbers increased by 4.6% to 827 from 790 in 2018/19 indicating continued desire by overseas trained pharmacists to come and work in Australia.
Our decreased income was offset by reduction in expenses, primarily travel for our Board, Committees, subject matter experts and staff, as well as postponed activities including our Site Evaluation Team panel training and Colloquium.
We continued our ICT transformation commitment delivering our new website, as well as investing in developmental changes to our CRM to enable delivery of remotely proctored exams.
Despite the uncertainty and challenges of 2020, APC remains in a strong financial position due to careful financial management. Our organisation remains committed to advancing and assuring pharmacy education through quality services and collaborations.
Statement of Financial Position as of 30 June 2020
Income
| Assessments | $ | 1,020,960 |
| Examinations | $ | 1,611,557 |
| Accreditation | $ | 610,363 |
| IAS | $ | 88,253 |
| Government COVID assistance | $ | 280,900 |
| Grants | $ | 639,039 |
| Investments | $ | 115,004 |
| Other | $ | 1,455 |
| $ | 4,367,531 |
Expenses
| Assessments | $ | 823,140 |
| Examinations | $ | 2,345,350 |
| Accreditation | $ | 860,663 |
| IAS | $ | 57,567 |
| Other Project/Events | $ | 121,069 |
| $ | 4,207,789 |
Assets
| Cash | $ | 2,612,889 |
| Debtors | $ | 156,555 |
| Intangible assets | $ | 188,780 |
| Investments | $ | 2,991,535 |
| Property and Equipment | $ | 377,925 |
| Right-of-use-assets | $ | 658,575 |
| Other | $ | 111,295 |
| $ | 7,097,554 |
Liabilities
| Creditors | $ | 310,132 |
| Employee provisions | $ | 291,078 |
| Lease liability | $ | 1,175,862 |
| Other liabilities | $ | 373,651 |
| $ | 2,150,723 |
| Surplus | $ | 159,742 |
| Equity | $ | 4,946,831 |
Income
Expenses
Assets
Liabilities
Our Board
APC is backed by an incredible Board of Directors. Their dedication to our work assures quality in
pharmacy education. They come from pharmacy, education, other health professions, business and
the community.
Organisational Chart 
Our Committees
Operational and advisory committees provide expertise and advice:
- Finance, Audit and Risk Monitoring Committee – watches and manages compliance risk
- Accreditation Committee – decides on accreditation and consults on examination issues
- Examinations Committee – keeps our exams relevant and fair
- Improving Indigenous Health Strategy Expert Advisory Group – provides advice on how to best contribute to improving Indigenous health