Governance and Financials
Finance
The impact of the second year of the COVID-19 pandemic differed greatly to last year, enabling a surplus of $790,938. Although government stimulus reduced, it still provided for $170,100 in support. Ongoing border closures and travel restrictions required an agile approach to our service delivery that, although not ideal, did allow many services to resume in a modified format. These temporary changes resulted in several expenses not proportionately increasing in line with revenue due to the return of many services, hence this positive financial outcome was achieved.
When compared to the Covid-stricken 2019-20, examination revenue returned to more normal levels, following the cancellation of much of this activity late last fiscal year (of note our largest session, the Intern Written Exam in June was cancelled in 2019-20).
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 | $ | 1,074,120 |
| Examinations | $ | 2,478,024 |
| Accreditation | $ | 627,438 |
| COVID Support | $ | 170,100 |
| Grants | $ | 653,917 |
| Investments | $ | 52,500 |
| Other | $ | 97,483 |
| Accounting Adjustments | $ | 194,871 |
| $ | 5,348,453 |
Expenses
| Employee Benefits | $ | 2,707,064 |
| Services and Contracts | $ | 881,042 |
| Supplier Costs | $ | 354,649 |
| Depreciation and Amortisation | $ | 226,621 |
| Accounting Adjustments | $ | 132,793 |
| Other | $ | 255,346 |
| $ | 4,557,515 |
Assets
| Cash | $ | 3,255,975 |
| Debtors | $ | 70,448 |
| Intangible assets | $ | 33,413 |
| Investments | $ | 3,738,571 |
| Property and Equipment | $ | 491,996 |
| Right-of-use-assets | $ | 576,255 |
| Other | $ | 94,397 |
| $ | 8,261,055 |
Liabilities
| Creditors | $ | 314,389 |
| Employee provisions | $ | 341,013 |
| Lease liability | $ | 1,079,471 |
| Other liabilities | $ | 788,413 |
| $ | 2,523,286 |
| Surplus | $ | 790,938 |
| Equity | $ | 5,737,769 |
Income
Expenses
Assets
Liabilities
Our Board
We are backed by an incredible Board of Directors. Their dedication to our work assures quality in pharmacy education. They draw experience 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