8
Governance and financials
Finance
APC experienced a favourable financial result this year, posting a final surplus of $3.314m. This is due to the increased demand for our services – particularly in relation to increases in overseas trained pharmacist applications. During this phase of growth, expenditure has lagged the income, in particular staffing.
Statement of financial position as of 30 June 2023
Income
| Assessments | $ | 3,348,861 |
| Examinations | $ | 4,660,951 |
| Accreditation | $ | 594,163 |
| Grants & Govt Incentives | $ | 854,266 |
| Other | $ | 980,989 |
| $ | 10,439,230 |
Expenses
| Employee Benefits | $ | 4,224,082 |
| Services and Contracts | $ | 1,620,303 |
| Supplier Costs | $ | 453,713 |
| Standards Development | $ | 317,785 |
| Other | $ | 509,2187 |
| $ | 7,125,101 |
Assets
| Cash | $ | 7,349,202 |
| Debtors | $ | 325,154 |
| Investments | $ | 8,643,076 |
| Property and Equipment | $ | 150,1733 |
| Prepayments | $ | 165,833 |
| $ | 16,633,438 |
Liabilities
| Creditors | $ | 427,117 |
| Employee provisions | $ | 446,814 |
| Lease liability | $ | 88,822 |
| Contract liabilities | $ | 5,482,372 |
| $ | 6,445,125 |
| Surplus | $ | 3,134,130 |
| Equity | $ | 10,178,313 |
Income
Assessments32%
Examinations45%
Accreditation6%
Grants and Govt Incentives8%
Other9%
Expenses
Employee Benefits59%
Services and Contracts23%
Supplier Costs6%
Standards Development4%
Other7%
Assets
Cash44%
Investments52%
Other4%
Liabilities
Creditors7%
Employee Provisions7%
Lease Liability1%
Contract Liabilities85%
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
- Indigenous Health Strategy Group – provides advice on how to best contribute to improving Indigenous health