2022-23 year in review
Operating result
In 2022-23, the ARBV recorded a net surplus of $46,496 which was an increase of $8,087 as compared to the 2021-22 net surplus of $38,409.
Revenue increased by $233,363, including an additional $124,242 of annual registration fee income due to an increase in the number of registered architects, and approved companies and partnerships.
Expenditure increased by $227,082. This was mainly driven by increases in the following expense categories:
Information Technology expenses- $117,751 – including CRM software support, purchase of laptops and other equipment.
Occupancy expenses - $38,508 – including repairs and maintenance costs.
Employee expenses - $37,502 – including revaluation of long service leave liability for prior year.
- Examination expenses - $31,190 – including increase in amount payable to the AACA.
The net result variance includes a minor adjustment flowing from the disposal of non- financial assets in the prior year.
Financial position
Equity
Equity increased by $114,947 to $1,502,007. This was the result of the net surplus of $46,496 and a prior year adjustment of $68,451 to reflect a reduction in the Right-Of-Use (ROU) Assets and Liabilities as per the lease schedule.
Total Assets and Liabilities
Total assets increased by $377,284 due to higher cash collection of registration fees ($676,157) partially offset by a reduction in non-financial assets ($288,253). This reduction was mainly due to adjustment to ROU Assets and depreciation for the year.
Total liabilities increased by $262,337 due to a higher volume of fees collected in advance. Registration and examination fees paid in advance increased by $418,944 which includes the increase in 2023-24 registration fees introduced in May 2023.
ARBV 5-year financial summary
| 2023 | 2022 | 2021 | 2020 | 2019 | |
| $ | $ | $ | $ | $ | |
| Total income from transactions | 2,869,560 | 2,636,197 | 2,501,132 | 2,184,555 | 2,447,596 |
| Total expenses from transactions | 2,823,770 | 2,596,687 | 2,433,281 | 2,355,266 | 2,379,098 |
| Sponsorships and awards* | 13,091 | 4,000 | 5,000 | 25,782 | 61,000 |
| Net result for the period | 46,496 | 38,409 | 67,851 | (170,711) | 98,498 |
| Net cash flows from operations | 802,650 | 479,330 | (40,329) | 426,231 | 144,208 |
| Total assets | 4,324,384 | 3,947,100 | 3,915,468 | 3,369,736 | 2,934,365 |
| Total liabilities | 2,822,377 | 2,560,040 | 2,566,817 | 2,088,887 | 1,482,805 |
* Sponsorships and awards are included in the net result for the period.
Significant changes or factors affecting performance
There were no significant changes or factors affecting ARBV’s performance during the reporting period. The hybrid working model for staff continued throughout the year without any impact on performance.
Subsequent events
As at the date of signing the annual financial statements there were no subsequent events requiring disclosure.
Updated