YEAR IN REVIEW Financial overview
In brief
The information presented in the table below provides a financial summary for the ARBV’s financial performance over a 5-year period.
| $000 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Total income from transactions | 3,605 | 2,870 | 2,636 | 2,501 | 2,184 |
| Total expenses from transactions | 3,507 | 2,824 | 2,597 | 2,433 | 2,355 |
| Other economic flows included in net result | 30 | 1 | 0 | 0 | 0 |
| Net result for the period | 128 | 46 | 38 | 68 | (171) |
| Expense from sponsorships and awards* | 25 | 13 | 4 | 5 | 26 |
| Net cash flows from operations | 458 | 803 | 479 | (40) | 426 |
| Total assets | 4,624 | 4,324 | 3,947 | 3,915 | 3,370 |
| Total liabilities | 2,994 | 2,822 | 2,560 | 2,567 | 2,089 |
* Expenses from sponsorships and awards are included in the net result for the period.
Net result
The ARBV achieved a net surplus of $127,684 (2023: $46,496). This was an increase of $81,188 compared to 2022-23 and was principally due to unexpected delays in some Tribunal inquiries leading to budgeted legal expenses falling due after the end of the financial year.
Sustaining an operating surplus is a critical financial strategy for the longer-term health of the organisation. Net assets have risen to $1.63 million (2023: $1.50 million) and underpins the organisation’s financial viability and provides capacity to address emerging issues, new opportunities and asset replacements.
Income
Total income from transactions for 2023-24 was $3.61 million, an increase of $0.74 million (2023: $2.87 million) and included an additional $0.63 million from annual registration fee income. This was primarily due to an increase in the applicable fees for registered architects, companies and partnerships for the period commencing 1 July 2023.
A breakdown of the major income sources is shown below. This highlights the ARBV’s reliance on registration fees to support the funding of services and other business activities.
| $000 | 2024 | 2023 | Movement |
|---|---|---|---|
| Annual registration fees | 2,963 | 2,331 | 632 |
| Examinations | 357 | 321 | 36 |
| Interest income | 142 | 80 | 62 |
| Other income | 143 | 138 | 5 |
| Total income from transactions | 3,605 | 2,870 | 735 |
Expenses
Total expenditure from transactions for 2023-24 was $3.51 million, an increase of $0.68 million from the previous year (2023: $2.82 million). A breakdown of expenditure by the ARBV is shown below.
| $000 | 2024 | 2023 | Movement |
|---|---|---|---|
| Employee benefits | 1,602 | 1,450 | 152 |
| Contractors | 279 | 131 | 148 |
| Legal | 330 | 202 | 128 |
| Digital and information technology | 309 | 234 | 75 |
| Examinations | 258 | 213 | 45 |
| Administration | 129 | 83 | 46 |
| Depreciation and amortisation | 275 | 213 | 62 |
| Other expenses | 325 | 298 | 27 |
| Total expenses from transactions | 3,507 | 2,824 | 683 |
Financial position – Balance Sheet
The ARBV’s financial position is demonstrated by net assets which increased in 2023-24 by the reported net result of $0.13 million to $1.63 million (2023: $1.50 million). Net assets at 30 June 2024 includes
$3.97 million in cash and deposits and $0.40 million in non-financial assets. Total assets of $4.63 million are partially offset pay $2.60 million in payables (includes $2.30 million in unearned income for 2024-25 registration fees) and $0.39 million other liabilities.
Capital expenditure
Capital expenditure for intangible assets (CRM software enhancements) totalled $63,301 (2023:
$44,137). In line with the ARBV policy, minor asset purchases under $5,000 are expensed in the year of purchase.
Significant changes or factors affecting performance
There were no significant changes or factors affecting the ARBV’s performance during the reporting period.
Subsequent events
As at the date of signing the annual Financial Statements there were no subsequent events requiring disclosure.
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