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Financial Report
FINANCIAL REPORT
FINANCE REPORT
Iam pleased to report that OTA has, despite facing a full financial year impacted by the pandemic, recorded a record surplus.
This has been achieved through a variety of mechanisms addressing all aspects of the association. These rewards are a result of the careful planning and monitoring of the budget, a commitment to a robust financial investment strategy enabling our assets to work to maximum benefit and a growth in revenue. Revenue increases can be attributed to increased membership numbers and improved member retention, an increased uptake of CPD via online learning, and our revenue was further enhanced by hosting three national events within this financial year.
The financial performance results reflect $6,395,149 in revenue offset by $4,358,956 in expenses, resulting in a net surplus of $2,036,193 which represents a 144.51% increase on the previous financial year.
Total assets amount to $10,931,042 of which $7,716,072 is in cash and term deposits.
Total liabilities equate to $2,625,655 of which $1.87 million relate to membership and CPD income received in advance. Net asset trends (assets minus liabilities) remain positive, with a balance of $8,305,387 at the end of the reporting period, 30 June 2021. Our strong position enables OTA to continue to grow our future capability and capacity as we embark on a new and ambitious strategy for the association. A major focus for the organisation is to deliver value to members, advocate for the profession and ensure the association is equipped with the resources required to ensure our continued success and sustainability. In this reporting period, membership revenue grew by 10% and overall membership numbers by 9%. OTA looks closely at key ratios, such as debt, liquidity and profitability. For successive years OTA has continued to build its financial health, with a current liquidity ratio of 3.09 signalling a strong fiscal position. Our new strategy signals to members and stakeholders our ongoing commitment to the profession and the communities and clients we serve. Our strong record of financial accountability and management make the delivery of our new strategy possible, and the benefits for members tangible. My congratulations and thanks to the Board of Directors and fellow Finance Risk & Audit Committee members and to the Occupational Therapy Australia Finance Team led by Cynthia Noh for working collaboratively to achieve such a strong result in challenging and uncertain times.
Paul Marsh, OTA Vice President, Finance
