ASMOF (NSW State and Branch) Audited Accounts 2019

01-May-2020


ASMOF (NSW Branch) Audited Accounts 2019

The Fair Work (Registered Organisations) Act 2009 imposes financial accountability obligations on Federal registered unions. The Australian Salaried Medical Officers’ Federation (NSW) Branch is a branch of the Federally registered union.

The obligations include the requirement to prepare and lodge a financial report and provide the report to members of the union.

The Financial Report of the NSW Branch has been audited in accordance with the provisions of the Fair Work (Registered Organisations) Act 2009.

A copy of the Financial Report can be accessed here.

ASMOF prides itself on following robust financial governance principles and policies and I am pleased to report the attached financial report meets the requirements of the Fair Work (Registered Organisations) Act 2009 and no anomalies or cause for concern have been identified.

Furthermore:

  • the financial report complies with the Australian Accounting Standards and the reporting guidelines of the Registered Organisations Commission
  • the financial report gives a true and fair view of the financial performance, financial position and cash flows of the Branch for the 2019 financial year
  • the Branch can pay its debts as and when they become due and payable
  • the financial affairs of the Branch have been managed in accordance with the rules of the union, and
  • the financial records of the Branch have been kept and maintained in accordance with the Fair Work (Registered Organisations) Act 2009.

ASMOF (NSW) Audited Accounts 2019

The NSW Industrial Relations Act 1996 (“the Act”) imposes financial accountability obligations on the Union. This includes the requirement to lodge audited accounts with the Industrial Registrar in respect of each financial year of the Union.

The financial year of the Union is 1 January to 31 December. A copy of the Financial Report can be accessed here {insert as hyper link}.

A financial report is required to be prepared each year for the reporting period 1 January to 31 December of the preceding year. After following the usual process, which includes making it available to members, it is filed with the NSW Industrial Registry.

Key highlights:

  • There was a surplus of $77,369 compared to the 2018 surplus of $120,389.
  • Total revenue was $3,843,569 compared to the 2018 revenue of $3,501,434. This is a 9.8% increase in total revenue (compared to a 10.8% increase in total revenue over 2017-2018)
  • Total expenses were $3,766,200, compared to $3,381,045 (2018). This is an 11.4% increase in expenses. Most of this came from increased campaigning and recruitment activity and legal expenses – arising from running more important cases in the NSW IRC but includes the Federal Court matter against the AMA. I refer you to the following note on page 11:
  • Income from SMO membership fees was $2,479,084, compared to $2,348,779 for 2018 (5.5% increase).
  • Income from JMO membership fees was $869,374, up from $701,089 for 2018. (24% increase).

Also we were required to report on financial events that occurred during the reporting but where the transaction occurred after the reporting period. This relates to the termination of AMA NSW/ASMOF Alliance Agreement, ASMOF NSW received a payment from the AMA NSW in the sum of $35,000 as ordered by the Federal Court of Australia as payment for ASMOF NSW's legal costs in the matter NSD1827/2019, Australian Salaried Medical Officers' Federation ( New South Wales ) V Australian Medical Association (NSW) Limited.