The AASB has recognised a Total Comprehensive surplus of $284,244 (2019: Loss of $23,332) as a result of COVID-19 reducing travel costs substantially. Direct travel costs decreased to
$133,206 (2019: $342,278).
As planned, our engagement of contractors continues to decrease. This year incurring expenses of $248,492 (2018: $484,162) (refer to Note 3A to the Financial Statements) and an associated increase in employee expenses.
Management fees received from the AUASB were $537,542 (2019: $767,761) as set out in our Memorandum of Understanding (MoU) (refer to Note 2A and 2B to the Financial Statements), less than the prior year as the National Director was not a shared resource in this financial year.
Human Resources (HR) costs increased during the year due to costs incurred for an HR project and the implementation of short-term on-site HR support.
Administration costs have increased due to the support being provided to enable staff to work from home and additional IT support costs incurred this year.
Professional Development costs have increased in the current year in alignment to the strategy of building a high performing team.
Note 11 to the Financial Statements provides further details of variances from the reported budget numbers.