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THE PSYCHOLOGISTSREGISTRATION BOARD
OF WESTERN AUSTRALIA
Annual Report andAudited Financial Statements
Year ended 30 June 2010
CONTENTS
1 Statute
2 Functions of the Board
3 Board Membership
4 Meetings of the Board
5 Administrative Arrangements
6 Registration Fees
7 Registration Statistics
8 Overseas Qualifications
9 Specialist Title
10 Inquiries
11 Complaints
12 Impairment
13 Mutual Recognition (WA) Act 2001
14 Trans Tasman Mutual Recognition (WA) Act 2007
15 Interaction with the Public
16 General
17 Acknowledgements
THE PSYCHOLOGISTS REGISTRATION BOARD OF WESTERNAUSTRALIA
Year ended 30 June 2010
1. STATUTE
The Psychologists Registration Board of Western Australia is established by thePsychologists Registration Act 2005 (the Act) which was proclaimed on 4 May 2007.The Board is a body corporate and exercises the powers, authorities, duties andfunctions imposed on it by the Act and Rules determined from time to time.
The preamble to the Act states:
"An Act to provide for the regulation of the practice of psychology and registration ofpersons as psychologists."
In accordance with section 24(1) of the Act, the Board is required to make and submit tothe Minister for Health (by 31 December) an annual report of its proceedings for thepreceding year ending on 30 June.
Accordingly, this is the said report.
2. FUNCTIONS OF THE BOARD
The Board is directly responsible to the Minister for Health for all matters relating to theadministration of the Psychologists Act 2005 and the Psychologists Regulations 2007.
The functions of the Board are:-
to advise the Minister on matters to which the Act applies;to administer registration under Part 4 of the Act;to support and promote public education and research in relation to the practiceof psychology;to monitor education in psychology and provide advice on that education to theMinister and to any other person or body involved in that education;to promote and encourage:
o the continuing education of psychologists in the practice of psychology;and
o increased levels of skill, knowledge and competence in the practice ofpsychology;
and
to perform other functions that are conferred on the Board under the Act or any otherAct.
aim rep 1 0 2
3. BOARD MEMBERSHIP
Membership of the Board is prescribed under section 5 of the Act.
The Board consists of eight members appointed by the Minister, of these:-
a) six are Psychologists;b) one is a person who has knowledge of and experience in representing the interest
of consumers; andc) one is a legal practitioner.
Board Members
The following were Board Members during the year ended 30 June 2010:
Dr John Manners (resigned 1 December 2009)Mr Alan PlumbDr Jennifer ThorntonAssociate Professor David LeachDr Leonie CoxonMr Trevor RuleMs Clare Thompson Legal Practitioner (term ended March 2010)Ms Amanda Olsen Consumer RepresentativeMr Theodore Sharp Legal Practitioner (from March 2010)
In accordance with section 6 of the Act, a Presiding Member and Deputy PresidingMember were elected as follows:
Dr John Manners Presiding Member (until December 2009).Dr Jennifer Thornton Deputy Presiding Member (to December 2009) PresidingMember from 2 February 2010)Dr Leonie Coxon Deputy Presiding Member (from 2 February 2010)
Board Deputy Members
In accordance with Schedule 1, Clause 3, the following are Deputy Members:
The following Deputy Board Members were appointed in October 2008:
Dr Deborah Wilmoth (deputy for Mr Plumb)Ms Marilyn Canigg (deputy for Ms Olsen)Dr Janis Fairbairn (deputy for Mr Rule)Ms Lidia Genovese (deputy for Dr Coxon)Dr Marjorie Collins (deputy for Associate Professor Leach) (from March 2010)Dr Johanna Badcock (deputy for Mr McLean) (from March 2010)Mr Nicholas Lindsay (deputy for Mr Sharp) (from March 2010)
annrep 10
4. MEETINGS OF THE BOARD
The Board conducted eleven regular meetings during the year ended 30 June 2010.
Attendance at the meetings was as follows:
Eligible AttendedDr J Manners 6 *6Dr J Thornton 11 *10Dr L Coxon 11 11
Associate Professor D Leach 11 10Ms A Olsen 11 11
Mr A Plumb 11 11
Mr T Rule 11 11
Ms C Thompson 8 6Mr N McLean 2 2
Mr T Sharp 2 2
Dr M Collins 1 1
*As Presiding Member
The Complaints Assessment Committee was formed in accordance with section 49 of theAct.
The Committee conducted eleven meetings during the year ended 30 June 2010.
Attendance at the meetings was as follows:
Eligible AttendedDr D Wilmoth 11 *9
Ms A Olsen 11 9
Ms C Thompson 11 8
Mr T Rule 11 11
*As Chair
The Registrations Committee was formed in accordance with section 14 of the Act.
The Committee conducted eleven meetings during the year ended 30 June 2010.
Attendance at the meetings was as follows:
Eligible AttendedDr J Thornton 13 *9
Association Professor D Leach 13 13
Mr A Plumb 13 11
*As Chair
The Impairment Review Committee was formed in accordance with section 50 of the Act.
The Committee conducted one meeting during the year ended 30 June 2010.
annrep 10 4
Attendance at the meetings was as follows:
Eligible AttendedMs S McDonald 1 *1
Dr J Rampono 1 0
Mr D Merryweather 1 1
*As Chair
5. ADMINISTRATIVE ARRANGEMENTS
The day to day administration work of the Board is undertaken by the Registrar,Assistant Registrar and other secretarial support provided on a fully serviced officebasis in accordance with an Engagement Agreement. Other specialist consultationservices are determined as required by the Board.
The majority of telephone enquiries received are able to be resolved by theadministration staff. However, on the occasions where further expertise is sought, thecalls are passed to a member of the Board.
The Board has delegated to the Registrar authority to approve various types ofapplications, eg applications for full registration, transfers to full registration, use ofspecialist title, change of name, in accordance with strict guidelines. Any applicationswhich fall outside of this delegated authority are considered by the Board.
The Board's office is located on Level 4, 130 Stirling Street, Perth WA 6000. Theoffice is open weekdays during the hours 9.00 am to 5.00 pm. Contact can be made bytelephone on (08) 9227 7655 or facsimile (08) 9227 7944 or e-mail onpsychbo ard@hlbwa. com. au.
The website (www.psychboard.wa.gov.au) contains information relating to registration,complaints and registration fees.
6. REGISTRATION FEES
The fees during the year to 30 June 2010 were as follows:-
Registration fee $300.00Application fee $150.00Application fee (in respect of anapplicant with overseas qualifications) $250.00Restoration fee $75.00Annual registration fee $300.00
The registration fees continue to be exempt from the Goods and Services Tax.
annrep 0 5
7. REGISTRATION STATISTICS
2800
2700
2600
2500
2400
2300 ---N,,
2200
Total Registered
2006 2007 2008 2009 2010
Table 1: Total Number of Registrations as at 30 June
235023002250220021502100205020001950190018501800
Full
2006 2007 2008 2009 2010
Table 2: No of Fully Registered Psychologists as at 30 June
2006 2,3812007 2,3992008 2,4262009 2,5462010 2,709
2006 2,0042007 2,0652008 2,0662009 2,1722010 2,318
annrep 10 6
22020018016014012010080604020
0
Conditional
2006 2007 2008 2009 2010
Table 3: No of Conditionally Registered Psychologists as at 30 June
1000900800700600500400300200
1000
Specialist Title
2006 2007 2008 2009 2010
2006 165
2007 1802008 192
2009 193
2010 205
2006 7432007 7832008 8272009 8602010 919
Table 4: No of Psychologists who hold a Specialist Title as at 30 June
20018016014012010080604020
0
Mutual Recognition
2006 2007 2008 2009 2010
2006 131
2007 1542008 168
2009 179
2010 186
Table 5: No of Psychologists Registered under the Mutual Recognition (WA) Act 2001
annrep10
8. OVERSEAS QUALIFICATIONS
During the year to 30 June 2010 the Board received 66 applications for registrationwhere the qualifications were gained overseas.
As at 30 June 2010 two assessments were still being reviewed.
The results of the assessments of those qualifications are shown below:
Country ofQualifications
Assessed as equivalent to: Notequivalent
Total
4 years 5 years 6 yearsAustralia 1 1
Brazil 1 1 1 3
Bulgaria 1 1
Canada 1 2 3
Colombia 1 1
Germany 2 1 3
Ireland 1 1 2Italy 1 1
Malta 1 1
New Zealand 2 3 5
Poland 2 2
Scotland 1 1
Singapore 1 1 2South Africa 5 11 4 20Thailand 1 1
UK 3 7 1 11
USA 3 2 5
Venezuela 1 1
TOTAL 21 1 37 8 64
9. SPECIALIST TITLE
The following table shows the number of psychologists who hold an approved specialisttitle:
Approved Titles: 2006 2007 2008 2009 2010Clinical 587 614 650 673 722Counselling 68 71 78 86 93
Educational 13 13 13 13 13
Educational & Developmental 16 15 16 17 17
Clinical Neuropsychological 11 15 15 16 18
Organisational 20 21 21 20 21
Sport 3 3 3 3 4Forensic 22 28 28 29 28Other 3 3 3 3 3
TOTAL 743 783 827 860 919
annrep10 8
10. INQUIRIES
All complaints and impairment matters are dealt with in accordance with Part 5 of theAct.
Any matters which the Board determines are sufficiently serious to warrant striking offor suspension of the psychologist must be referred to the State Administrative Tribunal(SAT) for consideration.
Full details of all hearings before the SAT can be found on its website atwww.sat.justice.wa.gov.au.
11. COMPLAINTS
It is a legal requirement that a copy of any complaint received by the Board beforwarded to the Office of Health Review.
All complaints received by the Board are subject to Freedom of Information legislation.
Complaints Received
5)
45
ao
35
30
25
20
'5
13
5
0
Na of Complaints Received
2006 2007 2008 2009 20z
No of Complaints received in each year to 30 June
2006 322007 172008 45*2009 302010 27
*This figure includes21 complaints lodgedagainst one psychologist.
As at 1 July 2009 there were 21 complaints which were under investigation by theComplaints Assessment Committee. During the year 27 new complaints were received.
Twenty-eight complaints were finalised during the year in review.
The increased number and complexity of complaints received has led to a significantincrease in legal and administrative costs in relation to the investigation of complaints.
annrep I 0 9
Complaints Considered
60
50
40
30
20
10
0
No of Complaints Finalised
2006 2007 2008 2009 2010
No of complaints finalised in each year to 30 June
2006 232007 282008 15
2009 52*2010 28
*This figure includes21 complaints lodged againstone psychologist.
See the Annual Report from the Complaints Assessment Committee for full details ofcomplaints finalised during the year under review.
12. IMPAIRMENT
There are no matters currently under investigation by the Impairment ReviewCommittee.
13. THE MUTUAL RECOGNITION (WA) ACT 2001
The Mutual Recognition Act (WA) Act 2001 facilitates the registration of psychologiststhroughout the whole of Australia. The current Act expires on 28 February 2011.
14. TRANS TASMAN MUTUAL RECOGNITION (WA) ACT 2007
The above legislation came into effect in February 2007.
The Board received one application for registration under the Trans Tasman MutualRecognition (WA) Act 2007.
The Board also received the appropriate amendment to the Psychologists Act 2005 toallow the charging of fees in order to register applicants under this legislation.
annrepl 0 10
15. INTERACTION WITH THE PUBLIC
Many enquiries were received at the office of the Board during the period of this report,both in writing and by telephone. Major areas of enquiry included:
registration requirements for full, conditional and specialist registration;
checks to ascertain the registration status of specific persons;
the Board's requirements on supervision and specialist titles;
potential registration status of recent or intending immigrants;
legitimacy or otherwise of certain practices;
queries regarding overseas qualifications;
complaints against persons not registered as psychologists; and
complaints against registered psychologists.
The majority of enquiries are dealt with by the Registrar and the Assistant Registrar.Enquiries which cannot be dealt with under established policies and procedures are dealtwith at a Board meeting.
16. GENERAL
National Registration
The Board has continued to be heavily involved in preparations for national registration.
The planned date for implementation was 1 July 2010 subject to legislation passingthrough the WA Parliament. On 30 June 2010 the Board received advice from theActing Minister for Health that the legislation would not be passed in time and WAwould, therefore, not enter national registration at the same time as the rest of thecountry. The Acting Minister for Health also advised that the earliest possible date forentry into the national scheme would be 18 October 2010, however, (again) this will besubject to the legislation passing through the WA Parliament in time.
Newsletters
The Board has continued to disseminate any relevant information to registrants by wayof the Bulletin. The Bulletin is produced on an ad hoc basis by the Board, as and whenrequired. Copies of the Bulletin are published on the Board's website.
Policies
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Details of any policies adopted by the Board during the year have been notified topsychologists in the Bulletin and are published on the Board's website.
Freedom of Information
Part 5 of the Freedom of Information Act 1992 requires the Board to prepare, publishand maintain an up to date Information Statement.
Copies of the Information Statement can be obtained from the Board's office free ofcharge or can be downloaded from the Board's website.
The Board received three applications under FOI Act during the year; one has beenfinalised and two were still on hand as at 30 June 2010.
The applications were in relation to personal information held by the Board.
In relation to the application which was dealt with during the period under review, afterconsideration by the FOI Officer, it was determined to grant edited access to some ofthe documents. The exemption claimed in respect of some documents was:
Clause 3(1) of Schedule 1 of the Freedom of Information Act 1992 if disclosed thedocument would reveal personal information about a third party:
The applicant was advised of the decision in May 2010 and advised of the internalreview procedures.
An application for an internal review was not received and the Board's file was closed.
Web Site
The Board operates a web site which contains information relating to registration,specialist title supervision, Board policy statements, forms to download for registration,plus Board findings and the SAT findings. The website also contains the facility tosearch the Register for a psychologist's details. The website address iswww.psychboard.wa.gov.au.
State Records Act 2000
Under section 19 of the State Records Act 2000 the Board is required to have a RecordKeeping Plan ("RKP") in place. The RKP provides an accurate reflection of the recordkeeping program of the Board and must be complied with by the Board and its staff.
The RKP for the Board has been approved by the State Records Commission until 2009.
In accordance with Standard 2 Principle 6 of the Act:
1, The efficiency and effectiveness of the Board's record keeping systems areevaluated on a regular basis and will be evaluated at the time of the review of theRKP.
annrep 1 12
2. The Board conducts a recordkeeping training program for staff involved inrecords management, covering topics such as the Board's obligations under theAct, procedures regarding creation, management and disposal of records.
3. The efficiency and effectiveness of the record keeping training program isreviewed every 6 months.
4. The Board's induction program addresses employees' roles and responsibilitiesin regard to their compliance with the MKT.
State Administrative Tribunal (SAT)
The State Administrative Tribunal is an independent statutory tribunal which haspowers involving the disciplining of people registered under the Act and to review someof the administrative decisions made by the Board. Those matters which are subject toreview by the SAT are set out in section 100 of the Act.
Information regarding the processes of the SAT can be found on its website atwww.sat.justice.wa.gov.au.
17. ACKNOWLEDGEMENTS
It has again been a busy year and it has been made busier and more difficult with thedemands and uncertainties of National Registration. All of the Members have workeddiligently and cooperatively and it has been a team effort.
Signed for and on behalf of the Board by resolution.
DING MEMBER
.2c)// _Z//
DATE
annrep 10 13
COMPLAINTS ASSESSMENT COMMITTEE
ANNUAL REPORT
to the
PSYCHOLOGISTS REGISTRATION BOARDOF
WESTERN AUSTRALIA
Year ended 30 June 2010
Following the proclamation of the Psychologists Act 2005, in accordance with section49(1) the Complaints Assessment Committee was established by the Board.
The following Board Members formed the Committee during the period under review:
Dr Deborah Wilmoth section 49(2)(a)Ms Clare Thompson section 49(2)(b)Ms Amanda Olsen section 49(2)(c)Mr Trevor Rule section 49(2)(a)
Dr Wilmoth is the Chair of the Committee.
The Complaints Assessment Committee met on the following occasions:
20 July 200917 August 200921 September 200919 October 200923 November 200918 January 201015 February 201015 March 201027 April 201024 May 201028 June 2010
to consider the complaints.
Complaints Received
50
45
40
35
30
25
20
15
0
No of Complaints Received
2006 2007 2008 2009 2013
No of Complaints received in each year to 30 June
2006 322007 17
2008 45*2009 302010 27
*This figure includes21 complaints lodgedagainst one psychologist.
As at 1 July 2009 there were 21 complaints which were under investigation by theComplaints Assessment Committee.
During the period under review 27 complaints were received.
Psych/annual reporis/cac report to board 300909
Complaints Considered
60
50
40
30
20
10
0
No of Complaints Finalised
2006 2007 2008 2009 2010
2006 232007 282008 15
2009 52*2010 28
*This figure includes21 complaints lodged againstone psychologist.
No of complaints finalised in each year to 30 June
Of the complaints on hand and received during the year, the following were finalised:
(a) one matter related to the competence of a conditionally registered psychologist.
After investigation the Board required the conditionally registered psychologistto stay under Board approved supervision until such time as competence in allareas could be demonstrated to the Board's satisfaction;
(b) one matter related to the English language skills of a conditionally registeredpsychologist.
After investigation the Board determined the matter was not sufficiently severeenough to warrant a caution or a reprimand and the matter was settled byconciliation with the conditionally registered psychologist;
(c) one matter alleged unethical conduct on the part of the psychologist.
The complainant did not provide any contact details with their complaint and,despite exhaustive efforts, the Board was unable to obtain contact details. Onthe basis of the information available to the Board it was determined to take nofurther action in this matter;
(d) one complaint was in relation to a report prepared on the complainant by apsychologist whilst he was serving a custodial sentence.
(f)
The Complaints Assessment Committee met with the complainant. Afterdiscussions and provision of the psychologist's response no further allegationswere made by the complainant.
Based on the information received, the Board determined to take no furtheraction in this matter;
one matter investigated by the Complaints Assessment Committee was inrelation to statements made on the psychologist's website.
After investigation the Committee recommended to the Board that pursuant tosection 57(2)(d) and (e) the psychologist be cautioned and provide an
Psych/annual reports /cac report to board 300909
undertaking to follow the recommendations in the investigator's report,including curtailing any psychological treatment to children.
The psychologist exercised their right to have the matter determined by the SATand this matter is progressing;
(g) Ms Viviana Bell
The following orders were made in mediation in the SAT on 18 March 2010 by consentof the parties as full and final settlement of the application:
1. On the basis of the following agreed facts, the Respondent has breached section47(b)(iii) of the Psychologists Act 2005 (the Act) by permitting the developmentof and being involved in a personal relationship with a male client (the Client)within a month of the end of the clinical relationship between them, whichinvolved:
(a) social interaction between the Client and the Respondent;(b) the provision by the Client to the Respondent of assistance with Family
Court proceedings;(c) the provision by the Client of temporary financial assistance to the
Respondent;(d) the purchase of a house by the Respondent and the Client as tenants in
common;(e) holidays together; and
the execution by the Respondent and the Client of a Notice of IntendedMarriage.
2. The parties consent to the following penalty which shall be imposed on theRespondent:
(a) an order pursuant to section 78(1)6) of the Act that the Respondent besuspended from the practice of psychology for a period of 7 months,from the date of the orders;
(b) an order pursuant to section 78(1)(e) of the Act that following the periodof suspension referred to at order 2(a) above, the Respondent shallsubmit to 12 months of supervision by a supervisor to be approved inwriting by the Applicant (the Supervisor). The Respondent will:
(i) meet with the Supervisor fortnightly for a period of 3 months todiscuss boundaries in professional relationships, and themaintenance of proper boundaries with male clients;
(ii) following the 3 month period referred to at order 2(b)(i) above,meet with the Supervisor on a monthly basis for a period of 9months to discuss boundaries in professional relationships, andthe maintenance of proper boundaries with male clients;
(iii) obtain from each of her male clients a consent for her Supervisorto:
A access that client's file;B contact the client to discuss the Respondent's treatment of
that client;
Psych/annual reports/cac report to board 300909
(iv) not consult with any male client unless and until she has obtainedthe consent referred to in paragraph 2(b)(iii) above;
(v) ensure that her Supervisor contacts a random sample of at least20% of her male clients (to be determined by the Supervisor)every 3 months;
(vi) use her best endeavours to ensure that the Supervisor provides areport to the Applicant on a monthly basis regarding theRespondent's maintenance of proper boundaries in professionalrelationships, and her understanding of the importance ofmaintaining those boundaries; and
(vii) pay all of the Supervisor's costs, fees and charges associated withsupervision and reporting.
3. The Respondent will pay the Applicant's costs fixed at $2,500.00 to be paidwithin 60 days of the date of these orders.
(h) four complaints received alleged unprofessional conduct.
(i)
After investigation there was no breach of section 47 of the Act and no furtheraction was taken in these cases. However a letter of guidance was sent by theBoard to the psychologists concerned:
six complaints received alleged unprofessional conduct.
After investigation there was no breach of section 47 of the Act and no furtheraction was taken in these cases;
0) one complaint investigated by the Committee was determined to be in relation toperformance management issues and not any breach of the Act. Accordingly itwas determined to take no further action in this matter;
(k) three complaints were received which involved reports prepared for the FamilyCourt which alleged bias, unprofessional and unethical conduct.
After investigation the psychologists in these cases were cautioned, reprimandedand required to give an undertaking;
(1) one complaint investigated alleged poor professional conduct on the part of thepsychologist.
(m)
After investigation the psychologist was found not to have breached section 47of the Act, however, the Board recommended he provide a letter of apology tothe complainant;
one complaint received in relation to a report prepared for the Family Courtalleged bias, unethical and unprofessional conduct.
After investigation the psychologists was reprimanded in relation to the reportwriting and required to provide an undertaking;
Psych/annual reports/cac report to board 300909
(n) one complaint received in relation to a report prepared for the Family Courtalleging bias and unprofessional conduct has been investigated by theCommittee and recommended the Board make an application to the SAT;
(o) one complaint received alleged the psychologist had a criminal history whichhad not been disclosed to the Board.
(p)
(q)
The Committee sought details of the criminal history from the psychologist.However, after lengthy correspondence and reminders, the Committee had notreceived the requested information and recommended the Board make anallegation to the SAT in relation to the matter;
one complaint received alleged an unauthorised release of information to a thirdparty.
After investigation the Committee noted the circumstances in relation to thismatter and determined the matter was not in relation to a therapeutic relationshipbetween the complainant and the psychologist and recommended to the Boardthis fell outside the Board's jurisdiction;
two complaints received were in relation to advertisements by unregisteredpersons.
The Board wrote stern letters to the individuals concerned and theadvertisements have not re-appeared since;
(r) one complaint alleged unprofessional conduct in relation to a report prepared bythe psychologist.
After investigation the Committee determined the psychologist had actedcarelessly and recommended the Board require a period of supervision of12 months.
Complaints in Progress
There are 20 matters still under investigation as at 30 June 2010.
Signed for and on behalf of the Complaints Assessment Committee.
CHAIR
DATE
Psych/annual reports/cac report to board 300909
PSYCHOLOGISTS REGISTRATION BOARD
OF
WESTERN AUSTRALIA
FINANCIAL REPORT
FOR THE YEAR ENDED
30 JUNE 2010
PSYCHOLOGISTS REGISTRATION BOARDOF WESTERN AUSTRALIA
FINANCIAL REPORTFOR THE YEAR ENDED 30 JUNE 2010
TABLE OF CONTENTS
PAGE
Statement by Registrar 3
Independent Audit Report 4
Statement of Comprehensive Income 6
Statement of Financial Position 7
Statement of Changes in Equity 8
Statement of Cash Flows 9
Notes to the Financial Statements 10
Auditors' Disclaimer 22
Detailed Income and Expenditure Statement 23
annrep07 2
PSYCHOLOGISTS REGISTRATION BOARD OF WESTERNAUSTRALIA
STATEMENT BY REGISTRAR
I, Trevor Hoddy, the Registrar of the Psychologists Registration Board of WA, hereby state that inmy opinion:
(a) the accompanying Income Statement for the year ended 30 June 2010 gives a trueand fair view of the Board's profit for the period;
(b) the accompanying Balance Sheet at 30 June 2010 gives a true and fair view of theBoard's state of affairs as at the end of the period; and
(c) at the date of this statement, there are reasonable grounds to believe that the Boardwill be able to pay its debts as and when they become due and payable.
TREVO ODDYREGISTRAR
30 N ov .c,vv\D-c( 9\010Date
annrep07 3
* Grant Thornton
10 Kings Park RoadWest Perth WA 6005PO BOX 570West Perth WA 6872
T +61 8 9480 2000F +61 8 9322 7787E [email protected] www,grantthornton.com.au
Independent Auditor's ReportTo the Registrants of the Psychologists Registration Board of WesternAustralia
We have audited the accompanying financial report of the Psychologists Registration Boardof Western Australia (the "Board"), which comprises the statement of financial position asat 30 June 2010, and the statement of comprehensive income, statement of changes inequity and statement of cash flows for the year ended on that date, a summary of significantaccounting policies, other explanatory notes to the financial statements and the statement bythe Registrar.
Responsibility of the Board and Registrar for the financial reportThe Board and Registrar are responsible for the preparation and fair presentation of thefinancial report in accordance with Australian Accounting Standards (including theAustralian Accounting Interpretations) and the Psychologists Act 2005. This responsibilityincludes establishing and maintaining internal controls relevant to the preparation and fairpresentation of the financial statements that are free from material misstatement, whetherdue to fraud or error, selecting and applying appropriate accounting policies, and makingaccounting estimates that are reasonable in the circumstances.
Auditor's responsibilityOur responsibility is to express an opinion on the financial report based on our audit.. Weconducted our audit in accordance with Australian Auditing Standards, which require us tocomply with relevant ethical requirements relating to audit engagements and plan andperform the audit to obtain reasonable assurance as to whether the financial report is free ofmaterial misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial report. The procedures selected depend on the auditor'sjudgement, including the assessment of the risks of material misstatement of the financialreport, whether due to fraud or error. In making those risk assessments, the auditorconsiders internal controls relevant to the Board's and Registrar's preparation and fairpresentation of the financial report in order to design audit procedures that are appropriatein the circumstances, but not for the purpose of expressing an opinion on the effectivenessof the Entity's internal controls. An audit also includes evaluating the appropriateness of
Grant Thornton Audit Pty Ltd ACN 130 913 594, a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389.
Grant Thornton Australia Limited is a member firm within Grant Thornton International Ltd. Grant Thornton International Ltd and the memberfirms are not a worldwide partnership. Grant Thornton Australia Limited, together with its subsidiaries and related entities, delivers its servicesindependently in Australia.Liability limited by a scheme approved under Professional Standards Legislation.
* GrantThornton
accounting policies used and the reasonableness of accounting estimates made by the Boardand Registrar, as well as evaluating the overall presentation of the financial report.
We believe that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion.
IndependenceIn conducting our audit, we have complied with the applicable independence requirementsof the Accounting Professional and Ethical Standards Board.
Auditor's OpinionIn our opinion,
a the financial report of the Psychologists Registration Board of Western Australia
i presents fairly, in all material respects, the Board's financial position as at 30 June2010 and of its performance and cash flows for the year then ended ; and
ii complies with Australian Accounting Standards (including the AustralianAccounting Interpretations) and the relevant legislation.
71fTrkte,
GRANT THORNTON AUDIT PTY LIDChartered Accountants
J W VibertDirector Audit & Assurance
Perth,30 November 2010
Grant Thornton Audit Pty Ltd ABN 94 269 609 023, a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389.
Grant Thornton Australia Limited is a member firm within Grant Thornton International Ltd. Grant Thornton International Ltd and the member
firms are not a worldwide partnership. Grant Thornton Australia Limited, together with its subsidiaries and related entities, delivers its servicesindependently in Australia.
Liability limited by a scheme approved under Professional Standards Legislation.
PSYCHOLOGISTS REGISTRATION BOARD OFWESTERN AUSTRALIA
STATEMENT OF COMPREHENSIVE INCOMEFOR THE YEAR ENDED 30 JUNE 2010
Note 2010$
2009$
REVENUE
Registration fees 2 838,946 617,777Interest 15,661 28,749Trust distributions received Asgard 11,532 25,859Fair value change on financial asset 20,968 (64,941)Sundry income - 20
887,107 607A64
EXPENDITURE
Secretarial and administration fees 3 406,124 426,707Legal, inquiry and complaint costs 3 159,445 269,508Nationalisation matters 3 52,479 44,461Printing, postage and stationery 34,640 32,019Other expenses 90,695 88,791
743,383 861,486
Surplus/(deficit) before income tax expense 143,724 (254,022)Income tax expense 1(b)
TOTAL COMPREHENSIVE PROFIT/(LOSS) FORTHE YEAR 143,724 (254,022)
The accompanying notes form part of this income statement.
annrep07 6
PSYCHOLOGISTS REGISTRATION BOARD OFWESTERN AUSTRALIA
STATEMENT OF FINANCIAL POSITIONAS AT 30 JUNE 2010
Note 2010$
2009$
CURRENT ASSETS
Cash and cash equivalents 4 947,812 833,670Other receivables 5 28,681 30,458Other 6 6,135 5,926Financial asset 7 306,274 277,028
TOTAL CURRENT ASSETS 1,288,902 1,147,082
TOTAL ASSETS 1,288,902 1,147,082
CURRENT LIABILITIES
Trade and other payables 8 820,681 822,585
TOTAL CURRENT LIABILITIES 820,681 822,585
TOTAL LIABILITIES 820,681 822,585
NET ASSETS 468,221 324,497
EQUITY
Accumulated surplus 468,221 324,497
TOTAL EQUITY 468,221 324,497
The accompanying notes foam part of this balance sheet.
annrep0 7 7
PSYCHOLOGISTS REGISTRATION BOARD OFWESTERN AUSTRALIA
STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 30 JUNE 2010
Accumulated TotalSurplus
$ $
Balance as at 1 July 2008 578,519 578,519Net deficit for the period (254,022) (254,022)Balance as at 1 July 2009 324,497 324,497Net surplus for the period 143,724 143,724
Balance as at 30 June 2010 468,221 468,221
The accompanying notes form part of this statement of changes in equity.
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PSYCHOLOGISTS REGISTRATION BOARD OFWESTERN AUSTRALIA
STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 30 JUNE 2010
Note 2010$
2009$
Cash flows from operating activities
Receipts from registrants 914,260 834,664Interest received 16,736 31,346Distributions received 11,532 25,859Sundry income 22Payments to suppliers (887,148) (989,026)Goods and services tax recovered 67,040 81,633
Net cash provided/(used) by operating activities 9 122,420 (15,502)
Cash flows from investing activities
Investment purchases (8,278) (25,283)
Net cash used by investing activities (8,278) (25,283)
Net increase/(decrease) in cash held 114,142 (40,785)Cash at the beginning of the financial year 833,670 874,455
Cash at the end of the financial year 4 947,812 833,670
The accompanying notes form part of this cash flow statement.
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PSYCHOLOGISTS REGISTRATION BOARD OFWESTERN AUSTRALIA
NOTES TO AND THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2010
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
This financial report is a general purpose financial report that has been prepared inaccordance with Accounting Standards, Australian Accounting Interpretations and otherauthoritative pronouncements of the Australian Accounting Standards Board and therequirements of the Psychologists Act 2005 ("Act").
The financial report covers the Psychologists Registration Board of Western Australiaas an individual entity. The Board is established in Western Australia under thePsychologists Act 2005. The financial report covers the period 1 July 2009 to 30 June2010.
The financial report was authorised for issue in accordance with a resolution of theBoard on 30 November 2010.
The following is a summary of the material accounting policies adopted by the Board inthe preparation of the financial report. The accounting policies have been consistentlyapplied, unless otherwise stated.
Significant Accounting Judgements, Estimates and Assumptions
The Board has not made any significant accounting judgements, estimates orassumptions in the process of applying the Board's accounting policies for the year.
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PSYCHOLOGISTS REGISTRATION BOARD OFWESTERN AUSTRALIA
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2010
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
Reporting Basis and Conventions
The financial report has been prepared on an accruals basis and is based on historicalcosts and does not take into account changing money values or, except where stated,current valuations of non-current assets, see Note 1 (f) for the accounting measurementof portfolio investments held by the Board. Cost is based on the fair values of theconsideration given in exchange for assets.
Accounting Policies
a) Income and Expense Recognition
Registration fees are brought to account as income on a time expiry basis under theaccruals method of accounting.
Expenses are brought to account under the accruals method of accounting in theyear incurred.
b) Income Tax
The income of the Psychologists Registration Board of Western Australia isexempt from tax pursuant to Section 24AQ of the Income Tax Assessment Act1936.
c) Goods and Services Tax
Revenue and expenditure is stated net of the amount of goods and services tax(GST).
The Australian Taxation Office has advised and ruled that registration fees areexempt from GST. The Board, however, pays GST on its supplies and obtainscredit refunds quarterly upon lodgement of its Business Activity Statements.
d) Secretarial and Administration Fees Expense
This expenditure represents the Board's administration and secretarial feesbudgeted and approved by the Board and paid for the period ended 30 June 2010.It includes the provision of fully serviced office facilities such as management andadministration together with accounting, secretarial staff, typing, computerfacilities, telephone attendance, reception, public access, rental for office space andmeeting facilities, newsletter, educational presentations, attendance to registrationcomplaint and impairment management and other services required by the Board,professional conventions, sub-committee and Nationalisation meetings. The pro-rata increase for the period ended 30 June 2010 includes additional service costs inrelation to the above and special meetings as required. It also reflects substantiallygreater administration activity due to specialist title supervision requirements,registrations, the number of complaints submissions and complexities withassociated legalities and other matters in comparison to previous years includingSAT Legislation.
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PSYCHOLOGISTS REGISTRATION BOARD OFWESTERN AUSTRALIA
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2010
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
e) Cash and Cash Equivalents
For the purposes of the Cash Flow Statement, cash includes cash at banks andinvestments in money market instruments.
t) Trade and Other Payables
g)
Trade and other payables represent the liability outstanding at the end of thereporting period for goods and services received by the registration board duringthe reporting period, which remain unpaid. The balance is recognised as a currentliability with the amounts normally paid within 30 days of recognition of theliability.
Adoption of New and Revised Accounting Standards
During the current year, the registration board has adopted all of the new andrevised Australian Accounting Standards and Interpretations applicable to itsoperations which became mandatory.
The adoption of these Standards has impacted the recognition, measurement anddisclosure of certain transactions. The following is an explanation of the impactthe adoption of these Standards and Interpretations has had on the financialstatements of Psychologists Registration Board of Western Australia.
AASB 101: Presentation of Financial Statements
In September 2007, the Australian Accounting Standards Board revised AASB101, and as a result there have been changes to the presentation and disclosure ofcertain information within the financial statements. Below is an overview of thekey changes and the impact on the association's financial statements.
Disclosure impact
Terminology changes the revised version of AASB 101 contains a number ofterminology changes, including the amendment of the names of the primaryfinancial statements.
Reporting changes in equity the revised AASB 101 requires all changes inequity arising from transactions with owners in their capacity as owners to bepresented separately from non-owner changes in equity. Owner changes in equityare to be presented in the statement of changes in equity, with non-owner changesin equity presented in the statement of comprehensive income. The previousversion of AASB 101 required that owner changes in equity and othercomprehensive income be presented in the statement of changes in equity.
Statement of comprehensive income the revised AASB 101 requires all incomeand expenses to be presented in either one statement the statement ofcomprehensive income, or two statements a separate income statement and astatement of comprehensive income. The previous version of AASB 101 requiredonly the presentation of a single income statement.
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PSYCHOLOGISTS REGISTRATION BOARD OFWESTERN AUSTRALIA
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2010
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.)
The association's financial statements now contain a statement ofcomprehensive income.
Other comprehensive income the revised version of AASB 101 introduces theconcept of 'other comprehensive income' which comprises of income and expensethat are not recognised in profit or loss as required by other Australian AccountingStandards. Items of other comprehensive income are to be disclosed in thestatement of comprehensive income. Entities are required to disclose the incometax relating to each component of other comprehensive income. The previousversion of AASB 101 did not contain an equivalent concept.
h) Financial Instruments
Recognition
Financial instruments are initially measured at cost on trade date, whichincludes transaction costs, when the related contractual rights or obligationsexist. Subsequent to initial recognition these instruments are measured as setout below:
Financial assets at fair value through income statement
A financial asset is classified in this category if acquired principally for thepurpose of selling in the short team or if so designated by the Board and withinthe requirements of AASB 139: Recognition and Measurement of FinancialInstruments. Realised and unrealised gains and losses arising from changes inthe fair value of these assets are included in the income statement in the year inwhich they arise.
Fair value
Fair value is determined based on current market prices as advised by Asgard.
Loans and receivables
Loans and receivables are non-derivative financial assets that have fixed ordeterminable payments that are not quoted in an active market and aresubsequently measured at amortised cost using the effective interest ratemethod.
Credit risk
The maximum exposure to credit risk, excluding the value of any collateral orother security, at balance date to recognised financial assets is the carrying amount,net of any allowances for impairment, as disclosed in the balance sheet and notesto the financial statements.
The Board does not have any material credit risk exposure to any single debtor orgroup of debtors under financial instruments entered into by the Board.
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PSYCHOLOGISTS REGISTRATION BOARD OFWESTERN AUSTRALIA
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2010
2010 2009$ $
2. REVENUE
Operating activitiesRegistration fees 838,946 617377
Non-operating activitiesSundry income 20
Trust distributionsAsgard 11,532 25,859
Fair value changes on fmancial assetAsgard 20,968 (64,941)
Interest revenueWestpac cash management account 358 2,421Asgard cash holding account 205 312Westpac term deposits 15,022 26,016Australian Taxation Office 76
Total interest revenue 15,661 28,749
TOTAL REVENUE 887,107 607,464
3. EXPENSES
Included in expenses for the year are:
Secretarial and administration fees 406,124 426,707Legal, inquiry and complaint costs 159,445 269,508Nationalisation matters 52,479 44,461
4. CASH AND CASH EQUIVALENTS
Cash at bank and on handShort-term bank deposits
947,812 633,670200,000
947,812 833,670
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PSYCHOLOGISTS REGISTRATION BOARD OFWESTERN AUSTRALIA
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2010
2010 2009
4. CASH AND CASH EQUIVALENTS (CONT.)
RECONCILIATION OF CASH
Cash at the end of the financial year as shown in theCash Flow Statement and Statement of Financial Position comprises:
Cash at bank Cash management A/C 940,733 627,637Cash at bank Asgard 7,079 6,033Cash at bank Term deposits - 200,000
947,812 833,670
5. OTHER RECEIVABLES
Goods and services tax recoverable 28,361 29,328Other debtors 320 55Accrued interest 1,075
28,681 30,458
6. OTHER CURRENT ASSETS
Prepayments 6,135 5,926
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PSYCHOLOGISTS REGISTRATION BOARD OFWESTERN AUSTRALIA
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2010
2010$
2009$
7. FINANCIAL ASSET
Financial asset at fair value through income statement
Asgard investment at fair value 306,274 277,028
Movements in carrying amount:
Balance at the beginning of the period 277,028 316,686Additions 8,278 25,283DisposalsFair value adjustments 20,968 (64,941)
Balance at the end of the period 306,274 277,028
8. TRADE AND OTHER PAYABLES
CURRENTCreditors and accruals 48,831 126,049Income in advance 771,850 696,536
820,681 822,585
9. CASH FLOW INFORMATION
Recognition of cash flow from operations withsurplus/(deficit) after tax
net
Net surplus/(deficit) 143,724 (254,022)
Non cash flows in surplus/(deficit):
Depreciation and amortisation
Unrealised (gains)/losses on financial asset at fair value throughincome statement (20,968) 64,941Changes in operating assets and liabilities:
Decrease in receivables 1,568 2,546
Increase/(decrease) in payables (1,904) 171,033
Net cash provided/(used) by operating activities 122,420 (15,502)
10. AUDITORS' REMUNERATION
Audit of the financial report 5,050 4,450
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PSYCHOLOGISTS REGISTRATION BOARD OFWESTERN AUSTRALIA
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2010
11. RELATED PARTY INFORMATION
(a) Board members of the Psychologists Registration Board of Western Australiaat any time during the period:
Board Members
Assoc Professor D Leach Dr J MannersDr J Thornton Mr A PlumbMs C Thompson Ms A OlsenMrs L Coxon Mr T RuleMr T Sharp Mr N Mclean
(b) Remuneration of Board Members
2010 2009$ $
Total income received (short-term employee benefits)sitting fees 33,189 37,423
12. SEGMENT REPORTING
The Board operates as a statutory registration body within Western Australia, and assuch, comprises only one reportable business and geographical segment.
13. FINANCIAL INSTRUMENTS
a) Financial Risk Management
The Board's financial instruments consist mainly of deposits with banks, short-terminvestments, accounts receivable and payable and investments in a public unit trust.
i. Financial Risk Exposures and Management
The main risks the association is exposed to through its financialinstruments are interest rate risk, liquidity risk and credit risk.
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PSYCHOLOGISTS REGISTRATION BOARD OFWESTERN AUSTRALIA
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2010
13. FINANCIAL INSTRUMENTS (cont.)
b) Interest Rate Risk
The Board's exposure to interest rate risk arises on financial assets and financialliabilities recognised at the end of the reporting period whereby a future change ininterest rates will affect future cash flows.
c) Liquidity Risk
Liquidity risk arises from the possibility that the board might encounter difficulty insettling its debts or otherwise meeting its obligations related to financial liabilities.The board manages risk through the following mechanisms:
pre-paring forward-looking cash flow analysis in relation to its operational,investing and financing activities;only investing surplus cash with major financial institutions; andproactively monitoring the recovery of unpaid subscriptions.
The table below reflects an undiscounted contractual maturity analysis for financialassets and liabilities.
Cash flows realised from financial assets reflect management's expectation as to the timing ofrealisation.Actual timing may therefore differ from that disclosed.
Financial liability and financial assets maturity analysis
Financial assets
Within 1 Year 1 to 5 Years2010 2009 2010 2009
Over 5 Year Total2010 2009 2010 2009
Cash and cash equivalents 947,812 633,670 947,812 633,670Investments 306,274 277,028 306,274 277,028Trade and other receivables 34,816 36,384 34,816 36,384Short term deposits 200,000 200,000
Total anticipated inflows 1,288,902 1,147,082 1,288,902 1,147,082
Financial liabilitiesTrade payables and accruals 48,831 126,049 48,831 126,049
Total contractual outflows 48,831 126,049 48,831 126,049
Net (outflow)/inflow onfinancial instruments
1,240,071 1,021,033 1,240,071 1,021,033
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PSYCHOLOGISTS REGISTRATION BOARD OFWESTERN AUSTRALIA
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2010
13, FINANCIAL INSTRUMENTS (cont)
d) Credit Risk
The maximum exposure to credit risk, excluding the value of any collateral or othersecurity, at balance date to recognised financial assets is the carrying amount, net ofany allowances for doubtful debts, as disclosed in the balance sheet and notes to thefinancial statements.
The Board does not have any material credit risk exposure to any single debtor orgroup of debtors under financial instruments entered into by the Board.
e) Net Fair Values
The net fair values of financial assets and liabilities approximate their carryingvalues. No financial assets and financial liabilities are readily traded on organisedmarkets in standardised form.
The aggregate net fair values and carrying amounts of financial assets andfinancial liabilities are disclosed in the balance sheet and in the notes to thefinancial statements.
Sensitivity analysis
The following table illustrates sensitivities to the board's exposures to changes ininterest rates and equity prices. The table indicates the impact on how profit andequity values reporting at the end of the reporting period would have been affectedby changes in the relevant risk variable that management considers to be reasonablypossible. These sensitivities assume that the movement in a particular variable isindependent of other variables.
Year ended 30 June 2010
+/- 2% in interest rates
Year ended 30 June 2009
Profit Equity
$ $
2,874 9,364
+/- 2% in interest rates 5,080 6,490
No sensitivity analysis has been performed on foreign exchange risk, as the board isnot exposed to foreign currency fluctuations.
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PSYCHOLOGISTS REGISTRATION BOARD OFWESTERN AUSTRALIA
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2010
13. FINANCIAL INSTRUMENTS (cont.)
g) Capital Management
The Board's management of capital risk is by way of holding cash funds in a majorAustralian banking institution that is regulated by APRA. Funds that are surplus toimmediate operating requirements are held in fixed interest term deposits with amaturity date of no more than 1 year.
14. NEW ACCOUNTING STANDARDS AND INTERPRETATIONSAt the date of this report, there were a number of Accounting Standards andInterpretations that were issued but not yet effective, however the Board anticipates thatthe adoption of these Standards and Interpretations in future reporting periods will haveno material impact on the Board.
30/06/10 30/06/0915. EMPLOYEES Number Number
Number of employees at balance date
16. BOARD DETAILS
The principal place of business of the Board is:
4th Floor130 Stirling StreetPERTH WA 6000
17. PRINCIPAL ACTIVITIES
The Board is primarily responsible for the conduct and administration of the Act forthe protection of the interests of the public by:
- the registration and the professional discipline of registered psychologists;exercising a general oversight over the standards of psychological practice;monitoring the standards of practice and training available to those seeking
registration as psychologists;- the investigation of complaints and prosecution of summary offences under the act;and- exercising the other functions assigned to it by or under the Act.
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PSYCHOLOGISTS REGISTRATION BOARD OFWESTERN AUSTRALIA
NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2010
18. CONTINGENT LIABILITIES
The Psychologists Registration Board of WA, as part of the Board's role, receivescomplaints by the public against registrants. Complaints are investigated to determinewhether the matter should go to full inquiry to be determined by SAT. There are legalcosts incurred in this determination process.
As at 30 June 2010, there were a number of possible inquiry cases being investigatedthat may possibly be referred to SAT. There will be administration and legal costsincurred as a result of this process and the extent of costs is unknown as at 30 June2010.
19. SUBSEQUENT EVENTS
Transfer of Board's Assets and LiabilitiesUnder Section 295 of the Health Practitioner Regulation National Law Act 2009, theassets and liabilities of the Board as at 18 October 2010 were transferred to the AustralianHealth Practitioner Agency on that day. The funds are to be kept by the Agency in anAgency Fund for the Psychology Board of Australia.
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AUDITORS' DISCLAIMER
The additional financial data presented on page 23 is in accordance with the books and recordsof The Psychologists Registration Board of Western Australia which have been subject to theauditing procedures applied in our statutory audit of the Board for the period ended 30 June2010. It will be appreciated that our statutory audit did not cover all details of the additionalfinancial data. Accordingly, we do not express an opinion on such financial data and nowarranty of accuracy of reliability is given.
In accordance with our Firm policy, we advise that neither the Firm nor any member oremployee of the Firm undertakes responsibility arising in any way whatsoever to any person inrespect of such data, including any errors or omissions therein, arising through negligence orotherwise however caused.
GRANT THORNTON AUDIT PTY LTDChartered Accountants
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PSYCHOLOGISTS REGISTRATION BOARD OFWESTERN AUSTRALIA
DETAILED INCOME AND EXPENDITURE STATEMENTFOR THE YEAR ENDED 30 JUNE 2010
REVENUE
2010$
2009$
Interest 15,661 28,749Registration fees 838,946 617,777Trust distributions received Asgard 11,532 25,859Fair value change on financial asset 20,968 (64,941)Sundry income 20
887,107 607,464
Less:
EXPENDITURE
Auditors' remuneration 5,050 4,450Bank charges 10,852 5,353Board member fees 33,189 37,423Conference expenses 12,995 3,464Fees & charges Asgard 2,414 2,242General expenses 13,457 9,389Qualification assessments 2,000 2,000Insurance 7,994 7,427Interest paid 75Legal, inquiry & complaint costs 159,445 269,508Nationalisation matters 52,479 44,461Printing, postage & stationery 34,640 32,019Serviced office administration fees retainer 406,124 426,707Subscriptions 15,288Telecommunications 2,669 1,755
743,383 861,486
OPERATING SURPLUS/(DEFICIT) FOR THE YEAR 143,724 (254,022)
annrep07 23