The Australian Investment Council has recorded a net deficit after tax of $431,549 for FY2021
(FY2020 $451,397 surplus).
Total revenue for the year was $2,178,024, down by $1,325,662 (38%) from the prior year.
Membership subscription revenue of $1,479,359 was $397,918 (21%) lower than FY2020, due to members accessing a one-off 15% pay-on-time discount and a lower renewal rate than the previous year. Sponsorship revenue was $177,400 for the year, which was $158,879 (47%) lower than the prior year. In addition, the annual Australian Investment Conference, which was to be held on 14 and 15 September 2020 in Cairns, was cancelled due to government imposed COVID-19 restrictions contributing $0 revenue (2020: $769,989).
During the year the Council developed a digital capability to facilitate the delivery of member services on-line including the popular PE101 and VC101 programs and the new Private Capital Knowledge Series of webinars, delivering 20 sessions to a total of 1,858 attendees.
The Council was able to deliver the AGM / Gala Dinner at the Four Seasons, Sydney in January 2021, the first in-person event for 10 months with over 150 guests enjoying the networking opportunity.
In May 2021 the Council ran the VC Industry Forum in person at Doltone House Hyde Park, Sydney, with a record number of delegates in attendance.
Total expenses amounted to $2,631,176, representing a 14% ($421,113) decrease on the prior year.
With the cancellation of the annual Australian Investment Conference and other in person events, due to government imposed Covid-19 restrictions and the shift into more online delivery, event costs of $75,058 were $477,298 (86%) lower than in the prior year.
Current assets of $5,240,762 were $206,871 (4%) higher than the prior year due to increased cash from membership renewal subscriptions received prior to year-end. Total accumulated surpluses at 30 June 2021 amounted to $3,012,373.
The accumulated surpluses help to provide the Council with financial stability during periods where fundraising and investment activities across the industry, and consequently membership revenues, fluctuate as a result of the normal cyclical nature of the financial services and investment management sectors. Accumulated surpluses also provide the Council with capacity to invest in strategic opportunities as they arise.
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