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annual report 2010 The Society of Hospital Pharmacists of Australia The Society of Hospital Pharmacists
annual report 2010 The Society of Hospital Pharmacists of Australia The Society of Hospital Pharmacists

annual report 2010

annual report 2010 The Society of Hospital Pharmacists of Australia The Society of Hospital Pharmacists of
annual report 2010 The Society of Hospital Pharmacists of Australia The Society of Hospital Pharmacists of
annual report 2010 The Society of Hospital Pharmacists of Australia The Society of Hospital Pharmacists of
annual report 2010 The Society of Hospital Pharmacists of Australia The Society of Hospital Pharmacists of
annual report 2010 The Society of Hospital Pharmacists of Australia The Society of Hospital Pharmacists of

The Society of Hospital Pharmacists of Australia

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

annual report 2010

page 1

shpa contact details

Federal Secretariat Location: Suite 3, 65 Oxford Street, Collingwood Mail: PO Box 1774, Collingwood Victoria 3066, Australia

Telephone

61 3 9486 0177

Facsimile

61 3 9486 0311

Email shpa@shpa.org.au Website www.shpa.org.au

Publisher The Society of Hospital Pharmacists of Australia

The Society of Hospital Pharmacists of Australia

Pharmacists of Australia The Society of Hospital Pharmacists of Australia ABN 54 004 553 806 annual

ABN 54 004 553 806

annual report 2010

page 2

annual report 2010 The Society of Hospital Pharmacists of Australia contents introduction to shpa 4

annual report 2010

The Society of Hospital Pharmacists of Australia

contents

introduction to shpa

4

membership report

5

federal council

6

from the president

7

education and professional

8

development advocacy

9

workforce

9

membership

9

practice standards

9

rural network

12

research and development

12

publications

13

jppr

13

shpa branches

14

from the treasurer

17

directors’ report

18

information on directors

19

financial report

20

ABN 54 004 553 806

annual report 2010

page 3

introduction to shpa

introduction to shpa The Society of Hospital Pharmacists of Australia (SHPA) is the professional body which

The Society of Hospital Pharmacists of Australia (SHPA) is the professional body which represents 2,500 pharmacists, pharmacy technicians and associates practising in all parts of the Australian health system.

SHPA was established in 1941 following the pioneering efforts of 25 public hospital pharmacists in Victoria. From 1947 to 1964 other branches were developed. The inaugural meeting of the SHPA Federal Council and the first SHPA federal conference were held in Adelaide in 1961.

SHPA has a long-standing commitment to the provision of pharmacy services in hospitals and to the profession’s role in ensuring optimal health outcomes for Australian consumers by the safe and effective use of medicines.

Safe and effective medication use is the core business of pharmacists, especially in hospitals.

SHPA is the only professional pharmacy organisation with an especially strong base of members practising in hospitals and other facilities. SHPA supports hospital pharmacy services to provide safe and effective medication use for consumers and advocacy to support members in delivering better health care and outcomes for consumers across the entire health system. SHPA supports policy development aimed at reducing duplication, improving efficiency and freeing up resources to improve service provision to consumers across all healthcare settings.

What were once “hospital services” are now being delivered in a range of other settings and the changing nature of healthcare delivery is now also reflected in the diversity of SHPA membership. Whilst maintaining a strong public hospital base, SHPA draws members from a diverse range of pharmacy and health practice settings including public and private hospitals, community pharmacy, academia, research, industry, government, consultant pharmacy and a range of quality use of medicines projects, clinical governance and medicines management programs.

Fundamental to the success of SHPA is the culture of cooperation and contribution that is reflected in the high level of membership involvement. A core value held by SHPA is the recognition of the commitment of the many volunteers throughout our membership whose efforts are noteworthy in so many national and branch level SHPA activities and member services.

the shpa vision is:

Excellence in medicines management through leading edge pharmacy practice and research

the shpa mission is:

Supporting the continuing professional development of our members

Having strong membership within hospitals and all other quality use of medicines settings

Partnering with key medicines stakeholders

Advocating for the safe and effective use of medicines across the continuum of care

the shpa values are:

Teamwork

Integrity

Recognition

Respect

Innovation

The Society of Hospital Pharmacists of Australia

the strategic plan:

PRACTICE STANDARDS MEMBERSHIP OrganisationsOther Constitution PUBLICATIONS EDUCATION Leadership Communication
PRACTICE STANDARDS
MEMBERSHIP
OrganisationsOther
Constitution
PUBLICATIONS
EDUCATION
Leadership
Communication
Revenue
WORKFORCE
Legislation
RESEARCH
ADVOCACY
GRANTS & AWARDS
FactorsExternal

ABN 54 004 553 806

Health Policy

annual report 2010

page 4

membership report to 30 June 2010

 

student

member

honorary

life

technician

overseas

inactive

associate

total

%

ACT

8

49

0

2

1

0

3

1

64

2.6

NSW

63

442

1

16

6

4

29

1

562

22.6

VIC

45

581

3

26

17

0

35

2

709

28.5

QLD

39

471

0

10

24

0

24

2

570

22.9

SA/NT

48

213

1

5

6

1

4

0

278

11.2

WA

58

156

1

5

13

0

3

0

236

9.5

TAS

9

49

0

0

1

0

4

0

63

2.5

O/SEAS

0

2

2

0

0

6

0

0

10

0.4

TOTAL

270

1963

8

64

68

11

102

6

2492

100

membership by branch:

membership by type:

6 2492 100 membership by branch: membership by type: shpa federal secretariat staff members (listed below

shpa federal secretariat

staff members (listed below as at 30 June 2010) play a critical role in providing member services and supporting SHPA activities from the national headquarters

Yvonne Allinson Michael Tsui Anna Borg Della Absalom Vikki Gill Stacey McKay Vishal Naidu Karen O’Leary Natalie Jenkins Nicki Burridge Suzanne Newman Danielle Deidun Sally Ridgers Benafsha Khariwala Marlene Cartlidge

Chief Executive Officer Business Manager (part-time) Administrative Coordinator Assistant to Federal Secretariat (part-time) Assistant to Federal Secretariat Assistant to Federal Secretariat Finance Clerk Policy and Projects Manager (part-time) Professional Development Coordinator (part-time) Publications Coordinator (part-time) Communications Coordinator (part-time) Publications Pharmacist (part time) Sponsorship and Conference Manager (part-time) Managing Editor, Journal of Pharmacy Practice and Research (part-time) Assistant to Managing Editor, Journal of Pharmacy Practice and Research (part-time)

SHPA farewelled Bill Thomson who retired after nearly five years as Secretariat Manager. Bill’s memorable contribution supported SHPA’s development and the expansion of many member services including education, advocacy, and liaison with other professional bodies. Madelene O’Halloran, a long-standing SHPA administrative assistant also retired during

2009. During Madelene’s time at SHPA her role included all areas of member services, and more recently focussed on

supporting SHPA members applying for Research and Development Grants.

We wish Bill and Madelene well in their retirements.

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

annual report 2010

page 5

shpa federal councillors

members of federal council as at 30 June 2010

shpa executive councillors

council as at 30 June 2010 shpa executive councillors Neil J Keen Federal President, Past Federal
council as at 30 June 2010 shpa executive councillors Neil J Keen Federal President, Past Federal

Neil J Keen

Federal President, Past Federal Vice President Councillor 1999-2006 (WA) and from 2007 (ACT) Director of Pharmacy, The Canberra Hospital, ACT

Suzanne W Kirsa

Federal Treasurer Councillor from 2009 (VIC) Director of Pharmacy, Peter MacCallum Cancer Centre

shpa councillors

of Pharmacy, Peter MacCallum Cancer Centre shpa councillors Ian D Coombes Councillor from 2009 (QLD) A/Director,

Ian D Coombes

Councillor from 2009 (QLD) A/Director, Safe Medication Management Unit, Qld

2009 (QLD) A/Director, Safe Medication Management Unit, Qld Anthony D Hall Councillor from 2004 (QLD) Senior

Anthony D Hall

Councillor from 2004 (QLD) Senior Lecturer, School of Pharmacy, Griffith University, Gold Coast Campus

School of Pharmacy, Griffith University, Gold Coast Campus Helen A Lovitt-Raison Councillor from 2007 (WA) Project

Helen A Lovitt-Raison

Councillor from 2007 (WA) Project Officer, Pharmacy Department, Fremantle Hospital & Health Service, Chair of WA Medication Safety Group

& Health Service, Chair of WA Medication Safety Group Amber L Roberts Federal Vice-President Councillor from
& Health Service, Chair of WA Medication Safety Group Amber L Roberts Federal Vice-President Councillor from
& Health Service, Chair of WA Medication Safety Group Amber L Roberts Federal Vice-President Councillor from
& Health Service, Chair of WA Medication Safety Group Amber L Roberts Federal Vice-President Councillor from
& Health Service, Chair of WA Medication Safety Group Amber L Roberts Federal Vice-President Councillor from

Amber L Roberts

Federal Vice-President Councillor from 2005 (TAS) State-wide Medication Coordinator, Care Reform, Department of Health and Human Services, TAS

Megan F Middleton

4th Executive Member Councillor from February 2008 (VIC) Deputy Director of Pharmacy (Medicines Evaluation) Eastern Health

Sharon J Goldsworthy

Councillor from 2005 (SA & NT) Manager Pharmacy Services, The Queen Elizabeth Hospital

Karen I Kaye

Councillor from 2007 (NSW) Executive Manager, QUM Programs and Deputy CEO, National Prescribing Service

Rebekah J Moles

Councillor from 2003 (NSW) Lecturer, The University of Sydney, NSW

thanks from all members to former councillor

SHPA gratefully recognises and acknowledges the contribution of Councillor Christine Kemp from Victoria who filled a casual vacancy from February - November 2009. of Sydney, NSW thanks from all members to former councillor The Society of Hospital Pharmacists of

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

annual report 2010

page 6

from the president

Over the past year SHPA has continued its great work providing services and advocacy to support members in delivering better health care and outcomes for consumers. This work is only possible through the significant contribution of the many members who volunteer their time and effort to activities on Federal Council, branch committees, conference committees, COSPs, special interest and reference groups, Research and Development Grants Advisory Committee, and so on. The SHPA secretariat staff is also to be commended on another productive year supporting SHPA members and enhancing member services.

In preparation for the July 2010 commencement of the National Health Registration Scheme, SHPA has continued its focus on shpacpd. This now provides a comprehensive professional education and development framework that assists members meet the new Pharmacy Board of Australia re-registration requirements. SHPA has appointed a Professional Development Coordinator pharmacist to further develop this core member service. A major recent development has been the shpacpd online recording system, which went live in May 2010. Members can now easily maintain records of their CPD goals, completed education events and development activities in one convenient electronic location. The system allows members to produce a CPD report suitable for submission to the Pharmacy Board at re-registration.

Membership feedback tells us CPD opportunities like the CE on CD, JPPR and CPD Online are still highly valued member benefits. CPD Online provides ready access via the SHPA website to Group 2 CPD activities that improve knowledge with formal assessment. During 2009/10 multiple choice assessment questions were available for 25 JPPR articles, 25 presentations from CE on CD disks,

67 presentations from clinical seminars and branch symposia and 6 issues of the Australian Journal

of Pharmacy. This amounts to a staggering total of 110 separate assessment opportunities available

online for members. Even more impressive is that members completed more than 3000 of these Group 2 CPD activity assessments. The wide range and variety of educational activities offered by SHPA continues to grow to keep pace with the increasing number of members participating in

shpacpd activities.

number of members participating in shpa cpd activities. In an important strategic decision linked to existing

In an important strategic decision linked to existing education plans, SHPA council endorsed the development of an SHPA

Clinical Competency Assessment Tool. Termed shpaclinCAT, this project is well underway and will provide a national tool

to support pharmacists’ development of clinical and professional skills. The driver for this work is the increasing numbers of

pharmacists being employed in Australian hospitals and the need to support and nurture the development of their clinical

pharmacy skills.

The 35th SHPA National Medicines Management Conference – Across the Divide was held in Perth in November 2009. The conference committee, chaired by Stephen Lim, convened a very successful conference that received 808 delegates. Susan Parry ably assisted in the coordination of an intriguing and eclectic scientific program, which also hosted 80 contributed papers and 216 posters.

SHPA continues to advocate on members’ behalf on important issues with profession-wide implications, such as the 5th Community Pharmacy Agreement (5CPA), the Australian Government national health reform agenda, PBS chemotherapy funding arrangements and e-health, just to name a few. In the course of this work SHPA has been successful in ensuring

that the role of pharmacists is recognised and considered as vital to the Australian health care system. SHPA has secured

a voice in many key national forums and expects input on aspects of administration of the 5CPA via the planned new governance body.

SHPA has for many years recognised the importance of pharmacy technicians to pharmacy practice, having previously invited technicians into the membership of SHPA. In a progressive move that responds to representations of the technician members themselves SHPA Federal Council endorsed the formation of a National Pharmacy Technician Network. Chaired by Becky Walsh, the Network will work on themes relating to education, communication and professional development.

The SHPA website continues to expand the range tools and resources on offer to members. In addition to the new online

shpacpd features mentioned already, for the first time this year archived issues of the JPPR are now available for member access. An exciting new resource sharing section of the website has also been created as a valuable platform for members

to share locally developed workplace tools and resources for the wider benefit of fellow SHPA members.

Congratulations go to the deserving recipients of SHPA’s major awards: Dr Ian Coombes for the Glaxo SmithKline Medal of Merit and Garth Birdsey for the Australian Clinical Pharmacy Award.

Finally I would like to acknowledge the contribution of Christine Kemp to the work of SHPA in her role as a Federal Council member, which concluded in November.

as a Federal Council member, which concluded in November. NEIL KEEN Federal President The Society of

NEIL KEEN

Federal President

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

annual report 2010

page 7

education and professional development

developing and maintaining the skills and competencies of pharmacists

The Education Reference Group comprises Councillor Rebekah Moles (Chair), Supporting Councillor Ian Coombes, Chris Alderman, Chris Doecke, Jeff Hughes, Neil Cottrell and Rohan Elliott.

shpacpd has remained a focus of 2009/10. With the introduction of national registration and the Pharmacy Board of Australia’s CPD requirements for re-registration, SHPA focused on developing and fine tuning a simple scheme that assists pharmacists in reviewing their CPD requirements. SHPA provides a wide range of CPD activities that will help pharmacists meet their learning needs, and offers a simple online mechanism to document their CPD participation and produce a record suitable for submission to the PBA. In addition, SHPA formally accredited 87 programs for CPD.

CPD Online continues to grow. During 2009/10 110 sets of multiple choice questions (MCQs) were developed and made available in the CPD Online section of the shpacpd website; 3000 sets of completed MCQs were submitted online.

website; 3000 sets of completed MCQs were submitted online. CE on CD : disks 9 and
website; 3000 sets of completed MCQs were submitted online. CE on CD : disks 9 and

CE on CD: disks 9 and 10 were released during 2009/10 providing members with a choice of 36 presentations to view at their computer at their preferred time.

The first phase of the development of SHPA’s Clinical Pharmacy Competency Assessment Tool (shpaclinCAT) was completed at the end of April 2010. A reference group was formed to oversee the development of this tool which will comprise a self-assessment and workplace-assessment format for ease of use. A comprehensive training package for pharmacists seeking to assist the professional development of their colleagues by becoming workplace evaluators will also be developed. Whilst the tool will be of great benefit to support and encourage pharmacists working in wards or patient care areas, many sections of the tool will be equally of value to pharmacists working in other areas.

SHPA gratefully acknowledges the shpaclinCAT Reference Group members: Neil Keen (ACT), Miriam Lawrence (ACT), Rohan Elliott (Vic), Duncan McKenzie (Tas), Susan Parry (WA), Debra Rowett (SA & NT), Andy Lo (Qld), David Maxwell (NSW TAG), Anne Leversha (Rural Australia), Kirstie Galbraith (Monash University), Peter Barclay (NSW) and the project officers Lynda Cardiff and Karen Bettenay.

and the project officers Lynda Cardiff and Karen Bettenay. The SHPA Medicines Management Conference – Across

The SHPA Medicines Management Conference – Across the Divide was held in Perth, November 2009. The conference was a great success; 808 delegates attended and 216 posters and 80 contributed papers were presented.

The conference committee, led by Stephen Lim (chair), did an exceptional job and comprised Susan Parry (program manager), Jasmine Beaman, Paula Caird, Jane Carpenter, Michelle Fall, Mariana De Sousa, Archana Haria, Sarah Heward, Claire Jenner, Regina Law, Helen Lovitt-Raison, Dr Julie McMorrow, Katherine Travers and Vincent Wong.

SHPA Clinical Pharmacy Seminars Nine seminars were convened by SHPA during 2009/10 and proved very popular with a combined total of more than 650 registrants; many were fully booked within weeks of registration opening. SHPA gratefully acknowledges PDL for their support and sponsorship of the clinical seminars.

Many thanks to the teams who conducted these seminars:

Seminar in Oncology – Introductory, July 2009 – Melbourne: Julie Wilkes, Melanie Poorun, Scott McGregor, Geoffrey Grima, Wendy Ho, Gail Rowan, Julie Sanders

Seminar in Critical Care – Advanced, July/August 2009 – Sydney: Annie Egan, Dianne Milne, Steven Fowler, Dennis Leung, Robyn Ingram, Rachael Worthington, Bianca Levkovich, Lisa Ho, Julie Arena, Maria Chan, Jason Roberts, Ren Lau

Seminar in Advanced Clinical Pharmacy Practice, August 2009 – Melbourne:

Clinical Pharmacy Practice, August 2009 – Melbourne: Jeff Hughes, Neil Cottrell, Sharon Goldsworthy ■

Jeff Hughes, Neil Cottrell, Sharon Goldsworthy

Introductory Seminar in Clinical Pharmacy Practice, February 2010 – Sydney:

Lisa Pont, Jeff Hughes, Neil Cottrell, Sharon Goldsworthy

Seminar in Laboratory Tests, March 2010 – Adelaide: Jeff Hughes, Bhavini Patel, Neil Cottrell

Seminar in Advanced Clinical Pharmacy Practice, May 2010 – Darwin: Jeff Hughes, Bhavini Patel, Neil Cottrell

Seminar in Oncology – Introductory, May 2010 – Melbourne: Julie Wilkes, Melanie Poorun, Scott McGregor, Geoffrey Grima, Wendy Ho, Gail Rowan, Julie Sanders

Seminar in Clinical Haematology – Advanced, May 2010:– Melbourne: Julie Wilkes, Helen Leather, Hong Yen Ng, Tracy Shield

Introductory Seminar in Clinical Pharmacy Practice, June 2010 – Brisbane: Neil Cottrell, Ian Coombes, Karen Bettenay, Michael Barras, Lisa Pont, Jo Sturtevant, Karl Winckel

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

annual report 2010

page 8

advocacy

increasing the understanding of the role of the pharmacist in patient care

The primary focus of SHPA is the support of hospital pharmacy in its core business of providing safe and effective medication for consumers at all stages in the medication management pathway especially at transition points along the “continuum of care”. SHPA strongly supports policy development aimed at reducing duplication, improving efficiency and freeing up resources to improve service provision to consumers across all healthcare settings.

Advocating on members’ behalf, SHPA has maintained regular contact with the Health Minister’s office and Department of Health and Aging officers regarding the 5th Community Pharmacy Agreement (5CPA), proposed health reforms and other matters. Examples of SHPA advocacy during 2009/10 have included diverse activities such as:

numerous communications about health reform, the National Health and Hospitals Network, “Closing the Gap”, the integration of pharmacy services, Section 94 private hospital pharmacy changes resulting from the 5CPA, Council of Australian Governments reforms relating to health and hospitals, calling for profession-wide response to health reforms;

numerous submissions to the Pharmacy Board of Australia; and

in collaboration with cancer patient groups and other pharmacy and healthcare organisations, successfully lobbying the Minster for Health regarding proposed changes to the funding of chemotherapy treatment.

working as a member of Allied Health Professions Australia (AHPA) and the National Primary Health Care Partnership (NPHCP)

workforce

While the shortage of pharmacists has reduced, it remains an issue for rural and remote areas and the issue of attracting and retaining suitably qualified and experienced pharmacists in the hospital sector persists across the board. The web- based SHPA Job Register continues to offer a value for money means of advertising hospital-based pharmacist and technician jobs. The SHPA Job Register increases the number of applicants for jobs and many positions are filled directly as a result of the SHPA Job Register. Jobs that are difficult to fill are able to be advertised for a lengthy period without additional expense.

membership

A priority of SHPA is to provide value to members. Developments in member services in 2009/10 include:

online CPD recording;

more Group 2 CPD activities in CPD Online to enable choice for members to achieve the PBA re-registration requirements; and

expanded website to include access to past issues of JPPR and a platform for members to share resources.

practice standards

The maintenance of practice standards is integral to the achievement of the SHPA vision. The Specialty Practice Reference Group (SPRG) reviews the operations and performance of the Commitees of Specialty Practice (COSPs), oversees the development and maintenance of SHPA practice standards, oversees production of statements by COSPs, encourages the development of a pool of expertise that is available to comment on issues of relevance to hospital pharmacy, encourages and supports the development of specialist educational initiatives by the COSPs, provides advice to Federal Council on formation of or disbanding of COSPs and coordinates (and rotates) the annual pre-conference workshops between COSPs.

Specialty Practice Reference Group: Councillor Anthony Hall (Chair), Supporting Councillor Ian Coombes and chairs of all COSPs.

The standards currently under review and or preparation by COSPs include: Clinical Pharmacy, Provision of Clinical Oncology Pharmacy Services, Safe Handling of Cytotoxic Drugs in Pharmacy Departments and Drug Information Services.

Standards of Practice are published in the JPPR and may be found on the SHPA website.

SHPA sincerely acknowledges the contribution of the following COSP members (current as at 30 June 2010) to important SHPA activities.

Clinical Pharmacy: George Taylor (Chair), Neil Keen (Convenor), Michael Connolly, Amber Roberts, Suzette Seaton, Cameron Randall, Sharon Gordon-Croal, Chris Archer, Amy McKenzie, Duncan McKenzie, Peter Fowler, Catherine Drake, Camille Boland, Michael Dooley, Karen O’Leary, Nicki Burridge Outcomes for 2009/10: During 2009 and 2010 the major focus of the COSP was to review the current SHPA Guidelines. The July planning day was a very useful exercise which resulted in a plan to develop a revised format for the guidelines. Between meetings, members have developed short summary statements of clinical activities which will appendix the main document. It is intended that these “How To” summaries will provide a quick check list for practitioners. Reformatting the 2005 Guidelines is also being undertaken.

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

annual report 2010

page 9

Cancer Services: Julie Wilkes (Chair), Sue Kirsa (Convenor), Michael Cain (WA member), Tandy-Sue Copeland (WA member), Scott McGregor (WA member), Philip Roberts (WA member), Melanie Poorun (WA member). Members from other states (including corresponding members and technician members): Alida Turnball (Vic), Amy Allen (ACT), Diane Davies (NSW), Fotios Ambados (NSW), Geeta Sandhu (Qld), Geoffrey Grima (Qld), Joan Semmler (Qld), Karen Chiang Sui Hung (ACT), Maria Larizza (Vic), Maggie Chau (Vic), Shaun O’Connor (Vic), Peter Gilbar (QLD), Jim Siderov (Vic), Wendy Ho (NSW), Sandy Scholes (Vic). Ex-officio: Tien Yen Yee (WA), Debbie Bajrovic (WA), Nikki Briegel (WA) – Paediatrics Outcomes for 2009/10: convened Introductory Seminars in Oncology Pharmacy in July 2009 and May 2010 in Melbourne, Advanced Clinical Haematology Seminar in May 2010, in Melbourne, and Pre-Conference Study Day prior to the SHPA National Conference Perth, 2009; developed self-assessment questions for Introductory Seminar in Oncology Pharmacy, Advanced Clinical Haematology Seminar and SHPA Pre-Conference Study Day 2009; planned for Pre-Conference Study Day prior to the SHPA National Conference Melbourne, 2010.

Critical Care: Dennis Leung (Chair, NSW), Anthony Hall (Convenor), Dianne Milne, Steven Fowler, Niann “Ren” Lau, Annette Egan, Dr Julie McMorrow, Robyn Ingram, Bianca Levkovich, Jason Roberts Outcomes for 2009/10: convened Critical Care Seminar – Advanced July/August 2009; developed PICU/NICU program into the advanced seminar; developed self-assessment questions for advanced seminar; planned 2010 Seminar; facilitated

multicentre research project with critical care pharmacists; continued email discussion group to 1) provide assistance to COSP members with clinical questions and 2) facilitate professional development, particularly for newer members or those

in smaller hospitals.

Educational Visiting: Debra Rowett (Chair), Judy Burrows, Joy Gailer, Gwen Higgins, Margaret Jordan, Karen Luetsch, David Maxwell, Frank May, Jenny Pink, Lisa Pulver, Cathy Prest, Sharon Goldsworthy and Karen Kaye (Convenor) Outcomes for 2009/10: Continuing activity has occurred with respect to academic detailing/educational visiting in the

hospital setting. The program of training and workshops related to the NPS DUE project provided an opportunity to continually build on the experience and inform frameworks for quality assurance and competency standards in this area of hospital pharmacy practice. This work has now concluded and will be used by the COSP to develop competency standards and also explore an advanced scope of practice model.

A training program specifically for hospital pharmacists was developed following the COSP workshop in collaboration with

Directors of Pharmacy to ensure that the training could be integrated into current work schedules and with an emphasis on interprofessional communication. This more flexible model of training was undertaken at The Queen Elizabeth Hospital Pharmacy Department in December 2009. The model of training is being explored for broader delivery of training workshops. The content for this workshop focused on the PBS reform processes. The COSP continues to develop Standards of Practice for all stages from development of academic detailing programs, training requirements, delivery and implementation together with a governance framework which assures high standards are maintained. Increasing awareness of the principles of academic detailing as an evidence-based intervention to deliver complex key messages to doctors, nurses and pharmacists along the continuum of care has continued with workshops for aged-care staff involving delivery of services to nurses and care staff.

Emergency Medicine: Susan Welch (Chair), Simone Taylor, Linda Graudins, Shin Choo, Andrew Harding, Claire Whittle, Dona Buchan, Elizabeth Donegan, Elizabeth Doran, Leonie Abbott, Melanie Morrow, Sarah Heward, Ian Coombes (Convenor). Currently 122 pharmacists on email contact list. Outcomes for 2009/10:

Planning underway for Emergency Medicine (EM) seminar 2010 – Sydney, August 2010.

Continued email discussion forum and received requests from new EM pharmacists to join. New website under construction.

Continued collection of available business cases for EM pharmacist positions.

Ongoing communications with “The Emergency Pharmacist Research Center” www.emergencypharmacist.org.

Initiated multi-centre research project to investigate “Accuracy of medication histories documented on general practitioner letters for patients presenting to the emergency department”. Results were presented at SHPA Conference, Perth 2009 and ACEM conference Nov 2009. Currently being compiled for publication.

Ongoing negotiations with CIAP/Toxinz® toxicology database to endeavour to gain access across Australia.

EM pharmacy publication list on SHPA website - updating process is in place to facilitate annual update.

Feedback from successful DBL Young Pharmacists’ Award application for EM pharmacist preceptorship (1 month) University Medical Centre (UMC), Arizona with Mr D. Hayes, to be included in EM Seminar 2010.

Representation on NSW DOH working party Medication Reconciliation in the Emergency Department.

Representation on Australian Commission on Safety and Quality in Health Care: Medication Continuity Expert Advisory Group.

Ongoing liaison with SHPA Research and Development Grants committee to setup and offer an EMP grant.

Work commenced by Qld to develop “Advanced Level Competency Framework for Emergency Medicine Pharmacists.”

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

annual report 2010

page 10

Infectious Diseases: David Kong (Vic, Chair), Vaughn Eaton (SA & NT), Carol Smith (SA & NT), Matthew Rawlins (WA), Russell Levy (NSW), Evette Buono (NSW), Jason Roberts (Qld), Sharmila Khumra (Vic), Sean Unwin (Qld), Duncan McKenzie (Tas), Breigh Ridley (WA), Megan Middleton (Convenor) Outcomes for 2009/10:

co-organised the Pharmacy Workshop at the Feb 2010 Australian Society for Antimicrobial’s Annual Scientific Conference.

Planning for the Pharmacy Workshop at the Feb 2011 Australian Society for Antimicrobial’s Annual Scientific Conference.

Conducted a half-day Infectious Diseases seminar as part of the 35th SHPA National Conference pre-conference seminars.

Teleconference and email discussions to plan activities for the next 12 months.

Represented of SHPA at the Australian Commission on Safety and Quality in Health Care Antimicrobial Stewardship Advisory Committee.

Various members of the COSP were guest speakers at selected conferences (e.g. the Feb 2010 ASA Annual Scientific Conference, the half-day Infectious Diseases seminar in Perth).

Preliminary work related to developing a full-day or 2-day Infectious Diseases seminar for pharmacists is in progress.

The COSP was consulted about the course content for two 6-credit point education modules on Infectious Diseases to be offered by Monash University and its partners.

Supporting the planning and nomination of potential speakers for the upcoming 36th SHPA National Conference, and the Victorian branch meeting.

Investigational Drugs: Carol Rice (Chair), Kay Hynes, Helen Lovitt (Convenor), Jill Davis, Helen Kopp, Claire Vosk, Eugenie Hong, Anne Mak, Michael Ching, Paula Lee, Peter Slobodian, (corresponding member) Naomi Lillywhite (corresponding member) Outcomes for 2009/10: Liaison with TGA and Association of Regulatory & Clinical Scientists (ARCS): COSP members are associate members of ARCS and attended ARCS seminars. Clinical Trials Starter Kit: A web-based Clinical Trials Starter Kit providing relevant resources, FAQs, SOPs etc. was uploaded onto the SHPA website in November 2009 and launched at the annual conference. Breakfast meeting during SHPA annual conference in 2009: A short breakfast meeting was held during the conference to enable liaison between clinical trial pharmacists. Four short presentations were given on trial-related subjects by COSP members. Liaison with Medication Management Group (MMAG):The MMAG sought recommendations for the naming of trial medications for the HealthSmart project. The COSP presented their recommendations to the MMAG

Medication Safety: Melita Van De Vreede, Kent Garrett, Ian Coombes, Helen Lovitt, Chris Doecke, Elizabeth Anderson, Bhavini Patel, Helen Leach, Naomi Burgess, Michelle Paine, Suzette Seaton, Penny Thornton, Diane Reeves, Linda Graudins, Anne McGrath, Jennifer Macdonald, Olivia Kay, Anthony Hall (Convenor), Rosemary Burke (Chair) Outcomes for 2009/10: Medication Safety Briefs for JPPR, Medication Safety Seminar - planning for 2010 Medication Safety pre-conference seminar: Medication Safety from the Coalface

Medicines Information (formerly Drug Information): Julie Lord (Chair) , Graeme Vernon (Secretary), Rodney Whyte, Cheng Choo, Louise Grannell, Christine Plover, Gedal Basman, Elizabeth Anderson, Morna Falkland, Judith Longworth, Leone Snowden, Geraldine Moses, Glen Bayer, Sharon Goldsworthy (Convenor). Outcomes for 2009/10: SHPA Drug Information Procedure manual: continued work on 2nd edition, liaised with SHPA Publications Reference Group and Federal Secretariat regarding preferred distribution method(s). Reference for crushing medications: provided assistance in recruitment of monograph reviewers. Adaptation/development of an Australian Drug Information Training Workbook: assistance provided by the COSP and SHPA secretariat as required; particular acknowledgement should be given to Elizabeth Anderson for her significant contribution to this project. Updating SHPA website listings of contact details for Drug Information/Medicines Information Centres. Expansion of web-based drug information email discussion group (hosted by Yahoo groups - druginfo_austnz ) – promoted through SHPA bulletins. International liaison (IRDIS) - IRDIS coordinated by Graeme Vernon, Austin Health - details provided to SHPA for updating on the website.

Mental Health: Christine Culhane (Chair), Megan Middleton (Convenor), Abdul Adra, Judith Longworth, Julia Mckay, Natasa Gisev, Nga Tran (corresponding), Saira Mould, Timothy Chen, Tanya Foyle, Alice Kochman, Anita Albarno, Annabel Chong, Carole Ramsay, Chris Alderman, Denise McConnell, Donna Blumgren, Fiona Kearney, Jennifer Carroll, Julie Holznagel, Karen Samuel (corresponding), Kate Roper, Marian Pasere, Selina Leung, Rowena Jones, Diane Walters (corresponding), Cecilia Bjorsten, Susan Melbourne Outcomes for 2009/10: Review of Practice Standards – in progress. Set up email network for pharmacists working in mental health areas – in progress; setup and invitations to join to go out

Paediatrics: Sean Turner (Chair), Paul Tait, Sonya Stacey, Rachel Worthington, Antun Bogovic, Linda Graudins, Lewis Bint, Ian Coombes (Convenor). Outcomes for 2009/10: Paediatric COSP meeting prior to National Conference, Perth, November 2009. Meeting in Brisbane with Sonya Stacey, Queensland Health for the further development of Advanced Level Framework for Paediatrics and associated educational material. Continued to provide an avenue for communication via PaedPharm – paediatric email group. Under the leadership of Sonya Stacey the COSP has continued to have input into the development of a competency framework for paediatrics.

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

annual report 2010

page 11

rural network

The SHPA national rural adviser is Anne Leversha. Her role is to provide Federal Council with advice on rural issues that affect hospital pharmacy, to represent rural hospital pharmacy at appropriate forums, and to promote rural hospital pharmacy and coordinate a network of rural hospital pharmacists.

In December, we lost one of our most committed members Karen Clark. Karen died from breast cancer after a courageous battle. Karen represented South Australia on our network from 2004 until her death. Karen’s enthusiasm and commitment to pharmacy is missed by us all.

The Rural Network has representatives from the states/territories. Membership of the network as at 30 May 2010 consists of Anne Leversha (Chair), Frank Andinach (WA), Kieran Behan (NT), Robert Forsythe (Qld), Ian Mawbey (NSW), Chris Turner (Vic), Suzette Seaton (Tas) and Philip Selby (SA). All members also have proxy representatives to ensure continuing representation for their sector. Contact your state/territory representative with ideas on how your Rural Network can work for you!

The group meets three times a year by teleconference, and all SHPA members can keep up to date by reading the minutes which are posted on the SHPA website.

Branch Committees are strengthening links with the state/territory rural representatives, and all rural pharmacists are encouraged to provide feedback on rural issues to the state representative, or to the federal adviser.

The network held a successful meeting at the National Conference in Perth.

research and development

The Research and Development Grants Program fosters pharmacy practice by providing financial grants to SHPA members for undertaking research and/or professional development. The Program is administered by the Research and Development Grants Advisory Committee (RDGAC) which is currently based in South Australia. Members include Anna McClure (Chair), Sharon Goldsworthy (Convenor), Greg Roberts, Joy Gailer and Sepehr Shakib. The Committee is grateful to Della Absalom from the SHPA Federal Secretariat and to former SHPA staff, Madelene O’Halloran and Bill Thomson for their administration assistance of the Program, and to Manya Angley, who was a member of RDGAC during the past year.

Grants Awarded during 2009 / 2010

Total Value

No.

of

Recipients

Baxter NW Naismith Leadership Grant

$10,000

Not awarded in

2009

EBEWE Pharma Oncology Pharmacy Grants - Carly Wills, May Chin

$10,000

2

HOSPIRA DBL Development Fund 2010 - Karen Whitfield, Peter Fowler, Paul Tait, Anthony Hall, Natasa Gisev, Susan Welch

$33,500

4

HOSPIRA DBL “Young Pharmacist” Award - Esther Chan

$10,000

1

Janssen-Cilag Specialist Renal Pharmacist Grant - Tasma Wagner

$4,350

1

Merck Sharp & Dohme Pharmacy Postgraduate Study Grant - Jared Brown, Amy Allen, Chastina Anderson, Lisa Ho

$16,000

4

Pfizer Pharmacy Grant - Felicity Wright, Kathryn Mackie

$10,000

2

Pharmatel Fresenius Kabi Grant

$10,000

Not awarded in

2009

Roche Research Grant on ‘Quality and Safety’ - Daniel Lalor

$10,000

1

Sanofi-aventis Pamela Nieman Continuum of Care Research Grant - Ruth Chieng

$10,000

1

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

annual report 2010

page 12

publications

facilitating professional development through quality publications

Members of the Publications Reference Group at 30 June 2010 are: Sharon Goldsworthy (Chair), Amber Roberts (Supporting Councillor) and SHPA staff Nicki Burridge and Danielle Deidun.

During 2009/10 sales of the 4th Edition of the Australian Injectable Drugs Handbook (AIDH) continued well. The revised electronic version of the AIDH continued to be marketed by Health Communications Network Ltd to health departments and other interested healthcare organisations. Amended and new monographs are able to be downloaded from the SHPA website.

The Medicines Information Committee of Specialty Practice is working on the production of the 2nd edition of the Australian Drug Information Procedure Manual. The National Medicines Information Training Manual is being developed by the dedicated NSW Branch group and a pilot version is being trialled. Once completed, this manual will be available as a training tool on the SHPA website.

A guide for administration of medicines for patients with swallowing difficulties

or with enteral feeding tubes is being developed for publication late in 2010. There has been enormous support from members of the pharmacy, nursing, dietetics and speech pathology professions who have contributed to writing

and editing.

Australian

Injectable

DRUGS

Handbook

Fourth Edition

Australian Injectable DRUGS Handbook Fourth Edition

journal of pharmacy practice and research

The Journal of Pharmacy Practice and Research supports the development of hospital pharmacy practice by providing a forum for the exchange of knowledge, ideas and professional opinion for all stakeholders.

Published quarterly, the Journal is highly valued by SHPA members, is

a source of CPD material and features editorials, research, pharmacy

practice and review articles, case reports, practice standard guidelines,

letters and book reviews.

Managing Editor, Benafsha Khariwala coordinates production of the Journal together with input from the Associate Editors, Manya Angley, Rhonda Clifford, Neil Cottrell and Andrew McLachlan; Specialist Section Editors, Vaughn Eaton (DrugScan) and Penny Thornton (Medication Safety); Editor, Professor Jo-anne Brien; and Administrative Assistant, Marlene Cartlidge.

The Geriatric Therapeutics’ articles would not be possible without the team consisting of Associate Professor Michael Woodward, Dr Stephen Campbell, Rohan Elliott, Francine Tanner, Robyn Saunders and Graeme Vernon. Their commitment to the area of geriatric therapeutics with their honorary work is much appreciated and acknowledged.

The Journal would like to thank Terry Maunsell (September 2007 to December 2009) and Helen Matthews (June 2007 to December 2009) for their support of the Journal as Advertising Managers. The Journal and SHPA have adopted a new approach and have discontinued the formal Advertising Manager roles and incorporated these into SHPA industry liaison activities.

incorporated these into SHPA industry liaison activities. Thanks to all those who support the Journal ,

Thanks to all those who support the Journal, especially contributors of original research and pharmacy practice articles and their mentors who encourage and support them to develop and submit their work.

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

annual report 2010

page 13

shpa branches

ACT BRANCH… ACT BRANCH… ACT BRANCH… ACT BRANCH… ACT BRANCH… ACT BRANCH…
ACT BRANCH…
ACT
BRANCH…
ACT
BRANCH…
ACT
BRANCH…
ACT
BRANCH…
ACT
BRANCH…

ACT Branch committee members: Natalie Bula (Chair), Joanne Wilson (Vice-Chair), Sheridan Price (Secretary), Liisa Nurmi (Treasurer), Jessica Parker (Minutes Secretary), Miriam Lawrence (CE Coordinator), Neil Keen (Federal Councillor), Catherine Murphy, Emily Diprose, Karlee Johnston Advocacy, workforce and membership activities: ACT Branch members represent both major hospitals in Canberra, and also the University of Canberra Pharmacy School. A high percentage of ACT hospital pharmacists and those working in related fields are SHPA members which demonstrates the high regard for SHPA membership within the ACT. The Branch continued its strong relationship with University of Canberra Pharmacy School in 2009/2010, participating in presentations to students, and awarding of the annual SHPA Student QUM Prize to 2nd year student Liane Ward-

Panckhurst. The ACT Branch was represented in many SHPA federal forums, including on the ClinCAT project. The Branch awarded $250 prizes to financially assist members presenting at the Perth 2009 Federal Conference: Across The Divide. Advocacy was continued via liaison with the following bodies:

University of Canberra School of Pharmacy

Pharmaceutical Society of Australia (ACT)

ACT Pharmacy Board

Educational activities: The annual ACT Branch Symposium was held in September 2009 focusing on infusion issues such as lines, fluids and pumps. Other successful monthly CE topics included pharmacy automation and robotics, corrections health, medications in pregnancy and lactation, neonatology, Parkinson’s disease, veterinary pharmacy, and walk-in centres. In June 2010, we trialled using wireless technology to provide instantaneous feedback on CPD questions from the CE event. This approach may increase member value derived from future CE activities. Special thanks goes to: Andrew Brown and Prisca Chen who resigned or finished their terms of office at the end 2009. Your contribution to the ACT Branch has been highly valued. Special mention to Andrew Matthews who retired from the ACT Branch Committee at the end of 2009 after more than 15 years of committed service to the ACT Branch, Federal SHPA and the pharmacy profession. Thank you Andrew for your leadership and mentorship to so many ACT Branch members.

NSW BRANCH… NSW BRANCH… NSW BRANCH… NSW BRANCH… NSW BRANCH… NSW BRANCH
NSW BRANCH…
NSW
BRANCH…
NSW
BRANCH…
NSW
BRANCH…
NSW
BRANCH…
NSW
BRANCH

NSW Branch committee members: Peter Barclay (Chair), Jenny Crane (Vice-Chair), Claire McCormack (Secretary/ITP representative), Kerry Davison (Minutes Secretary), Sasha Bennett (Treasurer), Natalie Tasker (Education Co-ordinator), Ken Kwong (Newsletter), Karen Kaye (Federal Councillor), Rebekah Moles (Federal Councillor), Helen Dowling, Kate Oliver, Becky Walsh (Technician Observer), Megan Richardson (Intern Observer), Sarah Sinclair, Katherine Lawrence (Stu- dent Observers) Advocacy, workforce and membership activities: Since November 2009, members of the SHPA NSW committee have been collaborating with NSW Health as part of the Clinical Pharmacy Model Working Group to address recommendations made by the Garling Report. The aim is to develop a patient-focussed model of clinical pharmacy to describe the services and processes that need to be adopted by pharmacists, pharmacy support staff and primary care clinicians to ensure hospital patients receive optimal pharmaceutical care from the point of admission into the hospital system, through to discharge back into primary care. The group, co-chaired by SHPA NSW Branch Member Helen Dowling, has been working hard through a series of regular teleconferences and meetings with NSW Health and stakeholders to explore these issues. The NSW Branch technician observer Becky Walsh has been busy coordinating the formation of the National Pharmacy Technician Network supported and facilitated through the Branch committee and writing regular technician sections ‘Spotlight on technicians’ in the NSW Branch newsletters. NSW Branch continued sponsorship of student prizes for 2009/10 at Sydney, Newcastle and Charles Sturt Universities for best performance in Pharmacotherapeutics subjects for BPharm and MPharm courses. Congratulations to NSW Branch Member Susie Welch who was awarded the Australian Clinical Pharmacy Award for 2009. The NSW Branch newsletter continued to be a valuable communication tool for all NSW SHPA members. Advocacy was continued via liaison with the following bodies:

Pharmacy Board of NSW

University of Sydney

Pharmaceutical Society of Australia (NSW branch)

Newcastle University

Intern Training Program (ITP) Committee

Charles Sturt University

Pharmacy Practice Foundation

Medication Reconciliation in the Emergency

Directors of Pharmacy of NSW Teaching Hospitals

Department Working Group.

Allied Health Alliance

Faculty of Pharmacy Alumni, University of Sydney

NSW Health: The Area Pharmacy Advisors Group

Rural Pharmacy Working Group

Statewide Medication Safety Committee

Greater Metropolitan Clinical Taskforce

Educational activities:

Monthly education sessions continue to be held at Harold Park in Sydney. Rural education sessions were also held In Newcastle and videoconferenced to a number of sites including Tamworth, Orange, Broken Hill, Lismore and Tweed Heads. The branch is also organising its third Winter Symposium to be held in July 2010 with a focus on Diabetes. Past symposiums have been a great success and we look forward to continued support from members this year. Other activities have included continued collaboration with PSA to organise the Pathology and Medication Management education stream at the Pharmacy Expo. The Branch has also continued to be involved in educational programs for the Intern Training Program (ITP). Special thanks go to: David Maxwell, a past NSW Branch chair, for his tireless work for SHPA, tremendous pharmacy advocacy and contribution to significant changes made to hospital pharmacy in NSW. Also thank you to Jared Brown for his years of hard work and service to NSW Branch Education Subcommittee. Thank you also to recent student observers Julie Tran and Anjana Rao for their important contribution on student issues.

QLD BRANCH… QLD BRANCH… QLD BRANCH… QLD BRANCH… QLD BRANCH… QLD BRANCH…
QLD BRANCH…
QLD
BRANCH…
QLD
BRANCH…
QLD
BRANCH…
QLD
BRANCH…
QLD
BRANCH…

Qld Branch committee members: Jason Roberts (Chair), Arna Neilson/Heidi Wong (Vice-Chairs), Lee Allam (Secretary), Frances Golding (Treasurer), Jaana Baker, Andy Lo, Jessica Toleman, Noleen Nath (CE Officers), John Parke (Minutes Secretary), Nina Latinovic, (Newsletter), Joan Semmler (Pharmacy Technician Representative), Tony Hall, Ian Coombes (Federal Councillors), Liz Hayward (Rural representative), Jill Upton (Intern Pharmacist representative).

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

annual report 2010

page 14

Advocacy, workforce and membership activities: We have sought to continue the strong gains made in recent years with

a high quality infrastructure for CE, given the imminent introduction of compulsory CE. The Committee has expanded video- conferencing of its monthly CE lectures (see below). SHPA members (including committee members) have continued to be involved in Stage II of the Health Practitioners (Queensland Health) Certified Agreement. Advocacy was continued via liaison with the following bodies:

Queensland Health Managerial and Administrative staff on a range of issues including workforce issues, liaison with Queensland Health Directors of Pharmacy and support for award evenings for pharmacy courses within Queensland. Queensland Branch of SHPA had members on the following committees:

Queensland University of Technology (QUT)

Qld Health Pharmacy Advisory Committee

Board of Studies

Qld Health Pandemic Planning Group

University of Qld (UQ):

Pre-registration Training Committee

Postgraduate Diploma in Clinical and Hospital

Qld Health Drug Therapy Protocol Steering Group

Pharmacy

James Cook University (JCU) Pharmacy Board of Studies

School of Pharmacy Board of Studies

Educational activities: This year we continued the monthly technician/assistant CE in line with our pharmacists’ CE program. This was introduced as part of our commitment to providing better services to our technicians and assistants. Our videoconferencing activities have been expanded, with approximately 20 sites and 250 persons attending each month. We also continued our collaboration with PSA (Qld) and developed a local CE calendar for hospital and community pharmacists on the Gold Coast through Liz Coombes. In August 2009 we held a CPD symposium “Infectious Diseases” which was highly informative, well-attended and profitable. The Branch newsletter has continued its “Clinical pearls’ feature which encourages members to undertake a Group 3 CPD activity by submitting case studies for publication. Special thanks go to: All members of Qld Branch committee for their efforts in the service of members; Liz Coombes and Robyn Underwood for their continued representation of SHPA outside of Brisbane; the Organising Committee of the Infectious Diseases Symposium (Jason Roberts, Sean Unwin, Arna Neilson, Jess Toleman and Kelly Mulvogue); and site coordinators for videoconferencing CPD sites around QLD.

SA & NT BRANCH…

SA

& NT BRANCH…

SA

& NT BRANCH…

SA

& NT BRANCH…

SA

& NT BRANCH

SA & NT Branch committee members: Catherine Hughes (Chair), Hayley Vasileff (Vice-Chair), Joy Gailer (Secretary) Travis Schiller (Treasurer), Richard Marotti (Assistant Treasurer), Luke Grzeskowiak (Continuing Education & Autumn Symposium Coordinator), Alicia Thomas (Continuing Education, Autumn Symposium Coordinator), Rachael Cheh (Newsletter Editor), Sharon Goldsworthy (Federal Councillor), Kieran Behan (NT Advisor), Judy Manning (Technician Observer), Hamed Shahnam, Vaishali Padhye, Mardi Wills, (Pharmacy Intern Observers). Advocacy, workforce and membership activities: Accessibility of members to the Branch committee and encouraging their engagement has been another commitment for this year. As such, Branch committee meetings have rotated between sites around Adelaide and each director has been invited to a meeting; including teleconferencing the rural and NT directors of pharmacy. Members from each site are then encouraged to participate as observers. Membership has continued to blossom

with excellent monthly applications. Another Hospital Pharmacy Career evening was held at the University with 200 students attending. Advocacy was continued via liaison with the following bodies:

Pharmacy Guild of Australia (SA)

Pharmacy Board of South Australia

SHPA Rural Network Committee

University of South Australia

Pharmaceutical Society of Australia (SA)

Allied Health Professionals of South Australia (AHPSA)

Charles Darwin University

Educational activities: A significant change has been made to improve the delivery and access to CE in SA & NT. Creation

of learning objectives for each session for accreditation and encouraging participant feedback has lead to tailoring of the program to meet members’ needs and ensure we are maintaining a consistently high quality of CE.

Videoconferencing of monthly CE sessions to Darwin, Alice Springs and Mount Gambier has been extremely successful in 2010. This has been extended to videoconferencing CE sessions for our outer-metropolitan areas on a rotational basis for members’ convenience.

Average attendance to monthly CE has increased to an impressive 55/session vs 29/session in 2009.

The 2nd Autumn Symposium in May was a fantastic success and brought together a number of esteemed speakers, including our new SA Health Chief Pharmacist Steve Morris, attended by 110 participants including Yvonne Allinson. The event for both pharmacists and technicians delivered a range of plenary, concurrent and case-based sessions and workshop.

The NT hosted the Introductory Clinical Seminar in May.

Special thanks go to:

Judy Manning (Technician Observer) who has been a continuously serving valuable member of the committee for eight years and who was recently selected as a Technician representative for the National Technician Group.

Karen Clark: Karen had been involved in SHPA both in the Victorian and SA & NT Branches for many years; she was a key voice in SA Rural Pharmacy Service provision and was the Newsletter Editor in 2008/9. Karen sadly passed away in December 2009.

Congratulations to Naomi Burgess (recipient of the GSK Medal of Merit) and Kingsley Coulthard (recipient of the Fred J Boyd award) for their outstanding contributions to the practice of hospital pharmacy, another reflection of the success of clinical pharmacy practice in SA & NT.

Thank you to retiring members: Naomi Burgess, Melanie Morrow, Simon Potts, Philip Selby

TAS BRANCH… TAS BRANCH… TAS BRANCH… TAS BRANCH… TAS BRANCH TAS BRANCH
TAS BRANCH…
TAS
BRANCH…
TAS
BRANCH…
TAS
BRANCH…
TAS
BRANCH
TAS
BRANCH

Tas Branch committee members: Tom Simpson (Chair), George Taylor (Vice-Chair), Duncan McKenzie (Secretary), Jane Frankling (Treasurer), Amber Roberts (Federal Councillor), Leanne Stafford (CE Coordinator), Camille Boland, Suzette Seaton, Sharon Gordon-Croal, Sarah Fowler (student observer), Ashlee Duggan (student observer). Advocacy, workforce and membership activities: This year the Tas Branch continued its support for University of Tasmania (UTas) Pharmacy School achievers. The committee would like to congratulate UTas clinical pharmacy award winners for 2009: Third year prize: Eleanor Thomas, Fourth Year prize: Kathleen Doherty. The committee also held a university information day for students considering a career in hospital pharmacy. Students were treated to pizza and an informal discussion with seven hospital pharmacists with a broad range of experience and careers within hospital pharmacy. Attendance and enthusiasm was fantastic and the Branch has booked this initiative in as an annual event.

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

annual report 2010

page 15

The Branch continues to support members wishing to travel interstate to attended conferences and courses which are not offered in Tasmania. This year the Tas Branch was able to grant financial support to eight members to assist with travel to attend interstate educational opportunities. Organising committee for 2011 National Conference: preparation for the 2011 conference in Hobart is well under way, venues are booked and a theme has been chosen. Many members of the Tas Branch are active in the Clinical Pharmacy COSP who are currently updating the Practice Standards for Clinical Pharmacy. Duncan McKenzie represented the Branch and the Clinical Pharmacy COSP on the ClinCAT committee. Advocacy was continued via liaison with the following bodies:

UTas School of Pharmacy Course Advisory

Tasmanian Pharmacy Liaison Committee (includes

Graduate Accreditation Program Committee

Tas Pharmacy Board, PSA, Guild and Tas School

SHPA Rural Network

of Pharmacy)

Pharmacy Board of Tas Competence Committee

Pharmacy Board of Tasmania

PDL local advisory group

Educational activities: This year the Tas Branch conducted an annual Branch Symposium held at the Fox and Hounds resort, Port Arthur in the beautiful Tasman Peninsula. The Symposium was a two-day event with three exceptional keynote speakers from around Australia. Karl Bleasel, Director: Department of Immunology at the Royal Melbourne Hospital (and an ex Taswegian!) gave members an insight into drug allergy and the role of the pharmacist. Our South Australian colleagues Naomi Burgess and Olimpia Nigro provided delegates with an instruction manual on Pharmaceutical Reform as Tasmania prepares for imminent implementation. As always, the symposium content was of outstanding quality with excellent presentations from local presenters, thanks to speakers and congratulations to prize winners. Thanks to the Symposium organisers: Suzette Seaton, Leanne Stafford, George Taylor and Duncan McKenzie for a successful, enriching and highly enjoyable event. Special thanks go to: Our leaving committee members for all of their energy, leadership and selfless commitment of their time over many years. Special mentions go to Peter Fowler and Catherine Drake who have served as invaluable members and office bearers on the Tas Branch for many years.

VIC BRANCH… VIC BRANCH… VIC BRANCH… VIC BRANCH… VIC BRANCH VIC BRANCH
VIC BRANCH…
VIC
BRANCH…
VIC
BRANCH…
VIC
BRANCH…
VIC
BRANCH
VIC
BRANCH

Vic Branch committee members: Helen Matthews (Chair), Melita Van de Vreede (Vice-Chair), Kirsty Galbraith (Secretary), Jo Edwards (Agenda Secretary), Kerryn Barned (Minutes Secretary), Glenn Valoppi (Treasurer), Patrick Lam (Newsletter Editor), Sonia Shen (CE Coordinator), Alice Kochman (Conference Convenor), Gillian Swinnerton (member), Jackie Abercrombie (Technician Observer), Megan Middleton (Federal Councillor), Sue Kirsa (Federal Councillor), Sally Yeung (Pharmacist Project Officer). Advocacy, workforce and membership activities: The Victorian Pharmacist Project Officer, Sally Yeung, has consulted with the Department of Health concerning the intern and student placement program and also the Rural Locums program. Both have achieved successful outcomes with placement of 80 intern positions and provision of locum rural services in Latrobe and Bendigo. Significant membership growth has occurred in 2009 – 2010, with approximately 40 % more members,

mainly pharmacists and interns in both public and private sectors, urban and rural, general hospitals, specialty, small and large hospitals. Advocacy was continued via liaison with the following bodies:

Department of Health

Monash University – Faculty of Pharmacy and

Pharmaceutical Society of Australia Victorian Branch

Pharmaceutical Sciences, Pharmacy Foundation

Pharmacy Board of Victoria

Latrobe University Pharmacy School

Pharmacy Guild of Australia Victorian Branch

VicTAG

Educational activities: The Victorian monthly lectures, the Victorian Summit and the annual Managers meeting have had very good attendances with full capacity. The one-day Summit showcased special interest group (SIG) activities as well as plenary sessions relating to local activities. Special thanks go to: Gilly Swinnerton (outgoing chairman), Olivia Rofe (Vice chairman and Summit convenor), Christine McKenzie (CE coordinator), Elaine Tan (Newsletter editor), Mary Dillon (Technician observer).

WA BRANCH… WA BRANCH… WA BRANCH… WA BRANCH… WA BRANCH WA BRANCH
WA BRANCH…
WA
BRANCH…
WA
BRANCH…
WA
BRANCH…
WA
BRANCH
WA
BRANCH

WA Branch Committee members: Michelle Fall (Chair), Susan Parry (Vice-Chair, CE Coordinator), Matthew Foster (Secretary), Chris Hopps (Treasurer), Peter Smart (Newsletter Editor), Katherine Travers (CE Coordinator), Sarah Heward (CE Coordinator), Jeanie Misko (Membership Coordinator), Shannon Mullen (Minute Secretary), Helen Lovitt (Federal Councillor), Marika Eadie, (Technician Representative), Cameron Wright (Intern Representative) and Michelle Luca (Intern Representative). Advocacy, workforce and membership activities: 2009/2010 has been an interesting year for the branch with National Registration looming. The WA Branch Committee have worked to strengthen the ties between hospital pharmacy and other practice settings, and this year has seen even more work being shared between SHPA WA and the Pharmaceutical Council of Western Australia. Membership has been promoted within individual departments, and our cohort of student members remains strong through representation at university prize nights, presentations given at orientations for new pharmacy students and interns, and the annual WAPSA forum. Advocacy was continued via liaison with the following bodies:

The Schools of Pharmacy:

Health Department of WA

o

Curtin University

Pharmaceutical Council of WA

o

Murdoch University

WA Medication Safety Group

o

University of WA

WAPSA

Oncology Nurses and Pharmacists Interest Group

Educational activities: Continuing education has been the main focus of branch activities for 2009/2010. The program for 2009 was dominated by the highly successful SHPA National Conference for 2009, which saw members (and non-members) from around Australia converge on Perth for a weekend of learning. The regular CE program has covered topics ranging from ‘Brain Death and Organ Donation’ to a site visit to Pfizer. In May, the well-received WA Branch Half Day Seminar gave

members the opportunity to update their knowledge on diabetes. Special thanks go to: The WA Branch thank these members who gave up their valuable time for roles on the branch committee during 2009: Nyree Marr, Claire Jenner, Emily Jennings and Paula Caird. We would also like to thank all our members for their continuing support of the WA Branch of SHPA.

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

annual report 2010

page 16

from the treasurer - annual financial report 2009/10

Summary and Comparison of Financial Results

 

* Federal Conference years

Financial Year

Income

Net Result

# includes one-off capital gain

1993/94*

$1,467,380

$120,035

1994/95

$1,339,753

($27,990)

1995/96*

$1,891,163

$946

1996/97

$1,468,248

$85,865

1997/98*

$2,135,227

$65,561

1998/99

$1,420,028

($160,595)

1999/00*

$1,705,718

$46,263

2000/01

$1,655,197

$85,869

2001/02*

$1,857,487

$125,761

2002/03

$1,731,177

$283,142

2003/04*

$2,149,140

$232,260

2004/05#

$1,921,086

$383,257

2005/06*

$2,430,574

$372,808

2006/07

$2,228,239

$261,812

2007/08*

$2,385,739

$273,090

2008/09*

$2,606,595

$349,515

2009/10*

$2,609,009

$409,350

Financial year 2009/10 has been another demanding and yet successful year for SHPA. It has provided a positive financial outcome despite expenses associated with upgrade and integration of the membership, seminar and financial databases and the website development which has enabled members to renew and maintain their membership status and their CPD records online. The implementation of these changes required the allocation of nearly two full-time staff from existing resources for a considerable part of the year. We have now moved on to the next phase of quality assurance and maintenance of the database. More online services will be rolled out progressively in the future.

Increased revenue has been realised from increased membership (2492 as at 30 June 2010 up from 2227 last year) and positive results from the clinical seminars and the 35th Medicines Management Conference in Perth. Revenue derived from membership fees and interest still does not cover recurrent costs, and so the Society continues to rely on revenue from publications and one-off events such as conferences to cover core membership service expenses. The membership growth in particular has also demanded increased resources in staff time and consumables, such as printing and postage.

In recent years, as revenue from membership has grown, additional part-time staff have been employed to provide more member services. Also other successful one-off activities have provided revenue in excess of anticipated earnings and this has provided some welcome reserves so that large one-off costs can be covered. In the next 12 months Council anticipates that significant expenses associated with improving access to the building’s first floor and an extensive IT hardware refresh will occur.

SHPA’s retained earnings include our premises (building and office equipment) which represents about half our asset base. Other cash reserves are managed conservatively in interest bearing accounts.

are managed conservatively in interest bearing accounts. Suzanne Kirsa Federal Treasurer The Society of Hospital
are managed conservatively in interest bearing accounts. Suzanne Kirsa Federal Treasurer The Society of Hospital

Suzanne Kirsa

Federal Treasurer

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

annual report 2010

page 17

directors’ report Your directors present their report on the company for the financial year ended

directors’ report

Your directors present their report on the company for the financial year ended 30 June 2010.

directors

The names of directors in office at any time during or since the end of the year are:

Ian D Coombes Neil J Keen Megan F Middleton

Directors have been in office since the start of the financial year to the date of this report unless otherwise stated:

Sharon J Goldsworthy Christine Kemp Rebekah J Moles

Anthony D Hall Suzanne W Kirsa Amber L Roberts

Karen I Kaye Helen A Lovitt-Raison

Ian Coombes was appointed to be a Councillor (Qld) from 8 November 2009.

Suzanne Kirsa was appointed to be a Councillor (Vic) from 8 November 2009.

Christine Kemp ceased to be a Councillor (Vic) from 8 November 2009.

Megan Middleton commenced 1st term 8 November 2009

Amber Roberts commenced 2nd term 8 November 2009

Anthony Hall commenced 2nd term 8 November 2009

company secretary

Ms Yvonne Allinson; BPharm, GradDipHospPharm, GradDipHealthAdmin, held the position of Chief Executive Officer at the end of the financial year. Ms Allinson has worked for the Society of Hospital Pharmacists of Australia Limited since 2000 in the Federal Secretariat office in the key role of Chief Executive Officer, and was appointed company secretary on 26 July 2000.

principal activities

The principal activities of the company during the financial year were:

the provision of membership services, including bulletin, journal, publications, short courses and clinical pharmacy seminars;

the 35th Medicines Management Conference in Perth, November 2009;

development of practice standards and guidelines;

representation on government and related professional committees; and

special projects and preparation of discussion papers and submissions. No significant change in the nature of these activities occurred during the year.

operating results

The profit of the company for the financial year after providing for income tax amounted to $409,350.

dividends

No dividends were paid or declared since the start of the financial year. No recommendation for payment of dividends has been made.

options

No options over issued shares or interests in the company were granted during or since end of the financial year and there were no options outstanding at the date of this report.

review of operations

A review of the operations of the company during the financial year and the results of those operations are as follows:

continued work on the shpacpd program and on-going support for members in developing additional CPD resources through the Journal of Pharmacy Practice and Research (JPPR), CE on CD, SHPA seminars and symposia, and AJP;

ongoing review of income, expenditure and revenue generation to improve financial performance with the aim to achieve recurrent income streams sufficient to provide the core members services and production of JPPR;

increased involvement and interaction with government, other professional organisations and collaboration with healthcare providers and consumers as guided by the updated Strategic Plan;

working with branches on services provided to members, whilst streamlining activities and processes;

continued sales of the 4th edition Australian Injectable Drugs Handbook, commenced planning for 5th edition;

continued production and distribution to members of CE on CD (2 disks);

development of position statements and policy documents;

development of member services and on-going review of the SHPA website;

quarterly publication of the JPPR;

further development and utilisation of software package (Coresoft) to manage the SHPA’s membership and financial activities; and

commencement of shpaclinCAT project.

future developments

The likely developments in the operation of the company and the expected results of those operations in future financial years are the continuation of services with some use of reserves for specific projects to enhance professional practice.

significant changes in state of affairs

No significant changes in the company’s state of affairs occurred during the financial year.

after balance date events

No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the company, the results of those operations or the state of affairs of the company in subsequent financial years.

environmental issues

The company’s operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a State or Territory.

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

annual report 2010

page 18

information on directors

Neil J Keen – Federal President; BPharm, MRPharmS, MSHP, MPS; Director of Pharmacy, The Canberra Hospital, ACT Amber L Roberts – Federal Vice President; BPharm, MBA, MSHP; State-wide Medication Coordinator, Care Reform, Department of Health and Human Services, Tas Suzanne W Kirsa – Federal Treasurer; BPharm, GradDipHospPharm, MSHP, Director of Pharmacy, Peter MacCallum Cancer Centre, Vic Megan F Middleton – Fourth Executive Councillor; BPharm (Hons), MSHP; Deputy Director of Pharmacy (Medicines Evaluation) Eastern Health, Vic Ian Coombes – Federal Councillor; BPharm, MSHP, A/Director of Safe Medication Management Unit, Qld Sharon J Goldsworthy – Federal Councillor; BPharm, MClinPharm, FSHP; Manager Pharmacy Services, The Queen Elizabeth Hospital, SA Anthony Hall – Federal Councillor; BPharm (Hons), ADCPT, DipMedSci, MSHP; Senior Lecturer, School of Pharmacy, Griffith University, Gold Coast campus, Qld Karen Kaye – Federal Councillor ; BPharm, DipHospPharm, FSHP, MPS; Executive Manager, QUM Programs and Deputy CEO, National Prescribing Service, NSW Christine Kemp – Federal Councillor; BPharm, MPH, MSHP; Medical Affairs Manager, Hospira Pty Ltd., Vic Helen A Lovitt-Raison – Federal Councillor; BPharm, GradDipPharm, FPS (WA), MSHP, Project Officer, Pharmacy Department, Fremantle Hospital & Health Service, Chair of WA Medication Safety Group Rebekah J Moles – Federal Councillor; BPharm, DipHospPharm, PhD, GradCertEdStudies (Higher Ed), FSHP, MPS; Lecturer, The University of Sydney, NSW

During the financial year, 6 meetings of directors were held. Attendances were:-

 

Directors Meetings

Other Meetings

Number Eligible

Number

Number Eligible

Number

to Attend

Attended

to Attend

Attended

Ian Coombes Sharon J Goldsworthy Anthony Hall Karen I Kaye Neil J Keen Christine Kemp Suzanne W Kirsa Helen A Lovitt-Raison Megan F Middleton Rebekah J Moles Amber L Roberts

5

4

2

1

6

6

1

1

6

6

1

0

6

3

0

0

6

6

0

0

1

1

0

0

5

4

0

0

6

6

0

0

6

6

0

0

6

6

1

1

6

5

1

1

indemnifying officers or auditor

During or since the end of the financial year the company has given an indemnity or entered an agreement to indemnify, or paid or agreed to pay insurance premiums as follows:

The company has paid premiums to insure each director against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of director of the company, other than conduct involving a wilful breach of duty in relation to the company. The total premium for all directors was included in a policy that cost $7585.49 inclusive of GST.

proceedings on behalf of company

No person has applied for leave of Court to bring proceedings on behalf of the company or intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or any part of those proceedings. The company was not a party to any such proceedings during the year.

auditor’s independence declaration

under S 307C of the Corporations Act 2001 to the directors of The Society of Hospital Pharmacists of Australia

I declare that, to the best of my knowledge and belief, during the year ended 30 June 2010 there have been:

i. no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and

ii. no contravention of any applicable code of professional conduct in relation to the audit.

code of professional conduct in relation to the audit. ANDERSON AUDITORS Robert F. Cincotta Signed in

ANDERSON AUDITORS

conduct in relation to the audit. ANDERSON AUDITORS Robert F. Cincotta Signed in accordance with a

Robert F. Cincotta

Signed in accordance with a resolution of the Board of Directors

in accordance with a resolution of the Board of Directors Director - Neil Keen Director -

Director - Neil Keen

a resolution of the Board of Directors Director - Neil Keen Director - Suzanne Kirsa The

Director - Suzanne Kirsa

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

17 September 2010 Melbourne

17 September 2010 Melbourne

annual report 2010

page 19

financial statements

the accompanying notes form part of this financial report

INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2010

 

Note

2010

2009

 

$

$

Revenue Other income Changes in inventories of finished goods and work in progress Raw materials and consumables used Employee benefits expense Depreciation and amortisation expenses Finance costs Conference & seminar expenses Advertising & promotional expenses Printing, stationery & postage expenses Travelling expenses Computer expenses Repairs & maintenance expenses Other expenses Profit before income tax Income tax expense Profit for the year Profit attributable to members of the entity

2

2,609,009

2,606,595

-

-

4,850

(170)

(36,538)

(37,896)

(769,330)

(805,257)

3

(63,748)

(68,044)

3

(90)

-

(730,003)

(791,722)

(2,244)

(14,131)

(169,457)

(161,996)

(142,243)

(110,483)

(57,445)

(40,777)

(5,190)

(30,535)

(228,221)

(196,069)

409,350

349,515

-

-

409,350

349,515

409,350

349,515

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2010 Profit for the year Other comprehensive income Net gain (loss) on revaluation of financial assets Other comprehensive income for the year, net of tax Total comprehensive income for the year Total comprehensive income attributable to members of the entity

409,350

349,515

214,577

-

214,577

-

623,927

349,515

623,927

349,515

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2010

CURRENT ASSETS Cash and cash equivalents Trade and other receivables Inventories Other current assets TOTAL CURRENT ASSETS

NON-CURRENT ASSETS Property, plant and equipment TOTAL NON-CURRENT ASSETS TOTAL ASSETS

CURRENT LIABILITIES Trade and other payables Short-term provisions TOTAL CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS

 

4

3,126,643

2,974,553

5

182,313

167,650

6

4,875

25

7

159,061

99,798

3,472,892

3,242,026

8

1,418,170

1,255,822

1,418,170

1,255,822

4,891,062

4,497,848

9

1,098,219

1,318,765

10

85,089

95,255

1,183,308

1,414,020

1,183,308

1,414,020

3,707,754

3,083,828

EQUITY

Retained earnings

3,493,177

3,083,828

Reserves

214,577

-

TOTAL EQUITY

3,707,754

3,083,828

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2010

 

Asset

 

Retained

Revaluation

Profits

Reserve

Total

$

$

$

Balance at 1 July 2008 Profit attributable to members Balance at 30 June 2009 Profit attributable to members Total comprehensive income for the year Balance at 30 June 2010

 

2,734,313

-

2,734,313

349,515

-

349,515

3,083,828

-

3,083,828

409,350

-

409,350

-

214,577

214,577

3,493,177

214,577

3,707,754

For a description of each reserve, refer to Note 20.

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

annual report 2010

page 20

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2010

 

Note

2010

2009

 

$

$

CASH FLOW FROM OPERATING ACTIVITIES Receipts from customers & grants

2,415,382

3,014,140

Payments to suppliers and employees

(2,314,591)

(2,083,114)

Interest received

64,778

137,364

Net cash generated from operating activities

17b

165,569

1,068,390

CASH FLOW FROM INVESTING ACTIVITIES Proceeds from sale of property

-

-

Payments for property, plant and equipment

(13,479)

(10,499)

Net cash provided by (used in) investing activities

(13,479)

(10,499)

Net increase (decrease) in cash held

152,090

1,057,891

Cash and cash equivalents at beginning of the financial year

2,974,553

1,916,662

Cash and cash equivalents at the end of the financial year

17a

3,126,643

2,974,553

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2010

1. Statement of Significant Accounting Policies

The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards (including Australian Accounting Interpretations) and the Corporations Act 2001.

The financial report is for The Society of Hospital Pharmacists of Australia Ltd as an individual entity. The Society of Hospital Pharmacists of Australia Ltd is a company limited by guarantee, incorporated and domiciled in Australia.

Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless otherwise stated.

The financial statements have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities.

Accounting Policies Revenue Grant revenue is recognised in the statement of comprehensive income when the entity obtains control of the grant and it is probable that the economic benefits gained from the grant will flow to the entity and the amount of the grant can be measured reliably.

If conditions are attached to the grant which must be satisfied before it is eligible to receive the contribution, the recognition of the grant as revenue will be deferred until those conditions are satisfied.

When grant revenue is received whereby the entity incurs an obligation to deliver economic value directly back to the contributor, this is considered a reciprocal transaction and the grant revenue is recognised in the statement of financial position as a liability until the service has been delivered to the contributor, otherwise the grant is recognised as income on receipt.

Interest revenue is recognised using the effective interest rate method, which for floating rate financial assets is the rate inherent in the instrument.

Revenue from the rendering of a service is recognised upon the delivery of the service to the customers.

All revenue is stated net of the amount of goods and services tax (GST).

Inventories Inventories are measured at the lower of cost and current replacement cost.

Property, Plant and Equipment Each class of property, plant and equipment is carried at cost or fair values as indicated, less, where applicable, accumulated depreciation and impairment losses.

Property Freehold land and buildings are shown at their fair value based on periodic, but at least triennial, valuations by external independent valuers, less subsequent depreciation for buildings.

In periods when the freehold land and buildings are not subject to an independent valuation, the directors conduct directors’ valuations to ensure the carrying amount for the land and buildings is not materially different to the fair value.

Increases in the carrying amount arising on revaluation of land and buildings are recognised in other comprehensive income and accumulated in the revaluation surplus in equity. Revaluation decreases that offset previous increases of the same class of assets shall be recognised in other comprehensive income under the heading of revaluation surplus. All other decreases are charged to the statement of comprehensive income.

As the revalued buildings are depreciated the difference between depreciation recognised in the statement of comprehensive income, which is based on the revalued carrying amount of the asset, and the depreciation based on the asset’s original cost is transferred from the revaluation surplus to retained earnings.

Any accumulated depreciation at the date of the revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Plant and Equipment Plant and equipment are measured on the cost basis less depreciation and impairment losses. The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverable amount

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

annual report 2010

page 21

from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will be received from the assets employment and subsequent disposal. The expected net cash flows have been discounted to their present values in determining recoverable amounts.

Depreciation The depreciable amount of all fixed assets including buildings and capitalised leased assets, but excluding freehold land, are depreciated on a straight line basis over their estimated useful lives to the company commencing from the time the asset is held ready for use. Properties held for investment purposes are not subject to a depreciation charge.

The depreciation rates used for each class of depreciable asset are:

Class of Fixed Asset

Depreciation Rate

Land

0%

Buildings

2.50%

Property Improvements

2.50%

Plant and Equipment

7.5% - 100%

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

Asset classes carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are included in the statement of comprehensive income. When revalued assets are sold, amounts included in the revaluation reserve relating to that asset are transferred to retained earnings.

Financial Instruments Initial recognition and measurement Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions to the instrument. For financial assets, this is equivalent to the date that the company commits itself to either purchase or sell the asset (i.e. trade date accounting is adopted). Financial instruments are initially measured at fair value plus transactions costs except where the instrument is classified ‘at fair value through profit or loss’ in which case transaction costs are expensed to profit or loss immediately.

Classification and subsequent measurement Financial instruments are subsequently measured at either fair value, amortised cost using the effective interest rate method or cost. Fair value represents the amount for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted.

Amortised cost is calculated as:

i. the amount at which the financial asset or financial liability is measured at initial recognition;

ii. less principal repayments;

iii. plus or minus the cumulative amortisation of the difference, if any, between the amount initially recognised and the maturity amount calculated using the effective interest method; and

iv. less any reduction for impairment.

The effective interest method is used to allocate interest income or interest expense over the relevant period and is equivalent to the rate that exactly discounts estimated future cash payments or receipts (including fees, transaction costs and other premiums or discounts) through the expected life (or when this cannot be reliably predicted, the contractual term) of the financial instrument to the net carrying amount of the financial asset or financial liability. Revisions to expected future net cash flows will necessitate an adjustment to the carrying value with a consequential recognition of an income or expense in profit or loss.

(i)

Financial assets at fair value through profit or loss

Financial assets are classified at ‘fair value through profit or loss’ when they are held for trading for the purpose of short-term

profit

taking, or where they are derivatives not held for hedging purposes, or when they are designated as such to avoid an

accounting mismatch or to enable performance evaluation where a group of financial assets is managed by key management personnel on a fair value basis in accordance with a documented risk management or investment strategy. Such assets are subsequently measured at fair value with changes in carrying value being included in profit or loss.

(ii)

Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortised cost.

Loans and receivables are included in current assets, except for those which are not expected to mature within 12 months after the end of the reporting period, which will be classified as non-current assets.

(iii)

Held-to-maturity investments Held-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed or determinable payments, and it is the entity’s intention to hold these investments to maturity. They are subsequently measured at amortised cost.

Held-to-maturity investments are included in non-current assets, except for those which are expected to mature within 12 months after the end of the reporting period. If during the period the company sold or reclassified more than an insignificant amount of the held-to-maturity investments before maturity, the entire held-to-maturity investment would be tainted and reclassified as available-for-sale.

(iv)

Available-for-sale financial assets Available-for-sale financial assets are non-derivative financial assets that are either not capable of being classified into other categories of financial assets due to their nature, or they are designated as such by management. They comprise investments in the equity of other entities where there is neither a fixed maturity nor fixed or determinable payments.

Available-for-sale financial assets are included in non-current assets, except for those which are expected to be disposed of within12 months after the end of the reporting period.

(v)

Financial liabilities Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised cost.

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

annual report 2010

page 22

Fair Value Fair value is determined based on current bid prices for all quoted investments. Valuation techniques are applied to determine the fair value for all unlisted securities, including recent arm’s length transactions, reference to similar instruments and option pricing models.

Impairment At the end of each reporting period, the entity assesses whether there is objective evidence that a financial instrument has been impaired. In the case of available-for-sale financial instruments, a prolonged decline in the value of the instrument is considered to determine whether an impairment has arisen. Impairment losses are recognised in the statement of comprehensive income.

Derecognition Financial assets are derecognised where the contractual rights to receipt of cash flows expires or the asset is transferred to another party whereby the entity no longer has any significant continuing involvement in the risks and benefits associated with the asset. Financial liabilities are derecognised where the related obligations are either discharged, cancelled or expired. The difference between the carrying value of the financial liability, which is extinguished or transferred to another party and the fair value of consideration paid, including the transfer of non-cash assets or liabilities assumed, is recognised in profit or loss.

Impairment of Assets At the end of each reporting period, the entity reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the statement of comprehensive income.

Where the future economic benefits of the asset are not primarily dependent upon the asset’s ability to generate net cash inflows and when the entity would, if deprived of the asset, replace its remaining future economic benefits, value in use is determined as the depreciated replacement cost of an asset.

Where it is not possible to estimate the recoverable amount of an assets class, the entity estimates the recoverable amount of the cash- generating unit to which the class of assets belong.

Where an impairment loss on a revalued asset is identified, this is debited against the revaluation surplus in respect of the same class of asset to the extent that the impairment loss does not exceed the amount in the revaluation surplus for that same class of asset.

Employee Benefits Provision is made for the company’s liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits. In determining the liability, consideration is given to employee wage increases and the probability that the employee may not satisfy vesting requirements. Those cash outflows are discounted using market yields on national government bonds with terms to maturity that match the expected timing of cash flows.

Contributions are made by the entity to an employee superannuation fund and are charged as expenses when incurred.

Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held at-call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the statement of financial position.

Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of expense. Receivables and payables in the statement of financial position are shown inclusive of GST.

Cash flows are presented in the statement of cash flows on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows.

Income Tax No provision for income tax has been raised as the entity is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997 based on its status as a Health Promotion Charity.

Provisions Provisions are recognised when the entity has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of the reporting period.

Comparative Figures Where required by Accounting Standards comparative figures have been adjusted to conform with changes in presentation for the current financial year.

When an entity applies an accounting policy retrospectively, makes a retrospective restatement or reclassifies items in its financial statements, a statement of financial position as at the beginning of the earliest comparative period must be disclosed.

Trade and Other Payables Trade and other payables represent the liability outstanding at the end of the reporting period for goods and services received by the company during the reporting period which remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.

Critical Accounting Estimates and Judgments The directors evaluate estimates and judgments incorporated into the financial statements based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the company.

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

annual report 2010

page 23

Key Estimates

Impairment

The freehold land and buildings were independently valued at 30 June 2010. The valuation was based on the fair value less cost to sell. The critical assumptions adopted in determining the valuation included the location of the land and buildings, the current strong demand for land and buildings in the area and recent sales data for similar properties. The valuation resulted in a revaluation increment of $214,577 being recognised for the year ended 30 June 2010.

Adoption of New and Revised Accounting Standards During the current year the company adopted all of the new and revised Australian Accounting Standards and Interpretations applicable to its operations which became mandatory.

The adoption of these standards has impacted the recognition, measurement and disclosure of certain transactions. The following is an explanation of the impact the adoption of these standards and interpretations has had on the financial statements of The Society of Hospital Pharmacists of Australia Ltd.

AASB 101: Presentation of Financial Statements

In September 2007 the Australian Accounting Standards Board revised AASB 101 and as a result, there have been changes to the presentation and disclosure of certain information within the financial statements. Below is an overview of the key changes and the impact on the company’s financial statements.

Disclosure impact

Terminology changes — The revised version of AASB 101 contains a number of terminology changes, including the amendment of the names of the primary financial statements.

Reporting changes in equity — The revised AASB 101 requires all changes in equity arising from transactions with owners, in their capacity as owners, to be presented separately from non-owner changes in equity. Owner changes in equity are to be presented in the statement of changes in equity, with non-owner changes in equity presented in the statement of comprehensive income. The previous version of AASB 101 required that owner changes in equity and other comprehensive income be presented in the statement of changes in equity.

Statement of comprehensive income — The revised AASB 101 requires all income and expenses to be presented in either one statement, the statement of comprehensive income, or two statements, a separate income statement and a statement of comprehensive income. The previous version of AASB 101 required only the presentation of a single income statement.

The company’s financial statements now contain a statement of comprehensive income.

Other comprehensive income — The revised version of AASB 101 introduces the concept of ‘other comprehensive income’ which comprises of income and expenses that are not recognised in profit or loss as required by other Australian Accounting Standards. Items of other comprehensive income are to be disclosed in the statement of comprehensive income. Entities are required to disclose the income tax relating to each component of other comprehensive income. The previous version of AASB 101 did not contain an equivalent concept.

New Accounting Standards for Application in Future Periods The AASB has issued new and amended accounting standards and interpretations that have mandatory application dates for future reporting periods. The company has decided against early adoption of these standards. A discussion of those future requirements and their impact on the company follows:

AASB 9: Financial Instruments and AASB 2009-11: Amendments to Australian Accounting Standards arising from AASB 9 [ AASB 1, 3, 4, 5, 7, 101, 102, 108, 112, 118, 121, 127, 128, 131, 132, 136, 139, 1023 & 1038 and Interpretations 10 & 12] (applicable for annual reporting periods commencing on or after 1 January 2013).

These standards are applicable retrospectively and amend the classification and measurement of financial assets. The company has not yet determined any potential impact on the financial statements.

The changes made to accounting requirements include:

— simplifying the classifications of financial assets into those carried at amortised cost and those carried at fair value;

— simplifying the requirements for embedded derivatives;

— removing the tainting rules associated with held-to-maturity assets;

— removing the requirements to separate and fair value embedded derivatives for financial assets carried at amortised cost;

— allowing an irrevocable election on initial recognition to present gains and losses on investments in equity instruments that are not held for trading in other comprehensive income. Dividends in respect of these investments that are a return on investment can be recognised in profit or loss and there is no impairment or recycling on disposal of the instrument;

— requiring financial assets to be reclassified where there is a change in an entity’s business model as they are initially classified based on (a) the objective of the entity’s business model for managing the financial assets; and (b) the characteristics of the contractual cash flows.

AASB 124: Related Party Disclosures (applicable for annual reporting periods commencing on or after 1 January 2011).

This standard removes the requirement for government related-entities to disclose details of all transactions with the government and other government-related entities and clarifies the definition of a related party to remove inconsistencies and simplify the structure of the standard. No changes are expected to materially affect the company.

AASB 2009–4: Amendments to Australian Accounting Standards arising from the Annual Improvements Project [AASB 2 and AASB 138 and AASB Interpretations 9 & 16] (applicable for annual reporting periods commencing from 1 July 2009) and AASB 2009–5: Further Amendments to Australian Accounting Standards arising from the Annual Improvements Project [AASB 5, 8, 101, 107, 117, 118, 136 & 139] (applicable for annual reporting periods commencing from 1 January 2010).

These standards detail numerous non-urgent but necessary changes to accounting standards arising from the IASB’s annual improvements project. No changes are expected to materially affect the company.

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

annual report 2010

page 24

AASB 2009–8: Amendments to Australian Accounting Standards — Group Cash-settled Share-based Payment Transactions [AASB 2] (applicable for annual reporting periods commencing on or after 1 January 2010).

These amendments clarify the accounting for group cash-settled share-based payment transactions in the separate or individual financial statements of the entity receiving the goods or services when the entity has no obligation to settle the share- based payment transaction. The amendments incorporate the requirements previously included in Interpretation 8 and Interpretation 11 and as a consequence these two Interpretations are superseded by the amendments. These amendments are not expected to impact the company.

AASB 2009–9: Amendments to Australian Accounting Standards — Additional Exemptions for First-time Adopters [AASB 1] (applicable for annual reporting periods commencing on or after 1 January 2010).

These amendments specify requirements for entities using the full cost method in place of retrospective application of Australian Accounting Standards for oil and gas assets and exempt entities with existing leasing contracts from reassessing the classification of those contracts in accordance with Interpretation 4 when the application of their previous accounting policies would have given the same outcome. These amendments are not expected to impact the company.

AASB 2009–10: Amendments to Australian Accounting Standards — Classification of Rights Issues [AASB 132] (applicable for annual reporting periods commencing on or after 1 February 2010).

The amendments clarify that rights, options or warrants to acquire a fixed number of an entity’s own equity instruments for a fixed amount in any currency are equity instruments if the entity offers the rights, options or warrants pro-rata to all existing owners of the same class of its own non-derivative equity instruments. The amendments are not expected to impact the company.

AASB 2009–12: Amendments to Australian Accounting Standards [AASBs 5, 8, 108, 110, 112, 119, 133, 137, 139, 1023 & 1031 and Interpretations 2, 4, 16, 1039 & 1052] (applicable for annual reporting periods commencing on or after 1 January 2011).

This Standard makes a number of editorial amendments to a range of Australian Accounting Standards and Interpretations, including amendments to reflect changes made to the text of IFRSs by the IASB. The Standard also amends AASB 8 to require entities to exercise judgment in assessing whether a government and entities known to be under the control of that government are considered a single customer for the purposes of certain operating segment disclosures. The amendments are not expected to impact the company.

AASB 2009–13: Amendments to Australian Accounting Standards arising from Interpretation 19 [AASB 1] (applicable for annual reporting periods commencing on or after 1 July 2010).

This Standard makes amendments to AASB 1 arising from the issue of Interpretation 19. The amendments allow a first-time adopter to apply the transitional provisions in Interpretation 19. This Interpretation is not expected to impact the company.

AASB 2009–14: Amendments to Australian Interpretation — Prepayments of a Minimum Funding Requirement [AASB Interpretation 14] (applicable for annual reporting periods commencing on or after 1 January 2011).

This standard amends Interpretation 14 to address unintended consequences that can arise from the previous accounting requirements when an entity prepays future contributions into a defined benefit pension plan.

AASB Interpretation 19: Extinguishing Financial Liabilities with Equity Instruments (applicable for annual reporting periods commencing from 1 July 2010).

This Interpretation deals with how a debtor would account for the extinguishment of a liability through the issue of equity instruments. The Interpretation states that the issue of equity should be treated as the consideration paid to extinguish the liability, and the equity instruments issued should be recognised at their fair value unless fair value cannot be measured reliably in which case they shall be measured at the fair value of the liability extinguished. The Interpretation deals with situations where either partial or full settlement of the liability has occurred. This Interpretation is not expected to impact the company.

The company does not anticipate early adoption of any of the above Australian Accounting Standards.

2. Revenue

 

2010

2009

$

$

Sale of goods Administration income Advertising income Grants & support Royalties Interest received Rendering of services Rental income & outgoings Other revenue Total revenue

157,803

207,369

2,864

-

37,204

56,162

574,711

643,620

55,993

57,884

142,135

131,694

1,522,920

1,372,189

82,291

100,501

33,088

37,176

2,609,009

2,606,595

3.

Profit

Expenses:

Cost of sales Finance costs Interest paid

31,688

38,066

90

-

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

annual report 2010

page 25

 

2010

2009

$

$

Depreciation of non-current assets Depreciation - plant & equipment Depreciation - property improvements Depreciation - buildings Total depreciation

38,777

43,073

346

346

24,625

24,625

63,748

68,044

Loss on disposal of non-current assets

1,961

7,667

Doubtful debts expense

(3,000)

3,000

Remuneration of auditor Auditing the accounts Other services

22,501

17,820

7,267

-

 

29,767

17,820

4.

Cash and Cash Equivalents

Cash on hand Term deposits Cash at bank - Federal operating account Cash at banks, building societies, credit unions

1,976

1,976

2,407,929

1,864,542

300,864

251,850

415,874

856,185

 

3,126,643

2,974,553

5.

Trade and Other Receivables

Current Trade receivables Provision for impairment

179,654

169,710

-

(3,000)

 

179,654

166,710

Other receivables Total current trade and other receivables

2,659

940

182,313

167,650

(i) Provision for Impairment of Receivables Receivables are assessed for recoverability and a provision for impairment is recognised when there is objective evidence that an individual trade receivable is impaired. These amounts have been included in other expense items.

Movement in the provision for impairment of receivables is as follows:

$

Provision for impairment as at 30 June 2008

-

— Charge for year

3,000

— Written off

-

Provision for impairment as at 30 June 2009

3,000

— Charge for year

-

— Written off

(3,000)

Provision for impairment as at 30 June 2010

-

(i) Credit Risk — Trade and Other Receivables The company does not have any material credit risk exposure to any single receivable or group of receivables.

The following table details the company’s trade and other receivables exposed to credit risk (prior to collateral and other credit enhancements) with ageing analysis and impairment provided for thereon. Amounts are considered as ‘past due’ when the debt has not been settled within the terms and conditions agreed between the company and the customer or counter party to the transaction. Receivables that are past due are assessed for impairment by ascertaining solvency of the debtors and are provided for where there are specific circumstances indicating that the debt may not be fully repaid to the company.

The balances of receivables that remain within initial trade terms (as detailed in the table) are considered to be of high credit quality.

 

Past due

Past due but not impaired (days overdue)

 
 

Gross

and

Within initial

amount

impaired

<30

31-60

61-90

>90

trade terms

$

$

$

$

$

$

$

2009

Trade and term receivables Other receivables Total

169,710

3,000

110

15,922

21,007

-

129,671

940

-

-

-

-

-

940

170,650

3,000

110

15,922

21,007

-

130,611

2010

Trade and term receivables Other receivables Total

179,654

-

138,000

20,355

13,200

8,099

-

2,659

-

-

-

-

-

2,659

182,313

-

138,000

20,355

13,200

8,099

2,659

The company does not hold any financial assets whose terms have been renegotiated, but which would otherwise be past due or impaired.

There are no balances within trade receivables that contain assets that are not impaired and are past due. It is expected that these balances will be received when due.

The Society of Hospital Pharmacists of Australia

ABN 54 004 553 806

annual report 2010

page 26

 

2010

2009

$

$

6.

Inventories

Current

At cost:

Stock on hand

4,875

25

7.

Other Assets

Current

Accrued income

77,357

13,397

Deposits paid

-

2,025

Prepayments

81,704

84,376

159,061

99,798

8.

Property, Plant and Equipment

Land and Buildings Freehold land at:

 

Land - 65 - 69 Oxford Street Collingwood - at cost Buildings:

462,375

247,798

Suites 3 & 4, 65 - 69 Oxford Street Collingwood - at cost Less: accumulated depreciation

985,000

985,000

(119,939)

(95,314)

 

865,061

889,686

Property improvements Less: accumulated depreciation

13,847

13,847

(1,283)

(937)

 

12,564

12,910

Total land and buildings

1,340,000

1,150,394

Plant and equipment Office furniture & equipment - at cost Less: accumulated depreciation

175,743

181,172

(97,573)

(75,744)

 

78,170

105,428

Total plant and equipment Total property, plant and equipment

78,170

105,428

1,418,170

1,255,822

Movements in Carrying Amounts Movements in carrying amount for each class of property, plant and equipment between the beginning and the end of the current financial year.

 

Plant,

Equipment &

Property

 

Land

$

Buildings Improvements $

$

Total

2009

$

Balance at the beginning of the year Additions Disposals Depreciation expense Carrying amount at the end of the year

247,798

914,311

158,926

1,321,035

-

-

11,419

11,419

-

-

(8,588)

(8,588)

-

(24,625)

(43,419)

(68,044)

247,798

889,686

118,338

1,255,822

 

Plant,

Equipment &

Property

 

Land

$

Buildings Improvements $

$

Total

2010

$

Balance at the beginning of the year Additions Disposals Revaluation increment Depreciation expense Carrying amount at the end of the year

247,798

889,686

118,338

1,255,822

-

-

13,479

13,479

-

-

(1,960)

(1,960)

214,577

-

-

214,577

-

(24,625)

(39,123)

(63,748)

462,375

865,061

90,734

1,418,170

Asset revaluations The freehold land and buildings were independently valued at 30 June 2010. The valuation was based on the fair value less cost to sell. The critical assumptions adopted in determining the valuation included the location of the land and buildings, the current strong demand for land and buildings in the area and recent sales data for similar properties. The valuation resulted in a revaluation increment of $214,577 being recognised in the Revaluation Surplus for the year ended 30 June 2010.

 

2010

2009