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ANNUAL REPORT 2015–16

1PSA Annual Report 2015–16 I © Pharmaceutical Society of Australia Ltd.

CONTENTS

National President’s report 6

CEO’s report 7

PSA National Board 8

9

10

12

13

14

15

16

18

19

20

21

22

Major achievements

Education Excellence

Members – Our Priority

Membership

Raising PSA’s profile

Advocating for pharmacists

Health Destination Pharmacy

Committed to better health

Strategic Partnerships and Engagement

Award-winning journal

People and Culture

PSA around Australia

Financial report 27

2 PSA Annual Report 2015–16 I © Pharmaceutical Society of Australia Ltd.

IMPROVING OUR NATION’S HEALTH

THROUGH EXCELLENCE IN THE

PRACTICE OF PHARMACY

OUR VISION


OUR MISSION

Empowering our members to be healthcare leaders by:

> Building capability through practice support and professional development

> Positioning pharmacy for the future through innovative and sustainable models of practice

> Creating optimum conditions for excellence through advocacy

> Ensuring organisational effectiveness and sustainability.


THE PEAK NATIONAL BODY FOR PHARMACISTS

PSA continued to effectively represent

all pharmacists in Australia by providing

a wide range of policies, education and

value‑adding member services to ensure

the viability and sustainability of the

profession.

In a milestone achievement following

many years of hard work, PSA was

awarded peak national body funding

by the Federal Government as part of

the Health Peak and Advisory Bodies

Programme (HPAB).

The peak body status rewarded and

acknowledged the organisation’s

advisory, policy formulation, education

and representation of pharmacists to

Government and highlighted PSA was

representative of the entire profession –

an historic achievement!

We were exceptionally proud PSA was

recognised by the Government as

representing all registered pharmacists

in Australia.

Another highlight occurred in May when

Victoria became the final state to approve

pharmacist‑delivered vaccinations.

Trained pharmacists across Australia can

now deliver a variety of vaccines thanks to

the collaborative lobbying efforts of PSA.

To have pharmacist‑delivered

immunisation in six states, the ACT and

the NT (through the NT Pharmacist‑

Led Immunisation Pilot) is a truly

remarkable achievement.

This outcome is a wonderful example of

what the profession can achieve when PSA

shows leadership and collaborates with

health organisations on a common goal.

I also applaud the pioneering work of the

Queensland Pharmacists Immunisation

Pilot (QPIP) which set this process

in motion.

During the year, PSA also lifted its public

profile through a proactive advocacy

campaign. PSA spokespeople were

quoted in many newspapers and appeared

on radio and television news speaking on

a range of issues including vaccination,

dispensing, real‑time monitoring and

quality use of medicines. PSA’s move to

highlight the value of pharmacists in the

media benefited the profession as well as

boosted PSA’s public visibility.

PSA continued its support for community

pharmacy as the biggest single employer

of pharmacists, and recognised the

importance of the pharmacy network as a

vehicle to deliver 5,500 individual health

destination locations where pharmacists

can deliver health solutions to consumers.

PSA believes an effective way to support

members in community pharmacies is to

assist pharmacy owners and pharmacists

transition to a model of practice that

provides health solutions to meet

local needs.

That’s why we developed Health

Destination Pharmacy, which was officially

launched during the year as part of

a national roadshow. The innovative,

evidence‑based program has successfully

repositioned pharmacists as local

healthcare providers and empowered

pharmacies to provide high‑quality

consumer healthcare in their communities.

PSA also advocated for new models

of practice for which there is strong

international and local evidence of

positive health outcomes and cost

savings, providing a robust rationale for

new investment and income streams.

For example, PSA proudly led the

development and implementation of

the General Practice Pharmacist model

and the integration of pharmacists in

Aboriginal Health Services.

PSA is committed to ensuring these

new roles for pharmacists are fully

realised and supported through robust,

evidence‑based advocacy, practical

resources and appropriate funding

mechanisms.

In my first year as National President,

I sincerely thank PSA’s Board, Executive

Management team, all PSA members,

staff and stakeholders for their support,

guidance and enthusiasm over the past

financial year.

Joe Demarte National President

NATIONAL PRESIDENT’S REPORT

In my first year as PSA National President, I am delighted to report its been another successful, productive and exciting 12 months.


PSA proudly represents all pharmacists

across Australia and it was highly

rewarding to receive peak national body

status from the Federal Government –

a testament to the organisation’s advisory,

policy formulation and quality education

of pharmacists.

A major highlight of 2015–16 was meeting

and engaging with PSA members during

PSA’s first nationwide roadshow in

February and March.

During the 15,000km roadshow,

PSA reached more than 1,000 members

after visiting 17 capital city and regional

locations. The month‑long journey started

in Brisbane on February 8 and finished in

Canberra on March 8.

The roadshow – which provided member

engagement opportunities and also

attracted new members – provided an

ideal opportunity to update pharmacists

on advocacy wins and progressing new

strategies to improve pharmacist wages

and remuneration.

These events formed part of PSA’s

continued focus on building greater

professional opportunities for members,

advocating for an enhanced role for

pharmacists, enhancing PSA’s education

and continuing business transformation

process to improve how we deliver

member services and benefits.

The roadshow provided an ideal

opportunity to officially launch Health

Destination Pharmacy – PSA’s exciting

program to transform pharmacies into

health destinations.

The evidence‑based Health Destination

program provides everything a local

pharmacy needs to transform into a health

destination, increase engagement with

the local community and better respond

to and meet local health needs.

Another milestone for PSA was boosting

the organiation’s profile by attracting

greater media attention, especially from

mainstream TV, radio and newspaper

outlets. PSA employed a new strategy to

empower key spokespeople to talk on

behalf of the organisation on a range of

issues including vaccination.

This profile boost – which is being measured

regularly by public surveys – has largely

been driven by positive news stories

about the enhanced role of pharmacists

and pharmacies and the importance of

pharmacists in Australia’s healthcare system.

Of course, these are just a handful of

highlights for a productive and successful

year. There were many more to help our

members and the entire profession achieve

excellence in pharmacist care. It was also

impressive to see PSA recording a financial

surplus for the second year in a row,

highlighting the financial stability of the

organisation.

On another positive note, PSA this

year began the development of a

new Pharmacy House in Canberra.

Pharmacy House will incorporate

members’ needs into a modern building

designed to ensure PSA continues to

provide the best possible services and

advocacy for all members. The generosity

of PSA members who donated in 1984

to the original building will also be

recognised in the new office. Members can

also be part of the new PSA headquarters

by donating to the Pharmacy House

building fund.

I personally thank all the talented staff at

PSA. They are hard‑working, committed,

highly competent and a pleasure to work

with – together, we are working to deliver

the best outcomes and achievements for

members and consumers.

I also thank Joe Demarte for his support

and leadership in his first term as National

President.

Finally – and most importantly – I thank

our members for their ongoing and

value‑adding support for their peak

national professional body.

Dr Lance Emerson Chief Executive Officer

CEO’S REPORT

HEALTH DESTINATION LAUNCHED DURING NATIONAL ROADSHOW

There were many highlights and memorable achievements for PSA in 2015–16, especially in terms of advocacy, member and stakeholder engagement and representation of pharmacists as frontline health professionals.


PSA NATIONAL BOARD

JOE DEMARTENational PresidentVictoria Pharmacist since 1973

MICHELLE LYNCHNational Vice-PresidentVictoria Pharmacist since 1996

JEFF HUGHESNational Vice-PresidentWestern Australia Pharmacist since 1979

JOHN BRONGER

New South Wales Pharmacist since 1971

RACHEL DIENAAR

Tasmania Pharmacist since 1990

DR CHRIS FREEMAN

Queensland Pharmacist since 2003

GRANT KARDACHI

South Australia Pharmacist since 1975

GREG KYLE

Resigned October 2015 Australian Capital Territory Pharmacist since 1988

WARWICK PLUNKETT

New South Wales Pharmacist since 1975

PATRICK REID

Australian Capital Territory Pharmacist since 1994

The Board of the Pharmaceutical Society of Australia Limited is made up of nominees of the States and Territories and meets regularly throughout the year to fulfil its obligations under the law and PSA Constitution.

The Board’s duties include overseeing the

affairs of PSA to ensure it promotes and

fulfils its objectives, in addition to guiding,

reviewing and approving the Society’s

national strategy and policy.

The Board also ensures the Society’s

national strategies and policies are

implemented and chooses the Chief

Executive Officer (CEO) of the organisation.

It’s also charged with approving the PSA’s

Budget to provide resources for various

activities and committees.

To help facilitate the Board’s high‑end

strategic focus, an Executive is formed

of Board Members to make decisions

and guide the broader Board on various

matters. This expedites discussion on

complex issues and helps the Board in its

duties by providing advice and information.

While the Board meets regularly, it can

be convened for emergency meetings on

matters of import for the membership or

the profession.

The Board maintains constant contact with

members through PSA’s many forums such

as PSA newsletters and the AGM.


VACCINATION

Pharmacist‑delivered

vaccination achieved in all

States and Territories to boost

community health.

ADVOCACY

Successfully lifted

PSA’s public profile

using proactive media

advocacy strategy.

PEAK STATUS

Achieved peak national

body recognition from

Federal Government for

policy advice, education

and representation of

pharmacists.

REAL-TIME RECORDING

Developed national position

statement on Real‑time

Recording and Reporting of

Drugs of Dependence.

ROADSHOW

Successful national roadshow

of 17 city and regional

locations reaching more than

1,000 pharmacists.

HEALTH DESTINATION

Successfully launched Health

Destination Pharmacy program

during national roadshow.

DEVELOPMENT

New integrated care models for

pharmacists including working

in GP clinics and Aboriginal

Health Centres.

EVENTS

PSA15 showcased a new era

for PSA’s flagship national

conference and CPD event.

STANDARDS

Funded to review and update

Professional Practice Standards and

Code of Ethics for Pharmacists. Led

review of National Competency

Standards Framework.

EDUCATION

Australia’s single largest

provider of quality professional

development, education

and practice support for

pharmacists.

2015–16

MAJOR ACHIEVEMENTS


EDUCATION EXCELLENCE

> Delivered more than 500 hours

of new, high quality accredited

CPD to members through

print, online and face‑to‑face

activities.

> Received more than 2,800

enrolments across various

nationally recognised

qualifications, including PSA’s

Intern Training Program and

immunisation training.

KEY ACHIEVEMENTS

PSA strengthened its role as the single largest provider of quality professional development, education and practice support to all pharmacists in Australia.

In 2015–16, PSA’s continuing professional

development (CPD) offer combined with

the delivery of leading practice support

tools empowered pharmacists to keep

up‑to‑date and progress their careers

in new areas and levels of practice,

building on PSA’s vision; “Improving the

nation’s health through excellence in

pharmacist care”.

PSA also continued to be a provider

of accredited CPD, ensuring all PSA

educational activities are reviewed for

educational quality and relevance to a

pharmacist’s practice.

PSA’s Practice Support and Education

and Training Unit achieved the following

outcomes:

• Immunisation training – more than

1,200 pharmacists successfully

trained and approved as pharmacist

immunisers across Australia.

• Australian Pharmacist journal –

85 education articles delivered offering

up to 95 Group 2 CPD credits, covering

a broad range of clinical and practical

education focused on key priority areas

for the profession.

• Essential CPE – the depression and

anxiety education module released

in December 2015 was completed

by 2,412 members since release.

The women’s health module was

completed by 2,456 members

since release.

• Online modules – seven online modules

delivered in 2015–16. There were 3,972

enrolments in these activities.

• Recorded lectures – 20 recorded

lectures delivered in 2015–16. There

were 5,672 enrolments in these

activities.

• Annual Gold Questionnaire – released

in October 2015 and attempted by

more than 3,000 members.

A diverse range of events were

held during 2015–16 including PSA

conferences, lectures, workshops and

nationally‑accredited programs.

Some of the highlights included:

• PSA15 in Sydney with 880 registrations.

• Offshore Refresher Conference 2016,

South Africa with 320 registrations.

• NSW Annual Therapeutic Update 2016,

Terrigal, with 311 registrations.

• Victorian Pharmacy Conference 2015,

Parkville with 196 registrations.

• WA Annual Seminar 2016, Perth with

164 registrations.

PSA also released a wide range of CPD

activities relating to position statements

on the therapeutic use of cannabis,

complementary medicines, biosimilar

medicines and real‑time recording and

reporting of drugs of dependence.

PSA ALSO RELEASED A WIDE

RANGE OF CPD ACTIVITIES

RELATING TO POSITION

STATEMENTS ON THE

THERAPEUTIC USE OF CANNABIS,

COMPLEMENTARY MEDICINES,

BIOSIMILAR MEDICINES AND

REAL-TIME RECORDING AND

REPORTING OF DRUGS OF

DEPENDENCE.


These activities were accessed 2,106 times

by members. A guidance document with

support tools and resources was also

released on the provision of naloxone as a

Pharmacist Only medicine.

PSA delivered the following resources to

support members:

• Supply of hepatitis C medicines when PBS

listing came into effect on 1 May 2016.

• Changes to the National Diabetes Services

Scheme (NDSS) prior to the changes

coming into effect.

Other key achievements included:

• Developed a framework for PSA’s Career

Pathways, sought feedback from experts

who provided validation of the concept

and content of five initial career pathways.

• In the lead‑up to PSA16, PSA undertook

extensive research, development and

testing of the new CPD Planning Tool

and updated the PSA website following

engagement with members across

the country.

• Continued to work on resources and tools

to support members interested in working

towards credentialing as an Advanced

Practice Pharmacist.

• Received more than 2,800 enrolments

across the various qualifications either in

the full or partial qualification.

• Established the Training Unit to unite

staff and responsibilities across Australia

to focus on the improved delivery of

the nationally recognised qualifications

delivered by PSA including the

PSA Intern Training Program.

PSA’S CPD OFFER, COMBINED WITH

THE DELIVERY OF LEADING PRACTICE SUPPORT

TOOLS, EMPOWERED PHARMACISTS TO KEEP

UP-TO-DATE AND PROGRESS THEIR CAREERS

IN NEW AREAS AND LEVELS OF PRACTICE.


PSA proudly and comprehensively represented pharmacists from all areas of practice in 2015–16 including community, hospital, accredited, industry and military pharmacists as well as pharmacists working in academia.

During the financial year, PSA’s

membership included 41 per cent of

Australia’s registered pharmacists and

around 4700 student members, which has

increased from 2014–15.

Importantly, a major PSA achievement

was reducing membership churn over

the financial year from 15.2 per cent

to 13.2 per cent. Reducing churn and

attracting new members is part of the

organisation’s overall membership drive.

A key driver of new member initiatives

over the past year included three

positive Member of the Pharmaceutical

Society (MPS) marketing campaigns,

which featured PSA members saying

why they valued their membership and

PSA’s services.

During 2015–16, there was a strong

increase in PSA social media engagement

as a marketing tool, especially engaging

with Early Career Pharmacists (ECP)

through a Facebook group.

Membership of the closed group was

limited to only include PSA member

pharmacists registered and practicing

in Australia. There are now more than

12 posts per day by ECP’s engaged with

the profession. PSA has also set up

Terms of Reference for engagement on

the ECP Facebook group, to encourage

positive member engagement.

PSA achieved strong growth and

engagement on other social media

channels including twitter, LinkedIn

and Instagram.

PSA has around 32,000 Facebook followers

and more than 2300 followers on twitter.

PSA is committed to building its social

media audience and presence to enable

better engagement and connection

with members, government and key

industry stakeholders.

The membership team also provided

support for PSA’s annual awards including

the Pharmacy Student of the Year

Award, 2015 Excellence Awards and the

Quality Use of Medicines (QUM) in Pain

Management Award.

A key focus for 2016–17 will be to continue

to achieve operational efficiencies and

boost membership, including an overall

membership strategy with input from all

PSA offices.

PSA will also continue to deliver exciting

strategies for PSA products and services,

along with new membership initiatives

and offerings.

MEMBERS – OUR PRIORITY

> Reduced membership churn

in 2015–16 and delivered a

successful MPS marketing

campaigns.

> Increased social media

engagement and interaction,

especially with Early Career

Pharmacists.

KEY ACHIEVEMENTS

DURING 2015–16, THERE

WAS A STRONG INCREASE

IN PSA SOCIAL MEDIA

ENGAGEMENT AS A MARKETING

TOOL AS WELL AS ESPECIALLY

ENGAGING WITH EARLY CAREER

PHARMACISTS (ECP) THROUGH A

FACEBOOK GROUP.


VIC

NSW

QLD

WA

SA/NT

TAS

ACT

INTERNATIONAL

26%

25%

20%50%

39%

61%

27%

14%

4%14%

8%

3%

2%

2%

FEMALE

MALE

18 – 34

35 – 54

55 – 74

75+

*607 unknown

Community pharmacist

Hospital pharmacist

Consultant Academic

TOP 4 OCCUPATIONS

PHARMACIST AGE GROUPS

MEMBERSHIP


A proactive campaign to raise the public profile of PSA and highlight the important role of pharmacists in healthcare began in the 2015–16 financial year.

Led by the Communications team, PSA

adopted a proactive strategy by establishing

a network of pharmacists across Australia to

act as media‑savvy spokespeople providing

expert comments to spearhead the national

media and communications campaign.

The primary aim was to highlight the role

of pharmacists – and greater utilisation of

their skills and knowledge in the delivery of

primary care – as well as to position PSA as

“go‑to” organisation in Australia on issues

related to pharmacists, medicines and

primary healthcare.

In the rapid, 24/7 news‑cycle, PSA adopted

a “front foot” approach to media advocacy

by regularly engaging with high‑rating

mainstream media and influential

health journalists.

While PSA’s National President Joe

Demarte remained the primary authorised

spokesperson on key issues, having a

network of member experts throughout

the country enabled PSA to improve

its immediacy and responsiveness on

fast‑moving health issues in the media.

The nationally‑focused strategy proved

successful with PSA being regularly

featured in metropolitan and regional radio,

television and print news including daily

national newspapers. The organisation also

raised its profile through pharmacy media.

PSA engaged a professional media

monitoring agency to track progress and

measure key spokespeople in the media.

Using a highly‑localised media plan

targeting key health reporters and

commentators, PSA generated widespread

media mentions for the national roadshow,

pharmacist vaccinations and Health

Destination Pharmacy.

Having an increased public presence is

also a positive, ongoing initiative that is

expected to create higher recognition of the

PSA among key stakeholders, including the

Federal Government, political leaders and

the broader health sector.

The proactive strategy has also been

employed across PSA’s social media

channels, including developing informative

corporate videos featuring interviews

with pharmacists for YouTube and vimeo,

especially to help promote the Health

Destination program. These videos – which

attracted social media hits – included

the PSA CEO, National President and key

industry spokespeople.

PSA also updated its Design Style Guide

during the year to improve its corporate

brand as well as its corporate slogans

including PSA Committed to Better Health.

Other areas of stakeholder collaboration

in the Communications team included

meetings with Medicines Australia, the

Australian Medical Association (AMA),

the Australian Healthcare and Hospitals

Association, Consumers Health Forum and

attending the Federal Budget industry lock‑

up in May on behalf of PSA and providing

a detailed summary of pharmacy‑related

measures for members.

PSA continued to publish a wide range

of pharmacist‑related resources and

publications as well as the multi‑

Award winning Australian Pharmacist

monthly journal. (See page 20)

RAISING PSA’S PROFILE

1,620PSA MEDIA MENTIONS 2015–16

65%GENERAL MEDIA

35%PHARMACY MEDIA

Sources: Meltwater media monitoring service using real-time metrics and analytics as well as trade media hits tracked by PSA through Google Alerts. Media hits are based only on radio, TV, newspaper and online mentions (does not include social media).

Fairfax Media National President quoted in Sydney Morning Herald and The Age newspaper on election campaign on healthcare issues (May 2016).

Macquarie radio Interviews during prime-time in April, May and June on 2GB, 2UE, 4BC, FiveAA and 6PR.

Health Destination Pharmacy Regional and local newspaper stories profiling pilot sites in Geelong and Adelaide.

ABC radio news Live interviews across Australia about national roadshow and vaccination.

Pharmacy media Interviews, articles and opinion editorials in pharmacy media outlets: AJP, Pharmacy Daily, Pharmacy News, PharmDispatch and Pharma in Focus.

MEDIA HIGHLIGHTS

>

>

>


In a historic achievement, PSA’s strong

voice and expert leadership of the

profession was reinforced in 2015–16 after

the Federal Government awarded the

organisation with peak national health

body status.

PSA was awarded funding by the

Government for the organisation’s

advisory, policy formulation, education

and representation of pharmacists over

many years.

During 2015–16, PSA bolstered its

advocacy and representation of all

pharmacists through a range of areas

including political engagement, liaising

and meeting with all levels of Government,

writing submissions, producing policy and

positions statements and engaging with

key healthcare stakeholders and leaders.

PSA continued to pursue a robust

advocacy agenda on behalf of members

with submissions on a range of issues

including the Medicare Benefits Schedule

Review, Primary Health Care Advisory

Group, Inquiry in Chronic Disease and the

2016–17 Federal Budget.

Additionally, through PSA’s proactive

advocacy agenda, the organisation

continued to be an authoritative, leading

voice on many issues involving pharmacists

including Quality Use of Medicines,

healthcare reform, medicines scheduling,

collaborative models of care, e‑Health,

antimicrobial stewardship, the PBS, real‑

time monitoring and other reform and

regulatory issues.

A major highlight was producing a

comprehensive policy manifesto in the

lead up to the 2016 Federal election

held on July 2. PSA’s election manifesto

Utilising Pharmacists to Achieve Better

Health for Australians urged the incoming

Government to invest in evidence‑based

models of pharmacist care that PSA

is progressing, including: integrating

pharmacists as part of the Health Care

Homes (HCH) team, pharmacists in

General Practice and pharmacists in

Aboriginal Health Services.

As part of continuing to advocate for

excellence in pharmacist practice,

PSA released a number of guidelines and

position statements in 2015–16 including

on Complementary Medicines, biosimilars

and Real‑time recording and reporting of

drugs of dependence.

PSA was also a key stakeholder in the

Review of Pharmacy Remuneration and

Regulation and worked with the Review

Panel to shape the future direction of

pharmacy practice in Australia.

Another highlight was the success of the

national roadshow, covering 17 city and

regional locations – reaching more than

1000 pharmacists and industry leaders in

February and March. A key focus of the

month‑long roadshow – was launching

Health Destination Pharmacy, with the

scale‑up and launch of the program

completed in 2015–16.

The historic roadshow also offered PSA

members an opportunity to hear about

innovative programs and models of

practice PSA is progressing including

GP-Pharmacist Connect.

There are currently around

200 pharmacists registered with

GP‑Pharmacist Connect, as well as

interested Primary Health Networks

(PHN), GP clinics and not‑for‑profit

health services.

As the custodian of quality standards

in Australia for pharmacists, PSA was

awarded funding through the Department

of Health to review and update of PSA’s

Professional Practice Standards (2010) and

Code of Ethics for Pharmacists (2011).

PSA also led the review to update

the National Competency Standards

Framework for Pharmacists in Australia

(2010). This work was undertaken through

the Pharmacy Practitioner Development

Committee (PPCD), a profession‑wide

collaborative forum of 11 pharmacy

organisations.

Stakeholder engagement was another

highlight following strong collaboration

with various groups including, the

Pharmacy Guild of Australia, SHPA, leading

universities, AMA, RACGP, NACCHO, PHNs

and the CHF.

To provide a long‑term plan for the sector,

PSA began developing a 10‑year Blueprint

to progress the profession’s vision

document: Building upon pharmacists’

practice in Australia: a vision for the future.

This agenda will ensure pharmacists can

be utilised to their full scope as part of

innovative, collaborative care models to

contribute to better health outcomes.

ADVOCATING FOR PHARMACISTS

> PSA awarded peak national

health body status and

funding.

> Successful national roadshow

to promote excellence and

innovation in pharmacist care.

KEY ACHIEVEMENTS


One of the major highlights and PSA success stories of 2015–16 was the official launch of the evidence-based Health Destination program.

PSA’s exciting program to transform

pharmacies into health destinations was

showcased during a national roadshow in

February and March, receiving widespread

support and engagement from members.

Health Destination offers consumers

greater access to pharmacist care and

a wide range of minor ailment and

professional pharmacist services.

PSA developed and extensively‑tested the

innovative Health Destination program

– which achieved 20 sign‑ups by June30 –

to support pharmacies and pharmacy staff

provide high‑quality consumer healthcare.

A key element of the whole‑of‑business

change program is individualised

coaching to achieve sustainable change

in practice, which sets Health Destination

apart from any other program in Australia.

The program’s structure is supported

by local and international evidence

on the most effective way to achieve

change within an organisation, with the

coach helping pharmacies to set goals

based on local area analysis identifying

opportunities and gaps in care in

their communities.

Along with offering greater access to

pharmacist care and professional services,

Health Destination pharmacies were shown

to be creating a more viable business

platform, out‑performing non‑Health

Destination pharmacies across Australia,

according to independent analysis.

Since commencing the program in October

2015, Health Destination pharmacies

achieved a 6.4 per cent increase in average

sale compared with the same period last

year – well above the industry average of

only 1.8 per cent growth.

It was exciting for the Health Destination

pharmacies to see that in only six months,

they already achieved genuine results for

local consumers and for their businesses.

During the year, PSA profiled the success

and benefits of Health Destination sites

in local media to generate interest and

raise awareness among consumers.

One of the highlights was a feature story

on pharmacist Greg Porte from Peak

Pharmacies in Geelong, which received

strong coverage in the local media as well

as interest from local healthcare leaders

and agencies.

HEALTH DESTINATION PHARMACY

> Successfully launched Health

Destination Pharmacy program

during PSA national roadshow,

generating widespread interest

from members. PSA achieved

20 pharmacy sign‑ups to

Health Destination for the year

ending June 30, 2016.

> Health Destination pharmacies

were performing more than

three times better on key

metrics, compared with non‑

Health Destination pharmacies

across Australia, according to

independent research.

KEY ACHIEVEMENTS


Pharmacists participating in the program

have reported positive feedback from

GPs, consumers and local healthcare

organisations.

To be a focal point for the program,

PSA also launched a new Health Destination

website www.healthdestinationpharmcy.com.au in February featuring testimonials,

trial information, profiles of coaches and

support staff as well as a profit estimator to

outline the financial benefits of investing in

the program.

To highlight it’s world‑class status, in

May the Health Destination program

was honoured with the International

Pharmaceutical Federation’s (FIP)

inaugural Pharmacy Practice Improvement

Programme Award (presented in

August 2016).

A KEY ELEMENT OF THE WHOLE-OF-BUSINESS

CHANGE PROGRAM IS INDIVIDUALISED

COACHING TO ACHIEVE SUSTAINABLE CHANGE

IN PRACTICE, WHICH SETS HEALTH

DESTINATION APART FROM ANY OTHER

PROGRAM IN AUSTRALIA.

http://www.healthdestinationpharmcy.com.au

http://www.healthdestinationpharmcy.com.au


PSA’s Self Care program continued to respond to the needs of the profession by providing effective tools for professional service implementation and supporting pharmacists to venture from behind the dispensary to maximise clinical expertise and heath care.

Self Care is the only program to provide

a complete range of clinical and business

resources needed to position a pharmacy

as a health destination. Self Care also

supports pharmacies to manage changes in

their professional practice and thrive in the

challenging economic climate.

The 2015–16 year saw the release of

significant new content to ensure Self Care

remained a top quality tool to support

pharmacies manage changes in their

professional practice.

ACTION kits provide Self Care subscribers

with a complete package for implementing

professional services in a pharmacy.

The Diabetes Services ACTION kit was

launched in November 2015 with support

from Roche. The kit provided tools

including the Accu‑Check 360 degree view,

3‑day profiling tool to help pharmacists

support patients with structured

self‑monitoring of blood glucose.

The Wound Care ACTION kit released in May

2016 was developed with support from 3M

in consultation with one of the country’s

leading pharmacists offering wound care

services. This ACTION kit empowered many

pharmacies to improve their role in the

treatment of wounds.

For pharmacists, inPHARMation publications

including Urinary tract infection,

Gastro‑oesophageal reflux and Influenza

immunisation updates offered education

that was relevant to community pharmacists.

More than 7,000 modules were completed

by pharmacists, showcasing inPHARMation’s

continued relevance to community

pharmacy practice.

Self Care also provided pharmacies with an

easy way to meet Quality Care Pharmacy

Program (QCPP) requirements with all

relevant topics accredited as QCPP refresher

training. In 2015–16, there were six

additional hours of QCPP approved refresher

training released through inPHARMation on

top of six hours already available.

With more than 12,000 pharmacy assistant

Counter Connection modules completed

in the past year, Self Care education

remains an important part of empowering

pharmacy staff across the country.

COMMITTED TO BETTER HEALTH

> Almost 20,000 enrolments

in Self Care education from

pharmacists and pharmacy

assistants across the country.

> National distribution of four

sponsored inPHARMation

magazines to all pharmacies in

Australia.

KEY ACHIEVEMENTS

WITH MORE THAN 12,000

PHARMACY ASSISTANT COUNTER

CONNECTION MODULES

COMPLETED IN THE PAST YEAR,

SELF CARE EDUCATION REMAINS

AN IMPORTANT PART OF

EMPOWERING PHARMACY STAFF

ACROSS THE COUNTRY.


During 2015–16, the newly‑developed

area of Strategic Partnerships and

Engagement developed many new

collaborations and partnerships, especially

through pharmacist education and

engagement.

One of the exciting PSA partnerships

was the collaboration of several leading

industry partners to support the

development and launch of the Health

Destination Pharmacy program. The

partners supported improved outcomes

for consumers and sustainability of the

pharmacy sector.

Representatives of the partner companies

also became members of an Advisory

Group, providing advice on the national

scale‑up of Health Destination. This

union was unprecedented and reflected

confidence the industry has in the

program and its benefits.

The collaboration and strategic advice

was provided by Pfizer, Bayer, Danone

Nutricia, Willach, Johnson and Johnson,

Blackmores, Reckitt Benckiser and NAB

Health. The Health Destination Pharmacy

partnerships were based on a shared

vision and commitment to optimise

pharmacist’s role in healthcare provision.

The 2015–16 financial year also saw a

new era of conferencing for PSA. Held at

the Sofitel Sydney Wentworth from July

31 to August 2, 2015, PSA15 attracted

around 880 delegates and involved a new

program of unrivalled diversity in clinical

education and interactive workshops

covering an extensive range of practice

relevant topics.

PSA15 followed the tradition of attracting

expert presenters and pharmacy

profession leaders that saw strong

registrations and delegate attendance.

The consolidation of PSA’s major events

into PSA15 created a positive and uplifting

experience for delegates with over 90 per

cent saying they would attend PSA16.

PSA was also actively involved in a

range of Awards during 2015–16.

The opportunity to showcase the future

of the profession from the Pharmacy

Student of the Year Award in 2015

was supported by API and Mylan

(previously Alphapharm).

Long‑time supporter Symbion continued

to sponsor the Excellence Awards,

enabling PSA to applaud excellence in

pharmacist care from pharmacists in the

start of the career through to lifetime

achievement. For the fifth year in a row,

Mundipharma offered the Quality Use of

Medicines in Pain Management Award.

MIMS also continued its support for the

Intern Pharmacist of the Year Award.

PSA worked with many organisations

such as Medtronic to deliver face‑to‑face

education across Australia utilising various

State and Territory conferences including:

• Annual Therapeutic Update

• Victorian Pharmacy Conference

• WA Annual Seminar

• TAS Clinical Weekend

• SA Spring refresher

• PSA Offshore Refresher Conference.

PDL continued to strongly support these

events and face‑to‑face education as

well as the ignite pharmacist leadership

program. As the major partner for all

PSA conference and events, PDL has

helped maintain pharmacists as highly

engaged professionals at the frontline of

everyday healthcare.

The 41st Offshore Refresher Conference

in South Africa was another exciting

event, which provided an educational

program with topics of current and

significant relevance to the Australian

pharmacy practice.

Working in collaboration with Sanofi

Pasteur and Pfizer Consumer Health,

PSA delivered two national Self Care

Programs in the first half of 2016 to align

with changes in pharmacist practice.

STRATEGIC PARTNERSHIPS AND ENGAGEMENT

> Health Destination Pharmacy

industry partners helped deliver

an effective change platform

to support a sustainable

community pharmacy network.

> PSA15 – a new era for PSA’s

national flagship conference

– attracted 880 delegates

and combined previous

major events.

KEY ACHIEVEMENTS

PSA15 ATTRACTED AROUND 880

DELEGATES AND INVOLVED A

NEW PROGRAM OF UNRIVALLED

DIVERSITY IN CLINICAL

EDUCATION AND INTERACTIVE

WORKSHOPS COVERING AN

EXTENSIVE RANGE OF PRACTICE

RELEVANT TOPICS.


PSA’s Award-winning journal Australian Pharmacist continued to attract praise nationally and internationally for its quality content and layout during 2015–16.

In July 2015, Australian Pharmacist designer

Rebecca Jones won the Gold Award in the

Front Cover Photograph category of the

worldwide Trade, Association and Business

Publications International awards (Tabbies)

for the second year in a row.

She won the prestigious Award for the

December 2014 AP cover – The flower

children turn 60. Managing Editor Andrew

Daniels was awarded an Honourable

Mention award for his Canberra

commentary column.

These Awards involve the entire magazine

publishing industry, not just pharmacy or

health publishing. Australian Pharmacist

measured itself against the industry and

once again showed that it makes the grade.

In October 2015, Mr Daniels won the

Journalist of the Year (Business) Award at

the Publish Awards and Ms Jones and Lyn

Todd won the Publish Award for Cover of

the Year (Business) for the December 2014

cover.

Also in October, Australian Pharmacist

was recognised in the Bupa National

Press Club Health Journalism Awards

in the Documentary Category for a two

part series about substance abuse by

health professionals.

Australian Pharmacist was a finalist in the

Association or Member Magazine of the

Year at the Publish Awards for the fourth

year in a row.

In 2015–16, Australian Pharmacist

continued to deliver feature articles on

emerging issues in pharmacy and telling

the stories of pharmacists breaking new

ground in their professional practice or

adapting existing practice to meet the

changing demands of their community.

Another core activity in Australian

Pharmacist is the CPD section. It continued

to be an extremely popular education

activity with members. A new stream called

Personalised medicine, covering the rapidly

developing area of pharmacogenomics,

was well received.

The format of five articles and one ‘brain

teaser’ Knowledge in practice question

based around a broad monthly theme

allowed the journal to cover many diverse

topics. Many articles attracted more than

3,500 member answer submissions.

2015–16 was also successful commercially

with a significant increase in advertising

revenue underlining the strong loyalty for

the journal by PSA members.

AWARD-WINNING JOURNAL

AUSTRALIAN PHARMACIST

CONTINUED TO DELIVER

FEATURE ARTICLES ON

EMERGING ISSUES IN

PHARMACY AND TELLING

THE STORIES OF

PHARMACISTS BREAKING

NEW GROUND.


PSA’s People and Culture business unit advises and guides the organisation and its managers to ensure excellence in staff recruitment, induction, engagement, development, productivity and growth to achieve the strategic objectives.

The People and Culture unit also supports

the diverse needs of all staff nationally to

ensure they can deliver local and national

programs and services to support to our

members and prospective members.

In 2015–16, People and Culture worked

closely with managers on a number of key

initiatives to ensure a functional alignment

of staff to meet key PSA objectives.

Alignment by function rather than location

has ensured greater focus on the delivery

of a national service to members regardless

of their location. PSA also continued to

work on building capability and strength

in each of its locations to ensure seamless

delivery of service and support.

As of 30 June, 2016 PSA employed 97 staff

members (75 full‑time equivalents).

PSA management continued to work

on a number of cultural initiatives to

lead the organisation under a common

set of values. Activities included

work‑style profiling for teams to enhance

understanding of how best to work as

a functional and national team when

separated by distance and time zones.

PSA staff undertook compliance training

programs when starting with the

organisation and during their tenure.

Examples of this included Privacy

Training and refreshers on Workplace

Discrimination and Harassment. All policies

were reviewed for currency during the

year and are available on a user‑friendly

intranet site.

PSA continued to maintain a low‑risk

workplace environment through the

active involvement of elected Health and

Safety Representatives (HSRs) in each

office. HSRs work closely with local teams

to improve overall safety and manage

incident reporting and feedback.

In 2015–16, PSA submitted its third

compliant Workplace Gender Equality

report, in order to meet its obligations

under the Workplace Gender Equality

Act 2012 (Act).

PEOPLE AND CULTURE

> A greater focus of PSA

functions rather than locations

ensured greater focus on the

delivery of a national service to

members.

KEY ACHIEVEMENT

PSA MANAGEMENT CONTINUED

TO WORK ON A NUMBER OF

CULTURAL INITIATIVES TO LEAD

THE ORGANISATION UNDER A

COMMON SET OF VALUES.


AUSTRALIAN CAPITAL TERRITORY

The ACT continued to enjoy strong

membership, which was maintained during

the 2015–16 year.

The Branch offered a full range of services

to members, and achieved strong

attendances for key programs including

new graduates undertaking the PSA Intern

Program, and pharmacists completing

immunisation training.

The major highlight of the year was the

approval by the ACT Government in March

of pharmacists to administer vaccinations

in Canberra. Under the changes to ACT

health regulations, trained pharmacists

received approval to administer the

influenza vaccine in accordance with the

ACT Pharmacist Vaccination Standards.

PSA ACT Branch President Patrick Reid

welcomed the ACT Government’s

decision to enable pharmacist‑delivered

vaccinations. This positive health outcome

occurred thanks to the support of the

Health Protection Service (HPS) working

with PSA and Pharmacy Guild of Australia.

Relationships with ACT key stakeholders

remained positive and regular meetings

continued with key organisations including

AHPRA, the University of Canberra, the

Guild, Canberra Student Association

(CaSPA), the Capital Health Network (CHN)

and ACT Health.

During the year, roundtable meetings

were also held between PSA, the HPS

and the Guild to ensure key local issues

for pharmacists and pharmacies were

addressed.

The ACT also undertook a staffing

restructure to ensure members received

service continuity from Monday to Friday.

This change will provide improved support

to members, and enable the Branch to

grow and secure new opportunities with

key partners in the coming years.

Uptake of CPD in the ACT has been positive

with several new CPD initiatives introduced

during the financial year. Response to

these new initiatives has been excellent,

especially the breakfast briefings and

coffee and cake case study sessions.

The ACT Branch Committee provided key

support to PSA at a Territory and national

level. With only minor changes to the

Committee, the practice and skill base of

the group remained reflective of the broad

base of PSA’s local membership.

NEW SOUTH WALES

One of the key highlights was the Annual

Therapeutic Update (ATU) held at Terrigal

on the NSW Central Coast from March

4 to 6 at the Crowne Plaza. ATU is the

NSW Branch’s longest‑running event and

has its overarching theme of Advancing

therapeutic knowledge and medication

management.

The 2016 ATU attracted more than 300

delegates to the seaside conference with

keynote speaker Professor Patrick McGorry

presenting on mental health issues during

the weekend.

Advocacy was high on the agenda

during the year with NSW President

Stephen Carter, Branch Vice President

Lisa Kouladjian and Branch Director

Steven Drew meeting with local Members

of Parliament. These parliamentarians

included the Minister for Health Jillian

Skinner and Assistant Minister Pru Goward,

regarding Electronic Recording and

Reporting of Controlled Drugs (ERRCD).

In March 2016, Dr Carter, Ms Kouladjian

and Mr Drew also presented views of

NSW pharmacists to political leaders on

proposed codeine rescheduling, with a

decision implemented a few months later.

The NSW Intern of the Year 2015 award,

sponsored by MIMS, was won by Kerry

Watts. She was recognised for her

outstanding work as an intern pharmacist

at the Wollongong Hospital Pharmacy

Department. She was applauded for her

contribution to the quality provision

of pharmaceutical services and her

involvement in education of patients and

staff.

The NSW office continued to support and

promote the profession’s future leaders and

awarded 14 prizes to the most outstanding

students in most of the pharmacy degree

programs offered in NSW. Special white

coat ceremonies were also held in March

2016 at University of Newcastle and in

June at University of New England. PSA

also support all NSW university pharmacy

student associations.

Another successful outcome for the NSW

office was delivering immunisation training

to more 550 pharmacists across the State.

PSA AROUND AUSTRALIA

> Successfully achieved vaccination

for pharmacists in ACT and

implemented immunisation

training.

KEY ACHIEVEMENT

> Held a successful State conference

featuring leading keynote speaker

Professor Patrick McGorry.

KEY ACHIEVEMENT


QUEENSLAND

Queensland enjoyed many highlights during 2015–16, especially in terms of member engagement in regional areas and Government and stakeholder interactions.

One of the biggest achievements was the success and broad appeal of the Queensland Pharmacist Immunisation Pilot (QPIP), emulated by many other States and Territories.

In a milestone in March 2016, the Queensland Government passed historic legislation allowing pharmacists to provide immunisations. This was a crowning achievement for the Queensland Branch as it had spearheaded the original QPIP research, which subsequently spurred all other state governments to recognise the opportunity for pharmacists to safely increase the uptake of adult vaccinations. During QPIP, more than 35,000 adults were immunised by a pharmacist, as a part of the two year trial.

In April, PSA announced pharmacist‑delivered vaccinations were official in Queensland. This attracted widespread media attention on local radio and TV news through key spokesperson Professor Lisa Nissen, who was instrumental in leading the vaccination program.

Queensland was hailed as a national leader in pharmacist immunisations following the success of the high‑profile QPIP which was strongly supported by James Cook University, Queensland University of Technology and the Pharmacy Guild.

During 2015–16, Queensland also experienced a boost in external stakeholder engagement and pharmacy outreach.

Coinciding with regional CPD and other events, Branch staff and Committee members conducted pharmacy visits across Queensland with more than 200 visits completed. These visits created opportunities to profile PSA initiatives and promote services and CPD.

Queensland also conducted more than 50 meetings with stakeholders in Queensland Health, the Shadow Health Minister, RACGP, PHNs, Pharmacy Schools, the Guild and SHPA.

Coinciding with the National Australian Pharmacy Students’ Association (NAPSA) Congress in Townsville in January, Queensland hosted a “Meet the PSA President” event for local members to meet Joe Demarte and PSA CEO Dr Lance Emerson. This was an exciting opportunity seldom experienced in regional Queensland for members.

While Queensland continued to be active in providing CPD, immunisation workshops achieved the greatest interest with 33 workshops delivered state‑wide.

Around 378 pharmacists were trained through vaccination workshops in 2015–16. This has been an enormous achievement given the logistical challenges in Queensland of supporting each workshop with materials, handbooks and presenters.

> Pharmacist‑vaccination officially

approved following successful QPIP

trial where more than 35,000 adults

were immunised by a pharmacist.

KEY ACHIEVEMENT


TASMANIASOUTH AUSTRALIA/NORTHERN TERRITORY

There was renewed energy and

engagement in South Australia and

Northern Territory during 2015–16

following the appointment of new Branch

Director and pharmacist Helen Stone.

The SA/NT office engaged with many key

stakeholders including Charles Darwin

University and the University of South

Australia, SHPA, the Pharmacy Guild, SA

Health, the State Government, AMA SA

and the RACGP.

SA/NT also hosted a number of events for

Early Career Pharmacists (ECP) including a

joint event with SHPA on transition of care

through the health system, careers and

networking, business ownership forum,

and how to run a health promotion event.

Other major branch activities included the

2016 PSA national roadshow which was

well‑attended in Adelaide and Darwin.

Vaccination was also a major focus

for SA/NT with PSA training dozens of

pharmacists on vaccination and also

represented pharmacists with the NT

pharmacist‑led Immunisation Pilot.

The NT Early Career Pharmacist (ECP)

group was re‑formed and linked to

the SA ECP group. The group held its

first meeting during the year and are

progressing activities.

A range of annual Awards were also

provided by the SA/NT office, including:

• Julia Shatursky from Charles Darwin

University won the PSA SA/NT Award

for Outstanding Academic Achievement

in pharmacy, as well as the Award for

Outstanding Academic Achievement

in Therapeutics and an Award for

commitment to pharmacy practice.

• The Pharmaceutical Society Gold Medal

recipient for UniSA in 2015 was Nora

Lam, and the first SA/NT branch winner

of the Pharmacy Student of the Year

competition was Cara Kolopelnyk.

• There were joint winners for the

SA/NT Pharmacist of the Year: Julie

Bedford from Goolwa Pharmacy and

Joy Gailer, Drug and Therapeutics

Information Service.

As part of collaboration and engagement,

PSA invited representatives of the AMA SA

to visit the Health Destination Pharmacy

site at Golden Grove, in Adelaide’s

northern suburbs.

To boost the profile and role of

pharmacists, PSA also contributed a

regular healthcare column by Dr Lance

Emerson to The Adelaide Advertiser

newspaper’s Boomer lift‑out.

> Renewed stakeholder engagement,

well‑attended CPD events in SA

and greater involvement in the NT.

KEY ACHIEVEMENT

> First to market for pharmacist‑

delivered vaccinations for influenza

in community pharmacy and other

approved sites..

KEY ACHIEVEMENT


During 2015–16, Tasmania actively

engaged with key stakeholders,

Government agencies and proactively

promoted the profession. Over the

past financial year, Tasmania achieved

significant wins for the profession and,

most importantly, results of advocacy

work came to fruition via expanded

opportunities for pharmacists.

A major highlight was being first to market

for pharmacist‑delivered vaccination for

influenza within community pharmacy

and other approved sites. As part of the

vaccination program, PSA trained more

than of 80 per cent of pharmacist approved

immunisers across Tasmania.

On February 3, the Poisons regulation

in Tasmania was changed to enable

pharmacists to supply and administer

influenza vaccinations and on February

12 the first workshop was held by PSA.

Tasmania’s Health Minister Michael

Ferguson attended the Launceston training

session on February 13 to show his support

and his visit was reported on Southern

Cross TV news.

The Tasmanian PSA office actively worked

with the newly formed Primary Health

Tasmania (PHT) on an after‑hours project.

Seven rural pharmacies were identified as

pilot sites to trial a direct telephone service

to GP Assist in the after‑hours space for

patients coming into a pharmacy who

needed to be referred to a GP.


TASMANIA

The Tasmanian office also partnered with

PHT on a deprescribing project to educate

pharmacists. Three education events were

held in Hobart, Launceston and Ulverstone

and over 100 participants attended.

Representatives from the branch regularly

meet with AMA, RACGP, the Pharmacy Guild,

University of Tasmania, Heart Foundation,

Diabetes Tasmania and the Department of

Health and Human Services.

The Branch was represented on the

organising panel chaired by the AMA

for the Tasmanian Health Conference,

which resulted in a session being held on

pharmacists working in General Practice and

showcased the State’s first pharmacist in

General Practice.

During the year, the Tasmanian office was

also actively involved in the marketing and

promotion of 85 Skills Fund places for the

Diploma of Leadership and Management,

with all places being filled by the deadline.

Tasmania promoted 28 workshops over

the financial year which covered the 12

units of the Diploma of Management and

Leadership. This resulted in excess of 300

units being completed by enrolled students.

The Branch was also highly successful

in promoting and marketing the intern

training program to fourth year students.

This is reflected in PSA dominating 85% of

the intern training market in Tasmania for

the 2016 intake.

A MAJOR HIGHLIGHT WAS BEING FIRST TO

MARKET FOR PHARMACIST-DELIVERED

VACCINATION FOR INFLUENZA WITHIN

COMMUNITY PHARMACY AND OTHER

APPROVED SITES. AS PART OF THE VACCINATION

PROGRAM, PSA TRAINED MORE THAN OF

80 PER CENT OF PHARMACIST APPROVED

IMMUNISERS ACROSS TASMANIA.



VICTORIA

During 2015–16, Victoria engaged extensively

with many health organisations and State

Government Departments and officials to

boost services and support for members.

One of the major highlights for the year was

Victorian Branch President Ben Marchant

delivering the first pharmacist‑administered

vaccination in Victoria on June 20.

In a healthcare milestone, Mr Marchant

vaccinated a patient at Spiro Koutsis

Pharmacy in Melbourne, which was

attended and supported by the Victorian

Health Minister Jill Hennessy and senior

health officials.

Following extensively lobbying by the

Victorian office, new regulations allowed

pharmacists to administer influenza and

pertussis‑containing vaccines to adults

at approved pharmacies, including

those who qualify for the National

Immunisation program and the Victorian

Government Parent’s Whooping Cough

Vaccination program.

PSA’s Program of Study for Immunisers

was also the first course in Victoria to

be approved by the DHHS and PSA’s

Victorian office was granted $50,000 to

deliver the workshop to metropolitan and

regional pharmacists.

Training began on June 17 and by the end

of June, the Victoria office had trained

more than 100 pharmacists.

As a commitment to the development

and education of both regional and

metropolitan pharmacists, the Victorian

office held sessions in Warragul, Hallam,

Bendigo, Benalla and in Melbourne.

RMIT University pharmacy student

Harpreet Kaur Singh was also honoured

with the 2016 PSA Pharmacy Gold Medal

Award, presented by the PSA Victorian

Branch on April 21.

WESTERN AUSTRALIA

Western Australia enjoyed a productive

year of member engagement, major events

and delivering a responsive continuing

professional development (CPD) program.

A key highlight was training 143 pharmacists

on immunisation services in 2015–16. The

14 sessions provided WA pharmacists with

the knowledge and skills to deliver this high‑

quality public health service.

As a member of the WA Pharmacist

Immunisation Alliance, the WA office helped

deliver the evaluation of the first year of

pharmacist immunisation to the WA Health

Department. The WA office also met with the

Minister for Health to discuss the evaluation

and positive local health outcomes.

The WA evaluation achieved the following

impressive results:

• More than 20,000 vaccinations delivered

by pharmacists

• A significant increase in the number of

West Australians vaccinated

• 57 per cent of patients surveyed had not

received influenza immunisation the

previous year

• The program was sustainable self‑

funding business model

• Overwhelming consumer satisfaction

levels with 97 per cent of respondents

said they would access the service again

• Increased clinical collaboration.

CPD was another major achievement

in 2015–16 with more than 40 events

attended by around 900 members. The

Branch provided practice‑based workshops

and webinar sessions to provide clinical

and service delivery updates to members.

A number of regional centres also utilised

the webinars for local networking

opportunities.

The 26th Annual Gold Questionnaire

(AGQ) was also released during the year.

The AGQ is compiled every year by a

committee of WA pharmacists who develop

questions on a monthly basis to test recent

developments in pharmacy.

In terms of major events, the WA

Pharmacist Awards night was held in March

2016 with a strong turn‑out of members

and stakeholders to celebrate some of the

State’s brightest talents. The major winners

included: WA MIMS Intern of the Year –

Joseph Foster; WA Young Pharmacist of the

Year – Teresa Di Franco; WA Pharmacist of

the Year – Noel Fosbery; and WA Lifetime

Achievement Award – Jeffery Leach.

> First pharmacist‑administered

vaccination in Victoria was

completed by PSA in June and

welcomed as an important public

health boost.

KEY ACHIEVEMENT

> Successful training and evaluation

of pharmacist‑delivered

vaccination services.

KEY ACHIEVEMENT


FINANCIAL REPORT

Directors’ report 28

Auditor’s independent declaration 33

Financial statements 34

Notes to the financial statements 37

Directors’ declaration 51

Independent auditor’s report to the members 52

26 PSA Annual Report 2015–16 I © Pharmaceutical Society of Australia Ltd. Financial report

Your directors present their report on the Pharmaceutical Society of

Australia Ltd (‘Society’) for the year ended 30 June 2016.

DIRECTORS

The following persons were directors of the Society during the

financial year and up to the date of this report:

Name Appointed Term expired or resigned

John Bronger - -

Joe Demarte - -

Rachel Dienaar - -

Chris Freeman 1 July 2015 -

Jeff Hughes - -

Grant Kardachi - -

Greg Kyle - 30 October 2015

Michelle Lynch - -

Warwick Plunkett - -

Patrick Reid 30 October 2015 -

OBJECTIVES

The key objectives for which the Society is established are to:

• articulate and facilitate the most effective role of pharmacists

and the practice of pharmacy within the Australian health care

system including but not limited to:

‑ representation of and advocacy for pharmacists and the

practice of pharmacy;

‑ determination of the ethical, legal and professional standards

and responsibilities of pharmacists and the practice of

pharmacy in the interest of the community;

‑ liaison with allied professional groups, pharmacy and other

organisations, and to represent pharmacists whilst also

protecting the rights, privileges and professional status of

pharmacy.

• initiate, coordinate and implement educational and other

programmes for professional development and practice support

for pharmacy.

STRATEGIES

The Society’s plan incorporates the following strategies which will

be critical to its success.

Objective Strategy

Building capability through practice support and professional development

• The Society leads development and maintenance of professional practice standards and guidelines.

• The Society assists practitioners to be skilled to operate within contemporary standards and practice settings.

• The Society delivers the highest quality education.

Positioning pharmacy for the future through innovative and sustainable models of practice

• The Society develops, promotes and progresses a long term plan for pharmacist practice.

• The Society assists pharmacists progress evidence based models of pharmacist practice.

Advocating excellence in pharmacist practice

• The Society possesses strong, positive brand awareness with The Society members, industry, government and the Australian community.

• The Society advocacy advances pharmacist practice (underpinned by 10 year plan).

• The Society establishes and maintains outcomes focused partnerships with relevant stakeholders.

Ensuring organisational effectiveness and sustainability

• The Society maintains a substantial member base. The Society’s financial resources are grown and used efficiently.

• The Society maintains a safe and productive work environment for all staff and officials.

• The Society elected officials assist in actioning the strategic plan.

• The Society maintains effective, best practice governance.

PRINCIPAL ACTIVITIES

During the year the principal continuing activities of the Society

were to:

a. Lead professional practice development;

b. Enhance the knowledge and skills of pharmacists;

c. Advocate the role and perspective of the profession;

d. Build relationships with consumers and other health professions;

and

e. Promote pharmaceutical services by engaging in practice

change activities.

The Society, through the performance of these principles has been

able to achieve its key objectives.

DIRECTORS’ REPORT

27PSA Annual Report 2015–16 I © Pharmaceutical Society of Australia Ltd.Financial report

PERFORMANCE INDICATORS

The Society’s performance is measured against the following

indicators:

a. Attract and retain members to increase the Society’s

membership base.

b. Represent members and the profession in a manner which

maximises the viability and relevance of the practice of

pharmacy.

c. Place the Society at the forefront of innovation with engaging

and leading members in innovative practice techniques.

d. Develop new business opportunities to broaden the revenue

base.

e. Attract and retain quality staff and office bearers.

DIVIDENDS – PHARMACEUTICAL SOCIETY OF AUSTRALIA LTD

The Society is a company limited by guarantee and accordingly no

shares, debentures or options have been issued by the Society and

no dividends have been recommended or paid.

REVIEW OF OPERATIONS

The surplus from ordinary activities amounted to $16,300 (2015:

$258,365)

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

There have been no significant changes in the state of affairs of the

Society during the year.

EVENT SINCE THE END OF THE FINANCIAL YEAR

No matter or circumstance has arisen since 30 June 2016 that has

significantly affected the Society’s operations, results or state of

affairs, or may do so in future years.

LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS

The Society expects to maintain the present status and level of

operations and hence there are no likely developments in the

Society’s operations.

ENVIRONMENTAL REGULATION

The Society is not affected by any significant environmental

regulation in respect of its operations.

INFORMATION ON DIRECTORS

John Bronger National Director and NSW Branch Committee Member

Qualifications

BPharm MBA (Exec) GCCM (Graduate certificate in change

management), FPS, AACPA, FACP, FAICD, AFAIM

Experience and expertise• Pharmacist since 1971

• Hospital pharmacist, community pharmacist and proprietor for

over 40 years

• Former National President of PGA and responsible for three CPA

agreements (2nd 3rd and 4th)

• Two terms (4 years) on the Australian Board of Taxation

• Member of multiple government and company advisory

committees

• A specialist in government relations

• Experienced in financial administration and change

management

• An acknowledged strategy developer, implementer and

negotiator

• Innovator/Implementer of professional programs in own and

other pharmacies

Special responsibilities• Member, 6CPA Working Group

• Chair, Innovation Committee

Rachel Dienaar National Director and TAS Branch President

Qualifications BPharm


• Community pharmacist (Professional Services focus)

• PSA Practice Support Pharmacist (National)

• PSA ITP clinical tutor (TAS)

• PDL Local Advisory Committee member

• Academic Placement Coordinator, Pharmacy, School of Medicine,

University of Tasmania

• Pharmacy/Pharmacist mentor

Special responsibilities

Chair, Practice Support and Education Committee (PSEC)


Joe Demarte National President and VIC Branch Committee Member

(appointed National President 1 July 2015)

Qualifications BPharm, FPS, MAICD


• Community pharmacist and proprietor for over 30 years

• Experience in many areas of pharmacy including hospital, Iocum,

and community pharmacy

Special responsibilities• Chair, 6CPA Working group

• Member, PSA Offshore Conference Committee

Dr Chris Freeman National Director (appointed 1 July 2015) and QLD Branch Committee

Member

Qualifications

BPharm, GDipClinPharm, PhD, AACPA, BCACP, MPS


• Regional hospital pharmacist

• Community pharmacist (Pharmacist in Charge, Manager, Locum)

• Accredited pharmacist

• Consultant practice pharmacist

• Pharmacy Academic

• Pharmacy expert to the Commission

Jeff Hughes National Director and WA Branch Committee Member

Qualifications BPharm (with Distinction), GradDipPharm, MPharm, PhD, MPS,

AACPA, MAICD


• Hospital pharmacist, Community pharmacist

• Proprietor


• Pharmacy academic ‑ former Head of School of Pharmacy at

Curtin University

Special responsibilities• Chair, Early Career Pharmacist Working Group

• Member, Policy and Advocacy Committee

• Chair, Finance, Audit & Risk Management Committee (appointed

1 July 2015) (resigned 1 July 2016)

• Consultant Editor, Australian Pharmacist

• Member, PSA15 Organising Committee

• Member, APF Editorial board

Grant Kardachi National Director and SA Branch Committee Member

Qualifications

BPharm, FPS, MAICD


• Community pharmacist and former proprietor


Special responsibilities• PSA nominated Director of the Australian Medicines Handbook

(AMH) Board

• PSA nominated Director of the Australian Association of

Consultant Pharmacy Pty Ltd (AACP) Board

• Chair, PSA Health Destination Pharmacy Advisory Group

• Chair, PSA Building Fund Committee

• Chair, Review of Professional Practice Standards and Code

of Ethics


Greg Kyle National Director and ACT Branch Committee Member

Qualifications

BPharm, MClinPharm, PhD, MPS


• Hospital pharmacist, Community pharmacist (former proprietor),

Drug information pharmacist, Accredited pharmacist

• Academic pharmacist ‑ Course Convener, Discipline of pharmacy,

University of Canberra

• Former Head of Discipline of Pharmacy, University of Canberra

Special responsibilities• Member, Innovation Committee

Michelle Lynch National Vice President and VIC Branch Committee Member

Qualifications

BPharm, MPS, MAICD


• Community pharmacist

• Consultancy specialising in medication management and

pharmacy services

• National Hospital Pharmacy Manager, Ramsay Healthcare

Special responsibilities• Chair, Finance, Audit & Risk Management Committee

• Member, 6CPA Working Group Member

• Member, APF Editorial Board

Warwick Plunkett National Director and NSW Branch Committee Member

Qualifications

BPharm, FPS, AFACP, MAICD


• Community pharmacist and proprietor for over 30 years

Special responsibilities• Chair, PSA Offshore Conference Committee

• Chair, Minor Ailments Program Working Group

• Member, Australian Prescriber editorial advisory committee

• PSA representative, Director and Chair of National Return

Unwanted Medicine Program

• Member, Practice Support and Education Committee

• Member, Finance, Audit & Risk Management Committee

(appointed 9 December 2015)

Patrick Reid National Director and ACT Branch Committee President

Qualifications

BPharm, MPS, MRPharmS, FACP, FAIM, MAICD


• Pharmacy Proprietor, Company Director, Senior Executive

• Director, Aged Care, Community & Disability at StewartBrown

• Former CEO of Leading Age Services Australia

• Fellow, Australian Institute of Management

• Member, Australian Institute of Company Directors

Special responsibilities• Member, Innovation Committee


COMPANY SECRETARY

The Society’s secretary from 1 July 2015 to 2 September 2016 was Mr Phillip McCorkell and from 1 July 2015 to the date of this report was

Dr Lance Emerson.

MEETINGS OF DIRECTORSThe numbers of meetings of the Society’s board of directors and of each board committee held during the year ended 30 June 2016, and

the numbers of meetings attended by each director/committee member were:

Board of directors Finance, Audit & Risk Management Committee

Number attended Number eligible to attend Number attended Number eligible to attend

Warren Blee - - 7 8

John Bronger* 5 5 1 1

John Chapman - - 8 8

Joe Demarte 5 5 1 1

Rachel Dienaar 5 5 - -

Christopher Freeman 5 5 - -

Russell Hill - - 5 5

Jeff Hughes 5 5 8 8

Grant Kardachi 4 5 - -

Greg Kyle 2 2 - -

Michelle Lynch 4 5 2 3

Warwick Plunkett** 5 5 5 5

Patrick Reid 2 3 - -

*John Bronger appointed Michael Ortiz as an alternate director for the board meeting on 23–24 September 2015.

**Warwick Plunkett appointed Prof. Shalom (Charlie) Benrimoj as an alternate director for the board meeting on 30–31 March 2016.

INSURANCE OF OFFICERS AND INDEMNITIES

During the year ended 30 June 2016, the Society paid a premium

of $26,909 (2015: $27,427) to insure the directors and secretaries of

the Society.

The liabilities insured are legal costs that may be incurred in

defending civil or criminal proceedings that may be brought

against the officers in their capacity as officers of the Society, and

any other payments arising from liabilities incurred by the officers

in connection with such proceedings. This does not include such

liabilities that arise from conduct involving a wilful breach of duty

by the officers or the improper use by the officers of their position

or of information to gain advantage for themselves or someone

else or to cause detriment to the Society. It is not possible to

apportion the premium between amounts relating to the insurance

against legal costs and those relating to other liabilities.

PROCEEDINGS ON BEHALF OF THE COMPANY

No person has applied to the Court under section 237 of the

Corporations Act 2001 for leave to bring proceedings on behalf of

the Society, or to intervene in any proceedings to which the Society

is a party, for the purpose of taking responsibility on behalf of the

Society for all or part of those proceedings.

AUDITOR’S INDEPENDENCE DECLARATION

A copy of the auditor’s independence declaration as required under

section 307C of the Corporations Act 2001 is set out on page XX.

ROUNDING OF AMOUNTS

The Society is of a kind referred to in ASIC Corporations (Rounding

in Financial/Directors’ Reports) Instrument 2016/191, relating to

the ‘rounding off’ of amounts in the directors’ report. Amounts in

the directors’ report have been rounded off in accordance with that

Instrument to the nearest dollar.

This report is made in accordance with a resolution of directors.

Joe Demarte Director

Michelle Lynch Director

Dated on this 27th day of September 2016.



These financial statements are the financial statements of

Pharmaceutical Society of Australia Ltd as an individual entity.

The financial statements are presented in the Australian currency.

Pharmaceutical Society of Australia Ltd is a company limited by

guarantee, incorporated and domiciled in Australia.

Its registered office and principal place of business is:

Pharmaceutical Society of Australia Ltd

Level 1

25 Geils Court

DEAKIN ACT 2600

The financial statements were authorised for issue by the directors

on 27 September 2016. The directors have the power to amend and

reissue the financial statements.

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Notes2016

$2015

$

Revenue

Revenue 16,669,585 16,815,425

Other income 646,562 672,757

Total revenue 1 17,316,147 17,488,182

Expenses

Audit, legal and consultancy expense 1,749,091 1,270,870

Depreciation and amortisation expense 280,243 345,028

Employee benefits expense 8,169,548 8,323,663

Inventory expense 886,860 1,039,941

Postage, printing and production expense 986,608 1,042,243

Rent expense 271,214 219,792

Travel and accommodation expense 2,530,131 2,794,175

Other expenses 2,426,152 2,495,117

Total expenses (17,299,847) (17,530,829)

Surplus/(deficit) from operating activities 16,300 (42,647)

Share of net surplus/(deficit) of associates accounted for using the equity method 8 278,511 301,012

Total surplus/(deficit) before tax 2 294,811 258,365

Income tax expense 3 - -

Surplus/(deficit) attributable to members of the Society 294,811 258,365

Other comprehensive income

Gain on property valuation 6(a) - 65,038

Loss on property valuation 6(a) - (27,300)

Changes in fair value for available-for-sale financial assets (84,377) 74,824

Gain on sale of available-for-sale financial assets 30,802 -

Total other comprehensive income for the year (53,575) 112,562

Total comprehensive income/(loss) for the year is attributable to:

Members of Pharmaceutical Society of Australia Ltd 241,236 370,927

FINANCIAL STATEMENTSFOR THE YEAR ENDING 30 JUNE 2016


BALANCE SHEET

Notes2016

$2015

$

Current assets

Cash and cash equivalents 4(a) 3,785,491 3,760,288

Trade and other receivables 4(b) 1,720,945 1,261,258

Available-for-sale financial assets 4(c) 2,250,906 2,213,256

Held-to-maturity investments 4(d) 95,375 95,375

Inventories 5(a) 384,076 432,255

Other current assets 957,503 460,167

Total current assets 9,194,296 8,222,599

Non-current assets

Receivables 4(b) 87,990 83,915

Held-to-maturity investments 4(d) 1,000,000 1,000,000

Property, plant and equipment 5(b) 1,781,867 1,662,818

Intangible assets 5(c) 50,816 114,172

Investments accounted for using the equity method 8 1,296,850 1,168,339

Total non-current assets 4,217,523 4,029,244

Total assets 13,411,819 12,251,843

Current liabilities

Trade and other payables 4(e) 1,155,558 622,300

Provisions 5(d) 997,819 989,541

Deferred revenue 4,900,638 4,417,322

Total current liabilities 7,054,015 6,029,163

Non-current liabilities

Provisions 5(d) 116,672 222,784

Total non-current liabilities 116,672 222,784

Total liabilities 7,170,687 6,251,947

Net assets 6,241,132 5,999,896

Equity

Asset revaluation reserve 6(a) 981,783 981,783

Building Fund 6(a) 1,585,832 1,585,832

Special Projects Fund 6(a) 990,282 990,282

Retained earnings 6(b) 2,683,235 2,441,999

Total equity 6,241,132 5,999,896


STATEMENT OF CHANGES IN EQUITY

Retained earnings $

Asset revaluation reserve $

Special Projects Fund $

Building Fund $

Total $

Balance at 1 July 2014 2,100,059 944,045 999,033 1,585,832 5,628,969

Surplus/(deficit) for the period 258,365 - - - 258,365

Other comprehensive income 74,824 37,738 - - 112,562

Total comprehensive income for the year 333,189 37,738 - - 370,927

Other transfers to/(from) reserves 8,751 - (8,751) - -

Balance at 30 June 2015 2,441,999 981,783 990,282 1,585,832 5,999,896

Balance at 1 July 2015 2,441,999 981,783 990,282 1,585,832 5,999,896

Surplus/(deficit) for the period 294,811 - - - 294,811

Other comprehensive income (53,575) - - - (53,575)

Total comprehensive income for the year 241,236 - - - 241,236

Balance at 30 June 2016 2,683,235 981,783 990,282 1,585,832 6,241,132

STATEMENT OF CASH FLOWS

Notes2016

$2015

$

Cash flows from operating activities

Receipts from customers (inclusive of goods and services tax) 18,413,782 18,357,704

Payments to suppliers and employees (inclusive of goods and services tax) (18,261,373) (18,300,911)

Net cash inflow from operating activities 152,409 56,793

Cash flows from investing activities

Interest received 72,389 145,993

Dividends received 77,567 54,560

Payments for property, plant and equipment 5(b) (335,937) (51,422)

Payments for available-for-sale financial assets - (558,885)

Payments for intangible assets - (135,528)

Proceeds from sale of available-for-sale financial assets 58,775 -

Proceeds from redemption of held-to-maturity investments - 454,625

Net cash (outflow) inflow from investing activities (127,206) (90,657)

Net cash inflow (outflow) from financing activities - -

Net (decrease) increase in cash and cash equivalents 25,203 (33,864)

Cash and cash equivalents at the beginning of the financial year 3,760,288 3,794,152

Cash and cash equivalents at end of year 4(a) 3,785,491 3,760,288


1. REVENUE

The Society derives the following types of revenue:

2016 $

2015 $

Revenue

Sale of goods 1,611,304 1,788,273

Conferences 2,821,311 3,258,763

Courses 2,955,233 2,776,257

Grants 383,450 152,945

Subscriptions 6,948,138 6,997,378

Advertising 867,796 620,312

Sponsorship 1,082,353 1,221,497

16,669,585 16,815,425

Other income

Dividends 77,567 54,560

Commission 22,763 26,532

Interest 72,389 145,993

Rent 228,287 235,908

Royalties 89,579 97,166

Other 155,977 112,598

646,562 672,757

17,316,147 17,488,182

2. EXPENSES

2016 $

2015 $

Surplus/(deficit) before income tax includes the following specific expenses

Superannuation contributions 630,615 909,150

(Reversal of impairment)/Write down of obsolete inventories (29,869) 57,487

Bad debts 106,001 1,136

Impairment of receivables 50,121 132,353

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDING 30 JUNE 2016


3. INCOME TAX EXPENSE

2016 $

2015 $

(a) Income tax expense

Current tax - -

Deferred tax - -

- -

(b) Numerical reconciliation of income tax expense to prima facie tax payable

Profit from continuing operations before income tax expense 294,811 258,365

Tax at the Australian tax rate of 30.0% (2015 - 30.0%) 88,443 77,510

Tax effect of:

Member related expenses not deductible under the mutuality principle 3,789,601 3,515,699

Member related income not assessable under the mutuality principle (3,889,638) (3,751,026)

Gross up of investment income 7,898 6,830

Conversion of excess franking credits (26,327) (22,768)

(30,023) (173,755)

Tax losses not recognised as a deferred tax asset 30,023 173,755

- -

(c) Deferred tax assets/(liabilities) not recognised

Temporary difference relating to investment in subsidiaries for which deferred tax liabilities have not been recognised:

Unused tax losses - Revenue losses 2,391,866 2,361,843

Unused tax losses - Capital losses 113,333 122,574

Provisions and other creditors 125,323 108,385

Freehold land and buildings (78,960) (80,798)

Investments (126,777) (117,739)

2,424,785 2,394,265


4. FINANCIAL ASSETS AND FINANCIAL LIABILITIES

2016 $

2015 $

(a) Cash and cash equivalents

Current assets

Cash at bank 3,782,947 3,757,788

Cash on hand 2,544 2,500

3,785,491 3,760,288

(b) Trade and other receivables

Current assets

Trade receivables 1,733,933 1,356,649

Provision for impairment of receivables (28,992) (132,353)

1,704,941 1,224,296

Other receivables 16,004 36,962

1,720,945 1,261,258

Non‑current assets

Loan receivable from Pharmaceutical Society of New South Wales Limited 87,990 83,915

87,990 83,915

1,808,935 1,345,173

(c) Available-for-sale financial assets

Current assets

Fixed interest securities 834,820 842,954

Equity securities 1,416,086 1,370,302

2,250,906 2,213,256

(d) Held-to-maturity investments

Current assets

Term deposits and bank bills 95,375 95,375

95,375 95,375

Non‑current assets

Held to maturity investments 1,000,000 1,000,000

1,000,000 1,000,000

(e) Trade and other payables

Current liabilities

Trade payables 460,417 34

Payroll liabilities 286,842 123,418

Goods and services tax (GST) payable 229,698 169,225

Other payables 178,601 329,623

1,155,558 622,300


5. NON-FINANCIAL ASSETS AND LIABILITIES

(a) Inventories

2016 $

2015 $

Current assets

Work in progress 115,049 -

Finished goods 299,598 492,695

Provision for impairment (30,571) (60,440)

384,076 432,255

(b) Property, plant and equipment

Freehold land and buildings

$

Leasehold land and buildings

$

Plant and equipment

$

Computer equipment

$

Motor vehicles

$

Antiques and artwork

$Total

$

At 30 June 2015

Cost or fair value 400,000 860,000 520,714 1,694,394 25,610 135,358 3,636,076

Accumulated depreciation - - (459,344) (1,470,859) (25,610) (17,445) (1,973,258)

Net book amount 400,000 860,000 61,370 223,535 - 117,913 1,662,818

Year ended 30 June 2016

Opening net book amount 400,000 860,000 61,370 223,535 - 117,913 1,662,818

Additions - 239,000 5,089 91,848 - - 335,937

Depreciation charge (6,125) (11,430) (14,402) (182,494) - (2,437) (216,888)

Closing net book amount 393,875 1,087,570 52,057 132,889 - 115,476 1,781,867

At 30 June 2016

Cost 400,000 1,099,000 525,803 1,786,242 25,610 135,358 3,972,013

Accumulated depreciation (6,125) (11,430) (473,746) (1,653,353) (25,610) (19,882) (2,190,146)

Net book amount 393,875 1,087,570 52,057 132,889 - 115,476 1,781,867

The Deakin, ACT leasehold land and buildings were last valued by independent valuers at 30 June 2015 at a fair value of $860,000.

The Hobart, Tasmania freehold land and buildings were last valued by independent valuers at 11 May 2015 at a fair value of $400,000.


(b) Property, plant and equipment

(i) Leasing arrangements Some of the properties are leased to tenants under long‑term operating leases with rentals payable monthly or annually. Minimum lease payments receivable on leases of properties are as follows:

2016 $

2015 $

Minimum lease payments under non-cancellable operating leases of properties not recognised in the financial statements are receivable as follows:

Not later than 12 months 224,161 223,736

Later than 12 months but not later than 5 years 830,792 871,191

Later than 5 years 1,849,415 1,849,415

2,904,368 2,944,342

(c) Intangible assets

Copyright material $

Trademarks and licences $

Total $

At 30 June 2015

Cost 135,528 16,230 151,758

Accumulated amortisation (33,882) (3,704) (37,586)

Net book amount 101,646 12,526 114,172

Year ended 30 June 2016

Opening net book amount 101,646 12,526 114,172

Amortisation charge (61,598) (1,758) (63,356)

Closing net book amount 40,048 10,768 50,816

At 30 June 2016

Cost 135,528 16,230 151,758

Accumulated amortisation (95,480) (5,462) (100,942)

Net book amount 40,048 10,768 50,816

(d) Provisions

2016 $

2015 $

Current liabilities

Employee benefits - annual leave 610,011 635,871

Employee benefits - long service leave 387,808 353,670

997,819 989,541

Non‑ current liabilities

Employee benefits - long service leave 116,672 222,784

116,672 222,784


6. EQUITY

(a) Other reserves

2016 $

2015 $

Asset revaluation reserve

Movements:

Opening balance 981,783 944,045

Revaluation - gross - 37,738

Balance 30 June 981,783 981,783

Building Fund – for building works of the Society

Movements:

Opening balance 1,585,832 1,585,832

Balance 30 June 1,585,832 1,585,832

Special Projects Fund – for Special Projects of the Society

Movements:

Opening balance 990,282 999,033

Transfers to retained earnings - (8,751)

Balance 30 June 990,282 990,282

(b) Retained earnings

Movements in retained earnings were as follows:

Balance 1 July 2,441,999 2,100,059

Transfers from/(to) Special Projects Fund - 8,751

Net surplus/(deficit) for the period 294,811 258,365

Items of other comprehensive income recognised directly in retained earnings (53,575) 74,824

Balance 30 June 2,683,235 2,441,999

7. CRITICAL ESTIMATES, JUDGEMENTS AND ERRORS

The directors evaluate estimates and judgements 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 Society.

(i) Key estimates – impairment

The Society assesses impairment at each reporting date by evaluating

conditions specific to the Society that may lead to impairment of

assets. Where an impairment trigger exists, the recoverable amount

of the asset is determined. Fair value less costs to sell or current

replacement cost calculations performed in assessing recoverable

amounts incorporate a number of key estimates.

8. INTERESTS IN OTHER ENTITIES

(a) Interests in associates

2016 $

2015 $

Associated entities

Investment in AMH Pty Ltd 2 2

Investment in AMH Unit Trust 422,599 392,474

Investment in AACP Pty Ltd — loan receivable 80,000 80,000

Investment in AACP Pty Ltd — other 794,249 695,863

1,296,850 1,168,339


Associated entities are as follows:

At 30 June 2016, the Society holds 33.33% (30 June 2015: 33.33%) of the share capital of Australian Medicines Handbook Pty Ltd (AMH). AMH is a company incorporated in Australia. AMH is the trustee company for the Australian Medicines Handbook Unit Trust and has no other operations. The cost of the investment in AMH is $2. AMH has a 30 June reporting date, which coincides with the reporting date of other investors including the Society.

At 30 June 2016, the Society holds 33.33% (30 June 2015: 33.33%) of the units in the Australian Medicines Handbook Unit Trust (the Unit Trust). The Unit Trust is domiciled in Australia and its principal activity is the production and sale of the Australian Medicines Handbook. The cost of the Society’s investment is $10. The Unit Trust has a 30 June reporting date, which coincides with the reporting date of other investors including the Society. At 30 June 2016 the Unit Trust had total assets of $2,583,761 (30 June 2015: $2,009,200), total liabilities of $1,315,965 (30 June 2015: $831,778) and recorded a profit after tax of $540,374 (30 June 2015: $313,539 profit).

For the year ended 30 June 2016, the Society received a distribution from the Unit Trust of $150,000 (30 June 2015: $Nil). The Society received a commission from AMH during the year of $Nil (30 June 2015: $16,937). The Society purchased publications from the Unit Trust for resale during the year of $341,505 (30 June 2015: $327,804).

At 30 June 2016, the Society holds 50% (30 June 2015: 50%) of the share capital of Australian Association of Consultant Pharmacy Pty Ltd (AACP), a company incorporated in Australia. It is a for‑profit company carrying out activities to credential pharmacists to conduct medication management reviews and to promote and seek recognition for the practice of “consultant” pharmacy and the provision of value added, professional services in Australia. The cost of the Society’s investment is $80,002 including a loan receivable of $80,000. AACP has a reporting date of 30 June, which coincides with the reporting date of the Society and the other investor. At 30 June 2016, AACP had total assets of $2,196,345 (30 June 2015: $2,067,121), total liabilities of $447,848 (30 June 2015: $515,396) and recorded a profit after income tax of $196,772 (30 June 2015: $392,998). The Society does not expect any distributions from AACP.

The Society received a project contribution from AACP during the year ended 30 June 2016 of $Nil (30 June 2015: $10,000). The Society paid a conference sponsorship to AACP during the year ended 30 June 2016 of $3,000 (30 June 2015: $10,000). The Society paid course fees collected on behalf of AACP to AACP during the year ended 30 June 2016 of $2,723 (30 June 2015: $6,595). The Society paid audit fees on behalf of AACP during the year ended 30

June 2016 of $Nil (30 June 2015: $Nil).

(a) Interests in associates

2016 $

2015 $

The share of profits recognised by the Society relating to its investments in AMH and AACP is based on the results of the two entities as at 30 June 2016 which aligns with its financial year. The movement in equity accounted investments is as follows:

Balance at the beginning of the financial year/period 1,168,339 867,327

Share of associates’ surplus/(deficit) 278,511 301,012

Distributions from retained earnings (150,000) -

Balance at the end of the financial year/period 1,296,850 1,168,339

The share of retained earnings attributed to associates is as follows:

Share of associates’ surplus/(deficit) before income tax expense 313,251 385,333

Share of associates’ income tax expense (34,740) (84,321)

Share of associates’ surplus/(deficit) after income tax 278,511 301,012

Distributions from retained earnings (150,000) -

Share of retained surplus at the beginning of the financial year/period 1,168,327 867,315

Share of retained surplus at the end of the financial year/period 1,296,838 1,168,327


9. CONTINGENT LIABILITIES

The Society had no contingent liabilities at 30 June 2016. In the

prior year the Society had a contingent liability of $119,384 in

relation to the Development Application expenses with Nikias

Diamond.

10. COMMITMENTS

(a) Non-cancellable operating leases

2016 $

2015 $

Commitments for minimum lease payments in relation to non-cancellable operating leases are payable as follows:

Within one year 75,051 115,471

Later than one year but not later than five years 28,556 82,578

103,607 198,049

The Society leases office spaces and equipment under non‑

cancellable operating leases expiring within one to five years. The

leases have varying terms, escalation clauses and renewal rights.

On renewal, the terms of the leases are renegotiated. Increases

in the lease commitment may occur in line with CPI. No capital

commitments exist at the end of the year.

11. RELATED PARTY TRANSACTIONS

(a) Key management personnel compensation

2016 $

2015 $

Short-term employee benefits 824,295 703,279

During the year the Society entered into normal commercial

transactions with directors on terms and conditions no more

favourable than those available to any other member of the

Society. Such transactions include those that are provided by the

Society as part of its normal operations.

(b) Transactions with other related parties

Transactions between related parties are on normal commercial

terms and conditions no more favourable than those available to

other parties unless otherwise stated.

On 13 February 2008, a National Agreement was executed that

provided for the unification of the Pharmaceutical Society of

Australia Limited and the following State Societies:

• · Pharmaceutical Society of New South Wales Limited

• · Pharmaceutical Society of Australia QLD Branch

• · Pharmaceutical Society of Aust (South Australia Branch) Inc

• · Pharmaceutical Society of Tasmania

• · Pharmaceutical Society of Victoria Ltd

The effective date of the unification under the National Agreement

was 30 April 2008. On 18 December 2013, an agreement was

executed that provided for the unification of the Pharmaceutical

Society of Australia Limited and the Pharmaceutical Society of

Western Australia Incorporated. The effective date of the unification

was 1 January 2014.

The State Societies mentioned above have granted the Society the

right to occupy the premises owned and retained by those entities,

and the Society receives all income and pays all costs associated

with the ownership, running and maintenance of the properties.

Related party transactions with the State Societies do not contain

normal commercial terms. A related party transaction note is

disclosed in note 4(b).

Disclosures relating to associates are set out in note 8. The loan

receivable of $80,000 (2015: $80,000) due from AACP is unsecured,

interest free and has no fixed repayment date.

12. MEMBERS’ GUARANTEE

The Society is incorporated under the Corporations Act 2001 and is

a public company limited by guarantee. If the Society is wound up,

the liability of each of the members of the Society is limited. Each

member of the Society undertakes to contribute to the assets of the

Society in the event of it being wound up while he/she is a member

or within one year after he/she ceases to be a member for payment

of the debts and liabilities of the Society contracted before he/she

ceases to be a member and of the charges and expenses of winding

up and for adjustments of the rights on contributories amongst

themselves such amount as may be required not exceeding $50.

13. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

This note provides a list of all significant accounting policies

adopted in the preparation of these financial statements. These

policies have been consistently applied to all the years presented,

unless otherwise stated. The financial statements are for the

Pharmaceutical Society of Australia Ltd.

(a) Basis of preparation

These general purpose financial statements have been prepared

in accordance with Australian Accounting Standards and

interpretations issued by the Australian Accounting Standards

Board and the Corporations Act 2001. Pharmaceutical Society of

Australia Ltd is a not‑for‑profit entity for the purpose of preparing

the financial statements.

(i) Compliance with Australian Accounting Standards - Reduced

Disclosure Requirements

The financial statements of the Society comply with Australian

Accounting Standards ‑ Reduced Disclosure Requirements as issued

by the Australian Accounting Standards Board (AASB).


(ii) Historical cost convention

The financial statements have been prepared under the historical

cost convention, modified by the revaluation of selected non‑

current assets, financial assets and financial liabilities for which

the fair value basis of accounting has been applied, except for

investments accounted for using the equity method.

(iii) New standards and interpretations not yet adopted

Certain new accounting standards and interpretations have been

published that are not mandatory for 30 June 2016 reporting

periods and have not been early adopted by the Society. The

Society’s assessment of the impact of these new standards and

interpretations is set out below.

• AASB 9 Financial instruments (effective 1 January 2018)

AASB 9 will be applicable for the financial years commencing

on or after 1 January 2018. It addresses the classification,

measurement and derecognition of financial assets and financial

liabilities as well as new rules for hedge accounting.

• AASB 15 Revenue from Contracts with Customers (effective 1

January 2018)

The AASB has issued a new standard for the recognition of

revenue. This will replace AASB 118 which covers contracts for

goods and services and AASB 111 which covers construction

contracts.

The Society has yet to determine which, if any, of its disclosures will

have to change as a result of the new guidance. It is therefore not

possible to state the impact, if any, of the new rules on the financial

statements. The Society does not intend to adopt the standards

before their operative date, which means that they would be first

applied in the annual reporting period ending 30 June 2019.

There are no other standards that are not yet effective and that

would be expected to have a material impact on the entity in the

current or future reporting periods and on foreseeable future

transactions.

(iv) Critical accounting estimates

The preparation of financial statements requires the use of certain

critical accounting estimates. It also requires management to

exercise its judgement in the process of applying the Society’s

accounting policies. The areas involving a higher degree of

judgement or complexity, or areas where assumptions and

estimates are significant to the Financial Statements, are disclosed

in note 7.

(b) Foreign currency translation

(i) Functional and presentation currency

Items included in the financial statements of the Society are

measured using the currency of the primary economic environment

in which the Society operates (‘the functional currency’). The

financial statements are presented in Australian dollars ($), which is

the Society’s functional and presentation currency.

(ii) Transactions and balances

Foreign currency transactions are translated into the functional

currency using the exchange rates at the dates of the transactions.

Foreign exchange gains and losses resulting from the settlement

of such transactions and from the translation of monetary assets

and liabilities denominated in foreign currencies at year end

exchange rates are generally recognised in profit or loss. They are

deferred in equity if they relate to qualifying cash flow hedges and

qualifying net investment hedges or are attributable to part of the

net investment in a foreign operation.Foreign exchange gains and

losses that relate to borrowings are presented in the statement of

profit or loss, within finance costs. All other foreign exchange gains

and losses are presented in the statement of profit or loss on a net

basis within other income or other expenses.

Non‑monetary items that are measured at fair value in a foreign

currency are translated using the exchange rates at the date when

the fair value was determined. Translation differences on assets and

liabilities carried at fair value are reported as part of the fair value

gain or loss. For example, translation differences on non‑monetary

assets and liabilities such as equities held at fair value through

profit or loss are recognised in profit or loss as part of the fair value

gain or loss and translation differences on non‑monetary assets

such as equities classified as available‑for‑sale financial assets are

recognised in other comprehensive income.

(c) Revenue recognition

Revenue is measured at the fair value of the consideration received

or receivable. Amounts disclosed as revenue are net of returns,

trade allowances, rebates and amounts collected on behalf of third

parties.

The Society recognises revenue when the amount of revenue can

be reliably measured, it is probable that future economic benefits

will flow to the entity and specific criteria have been met for each

of the Society’s activities as described below. The Society bases

its estimates on historical results, taking into consideration the

type of customer, the type of transaction and the specifics of each

arrangement.

Revenue is recognised for the major business activities as follows:

(i) Sale of goods

Revenue from the sale of goods is recognised upon the delivery of

goods to customers.

(ii) Conference fees

Revenue from conference fees are recognised in the accounting

period in which the conference is held. When conference fees are

received in advance of the financial year in which the conference is

held, they are recognised in the Balance Sheet as a liability.


(iii) Course fees

Revenue from course fees are recognised based on the actual

service provided to the end of the accounting period as a proportion

of the total services to be provided. The proportion of services not

yet rendered are recognised in the Balance Sheet as a liability.

(iv) Subscriptions

Revenue from membership fees are recognised based on the actual

service provided to the end of the accounting period as a proportion

of the total services to be provided. The proportion of services not

yet rendered are recognised in the Balance Sheet as a liability.

(v) Grant revenue

The Society receives non‑reciprocal grants. These grants are

recognised at the fair value on the date of acquisition upon which

time an asset is taken up in the Balance Sheet and revenue in the

Statement of Profit or Loss and Other Comprehensive Income.

(vi) Sponsorship revenue

Sponsorship revenue is recognised in the Statement of Profit or

Loss and Other Comprehensive Income when it is controlled. When

there are conditions attached to the sponsorship revenue relating

to the use of sponsorships for specific purposes it is recognised

in the Balance Sheet as a liability until such conditions are met or

services provided.

(vii) Donations and bequests

Donations and bequests are recognised as revenue when received

unless they are designated for a specific purpose, where they are

carried forward as prepaid income on the Balance Sheet.

(viii) Interest income

Revenue is recognised when interest is earned on cash at bank deposits.

(ix) Dividends

Dividends are recognised as revenue when the right to receive

payment is established. However, the investment may need to be

tested for impairment as a consequence.

(d) Investments in Associates

Associates are all entities over which the Society has significant

influence but not control or joint control. This is generally the

case where the Society holds between 20% and 50% of the voting

rights. Investments in associates are accounted for using the equity

method of accounting, after initially being recognised at cost.

Under the equity method of accounting, the investments are

initially recognised at cost and adjusted thereafter to recognise

the Society’s share of the post‑acquisition profits or losses of the

investee in profit or loss, and the Society’s share of movements

in other comprehensive income of the investee in other

comprehensive income. Dividends received or receivable from

associates and joint ventures are recognised as a reduction in the

carrying amount of the investment.

When the Society’s share of losses in an equity‑accounted

investment equals or exceeds its interest in the entity, including

any other unsecured long‑term receivables, the Society does not

recognise further losses, unless it has incurred obligations or made

payments on behalf of the other entity.

Unrealised gains on transactions between the Society and its

associates and joint ventures are eliminated to the extent of

the Society’s interest in these entities. Unrealised losses are

also eliminated unless the transaction provides evidence of an

impairment of the asset transferred. Accounting policies of equity

accounted investees have been changed where necessary to ensure

consistency with the policies adopted by the Society.

(e) Income tax

Under the concept of mutuality, the Society is only assessed for

income tax on the portion of income derived from non‑members

and other external sources.

The charge for current income tax expense is based on the profit

for the period adjusted for any non‑assessable or disallowed items.

It is calculated using the tax rates that have been enacted or are

substantially enacted by the end of the reporting period. Under

the concept of mutuality, the Society is only assessed for income

tax on the portion of income derived from non‑members and other

external sources.

The income tax expense or revenue for the period is the tax payable

on the current period’s taxable income based on the applicable

income tax rate adjusted by changes in deferred tax assets and

liabilities attributable to temporary differences and to unused tax

losses.

The current income tax charge is calculated on the basis of the tax

laws enacted or substantively enacted at the end of the reporting

period. Management periodically evaluates positions taken in tax

returns with respect to situations in which applicable tax regulation

is subject to interpretation. It establishes provisions where

appropriate on the basis of amounts expected to be paid to the tax

authorities.

Deferred income tax is provided in full, using the liability method,

on temporary differences arising between the tax bases of

assets and liabilities and their carrying amounts in the financial

statements. However, deferred tax liabilities are not recognised if

they arise from the initial recognition of goodwill. Deferred income

tax is also not accounted for if it arises from initial recognition of an

asset or liability in a transaction other than a business combination

that at the time of the transaction affects neither accounting nor

taxable profit or loss. Deferred income tax is determined using tax

rates (and laws) that have been enacted or substantially enacted

by the end of the reporting period and are expected to apply when

the related deferred income tax asset is realised or the deferred

income tax liability is settled.


Deferred tax assets are recognised only if it is probable that future

taxable amounts will be available to utilise those temporary

differences and losses.

Deferred tax liabilities and assets are not recognised for temporary

differences between the carrying amount and tax bases of

investments in foreign operations where the Society is able to

control the timing of the reversal of the temporary differences and

it is probable that the differences will not reverse in the foreseeable

future.

Deferred tax assets and liabilities are offset when there is a legally

enforceable right to offset current tax assets and liabilities and

when the deferred tax balances relate to the same taxation

authority. Current tax assets and tax liabilities are offset where the

entity has a legally enforceable right to offset and intends either to

settle on a net basis, or to realise the asset and settle the liability

simultaneously.

(f) Leases

Leases of property, plant and equipment where the Society, as

lessee, has substantially all the risks and rewards of ownership

are classified as finance leases. Finance leases are capitalised at

the lease’s inception at the fair value of the leased property or,

if lower, the present value of the minimum lease payments. The

corresponding rental obligations, net of finance charges, are

included in other short‑term and long‑term payables. Each lease

payment is allocated between the liability and finance cost. The

finance cost is charged to profit or loss over the lease period so as

to produce a constant periodic rate of interest on the remaining

balance of the liability for each period. The property, plant and

equipment acquired under finance leases is depreciated over the

asset’s useful life or over the shorter of the asset’s useful life and

the lease term if there is no reasonable certainty that the Society

will obtain ownership at the end of the lease term.

Leases in which a significant portion of the risks and rewards of

ownership are not transferred to the Society as lessee are classified

as operating leases (note 10). Payments made under operating

leases (net of any incentives received from the lessor) are charged

to profit or loss on a straight‑line basis over the period of the lease.

Lease income from operating leases where the Society is a lessor is

recognised in income on a straight‑line basis over the lease term.

The respective leased assets are included in the Balance Sheet

based on their nature.

(g) Impairment of assets

Intangible assets that have an indefinite useful life are not subject

to amortisation and are tested annually for impairment, or more

frequently if events or changes in circumstances indicate that

they might be impaired. Other assets are tested for impairment

whenever events or changes in circumstances indicate that the

carrying amount may not be recoverable. An impairment loss is

recognised for the amount by which the asset’s carrying amount

exceeds its recoverable amount. The recoverable amount is the

higher of an asset’s fair value less costs of disposal and value‑in‑

use. For the purposes of assessing impairment, assets are grouped

at the lowest levels for which there are separately identifiable cash

inflows which are largely independent of the cash inflows from

other assets or groups of assets (cash‑generating units). Non‑

financial assets other than goodwill that suffered an impairment

are reviewed for possible reversal of the impairment at the end of

each reporting period.

(h) Cash and cash equivalents

For the purpose of presentation in the statement of cash flows,

cash and cash equivalents includes cash on hand, deposits held

at call with financial institutions, other short‑term, highly liquid

investments with original maturities of three months or less that

are readily convertible to known amounts of cash and which

are subject to an insignificant risk of changes in value, and bank

overdrafts. Bank overdrafts are shown within borrowings in current

liabilities in the Balance Sheet.

(i) Trade receivables

Trade receivables are recognised initially at fair value and

subsequently measured at amortised cost using the effective

interest method, less provision for impairment. See note 4(b)

for further information about the Society’s accounting for trade

receivables and note 13(g) for a description of the Society’s

impairment policies.

Collectability of trade receivables is reviewed on an ongoing

basis. Debts which are known to be uncollectible are written off

by reducing the carrying amount directly. An allowance account

(provision for impairment of trade receivables) is used when there

is objective evidence that the Society will not be able to collect all

amounts due according to the original terms of the receivables.

Significant financial difficulties of the debtor, probability that

the debtor will enter bankruptcy or financial reorganisation, and

default or delinquency in payments (more than 30 days overdue)

are considered indicators that the trade receivable is impaired. The

amount of the impairment allowance is the difference between the

asset’s carrying amount and the present value of estimated future

cash flows, discounted at the original effective interest rate. Cash

flows relating to short‑term receivables are not discounted if the

effect of discounting is immaterial.

The amount of the impairment loss is recognised in profit or loss

within other expenses. When a trade receivable for which an

impairment allowance had been recognised becomes uncollectible

in a subsequent period, it is written off against the allowance

account. Subsequent recoveries of amounts previously written off

are credited against other expenses in profit or loss.


(j) Inventories

(i) Work in progress and finished goods

Raw materials and stores, work in progress and finished goods are

stated at the lower of cost and net realisable value. Cost comprises

direct materials, direct labour and an appropriate proportion of

variable and fixed overhead expenditure, the latter being allocated

on the basis of normal operating capacity. Cost includes the

reclassification from equity of any gains or losses on qualifying cash

flow hedges relating to purchases of raw material but excludes

borrowing costs. Costs are assigned to individual items of inventory

on the basis of weighted average costs. Costs of purchased

inventory are determined after deducting rebates and discounts.

Net realisable value is the estimated selling price in the ordinary

course of business less the estimated costs of completion and the

estimated costs necessary to make the sale.

(k) Investments and other financial assets

(i) Classification

The Society classifies its financial assets in the following categories:

Loans and receivables Loans and receivables are non‑derivative financial assets with fixed

or determinable payments that are not quoted in an active market.

They are included in current assets, except for those with maturities

greater than 12 months after the reporting period which are

classified as non‑current assets. Loans and receivables are included

in trade and other receivables in the balance sheet.

Held-to-maturity investments Held‑to‑maturity investments are non‑derivative financial assets

with fixed or determinable payments and fixed maturities that the

Society’s management has the positive intention and ability to hold

to maturity. If the Society were to sell other than an insignificant

amount of held‑to‑maturity financial assets, the whole category

would be tainted and reclassified as available‑for‑sale. Held‑to‑

maturity financial assets are included in non‑current assets, except

for those with maturities less than 12 months from the end of the

reporting period, which are classified as current assets.

Available-for-sale financial assets Available‑for‑sale financial assets, comprising principally

marketable equity securities, are non‑derivatives that are either

designated in this category or not classified in any of the other

categories. They are included in non‑current assets unless the

investment matures or management intends to dispose of the

investment within 12 months of the end of the reporting period.

Investments are designated as available‑for‑sale if they do not

have fixed maturities and fixed or determinable payments and

management intends to hold them for the medium to long‑term.

The classification depends on the purpose for which the

investments were acquired. Management determines the

classification of its investments at initial recognition. See note 4 for

details about each type of financial asset.

(ii) Reclassification

The Society may choose to reclassify a non‑derivative trading

financial asset out of the held for trading category if the financial

asset is no longer held for the purpose of selling it in the near term.

Financial assets other than loans and receivables are permitted

to be reclassified out of the held for trading category only in rare

circumstances arising from a single event that is unusual and highly

unlikely to recur in the near term. In addition, the Society may

choose to reclassify financial assets that would meet the definition

of loans and receivables out of the held for trading or available‑for‑

sale categories if the Society has the intention and ability to hold

these financial assets for the foreseeable future or until maturity at

the date of reclassification.

Reclassifications are made at fair value as of the reclassification

date. Fair value becomes the new cost or amortised cost as

applicable, and no reversals of fair value gains or losses recorded

before reclassification date are subsequently made. Effective

interest rates for financial assets reclassified to loans and

receivables and held‑to‑maturity categories are determined at the

reclassification date. Further increases in estimates of cash flows

adjust effective interest rates prospectively.

(iii) Recognition and derecognition

Regular way purchases and sales of financial assets are recognised

on trade‑date ‑ the date on which the Society commits to purchase

or sell the asset. Financial assets are derecognised when the rights

to receive cash flows from the financial assets have expired or have

been transferred and the Society has transferred substantially all

the risks and rewards of ownership.When securities classified as

available‑for‑sale are sold, the accumulated fair value adjustments

recognised in other comprehensive income are reclassified to profit

or loss as gains and losses from investment securities.

(iv) Measurement

At initial recognition, the Society measures a financial asset

at its fair value plus, in the case of a financial asset not at fair

value through profit or loss, transaction costs that are directly

attributable to the acquisition of the financial asset. Transaction

costs of financial assets carried at fair value through profit or loss

are expensed in profit or loss.

Loans and receivables and held‑to‑maturity investments are

subsequently carried at amortised cost using the effective interest

method.

Available‑for‑sale financial assets are subsequently carried at

fair value. Gains or losses arising from changes in the fair value

are recognised for other monetary and non‑monetary securities

classified as available for sale ‑ in other comprehensive income.

(v) Impairment

The Society assesses at the end of each reporting period whether

there is objective evidence that a financial asset or a group of


financial assets is impaired. A financial asset or a group of financial

assets is impaired and impairment losses are incurred only if there

is objective evidence of impairment as a result of one or more

events that occurred after the initial recognition of the asset (a

‘loss event’) and that loss event (or events) has an impact on

the estimated future cash flows of the financial asset or group

of financial assets that can be reliably estimated. In the case of

equity investments classified as available‑for‑sale, a significant or

prolonged decline in the fair value of the security below its cost is

considered an indicator that the assets are impaired.

Assets carried at amortised cost For loans and receivables, the amount of the loss is measured as

the difference between the asset’s carrying amount and the present

value of estimated future cash flows (excluding future credit losses

that have not been incurred) discounted at the financial asset’s

original effective interest rate. The carrying amount of the asset is

reduced and the amount of the loss is recognised in profit or loss. If

a loan or held‑to‑maturity investment has a variable interest rate,

the discount rate for measuring any impairment loss is the current

effective interest rate determined under the contract. As a practical

expedient, the Society may measure impairment on the basis of an

instrument’s fair value using an observable market price.

If, in a subsequent period, the amount of the impairment loss

decreases and the decrease can be related objectively to an

event occurring after the impairment was recognised (such as

an improvement in the debtor’s credit rating), the reversal of the

previously recognised impairment loss is recognised in profit or

loss.

Assets classified as available-for-sale If there is objective evidence of impairment for available‑for‑sale financial assets, the cumulative loss ‑ measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss ‑ is removed from equity and recognised in profit or loss.

Impairment losses on equity instruments that were recognised in profit or loss are not reversed through profit or loss in a subsequent

period.

(l) Property, plant and equipment

Land and buildings are recognised at fair value less subsequent

depreciation for buildings. A revaluation surplus is credited to

other reserves in equity (note 6(a)). All other property, plant

and equipment is recognised at historical cost less depreciation.

Subsequent costs are included in the asset’s carrying amount or

recognised as a separate asset, as appropriate, only when it is

probable that future economic benefits associated with the item

will flow to the Society and the cost of the item can be measured

reliably. The carrying amount of any component accounted for as

a separate asset is derecognised when replaced. All other repairs

and maintenance are charged to profit or loss during the reporting

period in which they are incurred.

Increases in the carrying amounts arising on revaluation of land

and buildings are recognised, net of tax, in other comprehensive

income and accumulated in reserves in equity. To the extent that

the increase reverses a decrease previously recognised in profit or

loss, the increase is first recognised in profit or loss. Decreases that

reverse previous increases of the same asset are first recognised

in other comprehensive income to the extent of the remaining

surplus attributable to the asset; all other decreases are charged to

profit or loss. Each year, the difference between depreciation based

on the revalued carrying amount of the asset charged to profit or

loss and depreciation based on the asset’s original cost, net of tax,

is reclassified from the property, plant and equipment revaluation

surplus to retained earnings.

Depreciation is calculated using the straight‑line method to

allocate their cost or revalued amounts, net of their residual

values, over their estimated useful lives or, in the case of leasehold

improvements and certain leased plant and equipment, the shorter

lease term as follows:

• Buildings 2.5%–3.125%• Leasehold improvements 33.33%• Furniture and equipment 10%–17.5 %• Computer Equipment 25%–54%• Motor vehicle 20%• Antiques and artwork 1.8%

The assets’ residual values and useful lives are reviewed, and

adjusted if appropriate, at the end of each reporting period.

An asset’s carrying amount is written down immediately to its

recoverable amount if the asset’s carrying amount is greater than

its estimated recoverable amount (note 13(g)).

Gains and losses on disposals are determined by comparing

proceeds with the carrying amount. These are included in profit

or loss. When revalued assets are sold, it is the Society’s policy to

transfer any amounts included in other reserves in respect of those

assets to retained earnings.

(m) Intangible assets

(i) Copyright material

Internally generated intangible assets including copyright material

are shown at historical cost. They have a finite useful life and are

subsequently carried at cost less accumulated amortisation and

impairment losses.

The diminishing value method is used to amortise intangible

copyright material over a period of 3 years.

(ii) Trademarks and licences

Separately acquired trademarks and licences are shown at historical

cost. Trademarks and licenses acquired in a business combination

are recognised at fair value at the acquisition date. They have

a finite useful life and are subsequently carried at cost less

accumulated amortisation and impairment losses.


The straight‑line method is used to amortise intangible trademarks

and licences over a period of 10 years.

(n) Trade and other payables

These amounts represent liabilities for goods and services provided

to the Society prior to the end of the financial year which are

unpaid. The amounts are unsecured and are usually paid within

30 days of recognition. Trade and other payables are presented as

current liabilities unless payment is not due within 12 months from

the reporting date. They are recognised initially at their fair value

and subsequently measured at amortised cost using the effective

interest method.

(o) Provisions

Provisions for legal claims, service warranties and make good

obligations are recognised when the Society has a present legal or

constructive obligation as a result of past events, it is probable that

an outflow of resources will be required to settle the obligation

and the amount can be reliably estimated. Provisions are not

recognised for future operating losses.Where there are a number of

similar obligations, the likelihood that an outflow will be required

in settlement is determined by considering the class of obligations

as a whole. A provision is recognised even if the likelihood of an

outflow with respect to any one item included in the same class of

obligations may be small.

Provisions are measured at the present value of management’s

best estimate of the expenditure required to settle the present

obligation at the end of the reporting period. The discount rate

used to determine the present value is a pre‑tax rate that reflects

current market assessments of the time value of money and the

risks specific to the liability. The increase in the provision due to the

passage of time is recognised as interest expense.

(p) Employee benefits

(i) Short-term obligations

Liabilities for wages and salaries, including non‑monetary benefits

and annual leave expected to be settled wholly within 12 months

after the end of the period in which the employees render the

related service are recognised in respect of employees’ services

up to the end of the reporting period and are measured at the

amounts expected to be paid when the liabilities are settled. The

liabilities are presented as current employee benefit obligations in

the Balance Sheet.

(ii) Other long-term employee benefit obligations

The liabilities for long service leave and annual leave are not

expected to be settled wholly within 12 months after the end of

the period in which the employees render the related service. They

are therefore measured as the present value of expected future

payments to be made in respect of services provided by employees

up to the end of the reporting period using the projected unit

credit method. Consideration is given to expected future wage

and salary levels, experience of employee departures and periods

of service. Expected future payments are discounted using market

yields at the end of the reporting period of high quality corporate

bonds with terms and currencies that match, as closely as possible,

the estimated future cash outflows. Remeasurements as a result of

experience adjustments and changes in actuarial assumptions are

recognised in profit or loss.

The obligations are presented as current liabilities in the balance

sheet if the entity does not have an unconditional right to defer

settlement for at least twelve months after the reporting date,

regardless of when the actual settlement is expected to occur.

(q) Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of

associated GST, unless the GST incurred is not recoverable from the

taxation authority. In this case it is recognised as part of the cost of

acquisition of the asset or as part of the expense.

Receivables and payables are stated inclusive of the amount of GST

receivable or payable. The net amount of GST recoverable from, or

payable to, the taxation authority is included with other receivables

or payables in the Balance Sheet.

Cash flows are presented on a gross basis. The GST components

of cash flows arising from investing or financing activities which

are recoverable from, or payable to the taxation authority, are

presented as operating cash flows.


In the directors’ opinion:

a. the financial statements and notes set out on pages 34–50 are in accordance with the Corporations Act 2001, including:

i) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements,

and

ii) giving a true and fair view of the entity’s financial position as at 30 June 2016 and of its performance for the year ended on that date,

and

b. there are reasonable grounds to believe that the Society will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of directors.

Joe Demarte Director

Michelle Lynch Director

Dated on this 27th day of September 2016.

DIRECTORS’ DECLARATION



PHARMACEUTICAL SOCIETY OF AUSTRALIA LTD.ABN 49 008 532 072

NATIONAL OFFICE Level 1, 25 Geils Court Deakin ACT 2600PO Box 42 Deakin West ACT 2600

P: 02 6283 4777 F: 02 6285 2869 E: [email protected]

BRANCH CONTACT DETAILSP: 1300 369 772 F: 1300 369 771

AUSTRALIAN CAPITAL TERRITORYLevel 1, 25 Geils Court Deakin ACT 2600

PO Box 42 Deakin West ACT 2600E: [email protected]

NEW SOUTH WALESLevel 1, 134 Willoughby Road Crows Nest, NSW 2065

PO Box 162 St Leonards NSW 1590E: [email protected]

QUEENSLANDPACE Level 3, West Wing20 Cornwall Street Dutton Park QLD 4102

PO Box 6120 Buranda QLD 4102E: [email protected]

SOUTH AUSTRALIASuite 7/102 Greenhill Road Unley SA 5061E: [email protected]

TASMANIA161 Campbell Street Hobart TAS 7000E: [email protected]

VICTORIALevel 1, 381 Royal Parade Parkville VIC 3052E: [email protected]

WESTERN AUSTRALIA21 Hamilton Street Subiaco WA 6008E: [email protected]

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ANNUAL REPORT - Pharmaceutical Society of Australia · 2016-10-27 · Strategic Partnerships and Engagement Award-winning journal ... the General Practice Pharmacist model ... of