2009 Annual Report

On behalf of the Trustees of the South Link Education Trust I am pleased to report that we have weathered the financial turbulence of the last 12 months. In fact by year end our funds had maintained their value and managed to make a small but positive return (1.5%).

This year we have distributed $406,113 to the benefit of General Practice.

We have been consistent with our philosophy to maintain a constant level of financial support to beneficiaries. Therefore at 30 June 2009, due to the low level of return, our total capital had fallen to $11,229,077.

Distributions as usual have been shared between organisations which advocate, educate and innovate within General Practice.

Specifically we have supported South Link Health Inc with funding for their annual conference plus funding for local member education meetings. We have supported GP research and continued our commitment to medical students especially their leadership conference.

Our capital management has undergone a significant change following the triennial review last year. We have contracted fi360 Australasia to assist us in overseeing our funds. fi360 has reviewed our fiduciary responsibilities and helped with the development of the Trust’s updated Investment Policy Statement. From this policy we have been able to select a mix of investments we believe are appropriate for the Trust.

The mix we now have is balanced between cash and bonds in New Zealand, overseas bonds and some shares both in NZ and overseas. These investments are all managed by professional organisations and fi360 is assisting us to monitor returns as well as fees incurred.

The financial outlook for the 2009/2010 financial year appears less turbulent however our Board is wary of being too confident. We will be monitoring international and local economic news carefully.

We remain firm in our resolve to maintain distributions and look forward to receiving feedback from beneficiaries.

Stephen Brown

Stephen Brown
Board of Trustees

South Link Educational Trust

Summary of Financial Performance for the 12 months ended 30th June 2009

Income   2009 2008
Investment Income   123,024 354,265
Total Income   123,024 354,265
Operating Expenses      
Audit Fees 3,150   2,524
Trustee Fees and expenses 16,622   8,292
Consultancy 17,589   19,114
South Link Health Management Fee 10,000   10,000
Total Costs   47,361 29,592
Surplus prior to distributions   75,663 314,335
Conference Costs 189,544   100,000
Decision Support Tool -   250,000
Education Network -   300,000
General Expenses 145   1,219
IPAC Conference -   25,000
Locality Meetings 112,000    
Matagouri Club 4,120   5,000
Medical Books -   1,728
Medical Student Sponsorship 37,000   36,500
GP Business Model Development -   13,000
GP Research for General Practice 63,304   110,544
Total Distributions   406,113 842,991
Net surplus (deficit) for year   (330,450) (528,656)


South Link Educational Trust

Summary of Financial Position as at 30th June 2009

ACCUMULated funds   2099 2008
Opening Accumulated Funds   11,559,527 12,088,183
Less Deficit for year   330,450 528,656
Total Accumulated Funds   11,229,077 11,559,527
Represented by:      
Current Assets      
ASB Bank 49,638   15,544
GST Receivable 23,122   34,406
Total Current Assets   72,760 49,950
Managed Funds   11,258,786 11,618,665
Total Assets   11,331,528 11,668,615
Less Current Liabilities      
  Accounts Payable   102,451 109,088
Net ASSETS   11,229,077 11,559,527


The above financial summaries have been extracted from the South Link Education Trust’s full financial audited accounts.  If you would like to receive a copy of the full accounts, audited by WHK, please contact Dianne Railton at South Link Health.




South Link Educational Trust 2011