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
Chairman
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 | |
Distributions | |||
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 | |
Investments | |||
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.