2004 Annual Report
On behalf of the Trustees (Murray Tilyard, Graham Crombie and myself), I am pleased to present this inaugural report for the South Link Education Trust.
The Trust's funds are invested in a balanced portfolio, primarily cash and bonds with a small mix of equities and alternative asset classes to add balance. These funds are managed on a day-today basis by Forsyth Barr Ltd and reviewed bi-monthly by the Trustees.
At this stage the income received is allocated with one-third to direct beneficiary benefits, onethird to global education activities, and one-third to increased capital.
In the 2003/04 financial year the Trust assisted a number of projects:
-
IPAC Conference
The Trust sponsored the keynote speaker, Dr David Colin-Thome. Dr Colin-Thome was an excellent speaker who gave an overview of primary care developments in the United Kingdom. Otago University Matagouri Club
The Trust has a three-year sponsorship contract with the Otago University Matagouri Club. This is a group encouraging rural interests in medical students; the long-term goal is to encourage students to consider General Practice as a career.
Although this contract was approved in the 2003/04 financial year, the first yearly payment of $5,000 will occur in the 2004/05 financial year.
Book and Journal Offer
You will have been a recipient of our book and journal offer. We plan to repeat this offer in the 2004/05 financial year with a wider selection of resources.Queenstown Conference
The Queenstown 'Celebration of General Practice' was funded from the 2003/04 financial year surplus as it took place after year end. This weekend came about after wide consultation with our beneficiaries, and feedback from the weekend has been positive. The Trust will consider sponsoring such a weekend in the 2004/05 financial year.
Stephen Brown
Chairman
Board of Trustees
South Link Educational Trust
Summary of Financial Performance for the 14 months ended 30th June 2004
Income | 2004 | ||
Donations | 9,500,000 | ||
Investment Income | 537,239 | ||
Total Income | 10,037,239 | ||
Operating Expenses | |||
Audit Fees | 1,500 | ||
Surplus prior to distributions | 10,035,739 | ||
Distributions | |||
Medical Books | 73,446 | ||
IPAC Conference | 19,173 | ||
Net operating surplus for year | 92,619 | ||
Net surplus (deficit) for year | 9,943,120 |
South Link Educational Trust
Summary of Financial Position as at 30th June 2004
ACCUMULated funds | 2004 | ||
Opening Accumulated Funds | - | ||
Plus Surplus (Deficit) for period | 9,943,120 | ||
Total Accumulated Funds | 9,943,120 | ||
Represented by: | |||
Current Assets | |||
ASB Bank | 12,900 | ||
Accounts Receivable | 8,057 | ||
GST Receivable | 11,089 | ||
Total Current Assets | 32,046 | ||
Investments | |||
Forsyth Barr Ltd - Managed Funds | 9,966,670 | ||
Total Assets | 9,998,716 | ||
Less Current Liabilities | |||
Accounts Payable | 55,596 | ||
Net ASSETS | 9,943,120 |
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.