2008 Annual Report
On behalf of the Trustees of South Link Education Trust, I am pleased to report that we have had a successful year both in the maintenance of our Trust capital and the distribution of income to our beneficiaries.
This year we have distributed $841,772 to the benefit of General Practice in the South Island of New Zealand.
Our capital has maintained its value and stood at $11,559,527 on 30 June 2008.
Our distributions have been shared between organisations which advocate, educate and innovate within General Practice.
Specifically we have supported:
- BPAC Inc to develop their innovative decision support tool bestpractice
- South Link Health Inc Education programme
- GP business model development
- GP research
- Medical student leadership conferences
- IPAC conference
- South Link Health Inc annual conference.
We have had a number of applications for funds which we have not been able to support due to lack of alignment with our objectives or our limited funds.
Our capital has continued to be safely managed by Forsyth Barr. Their performance in difficult times has been professional and competent. However, as is our policy, we are presently undertaking a three yearly review of our capital management policy and procedures. I will be able to report more fully on the outcome of this review next year.
During the year we have developed a standard form to be used by organisations applying for funds. This is available from Emma Bone our secretary or download the Request for Funding Application Form.
The financial outlook for the 2008/09 financial year appears turbulent. However, our Board is confident that we will be able to guide the Trust through this time and that we will continue to distribute funds to organisations with proposals which align with our Trust’s vision.
Stephen Brown
Chairman
Board of Trustees
South Link Educational Trust
Summary of Financial Performance for the 12 months ended 30th June 2008
| Income | 2008 | 2007 | |
| Investment Income | 354,265 | 821,108 | |
| Total Income | 354,265 | 821,108 | |
| Operating Expenses | |||
| Audit Fees | 2,524 | 2,565 | |
| Trustee Fees and expenses | 8,292 | 13,027 | |
| Consultancy | 19,114 | 4,000 | |
| South Link Health Management Fee | 10,000 | 10,000 | |
| Total Costs | 39,930 | 29,592 | |
| Surplus prior to distributions | 314,335 | 791,516 | |
| Distributions | |||
| Conference Costs | 100,000 | 372,962 | |
| Decision Support Tool | 250,000 | - | |
| Education Network | 300,000 | - | |
| General Expenses | 1,219 | 597 | |
| IPAC Conference | 25,000 | - | |
| Matagouri Club | 5,000 | - | |
| Medical Books | 1,728 | 787 | |
| Sponsorship | 36,500 | 30,000 | |
| Donation – Rural Medical Immersion | - | 4,640 | |
| General Practice Business Survey | - | 10,000 | |
| GP Business Model Development | 13,000 | - | |
| GP Research for General Practice | 110,544 | 36,975 | |
| Total Distributions | 842,991 | 455,961 | |
| Net surplus (deficit) for year | (528,656) | 335,555 |
South Link Educational Trust
Summary of Financial Position as at 30th June 2008
| ACCUMULated funds | 2008 | 2007 | |
| Opening Accumulated Funds | 12,088,183 | 11,752,628 | |
| Plus Surplus (Deficit) for year | (528,656) | 335,555 | |
| Total Accumulated Funds | 11,559,527 | 12,088,183 | |
| Represented by: | |||
| Current Assets | |||
| ASB Bank | 15,544 | 34,606 | |
| GST Receivable | 34,406 | 34,298 | |
| Total Current Assets | 49,950 | 68,904 | |
| Investments | |||
| Forsyth Barr Ltd - Managed Funds | 11,618,665 | 12,309,310 | |
| Total Assets | 11,668,615 | 12,378,214 | |
| Less Current Liabilities | |||
| Accounts Payable | 109,088 | 290,031 | |
| Net ASSETS | 11,559,527 | 12,088,183 |
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.
