NRF Annual Report 2009
NEUROSURGICAL RESEARCH
FOUNDATION INCORPORATED
INCOME AND EXPENDITURE
STATEMENT FOR YEAR ENDED 31 MARCH 2009
Donations & Fundraising INCOME
|
2008
|
2009
|
|
|||
|
$
|
$
|
|
|||
Donations – Brain Tumour Research
|
---------
|
50,000.00
|
|
|||
Donations – Abbie Simpson Fellowship
|
1,230.00
|
---------
|
|
|||
Donations – Bequests
|
48,853.52
|
1,000.00
|
|
|||
Donations – In Memoriam
|
15,554.96
|
4,500.00
|
|
|||
Donations - General
|
47,333.50
|
52,359.50
|
|
|||
Fund Raising – Functions Surplus
|
14,609.60
|
17,205.91
|
|
|||
- Charity Card Surplus
|
3,636.21
|
3,549.25
|
|
|||
Members’ Subscriptions
|
827.31
|
940.94
|
|
|||
|
-------------------
|
-------------------
|
|
|||
Total
Donations & Fundraising INCOME
|
132,045.10
|
129,555.60
|
|
|||
|
-------------------
|
-------------------
|
|
|||
|
|
|
|
|||
Less Grants
for Research
|
|
|
|
|||
NRF Chair of Neurosurgical Research
|
42,160.00
|
100,000.00
|
|
|||
University of Adelaide
|
17,840.00
|
--------
|
|
|||
Brain Tumour Research
|
--------
|
50,000.00
|
|
|||
Trigeminal Pain Research
|
--------
|
31,672.24
|
|
|||
Parkinson’s Research
|
24,426.76
|
24,426.76
|
|
|||
|
-------------------
|
-------------------
|
|
|||
|
84,426.76
|
206,099.00
|
|
|||
|
-------------------
|
-------------------
|
|
|||
SURPLUS/(DEFICIT)–Donations/Fundraising
|
47,618.34
|
( 76,543.40)
|
|
|||
|
-------------------
|
-------------------
|
|
|||
|
|
|
|
|||
INTEREST INCOME
|
|
|
|
|||
- Bank SA
|
1,271.19
|
1,099.45
|
|
|||
- Bank SA
– Negotiable Certificates of Deposit
|
26,574.79
|
42,383.40
|
|
|||
- Adelaide Bank
– Money Market
|
38,838.80
|
43,981.65
|
|
|||
- ANZ Bank
– Bank Bills
|
20,214.99
|
8,229.40
|
|
|||
|
-------------------
|
-------------------
|
|
|||
TOTAL INTEREST INCOME |
86,899.77
|
95,693.90
|
|
|||
|
-------------------
|
-------------------
|
|
|||
Less ADMINISTRATION EXPENSES
|
|
|
|
|||
Postage, stationery and telephone
|
9,621.70
|
11,918.94
|
|
|||
Printing Annual Report and Newsletters
|
6,857.56
|
5,799.64
|
|
|||
Promotion and Development
|
46,883.56
|
54,065.75
|
|
|||
Sundries
|
4,954.02
|
9,819.13
|
|
|||
Depreciation and Amortisation
|
479.91
|
1,304.01
|
|
|||
|
-------------------
|
-------------------
|
|
|||
|
68,796.75
|
82,907.47
|
|
|||
|
-------------------
|
-------------------
|
|
|||
SURPLUS
– INTEREST INCOME
|
18,103.02
|
12,786.43
|
|
|||
|
-------------------
|
-------------------
|
|
|||
TOTAL SURPLUS / (DEFICIT) FOR YEAR
|
$ 65,721.36
|
$ (63,756.97)
|
|
|||
|
-------------------
|
-------------------
|
|
|||
BALANCE SHEET AS AT 31 MARCH 2009
|
2008
|
2009
|
|
|
$
|
$
|
|
ACCUMULATED FUNDS – CORPUS
|
1,200,000.00
|
1,200,000.00
|
|
|
-------------------
|
-------------------
|
|
ACCUMULATED FUNDS – OTHER
|
|
|
|
Balance 1 April 2008
|
1,256,187.49
|
121,908.85
|
|
Surplus / (Deficit) for year
|
65,721.36
|
(63,756.97)
|
|
Transfer to Corpus
|
(1,200,000.00)
|
--------
|
|
|
-------------------
|
-------------------
|
|
Balance 31 March 2009
|
121,908.85
|
58,151.88
|
|
|
-------------------
|
-------------------
|
|
TOTAL ACCUMULATED FUNDS |
$1,321,908.85
|
$ 1,258,151.88
|
|
-------------------
|
-------------------
|
|
NEUROSURGICAL RESEARCH
FOUNDATION INCORPORATED
BALANCE SHEET FOR YEAR ENDED
31 MARCH 2009 CONTINUED
ACCUMULATED FUNDS REPRESENTED BY |
2008
|
2009
|
|
Assets
|
$
|
$
|
|
Bank SA – Gift Fund
|
21,736.05
|
8,129.66
|
|
Bank SA – Cheque Account
|
52,787.45
|
11,349.72
|
|
Bank SA – Negotiable Certificates of Deposit
|
405,895.89
|
738,695.42
|
|
Adelaide Bank – Money Market
|
596,318.02
|
640,299.67
|
|
ANZ Bank – Bank Bills
|
322,186.73
|
---------
|
|
Office Equipment and Computer Software
|
---------
|
7,405.00
|
|
Sundry Debtor – GST Receivable
|
1,714.68
|
1,910.07
|
|
Charity Card Shop Stock
|
3,621.00
|
4,250.00
|
|
Sundry Debtor – Card Shop Sales
|
920.90
|
233.20
|
|
Prepayments
– Functions
|
2,789.58
|
---------
|
|
Deposit
– Public Trustee
|
---------
|
5,000.00
|
|
|
-------------------
|
-------------------
|
|
|
1,407,970.30
|
1,417,272.74
|
|
Less Liabilities
|
|
|
|
Sundry Creditors – Grants for Research
|
84,426.76
|
156,099.00
|
|
–
Expenses
|
289.69
|
323.28
|
|
Income
in Advance – Functions
|
1,345.00
|
2,698.58
|
|
|
-------------------
|
-------------------
|
|
86,061.45
|
159,120.86
|
|
|
-------------------
|
-------------------
|
|
|
NET ASSETS |
$ 1,321,908.85
|
$ 1,258,151.88
|
|
|
-------------------
|
-------------------
|
|
TRUST FUND – (NRF
Chair of Neurosurgery)
INCOME AND EXPENDITURE
STATEMENT FOR YEAR ENDED 31 MARCH 2009
INCOME |
2008
|
2009
|
Donations
|
125,000.00
|
100,000.00
|
Interest
|
|
|
- Bank SA
|
31.06
|
151.68
|
- Bank SA – Term Deposit
|
6,995.02
|
5,274.95
|
- Bank SA – Bank Bills
|
11,216.45
|
3,420.94
|
|
---------------
|
---------------
|
TOTAL INCOME |
143,242.53
|
108,847.57
|
Less EXPENSES
|
------
|
------
|
|
143,242.53
|
108,847.57
|
|
---------------
|
---------------
|
Less GRANTS FOR RESEARCH
|
|
|
- University of Adelaide
|
------
|
300,000.00
|
|
---------------
|
---------------
|
SURPLUS / (DEFICIT) FOR YEAR |
$ 143,242.53
|
$ (191,152.43)
|
|
-------------------
|
-------------------
|
BALANCE SHEET AS AT 31 MARCH 2009
|
2008
|
2009
|
CAPITAL |
10.00
|
10.00
|
|
-------------------
|
-------------------
|
ACCUMULATED FUNDS |
|
|
Balance 1 April 2008
|
124,269.89
|
267,512.42
|
Surplus (Deficit) for Year
|
143,242.53
|
(191,152.43)
|
|
-------------------
|
-------------------
|
Balance 31 March 2009
|
267,512.42
|
76,369.99
|
|
-------------------
|
-------------------
|
TOTAL ACCUMULATED FUNDS
|
267,522.42
|
76,369.99
|
REPRESENTED BY |
|
|
Assets
|
|
|
Bank SA – Cheque Account
|
13,861.17
|
1,160.88
|
Bank SA – Term Deposit
|
122,867.05
|
75,209.11
|
Bank SA – Bank Bill
|
130,794.20
|
------
|
|
-------------------
|
-------------------
|
|
$ 267,522.42
|
$ 76,369.99
|
Less Liabilities
|
-------------------
|
-------------------
|
Sundry Creditors – Grants for Research
|
------
|
------
|
|
-------------------
|
-------------------
|
NET ASSETS |
$ 267,522.42
|
$ 76,369.99
|
|
-------------------
|
-------------------
|
NEUROSURGICAL RESEARCH
FOUNDATION INCORPORATED
NOTES TO AND FORMING PART OF
THE FINANCIAL STATEMENTS
NOTE 1:
These financial statements are a special purpose
financial report prepared in order to meet the financial reporting requirements
of the Associations Incorporations Act 1985 and the members of the
Council. The Council has
determined that the Foundation is not a reporting entity and therefore as there
is no requirement to apply Accounting Standards and other mandatory professional
reporting requirements (Urgent Group Consensus View) in the preparation and
presentation of these statements, none have been applied.
The statements are prepared in accordance with the
accrual basis of accounting and are based on historic
costs and do not take into account changing money values or, except where
specifically stated, current valuations of non-current assets.
Significant Accounting Policies: Accounting policies are selected in a manner, which ensures that the resultant financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions and other events is reported. The following significant accounting policies have been adopted in the preparation of the financial statements.
Investments: Interest is recognised as income in the period in which it is earned. Investments are valued at cost.
Depreciation of Fixed Assets: Office
equipment is depreciated on a prime cost basis at 25%
per annum and computer software is amortised over 4 years.
Corpus and Funds Available for Grants: An amount of $1,200,000.00 has been allocated to a corpus fund and the investment earnings on this corpus is used to fund the administration expenses. In addition, 80% of all monies raised and donated in a financial year can be used to fund neurosurgical research and the remaining 20% can be added to the corpus and retained for future research grants.
NOTE 2:
In September 1995, the Foundation received a bequest
of $71,672.24 from Estate D S Moten, with the understanding that these monies be used for trigeminal pain research. As at 31 March 2008, grants of $40,000 had been spent against this amount, and the remaining balance
of $31,672.24 was spent in the year ended 31 March 2009.
In February 2008, the Foundation received a bequest
of $48,853.52 from Estate J E Hutchesson with the understanding that these
monies be used for Parkinson’s disease research. As at
31 March 2008, a grant of $24,426.76 has been spent against this amount, and the remaining balance of $24,426.76 was spent in the
year ended 31 March 2009.
NOTE 3:
A summary of fundraising income and expenses is as
follows:
Function:
|
Income
|
Expenses
|
Net Surplus
|
45th Anniversary Dinner
|
36,321.00
|
19,115.09
|
17,205.91
|
|
----------------
|
---------------
|
---------------
|
Charity
Card Shop
|
6,361.39
|
2,812.14
|
3,549.25
|
|
----------------
|
---------------
|
---------------
|
The total fundraising surplus of $20,755.16 was applied to the Grants for research payments of $100,000.00.
NOTE 4:
The total Administration Expenses of both funds has been allocated on the following basis.
|
Fundraising
|
Administration
|
Total Expenses
|
Postage, Stationery and Telephone
|
4,767.58
|
7,151.36
|
11,918.94
|
Printing: Report and Newsletters
|
2,319.86
|
3,479.78
|
5,799.64
|
Promotion and Development
|
21,626.30
|
32,439.45
|
54,065.75
|
Sundries
|
3,927.65
|
5,891.48
|
9,819.13
|
Depreciation and Amortisation
|
521.60
|
782.41
|
1,304.01
|
|
----------------
|
---------------
|
---------------
|
|
33,162.99
|
49,744.48
|
82,907.47
|
|
----------------
|
---------------
|
---------------
|
NEUROSURGICAL RESEARCH
FOUNDATION INCORPORATED
COMMITTEE STATEMENT
In accordance with Section 35(2)(c)
of the Associations Incorporation Act 1985, the Council of the Neurosurgical
Research Foundation Incorporated hereby states that:
1. The
attached accounts present fairly the results of the operations of the
Foundation for the financial year ended 31 March 2009 and the state of affairs
of the Foundation as at the end of that financial year; and
2. The
Council has reasonable grounds to believe that the Foundation will be able to
pay its debts as and when they fall due.
This statement has been made in accordance with a resolution of the Council and is signed by two members of the Council.
Dated this 10th day of June 2009.
………………………………………. ………………………………………
President – J B North Honorary
Treasurer – M K Zerner
REPORT OF COMMITTEE
In accordance with Section 35(5) of the Associations
Incorporation Act 1985 (as amended), the council of the Neurosurgical Research
Foundation Incorporated hereby states that during the financial year ended 31
March 2009 other than salaries due to officers of the Association:
(a) (i) no
officer of the association;
(ii) no firm of which an officer is a member; and
(iii) no body corporate in which an officer has a substantial
financial interest,
has received or come entitled to receive a benefit as a
result of a contract between the officer, firm or body corporate and the
association.
(b) No
officer of the association has received directly or indirectly from the
association any payment or other benefit of a pecuniary value.
This report is made in accordance with a resolution of the committee and signed by two members of the committee.
Dated this 10th day of June
2009.
………………………………….. …………………………………………
President – J B North Honorary
Treasurer – M K Zerner
INDEPENDENT AUDITOR’S REPORT
FOR THE YEAR ENDED 31 MARCH 2009
TO THE MEMBERS OF THE
COUNCIL OF THE NEUROSURGICAL
RESEARCH FOUNDATION INCORPORATED
SCOPE
We have audited the attached special purpose
financial report comprising the Statements of Income & Expenditure, Balance
Sheets, and Notes to the financial statements of the Neurosurgical Research
Foundation Incorporated and the Neurosurgical Research Foundation Trust Fund for
the year ended 31 March 2009. The Council is responsible for the financial report and has
determined that the accounting policies used are consistent with the financial
reporting requirements of the Foundation’s constitution and are appropriate to
meet the needs of the members of the Council. We have conducted an independent audit of the financial
report in order to express an opinion on it to the members of the Council of
Neurosurgical Research Foundation Incorporated. No opinion is expressed as to whether
the accounting policies used are appropriate to the needs of the members of the
Council.
The financial report has been prepared for
distribution to members for the purpose of fulfilling
the Council’s financial reporting requirements under the Foundation’s
constitution. We disclaim any
assumption of responsibility for any reliance on this report or on the
financial report to which it relates to any person other than the members of
the Council, or for any purpose other than that for which it was prepared.
Our audit has been conducted in accordance with Australian Auditing Standards. Our procedures included examination, on a test basis, of
evidence supporting the amounts and other disclosures in the financial report
and the evaluation of significant accounting estimates. These procedures have
been undertaken to form an opinion whether, in all material respects,
the financial report is presented fairly in accordance with the accounting
policies described in Note 1 to the financial statements. (These policies do not require the
application of all Accounting Standards and the UIG Consensus Views).
The audit opinion expressed in this report has been formed on the above basis.
AUDIT OPINION
In our opinion, the financial reports present fairly
in accordance with the accounting policies described in Note 1 to the financial
statements the financial position of the Neurosurgical Research Foundation
Incorporated and the Neurosurgical Research Foundation Trust Fund as at 31
March 2009 and the results of the operations for the year then ended.
Signed at Adelaide this day of June 2009
……………………………………. ………………………………………..
T C NEILL – Partner NEILL
NEILL & CO
Chartered
Accountants
