NRF Annual Report 2009
President's Report:
The global financial crisis
Since November 2007, the world’s financial system has changed dramatically and this has affected all of us. Around the world, banks have collapsed and stock markets have plummeted with resulting losses in investments. We have seen falling asset prices and lower superannuation balances. Some Universities and charities have been hard hit by these changes, loosing half of the value of their investment capital and resulting in major reductions in their ability to support research and education.
I am pleased to say that the NRF has not suffered any capital loss but the crisis has galvanised action for us to modernise our investment policy. The current low interest rates reduce the amount of research support that we can provide.
There is an enormous pool of financial talent amongst NRF Council members and we have begun a process of due diligence to prepare investment guidelines. A group of Council members, including our Patron Carolyn Hewson, is working hard to achieve this goal and I am confident that our record of prudent financial management will continue.
Ambitious plans
Meetings have taken place with Adelaide’s neurosurgeons and as a result, the future direction of NRF effort will include supporting research by neurosurgical trainees and secondly, research in the area of children’s neurosurgical conditions. These initiatives will broaden the research base of the NRF.
To train as a specialist neurosurgeon, doctors must first complete the University medical degree course, usually lasting six years. Then they are selected to undergo a five year training program arranged by the Royal Australasian College of Surgeons (FRACS). One year of the five year FRACS training program consists of an approved research project. The NRF plans to support this trainee research year, with expectations that quality research will result.
The other arm of our ambition is to create a position where neurosurgical research is conducted in the paediatric field. A large amount of money will be required to implement and endow this position; fund raising is therefore likely to require some years of hard work by the Foundation.
In the early years of our existence, spina bifida research in children was supervised by Professor Donald Simpson. We owe a great debt to him for guiding the foundation since 1963. To mark Professor Simpson’s contributions and to raise money for the appeal for the paediatric neurosurgical research position, the NRF will hold a special dinner on 14th May 2010, in the National Wine Centre. I hope you will support Professor Simpson and the NRF by attending that dinner.
A big thank you
We are fortunate to have dedicated men and women from our community who donate their time to the NRF and advise the Foundation in the business of fundraising. I want to place on record the diligence, expertise and hard work by all Council members.
There are many volunteers who help with the preparation of newsletters, functions, publicity material, and selling cards. We are grateful to all these people for their donation of time to our organisation.
I wish to make special mention of Ginta Orchard, our Executive Officer for her enthusiasm, hard work, and guidance. Ginta has been successful at a national level in awards from the Fundraising Institute.
This year marks the conclusion of our association with Porter Novelli, who have now merged with another public relations firm. Special thanks are due to Richard Fewster who has been very generous in his support over many years.
In conclusion, the Foundation has had an active and productive year with an increase in both the scale and quality of research. I am confident that the NRF is fulfilling the objectives in the Constitution “to encourage, stimulate and aid research and investigation into all matters related to neurosurgery”.
Brian North
