Audit Report

NRF Audit Report 2009

NEUROSURGICAL RESEARCH FOUNDATION INCORPORATED
INCOME AND EXPENDITURE STATEMENT FOR YEAR ENDED 31 MARCH 2009

BALANCE SHEET AS AT 31 MARCH 2009

NEUROSURGICAL RESEARCH FOUNDATION INCORPORATED
BALANCE SHEET FOR YEAR ENDED 31 MARCH 2009 CONTINUED

TRUST FUND – (NRF Chair of Neurosurgery)
INCOME AND EXPENDITURE STATEMENT FOR YEAR ENDED 31 MARCH 2009

BALANCE SHEET AS AT 31 MARCH 2009

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:

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.

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.

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President – J B North                                         Honorary Treasurer – M K Zerner

REPORT OF COMMITTEE

(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.

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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

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T C NEILL – Partner                                            NEILL NEILL & CO

Chartered Accountants