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Annual Report 2013–14 General Practice Registrars Australia Ltd

General Practice Registrars Australia is the voice and peak body for the next generation of general

practitioners. We work to improve the health care of all Australians through excellence in education

and training, and promoting general practice as the medical

speciality of choice.

General Practice Registrars Australia LtdAnnual Report 2013 –14

Published byGeneral Practice Registrars Australia Ltd

Level 4, 517 Flinders LaneMelbourne Victoria 3001

ABN 60 108 076 704ISSN Online: 2203-8655

© General Practice Registrars Australia Ltd, 2014. All rights reserved.

Contents4 Chair report

5 Chief Executive Officer report

6 Board of Directors

7 Nominations and Remunerations Committee report

8 Finance, Audit and Risk Management Committee report

10 Corporate governance statement

11 Independent auditor’s report

12 Directors’ declaration

13 Statement of cash flow

14 Balance sheet

15 Profit and loss statement

16 General notes to the financial statements

Chair report

4

Dr David ChessorGPRA Chair

General Practice Registrars Australia (GPRA) has seen a year dominated by the large changes to the general practice training environment announced by the federal government. The abolition of General Practice Education and Training (GPET) at the end of the 2014 calendar year, coupled with the still uncertain changes to training providers to follow, means that GPRA’s role in shaping the future of general practice training has never been more important.

The registrar leadership group of the GPRA Advisory Council has been instrumental in informing the position of the organisation and guiding the priorities of the Board in advocating for trainees and the training environment more broadly. These dedicated registrars give their time to help improve general practice training for all current and future general practice trainees.

Our members in the General Practice Students Network (GPSN) and Going Places Network (GPN) are a vital part of GPRA and the Australian General Practice Training landscape. These two networks continue to engage with medical students and junior doctors in an innovative grassroots way. The work of Immediate Past GPSN Chair, Mr David Townsend, and current Chair, Mr Joseph Monteith and their executives has been exemplary and I thank them for the mountain of activity that GPSN achieves.

The Indigenous General Practice Registrars Network (IGPRN) continues to do fantastic work supporting Indigenous registrars in their training. Their efforts over the past 12 months, led with vigour by Chair, Dr Aleeta Fejo, have been rewarded with record numbers of Indigenous general practice trainees achieving fellowship.

GPRA continues to support registrars who are interested in joining the ranks of GP supervisors or medical educators in the future with the General Practice Registrar Medical Educator Network (GPRMEN) and General Practice Registrar Emerging Supervisor Network (GPRESN). Thanks to GPRMEN Chair, Dr Patrick McCarthy and GPRESN Chair, Dr Letitia Clark for their growth of these networks.

Our annual conference was renamed the ‘Future of General Practice’ conference for 2014 and was a great success with more registrations than ever. GPRA’s ability to bring trainees from all levels together with industry and government leaders is unique in the sector and we are very proud of what our conference continues to improve on each year.

General practice training has flourished under GPET to become a training program that registrars are overwhelmingly very satisfied with. I would like to thank both GPET and the Department of Health and Ageing (DoHA) for ongoing funding of GPRA. This funding has enabled us to maintain strong support to our members, and continue to be one of the leading organisations promoting general practice training.

We also thank our sponsors for their ongoing commitment to GPRA, which assists us in providing a raft of services and benefits to our members at all levels of their general practice training. We look forward to working with our existing sponsors and launching new sponsors in the coming year.

Internally GPRA has seen a number of changes over the past year. Dr Edward Vergara stepped down from Chair of GPRA after two years in the position, a period in which he steered GPRA through a time of significant growth, all while reforming internal governance processes significantly and strengthening GPRA’s standing in the general practice sector by growing external stakeholder relationships. We offer Edward our sincere thanks and very best wishes for the future.

GPRA also farewelled CEO, Mr Amit Vohra, after 10 years of valuable commitment to the organisation. Amit’s leadership in administering GPRA’s innovative GP First program (including GPSN, First Wave Scholarship and GPN,) has been pivotal in changing perceptions about general practice and has directly influenced the increasing number of general practice applicants each year. We wish Amit the very best.

GPRA welcomed a number of new Directors to the Board over the past year, with four new Directors elected and confirmed at last year’s AGM. In addition to myself, we welcomed Dr Gerard Considine (Vice Chair), Dr Deepthi Iyer (Registrar Director) and Mr David Townsend (Student/Prevocational Director). Dr Piotr Swierkowski finished his term as a Registrar Director, but kindly agreed to serve an additional 12 months as a co-opted Director to ensure continuation of corporate knowledge and skill. We sincerely thank Piotr and wish him the very best for the future.

In this time of significant change, our Interim CEO, Ms Sally Kincaid, has been instrumental in providing leadership and stability to the organisation and deserves the sincere thanks of both myself and the entire Board. Sally leads a wonderful team of staff who continue to do GPRA proud with their professionalism, hard work and support of members.

It is both a pleasure and a challenge to be serving as Chair of GPRA during a time of significant change for general practice training. GPRA has been a pivotal organisation over many years in promoting and protecting the interests of trainees, advocating tirelessly and faithfully for a truly world class general practice training system, and championing general practice as the specialty of choice.

I look forward to continuing to work with the GPRA Board, staff and members in coming months to ensure that GPRA continues to support the best possible future for general practice training in Australia.

Dr David Chessor GPRA Chair

5

GPRA started the 2013–14 financial year on the front foot by engaging with the incoming federal government and minister for health on a number of key issues to ensure we remain a strong voice for both general practice registrars and the future of general practice training.

Over the past 12 months we have strengthened our networks and forged a number of new alliances, which is reflected in our continued representation on a number of national committees.

Member engagement has been a key area of focus, and I am pleased to report that we now boast a membership of over 22 000. This increase in membership reflects the strength and relevance of GPRA to emerging doctors.

As I step down from my role as CEO after eight years, and after a decade at GPRA, I welcome Sally Kincaid to the role of Interim CEO. Sally joined GPRA just over two years ago as the General Manager of Marketing and Communications and then took on the role of General Manager Operations. Sally has had an extensive career in the broader general practice sector and comes with a wealth of knowledge and networks. She has demonstrated a strong commitment to growth and improvement of the organisation, and I am confident that she will continue to lead and grow GPRA well into the future.

At this time, I also acknowledge a number of people, both elected and voluntary, who have underpinned GPRA’s success to date. In particular, I would like to thank Dr Jennifer Lonergan (2004–05) who introduced the concept of sliding scale of rural incentives into the national debate, Dr Rachel Sutherland (2006–07) who was pivotal in leading GPRA’s policy agenda with stakeholders, Dr Joe Rotella (2007–08) who helped create the General Practice Students Network, Dr Belinda Guest (2008–10) who oversaw the growth and expansion of our medical student and junior doctor networks and more recently, Dr Edward Vergara (2012–14) who led a renewed governance and structural reform agenda.

My sincere thanks also to our patrons, Professors John Murtagh, Michael Kidd and Mary Martin, and Dr Mark Wenitong – their advice and support continues to be a guiding light for GPRA.

It would be remiss of me to not acknowledge the true champions that make GPRA tick – our dedicated ambassadors, committee chairs, network chairs, council members and other volunteers. Without their passion and commitment, GPRA would not be the peak voice for the next generation of general practitioners that we are today.

Lastly, I would like to thank and acknowledge GPRA team of staff, past and present. Their commitment and hard work

has never ceased to amaze me and it is this dedication that has helped create a cohesive network of registrar support, which now extends to junior doctors and medical students – the only vertically integrated national network of its type in the country.

GPRA has transformed the general practice training environment and continues to influence government policy at a number of levels. I hope that you, as members, continue to support GPRA over the next decade as it faces the challenges of a reforming landscape in general practice training and healthcare in Australia.

Mr Amit Vohra GPRA Immediate Past CEO

Following the announcements of sweeping changes to general practice training in the May 2014 federal budget, GPRA has focused its energies into strengthened support for members during what is a major period of uncertainty. These changes will be the biggest to general practice training in more than a decade and the registrar services team has worked tirelessly to answer queries and concerns from members who are understandably anxious about their future training.

GPRA fulfils a unique role in the promotion of general practice, and is the largest national organisation dedicated to supporting the pipeline into general practice. In the current climate our role becomes even more important and in this vein we are working hard to enhance and strengthen the linkages between the three networks (GPRA, GPN and GPSN).

As our membership has grown, so too have our services and there is an increased focus on products to support members, with a number of new initiatives currently under development for roll out in the second half of 2014.

I am honoured to have the opportunity to work with our passionate and talented Board of Directors and hardworking dedicated team of staff as we lead the organisation through these changing times and consolidate GPRA’s place in the general practice training landscape into the future.

Ms Sally Kincaid GPRA Interim CEO

Mr Amit VohraImmediate Past CEO

Chief Executive Officer report

Ms Sally KincaidInterim CEO

Board of Directors

The GPRA Board of Directors comprises:

• five Voting Members from whom the Chair and Vice Chair must be elected

• one Associate Member who is either a current medical student or a pre-vocational medical doctor who has not applied to any specialty training program, or a pre-vocational medical doctor who has applied to specialty training in general practice

• up to three further co-opted Directors. The Board has articulated a clear vision and objectives to support its members on their general practice journey – from when they start medical school, through their hospital internships, registrar training and finally, their transition to independent general practitioners.

6

Dr David Chessor – Chair David is a general practice registrar from the Mid North Coast of New South Wales where he works at Durri Aboriginal Corporation Medical Service in Kempsey. He is awaiting fellowship with the Royal Australian College of General Practitioners (RACGP) and has just completed a Master of Public Health and Tropical Medicine at James Cook University. David is an adjunct senior lecturer at the University of New South Wales where he teaches undergraduate medical students and he is part of the medical education team at North Coast GP Training where he is involved in registrar teaching. David has also completed a course with the Australian Institute of Company Directors.

In 2013, David was awarded the GPET Registrar of the Year Award, and the RACGP National Rural Faculty Rural Registrar of the Year Award.

Dr Gerard Considine – Vice Chair Gerard is a rural general practitioner working on the Eyre Peninsula in South Australia where he consults between the three towns of Cleve, Kimba and Elliston. Gerard has an interest in general practice policy and reform and is passionate about online learning, rural health and general practice registrar advocacy.

Dr Edward Vergara – Immediate Past Chair Edward is a general practitioner at Westcare Medical Centre in Melton, Victoria. He has been instrumental in the development of the registrar medical educator training posts program at Victorian Medical Alliance (VMA) where he is a supervisor to general practice trainees. Edward has completed several courses with the Australian Institute of Company Directors and he is a member of the Finance, Audit and Risk Management Subcommittee at VMA.

Mr David Townsend

Dr Edward Vergara

Dr Deepthi Iyer

Ms Ingrid Williams

Dr Piotr Swierkowski

Dr Deepthi Iyer Deepthi is a Melbourne based general practitioner. Prior to being elected to the GPRA Board she sat on the GPRA Advisory Council in various capacities. Deepthi has a strong interest in general practice training issues and is a member of the GPRA Wellbeing Committee and the Closing the Gap Subcommittee. She is also a registrar member on the RACGP Victoria Faculty Board and the RACGP Women in General Practice Committee.

Deepthi is currently undertaking a Master of Philosophy at the University of Melbourne.

Mr David Townsend David is a medical student in his fourth year at the University of New England. He is Immediate Past Chair of the General Practice Students Network and worked with GPRA in 2013 to develop the highly successful #ScrapTheCap social media campaign, which was awarded the Best Campaign: Digital and New Media at the Australian Government Relations Awards.

David has just completed a thesis for his BMedSc (Hons) studying the use of social media for medical education by Australian medical students.

Dr Piotr (Peter) Swierkowski Piotr chairs the Finance and Risk Management Committee. He is the Executive Director of Medical Services at the Sunshine Coast Hospital and Health Service in Queensland where he provides professional leadership to over 500 medical staff. Piotr is a fellow of the Royal Australasian College of Medical Administrators, the RACGP, and a graduate member of the Australian Institute of Company Directors.

Ms Ingrid Williams Ingrid chairs the Nominations and Remunerations Committee. She is an owner and CEO of Elm Aged Living and has 30 years experience in the health and aged care sector. Ingrid holds a Bachelor of Educational Studies, a Master in Health Administration and is a fellow of the Williamson Community Leadership Program. She is also a graduate of the Australian Institute of Company Directors.

Ingrid sits on the board of Leading Age Services Australia (Vic) and Road Trauma Support Services Victoria, and is a member of the CEO Institute. In 2010, Ingrid was a finalist in the Telstra Business Woman of the Year awards.

Dr Gerard Considine

Dr David ChessorGPRA Chair

57

Nominations and Remunerations Committee report

The Nominations and Remunerations Committee is an internal committee within the GPRA Board. The committee’s purpose is to provide recommendations to the Board on matters surrounding the nomination and remuneration of the Directors and the CEO. Some of the key areas the committee has focused on over the past 12 months include:

Chair position of the Board This year saw the appointment of Dr David Chessor to the position of Chair of the Board after Dr Edward Vergara stepped down after two years. The Board greatly valued Edward for his leadership and was thankful he continued on in the capacity of Board member to support David in the transition to Chair.

CEO position The committee and the Board take seriously its responsibility to recruit the CEO and, as such, further to the position becoming vacant, the Board is working towards developing a recruitment plan to ensure that the person appointed to the CEO role is someone who can deliver on the strategic objectives set by the Board. We look forward to welcoming the new CEO when that process is finalised.

Board succession planning The committee continues to monitor succession planning for the Board. This year saw a number of new Directors being welcomed to the Board and some Directors making the decision to resign. We wish Dr Edward Vergara and Dr Piotr Swierkowski all the best and thank them both for their significant contribution over the years.

As part of the committee’s commitment to ensuring the Board has a broad skill mix, the Board will continue to support the co-option policy developed and, as such, the replacement of Piotr will be advertised to ensure the skills co-opted are those of greatest need and value to the Board.

Governance Another strong focus of the committee during the year has been the review of all related policies and procedures, position descriptions and appraisal documents. Directors fees were also reviewed and it was agreed that they should remain unchanged.

Ms Ingrid Williams Chair, Nominations and Remunerations Committee

8

Finance, Audit and Risk Management Committee report

The Finance, Audit and Risk Management Committee continued to support the GPRA Board in executing its fiduciary duties in the areas of financial management and risk mitigation.

The financial year 2013–14 began with increased uncertainty about the organisation’s capacity to renew contractual revenue streams. This arose because of a number of co-existing factors. One of these factors was related to the prior success of GPRA in promoting general practice as the profession of choice. As a result, it may have been perceived that there was now less of a need to promote general practice. Another factor was the increased political uncertainty that comes with a change in government.

In response to this new environment, much of the first half of the financial year was spent consolidating and identifying efficiencies. Adoption of a more risk-averse budget strategy resulted in improved equity, measured as a percentage of total assets at the completion of the first two quarters. In parallel with this strategy, the committee was central to the revision and updating of the organisation’s financial

delegation structure. This reflected a careful balance between a contemporary, devolved approach to leadership on the one hand, coupled with increased scrutiny on financial controls on the other.

It was therefore on a background of well managed finances that GPRA secured the continuation of ongoing contractual funding. This renewal has been a real boost for the organisation, which can once again proactively focus on the future of general practice in Australia. The committee continues its planning cycle to coincide with the Board’s overall strategic direction and endorsed the 2014 –15 budget on that basis.

In summary, the end of the financial year 2013–14 found GPRA in good financial shape and with healthy accounting indicators. However, it is crucial for the committee to effectively continue supporting the Board. The uncertain external environment appears set to remain for the medium term.

Dr Piotr Swierkowski Chair, Finance and Risk Management Committee

FY 2013–14 FY 2012–13 FY 2011–12 FY 2010–11 FY 2009–10

Total income $3,074,036 $3,025,482 $2,786,179 $2,955,007 $1,851,678

Total expenses $2,992,321 $2,959,774 $2,946,524 $2,702,516 $1,834,793

Operating profit $81,715 $65,707 -$160,345 $252,491 $16,885

Total assets $1,028,017 $815,314 $668,048 $766,855 $515,026

Total liabilities $404,959 $273,972 $191,486 $129, 948 $130,094

Net assets $623,056 $541,342 $476,562 $636,907 $384,932

Corporate Governance statement and Statutory reports

10

Corporate Governance statement

For GPRA, the past year has been one of change from a corporate governance perspective. Four new Directors were confirmed at last year’s AGM, with the year subsequently seeing a change in both Chair and CEO. In this context, the Board has used the strong gains made in internal governance processes over the past two years to ensure that a high standard of governance has been maintained. These include updating the risk register to reflect changes in the environment; ongoing evaluation of the Chair, CEO and individual Directors; Board and CEO succession planning and continuing the robust audit procedures previously developed. Regular audit of Board skills was undertaken and co-option utilised to ensure an adequate array of competencies on the Board.GPRA has had a strong focus on strategy over the past 12 months in order to respond to significant changes announced in the general practice training sector in the best interests of all members of the organisation, allowing the

organisation’s response to reflect both strong governance responsibility and the desires of our members. We continue to look forwards to ensure the long-term performance and sustainability of the organisation, and to protect and enhance the interests of our shareholders and other stakeholders. The Board continues to hold regular meetings to ensure that they continue to meet their obligations and provide clear direction to management. In addition to general Board meetings, the two established Board committees – Nominations and Remunerations, and Finance, Audit and Risk Management – also meet regularly during the year.The number of meetings of Directors (including meetings of committees of Directors) held during the year and the number of meetings attended by each Director is shown in the table below.

Dr David Chessor GPRA Chair

Board meetings FARM Nominations & Remunerations

Number of meetings held 10 4 6

Attended Eligible Attended Eligible Attended Eligible

David Chessor 10 10 2 2 4 4

Gerard Considine 8 10 1 2 3 4

Edward Vergara 10 10 1 4 3 3

Deepthi Iyer 10 10 3 3

David Townsend 9 10 3 4

Piotr Swierkowski 8 10 3 3

Ingrid Williams 10 10 4 4

Holly Deer* (outgoing member) 1 1 2 2

Anne Kleinitz# (outgoing member) 3 3 1 1 1 1

Clark Maul* (outgoing member) 1 1 1 1

Bennie Ng* (outgoing member) 0 1 2 2

Mary Wyatt* (outgoing member) 1 1 2 2

* Until September 2013 # Until March 2014

11

Independent auditor’s report

INDEPENDENT AUDIT REPORT

To: THE MEMBERS OF GENERAL PRACTICE REGISTRARS AUSTRALIA LTD

Scope

Financial Reports and Members’ Responsibility

I have audited the financial reports of General Practice Registrars Australia Ltd for the financial year ending 30 June 2014. The members are responsible for preparing and maintaining adequate accounting records and internal controls that are designed to prevent fraud and error and for the accounting policies and accounting estimates inherent in the financial reports. The members have determined that the organisation is a non-reporting entity and that the financial reports are special purpose financial reports, which do not require the application of all accounting standards in Australia or other particular financial reporting requirements. The members have determined that the accounting policies used are consistent with the organisation’s financial reporting requirements and are appropriate to meet the needs of the users of this report.

Audit Approach

I conducted an independent audit of the completed financial reports in order to express an opinion to the members. My audit was conducted in accordance with the Australian Auditing Standards to provide reasonable assurance as to whether the financial reports are free of material misstatement. The nature of an audit is influenced by factors such as the use of professional judgement, selective testing, the inherent limitations of internal control and the availability of persuasive rather than conclusive evidence. Therefore an audit cannot guarantee that all misstatements have been detected.I performed procedures to assess whether in all material respects the financial reports represent fairly, in compliance with Accounting Standards in Australia and other mandatory financial reporting requirements in Australia, a view which is consistent with my understanding of the organisation’s financial position and of it’s performance which is represented by the results of it’s operations.

I formed my opinion on the basis of these procedures, which included:

- examining on a test basis, information to provide evidence, supporting the amounts and disclosures in the financial reports,

- assessing the appropriateness of the accounting policies and disclosures used and the reasonableness of significant accounting estimates made by the members. Whilst I considered the effectiveness of managements internal controls over financial reporting when determining the nature and extent of my procedures, my audit was not designed to provide assurance on internal controls. I performed procedures to assess whether the substance of business transactions were accurately reflected in the financial reports. These and our other procedures did not include consideration or judgement of the appropriateness or reasonableness of the business plans or strategies adopted by the members and management of the organisation.

Independence I am independent of General Practice Registrars Australia Ltd and have met the independence requirements of the applicable Australian Professional Ethical Pronouncements and the Corporations Act 2001.

The audit opinion expressed in this independent audit report has been formed on the above basis.

Audit Opinion

In my opinion, the financial reports:a) give a true and fair view of the organisation’s financial

position as at 30 June 2014 and of it’s performance for the period 1 July 2013 to 30 June 2014, which includes it’s cash flow for the respective period,

b) comply with Australian Accounting Concepts and applicable Accounting Standards

c) are in accordance with the Corporations Act 2001 and other mandatory professional reporting requirements.

Signed by Auditor

Toni Livich Iinstitute of Public Accountants (124279) Lyra Livich & Associates

17 July 2014

12

Directors’ declaration

In the opinion of the Directors of General Practice Registrars Australia Ltd (GPRA).This statement has been made in accordance with a resolution of the Directors.

a) The financial statements and the notes thereto are in accordance with the Corporations Act 2001 and comply with accounting standards,

b) The financial statements, and the notes thereto give a true and fair view of the company’s financial position as at 30 June 2014 and of the performance of the company for the year ended 30 June 2014, and

c) In the opinion of the Directors, at the date of this declaration, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

This statement has been made in accordance with a resolution of the Directors.

Dr David Chessor Chair, GPRA

July 2014 Melbourne, Victoria

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Statement of cash flow

July 2013 to June 2014 July 2012 to June 2013 July 2011 to June 2012

Cash flow from operating activities

Net income $81,715.34 $65,707.97 $(160,345.09)

Trade debtors $34,295.00 $58,748.00 $285,588.30

Deposit paid $(133,218.58)

AMEX credit card $2,503.70 $(8,216.92) $(3,336.81)

NAB company account $(6,197.37) $7,756.37 $0.00

Trade creditors $98,004.01 $33,693.32 $56,838.17

GST collected $(9,174.09) $4,447.02 $(5,338.09)

GST paid $1,840.18 $(2,996.14) $28,548.37

Payroll accruals payable $(1,225.59) $1,230.52 $18,975.86

PAYG withholding payable $6,633.00 $1,452.00 $(12,408.00)

Provision for holiday leave $20,640.43

Provision for long service leave $38,602.62 $18,300.00

Payroll tax payable $6,272.00 $(21,741.68)

Net cash flows from operating activities $113,778.22 $207,034.57 $186,781.03

Cash flow from investing activities

Net cash flows from investing activities $0.00 $0.00 $0.00

Cash flow from financing activities

Net cash flows from financing activities $0.00 $0.00 $0.00

Net increase/decrease for the period $113,778.22 $207,034.57 $186,781.03

Cash at the beginning of the period $763,467.75 $556,433.18 $369,652.15

Cash at the end of the period $877,245.97 $763,467.75 $556,433.18

Balance sheet

As of June 2014 As of June 2013 As of June 2012

Assets

Current assets

Cash on hand

Grant account $435,699.35 $462,045.49 $221,913.49

Sponsors account $327,457.35 $212,858.29 $245,868.31

Portfolio account $29,339.28 $14,097.84 $11,476.87

NAB term deposit $20,000.00 $20,000.00 $20,000.00

Members account $13,413.92 $13,096.90 $21,183.03

GPSN emerchant accounts $51,336.07 $41,369.23 $35,991.48

Trade debtors $17,552.00 $51,847.00 $111,615.00

Total current assests $894,797.97 $815,314.75 $668,048.18

Deposit paid $133,218.58

Total assets $1,028,016.55 $815,314.75 $668,048.18

Liabilities

Current liabilities

Credit cards

AMEX corporate $11.20 $(2,492.50) $5,724.42

NAB company account $1,559.00 $7,756.37 $0.00

Total credit cards $1,570.20 $5,263.87 $5,724.42

Trade creditors $188,535.50 $90,531.49 $56,838.17

GST liabilities

GST collected $76,920.38 $86,094.47 $81,740.18

GST paid $(29,304.75) $(31,144.93) $(28,148.79)

Total GST liabilities $47,615.63 $54,949.54 $53,591.39

Payroll liabilities

Payroll accruals payable $27,787.84 $29,013.43 $27,782.91

PAYG withholding payable $13,575.02 $6,942.02 $5,490.02

Provision for holiday leave $51,000.00 $51,000.00 $30,359.57

Provision for long service leave $68,602.62 $30,000.00 $11,700.00

Payroll tax payable $6,272.00 $6,272.00 $0.00

Total payroll liabilities $167,237.48 $123,227.45 $75,332.50

Total current liabilities $404,958.81 $273,972.35 $191,486.48

Total liabilities $404,958.81 $273,972.35 $191,486.48

Net assets $623,057.74 $541,342.40 $476,561.70

Equity

Retained earnings $541,342.40 $475,634.43 $636,906.79

Current year earnings $81,715.34 $65,707.97 $-160,345.09

Total equity $623,057.74 $541,342.40 $476,561.70

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Profit and loss statement

July 2013 to June 2014 July 2012 to June 2013 July 2011 to June 2012

Income

GPRA core funding $337,000.00 $318,181.82 $181,818.18

GP First core funding $2,100,000.00 $2,100,000.00 $2,000,004.00

GPRA IGPRN core funding $214,755.00 $184,000.00 $0.00

Sponsorship, advertising and events $369,488.56 $367,380.97 $504,838.78

Donations and research $450.00 $700.00 $70,000.00

Reimbursements $16,477.31 $32,554.46 $9,301.82

Interest earned $21,864.97 $19,665.40 $20,216.68

Special projects $14,000.00 $3,000.00 $0.00

Total income $3,074,035.84 $3,025,482.65 $2,786,179.46

Cost of sales

Gross profit $3,074,035.84 $3,025,482.65 $2,786,179.46

Expenses

GPRA expenses $221,709.76 $289,881.47 $322,263.67

GP First general expenses $494,593.21 $316,942.70 $382,598.96

GP First operational expenses $630,773.76 $772,780.48 $774,824.01

Board expenses $52,807.09 $39,493.78 $49,652.67

Remuneration expenses $1,462,265.00 $1,470,292.87 $1,417,185.24

Special projects $8,913.20 $5,600.02 $0.00

IGPRN expenses $121,258.48 $64,783.36 $0.00

Total expenses $2,992,320.50 $2,959,774.68 $2,946,524.55

Operating profit $81,715.34 $65,707.97 $-160,345.09

Other income

Other expenses

Net profit / (loss) $81,715.34 $65,707.97 $-160,345.09

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For the year ended 30 June 2014

Overview

GPRA is a not-for-profit organisation with all funds directed towards the achievement of our objectives as laid out in the Company’s constitution. Significant changes in state of affairs

There were no significant changes in the state of affairs of the Company that occurred during the financial year that are not otherwise disclosed in this report or in the financial statements.Performance in relation to environmental regulation

There was no environmental legislation applicable to the operations of the Company that has not been complied with.Likely developments and future results

The Company anticipates that it will maintain a positive financial position in 2014–15. GPRA has two key funding contracts that deliver 70% of revenue. These contracts have been extended until 31 December 2015. Due to recent reforms in the healthcare sector, one funding agency will be wound up on 31 December 2014 with its functions being absorbed by the Australian Government Department of Health (DoH). While GPRA has reasonable guarantees that current contractual arrangements will continue, the future of these funding contracts beyond 31 December 2015 remains unclear.GPRA is continually updating, reviewing and improving its management and governance practices to ensure that the objectives of the Company are met. GPRA is always trying to secure funding for new projects and there are a number of opportunities for growth in the next financial year. As always, the Board and management will be carefully considering these opportunities and looking at ways to expand and grow.

Dividends

The Company is a not-for-profit organisation limited by guarantee and its constitution precludes the payment of dividends. Events subsequent to balance date

No circumstances have arisen since the end of the year which have significantly affected or may significantly affect the operations, the results of those operations or the state of affairs of the Company in future financial years.Principal activities

The principal activities of GPRA throughout the year were aimed at supporting its members and promoting high standards of care in general practice for the benefit of the community. This was done through promoting general practice across all continuum in line with the Company’s constitution. Specifically, the GP First program, which includes the General Practice Students Network, the Going Places Network and the First Wave Scholarship Program, is directly aimed at promoting general practice as a preferred career choice to medical students and pre-vocational doctors. A copy of the constitution is available from our website at gpra.org.au Indemnification of Directors and officers

During the financial year, the Company paid a premium in respect of a contract insuring the Directors of the Company; the Company Secretary and all executive officers of the Company and any related body corporate against a liability incurred as such a director, secretary or executive officer to the extent permitted by the Corporations Act 2001. The contract of insurance prohibits the disclosure of the nature of the liability and the amount of the premium.Proceedings on behalf of the Company

No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a party, for the purpose of taking responsibility on behalf of the Company for all or part of those proceedings. No proceedings have been brought or intervened in on behalf of the Company with leave of the Court under section 237 of the Corporations Act 2001.

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General notes to the financial statements

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Summary of significant accounting policies

General Practice Registrars Australia Ltd (GPRA) is a public company limited by guarantee and incorporated under the Corporations Act 2001. No shares have been issued. The limit of liability of each individual member is limited to $10. The Company is a not-for-profit charitable organisation. The objects for which the Company is established are:1. Promoting the prevention or the control of diseases in human beings;2. Improving the healthcare of all Australians through excellence in education such as conducting workshops to promote professional development;3. Promoting the profession of general practice in Australia; 4. Recognising and supporting the needs of general practice registrars in Australia; and5. To do all such other things as are incidental or conducive to the attainment of the above objects.Income tax

GPRA is endorsed as a Health Promotion Charity, and accesses the following tax concessions: Tax concession From

GST concession 01 July 2005

FBT exemption 01 July 2005

Income tax exemption 23 February 2004

Deductible gift recipient 01 July 2005

Statement of compliance

The finance report is a general-purpose financial report that has been prepared in accordance with the Corporations Act 2001 and Australian Accounting Standards. Australian Accounting Standards require a statement of compliance with International Financial Reporting Standards (IFRSs) to be made where the financial report complies with these standards. Some Australian equivalents to IFRSs and other Australian Accounting Standards contain requirements specific to not-for-profit entities that are inconsistent with IFRS requirements. GPRA is not-for-profit and has applied these requirements, so while this financial report complies with Australian Accounting Standards, including Australian Equivalents to International Financial Reporting Standards (AEIFRSs), it cannot make this statement.

Basis of preparation

The financial report has been prepared on an accruals basis. GPRA has not had any significant fixed assets to impact on the accounting reports. However, GPRA has recently entered into a purchase contract for office premises and has paid deposits for these premises. These have been recorded as an asset in the balance sheet and will be reflected as fixed assets in future years. Significant accounting judgements, estimates and assumptions

The Directors evaluate estimates and judgements included in the financial report based on the best available historic and current information. Estimates and accounting assumptions assume a reasonable understanding of future events based on current trends and economic data. There have been no significant judgements, estimates or assumptions applied in the preparation of these financial statements except where otherwise stated.Changes in accounting policies

The accounting policies adopted in the preparation of this report are consistent with the previous year.Goods and Services Tax

Revenues from ordinary activities, expenses from ordinary activities and assets are recognised net of the amount of Goods and Services Tax (GST), except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). In these circumstances the GST is recognised as part of the cost of acquisition of the asset or part of the item of the expenses from ordinary activities. Basis of preparation of the financial statements

The statements have been prepared using the accruals basis for accounting. 1.1 Current assets

1.1.1 Cash on hand

Cash and cash equivalents comprise cash at bank and in hand, stated at nominal value. Individual debit cards for student clubs represent unspent cash available to individual clubs and have been included under current assets. The deposits paid include payments for purchase of office premises. These remain as current assets as at 30 June 2014. In future years, after the purchase of new office premises is completed, these will be recorded as fixed (non-current) assets.

1.1.2 Accounts receivable and withholding credits

Account receivables are recognised and carried at original invoice. No allowance has been made for doubtful debts since at the time of preparation of this report there was no reason to doubt successful recovery of these funds. Net amount of GST recoverable is included under withholding credits. 1.2 Impairment of assets

Assets are mainly cash or cash equivalents and are not liable for impairment.1.3 Depreciation

Depreciation is calculated on a straight-line basis so as to write off the net cost of each item of property, plant and equipment over its expected useful life. Computer equipment and furniture has already been depreciated and is no longer recognised as an asset.1.4 Fixed assets

GPRA does not currently own any fixed assets in relation to land and buildings. GPRA has entered into a contract of sale for office premises and this will be noted as a fixed asset in future years after settlement has occurred. Fixed assets typically comprise of office equipment, computers and furniture. Depreciation is provided on a straight-line basis. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the remaining value of the asset. These items have already been depreciated to zero and hence do not appear on the statement.1.5 Non-current assets

GPRA does not recognise any good will or any other forms of intangibles in the organisation’s accounting policies.

1.6 Current and non-current liabilities

Current liabilities represent trade creditors, leave liabilities, superannuation payments and GST collected. GPRA does not have any borrowings or any other non-current liabilities as at 30 June 2014. In future years, liabilities will include borrowings related to the purchase of new office premises.1.7 Income and profit

The income includes revenue generated from operating activities, including sponsorship and advertising and specific project funding received from DoH and General Practice Education and Training (GPET). Cash flows from operating activities capture all types of income including special project funding.1.8 Director remuneration

Director remuneration is set by the membership and the consolidated stipends paid to Board Directors remain within the limits as identified in GPRA’s remuneration policy that has been approved by members. It should be noted that the Chair role has additional duties related to policy and stakeholder engagement in addition to the governance and compliance duty as a Director. These are included in the Board remuneration policy as approved by membership and the related costs are attributed to the relevant program cost centres.1.9 Expenses

Expenses have been recorded separately based on contractual requirements and funding received for various programs.2.0 Leases Operating lease payments are expensed in the income statement as incurred.

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General notes to the financial statements continued