Clifford Craig Annual Report 2017 by Halibut Creative

2017

ANNUAL REPORT

CONTENTS

Contents MESSAGE FROM THE CEO + CHAIRMAN

THE BOARD

SUB-COMMITTEES + THE TEAM

ABOUT US

RESEARCH

PROFESSIONAL LECTURES

FUNDING BREAKDOWN

FUNDRAISING ACTIVITIES

FINANCIAL REPORT

NOTES TO THE FINANCIAL STATEMENTS

INDEPENDENT AUDITORâ&#x20AC;&#x2122;S REPORT

Message from the CEO & CHAIRMAN of $538,375. In November we announced additional grants totalling $460,000 for a further 10 research projects and two extension grants to commence in 2018. The areas of research include cardiology, cancer therapy, diabetes, respiratory disease, orthopaedic surgery, and

PETER MILNE (CEO)

vaccines in the elderly. Significant advances in

It is with pleasure we present

medicine can only come

the Annual Report on the

through quality research and

support team that we provide

activities of the Clifford

it is important to highlight

for the funded researchers.

Craig Foundation for 2017.

that some of our research

This professional expertise

projects initiate larger studies

includes our research

here and overseas to promote

program development fellow,

important breakthroughs

Dr Kath Ogden, medical

in treatment, while other

bio-statistician, Dr Iain

studies indicate better

Robertson, and research

ways of managing health

nurses Jane Neikamp and

problems that afflict Northern

Liz Vardon. Their unique

Tasmanians.

contribution to the program

Together with our community, the Foundation invests in excellence in medical research, facilities and education to advance the health and wellbeing of the people of Northern Tasmania. Medical research is a priority focus because we believe that knowledge gained through research means better patient care and improved medical treatments. Furthermore, the research funding opportunities that we provide are intended to support the recruitment and retention of medical professionals to work here in Northern Tasmania. During 2017, the Foundation funded an extensive research program with a commitment

DON MCTAGGART (CHAIRMAN)

Since the Clifford Craig Foundation was established in 1992, grants totalling $6 million have been awarded to support medical and health research in the Northern Tasmanian region. This is a

is vital for a hospital of this size because they undertake the necessary, but timeconsuming background work, which enables busy clinicians to undertake research as well as their regular duties.

wonderful commitment from

Education and training is

the people of our region and

an important element of

illustrates the high regard

our program and during

with which the community

2017 we provided honors

has for the role of the

scholarships in medicine and

Foundation.

nursing. Advanced trainee

An important component of the research program is the

scholarships were also offered and this is an area we

The “Friends of Clifford

support sub-specialty training

Craig” support group have

here at the LGH.

once again displayed their

This is an exciting time for the Foundation as we enter a new phase to expand our support for the hospital through the additional provision of

immeasurable commitment with their fundraising activities during 2017 contributing $31,503 to the Foundation.

philanthropic support to

We are extremely proud

assist the purchase of medical

of our small administration

equipment and provide staff

team that have ensured the

education that is outside the

Foundation’s operations

normal government budgeted

have been conducted

expenditure. Ultimately, our

with professionalism and

goal is to provide the extra

efficiency. The team has

“gold nuggets” that take

been tireless in its efforts

healthcare to the next level

and approach to growing our

and improve the excellence

fundraising activities, and in

in health care provided at the

turn our support, in a very

Launceston General Hospital.

competitive philanthropic

Unfortunately the

environment.

implementation of the

It is important to recognise

expanded program has

the work of the Directors and

been somewhat delayed

members of the various sub-

due to the unsettled nature

committees. Each of these

of the Tasmanian health

people contribute their time

administration in recent times.

and expertise in a voluntary

However, we are pleased

capacity and we are truly

to advise that progress is

grateful.

now proceeding and we are hopeful the program will be in readiness for commencement in the next few months.

“The work of our Foundation would not be possible without the wonderful community support that we receive. We remain very grateful for the continuing philanthropic support of the many individuals, volunteers, community groups and the business community.”

MESSAGE FROM THE CEO & CHAIRMAN

wish to further enhance to

2017 has been another successful year for the Clifford Craig Foundation and we look forward to the future and working together to make a difference.

Peter Milne, CEO

Don McTaggart, Chair

DID YOU KNOW? The Clifford Craig Foundation is totally community funded and does not receive Government funding. Our mission is to add value to hospital health services across Northern Tasmania by filling the funding gap to enable the doctors, nurses, researchers and allied health professionals to achieve optimal patient outcomes by providing support for medical research, purchase of medical equipment and professional development of staff that may not otherwise be afforded them due to budgetary constraints.

THE BOARD

the board The Foundation is governed by a voluntary Board of Directors who are charged with making policy and exercising fiduciary responsibility for the organisation. The Foundation is incredibly grateful for their leadership, expertise and commitment to our mission.

CHAIRMAN

VICE CHAIRMEN

SECRETARY

Associate Professor Don McTaggart

Mr Geoff Arnott

Mr Ken Bassett

Mrs Jill Dearing

Partner, Douglas and Collins. LL.B

Retired Launceston Manager, Tasmanian Perpetual Trustees, DipFS(FP), Justice of the Peace

Accountant/ Tax Agent

Cardiologist, Professor UTAS MBBS, FRACP, FCSANZ, DDU

Ms Sonia Purse

Mr Tom O’Meara

Mr Michael Roberts

Chief Executive Northern Children’s Network. B.Com. CPA

Business and Government Affairs Consultant

ICT Manager, Island Care, BCompSc

Mr Mark Baker

Dr Jim Markos

Mr Ian Routley

Group Managing Editor for Fairfax Tasmania. BA & MA

Respiratory and Sleep Physician. MBBS, FRACP

Former Alderman of the City of Launceston

Dr John Wettenhall Gastroenterologist and Physician. B.MED.SC, MBBS, MRACP, FRACP

sub-committees RESEARCH COMMITTEE

INVESTMENT COMMITTEE

FINANCE, AUDIT & RISK COMMITTEE

Ass/Prof Don McTaggart – Chair

Jill Dearing – Chair

Ken Bassett – Chair

Dr John Wettenhall

Ken Bassett

Jill Dearing

Dr Jim Markos

Brian Faulkner

Sonia Purse

Dr Girish Pande

Lou Johnson

Mr Mike Monsour

Clive Holyman

Dr Stan Gauden

PATIENT CARE COMMITTEE

Dr Rajesh Raj Dr Terry Hannan

Geoff Arnott – Chair

Mark Baker – Lay Member

Don McTaggart Sonia Purse

THE TEAM The Foundation team is a dedicated group who take great pride in “making a difference” by raising funds to fulfill the organisation’s mission to fund local medical research and education, provide support for hospital facilities, and ultimately, improve the health outcomes for the people of our region. We strive to continually develop and strengthen our activities by working closely with our clinicians, donors, volunteers and the community to develop a culture of philanthropy. Peter Milne

Rebecca Biggelaar

Sally Hutchins

Chief Executive Officer

Events and

Finance, Research and

Communication

Administration

Nicole Manshanden Database and Donor

Claire Hills

Engagement

Administration, Events and Database Assistant

SUB-COMMITTEES + THE TEAM

NORTHERN TASMANIAN CHILDREN’S FUND Tom O’Meara – Chair Ian Routley Sonia Purse

DID YOU KNOW? 100 percent of donations are allocated to medical research or the specified area of patient care because the Foundation’s administration expenses are provisioned through our investment returns So, if you donate to the CCF, you can be assured that every cent is applied to advancing research and healthcare for the population of our community.

DID YOU KNOW? 49 percent of the Tasmanian population live in the northern half of the state. The region is served by three main public hospitals in Launceston, Burnie and Latrobe, with the Launceston General Hospital being the acute referral hospital for people who reside in north and north-west Tasmania.

ABOUT US + OUR FOCUS

ABOUT US The Clifford Craig

of health professionals,

are intended to help attract

Foundation is a health

funding of medical equipment

and retain medical specialists,

promotion charity that

and patient facilities within

researchers and higher

supports the Launceston

the hospital.

degree students to work here

General Hospital, the tertiary referral hospital for north

Medical research is a

and in Northern Tasmania.

priority focus for the

The Foundation was named

Foundation and we enable

in honour of Dr Clifford Craig

Established in 1992, the

our research teams to find

who was an outstanding

purpose of the Foundation

better treatments and ways

surgeon and administrator

is to improve the health

to cure the health related

at the Launceston General

of the community that we

issues that are important to

Hospital.

serve through the provision

Tasmanians. Importantly, the

of funding for innovative

research and educational

medical research, education

opportunities that we provide

and north-west Tasmania.

OUR PRIMARY FOCUSES

COMMUNITY

FOUNDATION

HOSPITAL

Everyone benefits from the

Established in 1992, the

Our vision enables research

outcomes of health and

Clifford Craig Foundation

to be undertaken by local

medical research, particularly

facilitates a high quality

health care professionals.

when that research paves

research program at the

This philosophy encourages

the way to better prevention,

Launceston General Hospital

talented medical

better treatments, and even

that provides on-going

professionals to work and

cures for conditions once

improvement into the health

reside in Northern Tasmania,

thought incurable.

related issues that are

which is important for the

important to Tasmanians.

future of local healthcare.

DID YOU KNOW? Locally-led, locally-conducted clinical research is an asset for the northern Tasmanian community because it translates to a better understanding of disease management, medical procedures and healthcare. The research program funded through the Clifford Craig Foundation enables research to be translated into clinical practice and supports the recruitment and retention of medical professionals in our hospitals.

RESEARCH

2017 Research grants awarded GRANT

RESEARCHER

PROJECT TITLE

2017 Grant

Dr Rohit Barthwal & Dr Michael Fox

Laser therapy for cardiac patients

2017 Grant

Dr Axel Durieux

Early death following systemic anti-cancer therapy

$11,642

2017 Grant

Dr Kuhendra Bala

Mobile monitoring of heart palpitations

$8,756

2017 Grant

Dr John Mercer

Improving bariatric surgery outcomes

$39,823

2017 Grant

Dr Stephen Myers

Zinc and type 2 diabetes

$23,606

2017 Grant

Dr Stephen Tristram

Respiratory infection prevention

$20,900

2017 Grant

Dr Sukhwinder Sohal

Idiopathic Pulmonary Fibrosis (lung disease)

$48,353

2017 Grant

Mrs Mimi Churchill

Hip, knee arthroplasty rehabilitation

$23,375

2017 Grant

Dr Jonathan Mulford

Wrist fracture treatments in elderly

$7,469

2017 Grant

Dr Raj Eri & Assoc Prof Katie Flanagan

Understanding microbiota (gut bacteria)

$7,000

2017 Extension Grant

Prof Katie Flanagan

Vaccine Trial

2017 Extension Grant

Dr Gregg Best

Surgery Fasting Study

TOTAL RESEARCH FUNDING APPROVED

AMOUNT PAID

$77,900

$180,000

$13,000

$461,824

RESEARCH

research examples VACCINE RESEARCH ON A GLOBAL SCALE PROFESSOR KATIE FLANAGAN – INFECTIOUS DISEASES SPECIALIST

immune system, the specific

effects of DTaP and influenza

effects of vaccinations in

vaccination on the immune

the elderly has never been

systems of elderly Tasmanians.

investigated.

“I think the question of why

Tasmania’s ageing population

Professor Flanagan, the

could lead the world in

hospital’s first specialist in

developing improved

infectious diseases, said it

vaccination responses

was vital to assist Tasmania’s

through a groundbreaking

large elderly population to

research study that is aiming

age healthily. “Our studies in

to identify mechanisms to

African children demonstrate

optimise vaccine responses

that the diphtheria-tetanus-

in older age groups.

whole cell pertussis (DTwP)

The immune system

vaccination can lead to

declines with increasing

impaired immunity but it is

age, leading to increased

not known if the diphtheria-

susceptibility to infectious

tetanus-acellular pertussis

diseases, and poor responses

(DTaP) vaccination used in

to vaccination. This area

Australia has the same effect,’’

remains poorly researched

Dr Flanagan said.

and the mechanisms are not

The study is investigating the

understood.

the elderly respond less well to vaccines is a major public health priority. The bottom line is, we are trying to understand in great detail what these vaccines do to the immune system and how they affect one another in order to identify mechanisms to improve vaccine responses in the elderly, and therefore improve the health of the elderly population. This will provide the much needed evidence to optimise vaccine responses in older age groups, with future global health implications.’’

The multi-year project commenced in 2017 and involves 300 Tasmanians aged over 65 and 150 people aged between 20 to 50 years old. Participants are being recruited during the influenza vaccine seasons and testing is using state-of-theart immunological methods at the LGH, in collaboration with Melbourne’s Monash University. Unlike in infants and young children where is it well acknowledged that vaccines have major effects on the

CASE CONTROL STUDY ON EARLY DEATH FOLLOWING SYSTEMIC ANTI-CANCER THERAPY It is often hard to give an

at risk of not gaining benefit

estimation of a patient’s life

from systemic anti-cancer

expectancy, and even harder

treatments.

to compare our practice with other oncology networks.

The case-control study will include three different study

This study aims to give a clear

groups of patients treated

picture of the practice of the

with anti-cancer therapies

North Tasmanian Oncology

between 2014 and 2016,

Network in terms of the

at the Holman Clinic at the

use of systemic anti-cancer

LGH, the Mersey Community

DR AXEL DURIEUX – MEDICAL ONCOLOGIST

treatments near the end of

Hospital and the North West

patients’ life and to compare

Regional Cancer Centre.

Chemotherapies and other

it with data available from

injectable active anti-

the literature. This study

cancer treatments can be

will go one step further by

of great help for patients

establishing the risk factors of

suffering from cancer, but

early death, in order to create

they can also be a source of

a prognostic tool that will be

avoidable harm when used

used into clinical practice, to

at the end of life.

better identify patients most

Overall, the aim of the study to be undertaken by Dr Durieux and co-investigator Ass/Prof Kim Rooney, is to improve the quality of care for cancer patients nearing the end of their life.

EFFECT OF PHOTOBIOMODULATION ON CARDIAC AND INFLAMMATORY BIO-MARKERS AFTER PERCUTANEOUS CORONARY INTERVENTION

DR ROHIT BARTHWAL – CARDIOLOGIST DR MICHAEL FOX – CLINICAL ACADEMIC Cardiovascular disease is still the single greatest cause of mortality in Australia. There are more than 50,000 heart attacks in Australia each year and over 40,000 Australians die from cardiovascular disease annually.

RESEARCH

EFFECTIVENESS OF PLATELET RICH PLASMA INJECTIONS ON SYMPTOMATIC EARLY OSTEOARTHRITIS OF THE KNEE Platelet Rich Plasma (PRP) may provide a positive treatment modality and it is a minimally invasive and simple treatment to provide to patients.

DR JONATHAN MULFORD – ORTHOPEDIC SURGEON $43,450. Arthritis affects 1 in 5 people. There is speculation that using a part of patient’s own blood (called platelet rich plasma) and injecting it into early worn out knees (arthritis) may improve patients’ symptoms.

PRP is a blood plasma enriched in platelets. It has several different growth factors and cytokines that are thought to help heal cartilage and soft tissues. Potential mechanisms of action include cellular proliferation, anti-apoptotic activity, cartilage regeneration, angiogenesis, amplifying the activity at the trans-membrane receptors and increase vascular permeability. The mechanism is complex, but for knee arthritis it is thought the growth factors and cytokines within platelets encourage formation of type

II collagen, proteoglycans, and other extracellular matrix components, promoting adhesion between chondrocytes and discouraging proteolysis of the extracellular matrix microenvironment. The only previous study looking at this form of treatment suggested that early multiple injections may give better results in patients with early knee osteoarthritis, but the study had limitations and didn’t return a definitive conclusion. The aim of this two year project is to determine the effectiveness of PRP injections for early knee arthritis and if multiple injections give a better clinical response at up to 12 months following treatment.

Currently, patients who present

rise in troponin. The project

the study. Dr Bathwal and Dr

with heart attack or risk of

will use low level laser applied

Fox anticipate 200 patients will

heart attack would normally

through the skin to see if the

be selected for the trial in the

have a stent inserted in to

damage to the heart can

first year and a further 200 in

the arteries of the heart to

be reduced when a stent is

the second year with half the

fix the blockage. The sudden

inserted. Previous approaches

patients receiving laser therapy

return of blood to an area of

to preconditioning have proven

and the other half won’t.

the heart that has not been

impractical to apply in a clinical

receiving blood flow previously

use. Photobiomodulation may

can cause damage itself. This

provide a safe, simple, painless

damage can be measured

way to reduce the burden

by rises in a blood protein

of cardiovascular disease in

called troponin, a biomarker

Australians who may suffer

that indicates heart muscle

from a heart attack.

damage.

A completely blinded trial, the

This project is a simple

project is being undertaken

novel approach to see if

over two years with patients

preconditioning the patient by

receiving stents at the

use of laser therapy can reduce

Launceston General Hospital

cardiac damage shown as a

being invited to participate in

“Photobiomodulation may provide a safe, simple, painless way to reduce the burden of cardiovascular disease in Australians who may suffer from a heart attack.”

PROFESSIONAL Lectures DARE SHOTT LECTURE

PROF MATTHEW KIERNAN

Clifford Craig Foundation presented the 19th Annual Dare Shott Lecture in 2017.

Professor Matthew Kiernan,

Professor Kiernan highlighted

Professor of Neurology at the

that public awareness of

Royal Prince Alfred Hospital

Motor Neurone Disease

in Sydney, spoke about Motor

has increased significantly

Neurone Disease.

throughout the world in

Professor Kiernan runs the

recent years and this has

multidisciplinary Motor

dramatically stimulated

Neurone Disease Clinic at

philanthropic activity to

the Brain and Mind Centre at

help accelerate research

Sydney University. The highly

to find a cure for the

acclaimed researcher of

neurodegenerative disorder.

Motor Neurone Disease spoke

He also noted that whilst

to the public and medical

there are currently no cures

audience who attended the

for MND, intensive research

annual lecture.

is occurring throughout the world, including clinical trials in Australia.

DAVID HUISH MEMORIAL LECTURE The guest speaker was Mr

Craig Foundation organise the

Naveed Alam, a thoracic

annual lecture in conjunction

surgeon at Melbourne’s

with the LGH Department

St Vincent’s and Epworth

of Surgery in memory of his

Hospital’s. The lecture features

service to medicine at the

a surgical topic each year

hospital.

and Mr Alam shared his vast knowledge and experience acquired from his surgical training in Canada and MR NAVEED ALAM - THORACIC SURGEON

fellowships at the National Cancer Institute of Canada and the Memorial Sloan Kettering

Current practices in Lung

Cancer Centre in New York.

Cancer Surgery and Future

David Huish (1921 – 1999) was

Directions was the topic

a General/Thoracic Surgeon

of the 2017 David Huish

at the LGH throughout the

Memorial Lecture.

70s, 80s and 90s. The Clifford

DAVID HUISH - GENERAL/ THORACIC SURGEON

PROFESSIONAL LECTURES

DID YOU KNOW? More than 2,000 people in Australia have Motor Neurone Disease. Furthermore, each day an additional two people are diagnosed with the disease, whilst a further two people die from the terminal neurological disease.

FUNDING WhereBREAKDOWN our funds come from WHERE THE FUNDS CAME FROM IN 2017... General Donations 10% Major Gifts 10%

Investment Income 40%

Trusts & Foundations 2%

Bequests 32%

Fundraising 5%

In Memory Research funded Donations 1%

RESEARCH FUNDED IN 2017 Scientific 4%

Surgical 6%

Cardiology 14%

Orthopaedic 16% Infectious Diseases 30%

Respiratory 20% Physiotherapy 10%

FUNDRAISING ACTIVITIES 21

FUNDRAISING ACTIVITIES RUN & WALK FOR YOUR HEART In October our annual Run & Walk for Your Heart was held to raise awareness of heart health within our community. With your help, we not only raised awareness, but also $10,000 thanks to over

CHARITY BALL

420 competitors.

Clifford Craig Foundation’s Moulin Rouge Charity Ball was a huge hit! With over 350 people who attended, the night was packed with amazing outfits, memorable entertainment and lots of laughter. We even managed to raise over $30,000 and can’t wait to do it all again!

2017 WOMEN’S DAY LUNCHEON We celebrated International Women’s Day with specialist breast cancer surgeon, Dr Chantel Thornton. Chantel has been lauded as one of the ‘power women’ of Melbourne medicine. The lunch raised over $6,000 toward vital research.

FUNDRAISING ACTIVITIES

HIGH TEA AT TWO We sprung into spring with a decadent high tea and sparkling wine. The highlight of the afternoon was the spring/ summer gala fashion show, incredible cake auction and boutique shopping market. Not only was it great fun, we managed to raise over $7,000!

CHRISTMAS CONVERSATIONS Guests who joined us for the inaugral Christmas Conversations luncheon were lucky enough to be joined by The Honourable Dame Quentin Bryce AD CVO, Australiaâ&#x20AC;&#x2122;s first female Governor General. Quentin Bryce gave us insight into her distinguished career as a lawyer, community and human rights advocate, and vice-regal representative in Australia. It was incredibly inspiring to hear about her achievements.

FUNDRAISING ACTIVITIES FRIENDS OF CLIFFORD CRAIG

BOOK LAUNCH The Launceston Friends of Clifford Craig celebrated the story of Roderic O’Connor’s steely determination and positive influence in early Tasmanian history at “Connorville” in Cressy. They managed to raise

GARDEN FETE

over $7,000.

Not only did we get to enjoy the beautiful 7 acres of beautiful park land garden at Glen Ireh Estate, but we also got to enjoy gin tastings at Adams Distillery. The stalls and entertainment provided extra fun for all ages who attended.

MELBOURNE CUP LUNCHEON It was yet another successful year at the Melbourne Cup Luncheon held at the Drysdale Restaurant. Thanks to all attended, we raised approximately $8,000.

DID YOU KNOW? Heart disease kills 125 people in Australia every day â&#x20AC;Ś. and statistics highlight that Tasmania suffers from the highest rate of cardiovascular in Australia. The risk of heart disease can be decreased by regular physical activity and improved lifestyle choices. The Clifford Craig Foundation is committed to saving lives and improving the heart health of Northern Tasmanians with our annual Run & Walk for Your Heart campaign each September. Plus, the funds raised are designated for cardiac research.

FINANCIAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2017

CONTENTS

DIRECTORS’ REPORT

STATEMENT OF COMPREHENSIVE INCOME

STATEMENT OF FINANCIAL POSITION

STATEMENT OF CHANGES IN EQUITY

STATEMENT OF CASH FLOWS

NOTES TO THE FINANCIAL STATEMENTS

DIRECTORS’ DECLARATION

AUDITOR’S INDEPENDENCE DECLARATION

INDEPENDENT AUDITOR’S REPORT

FINANCIAL REPORT

DIRECTORS’ report Your directors present their report on the company for the financial year ended 31 December 2017.

Directors The names of the directors in office at anytime during or since the end of the year are: Associate Professor D R McTaggart Mr K Bassett Mr G W Arnott Mrs J Dearing Mr I J N Routley Mr M J Roberts Mr T M O’Meara Dr J Markos Mr M Baker Ms S Purse Dr J Wettenhall Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.

Significant Changes in the State of Affairs No significant changes in the company’s state of affairs occurred during the financial year.

Principal Activities The principal activities of the company during the financial year were: The principal activities of the Clifford Craig Foundation Ltd during the financial year were to facilitate high quality medical research in Northern Tasmania in general, and the Launceston General Hospital in particular, to provide inquiry and ongoing improvement in health related issues of relevance to Tasmanians. No significant change in the nature of these activities occurred during the financial year.

Objectives The short term objectives of the Clifford Craig Foundation Ltd are to: •

Provide funding for medical research that will help attract researchers, higher degree students and specialist doctors to work in our region.

•

Undertake regular activities to raise funds for research projects.

•

Maintain a strong reputation as a respected community-based medical research organisation that focuses on the health needs of Northern Tasmania.

DIRECTORS’ report The long term objectives of the Clifford Craig Foundation Ltd are to: •

Raise funds for our work

•

Grow our research opportunities

•

Tell people who we are and what we do

To achieve these objectives, the company has adopted the following strategies: •

Proactively build our research funds and strong partnerships with organisations and researchers that share our values in order to open future research opportunities.

•

Create ongoing communications activity to increase awareness of the organisation and showcase the medical research being undertaken and funded by the company.

•

Maintain strong bonds between the teaching hospitals and health education establishments in our region.

•

Broaden and build relationships with volunteers, donors, potential funding sources and the corporate sector to achieve continued fundraising growth.

Director Information Associate Professor

Chairman

D R McTaggart

Cardiologist, Professor University of Tasmania

Qualifications

MBBS, FRACP, FCSANZ, DDU

Mr G W Arnott

Vice Chairman

Qualifications

Partner, Douglas and Collins. LL.B.

Mr K R Bassett

Vice Chairman

Qualifications

Retired Launceston Manager, Tasmanian Perpetual Trustees, DipFS(FP), Justice of the Peace

Mrs J Dearing

Company Secretary

Qualifications

Accountant/Tax Agent

Mr I J N Routley

Non-Executive Director

Qualifications

Former Alderman of the City of Launceston. Director and committee member of several community service and charitable organisations

Mr M J Roberts

Non-Executive Director

Qualifications

ICT Manager, Island Care, Bachelor of Applied Computing

Non-Executive Director

Qualifications

Business and Government Affairs Consultant

FINANCIAL REPORT

Mr T M O’Meara

Former General Manager of the Examiner Newspaper and Canberra Times. Dr J Markos

Non-Executive Director

Qualifications

Respiratory and Sleep Physician. Fellow of the Australian College of Physicians, MBBS, FRACP

Mr M Baker

Non-Executive Director

Qualifications

Group Managing Editor for Fairfax Tasmania. Bachelor of Arts, Master of Arts

Ms S Purse

Non-Executive Director

Qualifications

Northern Children’s Network CEO. Bachelor of Commerce, CPA

Dr J M Wettenhall

Non-Executive Director

Qualifications

Gastroenterologist and Physician. B.MED.SC, MBBS, MRACP, FRACPMs

Company Secretary The following person held the position of Company secretary at the end of the financial year: Mrs Jillian Dearing

Meetings of Directors During the financial year, 10 meetings of directors (including committees of directors) were held. Attendances by each director during the year were as follows: Directors’ Meetings Eligible to attend

Number attended

Associate Professor D R McTaggart

Mr Ken Bassett

Mr Geoff Arnott

Mrs Jill Dearing

Mr Ian Routley

Mr Michael Roberts

Mr Tom O’Meara

Dr Jim Markos

Mr Mark Baker

Ms Sonia Purse

Dr John Wettenhall

DIRECTORS’ report Auditor’s Independence Declaration A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out at page 52. Signed in accordance with a resolution of the Board of Directors:

FINANCIAL REPORT

statement of comprehensive income FOR THE YEAR ENDED 31 DECEMBER 2017

2017

2016

Note INCOME Donations

875,312

948,039

Fundraising

203,864

219,248

Investment income

684,678

602,784

8,000

1,771,854

1,778,071

27,278

60,687

197,246

173,473

Employee costs

262,679

279,810

Other operating expenses

206,234

129,177

538,375

645,312

1,231,812

1,288,460

540,042

489,611

Sponsorship

LESS EXPENDITURE Depreciation and amortisation

Donations and fundraising expenditure

Research expenditure NET OPERATING SURPLUS

Other comprehensive income: Items that will be reclassified subsequently to profit or loss Net fair value gains/(losses)

(3,845)

(6,998)

Total other comprehensive income for the year

(3,845)

(6,998)

Total comprehensive income for the year

536,197

482,613

The accompanying notes form part of these financial statements. These statements should be read in conjunction with the attached compilation report.

statement of financial position AS AT 31 DECEMBER 2017

2017

2016

Note ASSETS CURRENT ASSETS Cash and cash equivalents

782,348

1,408,485

Trade and other receivables

264,091

218,694

1,046,439

1,627,179

7,492,052

6,342,915

109,647

126,933

TOTAL NON-CURRENT ASSETS

7,601,699

6,469,848

TOTAL ASSETS

8,648,138

8,097,027

TOTAL CURRENT ASSETS NON-CURRENT ASSETS

Financial assets

Property, plant and equipment

LIABILITIES CURRENT LIABILITIES Trade and other payables

90,300

70,374

Provisions

31,384

42,186

121,684

112,560

21,241

15,450

21,241

15,450

142,925

128,010

8,505,213

7,969,017

8,505,213

7,969,017

8,505,213

7,969,017

TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES 10

Provisions TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Retained earnings TOTAL EQUITY

The accompanying notes form part of these financial statements. These statements should be read in conjunction with the attached compilation report.

FINANCIAL REPORT

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2017

Retained Earnings

Total

7,493,070

Surplus for the year

489,611

Prior year income adjustment

(6,666)

Other comprehensive income for the year

(6,998)

BALANCE AT 1 JANUARY 2016 COMPREHENSIVE INCOME

BALANCE AT 31 DECEMBER 2016

7,969,017

BALANCE AT 1 JANUARY 2017

7,969,017

540,042

COMPREHENSIVE INCOME Surplus for the year Other comprehensive income for the year BALANCE AT 31 DECEMBER 2017

(3,845) 8,505,214

The accompanying notes form part of these financial statements. These statements should be read in conjunction with the attached compilation report.

statement of CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2017

2017

2016

Receipts from operations

1,087,176

1,288,008

Payments to suppliers & employees

(733,581)

(545,815)

Dividends received

373,943

376,906

32,256

47,580

GST received

76,712

64,046

Bequest trust income

27,478

44,342

Note CASH FLOWS FROM OPERATING ACTIVITIES

Interest received

Payments for research&and research services

(538,375)

(645,312)

Property trust receipts

62,062

45,510

Net cash provided by operating activities

387,671

675,265

1,919,047

2,236,292

CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of plant & equipment Proceeds from sale of investment Acquisition of property, plant & equipment

(10,316)

(13,684)

(2,922,538)

(2,994,099)

Net cash used in investing activities

(1,013,807)

(771,491)

Net increase/(decrease) in cash held

(626,136)

(96,226)

Acquisition of investments

Cash and cash equivalents at beginning of year Cash and cash equivalents at end of financial year

1,408,484

1,504,710

782,348

1,408,484

The accompanying notes form part of these financial statements. These statements should be read in conjunction with the attached compilation report.

FINANCIAL REPORT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

The financial statements cover Clifford Craig Foundation Ltd as an individual entity. Clifford Craig Foundation Ltd is a company domiciled in Launceston, Tasmania. The company is a not for profit entity and is primarily involved in the facilitation of high quality medical research. The financial statements were authorised for issue on 28 March 2018 by the directors of the company. 1.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standardsâ&#x20AC;&#x2122; reduced disclosure requirements of the Australian Accounting Standards Board (AASB) and the Australian Charities and Not for Profits Commission Act 2012. Australian Accounting Standards set out accounting policies that AASB has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of the financial statements are presented below and have been consistently applied unless otherwise stated. The financial statements, except for cash flow information, have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. The amounts presented in the financial statements have been rounded to the nearest dollar. The accounting policies that have been adopted in the preparation of the financial statements are as follows: (a)

Income Tax The company is exempt from income tax pursuant to section 50-5 of the Income Tax Assessment Act.

(b)

Fair Value of Assets and Liabilities The company measures some of its assets and liabilities at fair value on either a recurring or non-recurring basis, depending on the requirements of the applicable Accounting Standard. Fair value is the price the company would receive to sell an asset or would have to pay to transfer a liability in an orderly (i.e. unforced) transaction between independent, knowledgeable and willing market participants at the measurement date. These notes should be read in conjunction with the attached compilation report.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

As fair value is a market-based measure, the closest equivalent observable market pricing information is used to determine fair value. Adjustments to market values may be made having regard to the characteristics of the specific asset or liability. The fair values of assets and liabilities that are not traded in an active market are determined using one or more valuation techniques. These valuation techniques maximise, to the extent possible, the use of observable market data. To the extent possible, market information is extracted from either the principal market for the asset or liability (i.e. the market with the greatest volume and level of activity for the asset or liability) or, in the absence of such a market, the most advantageous market available to the entity at the end of the reporting period (i.e. the market that maximises the receipts from the sale of the asset or minimises the payments made to transfer the liability, after taking into account transaction costs). (c)

Property, Plant and Equipment Each class of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation and impairment losses. Plant and Equipment Plant and equipment are measured on the cost basis and are therefore carried at cost less accumulated depreciation and any accumulated impairment losses. Depreciation The depreciable amount of all fixed assets, including buildings and capitalised lease assets, is depreciated using diminishing value or prime cost over the asset’s useful life to the company commencing from the time the asset is held ready for use. Leasehold improvements and office equipment are carried at cost less, where applicable accumulated depreciation and impairment losses. The depreciation rates used for each class of depreciable asset are: Class of Fixed Asset Plant and equipment

Depreciation Rate 2.5%-66.7%

Motor vehicles Research Centre

25% 2%-50%

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. These notes should be read in conjunction with the attached compilation report.

FINANCIAL REPORT

(d)

Financial Instruments Initial recognition and measurement Financial assets and financial liabilities are recognised when the entity becomes a party to the contractual provisions of the instrument. For financial assets, this is equivalent to the date that the company commits itself to either purchase or sell the asset (i.e. trade date accounting is adopted). Financial instruments are initially measured at fair value plus transactions costs, except where the instrument is classified â&#x20AC;&#x2DC;at fair value through profit or lossâ&#x20AC;&#x2122; in which case transactions costs are recognised as expenses in profit or loss immediately. Classification and subsequent measurement

Financial instruments are subsequently measured at fair value. Where available, quoted prices in an active market are used to determine fair value. In other circumstances, valuation techniques are adopted.

(i) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and when the financial asset is derecognised.

(ii) Available-for-sale investments The companyâ&#x20AC;&#x2122;s investments in equity securities and certain debt securities are classified as available-for-sale financial assets. Subsequent to initial recognition they are measured at fair value and changes therein, other than impairment losses are recognised directly in equity. When an investment is derecognised, the cumulative gain or loss in equity is transferred to profit or loss. Financial assets are recognised and derecognised at settlement date. The fair value or available-for-sale financial instruments is determined by reference to the quoted bid price at the reporting date. They are subsequently measured at fair value with any re-measurements other than impairment losses and foreign exchange gains and losses recognised in other comprehensive income. When the financial asset is derecognised, the cumulative gain or loss pertaining to that asset previously recognised in other comprehensive income is reclassified into profit or loss.

(iii) Financial liabilities Non-derivative financial liabilities other than financial guarantees are subsequently measured at amortised cost. Gains or losses are recognised in profit or loss through the amortisation process and when the financial liability is derecognised. Impairment At the end of each reporting period, the company assesses whether there is objective evidence that a financial asset has been impaired. In the case of available-for-sale financial assets, a significant or prolonged decline in the market value of the instrument is considered to constitute a loss event. Impairment losses are recognised in profit or loss immediately. Also, any cumulative decline in fair value previously recognised in other comprehensive income is reclassified into profit or loss at this point.

These notes should be read in conjunction with the attached compilation report.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

Derecognition Financial assets are derecognised when the contractual rights to receipt of cash flows expire or the asset is transferred to another party whereby the entity no longer has any significant continuing involvement in the risks and benefits associated with the asset. Financial liabilities are derecognised when the related obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability extinguished or transferred to another party and the fair value of consideration paid, including the transfer of non-cash assets or liabilities assumed, is recognised in profit or loss. (e)

Employee Benefits Provision is made for the companyâ&#x20AC;&#x2122;s liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits have been measured at the nominal amounts expected to be paid when the liability is settled, plus any related on-costs. Employee benefits payable later than one year have been measured at present value of the estimated future cash outflows to be made for those benefits.

(f)

Cash and Cash Equivalents Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts.

(g)

Revenue and Other Income Donations and fundraising income is recognised as income in the income statement as and when received. Interest revenue is recognised using the effective interest method, which for floating rate financial assets is the rate inherent in the instrument. Dividend revenue is recognised when the right to receive a dividend has been established. All revenue is stated net of the amount of goods and services tax.

(h)

Trade and Other Payables Trade and other payables represent the liabilities for goods and services received by the company that remain unpaid at the end of the reporting period. The balance is recognised as a current liability. These notes should be read in conjunction with the attached compilation report.

FINANCIAL REPORT

(i)

Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the statement of financial position. Cash flows are presented in the cash flow statement on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows.

(j)

Comparative Figures When required, comparative figures have been adjusted to improve presentation.

(k)

New, Revised or Amending Accounting Standards and Interpretations Adopted The company has adopted all of the new, revised or amending Accounting Standards and interpretations issued by the AASB that are mandatory for the current reporting period. Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. AASB 9: Financial Instruments and associated Amending Standards (applicable to annual reporting periods beginning on or after 1 January 2018). The key changes that may affect the company on initial application include certain simplifications to the classification of financial assets, simplifications to the accounting of embedded derivatives, upfront accounting for expected credit loss, and the irrevocable election to recognise gains and losses on investments in equity instruments that are not held for trading in other comprehensive income. The board anticipate that the adoption of AASB 9 will have no financial impact. AASB 15: Revenue from Contracts with Customers (applicable to annual reporting periods beginning on or after 1 January 2018, as deferred by AASB 2015-8: Amendments to Australian Accounting Standards -Effective Date of AASB 15). When effective, this Standard will replace the current accounting requirements applicable to revenue with a single, principles-based model. Except for a limited number of exceptions, including leases, the new revenue model in AASB 15 will apply to all contracts with customers as well as non-monetary exchanges between entities in the same line of business to facilitate sales to customers and potential customers. The core principle of the Standard is that an entity will recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for the goods or services. To achieve this objective, AASB 15 provides the following five-step process: •

identify the contract(s) with a customer;

•

identify the performance obligations in the contract(s);

•

determine the transaction price;

•

allocate the transaction price to the performance obligations in the contract(s); and

•

recognise revenue when (or as) the performance obligations are satisfied.

These notes should be read in conjunction with the attached compilation report.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

The transitional provisions of this Standard permit an entity to either: restate the contracts that existed in each prior period presented per AASB 108: Accounting Policies, Changes in Accounting Estimates and Errors (subject to certain practical expedients in AASB 15); or recognise the cumulative effect of retrospective application to incomplete contracts on the date of initial application. There are also enhanced disclosure requirements regarding revenue. Although the directors anticipate that the adoption of AASB 15 may have an impact on the company’s financial statements, it is impracticable at this stage to provide a reasonable estimate of such impact. AASB 16: Leases (applicable to annual reporting periods beginning on or after 1 January 2019). When effective, this Standard will replace the current accounting requirements applicable to leases in AASB 117: Leases and related Interpretations. AASB 16 introduces a single lessee accounting model that eliminates the requirement for leases to be classified as operating or finance leases. The main changes introduced by the new Standard include: •

recognition of a right-to-use asset and liability for all leases (excluding short-term leases with less than 12 months of tenure and leases relating to low-value assets);

•

depreciation of right-to-use assets in line with AASB 116: Property, Plant and Equipment in profit or loss and unwinding of the liability in principal and interest components;

•

variable lease payments that depend on an index or a rate are included in the initial measurement of the lease liability using the index or rate at the commencement date;

•

by applying a practical expedient, a lessee is permitted to elect not to separate non-lease components and instead account for all components as a lease; and

•

additional disclosure requirements.

The transitional provisions of AASB 16 allow a lessee to either retrospectively apply the Standard to comparatives in line with AASB 108 or recognise the cumulative effect of retrospective application as an adjustment to opening equity on the date of initial application.

These notes should be read in conjunction with the attached compilation report.

FINANCIAL REPORT

Although the directors anticipate that the adoption of AASB 16 will impact the companyâ&#x20AC;&#x2122;s financial statements, it is impracticable at this stage to provide a reasonable estimate of such impact. (l)

Research and Expenditure Expenditure on research is recognised when incurred.

(m)

Functional and presentation currency These financial statements are presented in Australian dollars, which is the companyâ&#x20AC;&#x2122;s functional currency.

(n)

Use of estimates and judgements The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The directors exercise judgement in the allocation of designated donations to appropriate research projects. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.

2017

2016

61,191

45,363

Bequests

516,265

581,637

General

116,286

106,028

Major gifts

151,570

185,000

Trusts & foundations

30,000

30,011

875,312

948,039

203,864

219,248

27,478

44,342

402,783

391,303

32,256

47,580

149,492

74,049

REVENUE Donations Appeal

Fundraising Functions & raffles Investment income Bequest trust income Dividends Interest Net gain/(loss) on sale of investments Trust distributions

72,669

45,510

684,678

602,784

These notes should be read in conjunction with the attached compilation report.

NOTES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

2017

2016

9,360

38,235

Depreciation - plant & equipment

8,814

10,270

Depreciation - motor vehicles

9,104

12,183

27,278

60,688

Prior year grants refunded

(19,153)

(2,069)

Research centre expenses

79,477

85,615

478,051

561,766

538,375

645,312

127,045

123,802

1,020

930

181

200

414,217

904,051

4,054

220,969

291,715

4,316

2,590

NAB – cheque account

18,103

34,965

NAB – salary sacrifice

5,000

NAB – cash maximiser

116,511

165,910

NAB – wages account

3,051

782,348

1,408,485

EXPENSES Depreciation and Amortisation Amortisation of leasehold improvements

Research expenditure

Research grants paid

KEY MANAGEMENT PERSONNEL Compensation Total compensation Other Key Management Personnel Transactions Amounts paid to company secretary

CASH AND CASH EQUIVALENTS Cash on hand Tasmanian Perpetual Trustees – long-term fund ANZ wages account JB Were cash management account NAB – benefits plus

These notes should be read in conjunction with the attached compilation report.

2016

56,282

23,303

Dividend & trust distributions receivable

19,301

Goods & services tax

5,603

28,652

Withholding tax

676

Other debtors

3,304

182,905

162,759

264,091

218,694

7,492,052

6,342,915

4,340,751

3,385,989

TRADE AND OTHER RECEIVABLES

FINANCIAL REPORT

2017

CURRENT Trade receivables

Franking credits receivable

FINANCIAL ASSETS NON-CURRENT Available-for-sale financial assets

(a)

Available-for-sale financial assets Shares in listed corporations Shares in listed trusts

3,151,301

2,956,926

7,492,052

6,342,915

169,565

160,119

(126,593)

(117,779)

42,972

42,340

Motor vehicles

50,072

Less accumulated depreciation

(22,762)

(13,658)

27,310

36,414

996,121

996,751

(956,756)

(948,572)

Total available-for-sale financial assets 8.

PROPERTY, PLANT AND EQUIPMENT Plant & equipment Less accumulated depreciation

Research Centre Less accumulated amortisation

39,365

48,179

109,647

126,933

Trade creditors

64,544

41,136

Other creditors

9,385

7,527

11,088

16,371

10,623

90,300

70,374

Total property, plant and equipment 9.

(a)

TRADE AND OTHER PAYABLES CURRENT

Superannuation payable Payroll deductions payable

These notes should be read in conjunction with the attached compilation report.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

10.

PROVISIONS

2017

2016

31,384

42,186

21,241

15,450

CURRENT Provision for annual leave NON-CURRENT Provision for long-service leave 11. EVENTS AFTER THE REPORTING PERIOD No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the company, the result of those operations or the state of affairs of the company in future financial years. 12. RESERVES Financial assets reserve The financial assets reserve has now been incorporated in retained earnings as disclosed previously, as it was agreed that there is no value in disclosing the reserve separately. 13. RELATED PARTY TRANSACTION Transactions with related parties Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. 14. CONTINGENT LIABILITIES AND CONTINGENT ASSETS In the opinion of the Directors, the company did not have any contingencies at 31 December 2017 (31 December 2016:None) 15. FINANCIAL RISK MANAGEMENT The companyâ&#x20AC;&#x2122;s financial instruments consist mainly of deposits with banks, listed investments, accounts receivable and payable. The totals for each category of financial instruments, measured in accordance with AASB 139 Financial Instruments Recognition and Measurement as detailed in the accounting policies to these financial statements, are as follows:

These notes should be read in conjunction with the attached compilation report.

2016

Cash & cash equivalents

782,348

1,408,485

Receivables

244,790

218,694

7,492,052

6,342,915

8,519,190

7,970,094

Available-for-sale financial assets at fair value

90,300

70,374

Total Financial Liabilities

90,300

70,374

Financial Assets

Available-for-sale financial assets at fair value Total Financial Assets

FINANCIAL REPORT

2017

Financial Liabilities

16. COMPANY DETAILS The registered office and principal place of business of the company is: Clifford Craig Foundation Ltd Level 5, Launceston General Hospital Launceston TAS 7250 17. FUTURE EXPENDITURE COMMITMENTS

(a) Research expenditure commitments The research expenditure committed below relates to all research projects for which a grant acceptance form has been authorised and returned to the company by the parties undertaking the research. 2017

2016

Not later than 1 years

431,087

449,515

Between 1 and 5 years

157,308

131,552

588,395

581,067

Research expenditure

RECONCILIATION OF COMMITTED RESEARCH Project Description

Balance Adjustments 1/01/2017

Less Paid

Plus Committed

Balance 31/12/2017

2,000

Proj 105 - Genetic Heart Registry

Proj 143 - EMP in COPD - Dr Sohal

19,603

(19,603)

21,193

(21,193)

Proj 145 - CC Vaccine Trial Dr Flanagan

80,547

(80,547)

163,636

Proj 152 - Novel Approach for Inflammatory Bowel Disease - Dr Eri

34,687

(34,687)

Proj 153 - Ameliorating EMT in COPD - Dr Sohal

72,727

(36,364)

36,364

Proj 144 - CKD Indent & Management - Dr Radford

These notes should be read in conjunction with the attached compilation report.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

RECONCILIATION OF COMMITTED RESEARCH (CONT.) Project Description Proj 154 - Joint Replacement - Dr Bird

Balance Adjustments 1/01/2017

Less Paid

Plus Committed

Balance 31/12/2017

47,241

(23,620)

23,621

39,500

(19,750)

19,750

Proj 156 - Osteoarthritis - D Jovic

23,091

(23,091)

Proj 157 - Primary care - M Unwin

22,009

Proj 158 - Perfect Trial - Dr Edis

7,273

Proj 155 - Blood Injections Dr Mulford

(7,273)

Proj 159 - Fasting - Dr Best

19,105

(19,105)

11,818

Proj 160 - Is (NIV) Superior to (HFNP) Oxygen Therapy - Lanthe Boden

72,727

(36,364)

36,363

Proj 161 - SPICE Trial - Dr Brain

34,545

(34,545)

51,818

(36,364)

15,454

Proj 167 - Rehab for Hip and Knee Replacement Churchill

21,250

Proj 168 - Active Anti Cancer Treatments - Durieux

10,584

Proj 169 - Improving Bariatric Surgery Outcomes - Mercer

36,203

Proj 170 - Reducing Ear and Lung Infections - Tristram

19,000

Proj 171 - Epithelial Mesenchymal Transition - Sohal

43,958

Proj 172 - Zinc Controls Glucose Metabolism in Muscle - Myers

21,460

Proj 162 - TARGET Trial - Dr Brain

These notes should be read in conjunction with the attached compilation report.

Balance Adjustments 1/01/2017

Less Paid

Plus Committed

Balance 31/12/2017

Proj 173 - Comparing Surgical Fixation With Plaster Casting - Mulford

6,791

Proj 174 - Low Level Laser Therapy and Heart Attack Recovery - Barthwal

70,818

Proj 175 - Diagnosing Palpitations - Bala

7,960

Proj 176 - Gut microbiota Eri

6,364

Advance Trainee Research Scholarships

15,000

5,000

15,000

Honours Scholarship

15,000

5,000

10,000

Nursing Honours Scholarship

581,067

(2,273)

(5,000)

(422,242)

FINANCIAL REPORT

Project Description

15,000

5,000

431,842

588,395

18. DESIGNATED DONATIONS (a) Research expenditure commitments From time-to-time, donations are received for specific research projects and included in the profit/(loss) from ordinary activities in the year of receipt. Whilst these amounts are earmarked for expenditure on specific projects, they are not formally committed for expenditure until a grant acceptance form has been authorised and returned to the company by the parties undertaking the research. As a result, included in the balance of retained earnings at year end are donations and allocations made in current and previous years towards specific research projects. The Victoria League grant designated donation includes an adjustment for notional interest earned at 2% less an administration fee of 1%. The P Hewitt Scholarship Fund designated donation includes an adjustment for notional interest of 2%. The above are special arrangements approved by the board of directors. Details of movements in the designated donations included in retained profits for the year ended 31 December 2017 are as follows: Balance 1/01/2017 $

Specific Donations Expenditure $ $

General Balance Allocations 31/12/2017 $ $

Cancer Research

374,943

2,397

377,340

Cancer Research - Victoria League Grant

308,488

3,085

311,573

Gerontology General

60,886

34,510

26,376

NW Projects General

361,284

Paediatrics

46,227

1,333

47,560

Prostate Cancer

127,462

Tas Wound Care

10,000

400

Addisons

These notes should be read in conjunction with the attached compilation report.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017

Balance 1/01/2017 $ Parkinsons Disease

Specific Donations Expenditure $ $

150

General Balance Allocations 31/12/2017 $ $ -

150

Cardiovascular Disease

55,187

1,244

56,431

Ovarian Cancer

9,500

Renal

3,000

4,031

30,000

5,350

500

5,350

500

Respiratory Diabetes Surgery Infectious Diseases Orthopaedic Surgery Mental Health

10,000

Palliative Care

10,570

LGH Professional Development

2,500

LGH Equipment

P Hewitt Fund

110,618

2,212

112,830

D Huish Memorial Lecture 2009-18

44,027

2,884

41,142

1,532,053

48,594

75,744

5,297

1,510,200

These notes should be read in conjunction with the attached compilation report.

FINANCIAL REPORT

directors’ declaration In accordance with a resolution of the directors of Clifford Craig Foundation Ltd, the directors of the company declare that: 1.

The financial statements and notes as set out on pages 5 to 20 presents fairly the company’s financial position as at 31 December 2017 and its performance for the year ended on that date in accordance with Australian Accounting Standards and the Australian Charities and Not for Profits Commission Act 2012; and

2. In the directors’ opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Director

18 April 2018

Auditor’s Independence Declaration under subdivision 60-C Auditoor’ns60-40 secti Independence of AustralDecl ian Chari aratitoiensunder and Not-for-profi subdivisionts60-C sections60-40 Commi sion Actof 2012 Australian Charities and Not-for-profits Commission Act 2012 To: the Directors of Clifford Craig Foundation Limited

I declare to the best of my knowledge and belief, in relation to the audit for the financial year To: the that, Directors of Clifford Craig Foundation Limited ended 31 December 2017 there have been: i. no contraventions of the auditor independence requirements as set out in the Australian I declare that, to the best of my knowledge and belief, in relation to the audit for the financial year Charities and Not-for-profits Commission Act 2012 in relation to the audit; and ended 31 December 2017 there have been: ii. no contraventions of any applicable code of professional conduct in relation to the audit. i. no contraventions of the auditor independence requirements as set out in the Australian Charities and Not-for-profits Commission Act 2012 in relation to the audit; and ii.

no contraventions of any applicable code of professional conduct in relation to the audit.

KPM_INI_01

KPMG

Andrew Gray

KPM_INI_01

KPMG

PAR_SIG_01

PAR_NAM_01

PAR_POS_01

PAR_DAT_01

Partner Andrew Gray Launceston Partner 18 April 2018 Launceston

PAR_CIT_01

18 April 2018 PAR_SIG_01

PAR_NAM_01

PAR_POS_01

PAR_DAT_01

PAR_CIT_01

KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a1Swiss entity.

Liability limited by a scheme approved under Professional Standards Legislation.

KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

Liability limited by a scheme approved under Professional Standards Legislation.

INDEPENDENT AUDITOR’S REPORT

Independent Auditor’s Report To the members of Clifford Craig Foundation Ltd Opinion We have audited the Financial Report, of Clifford Craig Foundation Ltd (the Company). In our opinion, the accompanying Financial Report of the Company is in accordance with Division 60 of the Australian Charities and Not-for-profits Commission (ACNC) Act 2012, including: i.

ii.

giving a true and fair view of the Company’s financial position as at 31 December 2017, and of its financial performance and its cash flows for the year ended on that date; and

The Financial Report comprises: i.

Statement of financial position as at 31 December 2017.

ii.

Statement of comprehensive income, Statement of changes in equity, and Statement of cash flows for the year then ended.

iii.

Notes including a summary of significant accounting policies.

iv.

Directors’ declaration of the Company.

complying with Australian Accounting Standards – Reduced Disclosure Requirements and Division 60 of the Australian Charities and Not-for-profits Commission Regulation 2013.

Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the ACNC Act 2012 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the Financial Report in Australia. We have fulfilled our other ethical responsibilities in accordance with the Code.

Other information Other Information is financial and non-financial information in Clifford Craig Foundation Ltd’s annual reporting which is provided in addition to the Financial Report and the Auditor’s Report. The Directors

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are responsible for the Other Information. The Other Information we obtained prior to the date of this Auditor’s Report was the Directors’ Report. Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In doing so, we consider whether the Other Information is materially inconsistent with the Financial Report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. We are required to report if we conclude that there is a material misstatement of this Other Information, and based on the work we have performed on the Other Information that we obtained prior to the date of this Auditor’s Report we have nothing to report.

Responsibilities of the Directors for the Financial Report The Directors are responsible for: i.

Preparing the Financial Report that gives a true and fair view in accordance with Australian Accounting Standards - Reduced Disclosures Requirements and the ACNC Act 2012.

ii.

Implementing necessary internal control to enable the preparation of a Financial Report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. Assessing the Company’s ability to continue as a going concern. This includes disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

iii.

Auditor’s responsibilities for the audit of the Financial Report Our objective is: i.

to obtain reasonable assurance about whether the Financial Report as a whole is free from material misstatement, whether due to fraud or error; and

ii.

to issue an Auditor’s Report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Financial Report. As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: i.

Identify and assess the risks of material misstatement of the Financial Report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the Audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the registered Company’s internal control.

iii.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors.

iv.

Conclude on the appropriateness of the Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the registered Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor’s Report to the related disclosures in the Financial Report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor’s Report. However, future events or conditions may cause the registered Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the Financial Report, including the disclosures, and whether the Financial Report represents the underlying transactions and events in a manner that achieves fair presentation.

INDEPENDENT AUDITOR’S REPORT

ii.

We communicate with the Directors of the registered Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

KPMG

Andrew Gray Partner Launceston 18 April 2018

For all enquiries, please contact Clifford Craig Foundation via: Level 5, Launceston General Hospital, Launceston, TAS 7250 E: shutchins@cliffordcraig.org.au T: (03) 6777 6010