2010 Annual Report by Moksha Web

2010â&#x20AC;&#x2030;Annual Report General Practice Registrars Australia

GPRAâ&#x20AC;&#x2122;s Vision GPRA is the peak voice for the next generation of General Practitioners. We improve the healthcare of all Australians through excellence in education and training and ensure that General Practice is the medical specialty of choice.

Contents Chair Report Chief Executive Officer Report Board of Directors Human Resources Report Organisational Chart 2010-2011 Registrar Update Program Report: Going Places Network Program Report: GPSN Program Report: GPSN Schwartz First Wave Scholarship Program

Corporate Governance Report Nominations and Remunerations Committee Report Directorsâ&#x20AC;&#x2122; Declaration Finance Report External Auditorâ&#x20AC;&#x2122;s Report

18 20 21 22 26

Financial Statements Statement of Cashflows Balance Sheet Profit & Loss Statement Notes to the Financial Statements

27 27 28 29 30

04 05 08 09 11 12 13 15

Chair Report The AGM in September will see me step down from 2 years in the Chair position feeling confident that the remarkable success of the organisation will continue into the future.

We have also been involved in negotiations of the National Minimum Terms and Conditions document on behalf of Registrars. GPRA have sought to ensure accurate representation of our members through surveys and feedback from our strong Advisory Council network of Registrar Liaison Officers. We have prided ourselves on utilising a collaborative approach when communicating with stakeholders, providing them with more than just complaints, but with considered feedback and viable solutions.

Whilst this year has seen significant growth in terms of revenue, staff and project delivery, there has also been a strong focus on consolidation; ensuring best practices in our activities and planning for the future. The strength of the GPRA Board has been enhanced through constitutional changes which allow for a medical student and a pre-vocational doctor to be directors as well as the addition of a co-opted director, to add a higher level of governance skills and understanding of the sector. This combination has created a greater diversity of skills and knowledge and, importantly, provides greater opportunity for corporate knowledge to be retained on the Board for extended periods of time. The effectiveness of our teleconference meetings has been enhanced by the use of a web-conferencing facility, allowing greater interaction for participants and a more satisfying experience. Directors remain highly committed to their role evidenced by excellent attendance rates and high productivity. The focus this year has been on critically analysing our activities and seeking to improve our processes; this has included reviewing the way we report to the Board and analyse our financials. The Board has also developed and reviewed several governance policies to improve our internal processes. Work has begun on developing a strategic plan for 2011-13. The strategic planning meeting of Board and senior management which took place in July resulted in excellent progress towards establishing a clear direction for the Company. This process has seen a subtle change to our Vision Statement which now more clearly recognises our commitment to actively and effectively representing Registrars current and future, to ensure a positive future for General Practice; GPRA’s Vision: GPRA is the peak voice for the next generation of General Practitioners. We improve the healthcare of all Australians through excellence in education and training and ensure that General Practice is the medical specialty of choice. During the last year we have represented Registrars on a range of issues with various stakeholders including issues around abolishment of the Registrar Rural Incentives Program, General Practice Education and Training (GPET) Policy Changes and practice accreditation.

GPRA’s ongoing membership with United General Practice Australia (UGPA) has ensured that we are involved with broader General Practice Health policy and importantly has allowed us to keep issues regarding education and training on the radar, for example by highlighting the need for infrastructure support and better remuneration to address the challenge in training capacity. Our work in raising the profile of General Practice and striving to make General Practice the medical specialty of choice amongst graduates has been very successful and will be further enhanced into the future with a 3 year contract with GPET. The General Practice Students Network (GPSN) continues to be a highly successful initiative with functional clubs in every University around the country, with over 5,000 members and a highly motivated and efficient executive. The GPSN Schwartz First Wave Scholarship Program, offering junior medical students a positive taste of General Practice, has expanded with 52 scholarships being completed in the last year of the program, with evaluation results illustrating the positive impact this program has on participants’ attitudes towards General Practice. We are working to keep General Practice in the minds of busy junior doctors in the hospital system by developing a new initiative called the Going Places Network which will be expanded in the coming years with the support of GPET. Exciting projects in this space include the publication of the Going Places Magazine, a high quality magazine showcasing the depth and breadth of General Practice. Security of funding for the next 3 years has allowed GPRA to develop a robust HR structure and the Company will be fully staffed to allow us to realise our aspirations into the future. Importantly this includes dedicated staff for each aspect of the Company, ensuring a greater focus on Registrar support and product development in the coming years. GPRA is a vibrant company that will continue to evolve and improve to satisfy the needs of our members and the sector, ensuring a bright future for General Practice. Dr Belinda Guest GPRA Chair

Chief Executive Officer Report 2009-2010 has been a busy year for GPRA. Whilst negotiating new contracts, Registrar advocacy issues and promoting General Practice to future entrants kept us occupied for the most part, we still found time to expand our core team, review and realign the organisation’s vision and objectives and move to our fresh new premises at 517 Flinders Lane in Melbourne.

targeted at Registrars, pre-vocational doctors and medical students. Looking ahead, GPRA Board and management will continue to work closely with our members and stakeholders to identify synergies across these programs and deliver better value.

Capacity GPRA continues to grow rapidly as an organisation with a 56% jump in annual revenue in the last financial year and significant additions to our portfolio. There has been a substantial increase in core services to GPRA members with a strong vertical integration drive that has enhanced our relevance both within and outside the core Registrar membership. In particular there has been increased capacity to promote General Practice to future entrants. Whilst the growth has come with challenges to deliver services across multiple portfolios, GPRA has matched this growth with investment in human and organisational resources. The management team has been growing steadily in numbers. The last 6 months has seen the development of a completely new integrated HR structure that will enhance delivery of services to our members and stakeholders. The increased staff capacity will offer dedicated contact points within the organisation for members as well as stakeholders. GPRA also moved to a new office, in late 2009, in Melbourne’s CBD to support this growth.

GPRA continues to experience extraordinary growth at a pace matched by few others within the sector. The last 12 months have been particularly important for GPRA from a sustainability perspective, as we have started to lay a very sound foundation on how the organisation will meet and deliver its objectives into the future. During this busy period, Consolidation, Capacity, Collaboration, Capability and Communication have been the 5 C’s at the core of everything GPRA has done.

Consolidation

GPRA now has a 3-year funding contract through GPET until June 2013. This funding has enabled GPRA to increase capacity to deliver key initiatives that were started in the 3 years prior. In particular GPRA will focus on building strong peer-to-peer networks across our members to ensure they have fulfilling and sustainable careers in General Practice.

Over the last three years GPRA has incrementally added new projects to our portfolio around Registrars, medical students and pre-vocational doctors. Key GPRA initiatives such as the General Practice Student Network (GPSN), The GPSN Schwartz First Wave Scholarship Program and the Going Places Network for junior doctors have been recognised by the industry as game-changing initiatives to provide a sustainable GP workforce into the future. In addition, GPRA continues to build new resources around self-care and exams for Registrars within the training program.

Moving forward, as GPRA consolidates and ‘beds down’ some of our current initiatives, there will be enhanced capacity to build on these and increase the organisation’s output.

Collaboration

As GPRA continues to grow and build on these initiatives, we have fashioned a vertical integration strategy that will cement our activities across medical students, pre-vocational doctors and Registrars into the future. GPRA has recently negotiated a new funding contract with General Practice Education & Training (GPET) to bring First Wave, GPSN and Going Places under one umbrella which will further drive our consolidation strategy. The new contract will allow GPRA to better integrate services and initiatives across these programs aimed at increasing the profile of General Practice and encourage future entrants to consider General Practice as a specialty of choice. From an operational perspective there has been a strong push to consolidate GPRA’s online strategy and we are working towards a robust IT platform to manage our services across multiple websites

Underpinning much of what GPRA has achieved in the last year has been a strong collaborative strategy to leverage support from our stakeholders and deliver outcomes well beyond budgetary constraints. The GPSN Schwartz First Wave Scholarship Program in particular has engendered a strong collaborative network between Regional Training Providers (RTPs), GPRA and medical universities. With support from RTPs and key sponsors, GPRA coordinated and delivered 52 scholarships across 12 RTPs and 14 Universities in an industry first where the entire program was funded from sponsorships, donations and stakeholder contributions. GPRA continues to build linkages with other key organisations such as the Australian Medical Association Doctors in Training (AMADIT) network for joint advocacy on key Registrar issues. GPRA remains

Chief Executive Officer Report (ConTINueD)

an active member of the United General Practice Australia (UGPA), an alliance of peak GP organisations to work collaboratively across common issues affecting General Practice. GPRA is committed to build on our relations with GPET, the RTP network, medical universities and other key organisations to deliver the GPSN, Going Places and First Wave initiatives and provide enhanced services to Registrars in the training program.

Capability Strong emphasis on evaluation and delivery of core projects, expanding organisational capacity and building new capability in line with key organisational objectives has been a key mantra in the past year. As GPRA has diversified our portfolio to include activities that deliver projects across medical students, pre-vocational doctors in addition to Registrars, we have recognised the need to build core knowledge and capability to deliver outcomes in these new areas. The first step was to build new skills at the Board level with the constitutional review in September 2009 where we created new Student and Pre-vocational Director positions. This has since translated into GPRA restructuring key staff functions across the three key member segments with a particular focus on recruiting new staff with core skills in peer-to-peer marketing and engaging with the gen x - y demographic and psychographic.

In early 2010, GPET conducted an extensive external review of the GPSN, Going Places and First Wave projects which supported GPRAâ&#x20AC;&#x2122;s core strategy built around on social marketing and peer to peer concepts with a strong focus on multimedia to engage with the next generation of GPs. With this in mind GPRA is building particular capability in digital communications and social marketing within our HR structure. In addition we have secured strong support from stakeholder organisations in our ventures to improve the profile of General Practice and to promote the profession as a specialty of choice amongst medical students and pre-vocational doctors. Registrar issues have been on the forefront in the last 12 months and GPRA has worked with our members to provide specific feedback on a variety of issues to advocate on their behalf. In particular we have created a new position within the management team to convert Registrar feedback into policy documents using surveys and focus groups. Some of our new initiatives have ignited renewed interest in GPRA activities from our membership, with an increase in enquiries and support of our actions as an organisation. GPRA aims to provide members with support and access to additional services in the form of educational content, industry specific research, scholarships and access to professional and personal development resources.

Communication GPRA operates in an environment where growth and organisational effectiveness is underpinned by robust communication networks with members and stakeholders. This has been recognised as an area of need by the Board and GPRA has started to invest and consolidate a robust communication strategy to deliver value through our initiatives. The Registrar Liaison Officer (RLO) network, GPSN executive and GPSN ambassadors are key links in our communication network and ensure that we remain a grassroots driven organisation. GPRA has built on our internal communication networks across medical students by investing in the GPSN website, eNewsletter and social media groups to coordinate and monitor activities across 20 medical universities. The Registrars also continue to be serviced via the robust and active RLO network that provides critical feedback on policy issues affecting the training program.

“Consolidation, Capacity, Collaboration, Capability and Communication have been the 5 C’s at the core of everything GPRA has done.”

In particular, the year before has seen significant feedback from Registrars on a range of issues related to RACGP exam prices, GPET training policy, Minimum Terms & Conditions of employment for Registrars and rural retention issues. This has enabled GPRA to continue to remain a strong representative voice for Registrars. In addition GPRA has started preliminary work to setup the new Going Places Network and is working with stakeholders to create a new peer-to-peer communication platform to engage with pre-vocational doctors. GPRA continues to increase its profile in the medical media and amongst key stakeholders. The Breathing NEWLIFE into General Practice Conference held at Parliament House, Canberra in March 2010 continues to be an important communication platform with key stakeholders and the federal government. Supported by the Hon. Nicola Roxon MP, Minister for Health and Ageing, the Department of Health and Ageing and GPET, this conference continues to grow in popularity and is the only one of its kind to bring together Registrars and medical students with current industry leaders to discuss issues facing General Practice. Looking ahead, GPRA will be making further investment in this portfolio by introducing a new position within our team to manage the flow of communication between internal and external stakeholders. This will be matched with complementing investment in IT to ensure that we have a robust platform to engage with our stakeholders and to ensure that GPRA becomes a clear voice for the next generation of GPs. Above all, this has been a year of extraordinary teamwork and passion across Board, Management, GPSN executive, GPSN ambassadors and the RLO network. Ultimately this strong teamwork and passion has underpinned GPRA’s fantastic growth and continues to be the competitive advantage that we take with us into the future. Amit Vohra CEO

Board of Directors The period 2009-2010 has been a time of unprecedented growth for GPRA and our Board has continued to provide strategic direction during this exciting phase under the leadership of Chair, Dr Belinda Guest.

GPRA Board as at August 2010

New additions to the Board included Dr Danika Fietz, Dr Abhilash Varshney, Dr Lana Prout and Ms Mary Wyatt who bring a wealth of experience in the areas of strategic growth, business development and policy.

Dr Belinda Guest

Dr Danika Fietz

Dr Jennifer Mooi

Dr Bennie Ng

Dr Lana Prout

Dr Abhilash Varshney

Ms Mary Wyatt

Dr Wicky Wong

The current Board of Directors includes: Dr Belinda Guest (Chair) Dr Danika Fietz (Vice Chair) Dr Jennifer Mooi Dr Bennie Ng Dr Lana Prout Dr Abhilash Varshney Ms Mary Wyatt Dr Wicky Wong

This year we also bid farewell to the following Directors: Dr George Forgan-Smith Dr Manisha Fernando Dr Tim Francis GPRA thanks them for their invaluable contribution and looks forward to welcoming a set of new Directors. The new Board for 2010-2011 will be announced after the GPRA AGM on 11th September 2010.

Human Resources Report Staff Management There has been a considerable expansion to the GPRA team over the past 12 months due to the success of the organisation. We thank all staff (both past and present) for their fantastic input and welcome new staff. Amit Vohra – CEO Amit is responsible for the overall management of GPRA including working with the GPRA Board and ensuring that organisation functions at an optimal level. Margo Field - Senior Manager GP Compass and Human Resources Margo has been employed by GPRA since January 2008. Over the past 12 months she has taken a lead role in the pilot of the GP Compass program. Margo has also taken on the important role of managing the Human Resources function for GPRA and managing the GPRA team and acting for the CEO as required.

Amit Vohra

Margo Field

Kate Marie

Connie Lambrou

Georgina Johnston

Sarika Shah

Kate Marie – Business Development Manager Kate has a strong background in sponsorship development and marketing. She continues to be involved in new initiatives as well as maintaining and refreshing partnerships with our long term partners. Kate has worked with GPRA for five years on a part time contract basis. Kate works from her home office in Sydney. Connie Lambrou – Project Manager Connie provides considerable skills and depth to the GPRA team. In particular she provides support to the GPRA Board with its policy and research functions. She also manages the GPSN Schwartz First Wave Scholarship Program and provides leadership amongst the staff in particular with regard to survey development. Connie has worked with GPRA since January 2009. Georgina Johnston – National Membership Development Manager Georgina has been with GPRA since October 2009. She is primarily responsible for assisting the senior management team to develop and implement a coordinated membership management and growth strategy covering medical students, pre-vocational doctors, General Practice Registrars and alumni. During much of the November 2009 – June 2010 period Georgina also provided a support role to the GP Compass pilot program. Sarika Shah – National Manager Pre-Vocational Doctors Sarika joined the GPRA team in June 2010 to manage the successful expansion and reach of the Going Places program across Australia. This includes building on the successful strategies for the delivery of Going Places (GP Compass Program) in each state including collaborating with Regional Training Providers and finding and supporting new GP Ambassadors.

Human Resources Report (ConTINueD)

Rebecca Qi – Accounts and Administration Officer Rebecca joined the GPRA team in February 2008. She is responsible for managing the accounting functions for GPRA and ensuring that the administrative functions of the office are well supported. Laura Borelli – GPSN Project Officer Laura has been with GPRA since May 2009. She has in particular, been responsible for assisting with the further development of the General Practice Students Network (GPSN) and delivering a national marketing plan. This includes overseeing individual GPSN clubs’ projects including managing the submission of project proposals, performance and expense reports. Allisha Hiscock – Administration Officer Allisha commenced at GPRA in June 2010. She is the youngest member of the GPRA team and she provides vital full time administrative support to the organisation. Janice Wong - Sponsorship and Events Officer Janice is responsible for the implementation of promotional and marketing initiatives including event and exhibition coordination & management; member communications, developing and implementing membership products and services, managing marketing collateral and communication & implementing sponsorship agreements. Wendy Stephens – Digital Marketing and Content Manager Wendy has been employed on a short term contract (March – September 2010) to assist with the development of the GP Australia website initially and then provide assistance with the other GPRA websites. Wendy works form her home office in Sydney.

The following staff retired from GPRA Mary Lambrou – Mary assisted with the GP Compass pilot program. She left to travel overseas. Janice Lim – Janice left GPRA in May 2010 after providing more than two years valuable assistance to GPRA in the events and sponsorship officer role. Kylie Flack – Kylie assisted with website development and administration and provided general office support. She left GPRA to take up a position in Brisbane that is aligned with her part time university study. Joel Edwards – Joel assisted with website development. He left to take up other opportunities within his industry, but he continues to provide some support to the organisation as required in a consulting role.

Rebecca Qi

Laura Borelli

Allisha Hiscock

Janice Wong

Organisational Chart 2010-2011 GPRA has undergone significant growth and the following chart indicates the re-structured human resources model within the Company.

CEO Amit Vohra

Policy and Evaluation Manager Connie Lambrou

Communications Manager TBC

Accounts Manager Rebecca Qi

Senior Manager Margo Field

Business Development Manager Kate Marie

National Manager Pre-Vocational Doctors Sarika Shah

National Membership Development Manager Georgina Johnston

State Coordinators WA; SA;VIC/TAS; QLD; NSW 5 positions TBC Emily Fox VIC/TAS

Admin / Account Assistant Allisha Hiscock

Sponsorships & Events Officer Janice Wong

GPRA Project Officer Vaneta Leventis

GPSN Project Officer Laura Borelli

Registrar Update Providing a voice to GP Registrars has continued to be a priority for GPRA over the last year. While some of our work is visible to registrars through our monthly newsletters and regular Chair updates, there is a lot that happens behind the scenes. We support Registrars with a whole range of issues such as training concerns with their RTP, practice or supervisor, contract negotiations, in addition to providing access to more resources to support them through the training program.

– an issue that GPRA has been lobbying for the last 12 months. GPRA has now set up a separate policy committee comprising of key Registrars from around the country and will become an even stronger voice for registrars into the future.

This last year has been a busy time for GPRA. Below is an overview of the activities GPRA has been involved in.

R-Cubed website (www.rcubed.org.au)

Negotiating the National Minimum Terms and Conditions The last 12 months has seen some exciting news for Registrars in relation to the terms and conditions. In December 2009 GPRA successfully negotiated the 2010 document which is currently in force. This year the changes were largely linked to salary indexation in line with CMBS and clarification of a few areas. In particular GPRA has produced an interpretations document that explains the NMTC document in simple terms for registrars and practice principles to use as a handy guide. In addition, GPRA has sought formal legal advice which confirms the employee status of Registrars in the GPT1 and GPT2 and reinforces the requirement for practices to provide statutory entitlements such as paid sick leave and annual leave and superannuation. The details are available via the GPRA website and we encourage Registrars to contact us if there are any breaches. In addition a simple template to calculate annual leave has also been developed and is available via the website.  Going forward GPRA will be publishing the benchmarking survey that was conducted looking at compliance with the NMTC document and registrar pays.

Policy & Training GPRA has been particularly active on the policy front and numerous changes have been implemented that have a positive impact on Registrar training. In October 2009 GPRA successfully negotiated a reduction in the RACGP exam fee, which was applied as a credit for Registrars sitting the exam in 2009 – 2010. GPRA has had significant input into the GPET policies and guidelines to ensure that there is now a formal appeals process that includes GPRA on Registrar related issues. Significant changes to the training time policy have also been negotiated to ensure that Registrars are protected. More recently, DoHA has announced that the RRIPS incentives will continue to be provided for Registrars already in the training program

Online Exam Resource website (www.oer.org.au) Recognising GPRA’s role in supporting registrars during their training, we have developed an online exam resource website with clinical case studies and exam tips to assist registrars preparing for the OSCE exams. Work is being done to build on this resource and offer more exam related resources to Registrars in the future.

R-Cubed is a website GPRA has developed to assist registrars, pre-vocational doctors and medical students with strategies to build resilience in their hectic life style. It contains information to assist with coping with life’s demands and pressure through time management, understanding personal limits and developing strong support networks to name a few.

Publications portfolio GPRA produced two publications this year to support registrars and pre-vocational doctors. The Explorer: The Registrar Guide continues to grow in popularity amongst the registrars and the 2010 version was another success. Over 2300 copies were distributed to the regional training providers Australia wide and feedback was very positive. GP Compass 2010: Pre-vocational Doctors Guide to GP Training also received positive feedback from the regional training providers with 3800 being distributed to pre-vocational doctors to promote general practice, explore the variety a career in general practice offers and provide relevant up-to-date information on the general practice landscape and training requirements. Moving forward, GPRA will continue to build on our relationships with stakeholders in the general practice landscape, striving to work collaboratively with all parties to ensure our members are heard and recognised as the future of general practice.

Program Report: Going Places Network About this program Building on the success of GPSN, the Going Places Network is designed to replicate the GPSN peer-to-peer strategy within teaching hospitals and promote General Practice as a choice of specialty to interns and prevocational doctors. The program was piloted from May 2009 to June 2010. The focus was on establishing hospital-based GP Ambassadors and a variety of social, networking and educational events across a selection of teaching hospitals as part of a peer-to-peer marketing strategy. The focus for 2010/11 will be to expand the network of GP Ambassadors and events across teaching hospitals throughout Australia, and to develop the Going Places Network.

Highlights and significant achievements The program was successfully piloted in South Australia, Western Australia and Queensland. Some of the key highlights include: • Piloting a network of GP Ambassadors within teaching hospitals who have: »» encouraged their peers to consider General Practice as a career option »» helped peers considering General Practice to make informed decisions, and »» helped to promote Going Places events and initiatives to their peers. • The development of a range of educational, social and networking events to promote General Practice and give junior doctors the opportunity to interact with peers and mentors (i.e. other junior doctors considering a career in General Practice, GP Registrars and General Practitioners) • The launch of the Going Places magazine by Dr Cindy Pan (who also featured in the magazine) at GPRA’s Future Series workshop in November 2009. Aimed at interns and prevocational doctors, this quarterly magazine is designed to be a fun and informative read that highlights the varied ‘GP’ career options. Over 6000 copies of the first edition and 7000 copies of the second were distributed within teaching hospitals across Australia. • Distribution of 7000 copies of the GP Compass Guide, an annual publication which provides detailed information on pursuing a career in General Practice, including pathways, the selection process, training programs and finance. • The GP Australia website (www.gp.australia.org.au) was launched at the Breathing NEWLIFE into General Practice conference in Canberra in March 2010. The website is an one stop information portal, presenting an overview of the steps to a career in General Practice with links to other relevant websites for more detailed information. • Development of the Going Places eNewsletter, a bi-monthly newsletter. It provides interns and prevocational doctors with

the latest state and national news and information on local Going Places events and initiatives

Looking ahead Following the successful pilot, GPET is providing further funding to roll out the program nationally. The focus for 2010/11 will be to: • Develop the Going Places Network within teaching hospitals across Australia. This will be the backbone of the project. By joining the Going Places Network at their local hospital, prevocational doctors will be invited to a host of educational, social and networking events and given access to initiatives that will enable them to learn more about General Practice and interact with peers and mentors. • Expand the network of GP Ambassadors across teaching hospitals in Australia. They will continue to be the GP champion within their hospital and will also promote the local Going Places Network. • Continue working with stakeholders to develop a calendar of social, networking and educational events at a hospital and state level. • Further develop the GP Australia website (www.gpaustralia.org.au) so that it is more interactive and follows a peer-to-peer model that complements the activities taking place within the hospitals.

“the Going Places Network is designed to replicate the GPSN peer-to-peer strategy within teaching hospitals”

program report: gpsn About this program General Practice Students Network (GPSN) is a project that commenced in November 2007 with the purpose of promoting General Practice to medical students as a career and lifestyle option. It is the only peer-based marketing initiative that promotes General Practice that is currently active in Australia. Funding supplied by GPET has allowed GPSN to run local events that further student’s knowledge about General Practice and GP training as well as enhancing skills such as suturing and plastering. Since its conception GPSN has grown from strength to strength with local GPSN clubs now established in all 20 medical universities within Australia. A GPSN Student Survey conducted in 2009 indicated that GPSN has influenced student members’ awareness and exposure to the General Practice specialty training. GPSN continues to grow in both size and functionality as membership and recognition steadily increases through local events, national conferences and distribution of medical students’ publications.

Members of the GPSN National Executive 2009/2010 GPSN Chair – Kerry Summerscales, Flinders University, Final Year GPSN Vice Chair – Brooke Ah Shay, James Cook University, 4th Year GPSN National Secretary – Jane George, University of Notre Dame Fremantle, Final Year GPSN Publications Officer – Kristen Tee, University of Adelaide, 3rd Year

attendance across all these events is 4432. • Attendance and representation at the international WONCA conference in Cancun Mexico in May 2010. • GPSN Membership has grown progressively since November 2007. In the last financial year 1,192 new members have joined GPSN. Membership as of 30 June 2010 was 5025. • In July 2010 GPSN launched ‘GPSN Companion’ a pocket size clinical guide that can be used by students as a reference on GP Placements. • Administration, corporate governance, evaluation and reporting to deliver the above is supported by a team of over 80 volunteer staff in the form of student ambassadors, secretaries and executive officers and a robust national executive team under the guidance of GPRA management & Board.

Looking ahead The focus for 2010/11 will be on consolidating GPSN at all 20 medical campuses across Australia. We would also like to generate more public exposure about GPSN perhaps through national health campaigns and journal articles in medical publications.

Highlights and significant achievements • Ongoing involvement from key leaders in the sector including the Minister for Health & Ageing (The Hon. Nicola Roxon) who acts as the patron at the Annual National Conference and Prof Michael Kidd who is the Patron of the Network. • Strong collaboration with regional training providers and other stakeholder organisations to enhance interaction between medical students and GP organisations. • Annual National Breathing NEWLIFE conference where presidents of GP stakeholder organisations, 60 students and 40 GP registrars from around the country attended a national workshop conducted at the Parliament House in Canberra in March 2010. • National Council Meeting which bring together the executive of the GPSN clubs to encourage and motivate the clubs to better plan and deliver GPSN initiatives. This was held in March 2010. • 5,500 copies of ASPIRE Magazine: Annual Publication Designed to promote General Practice to students. Distributed across all medical universities and regional training providers in May 2010. • Ongoing monthly eNewsletters, website maintenance and marketing collateral to promote the GPSN on campus. • 49 local events across 18 universities during January 2010 – August 2010 with particular focus on orientation events and career seminars promoting General Practice. Combined total

PROGRAM REPORT: GPSN SCHWARTZ FIRST WAVE SCHOLARSHIP PROGRAM About this program

Highlights and significant achievements

A concept designed by GPSN founding chair Dr Joe Rotella, the GPSN Schwartz First Wave Scholarship Program has been recognised as a fantastic program to provide an early, positive exposure to General Practice for first and second year medical students. This Scholarship Program offers a unique way to allow students to get a taste of what General Practice has to offer by placing them under the guidance of enthusiastic GP registrars who can act as mentors and role models.

Growth of the program The GPSN Schwartz First Wave Scholarship Program has grown from strength to strength over the past three years: • An initial pilot of the program saw 23 students from 3 universities complete the program in 2008-2009. • A total 52 medical students from 14 universities across Australia completed the program during a second pilot in 2009-2010; this was made possible with sponsorship provided by 12 Regional Training Providers and funding from private sponsors. • With funding support from GPET, the program is set to expand further in 2010-2011.

Students undertaking the Clinical Scholarship complete 6 supervised clinical placement sessions typically over the summer holiday period, whilst students completing the Academic Scholarship complete 4 supervised sessions as well as work on a General Practice-related academic research project. GPRA run the Scholarship Program in collaboration with participating Universities and Regional Training Providers; Universities endorse and promote the scholarship on campus, whilst Regional Training Providers assist in coordinating the scholarship placements.

Supported by students & supervisors • The evaluation report of the 2009-2010 program showed overwhelming support of the program amongst both First Wave Scholars and participating Supervisors; as high as 96% of student respondents indicated that they ‘will definitely recommend’ the program and 92% of supervisor respondents felt that the program will benefit General Practice in the long-term. A unique General Practice experience • Students are placed with inspiring and enthusiastic Supervisors who are providing a quality General Practice exposure • Prior to embarking on their clinical placements, students attend an Orientation Workshop where they are provided with an overview of General Practice and get to hear from a range of inspiring GPs and registrars; in bringing all scholarship recipients together in one location, the workshop also creates a network of mutual support and enthusiasm for General Practice • Students complete their clinical placements in general practices across a range of locations including those in outer-metropolitan, regional and rural locations, thus the program offers opportunities in a range of settings.

Looking ahead The GPSN Schwartz First Wave Scholarship Program is set for a fantastic future with GPET funding GPRA to run the program for the next 3 years; up to 74 medical students from 16 universities will complete the program during the 2010-2011 academic year and by 2011-2012, GPRA hope to introduce the program in all 20 medical schools across Australia.

â&#x20AC;&#x153;the GPSN Schwartz First Wave Scholarship Program has been recognised as a fantastic program to provide an early, positive exposure to General Practice for first and second year medical studentsâ&#x20AC;?

Corporate Governance Report GPRA continues to build on the corporate governance charter that we first adopted in early 2009. This year the focus has been on maximising efficiency of Board meetings and creating new policy documents that devolve authority to management within a clearly articulated framework. Key areas have been around creating a robust delegation of authority document and sponsorship policy which defines different levels of decision making to ensure that the Board can discharge its monitoring and control function effectively. GPRA’s Corporate Governance Charter is the foundation for the corporate planning process. It clearly defines the roles, responsibilities and authorities of the Board of Directors, both individually and collectively. It provides an essential outline of the roles of the ultimate decision-makers in the organisation and details the decisionmaking process of the organisation. The Charter also outlines the expectations of the Board about critical policies such as risk management and the delegation of responsibility.

In particular this charter: • Assists the Company’s leadership to deliver good governance; • Acts as a point of reference; • Acts as an induction tool for new Directors and managers; • Creates a structure to deal with any difficult issues such as non-performance; • Ensures that areas such as succession planning, formal performance reviews etc are defined and followed up; and • Acts as a starting point for strategic planning. The following hierarchical chart illustrates the relationship between the Corporate Governance Charter and other key planning levels within GPRA. Whilst the Charter itself is still a work in progress, the structure has been created and GPRA are in the process of finalising its various components. The diagram below provides an overview of the contents of the Corporate Governance Charter document.

With the institution of the Corporate Governance Charter, GPRA has created specific committees on the Board to look at different aspects of corporate governance including Audit, Finance, Succession Planning, Director and Senior Management Evaluation and Remuneration, Risk Management and Strategic Planning. An overview of the meetings held in the last financial year is provided below.

Directorsâ&#x20AC;&#x2122; Meetings Record The number of meetings of directors (including meeting of committees of directors) held during the year and the number of meetings attended by each director were as follows: Board Meetings

Audit & Finance Committee

Remuneration & Nominations Committee

Number of meetings held Attended

Eligible to Attend

Attended

Eligible to Attend

Attended

Eligible to Attend

Belinda Guest (Board Chair)

Tim Francis

Joseph Turner

Manisha Fernando

Joanne Noble

Jennifer Mooi

Bennie Ng

Abhilash Varshney

Danika Fietz

George Forgan-Smith

Lana Prout

Mary Wyatt

Wicky Wong

Nominations & Remunerations Committee Report The Nominations & Remunerations (N&R) committee is an internal committee within the Board and has now been active for two years. The purpose of the N&R committee is to act on behalf of and provide recommendations to the Board on matters surrounding nomination and remuneration of the Board and the CEO. Some of the key areas that this committee focused on in the last 12 months include:

Induction plan for new Directors The committee worked closely with the CEO and has created an induction package for new Board Directors which includes key information about the organisation including an update on all current projects and obligations. The Committee also clarified performance targets and duties of directors during this process.

Succession planning for the Board The committee continues to monitor succession planning for the Board. In March, we saw the farewell of Director Manisha Fernando. Dr Fernando has been serving on GPRA’s Board for just over 2 years and during that time has been an invaluable contributor in areas of governance and policy. The committee conducted interviews to fill this position and appointed Dr Wicky Wong to fill the vacancy. Dr Wicky Wong will be presented for voting in by the members at the AGM.

Performance appraisal of CEO and Board Directors The committee prepared standard templates for CEO and Board Director performance. Performance reviews for individual Board Directors were conducted by the Chair in consultation with this committee. In addition a 360 degree feedback followed by a formal performance appraisal was conducted with the CEO for the first time. Looking ahead, the committee will be reviewing the overall Board composition as the current Board comprises a total of 9 members, since the addition of a Student and Pre-vocational directors last year. The committee continues to recognise that these positions have been invaluable in balancing GPRA’s Board function and planning the organisation’s strategic goals. Following appointment and confirmation of new Directors at the upcoming AGM in September 2010, the committee plans to further review the structure and composition of the Board in line with the remuneration of Directors, so as to ensure appropriate balance of these aspects of governance for the organisation. To this purpose, the committee will then table an adjusted Director Remuneration Policy accordingly. Dr Jennifer Mooi Chair, Nominations & Remunerations Committee

Review of HR structure The committee worked closely with the CEO and senior management team to look at optimum HR structure for the organisation. On the CEO’s recommendation, a new HR structure has been implemented which takes into account our resources, operational priorities, and aligns with the organisation’s vision and objectives in the next triennium.

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 notes thereto give a true and fair view of the Companyâ&#x20AC;&#x2122;s financial position as at 30 June 2010, and of the performance of the Company for the year ended 30 June 2010; 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 Belinda Guest Chair

Finance Report Background

The Year in Review

GPRA was established as an independent body in 2001, in conjunction with the regionalisation of the GP training program, under a funding grant from the Department of Health and Ageing to provide ongoing support to GP Registrars. In 2004 GPRA moved to a step-down funding model with a view to gradually moving towards financial independence. Multiple funding arrangements have been used during this time including a core funding model, a project-based funding model as well as a hybrid of both of these. Over the past three years, GPRA has matured as an organisation and continues to meet and exceed organisational and government goals and objectives.

GPRA continues to grow as an organisation and the 2009-2010 fiscal year saw a 56% expansion of our previous budget. The growth was largely linked to the start of the new Going Places Program accompanied by a modest increase in sponsorship revenue. GPRA remains in a very positive position with minimal liabilities and a strong net asset base. This will allow for critical expansion of staff required to deliver the new projects.

In the 2008-2009 financial year, GPRA has successfully negotiated a new core funding contract with the Department of Health and Ageing to support GP Registrars during their training by offering targeted services. In line with the organisationâ&#x20AC;&#x2122;s vision, GPRA has identified numerous projects aimed at promoting General Practice as a specialty of choice that have attracted specific project-based funding. In 2009-2010 GPRA conducted an extensive external review of these projects and has successfully negotiated a 3-year consolidated contract with General Practice Education & Training (GPET) Ltd which combines these projects together. This new contract brings together three key initiatives, the General Practice Student Network (GPSN), the GPSN Schwartz First Wave Scholarship Program, and the Going Places GP network based on a peer-to-peer marketing strategy to promote General Practice to future entrants.

FY 2009-2010

The comparison with previous years indicates that GPRA has steadily increased its revenue in the last few years which is indicative of new projects that GPRA is currently delivering. The strong growth is underpinned by a healthy asset base which puts the organisation in a strong financial position.

FY 2008-2009

FY 2007-2008

FY 2006-2007

Total Income

$1,851,678

$1,181,251

$933,401

$535,578

Total Expense

$1,834,793

$1,097,750

$848,446

$474,402

$16,885

$85,993

$84,955

$61,300

as at 30/06/10

as at 30/06/09

as at 30/06/08

as at 30/06/07

$515,026

$609,110

$433,828

$347,029

$4,311

$5,487

Operating Profit

Current Assets Non-current Assets Total Assets

$515,026

$609,110

$438,140

$352,516

Current Liabilities

$130,094

$179,392

$91,923

$91,254

Retained Earnings Net Assets

$368,046

$343,724

$261,261

$196,351

$384,932.43

$429,717

$346,217

$261,262

â&#x20AC;&#x153;Over the past three years, GPRA has matured as an organisation and continues to meet and exceed organisational goals and objectives.â&#x20AC;?

Finance Report (ConTINueD)

Revenue Sources GPRA continues to diversify our revenue portfolio. In 2009 -2010 GPRA received 17% of our revenue from the Department of Heath & Ageing (DoHA). 54% revenue was from GPET to deliver the GPSN and Going Places projects. The balance 29% was raised through

$62,314

sponsorships, donations and advertising activities. Having diversified revenue sources ensures that we can spread the organisation’s financial risk.

$25,000 $6,000 $9,282 $59,841

$318,182

$368,760

$510,000 $492,300

 GPRA Core Funding - DoHA  GPSN Core Funding - GPET  Going Places Core Funding - GPET

 Sponsorships Income  Advertising  Events Income

 Donations  Special Projects  Interest Earned

Expenses spread across the key projects around GPRA, GPSN and Going Places Network. Special projects include self-care resources and exam related resources that we are currently in the process of developing to offer more services across our member segments.

The “Expense” categories reflect the current focus of GPRA across promoting General Practice to medical students and pre-vocational doctors in line with the revenue streams. The remuneration portfolio has grown substantially as we take on new projects and this is evenly

$10,091

$223,890

$767,699

$521,989

$283,407

$27,718

 GPRA Expenses  Board Expenses

 GPSN Expenses  Remuneration Expenses

GPRA’s Board and management are committed to ensuring the financial sustainability of GPRA, and our affiliates, into the foreseeable future. In order to ensure that GPRA continues to function as the primary organisation for medical students, pre-vocational doctors and GP Registrars on education, training and workforce issues, we need the continued support and involvement of our members.

 Going Places Expenses  Special Projects

If you are interested in joining the GPRA Finance committee please contact us at chair@gpra.org.au

External Auditor's Report Scope The Financial Reports and Members’ Responsibility The financial reports presented for audit indicate the financial performance and financial position of the Company for the year ended 30 June 2010. Our audit is based on the supporting data presented to us by the members of the Company. The members of the Company 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 Company is a non reporting entity and that the financial reports are therefore 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 Company’s financial reporting requirements and are appropriate to meet the needs of the users of these reports. No opinion is expressed as to whether the accounting policies used are appropriate to the needs of the users of the financial reports. Audit Approach We conducted an independent audit of the completed financial reports in order to express an opinion of them to the members of the Company. Our 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.

Whilst we considered the effectiveness of management’s internal controls over financial reporting when determining the nature and extent of our procedures, our audit was not designed to provide assurance on internal controls. We 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 of the business plans or strategies adopted by the members and management of the Company. Independence We are independent of General Practice Registrars Australia Limited 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 our opinion, the financial reports of General Practice Registrars Australia Limited: (a) give a true and fair view of the Company’s financial position as at 30 June 2010 and of its performance for the year, which includes its surplus and cash flow for the for 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.

Toni Livich PNA (124479) Lyra Livich & Associates 7 August 2010

We performed procedures to assess whether in all material aspects 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 our understanding of the Company’s financial position and of its performance which is represented by the results of its operations. We formed an 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 Company’s members.

Financial Statements Statement of cashflows - July 2009 through June 2010 Cash Flow from Operating Activities Net Income

$16,885.60

Trade Debtors

($18,579.83)

AMEX Corporate

($1,364.81)

AMEX Chair

($527.66)

Trade Creditors

$19,625.11

GST Collected

$33,525.51

GST Paid

($8,697.24)

Payroll Accruals Payable

$16,815.58

PAYG Withholding Payable

$11,875.32

Provision for Holiday Leave

$32,488.30

Retained Earnings

($61,670.17)

Net Cash Flows from Operating Activities

$40,375.71

Cash Flow from Investing Activities Net Cash Flows from Investing Activities

$0.00

Cash Flow from Financing Activities Net Cash Flows from Financing Activities

$0.00

Net Increase / Decrease for the period

$40,375.71

Cash at the Beginning of the period

$394,659.06

Cash at the End of the period

$435,034.77

Financial Statements (ConTINueD)

Balance Sheet - as of June 2010 ASSETS Current Assets Cash On Hand Grant Account

$70,629.34

Sponsors Account

$311,727.42

Portfolio Account

$13,059.03

Members Account

$11,113.20

GPSN Emerchant Accounts

$28,505.78

Total Cash On Hand

$435,034.77

Trade Debtors

$79,992.00

Total Current Assets

$515,026.77

TOTAL ASSETS

$515,026.77

LIABILITIES Current Liabilities Credit Cards AMEX Corporate

($210.58)

AMEX Chair

($527.66)

Total Credit Cards

($738.24)

Trade Creditors

$19,625.11

GST Liabilities GST Collected

$68,735.51

GST Paid

($25,877.24)

Total GST Liabilities

$42,858.27

Payroll Liabilities Payroll Accruals Payable

$16,815.58

PAYG Withholding Payable

$19,045.32

Provision for Holiday Leave

$32,488.30

Total Payroll Liabilities

$68,349.20

Total Current Liabilities

$130,094.34

TOTAL LIABILITIES

$130,094.34

NET ASSETS

$384,932.43

EQUITY Retained Earnings

$368,046.83

Current Year Earnings

$16,885.60

TOTAL EQUITY

$384,932.43

Profit & Loss = Assets - Liabilities Please note that this report shows amounts excluding tax.

Profit & Loss Statement - July 2009 through June 2010 INCOME GPRA Core Funding - DoHA

$318,181.83

GPSN Core Funding - GPET

$510,000.00

Going Places Core Funding - GPET

$492,300.00

Sponsorships Income

$368,760.00

Advertising

$62,314.47

Events Income

$59,840.87

Donations

$25,000.00

Special Projects

$6,000.00

Interest Earned

$9,281.67

Total Income

$1,851,678.84

Cost of Sales

$0.00

GROSS PROFITÂ

$1,851,678.84

EXPENSES GPRA Expenses

$223,889.95

GPSN Expenses

$521,989.07

Going Places Expenses

$283,407.40

Board Expenses

$27,717.65

Remuneration Expenses

$767,698.58

Special Projects

$10,090.59

Total Expenses

$1,834,793.24

Operating Profit

$16,885.60

Other income Other Expenses Net Profit / (Loss)

$16,885.60

NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 June 2010 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 which has not been complied with.

Likely developments and future results The Company anticipates that it will maintain a positive financial position in 2010/2011. The Company is continually updating, reviewing and improving its management and governance practices to ensure that the objectives of the Company and its Directors are met. With the inclusion of new projects there is significant scope for growth in the next financial year.

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.

Proceedings on behalf of the Company No person has applied to the Court under section 237 of the Corporation’s 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.

Summary of significant accounting policies General Practice Registrars Australia Ltd. (GPRA) is a public Company limited by guarantee and incorporated under the Corporation’s 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; and 5. 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:

Principal activities The principal activities of GPRA through 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 continuums in line with the Company’s constitution. Specifically, the two main projects, the GPSN and Going Places, are directly aimed at promoting General Practice as a preferred career choice to medical students and prevocational doctors. A copy of the constitution is available from our website at www.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.

Tax Concessions

From

GST Concession

1 July 2005

FBT Exemption

1 July 2005

Income Tax Exemption

23 February 2004

Deductible Gift Recipient

1 July 2005

Statement of compliance The finance report is a general purpose financial report which has been prepared in accordance with the Corporation’s 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

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.

The financial report has been prepared on the basis of historical cost. GPRA does not have any significant fixed assets to impact on the accounting reports. The accounting policies set out below have been applied in preparing the financial statements for the year ended 30 June 2010.

1.2 Impairment of assets Assets are mainly cash or cash equivalents and are not liable for impairment.

Significant accounting judgements, estimates and assumptions

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.

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.

1.4 Fixed assets GPRA does not own any fixed assets in relation to land and buildings. 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. As can be seen a number of these have been depreciated to zero in the current financial year and will be removed from future statements.

Changes in accounting policies This year GPRA has switched to an accrual basis of accounting for the financial statements. As the organisation has expanded significantly over the last 12 months a cash basis would no longer represent a true and fair picture of the affairs of the organisation. The new accrual basis of accounting is a more accurate representation of the accounts. Income and expenses related to certain key projects still continues to be recorded separately as per contractual obligations with the funding body.

1.5 Non-current assets GPRA does not recognise any good will or any other forms of intangibles in the organisationâ&#x20AC;&#x2122;s accounting policies.

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 accrual basis for accounting. Given the volume of transactions, it has been determined that using the accrual basis presents the most accurate picture of the accounts. 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 expense cards for student clubs represent unspent cash available to individual clubs and have been included under current assets. 1.1.2 Accounts receivable & withholding credits Account receivables are recognised and carried at original invoice.

1.6 Current & non-current liabilities Current liabilities represent trade creditors, superannuation payments and GST collected. GPRA does not have any borrowings or any other non-current liabilities. 1.7 Income & profit The income includes revenue generated from operating activities, including sponsorship and advertising and specific project funding received from the Department of Health and Ageing and General Practice Education and Training (GPET). Cash flows from operating activities capture all types of income including special project funding. 1.8 Expenses Expenses have been split as per cost centre. Special provisions have been made to separate the GPSN and GP Compass-related expenses in line with contract reporting requirements with GPET. All income and expenses related to these projects have been recorded separately. 1.9 Leases Operating lease payments are expensed in the income statement as incurred.

General Practice Registrars Australia 1300 131 198 â&#x20AC;˘ enquiries@gpra.org.au â&#x20AC;˘ www.gpra.org.au