GPRA08ANNUALREPORT

GENERAL PRACTICE REGISTRARS AUSTRALIA

Directors’ Declaration 03

Chair’s Report 04

CEO’s Report 06

Finance Director’s Report 09

Statement of Cashflow 13

Balance Sheet 14

Profit & Loss Statement 16

CONTENTS

DIRECTORS’ DECLARATION

In the opinion of the directors of General Practice Registrars Australia Ltd (GPRA),

(a) the financial statements, and the notes thereto, comply with accounting standards and the Corporations Law; (b) the financial statements and notes thereto give a true and fair view of the financial position as at 30 June 2008, and of the performance of the Company for the year ended 30 June 2008; 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 Naomi HarrisChair 18 August 2008

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ChAIR’S REPORT

2008 has again been a busy and exciting year for GPRA. The biggest change has been the move of our office from Perth to Melbourne. I must extend appreciation to our CEO and his partner for relocating across the country and allowing a very smooth transition for GPRA. Since moving to Melbourne we have had an increase in staff numbers and the new eastern seaboard location has made it easier for most of us to do business without a two hour time difference to correct for!

We now have a dedicated business office in Queens Road, Melbourne where we are operating and administering GPRA services and product development, and also administering GPSN, our student network.

Again the year kicked off in Canberra with our second Breathing NEWLIFE into General Practice Summit at Parliament House. This year was a much larger summit co-hosted by GPRA, GPSN and GPET. We were able to attract higher numbers and, with the support of GPSN and GPET, we were able to involve not only Registrars but also a number of our GPSN student members. Due to ill health I was not able to attend this year but from all reports (and photographs) it was again a success and I am pleased to announce that in 2009 Breathing NEWLIFE will not only continue but will have a new model to ensure that leading edge concepts in relation to General Practice will be the focus.

Our largest continuing product has been our publications and this year we were fortunate to have an individual editor for each guide. I would like to publicly thank Dr Emily Walsh (The Registrar Guide), Dr Jason Ong (Pre-Vocational Guide) and Mr Joe-Anthony Rotella (Aspire) for the hard work that they dedicated to these invaluable resources.

We have had continually positive feedback on the guides and they are becoming sought-after by workforce and recruiting agencies, hospitals and medical schools. Our out-of-house staff who work on these and other publications for GPRA, Rebecca Siero and Jan Walker have assisted greatly in their success.

The change in Government in November last year was a slightly nervous time for GPRA as we had developed strong ties with the office of The Hon. Tony Abbott. I am pleased to announce that Amit and I have been fortunate to continue the close relationship with the Health Minister’s office since The Hon. Nicola Roxon assumed the role in November following Labor’s federal victory. We have had a number of face-to-face meetings and are in frequent contact with the minister’s office. This is pleasing as we are gaining feedback from Ms Roxon’s office and are frequently asked for opinions on various topics.

When the Federal Budget was announced earlier this year, the PGPPP, a program GPRA strongly supports that involves junior hospital doctors in General Practice rotations, was hit extremely hard by funding cuts. There is still work being done to develop a new funding plan to ensure that the program continues successfully. As the GPRA representative on the National Advisory Council, I will be staying in this position and frequently reporting back to GPRA as progress is made. The council’s activities have temporarily slowed as we are awaiting advice from the minister’s office.

GPRA remains in a strong position with the stakeholders of General Practice throughout Australia. We are continually involved in commenting and participating in discussions and developments which will have an impact on Registrars throughout Australia. We have seen a large increase in this area over the last 12 months and there are now few relevant issues where GPRA is not consulted. This is something of which we, as General Practice Registrars, can be immensely proud. Our voice is being heard and will continue to be if we maintain integrity and ensure active participation by our members.

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I will close this annual report with a few personal thank yous. Thank you to Amit and Surhbi, Kate, Margo, Rebecca and Janice, our brilliant management team who not only hold GPRA together in a business sense but have managed to allow me to work largely from home in rural Victoria. Thank you to my Board of directors who have been amazing this year for supporting me through severe illness and having the passion to lead this organisation. To the Advisory Council, including our RRADO, RROC and RROB, national representatives and RLOs, we have had great discussions over the last 15 months and I encourage you to continue to make a difference. I would also like to thank every single General Practice Registrar throughout Australia for allowing me the privilege to represent you. I am heading to a new role shortly but will not forget the time I have spent as Chair of GPRA.

Dr Naomi Harris, MBBSChair, GPRA

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GPRA remains in a strong position with the stakeholders of General Practice throughout Australia. We are continually involved in commenting and

participating in discussions and developments which will

have an impact on Registrars throughout Australia. We have seen a large increase in this area over the last 12 months and there are now few relevant

issues where GPRA is not consulted.

CEO’S REPORT

A strong emphasis on promoting General Practice as a specialty of choice, stakeholder relationships and vertical integration have been the guiding principles of GPRA in 2008. GPRA continues to grow rapidly as an organisation with significant additions to our portfolio as we launch new projects and cement existing ones.

There has been a significant 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 market. The launch of GPSN has initiated the biggest marketing drive in our history to position General Practice as the specialty of choice and actively promote the profession to future entrants.

We are at a point where our services to members have surpassed historical benchmarks and we are increasingly looking at providing support and access to non-core services in the form of education, professional development and access to personal resources.

Some of the 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.

SIGNIFICANT AChIEVEMENTS IN ThE PAST 12 MONThS INCLUDE: Government contractual obligationsGPRA has continued to meet and exceed the requirements of our current funding contract with DoHA. 2007 was to be the final year of government funding according to our initial contract. However, GPRA has successfully launched a number of new initiatives and projects that have received further financial support from DoHA and we are currently working closely with the Department on new projects that will receive further commonwealth funding. GPRA has been granted the contract to administer GPSN and has consistently delivered on all performance measures. GPRA continues to be an industry leader in many areas and has gained the respect and cooperation of a number of government departments. GPRA’s strength continues to be in employing a grassroots solution-focused approach that delivers measurable value to the commonwealth.

General Practice Student NetworkGPRA, in collaboration with the Australian Medical Students Association (AMSA), announced the launch of the General Practice Student Network on 4 May 2007. Since then, GPSN has grown dramatically and now boasts a membership equal in size to GPRA’s core membership and will soon surpass it.

GPSN has now established a presence in 18 of the 19 medical universities across the country and received $1million of commonwealth support to promote General Practice to current

and future medical students. GPSN has become the largest student network supporting General Practice in Australia and continues to focus on new innovative ways of promoting collegiality among Registrars and medical students.

Good relationships with stakeholdersGPRA has continued to foster good relationships with all relevant stakeholders including RACGP, ACRRM, GPET, AMA, AMSA, GPSN, AGPN, RDAA and the NGPSA. This is constantly reflected in the form of active representation on a number of committees and calls to comment and provide feedback on current issues. In some cases GPRA has facilitated these organisations to help meet their objectives. In recent months we have forged new relations with NRHN and RHWA and are currently working towards identifying synergies and working together. At a regional level, GPRA continues to liaise closely with the RTPs and has regularly attended the RTP CEO meeting to build a closer relationship with them. We have developed good links with the rural workforce agencies and with the Divisions of General Practice in our attempt to address a wider range of issues concerning General Practice. These groups have been instrumental in assisting us with the successful implementation of GPSN.

Increased market and media awareness GPRA has had multiple media releases in the last 12 months focusing on a variety of areas. The Breathing NEWLIFE into General Practice conference held at Parliament House, Canberra earlier this year provided widespread industry exposure and relevance. Supported by The Hon. Nicola Roxon, Minister for Health and Ageing, Department of Health and Ageing and GPET, this conference was the first of its kind to bring together Registrars and medical students with current industry leaders to discuss issues facing General Practice. GPRA also continues to receive increasing number of queries from journalists and stakeholder organisations and is frequently invited to comment on issues. The Board and management have been featured regularly in the medical press and have been asked to comment on a number of issues. We have secured partnership deals with Medical Observer and Australian Doctor to have access to advertising space in their publications.

Increased revenue streams including sponsorshipGPRA has met its financial targets in the last 12 months with revenue generated from sponsorships, advertising and donations. This has largely been facilitated by a continued focus on delivering new projects that align with our core values and vision. However, GPRA still needs to substantially increase the current revenue streams to ensure financial viability beyond 2009. We have added new sponsors to our network and are working with a variety of organisations to provide enhanced services to GPRA members.

Increased number of products and services provided to RegistrarsGPRA has been working hard to increase relevance across the industry and launch new initiatives that will not only offer support to different stakeholders but also introduce new revenue streams that will enable us to achieve financial independence.

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GPRA healthed partnership: GPRA has partnered with Healthed, the provider of Australia’s most popular GP seminars. All GPRA members will be able to attend Healthed’s seminar series at a heavily discounted registration price. In addition, a number of free registrations are also being offered on a first come first served basis to most seminars. These seminars are consistently reviewed as high quality and practically relevant to General Practice. They feature leading specialist experts who present independent and up-to-date information on topics selected by Australian GPs. In future, Registrars will also be able to download video podcasts and online educational material supplied by Healthed.

Publications: At GPRA we have continued our focus on providing information across all continuums via our targeted publications. These publications are aimed at integrating our strategy to have a presence at all levels of the industry and increase the profile of the profession with hospital doctors and medical students.

GPRA Future Series: GPRA’s Future Series has been a popular event for non-clinical support of Registrars. This year’s event is co-badged with the RACGP ASC/WONCA conference and will be held in October in Melbourne. A complete revamp of the social and professional program ensures that this will become one of our most popular events in the future.

Online Exam Resources (OER): The OER initiative is progressing. We have been hindered by a lack of case reviewers in the past. However, a new team of case moderators has just commenced work and we now have over 35 new cases uploaded and ready to use.

GPRA – Qantas Club corporate account: GPRA continues to provide access to the Qantas Club at reduced rates for GPRA members. The savings offered to Registrars by participating in this program as a GPRA member are in excess of $200 per annum. These rates are comparable to what is available to AMA/RACGP members through their membership program.

Practice Pages™: The online portal for this resource is now fully operational. This resource will remain free until we have sufficient listings on the website.

Mentors Program™: The online platform for the new Mentors Program is now functional and has become a part of the support to GPSN members. We are in process of determining new ways to enhance delivery and uptake of this resource.

Enhanced features on GPRA website: Significant advancement has been made in our online capability with the launch of the new website at the start of 2007. Significant additions to the website will include the implementation of a new online eJournal to capture industry relevant grey literature.

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•BREATHING

NEW LIFEINTO GENERAL

PRACTICEfoundation sponsor

07

A strong emphasis on promoting General Practice

as a specialty of choice, stakeholder relationships

and vertical integration have been the guiding principles

of GPRA in 2008.

GPRA continues to grow rapidly as an organisation with significant additions to our portfolio as we launch new projects and cement

existing ones.

Increased number of products provided to RLOsThe RLO Pack was successfully launched in March this year as a means of support for new and current RLOs. The RLO Pack is seen as a continually evolving document with regular updates from the GPRA Board and management. The pack can be individualised to meet the requirements of individual RTPs, and RLOs are encouraged to add relevant documents to facilitate easy handover to incoming RLOs. The twice yearly face-to-face meetings continue to be an important forum to discuss issues across different regions. These have proved to be vital to the running of the company.

GPRA intends to provide more support to Registrars sitting on different boards in RTPs and to encourage them to liaise with the RLOs on various agendas. GPRA is aware of the critical role the RLOs and the Advisory Council play in helping us remain a truly independent voice for Registrars and encouraging active participation.

Links with our potential and future members GPRA recognises the importance of vertical integration and the need to increase our profile among doctors from very early stages. GPSN forms the vital link with our future members and we are constantly providing new networking opportunities to bring Registrars and students together. GPRA is also engaging with the Australian Medical Students Association (AMSA).

Increased research focus GPRA Registrar survey benchmarking study: GPRA has completed work on the initial phase of the research involving Registrars and the report has been published. The next phase of the research would be conducted with medical students and will look at career choices and attitudes within this cohort. Funded by the Department of Health and Ageing, The Schwartz Foundation and key sponsors such as the Independent Practitioners Network, this research will have real impacts on the training environment in the future.

GPRA Board members The GPRA Board has continued to provide strategic direction during this time of growth under the guidance of our Chair, Dr Naomi Harris. New additions to the Board include Dr Belinda Guest and Dr Manisha Fernando who bring a wealth of experience in the areas of academia, research and policy. The current Board of directors includes:

Dr Naomi Harris Dr Jason OngDr Tristram Duncan Dr Joseph TurnerDr Tim Francis Dr Belinda GuestDr Evan Grambas Dr Manisha Fernando At the AGM on 31 August GPRA will bid farewell to the following directors: Dr Naomi Harris, Dr Tristram Duncan, Dr Evan Grambas and Dr Jason Ong. GPRA thanks them for their invaluable contribution and looks forward to welcoming a set of new directors. The new Board will be announced after the AGM.

GPRA management teamGPRA has a committed team that enables us to provide support and services to Registrars and medical students. GPRA’s continued growth and success is underpinned by the hard work of our staff and I would like to extend a note of personal thanks to them all.

Ms Margo Field, Resource Development Manager Ms Kate Marie, Business Development ManagerMs Surbhi Murgai, GPSN Project ManagerMs Janice Lim, Marketing and Communications OfficerMs Rebecca Qi, Accounts and Administration Officer

Registrars, pre-vocational doctors and medical students represent the future of primary care in Australia. With a renewed focus on providing a sustainable primary care workforce for Australia, GPRA is positioning itself as a strong advocate for promoting General Practice as a specialty of choice. A firm commitment to taking a grassroots approach, staying solution-focused, enhancing services to Registrars, pre-vocational doctors and medical students and building stakeholder value ensures that it will be an exciting year for GPRA in 2008-2009.

Amit Vohra MAICDGBQ, MBA (Dist.)Chief Executive Officer

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CEO’S REPORT (continued)

FINANCE DIRECTOR’S REPORT

BackgroundGPRA was established as an independent body in 2001 in conjunction with the regionalisation of the training program under a funding grant from DoHA 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 and a hybrid combining both. Over the past three years, GPRA has matured as an organisation and continues to meet and exceed organisational and government goals and objectives. During this time GPRA has had an increasing focus on financial independence and has gradually reduced reliance on federal funding as the sole source of revenue for the organisation.

We have leveraged our networks and created substantial revenue streams using sponsorships and advertising. In addition, GPRA has identified numerous projects that have attracted specific project-based funding to implement new initiatives aimed at promoting General Practice as a specialty of choice. At present GPRA generates over $300,000 from corporate sponsorships, donations and advertising across a variety of new products that have been developed to support the sector. This is in excess of the original funding received from the Department.

Currently GPRA has a renewed focus in addressing GP workforce shortages and has been successful in launching a number of new initiatives in this direction. These include:

GP promotion publications targeting medical students and pre-vocational doctors

Mentoring Program to link future entrants to Registrars in the training program

General Practice Students Network (GPSN) to promote General Practice to students

GPSN Schwartz First Wave Scholarship Program to provide early exposure to General Practice

As a result of these initiatives GPRA has a significantly expanded budget for the coming years. At the same time we have found that our revenue generation via sponsorships and advertising has now reached a plateau. GPRA is currently working closely with the Department to innovate in the sector and deliver grassroots-driven solutions. In this expanded role, GPRA will need to continue to rely on some level of federal funding to complement revenue generated through sponsorships. Discussions to secure this funding are ongoing and are progressing well.

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Government core fundingGPRA has been on a step-down core funding contract with the federal government which ended on 31 December 2007. Total funding received from the government as part of this core funding contract is outlined below:

Total funds from DoHA

Jan-Dec 2005$350,000

Jan-Dec 2006$210,000

Jan-Dec 2007$100,000

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Government project-based fundingIn light of GPRA’s expanding focus and commitment towards promoting General Practice as a specialty of choice, GPRA has secured additional project-based funding totalling $144,426 in the 2007-08 financial year.

In addition to the above, GPRA has been appointed to administer the General Practice Students Network (GPSN) with the primary aim of promoting General Practice across all medical universities in Australia. This project has a total budget of $1 million to the end of the December 2009. $360,000 of this has been received in the 2007-08 financial year.

New projects totalling

$144,426 in 2007-08

financial year+

GPSN project funding

$360,000 in 2007-08

financial year

The project-based funding approach remains an interim arrangement while we explore other funding models with the federal government in light of GPRA’s expanded role. While DoHA has encouraged GPRA to source independent sources of revenue to gain financial independence, this does not mean that GPRA will not get any funding from the commonwealth. GPRA is progressively moving towards a consolidated funding arrangement with DoHA to allow for more streamlined funding of current and future initiatives.

Over the past three years, GPRA has matured as an organisation and continues to meet and exceed organisational and

government goals and objectives.

ThE YEAR IN REVIEw

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Financial year 2007-08 produced a healthy financial performance.

GPRA’s financial performance in summary:A sizeable net surplus for FY2007-08 in comparison to previous years is indicative of the new revenue streams that GPRA projects have produced. While there is a slight drop in net surplus this is primarily due to projects running over a calendar year as opposed to a financial year. The current financial statements as shown are currently being audited and the final auditor’s report will be lodged with DoHA and ASIC shortly. A breakdown of income and expenses is shown.

Dr Evan GrambasFinance Director

INCOME BY COST CENTRE - FOR YEAR ENDING 30/6/08

ExPENSE BY COST CENTRE - FOR YEAR ENDING 30/6/08

Notes: Income and expenses have been classified according to functional cost centres. + “Publications” income is the total received from all three GPRA publications. ~ GPSN expenses have been recorded separately to ensure there is separate accounting for funds received for this project.^ ICT cost centre includes development on GPRA website, eNewsletter, OER and Practice Pages. * “Board Costs” and “CEO” include expenses for travel, accommodation and meals; telephone/ teleconferences; and administration.# “Professional Services” includes expenses for accounting, auditing, insurance and consulting services.

Continued overleaf

Donation

Website

Subscriptions Income

Sponsorships

Memberships and Events

Interest Received

Government Grants - GPSN

Government Grants

General Publications

Future Series Workshop

Expenses Reimbursed

E-Newsletter

Government Grants$131,296

+General Publications $122,003

Interest Received$33,070

Membership & Events$7,573

Sponsorships$189,753

Subscriptions Income$4,163

Website$2,803

Donation$30,000

Government Grants - GPSN$360,000

Futures Series Workshop$14,000

Expenses Reimbursed$35,148

E-Newsletter$3,588

Donation

Website

Subscriptions Income

Sponsorships

Memberships and Events

Interest Received

Government Grants - GPSN

Government Grants

General Publications

Future Series Workshop

Expenses Reimbursed

E-Newsletter^Information & Communication

Technology (ICT)$16,206

*Chief Executive Officer (MD)$14,488

#Professional Services (PS)$39,674

*Board(BD)$18,301

GPRA Research$30,310

Events / Meetings (EV)$68,840

Administration & Marketing$97,515

Human Resources$210,602

~GPSN General Expenses$352,508

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There has been a significant reduction on reliance of core government funding for GPRA activities. Only 14% or the income received for GPRA came from government funding. Sponsorships generated 20% and publications a further 13 %. GPSN remains a fully funded initiative and constituted 38.5% of total revenue. The current revenue indicates a strong move towards financial independence and all core advocacy and representation activities are now self-funded. Federal support for initiatives such as GPSN is both essential and welcome as these are | targeting significant workforce issues that would normally fall under the commonwealth umbrella. GPRA continues to work closely with the Department of Health and Ageing to identify other solution focused projects that will deliver a sustainable primary care workforce in Australia.

The chart below indicates different sources of revenue from past years

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 on behalf of medical students, pre-vocational doctors and GP Registrars regarding education, training and workforce issues we need the continued support and involvement of our members. If you have any ideas for generating new funding or you are interested in joining the GPRA Finance Committee please contact us at enquiries@gpra.org.au.

2003-04 2004-05 2005-06

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

(Financial Year)

(%)

Income Source by %

Sponsorships

Publications

Memberships & Events

Interest Received

Donation Income

Government Grants

Expenses Reimbursed

Electronic Media

Activities Income

Government Grants - GPSN

New Projects

Total Media (eNewsletter, Website, Direct Mail)

2006-07 2007-08

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STATEMENT OF CAShFLOw - 1 July 2007 through 30 June 2008

Net Income $84,955.09

Accounts Receivable $20,835.49

Sundry Equip Accum Dep -$399.07

RACGP-Low Value Pool Accum Dep -$246.00

Decline in Value -$530.00

Trade Creditors -$32.50

Creditors & Accruals -$58,200.00

Employee PAYG Payable -$6,401.08

GPRA Employee SGC Super Payable -$3,504.84

GPSN Employee SGC Super Payable -$2,403.34

Tax Collected from Sales $46,443.57

Tax Paid on Purchases -$54,803.12

Retained Earnings $27,390.40

Net Cash Flows from Operating Activities $53,104.60

Cash Flow from Investing Activities

Net Cash Flows from Investing Activities $0.00

Cash Flow from Investing Activities

Net Cash Flows from Financing Activities $0.00

Net Increase/Decrease for the Period $53,104.60

Cash at the Beginning of the Period $247,142.00

Cash at the End of the Period $300,246.60

Cash Flow from Operating Activities

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BALANCE ShEET - as of 30 June 2008ASSETS Current Assets Cash on hand

Macquarie - DGR $2,603.25

Macquarie - Grant A/c $35,711.63

Macquarie - Membership A/c $121,818.72

Macquarie - Sponsorship A/c $98,597.66

CBA - Membership A/c Booragoon $9,152.60

AMEX Naomi Harris -$486.45

AMEX Amit Vohra $2,940.69

AMEX Rachael Sutherland $427.58

AMEX Joe Rotella -$33.86

Emerchants Host Account $13,741.00

GPRA Admin & Acc Officer eMerchants Expense Card $1,059.17

GPRA Chair eMerchants Expense Card $400.00

GPRA Mktng & Comm Officer eMerchants Expense Card $789.17

GPRA RDM eMerchants Expense Card $400.00

GPSN Monash eMerchants Expense Card $114.57

GPSN Adelaide eMerchants Expense Card $1,131.40

GPSN ANU eMerchants Expense Card $200.00

GPSN Bond eMerchants Expense Card $1,000.00

GPSN Chair eMerchants Expense Card $1,002.63

GPSN Flinders eMerchants Expense Card $1,125.52

GPSN Griffith eMerchants Expense Card $1,958.20

GPSN JCU eMerchants Expense Card $759.70

GPSN Melbourne eMerchants Expense Card $200.00

GPSN Newcastle eMerchants Expense Card $737.63

GPSN Notre Dame eMerchants Expense Card $1,250.35

GPSN NS eMerchants Expense Card $400.00

GPSN NSW eMerchants Expense Card $316.06

GPSN PM eMerchants Expense Card $203.55

GPSN Sydney eMerchants Expense Card $1,011.82

GPSN Tasmania eMerchants Expense Card $417.50

GPSN UQ eMerchants Expense Card $413.12

GPSN Vice Chair eMerchants Expense Card $400.00

GPSN WA eMerchants Expense Card $191.61

GPSN Wollongong eMerchants Expense Card $100.09

GPSN WSyd eMerchants Expense Card $191.69

Total Cash on hand $300,246.60 Accounts Receivable $79,508.51 Unallocated Deposits -$893.71

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RACGP Gift

RACGP Gift - Computers $8,494.00

RACGP - Computers Accum Dep -$8,494.00

RACGP Gift - Low Value Pool $3,349.00

RACGP-Low Value Pool Accum Dep -$3,349.00

Total RACGP Gift $0.00

Low Value Pool

Low Value Pool $3,252.00

Decline in Value -$3,252.00

Total Low Value Pool $0.00

TOTAL FIxED ASSETS $4,311.72

TOTAL ASSETS $438,140.50

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withholding Credits

TFN withholding Tax $437.00

Tax Paid on Purchases $54,530.38

Total withholding Credits $54,967.38

TOTAL CURRENT ASSETS $433,828.78

Fixed Assets Computer

Computer at Cost $18,484.67

Computer Accum Dep -$14,172.95

Total Computer $4,311.72

Sundry Equipment

Sundry Equipment at Cost $1,381.61

Sundry Equip Accum Dep -$1,381.61

Total Sundry Equipment $0.00

Software

Software at Cost $2,311.63

Software Accum Dep -$2,311.63

Total Software $0.00

LIABILITIES Current Liabilities

Employee PAYG Payable $6,401.08

GPRA Employee SGC Super Payable $3,504.84

GPSN Employee SGC Super Payable $2,403.34

Tax Collected from Sales $46,443.57

Trade Creditors $33,170.65

Total Current Liabilities $91,923.48

TOTAL LIABILITIES $91,923.48

NET ASSETS $346,217.02

EQUITY Current Earnings (My Profit) $84,955.09 Retained Earnings $261,261.93

TOTAL EQUITY $346,217.02 Profit & Loss = Assets - Liabilities Please note that this report shows amounts excluding tax.

Income

Donation $30,000.00

eNewsletter $3,588.18

Expenses Reimbursed $35,148.42

Future Series Workshop $14,000.00

General Publications $122,003.70

Government Grants $131,296.36

Government Grants - GPSN $360,000.00

Interest Received $33,070.39

Memberships and Events $7,573.64

Sponsorships $189,753.78

Subscriptions Income $4,163.64

Website $2,803.64

Expenses

Administration (AD)

AD - Administration $5,781.99

AD - Advertising $2,013.03

AD - Bank Fees $286.19

AD - Cleaning $134.95

AD - Depreciation Expense $1,175.07

AD - Merchant Fees $225.72

AD - Office Set up $2,174.43

AD - Office Supplies $7,360.86

AD - Rent $10,095.12

AD - Telephone $600.38

AD - Office Relocation $2,090.38

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PROFIT & LOSS STATEMENT - 1 July 2007 through 30 June 2008

Total Income $933,401.75

GROSS PROFIT $933,401.75

Total Administration $31,938.12

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Board Costs (BD)

BD - Board Accommodation $920.09

BD - Board Travel $5,598.37

BD - Chair Accommodation $335.87

BD - Chair Telephone $457.63

BD - Chair Travel $1,949.42

BD - Meals & Accommodation $2,727.53

BD - Subscription $3,275.00

BD - Taxis & Travel $2,229.29

BD - Teleconferences $682.00

BD - Gifts $126.36

Total Board Costs (BD) $18,301.56 Employee Bonus $212.00

Events / Meetings (EV)

EV - Administration $7,494.45

EV - Conference Dinners $2,302.45

EV - Day Fees $1,818.18

EV - Hire Equipment $405.00

EV - Registration $1,304.36

EV - Travel $5,525.83

EV - Future Series $17,812.17

Total Events / Meetings (EV) $36,662.44

Information & Communication Technology (ICT)

ICT - Computer $7,007.27

ICT - eNewsletters $2,350.00

ICT - Internet $1,350.81

ICT - Software $203.25

ICT - Telephone-Office $120.00

ICT - Web Development $2,958.56

ICT - Web Hosting $1,865.29

ICT - PP $350.91

Total Information & Communication Technology (ICT) $16,206.09

Chief Executive Officer (MD)

MD - Meals & Accommodation $2,461.86

MD - Sponsor $1,051.41

MD - Telephone & Internet $1,945.93

MD - Travel $8,820.70

MEM - Teleconferences $208.59

Total Chief Executive Officer (MD) $14,488.49

GPRA Expenses

GPRA Accommodation $3,462.95

GPRA Accounting $2,037.00

GPRA Annual Leave Pay $621.62

GPRA Canberra Summit $32,177.59

GPRA Design & Artwork $19,276.52

GPRA Entertainment $90.91

GPRA Insurance $2,035.16

GPRA Marketing $783.26

GPRA Meals $1,889.81

GPRA Expenses

GPRA Mobile $1,080.28

GPRA Parking $498.85

GPRA Postage $6,580.37

GPRA Printing $24,151.22

GPRA Research $30,310.91

GPRA Salaries & Wages $162,168.33

GPRA Personal Sick Leave Pay $50.11

GPRA SGC Super $14,651.09

GPRA Sponsorship (Commission) $32,582.74

GPRA Staff Amenities $937.81

GPRA Travel $3,069.25

Total GPRA Expenses $338,455.78

18

Professional Services (PS)

PS - Auditing $2,000.00

PS - Consulting $31,196.81

PS - Marketing $222.75

PS - Professional Development $5,022.72

SP - Meals & Accommodation $101.82

SP - Phone $272.72

SP - Printing & Stationery $610.00

SP - Travel $247.27

Total Professional Services (PS) $39,674.09

PROFIT & LOSS STATEMENT - 1 July 2007 through 30 June 2008

GPSN General Expenses

GPSN Accommodation $9,479.28

GPSN Accounting $1,291.99

GPSN Adelaide Expenses $789.63

GPSN Annual Leave Pay $418.27

GPSN Canberra Summit $79,488.03

GPSN Cleaning $134.95

GPSN Design & Artwork $7,406.60

GPSN Entertainment $90.91

GPSN Events $1,374.13

GPSN Expense Card Fees $1.00

GPSN External Conference Attendance $603.59

GPSN First Wave $1,751.28

GPSN Flinders University $794.98

GPSN Griffith Expenses $5,038.00

GPSN General Expenses

GPSN ICT $16,590.07

GPSN Insurance $2,035.15

GPSN James Cook University $218.46

GPSN Local Events $892.73

GPSN Marketing $21,503.32

GPSN Meals $2,363.70

GPSN Meeting $211.50

GPSN Merchant Fees $100.18

GPSN Mobile Phone $2,884.75

GPSN Monash Expenses $1,714.04

GPSN Office Relocation $1,186.79

GPSN Notre Dame Expenses $2,954.23

GPSN Office Setup $3,853.38

GPSN Office Supplies $8,426.67

GPSN Parking $439.67

GPSN Postage $818.84

GPSN Printing $6,113.23

GPSN Professional Services/Consulting $35,889.11

GPSN Publications $25,556.00

GPSN Rent $10,095.18

GPSN Salaries & wages $67,482.74

GPSN SGC Super $6,057.05

GPSN Staff Amenities $327.69

GPSN Tasmania Expenses $3,200.56

GPSN Telecommunications $487.45

GPSN Teleconference $2,317.68

GPSN Telephone $1,404.18

GPSN Travel $9,300.12

GPSN University of New South wales $621.76

GPSN University of Newcastle $1,147.61

GPSN University of Sydney $1,807.44

GPSN UQ $1,577.94

GPSN UwA $1,349.67

GPSN western Sydney $734.82

GPSN wollongong $2,181.74

Total GPSN Expenses $352,508.09

19

Total Expenses $848,446.66

OPERATING PROFIT $84,955.09

Other Expenses $0.00

NET SURPLUS / (DEFICIT) $84,955.09

Other Income $0.00

GENERAL PRACTICE REGISTRARS AUSTRALIA LTD.www.gpra.org.au / enquiries@gpra.org.au / 1300 131 198

GPRA08ANNUALREPORT