Financial commentary Below is an explanation of our financial performance, including background into the legacy of the NORTH Foundation to help readers understand how the overall financial results in practice relate to the official audited financial statements which are available on our website.
Changes to the NORTH Foundation The NORTH Foundation was originally a registered charity operating as the Kolling Foundation (operated between 23 July 2014 and 30 Apr 2021). The NORTH Foundation Health Promotion Charity Limited (“The HPC”) was established on 26 July 2021 to expand our customer base to include Public Ancillary Funds and therefore a greater scope of beneficiaries of the NSLHD. During FY2023, the transfer of fundraising and other operating activities, assets, and liabilities of the Trustee for the NORTH Foundation to the Company was completed. As part of the restructuring process, the Company signed a new Affiliated Agreement with the NSLHD.
DGR status Both the Kolling Foundation and the Trustee for the NORTH Foundation were endorsed with DGR2 and have been deregistered. The NORTH Foundation is now operating as a single charity.
Balance sheet
Increased by 9.5%
Increased by 14%
Increased by 10.8%
Balance sheet summary In FY2023, 99.8% (FY2022: 96%) of total assets were invested and managed by JBWere or held as cash and cash equivalent with one of the big four banks in Australia. The Company undertakes a prudent and conservative investment strategy through its investment policy.
In FY2023, the total equity includes restricted funds of $21.3 million (FY2022: $19.0 million). Most of the restricted funds were donations from Estates, where they are tied to a specific project, cause, or purpose within the NSLHD.
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