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Health Services Charitable Gifts Board

Functional responsibility

The Health Services Charitable Gifts Board (the Board) is established pursuant to the Health Services Charitable Gifts Act 2011 (the HSCG Act). The HSCG Act was proclaimed on 30 June 2011 for commencement on 1 July 2011. The Public Charities Funds Act 1935 was consequently repealed, however the operations of the Commissioners of Charitable Funds have continued in existence as the Health Services Charitable Gifts Board.

The functions of the Board are to prudently manage the charitable assets vested in the Board and apply these assets for the benefit of public health entities or otherwise in accordance with the HSCG Act. Note 1 of the financial report provides further explanation regarding the Board’s functions and responsibilities. In addition, note 19 of the financial report discloses details of funds held on behalf of public health entities at 30 June 2015.

Financial statistics
Total income: $24 million
Total assets: $113 million
Total trust assets: $19 million

Significant events and transactions
  • During 2014-15, the Board invested with the Superannuation Funds Management Corporation of South Australia (Funds SA) in unlisted unit trusts. Previously the Board self-managed cash and cash equivalents, shares and other term investments with various third parties. As at 30 June 2015, $61 million is held with Funds SA. The Board continues to hold significant investment properties.
  • As part of the investment strategy, the Board disposed of shares totalling $27 million in listed companies and realised $7 million in gains.

Financial statement opinion