Annual Report - Northern Health

Note 24: Events Occurring after the Balance Sheet DateNotes To and Forming Part of the Financial StatementsNorthern Health Annual Report 2011/2012Northern Health is not aware of any events occurring after reporting date that would have a material impact on the financial statements.Note 25: Controlled EntitiesName of entityCountry ofincorporationEquity HoldingNorthern Health Research, Training and Equipment Foundation Ltd Australia Limited by GuaranteeNote 26: Economic DependencyThe financial statements have been prepared on a going concern basis as at 30 June 2012. Northern Health has:- A consolidated deficit from ordinary activities of $11.50 million for the year ended 30 June 2012 (deficit of $10.51 million for the year ended 30 June 2011).- A consolidated working capital deficiency of $61.26 million as at 30 June 2012 ($50.72 million as at 30 June 2011).Northern Health Management are committed to the continued review of its financial and operating performance with a view to identifying further cost saving initiatives and revenue generatingopportunities and providing the most effective and efficient service delivery model without compromising patient care and quality of service delivery.An on-going budget strategy has been initiated by the Management of Northern Health which has identified a number of business initiatives to better manage the available financial resources. Inaddition, the strategy adopted by Northern Health also includes assurances by the Department of Health to support the on-going operations and financial requirements of Northern Health and to provideto Northern Health adequate cash flow support to enable Northern Health to meet its current and future obligations as and when they fall due for a period up to September 2013 should this be required.Northern Health Financial Report Appendix to the 2011 - 2012 Annual Report Page 55 of 60