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Annual Report 2017 15

In summary the net deficit for the 12 months was $41,747. The 2017
financial year saw income from research grants being higher than

budget reflecting the quality of the research program. Research
expenditure was slightly behind budget.
CMRF continued its support with an underwrite contribution

of $200,000 from its funds plus a further $150,000 drawdown
of capital from the van der Veer fund held by CMRF.
Income of $1,288,068 included a grant of $125,000 from the

CMRF parent to support our administrative function. This helps us
optimise the monies spent on the provision of research facilities,
personnel and research projects. You will read of the significant

work undertaken in the extensive reports that form part of this
Annual Report.

The new Board undertook a full review of our strategic direction
in late 2017, seeking input from staff and involving senior researchers
in our strategic workshop. Our focuses on growing and enhancing

our research programmes; extending our collaborative relationships
and projects; and nurturing and retaining talent aim to extend

our reputation. While NZBRI is already performing well, our new
strategic direction focuses on next steps in research, reputation
and financial sustainability.

Dr Cheryl Doig

Board Chair, NZBRI