I am pleased to provide our Development Fund Board Annual Report for 2024.

The Development Fund was established pursuant to an amendment made to the Clubs Constitution and the election of its first board at the 2021 AGM.

I would like to thank all of them for their time, knowledge and input throughout this year .

Development Fund

The purpose of the Development Fund Board is to protect the long-term financial viability of the Club by investing in or purchasing capital assets in order to:

1. Maximise returns and grow assets

2. Maintain financial strength; and

3. Retain financial flexibility.

Clause 44 of the Clubs Constitution provides that the funds held by the Development Fund can be used to :

(a) Purchases of land;
(b) The development or redevelopment of land owned by the Association;
(c) Purchase and trading of publicly listed shares;
(d) Investments which a trustee is authorised to invest in pursuant to the provisions of the Trustee Act 1958;
(e) Replacement, extension or major structural renovation of or to the club house;
(f) For any purpose agreed to by the Development Fund Board and the Board that supports the strategic purposes of the Club.

Investment Framework

The Development Fund has previously adopted the following investment framework:

During this year, the Clubs Board transferred an additional sum of $150,000 in January to the Development Fund for investment making the total funds transferred $372,000.

The Board made a decided that in order to achieve the best return whilst minimising the diversity and downside risk that the money should be invested in both Australian and International exchange traded funds.

The funds managed by the Development Fund Board were invested as at 30 April 2024 follows:

In addition there was as at 30 April 2024, $1644.26 held in the funds bank account with the ANZ Bank.

The funds invested have achieved 11.7% return since the fund was established.

During the period May 23 – April 2024 we have received the following dividends:-

iShares S&P 500 EFT (IVV) $510.34
iShares S&P/ASX 200 EFT (IOZ) $954.02
Betashare Global Sustainability Fund (ETHI) $ 84.51
iShares Global 100 EFT (IOO) $123.94
SPDR S&P/ASX 200 Resources (OZR) $255.38

Future Funds

In addition to the Club transferring excess funds to the Development Fund for investment , the Development fund will also be requesting donations directly. Direct donations can now be made via the Clubs website or by nominating the Development Fund when making a donation.

Development Fund Board Rotation

John Thomson will be retiring from the Development Fund Board by rotation and not seeking re-election. John has been a member of the Board since its inception and I would like to thank him for his input and counsel. We look forward to the election of ais replacement.

Yours Sincerely,

Neil Hannan

Development Fund Board Chair