2019 AGM Annual Report
AGM 11 November 2019
Chair’s Report – given by Deputy Chair, Gael Davies, OAM
Once again, as of last year, this report covers the success of the Foundation for the calendar year 2019.
Actions to generate additional funds and grow and diversify our membership base, strengthen relationships with all stakeholders and build our profile as a trusted and independent organisation have been successful.Our increasingly growing focus is to actively support the Newcastle Art Gallery expansion.
The 2019 Board and Committees
Board – Judy Hart (Chair), Gael Davies (deputy Chair), Josh Walsh (Treasurer) and Dawn Mullane (Secretary), Ian Andrews, Tony Cavanagh, and Georgie Plenty, Mark Stephens were joined by new board members this year – Matt Endacott, Suzie Galwey and recently Felicity Wardhaugh.
Fundraise and advocate for the Newcastle Art Gallery
Expansion Committee : Building on principles set in place by Conor McCarthy and Judy Hart in 2018, Matt Endacott joined the committee after Conor retired.Their work this year has formed the basis for a new focus from the Board on gallery expansion
Actions to Generate Additional Funds: Our funds have grown thanks to the prudent management of our F&I committee.We are grateful to Nick Wright from Ord Minnett who has joined the committee which includes Mark Stephens as Convenor, Josh Walsh, Robert Henderson and Judy Hart.Details of the F&I Committee’s achievements are:
1. Achieved investment returns of 17.5% for the Foundation Fund. ($1.284M)
2. Achieved a return of 5.8% for the Gallery expansion Fund. ($1.305M)
3. These compare with the benchmark APRA Retail funds return of 6.4%.
4. The Expansion Fund continues to be invested with a greater focus on capital protection. With 50% of the portfolio in cash the returns are reduced.
5. Since 2002 the Foundation fund has delivered 35% above the APRA Retail funds with a compounding annual growth rate of 7% vs APRA at 5.2%.
5. This year the F&I committee was joined by Nick Wright from Ord Minnett who has brought a wealth of knowledge and expertise.
6. With the fund value increasing the F&I Committee is looking at improved methods for managing risks.
Our treasurer will outline in detail funds generation success to the Foundation later tonight
Our functions provide modest additional funds.
Grow and Diversify our Membership Base: The Foundation’s M&D Committee provides opportunities for Foundation members and their friends to socialise and support the goals of the Foundation and its function.Hard working M&D Committee convenors Ian Andrews (responsible for the website) and Georgina Plenty (responsible for Functions) have been ably supported by their talented committee – Suzie Galwey, Lisa Robinson, Judy Hart, Gael Davies, Matt Endacott and Dawn MullanePress here to read the full report