LEO RANDLE FOUNDATION SECRETARY’S REPORT

THE LEO RANDLE FOUNDATION REPORT

Trustees:

Mr. Paul Archer Mr. David Abood Mr. Mario Cafarelli Mr. Peter Longhurst Mr. Brad Zarb

The Leo Randle Foundation was constituted on 17th February 2006 when the settlor, Mr. Michael Andrew Hallinan, lodged $100 with the foundation in accordance with the Trust Deed. The vesting date of the foundation is the 16th February 2086. The financial year of the fund is in line with the association’s financial year and ends on 30th September.

The original trustees of the foundation were the five gentlemen listed above excluding Brad Zarb. The fifth trustee was Mr. Ian Butler, who resigned his position during the year. Ian was replaced by Mr. Brad Zarb on 27th July 2006.

After the establishment of the foundation the association deposited $220,000 into the foundation. This money has been invested in a portfolio, which is managed by Ian Butler through his company Avenue Capital Financial Services.

During the year Peter Longhurst worked to secure a ruling from the Australian Taxation Office as to the taxation status of the fund. After some initial mixed news from the ATO the final ruling was that the Foundation would be exempt from income tax under section 50-1 of the ITAA 1997. This was a major victory for the foundation because it means the foundation will not be faced with an annual tax bill of many thousands of dollars.

After the members, the funds of the foundation are the association’s most valuable asset. The trustees will ensure the funds are kept safe and used only for the benefit of members and with the objects of the foundation in mind.

MARIO CAFARELLI SECRETARY