The Leo Randle Foundation report

Trustees:

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

The trustees of the Leo Randle Foundation held three meetings during the year. These meetings were held with the primary purpose of developing proposals for the use of the funds and allocating funds to the association.

Following the third meeting in May four recommendation were put to the association’s general committee for the members’ endorsement.

1. $8000 be put towards the 2007 B&W Cabaret. 2. $6000 be provided for exchange program(s), either to Qld or WA, or both. 3. $6000 be provided for 1 or 2 members to attend an Outward Bound Course during the off-season. 4. $2000 be donated to the Salvation Army Bankstown Branch.

Unfortunately, the offer of participation in an Outward Bound Course was not taken up. On the other hand, the 2007 Blue & White Cabaret Function was very well attended as many members took advantage of the reduced cost.

Two successful exchange programs were also run. The budget of $6000 included a portion for financial assistance to Sunshine Coast and Western Australia for their members to visit the Canterbury district. Neither district elected to send anyone during 2007 so some of the money has been held over for a return visit in 2008, should it be required.

The association elected in 2007 to donate $2000 to the Salvation Army Bankstown Branch. This was the group that looked after Leo towards the end of his life at it was an appropriate choice for the initial donation. The trustees will review the donation each year and a suitable recommendation will be put to the members in due course.

FUNDS Unfortunately, the auditing of the foundation’s funds has again been a little difficult. The financial year of the Foundation currently ends on 30 September. However, investment managers operate their investment funds in financial years ending on 30 June. As a result it has proven to be very difficult to audit the investment funds to 30 September with any great accuracy. Regrettably, we are unable to provide any financial statements with this report.

At the time of printing of the annual report Peter Longhurst was still working closely with Ian Butler and Anthony Ryan CA to finalize the accounts and have them audited. It is anticipated the audited financial statement will be available for members at the association’s Annual General Meeting.

The trustees apologize for this unfortunate situation and will be working to avoid this problem arising again in the future. I can state that Avenue Capital Management reported a portfolio valuation at 19th July 2007 of $258,213, an increase of $38,213 since the account creation date of 19th July 2006.

MARIO CAFARELLI SECRETARY