Finance & Investment During the financial year the Finance Committee met on four occasions and the Audit & Risk Committee met on two occasions. MEMBERS OF THE FINANCE COMMITTEE IN 2020–2021 WERE: Mr Anthony Burgess (Chairman) Mr Charles Goode AC Sir Daryl Dawson AC, KBE, CB, QC (resigned 19 November 2020) Mr Allan Myers AC, QC The Hon Alex Chernov AC, QC Mr Craig Drummond MEMBERS OF THE AUDIT & RISK COMMITTEE IN 2020–2021 WERE: The Hon Alex Chernov AC, QC (Chairman) Mr Anthony Burgess Sir Daryl Dawson AC, KBE, CB, QC (resigned 19 November 2020) Mr Charles Goode AC (ex officio) The Board extend their appreciation to Pitcher Partners who provide audit services to the Foundation and administered entities. Directors have approved a distribution budget of $36,650,000 for IPF in the 2021–2022 financial year. The corpus of The Ian Potter Foundation is invested in a diversified portfolio including listed investment companies, managed funds and ETFs. The corpus is managed by members of the Finance Committee.
2020–2021
2019–2020
$
$
867,383,147
655,413,427
28,599,110
30,326,306
383m
355m
Distributable income 2019–2020
62,419,446
37,047,937
Future Commitments
83,642,148
86,162,320
Portfolio market value Distributions Cumulative distributions
COMBINED OPERATING EXPENSES Operating expenses
2021
2020
$2,450,719
$2,450,637
8.6%
8.08%
0.29%
0.37%
Operating expenses as a % of distributions made Operating expenses as a % of net Assets 1. Note - the distributable income is the total of the investment income and donations. Included in the 2021 year is a bequest received of $23.74m. 2. Note - future commitments includes current and non-current combined 3. Note - operating expenses includes loss on sale of investments 4. Note - operating expenses as a % of net assets – net assets include grant commitments
44
The Ian Potter Foundation Annual Grants Report 2020–21
