2019-20 Annual Report Final - Flipbook - Page 15
disposal of assets, the Trust’s total
comprehensive income for the year
was $12 million, compared to a loss
of $0.6 million in 2019.
The latter arose mainly due to a
decline in share market values in
the last quarter of 2018, which
then reversed early in the 2019-20
financial year.
As at 31 January 2020, the net value
of the Trust’s balance sheet stood at
$128.5 million, up from $116.5 million
the prior year. The Trust’s investments
enjoyed a healthy increase of 14.2
percent for the financial year, which
was well above the objective of “CPI
plus 4 percent” (in total 5.9 percent
this year). This meant that the value
of investments reached a 51 percent
premium over the “CPI-adjusted
value of the base corpus”, a healthy
buffer over the Trust’s 20 percent
premium target.
Nevertheless, in 2019-20, as
in the previous year, the Trust’s
performance lagged its benchmark
Strategic Asset Allocation, which was
17.3 percent. This is a matter of close
scrutiny for the Trust’s Investment
Audit and Risk Committee, which
remains comfortable regarding
the diversified nature of the Trust’s
investments, overseen by our
investment adviser, JANA.
There were a number of highlights
during the 2019-20 financial year.
As part of one of the Strategic
Plan’s objectives to “refresh brand
Churchill”, we updated the corporate
logo after many years, which you can
see throughout this Annual Report.
We also introduced a new strap
line: “learn globally, inspire locally”.
I think those four words beautifully
encapsulate what Churchill
Fellowships are all about.
During the year the Board instituted
a “Recognition Award” for a select
group of Fellows who have rendered
particularly meritorious service to the
Trust over an extended period.
This includes an enduring and active
relationship with CFAs and inspiring
others to contribute in a similar way,
or in some cases to reconnect with
their own Fellowship journey.
The award is in the form of a limited
edition botanical illustration print of
the “Churchill Rose” painted by 1988
South Australian Churchill Fellow,
Gilbert Dashorst.
Gilbert is one of Australia’s leading
botanical Illustrators, having
illustrated many thousands of
botanical artworks during a career
spanning more than 30 years. His
illustrations are housed around the
world in private collections from
Royal Houses in Europe (Royal
House of Denmark) through to art
collections in Australia. The original
of the print is displayed at Churchill
House in Canberra.
The Churchill Fellows who received
the award in 2019 are: Patricia Corby
(1978 Tasmania), Ian Krimmer (1992
New South Wales), Dr Mick March
(1969 ACT), Anne McCrudden (1998
Western Australia), John Miles (1998
Victoria), Ian Tolley (1966 South
Australia), and Dr Brian Wilson (1966
Queensland). Further information
on the recipients appears elsewhere
in this annual report. Sadly, both
Mick March and Brian Wilson have
subsequently passed away.
I also have to report the passing of
other stalwarts of the Trust during the
past year.
Emeritus Professor Ray Martin served
the Churchill Trust in the roles of
Director of the Victorian Regional
Committee (1984 to 1992), Deputy
National Chair (1988 to 1994),
National Chair (1995 to 1999),
Fellowship Director (2000), and
National President (2001 to 2005).
He was appointed a Life Member
following his retirement from the
Board.
Robert Beggs joined the Churchill
Trust in 1985 as member of the
Primary Industry Panel of the
Victorian Regional Committee.
following which he continued his
service as a Life Member of the Trust.
Robert was a personal friend and
professional colleague of mine for
over 40 years.
In my report last year, I also referred
to the passing of one of our Patrons,
Sir Rupert Myers, and a former
Treasurer, Sir William Cole, although
those event actually occurred in the
2019-20 year.
On a happier note, six Fellows were
recognised in the 2020 Australia
Day honours awards, including
Bernie Shakeshaft (2014 NSW)
who is the Australia Day Local Hero
recipient. A further nine Fellows were
recognised in the Queen’s Birthday
honours in June 2019, as well as our
Northern Territory Board member,
Suzan Cox. I extend the Trust’s
congratulations to all these recipients
for their achievements, in which their
Churchill Fellowship no doubt played
a part.
For the second year, the Trust was
able to nominate two Fellows
to attend the Global Leadership
Practices Program, made possible by
a partnership with Yellow Edge and
involving travel to India and China.
Congratulations to Stephen Geason
(2015 Tasmania) and Sam Bayley
(2013 Western Australia) who were
successful from a competitive list of
applicants. The program gave them
the opportunity to meet a diverse
cohort of professionals, public
servants and community leaders
with the aim of gaining a richer, more
balanced perspective and privileged
insight into how these countries
work.
Another new initiative has been
the Policy Impact Program, a
collaboration between the Trust and
the University of Queensland.
In 1993 he was elected Chairman of
the Victorian Regional Committee
and also served in this capacity on
the Board of the Trust until 2011,
Learn globally, inspire locally.
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