Treasurer’s Report The 2024 Financial result of a core operating deficit of $119k, but an overall surplus of $426k after growth in value of the Foundation’s Investment Fund is, in summary, the results of some good, some bad and some excellent. THE GOOD: Ben and his team have performed superbly in running two major fundraising functions, in very difficult economic times, that have been outstanding successes. The now keenly sought-after Black Tie Dinner produced a net revenue gain of over $200k and the annual Auckland Luncheon a net gain of $124k. Both these events were extremely professionally run and enjoyed by all participants. Notwithstanding that overall revenue was, while slightly up on 2023, behind budget, the Foundation was able to increase overall grants to $490k ($415k in 2023) and to contribute $76k to worthwhile Research projects. Lisa and her team have outstandingly maintained the number one priority of the Foundation, being care for our family of Very Injured Players. THE BAD: In a word – the Economy. Probably one of the hardest years in New Zealand’s domestic economy, certainly since the GFC in 2008, and probably even earlier, meant that the hugely successful 2023 programme of Taskforce Income and Major Gifts was very hard to keep momentum with during 2024. Again, Ben and his team have worked really hard in this area to maintain ongoing contact with donors and members who will, when the economy picks up, without doubt return to our giving circles. The upshot of all this in 2024 was a decrease in revenue from these two areas to $190k ($296k in 2023). The economy is outside of our control, but we just have to deal with conditions as we find them, and the Foundation has coped pretty well overall. THE EXCELLENT: Twofold. Firstly, despite a hard year, the Foundation Board, Management and Staff have kept the core activities and business of the Foundation operating smoothly, coping with all the serious injuries during the year and giving our overall strategy a The economy is outside of our control, but we just have to deal with conditions as we find them, and the Foundation has coped pretty well overall. thorough review- which no doubt Chair Andrew and CEO Lisa, will cover more fully in their reports. Secondly, and the big financial result of the year, was the continued superb management of our investment fund through 2024 by Bruce, Tom and others at JB Were. The fund grew in value by $546k – giving an overall surplus result for the year of $426k. While we prefer to keep any capital growth in this fund as future proofing of the Foundation’s Capital, we did have to utilise $119k of the growth to offset this year’s core operating deficit. Nevertheless, to enable the Foundation to carry on its excellent work well into the future, it is imperative that the investment fund be kept as intact as possible, and that continued growth is mostly retained as reserves. For sure there will at some time be the odd year where that growth may be negative. So in summary and overall, not too bad a year for the Foundation. Our balance sheet remains strong, and while revenue is becoming harder to generate, and expenses out of our control continue to rise, we are still in a strong position to look to the future with some confidence. My thanks to Chair Andrew for his ongoing leadership and support, my excellent Business Committee members and the entire board for their commitment to the principles of the Foundation, and to our excellent staff well lead by Lisa who keep the wheels always turning in the right direction. Mark Peters FCA VIP Braden Coates and Hayley Ireland. Credit Emma McCarthy and the NZ Dairy Exporter. 12 ANNUAL REPORT 2024 Treasurer, NZ Rugby Foundation
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