2025 Business Committee Chair’s Report The past year was one with many financial challenges for the Foundation. The key outcome was that we were able to maintain a strong level of financial grants to our main beneficiaries of past players we support as VIPs and to continue our funding of a promising research project into concussion. The bare numbers for the year show a core business loss from all activities of just over $80k. A number of reasons have brought about this result – and before outlining I reiterate, as usual, that VIP grants are the first priority in any financial year and our Board and Management are very clear that some loss is acceptable to maintain that core principle. Key areas affecting our result were; • A tight economic situation is affecting inward grants and major gifts, and we remain very grateful for those we do receive. • A couple, of smaller events having to be cancelled or postponed due to slow sales. • Inflation effect on overall operational costs. I must add that Ben and his team continue to professionally and superbly run a number of high class events that contribute substantially to our income, and keep the Foundation’s profile high among our supporters and the rugby public. Fortunately – and after some very uncertain times in the first quarter of 2025 with effect on markets by US tariff uncertainties – our Investment Fund increased by $510k ($470k Investment Fund Growth, plus around $40k Forex Gain, Bonds Surplus and Impairment Reversal). We remain very grateful for the outstanding work JB Were’s team does in managing The Foundation’s funds. As I have said before, our strong preference is that any growth in our Capital Fund needs to be reserved for future inflation proofing of our reserves. A growing fund base will increase our interest & dividend revenue, which does go into our core income, so having to use $80k of the capital growth to ‘balance the books’ while acceptable is not ideal. In addition strong reserves also underpin the Foundation being able to continue full operation in the event of any future major international upheavals. Like many Charitable Organisations the Foundation is finding it harder to access grants from various Gaming Trusts – symptomatic of both current economic conditions and generational changes in leisure spending. We are very grateful for the grants we have received and for continued support from NZ Rugby. Board and Management are constantly looking for new revenue opportunities and this will continue. The Financial outlook for 2026 is still a little uncertain so careful management of our resources will be important as we seek new revenue initiatives in what may be a tough year again. What is certain is that we will unhesitatingly continue to support the very important people that our very existence is for. Looking forward to 2026, we have a new role in our team – Head of Finance & Operations – and we very much welcome Debrah to that position. This will be an important management role for the Foundation, will improve our overall financial management and will leave Lisa and Ben to concentrate on their own core roles. Finally a sincere to all our staff, my Business Committee colleagues and all Board members for their commitment to and work for the Foundation. Mark Peters FCA Chair, Business Committee A tight economic situation is affecting inward grants and major gifts, and we remain very grateful for those we do receive. 10 ANNUAL REPORT 2025
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