CDF Annual Report 2016
Total Page:16
File Type:pdf, Size:1020Kb
Helping grow our Catholic community since 1956. 2016 [ ANNUAL REPORT ] FRONT COVER IMAGE Thomas Carr College, Tarneit [ 1 ] 60 years of co-operative partnerships with the Catholic community. [ CONTENTS ] A Message from the Archbishop of Melbourne 3 Commendation from the Bishop of Sale 4 A Message from the CEO and Deputy Chairman of the Board 6 A Message from the Executive Director Catholic Education Melbourne 8 Emmaus College, Vermont About Us 10 Our Mission 11 Our Clients 12 - 15 Products & Services 16 - 17 Fund Mergers 19 Financials 20 - 21 Governance & Corporate Information 22 CDF Management 23 Saint Patrick’s Cathedral, Melbourne [ 2 - 3 ] A MESSAGE FROM THE ARCHBISHOP OF MELBOURNE Dear Friends, The Catholic Development Fund (CDF) is celebrating a significant milestone this year, its 60th Anniversary. Since 1956, the CDF continues to deliver on the simple philosophy, ‘we all benefit through the pooling of Church funds’. CDF provides long term, low cost funding on favourable terms, along with dedicated personalised service. It is important to remember that the surpluses generated by the CDF are retained within the Church. These surpluses help to support the mission of the Church in the Archdiocese of Melbourne and the Diocese of Sale. We can all be proud of the CDF’s work over the last 60 years. I value the loyal support from our valued clients, who are all carrying forward the mission of Jesus Christ: Our Clergy, our Parishes, our Schools, our Health & Aged Care services, Catholic Education Melbourne and Sale, Religious Congregations, Church Agencies, Archdiocese of Melbourne and Diocese of Sale. I would also like to thank the CDF Board, Committee Members, Management and staff for their dedication and ongoing support. As Chair of the Board I encourage your continued support and investment in CDF. Yours sincerely in Christ, Denis Hart Archbishop of Melbourne Chair of the Board COMMENDATION FROM THE BISHOP OF SALE The Catholic Diocese of Sale is situated in the eastern Victorian region of Gippsland, its western end includes the rapidly expanding outer eastern suburbs of Melbourne. The Diocese is experiencing significant growth particularly throughout the western region. This growth represents a wonderful opportunity to meet the needs of Catholics in our Diocese. Being able to support renovations, expansion plans for Parishes and schools as well as building new schools in the Diocese is a great achievement. The Catholic Development Fund plays an important role in our community providing investments, lending and financial services. The work of the Fund is integral to the growth of the Sale Diocese, and as Bishop of Sale and on behalf of the Sale Diocese we thank the Catholic Development Fund for its continued support. In Domino, Patrick O’Regan Bishop of Sale St Mary’s Cathedral, Sale [ 4 - 5 ] A MESSAGE FROM THE CEO AND DEPUTY CHAIRMAN OF THE BOARD Dear Valued Customers, We will also be moving to new offices in late 2016 which will enable all of the Melbourne Founded in 1956, the CDF celebrates its 60th CDF staff to be located together on the Anniversary this year. We are looking forward same floor. to the exciting opportunities that lie ahead whilst acknowledging and giving thanks to the After 30 years of service to the CDF John foundation Father James ‘Jim’ Wall put in place Hurren has retired as Chief Executive all those years ago. Officer. We thank him for his hard work and distinguished service and wish him a long and We would like to express our gratitude for relaxing retirement. the continued strong investment support that the CDF receives from Laity, Clergy, We appreciate and acknowledge the Parishes, Catholic schools, Archdiocesan professionalism and commitment of the Board, agencies, Religious Congregations and Catholic Committee Members, Management and staff Hospitals and Health and Aged Care providers who help to build a safe and trusted Fund. throughout the Archdiocese of Melbourne, the Diocese of Sale and beyond. Yours sincerely, Strong investment support from the Catholic community has allowed the CDF to meet the high demand for development funding from Catholic organisations which are expanding to better serve the Catholic and wider community. For the financial year 2016 the CDF approved funding for 167 projects with a combined value Matthew Cassin of $310M, and loan balances of $895M. Chief Executive Officer Catholic Development Fund Over the years the CDF has accumulated $154m of retained earnings which support continued lending growth and provide a large prudential buffer to protect the funds entrusted to the CDF by individuals and Catholic Organisations. We are committed to continuing the sound prudential management of the CDF Francis Moore into the future. Deputy Chairman of the Board It is our aim to ensure that we remain customer Catholic Development Fund focused and to drive continuous improvement throughout the organisation. In the coming year we will continue to develop our loan and investment products as well as execute a new digital strategy aimed at improving our customer’s online experience. We will continue to seek feedback and ideas from our community to ensure we meet the needs of Catholic Organisations. [ 6 - 7 ] Matthew Cassin Francis Moore Our customers are vital to our ongoing success. Understanding how we can better support our customers is a key goal. Saint Patrick’s Cathedral, Melbourne A MESSAGE FROM STEPHEN ELDER OAM EXECUTIVE DIRECTOR, CATHOLIC EDUCATION MELBOURNE Catholic education in the Archdiocese of Melbourne is a leading provider of school education. It represents the sixth-largest education system in Australia, operating in the third-largest Catholic diocese in the world. In 2016 there are 152,582 students enrolled in 331 Catholic schools in the Archdiocese, supported by more than 18,350 teaching and non-teaching staff. Our aim is for our students to be happy, confident and faith-filled young people and successful learners, who will use their knowledge and their gifts for the good of people everywhere. In this task we share in and contribute to the Church’s mission of education and evangelisation and draw our inspiration from the person and teachings of Jesus Christ. Additionally we are thankful for CDF’s Since 1956 we have been assisted in our mission of support of deserving expanding educational opportunities, particularly in developing growth areas, through the Catholic students through Development Fund (formerly the ‘Schools the Fr James Wall Provident Fund’). By providing competitive loans Bursary Awards. These for capital works projects and ensuring application awards, established in criteria align to the unique structure of Catholic schools, CDF have helped us to build new physical 2002, enable recipients spaces to support educational and spiritual growth to be given assistance for our students and broader communities. with school fees and other expenses incurred while undertaking Yours sincerely Years 11 and 12 at a Catholic College in either the Archdiocese of Melbourne or the Diocese of Sale. I’d like to congratulate all of this Stephen Elder OAM year’s winners. Executive Director Catholic Education Melbourne [ 8 - 9 ] Stephen Elder OAM, Archbishop Denis Hart and Matthew Cassin congratulate the recipients of the Fr James Wall Bursary Awards. [ ABOUT US ] HOW WE CREATE SHARED VALUE To best know who we are, it’s important to know where we’ve been. That’s why during the year of the Fund’s 60th birthday, we want to begin by taking a brief look back on the origins of the Catholic Development Fund. The Catholic Development Fund Melbourne (CDF) was founded in 1956 as a Provident Fund under the responsibility of the Archbishop of Melbourne. It was created to raise capital to build much-needed Catholic schools and Secondary Colleges in a city experiencing a post-war population boom. Back then, we were known as the ‘Schools Provident Fund’. From humble origins, the Catholic Development Fund movement subsequently spread throughout Australia and New Zealand. Much has changed since 1956; the year television was first broadcast in Australia and Melbourne hosted the summer Olympics. Both the CDF and the City of Melbourne have come a long way since then, but our mission hasn’t changed. When we were established, our aim was to fund the development of the Church by providing long term, low-interest loans. That goal remains the same. In 2016, we will celebrate 60 years of co-operative partnership with the Catholic community. [ 10 - 11 ] Mercy Place Parkville OUR MISSION Go, therefore, In our support of the Church, we generate funds by providing personalised financial and make disciples services, to meet the borrowing needs of of all nations, Catholic organisations for the benefit of baptising them in our community. the name of the At its simplest, our aim is to assist the charitable, religious Father, and of the and educational works of the Archdiocese of Melbourne and the Diocese of Sale. Through the support of our Son, and of the investors, we are able to create a pool of funds that can be on-lent to support the ongoing construction of Holy Spirit. infrastructure of Parishes, Catholic schools, Archdiocesan agencies, Religious Congregations’ Welfare and Catholic GUIDING SCRIPTURE - Hospitals and Health and Aged Care providers. Matthew 28:19 [ OUR CLIENTS ] CDF Melbourne is proud to work with many different Catholic organisations through funding a wide range of exciting projects. These range from loans in support of new school and parish buildings, remodelling existing spaces to better meet the needs of the community, developing housing and facilities for aged and disadvantaged clients. We also provide opportunities for short, medium and longer term investment. Our investors range from school students and individual parishioners through to large institutions – all sharing a value of wanting their investment to benefit the community as well as provide a commercial return.