MCF held its 2008 AGM on Tuesday 18 November 2008 at KPMG. 

The year's activities were briefly outlined, highlighting the year’s funds under management, investment performance and $2.2m in grants distributed to charitable organisations and projects.

2007-08 presented MCF with many challenges. At the start of the 2007/08 financial year, MCF’s funds under management totaled $33.5m. Funds under management peaked in October 2007 with $35.6m and the year ended with $31.8m.

Ian McHutchison, the Chair of the MCF Finance Committee, outlined the role and responsibility of the Board, the Finance Committee and MCF’s investment managers, Carnbrea and Co. in the management of MCF investments. 

While the performance of the funds this year is broadly in line with the market deterioration for the second half of the financial year, MCF’s primary investment objective (CPI + 3% over rolling three years) was achieved. As at 30^th June 2008, the rolling three year performance was 25.24% compared to the benchmark of 19.92%.

Capital return on investments was -18.21%, with income return 5.4%.  Overall, a -12.81% return on investments was achieved.

Over the past 12 months 274 grants were made totalling $2.19m, a significant increase from the 2006/07 financial year when 169 grants totalling 1.45m were made. 62 funds are actively involved in grantmaking to community and not for profit organisations.

17 new sub-funds were established during 2007/08, bringing the total of MCF funds to 130. Donors contributed a total of $5.6m to funds during the year.

The AGM was also the venue for the launch of MCF’s latest product, Gumnut Accounts.

Scott Pape, a former investment advisor with one of Melbourne’s leading finance firms EL & C Baillieu and currently a media commentator, author and host his own radio show titled ‘The Barefoot Investor’ on 90.7 Syn FM launched the Gumnut Accounts, which provide the opportunity to establish a charitable endowment fund by making regular contributions and to build this into a named sub-fund.

Chris Arnold, MCF board member and inaugural Gumnut Account holder, with his partner, Margo Costanzo, described how the establishment of their Gumnut Account will be a family affair, with their children actively involved in contributing to the fund. For Chris and Margo, and their children, a Gumnut Account enables the establishment of a charitable fund, with a small investment, and provides the opportunity for family giving.

• More on Gumnut Accounts  

Annual Report / Financials

• Annual Report Document 2008 (4mb PDF)
  
• Audited Financial Reports 2007 2008 (PDF)