President’s Report
I
am pleased to put forward the Annual Report
The activities of the Society detailed in the
for the Droughtmaster Stud Breeders’ Society
financial records have mainly been focussed
Limited for the financial year ended 31 March
on growing and promoting the Droughtmaster
2020.
breed,
The Operating Profit of the Society amounted to $38,384 and the Net Income after Appropriations and Extraordinary Items was $128,936. A number of items of note include: • legal expenses well exceeded estimates our
independent
auditor
noted
that
significant legal expenses from the previous year continued into the financial year ended 31 March 2020, stemming from legal advice sought in the lead up to the 2019 AGM; • the BIN Steer research project – in the reported
year,
the
Society
purchased
2 consignments of steers and sold 4 consignments of steers, contributing to non-operating
income,
given
this
is
a
research project; and • the Society continued to make a $20,000 annual
provision
Management
–
for
Animal
although
the
Health Society’s
engagement,
and identifying growth opportunities – whilst remaining compliant with our responsibilities.
Of particular focus ... Society General Manager Recruitment In October, a national search resulted in the appointment of Simon Gleeson to the position of General Manager of the Society. Simon has nearly 20 years’ experience in agriculture, finance, commercial
and
corporate
strategy,
resources,
membership-based
natural
organisations
and sports administration and has injected new energy into the role. Much of Simon’s introduction to the role has focussed on the foundational requirements of the Society and refreshing our approach.
Foundational Requirements
independent auditor has noted that the
Strategic Plan
Society’s amended Terms and Conditions for
A Strategic Planning exercise that included
2020 Society Sponsored Sales now mitigate
surveying members resulted in the compilation
this risk and as a result this provision may
and release of our Strategic Plan “The Road
no longer be required; and
Ahead” to the membership in November 2019.
• the strong financial position allowed for the
The Strategic Plan has guided the Board and
write down of some Society merchandise –
Society’s activities in future proofing the Society,
which was considered well overdue.
solidifying our position as one of Australia’s most
The financial position of the Society is strong, especially
considering
the
extremely
tough
period of drought that was felt in the reported period, and is still continuing in some parts of the country. 2
member
encouraging participation of younger generations
Operating Result
–
improving
valuable cattle breeds and creating a valued membership experience.
