Barnet Avenue, Rookwood, PO Box 10 Lidcombe, NSW 1825Telephone: 02 9646 6918Mobile: 0418 224 122 Facsimile: 02 9646 5611Email: mgm@catholiccemeteries.org.au

M I C H A E L M C M A H O NChief Executive Officer

C AT H O L I C

C E M E T E R I E S

BO A R D

Cathol ic �Cemeter ies �Board

Serving the CatholicCommunity

2007Annual Report

Mary Mother of Mercy Chapel, Crematorium and Condolence Lounge – Opened in 2007

Page One Catholic Cemeteries Board

Mary Mother of Mercy Chapel – Opened in 2007

Chairman’s Report I am pleased to present the 2007 Annual Report of the Catholic Cemeteries Board and acknowledge the work and dedication of my fellow Governors and the professional staff of the CCB.

We are most pleased with this year’s results which have again consolidated the previous year’s successes Governors past and present, management and staff have been successful in achieving sustainable and robust outcomes for our cemeteries which benefits the Catholic community of the Archdiocese of Sydney and our customers.

Our operation has grown from a single Trust (Necropolis in 1993 to the creation of the CCB organisation presently managing four cemeteries, with total assets around $115 million and an annual turnover of $15million.

Some of our major achievements for 2007 are: v Dedication and opening of Mary, Mother of Mercy

Chapel and Crematorium – the first Catholic Crematorium in Australia.

vImplementation of the new Catholic cremation procedures, the necessary staff training, Funeral Director familiarisation and documentation of policy and procedures.

vCreating more sustainable space within our cemeteries by reclaiming the unused 60-year-old Right of Burials at the three Crown Land cemeteries. The exercises have resulted in current proven holders of Right of Burials in some cases selling the Right of burials back to the cemeteries.

Chairman’s Report

Page TwoAnnual Report 2007

vReturning a surplus for the year of $5.75 million to continue to build funds for the perpetual care of our cemeteries in perpetuity.

I would like to take the opportunity to welcome our two new governors Ms Vera Visevic and Mr John Woodford to our Board. They bring valuable new skills and experience to our Board.

In the coming years we are working towards acquiring new space for Catholic burials in Sydney to cater for the expected increase in demand and population whilst maintaining the existing facilities to the same a high standard, expected by the families and friends that rely on us for the perpetual care of the graves of their loved ones.

I want to take the opportunity to personally thank our retiring General Manager Harold O’Keefe who has offered stewardship and dedicated service to the Board over the last 16 years. We wish him well in his future and hope that he will have long and enjoyable retirement

We also welcome Mr Michael McMahon as the new Chief Executive Officer of the Board. Michaels extensive experience in General Management will prove of great benefit to the Board going forward.

We will continue to make a strong contribution to cemetery industry and professionally manage the Crown land on behalf of the NSW Government. We aim to ensure that our sound practices and customer focus continues to satisfy our clients and make the CCB an exceptional agency for the Church of Sydney.

Mr Peter Ward

Chairman

The Catholic Cemeteries Board (CCB) is a public juridic person canonically established and erected by Edward Cardinal Clancy, then Archbishop of Sydney, on 23 October, 1996. The Statutes of the Board are as decreed by Cardinal Clancy on 23 October, 1996 and amended on 7 May, 1997 and again on 8 August, 2003.

The Statutes have been amended in late 2007 by the Archbishop of Sydney, George Cardinal Pell.

Pursuant to the Roman Catholic Church Communities Lands Act 1942, a civil law Trustee for the Board by the same name was created by Proclamation made by the Governor and published in the NSW Government Gazette on 10 January, 1997.

The CCB has been appointed as the corporate manager of the Crown Land Trusts of the three Catholic cemeteries operating in the Archdiocese of Sydney within larger Crown Land denominational and general cemeteries. These cemeteries are:

The Catholic Cemetery at the Necropolis, Rookwood (CCT,N)

The Catholic Cemetery at Field of Mars, Ryde (CCT,FOM)

The Catholic Cemetery at Liverpool (CCT,L)

As a result of changes to the Necropolis Act on 15 December, 2004, the three Crown Land Cemeteries are now administered in accord with the Crown Lands Act 1989 and Regulations.

A further cemetery, The Catholic Cemetery Trust, North Rocks (CCT,NR) is administered by the CCB on behalf of the Diocese of Broken Bay.

Our Background

Page Three Catholic Cemeteries Board

Date of Appointment Current Term Expires

Mr Peter R Ward 1 September 2001 1 September 2009 Chairman

Father Terrence Millard PP 1 November 2001 31 October 2010 Deputy Chairman

William V Belkovskis April 1978 1 April 2010

Richard J W d’Apice AM December 1984 1 July 2010

Mr N Michael Whitbread 15 March 2005 1 July 2008

Mr Kevin C Frappell 20 December 2005 20 December 2008

Ms Vera Visevic 5 February 2007 5 February 2010

Mr John Woodford 1 June 2007 1 June 2010

Board Composition As at 31 December, 2007, the Catholic Cemeteries Board (the Board) consisted of 8 Governors appointed by the Archbishop of Sydney pursuant to the Statutes.

Page FourAnnual Report 2007

Front Row L to R: Mr Richard d’Apice, Ms Vera Visevic, Mr William Belkovskis.Back Row L to R: Mr John Woodford, Mr Kevin Frappell, Mr Peter Ward, Father Terrence Millard, Mr Michael Whitbread.

Page Five Catholic Cemeteries Board

Governor Board Meeting

Leave of Absence

Audit/ Corp.Gov.

Finance Investment JCNT* PCG Renumeration CEO Selection

Committee

Other

Peter Ward, Chairman

8/9 1 1/2 4/4 3/3 2/2 7 18

Father T Millard Deputy Chairman

9/9 4/4 3/3 6

Bill Belkovskis 8/9 1 2/2 3/4 8

Richard d’Apice AM 8/9 1 14

Michael Whitbread 9/9 2/2 1/3 2/2 6 8

Kevin Frappell 9/9 3 4 22

Vera Visevic 9/9 2/2 3/3 4

John Woodford 5/5 2/2 2/2 3

* General Manager, Harold O’Keeffe, is the appointed delegate to the Joint Committee of Necropolis Trustees.

Board and Committee MeetingsGovernors’ attendance at Board

and Committee meetings.

Page SixAnnual Report 2007

Rookwood Necropolis Field of Mars Liverpool North Rocks

Land Area 93.0 ha 4.498 ha 4.283 ha 1.561 ha

Burial Services Cemetery Lawns

Monumental Lawns Nil

Enclosed Graves

Cremated Remains

Above-ground Interment Mausoleum Nil

Garden Crypts Nil

Family Vaults Nil

Crematorium Chapel & Crematorium Nil Nil Nil

Chapel Mausoleum of the Resurrection

Nil Nil Nil

Sacred Heart Nil Nil Nil

St Michael the Archangel Nil Nil Nil

Mary Mother of Mercy Nil Nil Nil

Total services performed 2007

Burials 1,276 96 156 28

Cremations 190 Nil Nil Nil

Cremated Remains Interments 146 9 8 5

Exhumations 3 Nil Nil Nil

Transfers 5 Nil 1 Nil

Extras 5 Nil Nil Nil

Total 1,625 105 165 33

Total unsold ROB available in-ground*

32,932 923 856 643

Above-ground 876 291 196 N/A

Niche spaces 2,306 90 52 N/A

* These figures represent presently-available ROB and do not include any future developments.

CCB Cemeteries Summary

Page Seven Catholic Cemeteries Board

2006 Year$

2007 Budget$

2007 Result$

Net Profit/Loss$

CCB

P & L

Operations 415,048.00 1,102,641.00 1,111,738.00

�Investments and Depreciation (69,875.00) (185,573.00) (128,839.00) 982,898.00

Balance Sheet 1,923,140.00 - 2,906,039.00

NECROPOLIS

P & L

Operations 5,860,371.00 3,542,299.00 4,707,704.00

�Investments and Depreciation 7,197,187.00 3,922,973.00 (969,351.00) 3,738,353.00

Balance Sheet 80,974,076.00 - 95,486,621.00

FIELD OF MARS

P & L

�Operations 326,189.00 343,533.00 351,197.00

�Investments and Depreciation 25,039.00 (45,754.00) (86,595.00) 264,602.00

Balance Sheet 2,897,725.00 - 3,500,565.00

LIVERPOOL

P & L

�Operations 1,289,858.00 645,459.00 695,582.00

�Investments and Depreciation 707,010.00 587,243.00 69,983.00 765,565.00

Balance Sheet 11,323,273.00 - 12,513,284.00

NORTH ROCKS

P & L

�Operations 302,804.00 19,610.00 (1,431.00)

�Investments and Depreciation 10,289.00 7,125.00 7,927.00 6,495.00

Balance Sheet 335,487.00 - 469,259.00

Audited Financial ReportGroup Financial Results

and Summary

Page EightAnnual Report 2007

Investment Portfolio Report

The Group investment portfolio position as at 31 December, 2007 is shown relative to the original investment cost as well as the position at year-end 2006.

A Board Investment Policy determines the investment mix, risk appetite; investment horizon and performance benchmarks for each type of investment made. UBS Wealth Management Australia Ltd are our present fund manager/investment advisor.

An Investment Committee exists with two independent expert advisors The Committees role is to oversee the portfolio, its application of funds ,appropriateness of the investment mix in light of the market conditions and the compliance of all portfolios.

A register of all investments managed by UBS is kept and reported monthly and quarterly on a consolidated basis to the Board’s Finance Committee and Investment Committee. All four entities (CCB, Necropolis, Field of Mars and Liverpool) are consolidated, while the individual holdings are kept separately.

Portfolio component Cost* $ Value as at 31/12/06 $ Value at 31/12/07

Fixed Interest

Domestic 12,632,076.00 12,680,035.00 14,517,126.00

International Nil Nil Nil

Equities

Domestic 18,794,041.00 18,805,074.00 21,849,008.00

International 18,509,164.00 17,340,618.00 18,159,648.00

Property

Domestic 11,265,603.00 12,226,630.00 10,217,735.00

International 82,360.00 95,364.00 63,880.00

Cash

Cash Management Trust (UBS) 2,066,307.00 983,378.00 2,066,307.00

Bank Bills (St George) 8,843,534.00 7,992,668.00 8,843,534.00

Term Deposits (CDF) 1,661,979.00 1,298,622.00 1,661,979.00

Mortgage (Private/Necropolis) 400,000.00 400,000.00 400,000.00

CCI Shares 10,000.00 10,000.00 10,000.00

CCIIM

Growth Unit Trust 1,147,132.00 1,147,132.00 1,204,638.00

Balanced Unit Trust 1,979,901.00 1,979,901.00 2,093,221.00

Catholic Values Trust 292,599.00 292,599.00 324,659.00

Total Investments 77,684,696.00 75,252.021.00 81,411,735.00

* As at 31 December 2007, including reinvestments and additional purchases.

Entity 2006$

2007$

CCB 1,923,140.00 2,906,039.00

Necropolis 80,974,076.00 95,486,621.00

Field of Mars 2,897,725.00 3,500,565.00

Liverpool 11,323,273.00 12,502,833.00

North Rocks 335,487.00 469,259.00

Total 97,453,701.00 114,865,317.00

Perpetual Care Funds

Total Group Assets

Perpetual Care funds are accumulated for each cemetery to provide for the on-going maintenance of the cemeteries after all burial rights have been sold. Each Cemetery Trust, and consequently the CCB, has an obligation to maintain the cemeteries of which it is the manager, in perpetuity.

This is a task for which present capital funds are close to meeting the actuarially-assessed forward needs. These Perpetual Care funds need to be maintained and improved by return on investment, as well as contribution of additional surplus income.

We are pleased to report that the financial state of the Board and its operating cemeteries is strong. As at 31 December, 2007, the total Perpetual Care investment funds are $81.4 million.

The following figures include perpetual care funds, current account moneys, buildings, plant and equipment. In 2007 the land values (unsold ROB) were added to the Balance Sheet.

Page Nine Catholic Cemeteries Board

Catholic Cemetery Board Staff

General Manager Harold O’Keefe

Works Manager John Richardson

Finance Manager Joseph Podesta

Customer Services Manager Mel White

Administrative staff 16 (FTE) (Including Management)

Maintenance staff 23 (FTE)

Banking and Financial Services

Catholic Development FundLevel 15 Polding Centre133 Liverpool St Sydney NSW 2000

Auditors PKF Chartered Accountants Business AdvisorsLevel 10 Margaret StSydney NSW 2000

Solicitors Makinson and d’Apice135 King StSydney NSW 2000

Joseph Podesta John Richardson Mel White

Page TenAnnual Report 2007

Barnet Avenue, Rookwood, PO Box 10 Lidcombe, NSW 1825Telephone: 02 9646 6918Mobile: 0418 224 122 Facsimile: 02 9646 5611Email: mgm@catholiccemeteries.org.au

M I C H A E L M C M A H O NChief Executive Officer

C AT H O L I C

C E M E T E R I E S

BO A R D

Cathol ic �Cemeter ies �Board

Serving the CatholicCommunity

Barnet Avenue, Rookwood, PO Box 10 Lidcombe, NSW 1825Telephone: 02 9646 6918Mobile: 0418 224 122 Facsimile: 02 9646 5611Email: mgm@catholiccemeteries.org.au

M I C H A E L M C M A H O NChief Executive Officer

C AT H O L I C

C E M E T E R I E S

BO A R D

Cathol ic �Cemeter ies �Board

Serving the CatholicCommunity

Barnet Avenue, Rookwood

PO Box 10 Lidcombe, NSW 1825

Telephone: 02 9646 6918 Facsimile: 02 9646 5611

www.catholiccemeteries.org.au