Randwick Petersham Cricket Foundation
The Randwick Petersham Cricket Foundation was established on 15 April 2003 following the receipt of a generous legacy of $200,000 left to the club by the late Wally South, a former player and patron of the old Randwick Cricket Club. To ensure this legacy would secure Randwick Petersham’s financial future and ongoing viability, the then Management Committee decided to transfer it to a separate fund controlled by an independent trustee set up to manage the donation along with any other monies which may be contributed from time to time.
Pursuant to that objective, the Foundation was created under the management of a trustee company controlled by a number of directors. The current directors are Peter Wright (Chairman), club President Mike Whitney and long established “legends” of the club Alan Turner, John Pearson, Lyall Gardner and Wayne Mulherin. Lyall Gardner also acts as the trustee secretary.
Responsibility for investing the funds of the Foundation rests with the trustee company directors who also have absolute discretion in determining the extent of any payment. The purpose of the trust is expressed in the Trust Deed as being to hold the capital and income in perpetuity for the promotion and encouragement of the game of cricket at the Randwick Petersham Cricket Club. Since the establishment of the Foundation the capital and undistributed income has grown to over $272,000. All funds are held on interest bearing bank deposit or in bank accounts. The club’s sponsor Bendigo Bank is a principal banker of the Foundation.
Over the 16 years life of the Foundation, the trustees have exercised their discretion in the distribution of income on a number of occasions and have paid a total of $140,894.60 to Randwick Petersham Cricket, including $2,000 this season.
The Randwick Petersham Cricket Foundation is dedicated to the continuation of the club as a major force in NSW Premier Cricket. While we are extremely grateful to Wally South for his foresight, we are mindful of the need to ensure the capital of the Foundation grows as the years roll by. We therefore welcome any donations from friends of Randwick Petersham Cricket.