Some of the most rewarding opportunities which come to me as General Manager of CDF would be attending what I term “ribbon cutting ceremonies”. These are the special times when communities gather to share in the joy of new facilities, to give thanks for a job well done, to honour and dedicate, to look with anticipation toward the future. For me, knowing your loyal investment support for CDF has made loan funds available for projects across the scope of Faith, Education, Health and Aged Care, is hugely satisfying.

Not too long ago, a CDF Representative was invited to a parish school which was definitely five-star! The parish priest had served the community for many years and had also built a magnificent church which was debt-free. The community was strong, vibrant and pastoral. Knowing Father was soon to retire and that his leadership and enthusiasm had been key factors in the success of this parish, the CDF Representative commented that he might well look around and feel proud. His response was “Pride is a sin!”.

It seems to me that pride is NOT a sin at CDF! In that spirit I encourage you to view the CDF highlights and achievements for 2003/04 which are outlined within this Update and consider that each loan resulted in new and improved facilities at Catholic places.

It is pleasing to share the featured stories and photos of a cross section of CDF investors in this issue of Update. Representative of our Catholic neighbours and friends, they are people from all walks of life. More importantly here are investors who have taken the wider view and recognise the cooperative spirit which underpins the CDF. They appreciate that their deposits will earn a competitive rate of return and at the same time benefit their Catholic communities.

Following the Catholic Church Development Funds of Australia and New Zealand conference hosted by CDF Melbourne last year, the

Fund made a determined commitment to enhance communication within “our connected community” which was the conference theme. As a very practical gesture, CDF provided sponsorship for parish websites which are developed by Catholic Communications or Church Resources. Some lively websites have sprung up as a result! I would encourage more parishes to take advantage of this opportunity. It is a great way to spread the good news!

In the tradition of saving the best for last, I would like to share the CDF Mission Statement and Core Values which were revised following extensive consultations. I think you will agree with what we are saying about your Fund.