Announcement PDF Annual Report For the year ended 30 June 2024 Annual Report 2024 Corporate Directory Directors Edward Grobler (Chair) Thomas Russell (Executive Director) Ian Leijer (Non-executive Director) Alastair Wilkie (Non-executive Director) Geoffrey Sam (Non-executive Director) Company Secretary Adam Gallagher Registered Office Change Financial Limited Suite 3E, Level 3, 340 Adelaide Street, Brisbane QLD 4000 Email: investors@changefinancial.com Postal Address Change Financial Limited GPO Box 1322 Brisbane QLD 4001 Australian Company Number 150 762 351 Australian Business Number 34 150 762 351 Auditors Pitcher Partners Level 38 345 Queen Street BRISBANE QLD 4000 Telephone: +61 7 3222 8444 Fax: +61 7 3221 7779 www.pitcher.com.au Share Registry Link Market Services Limited Telephone: 1300 554 474 www.linkmarketservices.com.au Website www.changefinancial.com ASX Code CCA Change Financial Limited Website www.changefinancial.com Registered Address Suite 3E, Level 3, 340 Adelaide Street, Brisbane QLD 4000 ACN 150 762 351 Postal Address GPO Box 1322, Brisbane QLD 4001 2 Annual Report 2024 Table of Contents Corporate Directory 2 Table of Contents 3 Chair’s Letter 4 CEO's Report 5 Directors’ Report 6 Auditor’s Independence Declaration 21 Corporate Governance Statement 22 Financial Report 33 Consolidated Statement of Profit or Loss 34 Consolidated Statement of Comprehensive Income 35 Consolidated Statement of Financial Position 36 Consolidated Statement of Changes in Equity 37 Consolidated Statement of Cash Flows 38 Notes to the Consolidated Financial Statements 39 Consolidated Entity Disclosure Statement 67 Directors’ Declaration 68 Independent Auditor’s Report 69 ASX Additional Disclosure 73 Change Financial Limited Website www.changefinancial.com Registered Address Suite 3E, Level 3, 340 Adelaide Street, Brisbane QLD 4000 ACN 150 762 351 Postal Address GPO Box 1322, Brisbane QLD 4001 3 Annual Report 2024 Chair’s Letter Dear Shareholders, On behalf of the Board of Change Financial Limited (Change), I am pleased to present our Annual Report for the year ended 30 June 2024. As we look back on the 2024 financial year we do so with excitement and optimism for the future of Change. The year saw our Company evolve following a period of significant investment in product development and business readiness moving into the commercialisation and operational stage of our journey. Our focus on our technology, product, people and operations have set us up to execute on our vision of simplifying payment experiences globally and becoming a leading payments solutions provider via simple, flexible, secure and fast to market technology. During the year we completed a number of key initiatives fundamental to achieving our vision – we hired in key departments to strengthen our operational teams, completed NZ domestic network connectivity, completed Mastercard certification in Australia, launched the latest version of Vertexon in the US, began our PaySim modernisation project and most notably we launched the first Payments as a Service (PaaS) clients in New Zealand, Australia and the US on the Vertexon platform. With Change now processing material volumes for blue chip financial institution clients, we are seeing that reference-ability is a key enabler for future revenue growth from both our existing contracted clients and pipeline opportunities. All these achievements of the past year are essential to the recent revenue growth and financial success we have seen the business deliver. I am particularly proud of the achievements of the Change team which have provided us with the solid foundations to drive increased growth as the business continues to move into the commercialisation phase. Looking forward, we are targeting to deliver revenue growth in excess of 30% and a maiden EBITDA positive result in financial year 2025 which would mark another significant milestone in Change’s journey. I would like to take this opportunity, on behalf of the Board of Directors, to thank all our valued clients, partners and employees and highlight how important they are to us and the successful future of our Company. Finally, I would like to thank our shareholders for their continued support and we look forward to keeping you informed of our key achievements throughout the upcoming year. Sincerely, Edward Grobler Chair Change Financial Limited Website www.changefinancial.com Registered Address Suite 3E, Level 3, 340 Adelaide Street, Brisbane QLD 4000 ACN 150 762 351 Postal Address GPO Box 1322, Brisbane QLD 4001 4 Annual Report 2024 CEO's Report Dear Shareholders, The 2024 financial year marked another year of great progress for Change as we completed the final year of our three-year strategy. During this time, with our focus on bringing our best-in-class on-premise technology into the cloud, we have now completed our transformation into a software as a service led business and have set Change up to deliver growth now and in the future. It is exciting to see the financial pull through of this starting in financial year 2024, particularly in the second half, with our first PaaS revenue contribution and securing another major credit union client. Of significant note, during the year we achieved the following major milestones: • Continued to invest in our two core products with a particular focus on Vertexon – delivering market leading solutions • Strengthened and refined core operational capabilities – compliance, treasury, fraud and transaction monitoring • Completed the migration of our first NZ financial institution PaaS clients – driving significant transactional volumes and revenue • Won new financial institution and fintech clients in NZ – will drive increased revenue in financial year 2025 and beyond • Won and onboarded clients in the US and Australia – platform now live and fully operational in both countries • Rationalised a dated platform version resulting in material cost savings and improved operational efficiency These achievements led to Change delivering revenue of US$10.6 million (A$15.8¹ million) in financial year 2024, an increase of 22% on the prior year. Excitingly, in the second half we delivered revenue of US$6.2 million (A$9.3¹ million), an increase of 39% vs prior corresponding period (pcp) which was primarily driven by the first contribution from our PaaS clients. Our PaaS revenues are continuing to increase as clients complete their migrations to Change and we continue to onboard new clients. Following a significant period of product investment and operational readiness, we have entered a new phase for the business, and we are increasing our focus on the commercialisation of our two core products. We have done an incredible amount of work to streamline the business with the necessary resources capable of scaling and delivering future revenue growth profitably. The increasing revenue growth coupled with a stable cost base resulted in a material reduction in the EBITDA loss in FY24 to US$0.7 million (A$1.0¹ million), a significant (42%) improvement from the prior year EBITDA loss of US$1.3 million (A$2.2¹ million). Of significant note, Change delivered an EBITDA neutral second half of the year demonstrating the increasing operating leverage in the business. Looking forward, we enter financial year 2025 with an increased contracted revenue base and maintain our focus on delivering profitable revenue growth. With the PaaS platform live and operational in all key target markets of New Zealand, Australia and the US, we are targeting revenue growth in excess of 30% in financial year 2025. Coupled with an established cost base capable of supporting significant scale in our PaaS offering, we are also targeting to deliver a maiden EBITDA positive year. As I look back at my first year as CEO, I am extremely proud of the progress our team has made and I am excited for the years ahead as we chase our ambition to be a dominant player in the payments space. Following several years of investment we have entered the commercialisation phase of our journey and we have the product, people and processes to drive success. I would like to sincerely thank our team, clients, partners and shareholders for their ongoing support. To the Change team, thank you for your ongoing dedication and commitment to delivering the key milestones over this past year. These milestones are critical to our future growth and success. Sincerely, Tony Sheehan CEO 1 AUD/USD = 0.67 (A$ amounts are converted for representation purposes to assist the reader) Change Financial Limited Website www.changefinancial.com Registered Address Suite 3E, Level 3, 340 Adelaide Street, Brisbane QLD 4000 ACN 150 762 351 Postal Address GPO Box 1322, Brisbane QLD 4001 5 Annual Report 2024 Directors’ Report The Directors present their report together with the financial statements of Change Financial Limited (Change Financial or the Company) consisting of Change Financial Limited and the entities it controlled (Group) at the end of or during the year ended 30 June 2024. Directors The following persons were Directors of Change Financial Limited during the whole of the financial year and up to the date of this report unless otherwise stated: • • • • • Edward Grobler (Chair) Thomas Russell (Executive Director) Ian Leijer (Non-executive Director) Alastair Wilkie (Non-executive Director) Geoffrey Sam (Non-executive Director) Principal Activities The Group’s principal activity during the year continued to be the commercialisation and ongoing development of its payments management platform and payment testing solution. Change Financial is a global fintech developing innovative and scalable payments technology through two core products: • • Vertexon: physical, digital and virtual card issuing and transaction processing; and PaySim: payment testing solution Review of Operations Highlights Change Financial’s strategy remains focussed on simplifying payment experiences through providing simple, flexible and fast to market technology to financial institutions and fintechs globally. The Company has now completed the transformation into a software as a service led business which has positioned Change to deliver growth now and in the future. Key operational highlights include: • • • • • • • Completed New Zealand domestic EFTPOS connectivity Completed all technical and licensing requirements to enable prepaid and debit card issuing in Australia, New Zealand and the US on the Vertexon Payments as a Service (PaaS) platform Launched the first Vertexon PaaS clients in New Zealand and completed the migration of key financial institution clients Over 40,000 cards live and transacting on the Vertexon PaaS platform Strengthened the team through key hires to operationalise the Vertexon PaaS platform and grow revenue Commenced the PaySim modernisation project Rationalised a dated platform version resulting in material cost savings and improved operational efficiency Change Financial Limited Website www.changefinancial.com Registered Address Suite 3E, Level 3, 340 Adelaide Street, Brisbane QLD 4000 ACN 150 762 351 Postal Address GPO Box 1322, Brisbane QLD 4001 6 Annual Report 2024 Key risks The Company is exposed to a number of risks including regulatory, operational, financial, technological and broader market factors. These risks may impact on the Company’s ability to achieve financial and operational targets. The Company manages these risks through the senior leadership team with oversight from the Audit & Risk Committee. Key risk management policies are reviewed and approved by the Audit & Risk Committee and implemented by the senior leadership team. Some of the key risks include: • • • • • • • Product commercialisation – revenue growth is dependent on the ability to commercialise new products. The Vertexon PaaS platform is now live and operational in Australia, New Zealand and the US with over 40,000 active cards on the platform. Whilst the Company has commenced generating revenue from the Vertexon PaaS platform, continued future revenue growth is dependent on growing the client base and increasing volumes. Ability to scale – the ability to scale the business is key to driving profitable future growth. The Company is focused on growing in pre-defined core target markets with the goal of achieving scale in these regions. General financial – the Company is subject to financial risks including increased operational costs, reduced client pricing, and access to equity and debt sources. The Company manages its financial risk by regularly monitoring and forecasting financial performance, cashflows and capital requirements. Competition – the Company operates in a competitive market with other companies providing similar services. The Company mitigates this risk through product and service differentiation and entering long term contracts with clients where possible. Technology – the Company is subject to technology related risks which may impact on financial, operational and reputational value. Technology risks include cyber-attacks which have the potential to impact the Company and its clients. The Company mitigates these risks by continuing to invest in IT systems, training and testing. Operational – the Vertexon PaaS offering, particularly card issuing, requires different skill sets and business operations to ensure success. Card issuing also introduces new risks to the business particularly in relation to treasury, fraud and compliance. The Company has appointed experienced individuals with the requisite skills in these areas to mitigate risk associated with card issuing. Regulatory – the Company operates in more than 40 countries and provides card issuing (which is a regulated activity) in New Zealand, Australia and the US. The Company has a dedicated compliance function, assisted by specialist external advisors, which is responsible for ensuring the Company complies with existing regulations and any future changes. The Company closely monitors regulatory requirements to ensure current and future compliance and to enable the Company to respond to upcoming changes as and when required. Significant changes in the state of affairs No significant changes in the state of affairs other than as set out in the Review of Operations above. Matters subsequent to the end of the financial year Nil. Likely developments and expected results of operations Refer to the Review of Operations for further details. Change Financial Limited Website www.changefinancial.com Registered Address Suite 3E, Level 3, 340 Adelaide Street, Brisbane QLD 4000 ACN 150 762 351 Postal Address GPO Box 1322, Brisbane QLD 4001 7 Annual Report 2024 Information on Directors Edward Grobler (Chair) Experience and expertise Edward has more than 35 years’ experience in the payments industry. He spent 14 years working for a South African bank before joining Mastercard in 1999 as Senior Vice President for Mastercard Africa. In 2008 he was appointed as Executive Vice President for Mastercard Australasia and in 2017 he took up the role of Executive Vice President: Real Time Payments, based in the United Kingdom. Edward holds a Bachelor of Arts (Honours) from University of Pretoria, Master of Arts from the University of South Africa and a Master in Business Leadership from the University of South Africa. Other current ASX directorships None Current Change Financial shareholding Ordinary shares – 520,833 Options – Nil Former ASX directorships in last 3 years None Thomas Russell (Executive Director) Experience and expertise Thomas has more than 12 years’ experience in the United States and Australia as an investor and advisor working across a range of industries with a focus on growth companies. Thomas is highly experienced in raising capital, setting business strategy, executing M&A, managing operations, as well as launching technology platforms. Thomas holds both a Bachelor of Commerce (Finance) and a Bachelor of Economics (Quantitative Methods) from the University of Queensland, Australia. Other current ASX directorships None Former ASX directorships in last 3 years None Special responsibilities Chair of the Nomination & Remuneration Committee Current Change Financial shareholding Ordinary shares – 1,684,264 Options – Nil Change Financial Limited Website www.changefinancial.com Registered Address Suite 3E, Level 3, 340 Adelaide Street, Brisbane QLD 4000 ACN 150 762 351 Postal Address GPO Box 1322, Brisbane QLD 4001 8 Annual Report 2024 Ian Leijer (Non-executive Director) Experience and expertise Ian has been closely involved with Change Financial since its inception. Ian is a Chartered Accountant with over 25 years’ experience in financial analysis, corporate transactions, business strategy and business management. He was CFO and Company Secretary for over 10 years of former ASX listed company Avatar Industries Limited which operated globally in a number of diverse industries including mining services, electronics distribution, fabrication of building products and printing. Ian started his career with Price Waterhouse specialising in corporate transactions and valuations before joining a boutique investment bank. Ian currently works with a number of entities on business analysis, capital raising (debt & equity) and general management. Ian also holds a Bachelor of Economics from the University of Sydney, Australia. Other current ASX directorships None Special responsibilities Chair of the Audit & Risk Management Committee Former ASX directorships in last 3 years None Current Change Financial shareholding Ordinary shares – 6,886,976 Options – Nil Alastair Wilkie (Non-executive Director) Experience and expertise Alastair is an experienced financial services executive specialising in banking and payments coupled with a background in information technology and business development. Alastair has over 30 years of experience in senior leadership roles across Australia, Europe & North America. He spent 6 years with Indue Ltd as Executive General Manager and 2 years as Chief Operating Officer at ASX listed EML Payments Ltd. Alastair joined the Company as Chief Executive Officer in 2019, before joining the Board and becoming Chief Executive Officer & Managing Director in 2021. Alastair holds a Diploma in Business Management from W.L. College in Scotland, studied Business Administration at the Executive Management Institute, ESSEC Business School in Paris and is a Member of The Australian Institute of Company Directors. Other current ASX directorships None Current Change Financial shareholding Ordinary shares – 7,954,914 Options – Nil Former ASX directorships in last 3 years None Change Financial Limited Website www.changefinancial.com Registered Address Suite 3E, Level 3, 340 Adelaide Street, Brisbane QLD 4000 ACN 150 762 351 Postal Address GPO Box 1322, Brisbane QLD 4001 9 Annual Report 2024 Geoffrey Sam, OAM (Non-executive Director) Experience and expertise Geoffrey is a highly experienced company director and currently serves as Chair of Earlypay Limited (ASX:EPY). Prior to his appointments to ASX listed companies, Geoffrey undertook numerous Chief Executive positions at Adelaide based hospitals. He is currently the Co-Founder and Director of HealtheCare Australia Pty Ltd, a privately owned health care company comprising a portfolio of 18 hospitals. Geoffrey holds a Bachelor of Commerce (Accounting and Finance) and a Master of Health Administration from the University of New South Wales, a Master of Arts (Economics and Social Studies) from the University of Manchester UK and is a Fellow of the Australian Institute of Company Directors. Other current ASX directorships Earlypay Limited (ASX:EPY) (appointed 10 March 2015) IDT Australia Limited (ASX:IDT) (appointed 10 October 2022) Former ASX directorships in last 3 years Paragon Care Limited (ASX:PGC) (appointed 3 June 2016, resigned 4 June 2024) Current Change Financial shareholding Ordinary shares – Nil Options – Nil Company Secretary The Company Secretary is Mr Adam Gallagher. Adam Gallagher Experience and expertise Adam is a highly experienced company secretary, director and executive with a broad corporate skillset and provides governance services to listed companies through his firm Applied Corporate Governance Partners. Adam is currently a non-executive director of Entyr Limited (ASX:ETR). He has previously held officeholder roles at ASX listed technology companies. Adam is currently Company Secretary for Change Financial, Propell Holdings Limited (ASX:PHL), Envirosuite Limited (ASX:EVS), Credit Clear Limited (ASX:CCR), Redflow Limited (ASX: RFX) and Tinybeans Group Limited (ASX:TNY). Adam holds a Bachelor of Economics, Master in Commerce, Graduate Diploma in Information Systems and Graduate Diploma in Applied Corporate Governance and is a Fellow of the Governance Institute of Australia. Change Financial Limited Website www.changefinancial.com Registered Address Suite 3E, Level 3, 340 Adelaide Street, Brisbane QLD 4000 ACN 150 762 351 Postal Address GPO Box 1322, Brisbane QLD 4001 10 Annual Report 2024 Meetings of Directors The numbers of meetings of the Company's Board of Directors and of each Board Committee held during the year ended 30 June 2024, and the numbers of meetings attended by each Director were: Full meetings of Directors Audit & Risk Committee meetings Nomination & Remuneration Committee meetings Number attended Number eligible to attend Number attended Number eligible to attend Number attended Number eligible to attend Edward Grobler 12 12 3 3 1 1 Thomas Russell 12 12 3 3 1 1 Ian Leijer 11 12 3 3 1 1 Alastair Wilkie 12 12 - - - - Geoffrey Sam 12 12 - - - - Note: Mr Leijer is Chair of the Audit & Risk Committee. Mr Russell is the Chair of the Nomination & Remuneration Committee. Remuneration report (audited) The Directors are pleased to present your Company’s 2024 remuneration report which sets out remuneration information for Change Financial Limited’s Non-executive Directors, Executive Directors and other key management personnel. Non-executive director remuneration policy The shareholders of Change Financial Limited on 11 August 2015 approved, for the purposes of the ASX Listing Rules and the Group’s Constitution, an increase in the maximum aggregate annual Non-executive Directors’ fees to A$500,000, with such fees to be allocated to the Non-executive Directors as the Board of Directors may determine. Change Financial Limited Website www.changefinancial.com Registered Address Suite 3E, Level 3, 340 Adelaide Street, Brisbane QLD 4000 ACN 150 762 351 Postal Address GPO Box 1322, Brisbane QLD 4001 11 Annual Report 2024 Executive remuneration policy and framework The objective of the Group’s executive reward framework is to ensure reward for performance is competitive and appropriate for the results delivered. The framework aligns executive reward with achievement of strategic objectives and the creation of value for shareholders and conforms with market practice for delivery of reward. The Board ensures that executive reward satisfies the following key criteria for good reward governance practices: • • • • • • • • • • competitive and reasonable, enabling the company to attract and retain key talent; aligned to the company’s strategic and business objectives and the creation of shareholder value; performance linkage / alignment of executive compensation; transparent; acceptable to shareholders; alignment to shareholders’ interests; attracts and retains high calibre executives; alignment to program participants’ interests; rewards capability and experience; and provides recognition for contribution. The executive remuneration and reward framework has three components: • base pay and benefits, including superannuation; • short term incentives; and • long term incentives. (a) Elements of remuneration base pay and benefits Executives are offered a competitive base pay that comprises the fixed component of pay and rewards. Base pay for executives is reviewed annually to ensure the executive’s pay is competitive with the market. An executive’s pay is also reviewed on promotion. There are no guaranteed base pay increases included in any executives’ contracts. Change Financial Limited Website www.changefinancial.com Registered Address Suite 3E, Level 3, 340 Adelaide Street, Brisbane QLD 4000 ACN 150 762 351 Postal Address GPO Box 1322, Brisbane QLD 4001 12 Annual Report 2024 (b) Details of remuneration Details of the remuneration of the Directors and the key management personnel of the Group (as defined in AASB 124 Related Party Disclosures) are set out in the following tables. The key management personnel of Change Financial Limited includes the Directors as listed below: • Edward Grobler (Chair) • Thomas Russell (Executive Director) • Ian Leijer (Non-executive Director) • Alastair Wilkie (Non-executive Director) • Geoffrey Sam (Non-executive Director) In addition to the Directors, the following executives that report directly to the Board or Chief Executive Officer are key management personnel: • Tony Sheehan (Chief Executive Officer) – appointed Chief Financial Officer 19 July 2021 and subsequently appointed Chief Executive Officer effective 3 July 2023 • Arnold Lee (Chief Technology Officer) – appointed 1 September 2021 • Jennifer Mateer (Chief Commercial Officer) – appointed 2 April 2024 • Vinnie D’Alessandro (Chief Product Officer) – appointed 16 November 2020, resigned 12 April 2024 The following table shows details of the remuneration expense recognised for the Group’s executive key management personnel for the current and previous financial year measured in accordance with the requirements of the accounting standards. 2024 Name Short Term Benefits PostEmployment Benefits Long Term Benefits Share Based Payments Total Proportion of Remuneration Performance Based US$ US$ US$ US$ % Cash salary and fees US$ Non-Monetary Benefits US$ Edward Grobler 32,780 - - - - 32,780 - Ian Leijer 32,863 - - - - 32,863 - Alastair Wilkie 36,717 - 470 - - 37,187 - Geoffrey Sam 32,862 - - - - 32,862 - Subtotal 135,222 - 470 - - 135,692 - Thomas Russell 133,816 - - - - 133,816 - Subtotal 133,816 - - - - 133,816 - 221,502 - 24,086 3,644 13,603 262,835 5.2 151,438 - 4,561 - 7,891 163,890 4.8 Jennifer Mateer 40,299 - 4,116 615 - 45,030 - Vinnie D’Alessandro3 141,633 - 14,987 - - 156,620 - Subtotal 554,872 - 47,750 4,259 21,494 628,375 3.4 Total 823,910 - 48,220 4,259 21,494 897,883 2.4 Non-executive Directors 1 Executive Directors Other Key Management Personnel Tony Sheehan Arnold Lee 2 Change Financial Limited Website www.changefinancial.com Registered Address Suite 3E, Level 3, 340 Adelaide Street, Brisbane QLD 4000 ACN 150 762 351 Postal Address GPO Box 1322, Brisbane QLD 4001 13 Annual Report 2024 2023 Name Short Term Benefits PostEmployment Benefits Long Term Benefits Share Based Payments Total Proportion of Remuneration Performance Based US$ US$ US$ US$ % Cash salary and fees US$ Non-Monetary Benefits US$ Benjamin Harrison4 13,970 - - - - 13,970 - Ian Leijer 33,172 - - - - 33,172 - 35,963 - - - - 35,963 - Non-executive Directors Edward Grobler Geoffrey Sam 2,763 - - - - 2,763 - 85,868 - - - - 85,868 - Alastair Wilkie 226,422 - 18,526 3,658 5,273 253,879 2.1 Thomas Russell 122,198 - - - - 122,198 - Subtotal 348,620 - 18,526 3,658 5,273 376,077 1.4 Clayton Fossett6 124,316 364 - - 585 125,265 0.5 Vinnie D’Alessandro 172,045 - 18,903 2,860 5,238 199,046 2.6 Tony Sheehan 181,858 - 18,803 2,969 14,770 218,400 6.8 Arnold Lee 143,254 - 4,722 - 10,810 158,786 6.8 Subtotal 621,473 364 42,428 5,829 31,403 701,497 4.5 1,055,961 364 60,954 9,487 36,676 1,163,442 3.2 5 Subtotal Executive Directors Other Key Management Personnel Total Mr Wilkie retired as Chief Executive Officer and Managing Director effective 7 July 2023 from which he continued as a Non-executive Director Ms Mateer was appointed 2 April 2024 3 Mr D’Alessandro resigned effective 12 April 2024 4 Mr Harrison resigned effective 24 November 2022 5 Mr Sam was appointed 1 June 2023 6 Mr Fossett resigned effective 1 December 2022 1 2 The value of options and / or performance rights issued to Directors and employees as remuneration is expensed over the vesting period which may be a number of years. Therefore, the amount for share based payments is not a cash expense and represents the expense recognised in that financial year for options and / or performance rights granted as remuneration in that year and prior years. Negative amounts are the options forfeited but not yet vested at the time of forfeiture. In the current year, a portion of remuneration for the Key Management Personnel are performance related. Performance related remuneration is based on achieving certain financial and operational targets that are aligned to the success of the Company. The Company undertakes a formal process to assess actual results achieved relative to the targets set to determine an individual’s eligibility for performance related remuneration. Change Financial Limited Website www.changefinancial.com Registered Address Suite 3E, Level 3, 340 Adelaide Street, Brisbane QLD 4000 ACN 150 762 351 Postal Address GPO Box 1322, Brisbane QLD 4001 14 Annual Report 2024 (c) Service agreements Thomas Russell (Executive Director) • Term of agreement – no fixed term; • Annual fee of A$50,000 payable monthly on pro rata basis; • Reimbursement of specified expenses incurred in providing the services; and •