b'A MESSAGE FROM THE GENERAL MANAGER AND CHAIRDuring 2021, the continuation of pandemic economic responses, lockdowns and associated social impacts changed the way we all undertook our lives and work.Despite these headwinds, our customers again displayed resilience and continued to support those most in need. This resilience and customer support allowed the ADF to exercise ongoing stewardship and successful financial performance.Funds under management continued to grow with average Total Assets increasing from $1.60b in 2020 to an average of $1.71b in 2021, a growth rate of 6.8%.The loan portfolio was again active, with the ADF lending $352m across 365 loans. This demonstrates the ongoing strong relationship we have with many Catholic customers.The composition of Customer Funds was comparable to last year with 30% being provided by Archdiocesan agencies(2020 - 34%), 44% from Public Juridic Persons (2020 - 39%); 9% from Parishes (2020 - 10%), 11% from other Catholic entities (2020 - 17%); and Other Diocese 5%.Without this ongoing support and our associated transaction services, the ADF would not be able to provide Loan funding.The combination of the factors above delivered an operating surplus of $19.9 for 2021 enabling the ADF to provide a $15m distribution to the Archdiocese to fund key pastoral ministries and initiatives. That distribution demonstrates our commitment to supporting the growth of Church mission. Helping those in need, especially when they need it the most, has been a big part of our calling.We are cautiously optimistic about the outlook for 2022 and aware of the impact that rising interest rates will have on our investors and borrowers alike. The ADF will balance the needs of our customers to ensure the continued fulfilmentof mission. We are deeply grateful to our ADF employees, who with their sustained commitment and hard work, have thrived throughout another challenging year. I would like to thank our loyal customers for their unwavering support; and the ADF Board, the ADF Finance and Risk Sub-Committee and our service partners, for their expert advice and continued assistance.With this strong foundation, we look forward to serving the CatholicAndrew Musial Rob Bakercommunity into the future with great optimism.General Manager, ADF Chair, ADFA R C H D I O C E S A N D E V E L O P M E N T F U N D 5'