A copy of the 2017/18 Annual Report is available on this website.
In July 1997, Australian Wool Testing Authority Ltd (AWTA Ltd) donated $3.00 million of its Unappropriated Profits to a trust vehicle named “The AWTA Ltd Wool Education Trust”. The objectives, as set out in the Trust Deed were:
“The Trustees shall hold the Sum upon trust for the application of the income for charitable purposes being the advancement of education in wool and wool textile science and technology including, without limiting the generality of the foregoing, in all or any of the following methods:
The Deed provided for the appointment of 5 Trustees – 3 by AWTA Ltd (the Founder) and 2 by the Federation of Australian Wool Organisations (FAWO).
In May 2003, the Deed was amended to broaden the objectives of the Trust to allow Trustees to fund education outside the University sector.
In 2004, Australian Wool Innovation (AWI) agreed to donate $4.00 million to the Trust, subject to the Trust Deed being amended to provide for appointments of 3 Trustees by AWTA Ltd, 3 by AWI and 2 by FAWO. The new Deed came into effect on 25th June 2004, at which time the organisation was renamed “Australian Wool Education Trust” (AWET).
Being a not-for-profit trust, AWET is registered with and reports to the Australian Charities & Not for Profits Commission (ACNC). Registration was first required in 2012 and Annual Reports are provided to the ACNC at the end of each calendar year.