Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 4426 NEWSBOYS FOUNDATION ANNUAL REPORT 2016 Newsboys Foundation board meetings The Board of the Newsboys Foundation met seven times throughout the financial year. At each meeting, the Directors reviewed the Foundation’s performance. The number of Board meetings held and number of Board meetings attended by each of the Board members during the financial year were: Director Meetings Meetings held attended while a Director W. Brind Zichy-Woinarski QC 6 6 Penny Campbell 6 6 Michelle Collins 4 6 Wayne Bunte 0 2 (retired 26 November 2015) David Coombes 4 6 Keith Gillett 6 6 John Warner 6 6 Ann Robinson 6 6 Deryk Stephens 5 6 Principal activities The principal activity of the Foundation in the course of the year was the investment in stock exchange listed securities and interest bearing cash deposits, the income from which was used mainly to provide financial assistance to community organisations working with disadvantaged young people and children in Victoria. No significant change in the nature of this activity has taken place during the year. Review and results of operations The profit for the financial year was $34,919 (2015: $106,964). Investments have been revalued to fair value being the quoted market price at reporting date. At 30 June 2016, a net revaluation increment of $250,879 (2015: $543,510) was taken to the Investment Revaluation Reserve. In the opinion of the Board, operations of the Foundation for the year under review were at a satisfactory level. State of affairs There have been no significant changes in the state of affairs of the Foundation during the year. In the event the Foundation is to be wound up and there are insufficient funds, each member will be liable to contribute up to $50 each. There are currently 65 members, totalling $3,250. NEWSBOYS FOUNDATION DIRECTORS’ REPORT Events subsequent to reporting date There has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material or unusual nature likely, in the opinion of the Board, to affect substantially the operations of the Foundation, the results of those operations, or the state of affairs of the Foundation in subsequent financial years. Likely developments The Board is confident that the Foundation will continue to maintain a satisfactory level of operations, realising sufficient income to enable allocations to community organisations working with disadvantaged young people and children in Victoria. Dividends The Foundation is precluded from declaring and paying dividends under its Constitution. Environmental issues The operations of the Foundation are not subject to particular or significant environmental regulations under a Commonwealth, State or Territory Law. Indemnifying officers or auditor No indemnities have been given or insurance premiums paid, during or since the end of the financial year, for any person who is or has been an officer or auditor of the Foundation. Proceedings on behalf of the Foundation No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Foundation, or to intervene in any proceedings to which the Foundation is a party, for the purpose of taking responsibility on behalf of the Foundation for all or any part of those proceedings. No proceedings have been brought or intervened in on behalf of the Foundation with leave of the Court under section 237 of the Corporations Act 2001.