b'CHAIRMANS REVIEWIt is with much pleasure that we present our 127 thAnnual Report, for the year ended 30 June 2020.This has been a most unusual year and, as I write this, the Covid-19 situation still continues, and much of what I write is equally apposite to what has occurred since the end of the 2019-2020 financial year.Despite the difficulties caused by Covid-19, the Foundation has continued to fulfil Covid-19 has also caused vast challenges to the its mission. organisations we fund.Programs, that we had provided It is with much sadness that I must report the passing offunding to, could no longer be conducted.This resulted the two immediate past Presidents who preceded me:in organisations adapting, or substantially changing, their Robin Gowan and Ken Barry.Robin had some 30 yearsprograms to enable the Covid-19 issues to be met and involvement with the Foundation and was Presidentfor their targeted audience to still receive assistance.We for 11 years until November 2006, when he resignedcongratulate the various organisations we fund, and so from the Board.Ken served three years as President,many others, for their lateral thinking in managing to until December 2009, and before that he had been Vice- overcome the Covid-19 problems. President for 11 years, and served as a director for 37The corpus of Newsboys has now grown from about years.Both Robin and Ken gave much of their time to the$800,000 at its establishment in 1973 to just underFoundation and its work, and for that we will be forever$20 million at the end of the financial year.In the past grateful.Both remained loyal friends and members of the12 months we have made grants totalling $679,500 to 26 Foundation till their respective deaths.Both will be organisations.Since 1974, Newsboys has made grants of sadly missed. more than $18 million.In December 2019 the Board elected Rollo Morgan to fillThe Newsboys Foundation Trust is the body through a casual vacancy on the Board.The appointment of Rollowhich we seek tax deductible donations. The Trust is is, and was, of particular significance.Rollos father, thean important and valuable way in which we can further late Nigel Morgan, was a director of the Foundation fromexpand the work of the Newsboys Foundation.As at 17 August 1980 until his death, on 10 July 2008, and was30 June 2020, its corpus was $275,166. It is required to the Treasurer from 14 December 2000.Nigel and Johndistribute 4% of its corpus at the end of the preceding Warner are responsible for the strong corpus that thefinancial year, and last year it made one grant of $12,000. Foundation now possesses and we are forever grateful toIt is essential we continue to grow its corpus too.each.Sadly, as I write this we learnt of Rollos sudden and unexpected death.We welcomed Rollo warmly and wereI have already mentioned the wonderful way in which grateful that he saw fit to follow in his fathers footsteps asour CEO, Sandy Shaw, handled the problems caused by a director of the Foundation.Covid-19. It has been a difficult year for her to do her job, but do her job she has; our sincere thanks to Sandy for Covid-19 has been a challenge.Due to Governmentwhat she has done in these most difficult circumstances.requirements many things had to change.Some examplesAlso, our very sincere thanks to our accountant, Jennifer of this are as follows.First, our CEO, Sandy Shaw, hasEdwards. Without Sandy and her loyal team, the work of been required to work from home for a significant partthe Board would not be possible.of the 2019-2020 financial year and the 2020 calendar year.Despite that, Sandy has managed the FoundationIt would be remiss of me if I did not express our sincere in her typical efficient and productive fashion.Visitsgratitude to John Warner for his wise investment advice to various organisations have been replaced by Zoomand also that of his son Ian Warner. Their wise advice has meetings, which have enabled her to keep in touch withprotected the financial position of the Foundation despite what is happening and to keep the Board well informed. the challenges faced.Once again, our sincere thanks Second, in person Board meetings have been replacedto Grant Thornton for again conducting our audit on a by Board meeting conducted via Zoom.Zoom, whilst areduced fee basis: they have been very generous in this great technology that has enabled such meetings to occur,regard over many years now.Our thanks also to David does have its drawbacks when it comes to serious andCoombes for the pro bono work he and his firm, Gadens, robust discussions and I thank all my fellow directors forhave provided in the past year.their co-operation and understanding during our ZoomW Brind (Zich) Zichy-Woinarski QC, Chairman Board meetings.Third, an immediate effect of Covid-19For and on behalf of the Board of Directors,was a substantial reduction in our income.The Board has18 January 2021prudently managed this and will continue to do so.2NEWSBOYS FOUNDATION ANNUAL REPORT 2020'