b'CHAIRMANS REVIEWIt is with much pleasure that we present our128th Annual Report, for the year ended 30 June 2021. This has been another unusual year thanks to COVID and its various emerging strains, and as I write this the latest mutation, Omicron, is spreading rapidly within Australia and overseas.COVID has been a very real challenge for the organisations we support and they are all to be30 June 2021, its corpus was approximately $259,000. It congratulated on the way in which they have managed tois required to distribute a minimum of 4% of its corpus at adapt the delivery of their programs to its challenges. Thethe end of the preceding financial year. This financial year Board is confident that in these difficult times Newsboyswe made a single grant of $35,000 to Ocean Mind, which continues to fulfil its mission. provides therapeutic surfing programs for young people Sadly, in January 2021 Rollo Morgan, who had only beenexperiencing mental health challenges, social isolation, appointed to the Board in December 2019, died.Whilstand disabilities. We are very grateful to the Gruppetto Rollo had been on the Board for just over 12 months, inFund for their support of the Trust, which has enabled the that relatively short time his enthusiasm for the workTrust to have made this much larger distribution in this of Newsboys and his willingness and desire to assist infinancial year.achieving our mission had shone through. Rollos standingAs always, our very sincere gratitude and thanks to our in the community was demonstrated by a number ofamazing CEO, Sandy Shaw. Sandy truly loves the work that donations in his memory to the Newsboys Trust. He wasNewsboys does and that is reflected in her enthusiasm far too young when he died, and we send our sincereand dedication to Newsboys. Our thanks also to her condolences to Claire, his widow and young children anddedicated assistant, Kerry Bradburn, who returned to our his mother, Diana.We miss him.fold during the financial year. Our very sincere thanks to At the April meeting of the Board, Clementine Hay wasour accountant, Jennifer Edwards. Sandy and her loyal elected as a director of the Newsboys Foundation to fill ateam are what make possible the work of the Board.casual vacancy. We are delighted to welcome ClementineAs always, our thanks to John Warner, and his son Ian, for to the Board and look forward to her having a long andtheir ongoing and wise investment advice. That advice is rewarding association with Newsboys. It is particularlyessential, as it is the income from the corpus that enables pleasing to see a member of a much younger generationNewsboys to carry out its mission. Their advice, together joining the Board, as was also the case with Rollo. with that of the late Nigel Morgan has seen the corpus Despite the uncertainties of COVID, the corpus ofgrow from approximately $800,000 to where it is today.Newsboys has remained stable at just on $22 million atThis year saw us appoint a new auditor. Grant Thornton the end of the financial year. However, the reduction inhad been our auditors on a reduced fee for some 11 years. income, due to both reduced dividends and the omissionOur thanks to them for the wonderful service they have of dividends, meant that in the past 12 months we madeprovided over that time. We welcome Hourigan Partners, grants totalling $494,250 to 19 organisations.Since 1974,and in particular Simon Hourigan, as our new auditors.Newsboys has made total grants of approximately Our sincere thanks to Simon and his team for their $18.7 million. efficient and prompt conduct of our audit.In the past 12 months we have continued ongoing fundingAs is often the case, our thanks also to David Coombes for for organisations that we had identified, prior to COVID,the pro bono work he and his firm, Gadens, have provided as having excellent programs to further the mission ofin the past year.Newsboys.As I noted earlier, it has been truly pleasing, and of great interest, to see how these organisations haveW Brind (Zich) Zichy-Woinarski QC, Chairman successfully changed the manner of the delivery of theirFor and on behalf of the Board of Directors,programs to overcome the restrictions brought about by22 December 2021COVID. We have been very conscious of this need, and have taken it into account in determining new grants. The Newsboys Foundation Trust is the body through which we seek tax deductible donations. The Trust is an important and valuable way in which we can further expand the work of the Newsboys Foundation. As at2NEWSBOYS FOUNDATION ANNUAL REPORT 2021'