b'CHAIRMANS REVIEWIt is with much pleasure that we present our 129 thAnnual Report, for the year ended 30 thof June 2022. Once again COVID has been a challenge to those organisations we support.As I wrote last year, these organisations have shown real initiatives in the way in which they have adapted the delivery of their programs to its challenges. Thanks to their actions, in these difficult times thethe delivery of their programs to overcome the restrictions Newsboys Foundation has been able to continue to fulfil brought about by COVID. In providing funding to new its vision and mission to assist the disadvantaged youth organisations, we have been very conscious of the manner in Victoria. in which organisations have responded to the problems Sadly, the 30 thof June 2022 saw the end of an era for thecaused by COVID and the restrictions flowing from it and Newsboys Foundation, with the retirement of John Warnerhave taken that into account in determining new grants. as a director.John has been a director of Newsboys sinceIn last years Annual Report, our CEO, Sandy Shaw November 1980.The strong financial position of thereported on the relationship we had developed with Newsboys Foundation, both as to its corpus and income, isthe Gruppetto Fund and its generosity in assisting the the result of the excellent and insightful advice of John andNewsboys Foundation Trusts support for Ocean Mind.the late Nigel Morgan. This relationship has continued to develop over the last After Nigels untimely death in 2008, John has continuedyear, and as a result the Newsboys Foundation Trust was to maintain our financial soundness.John and Nigel areable to provide funding of $60,000 to Boys to the Bush and responsible for the corpus of the Newsboys Foundationto continue funding Ocean Mind. We are grateful to the having grown from approximately $800,000, at itsGruppetto Fund for their support, and, in particular, to inception, to where it is today.We will miss JohnsMark Duncan for initiating this relationship.considered and wise counsel in general, not justThe Newsboys Foundation Trust is the body through financially.On behalf of the Board, our CEO Sandy Shaw,which we seek tax deductible donations. The Trust is an the many organisations which we have funded over thoseimportant and valuable way in which we can expand the 42 years and the uncountable number of young Victorianswork of the Newsboys Foundation.who have benefited from the programs we have funded in that time, our heartfelt thanks and gratitude to you JohnA very special thanks to our wonderful CEO, Sandy Shaw. for everything you have done.We wish you well.Sandy is responsible for identifying those organisations that we support. As you can see from the Annual Report At the June meeting of the Board, Rupert Sherwood waseach year, it is a task she fulfills excellently, and that is in elected as a director of the Newsboys Foundation to fillitself a reflection of her determination for the Newsboys a casual vacancy. We are delighted to welcome RupertFoundation to use its funding, in accordance with our to the Board and look forward to him having a long andpriorities, to best assist the disadvantaged youth in rewarding association with the Newsboys Foundation.Victoria. Our thanks also to her dedicated assistant, Kerrie As with the appointment of Clementine Hay last year, weBradburn, and to our accountant, Jennifer Edwards. are delighted to see another member of a much younger generation joining the Board. Again, our thanks to John Warner, and also to his son Ian, for their ongoing and wise investment advice. That advice Despite the uncertainties of COVID, the Russian invasionis essential for the Newsboys Foundation to fulfil its vision.of Ukraine and the overhanging threat of recession, the corpus of the Newsboys Foundation has remainedOur thanks to our auditors, Hourigan Partners, and in relatively stable at just over $21 million at the end ofparticular Simon Hourigan, for the efficient and prompt the financial year. In the financial year, we made grantsconduct of our audit.totalling $548,750 to 22 organisations. Since 1974, the Newsboys Foundation has now made total grants of overAs is often the case, our thanks also to David Coombes for $19 million. the pro bono work he and his firm, Gadens, have provided in the past year.Like last year, we have continued ongoing funding forW Brind (Zich) Zichy-Woinarski KC, Chairman organisations that we had identified, prior to COVID,For and on behalf of the Board of Directors,as having excellent programs to further the vision of10 October 2022the Newsboys Foundation. As I noted above, these organisations have successfully changed the manner of 2NEWSBOYS FOUNDATION ANNUAL REPORT 2022'