b'CHAIRMANS REVIEWIt is with much pleasure that we present our 130th Annual Report, for the year ended 30 June 2023.Thankfully, Covid has not been the disrupter of the last two years, although the consequences of the lockdowns resulting from it are still with us and, I fear, will become more apparent over the next few years.I am confident that the Newsboys Foundation will be at the forefront of providingthis meeting.Our thanks to Nick for his work, which appropriate assistance to the young people of Victorialed to some stimulating discussion.I am confident we who are suffering from these consequences. are making our grants in the areas where they are most Last year I noted the resignation of John (Jack) Warner asneeded.a director of Newsboys after 42 years.Sadly, I must nowOur relationship with the Gruppetto Fund continues, and record Johns death, on 31 March 2023.I simply repeatthough it the Newsboys Foundation Trust was able to what I wrote last year concerning Johns involvementprovide further funding of $55,000 to Boys to the Bush.and his assistance to Newsboys throughout those 42We are grateful to the Gruppetto Fund for their support, years: The strong financial position of the Newsboysand to Mark Duncan, its Chairman.The Newsboys Foundation, both as to its corpus and income, is the resultFoundation Trust is the body through which we seek of the excellent and insightful advice of John and the latetax deductible donations. The Trust is an important and Nigel Morgan.After Nigels untimely death in 2008, Johnvaluable way in which we can expand the work of the continued to maintain our financial soundness.JohnNewsboys Foundation.and Nigel are responsible for the corpus of the Newsboys Foundationhaving grown from approximately $800,000,As always, a very special thanks to our amazing CEO, at its inception, to where it is today. On behalf of theSandy Shaw. Without Sandy, the work of the Board would Board, I extend our sincere condolences to Johns familybe very much harder.Sandy identifies, researches and and our very grateful thanks for the many years he gaverecommends the amazing organisations that we support.to Newsboys.He will be greatly missed.Thankfully, theAs the Annual Report demonstrates each year, it is the Warner connection has not been completely severed, aswork that Sandy does in this regard that ensures the his son Ian continues as a member of the Foundation andNewsboys Foundation uses its funding, in accordance a valued donor. with our priorities, to best assist the disadvantaged youth I note that in September 2023 we welcomed Dr Omaruin Victoria. Our thanks also to her dedicated assistant, Maruatona to the Board, and look forward to hisKerrie Bradburn, and our accountant, Jennifer Edwards. involvement with Newsboys. To Ian Warner, again, thank you for your invaluable and Despite the worlds financial uncertainties, particularlywise investment advice. the vagaries of the stock markets, the corpus of theOur thanks to our auditors, Hourigan Partners, and in Newsboys Foundation has increased to just under particular Simon Hourigan, for the efficient and prompt $22 million.In the 2022-23 financial year, we made grantsconduct of our audit.totalling $600,000 to 21 organisations.The Newsboys Foundation has now made total grants of approximatelyAs is often the case, our thanks also to David Coombes $20 million.With John Warners resignation as a director,for the pro bono work he and his firm, Gadens, have the Investment Sub-committee has become more activeprovided in the past year.and my thanks to its Chair, Jeff Olsen, and committeeW Brind (Zich) Zichy-Woinarski KC, Chairman member Clementine Hay, for their time engaged in thisFor and on behalf of the Board of Directors,important task. 15 October 2023Since 2009, we have regularly held Strategy Meetings to review where our grants have gone, both as to where within Victoria and the type of program funded, so we are confident we are using our resources to best assist the youth in Victoria, particularly those who come from disadvantaged circumstances.In October 2022, we held another Strategy Meeting,where an independent review prepared by Nick Place was the centre-piece of 2NEWSBOYS FOUNDATION ANNUAL REPORT 2023'