b'CHAIRMANS REVIEWIt is with much pleasure that we present our 131st Annual Report, for the year ended 30 June 2024. Last year I wrote that although the COVID years had passed, the consequences of the lockdowns are still with us and will become more apparent over the next few years.Unfortunately, that prediction was true and undoubtedly there are many young people, particularly those whoAgain, our relationship with the Gruppetto Fund are disadvantaged, who need assistance. As always, thecontinues, and through it the Newsboys Foundation Trust Newsboys Foundation is mindful of the need to deal withwas able to provide further funding of $45,000 to Boys such consequences. to the Bush. We are grateful to the Gruppetto Fund for their support. Very sadly, Mark Duncan, the Chair of the In the last 12 months the Investment Sub-CommitteeGruppetto Fund and one of its founders, died suddenly (under the leadership of Jeff Olsen, and assisted byearlier this year. The Newsboys Foundation Trust is the Clementine Hay and myself) has been quite active inbody through which we seek tax deductible donations. seeking to improve our income, while maintaining andThe Trust is an important and valuable way in which we growing the corpus. This is simply as a result of thecan expand the work of the Newsboys Foundation.death of Jack Warner and the loss of his knowledge and expertise. We are very grateful for the assistance IanOn behalf of the Board, and personally, sincere thanks to Warner, Jacks son, has provided to us. It is gratifying thatour CEO, Sandy Shaw. Sandy is highly respected in the the Newsboys Foundation has an ongoing and activephilanthropic arena, and that is reflected in the esteem connection with the Warner family. It is our strong desirewith which the Newsboys Foundation is regarded. Our to be in a position to provide more assistance to thethanks also to her dedicated assistant, Kerrie Bradburn, youth in Victoria. and our accountant, Jennifer Edwards and to Seamus Bradley for his assistance.You will see from the financial reports that the corpus of the Newsboys Foundation, as at 30 June 2024, was overTo Ian Warner, again, thank you for your assistance and $22.3 million. Our income was about $40,000 less, simplyvaluable and wise investment advice.because of the Commonwealth Government bringingOur thanks to our auditors, Hourigan Partners, and in an end to the use of substantial franked dividends as aparticular Simon Hourigan, for the efficient and prompt means to bring about buybacks of a companys shares.conduct of our audit.In the 2023-24 financial year, we made grants totalling $550,000 to 16 organisations. The Newsboys FoundationFinally, my thanks to all the Board members for their has now made total grants of over $20 million. My thanksassistance, dedication and time that they give to assist to Jeff Olsen and Clementine Hay for the time they havethe disadvantaged youth in Victoria, with particular given to this essential task. thanks to Michelle Collins, our Treasurer and the Over the many years the Newsboys Foundation hasChairman of the Audit Committee.been operating, we have seen a number of significantW Brind (Zich) Zichy-Woinarski KC, Chairman changes in who we are funding and how that funding isFor and on behalf of the Board of Directors,structured. As is clear from this Annual Report, and the3 October 2024most recent ones preceding it, organisations are now structuring their applications in expectation of ongoing funding for a number of years. This is a sensible change in their approach, as it enables them to establish a program knowing they will have funding for some years and thus capability to establish it and demonstrate its effect.This makes it easier for an organisation to obtain other funding from other sources, which in turn enables the Newsboys Foundation to provide funding for other new programs. At the same time, there are some organisations whose work we see as so important that we have continued to fund them over many years.2NEWSBOYS FOUNDATION ANNUAL REPORT 2024'