scotch college foundation annual report – 2013 · 2014-04-05 · scotch college foundation annual...
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Scotch College Foundation
Annual Report – 2013 General Purpose Financial ReportFor The Year Ended 31 December 2013
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Contents
Board Members 1
President’s Report 2
Executive Director’s Report 4
Foundation Members 10
AMC Members 17
Board Declaration 18
Auditor’s Declaration 19
Financial Reports 20
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Board MembersFor the year ended 31 December 2013
Peter Findlay EX OFFICIOOSCA PRESIDENT
Hugh Wilson ’65 EX OFFICIO – FINANCE DIRECTOR
Brian Randall OAM ’51 BOARD MEMBER
Colin Youren ’56BOARD MEMBER
Michael Robinson AO ’55 PRESIDENT
Paul Meadows ’73 VICE-PRESIDENT
Michael Sim ’78 BOARD MEMBER
Mandy AndrianakosBOARD MEMBER
Alex Sloan ’71 EX OFFICIOSCHOOL COUNCIL REP
Bill Sides ’63 BOARD MEMBER
Fiona TuckFOUNDATION MANAGER
Tim Shearer ’85 EX OFFICIOFOUNDATION EXECUTIVE DIRECTOR & DIRECTOR OF DEVELOPMENT
Tom Batty EX-OFFICIO – PRINCIPAL
Ross Congleton ’76 EX OFFICIO – BURSAR
Liz Lawrence BOARD MEMBER
David Yu VICE-PRESIDENT
Gordon Donaldson AMBOARD MEMBER
Michelle EhrlichBOARD MEMBER
Amanda Derham BOARD MEMBER
Graham Menzies ’47 BOARD MEMBER
Philip Wright ’69 BOARD MEMBER
David Fox ’88BOARD MEMBER
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Forty years on, the Scotch College Foundation continues to
support the aims and goals of the School. Last August the
School Council signed off on plans to build a world class
Centre for Science, named in honour of one of the School’s
finest Old Boys, Sir Zelman Cowen. The Centre will shine
a spotlight on the value of scientific thinking, furthering our
position as a leader in education.
Much of the past year has been spent planning the capital
campaign to support this important project. Many members
of the Scotch Family have enthusiastically joined the Capital
Campaign fundraising committees and sub-committees,
and I am heartened by the support secured during the
preliminary phase of the campaign. At the time of writing,
through the generosity of 175 donors $8.0M has been
committed towards the target of $20M. However, in many
respects, the hard work has just begun!
I would like to thank our members who have generously
supported the Foundation, and the school, this year.
Their generosity and foresight gives the School the
encouragement to look to the future with confidence.
Generous benefactors have supported the Foundation
Scholarship Fund, the Indigenous Scholarship Fund, the
Archive Museum Fund and the Building Fund. Without
support such as this, Scotch would not be the school it is
today.
I express my thanks to all Foundation Board members for
their support throughout the year. It has been my pleasure
to work with them for the advancement of our School.
Brian Randall OAM (’52) has indicated his intention to
retire from the Board at the AGM in May. Brian joined the
Board in 1973 and served as President from 1990 to
1993. His generosity and contribution to Scotch have been
extraordinary and this is appropriately recognised through
the Randall Building being named in his honour.
The staff of the Development Office are outstanding and I
would like to pay a special tribute to Tim Shearer, Rebecca
Mortimer and Fiona Tuck for their leadership, professionalism
and devotion to Scotch.
The next 18 months will see a period of even greater activity
than any other stage of the Foundation’s history. We have
an enormous challenge ahead and I look forward to your
continuous and renewed support from all members of the
Scotch Foundation so that at the end of 2015 we can truly
say ‘well done Scotch!’
President’s ReportMichael B Robinson AO ‘55
RIGHT: Year 12 students in classFAR RIGHT: Cox Architects’ designs for the Sir Zelman Cowen Centre for Science. (Top) The view from Morrison Street (Bottom) The view from the Meares Oval
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Executive Director’s ReportTim Shearer ‘85
The Scotch College Foundation Programme – 2013
Preparations for the Capital Campaign for the Sir Zelman
Cowen Centre for Science dominated proceedings for
the Foundation in 2013 in what was a very busy year. The
Preliminary Phase of the Campaign was launched at an
event at Scotch on Thursday 8 September in the existing
science facilities. Continuing the scientific theme, School
Councillor Professor Andrew Holmes AC (’61) was guest
of honour at the Foundation AGM and President’s Dinner
which was held in the Cardinal Pavilion on Thursday 2
May. The Foundation was also delighted to sponsor the
School’s inaugural Science Oration on Tuesday 13 August,
where Nobel Laureate Professor Brian Schmidt AC was
the orator. This event in the Geoffrey McComas Theatre
was a wonderful success. It was fully subscribed with a
waiting list.
The Foundation also hosted a number of smaller functions
throughout the year, including a rugby luncheon at the
Australian Club on Friday 28 June and a luncheon for
Forbes Society members on Thursday 7 March.
The East Melbourne Glen Chapter programme of events
was also well supported in 2013. One hundred and fifty
guests attended the EMG Easter Chapel Service in the
Littlejohn Memorial Chapel on Tuesday 19 March, and 150
guests attended the EMG Winter Luncheon in the Boykett
Room on Thursday 13 June, where OSCA President Bruce
Brown (’60) was guest of honour in OSCA’s centenary year.
Chairman David Kemp was guest of honour at the EMG
Christmas luncheon held in the Boarders’ Dining Hall on
Friday 13 December, attended by 200 guests.
Development Office funds raised 2013:
For Scotch College 2012 2013
Building Fund $289,820 $1,162,070
Library Fund $10,415 $8,480
Archive-Museum Fund $10,215 $10,335
Other $2,000
TOTAL $310,450 $1,182,885
For the Foundation 2012 2013
Scholarship Fund $653,527 $156,646
Indigenous Scholarship Fund $122,225 $86,905
TOTAL $775,752 $243,551
TOTAL Development
Office funds raised $1,086,202 $1,426,436
RIGHT: Tom Batty, Andrew Holmes and Michael Robinson at the Foundation President’s Dinner
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Other Foundation income 2013 (v 2012)
Other Foundation income 2012 2013
Income from investments $1,899,647 $2,181,285
Total Foundation income 2013 (v 2012)
Total Foundation income 2012 2013
Total Foundation income $2,985,849 $3,607,721
Scotch College Foundation funds distributed 2013
(v 2012)
To Scotch College 2012 2013
For Prizes $6,818 $7,335
For Scholarships and Bursaries $1,046,813 $966,671
For Library funding $165,850 $150,850
For Staff Salaries $31,900 $32,000
For the Arts $41,980 $46,150
For Administrative Expenses $5,861 $0
Transfer to Scotch College $229,233 $263,503
Total Foundation Funds distributed $1,528,455 $1,466,509
Life Support for Scotch Programme
The Life Support for Scotch programme was introduced
this year to leavers from 1993 to 2012. This programme
involves Old Boys donating the amount corresponding to
their years out from School in a dollar value, on a monthly
direct debit basis. For example, if an Old Boy left Scotch
eight years ago, he is invited to donate $8 per month by
direct debit this year, increasing to $9 per month next year,
and so on. In 2013 24 Old Boys joined this programme
and $1,148 was raised.
The Annual Giving programme
The 2013 Annual Giving programme raised $232,068,
slightly up on the $230,708 raised in 2012. Seven hundred
and twenty generous donors have allowed much to
happen through their support; $10,335 was raised to
support the refurbishment of the archive display at number
2 Morrison Street, $9,045 was raised by Class of 2013
parents to support the class gift, $62,093 was raised to
support the Gordon Donaldson Scholarship Fund, $24,905
was raised to support the School’s indigenous scholarship
programme, providing the means for a boy to continue at
Scotch in Year 11 in 2014, $7,280 was raised to support
the library fund, assisting the School’s library to remain
at the forefront in its field. A further $117,050 was raised
to support various building projects across the campus,
including the Sir Zelman Cowen Centre for Science, and
the upgrades at Elliott Lodge in Healesville.
Thank you to each and every donor who supported this
programme in 2013. A full listing follows later in this Annual
Report.
ABOVE: Professor Brian Schmidt AC with Year 11 students.
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Gifts programme
The gifts programme encompasses those who support
the School (Building Fund, Library Fund, Archive-Museum
Fund) or the Foundation (Scholarship Fund and Indigenous
Scholarship Fund) with a gift or pledge up to $100,000.
A number of new members joined the Foundation at this
level in 2013:
Jon and Cheryl Abbot
Jack Auld
Bruce and Sue Brown
Jonathan and Katie Buckley
Patrick Chan and Hui Cheah
Peter and Anna Findlay
James and Charissa Ho
Andrew Holmes
Old Scotch Film Society
Paul Sparks and Louis Murdoch
Geoff Speed
Hamish and Stephanie Tadgell
The School is indebted to those listed above for their
support.
Major Gifts programme
The Major Gifts programme encompasses those who
support the School (Building Fund, Library Fund, Archive-
Museum Fund) or the Foundation (Scholarship Fund and
Indigenous Scholarship Fund) with a gift or pledge over
$100,000.
There were two new memberships at this level:
Jeremy and Monique Johnson-King
Michael and Sally Kay
I am grateful to Rebecca Mortimer for overseeing the
School’s Annual Giving, Gifts and Major Gifts programmes.
Bequest programme
Bequest income for 2013 was $293,992. (Bequest income
for 2012 was $307,839.55)
At the end of 2013 the Alexander Morrison Circle had
150 living members. During 2013 we welcomed 15 new
members to the AMC. Sadly, six members of the AMC
died during 2013.
In 2013 the Foundation received $66,623 from the estate
of Tony Cordell (’57) which will be directed to the capital
campaign for the Sir Zelman Cowen Centre for Science.
Tony had supported the Annual Giving programme
regularly until his death in 2011. Rita Sutherland kindly
bequeathed $2,000 to the Music School, and Harry
Richardson directed $32,500 from his estate to the Scotch
College Building Fund. Harry was another generous
supporter of the School through the Annual Giving
programme.
The Foundation is awaiting the distribution of the estates of
five AMC members.
The School is indebted to those who had the foresight and
generosity to think of Scotch in their estate planning.
I thank Fiona Tuck for overseeing the School’s bequest
programme.
The Foundation will be hosting an afternoon tea later in the
year for members of the Alexander Morrison Circle. This
lunch will afford the Foundation the opportunity to thank
members for their generous support and to keep them
abreast of the School’s future development plans.
This year is a vital one for the Foundation, as the Capital
Campaign for the Sir Zelman Cowen Centre for Science
moves from its Preliminary Phase to its Community Phase.
The School very much looks forward to your continued
support.
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† = Deceased
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Forbes SocietyAyre, John & Louise Boell, Graeme R ’53 †Cocking, Kelvyn M ’38 †Crow, Tom ’50 Drummond, Craig &
Bernadette ’78 Fraser Smith, Duncan ’32 †Gifford, K H QC ’39 †Gillespie, Roger OAM ’69 Gillespie, Lesley OAM Goode, Charles AC & Cornelia ’56 Gronow, Euan & Debby Harbig, R A P ’35 †Hilton-Wood, John & Wendy ’41 Humble, Jill Keon-Cohen, Colin OBE CMG
’25 †Lithgow, Bruce W † & Norma ’46 Lithgow, D J AM ’44 †Sir Ian McLennan KCMG ’27 †Mendel, Dr Bernard †Montgomery, R L ’21 †S Murdoch Family ’57 Neal, Campbell W ’79 Nilsen, O V A ’26 †Orton, Lloyd E A ’35 †Old Scotch Collegians’ Association Patterson, J A ’23 †Pratt, Richard AC † & Jeanne AC Sir Thomas Ramsay CMG ’24 †Randall, B C ’51 The Estate of L I Roach AO ’43 †Robertson, Struan ’16 †Robinson, Lionel G ’1881 †Roddick, A W ’26 †Shaw, Mrs F L †Spencer, L R V ’15 †Stillwell, Bib OAM ’46 †Stirling, Alfred ’18 †Vaccari, Franco & Rosalie Wall, John M OAM ’41 †Yu, David Yu, Davis 2007 Yu, Dominique Anonymous (1) †Anonymous (1)
TrusteesAbercrombie, Andrew J Addison, Mrs M B Anderson, Peter & Laura Andrews, S D ’63 Andrews, Bettie Andrews, K S ’40 †Andrianakos, Theo & Mandy Armstrong, Martin & Toni Baevski Family ’68 Sir James Balderstone AC ’39 Bardas, David ’54 Barker, Ross Barton, Andrew & Helen Batkin, John † & Monika ’68 Beattie, James H ’52 Beaurepaire, Donald & Gillian ’64 Beaurepaire, Ian F ’40 †Bell Charitable Trust Bellair, Peg †Bellair, John ’27 †Bernardo Family Brand, J J & P R ’51 Brand, Paul R ’57 Brash, G M AM ’46 †Buckley Family ’54 Callahan, Dr Christopher M ’76 Cameron, Donald J G ’44 Cameron, W S T A Campbell Family Carson, G M ’47 †Casey, Clinton & Leslie Cattermole Family Chandler, John & Deborah Ch’ng, Dr Kar Hong & Dr Siew Burns-Clark, Tracey Collins, Rae B F ’36 Cooper, Jocelyn Cooper, Peter ’43 †Coveney, Donald & Joan Cramond, David † & Bronwyn Craven, John & Margaret ’69 Crawford, David A AO ’61 Crocker, C G ’48 †Cruickshank, Andrew & Kim ’71 Curnow, R C ’48 †Curry, Rev Dr Norman G AM Malcolm Davidson Family Di Donato Family ’77 Disher, H Clive †David Earle Family ’72 John and Sally Eastoe Campbell Edwards Trust
Edwards, Susan Elliott, Betty Fareed, A F Farrell, Greig Forrest, William J AM ’62 Fox, Andrew & Family ’79 Fox, Lindsay AC & Paula Fraser, David OAM †Major-General Garde, Greg AO
RFD QC & Chris ’66 Gibson, J S ’28 †Sir Archibald Glenn OBE ’29 †Griffin, Peter & Lesley Hand, Rob & Abigail The Heine Family ’67 The Henderson Family ’57 Hicks, Ian Ian Hill & Michelle Ehrlich ’67 Hogg, Tom F ’43 Hubay, Gabor & Roni Hume, David H OAM ’41 Inge, Peter & Penny Ingham, Peter & Elizabeth ’62 James, Tim & Sue Jamieson, Ian A ’48 †Johnson-King, Jeremy &
Monique Johnson, Dick ’37 †Johnston, Campbell &
Caroline ’67 The Campbell Johnston
Family ’29 †Joyce, Peter, Barb & Family ’56 Kay, Michael & Sally Keck, Scott & Anne † ’69 Kimberley, G C ’59 King-Smith, Eric ’42 The Kirby Family Knight, Mr & Mrs J B Kollosche, J F ’56 Kornfeld, Lucy Kornfeld, H †Krongold, Dinah Krongold, Dr Henry CBE AM †Leach, D R & M A Ledger, L H MBE ’25 †Lee Family, (Cyril, Lily, Victor &
Vincent) Li, Jian & Ning Ma Lithgow, Peter W ’76 Lithgow, D J ’44 †Logan, J F ’45 †Lording Family ’63
Lucas, Geremy & Nickie Mactier, Ross & Victoria † ’57 Magennis Family ’68 Mah Family Mai, Bo Liang Mandie, David AM OBE † & Tom
& Evelyn Danos Marash, Daniel McAllester, Jim ’36 †McComas, Wendy F McComas, Campbell AM ’69 †McIlwraith, J T ’40 McKenzie, Derek ’33 †McQueen, K ’43 †Meadows, P M & Cross, P A ’73 Mellor, M A Middleton Family Morandini, Frank & Maggie Sir Laurence MacDonald Muir &
Family ’42 †Myer, Andrew ’79 Myer, Ken †Old Scotch Collegians’
Cardinal Club Old Scotch Collegians’ N E
Branch The Paltoglou Family Pan, Mr & Mrs C J Pang, Barry & Anne Parisi, P G A & C ’76 Paterson, John & Annie Paton, Geoffrey F ’57 Paton, Hugh & Elizabeth ’56 Paton, Maxwell S & Family ’26 †Payne, Glenis M Emeritus Prof David Penington
AC ’47 Prowse, Robert & Elizabeth ’62 Quirk Family Lady Ramsay †Randall, James & Robyn ’82 Randall Family Ian Rehfisch Family ’62 John T Reid Charitable Trusts Richardson, Martin & Louise Neil Roberts Family The Michael Robinson Family ’55 Roche, Denis Ross, J F ’50 Ryan, Adam & Yoko Scarborough, Mrs J M †Scholes, Mrs J B †Scholes, J F M ’38 †
Foundation Members
† = Deceased
11
Riddell, R James ’29 †Ride, John S ’44 †Roach, A Neil ’48 †Robinson, Will ’89 Robinson, Ed 93 Robinson, Charles ’86 Robinson, Lance ’24 †Scott, Ken & Anne ’48 Seward, W ’58 Shilton, A L †Shrimpton, Mrs M F †Skepper, J L Slade, Geoff W Stewardson, Mrs E M H †Stone, Ron & Jenni Syme, J H ’59 Lindsay Tallent † & Family ’43 Tan, Frank & Ada Wu Tan, Loy Jin Taylor, David & Gai The Russell and Mary Foreman
Charitable Trust Thomas, Dr Robert Trembath, Peter & Jane Tuckwell, Graham & Louise Wang, Harry & Michelle Zheng Ward, John M ’32 †Wenzel, Tony ’55 Wenzel, P B ’60 Weyhausen, Ernst Whelan, Robert & Michele Wickens, Claire †Williams, Lloyd J Wilson, Andrew & Ailsa ’78 Wilson, R & D ’47 Worcester, Peter Alan ’71 Wright Family ’69 Wu, Zheng D Louey Young Family Sir David Zeidler AC CBE ’35 †
FellowsAberdeen, Paul & Nina ’86 The Allen Family (Joey, William,
Mackenzie) ’83 Amery Family Ananijevski, Greg & Mare Ang, Philip †Angliss, Peter & Sue Apple Computer Co Aust Pty Ltd Ashton, David & Micky ’65 Ashton, Peter M ’67
Johns, Dr Jennifer & Johns, Nicholas
Jonas, T A ’62 Kay Family ’73 Kemp, David & Anne Marie ’59 Kimberly, Roger D ’62 Toby & Sarah Knight Law, Ian & Bunty ’55 Lawry, G S ’37 †Leeds, Geoff & Anne Leung, Pak & Family Liao Family Ling, Jonathan & Di ’71 Long, Ian & Margaret ’58 Luth, C N ’54 Mabin, Richard ’64 Macdonald Family MacGregor, D S ’34 †MacNab, Tony ’61 †Helen Macpherson Smith Trust Manson, Ian & Thea ’51 Marshall, Pam Marshall, Bill ’58 †Martin, Ollie † & Family Marvin, Jeffrey & Annabelle McKay Family ’61 McPherson, Duncan & Amanda Melnikoff, A E Menzies, Graham ’47 Miller, Andrew, Jean & Family ’59 Moyes, Don ’50 Muntz, Mrs J Muntz, J ’51 †Dame Elisabeth Murdoch †Naito, Kazuma ’89 Naphtali Family ’65 Neate, D W Nelson, R E ’57 Ogilvy, Alex W ’43 †Ong, Kok Thai Livingstone, Denise Penfold, Campbell & Christine
’58 H Perelberg Family Pillay, Dr Prakash & Ang, Dr
Catarina ’82 Polk, E W Polk, R B †Powell, Denis W Prentice, R S ’30 †Pullar, Philip & Wendy ’57 Don & Lucy Ravida Richardson, H L ’35 †
Senior FellowsAlbury, Gilbert W ’61 Balderstone, P J & E M ’54 Bartlett, John Batty, Tom & Lee Bell, A ’63 Bell, Colin ’58 Bellair, David ’60 Boykett, John K H ’48 Brain, Terry ’56 Buckley, Jonathan & Katie ’83 Cann, I N ’46 Chan, Patrick & Hui Cheah Cheetham, Barry & Joanne Chi, Michael Christensen, K McM ’31 †Christian, Mrs F U †Chuck, A K ’69 Coates, A A A ’55 Congleton, Ross & Rosemary
’76 Cooper, Craig & Astrida ’74 Cossar, B D ’55 Cossar, N C ’25 †Curnow, Charles Rodney ’77 Darvall, A W Le P ’58 Derham, J T ’56 Dick, David & Sandra Dobson Family ’67 Douglas, James & Julie ’84 Dunn, A A Dunne, Paul & Williamson, Sue Elliott, Ross Field, Ken †Findlay, Peter & Anna ’89 The Alex Forrest Family ’59 Gallery, Brian & Maria Gan Family Gibson, John & Suzannah ’64 Gin, Douglas & Susan Gove, C N ’39 †Harbig, Richard E ’61 Harkness, Andrew J L ’63 Hawthorne, S G ’23 †Healy, Peter & Diane Ho, James & Charissa ’88 David Hornidge Family ’57 Hume, Ken & Ann ’56 Ingram, H R ’27 †Jackson, Gaye Jackson, Keith †Jatkar, Suhas V
Scovell, Alex ’29 †Senior School Swap Shop Shaw, Jim & June ’41 †Shergold, John P ’57 Sides, William L ’63 Sim, Michael & Ursula ’78 Simpson, John & Cathy ’75 Sloan, Mrs L E G Sloane, Jan & Debra Smalley, Darryl ’57 Smith, James & Michele Spargo, Stephen & Jill Stasiuk, Ron & Rita Stern, Kurt ’45 †Stewardson, Dr B R ’54 Bob Stewart Family Stillwell, Nicholas ’85 Stillwell, Christopher ’73 Stillwell, Michael & Woinarski-
Stillwell, Jillian ’68 Stillwell, Robert A ’71 Stillwell, Gillian Stops, Geoff & Wendy Strang, Rob & Anne ’64 Sunshine Foundation Symons, Dr H S ’51 †Tan, Christopher & Cynthia The Sidney Myer Fund Ting, Matthew Tingate, C L ’17 †Tsui, William & Louisa Tuckfield, Michael & Paula ’73 Vaccari, Carlo Vaccari, Mrs Elda †Valmorbida, Saverio & Blaan van den Broek, Peter & Ryan,
Jackie Warner, John & Trish ’49 Wenzel, A Bruce ’28 †Don Werner & Family ’61 †Wicking, John O AM ’33 †Wong, E P & Elizabeth ’65 Frank & Betty Wood Family ’46 †Yates, Peter & Susan Youren, Colin George ’56 Zeigler, John & Lisa Anonymous (1)
Foundation Members
12
Lord, Peter R ’46 MacFarlane, J L & C H ’62 Macleish, D G ’46 Macmillan, D R T †Malcolm Rose Trust Marshall, John & Carey McBain, Timothy ’80 McCall, G A ’56 McGregor, Leigh K ’55 H V McKay Charitable Trust McLean, George ’43 McOmish Family ’55 McPhee, Anthony & Jessie McQueen, Andrew & Pam Meares, Robert ’64 Meares, Mrs A E †Melville, H J ’42 Miles, David AM & Judy Millar, H S ’48 Mitchell, C ’72 Molyneux, A F Moore, P J ’57 R D Moore Family ’50 Moore, Peter Morris, R K R ’52 Mui, Simon & Family Munckton, Michael ’71 Myer, Mrs Prudence †Nairn, Kathleen †Neil, Rob & Vicki †Nichols, C R CMG OBE ’26 †Nicol, J G ’66 Nixon, N V ’26 †Noordin, M Y Orme, Barrie J M ’50 †Old Scotch Collegians’
Tennis Club O’Sullivan, J G Pappas, Nick & Marina Pedersen, John S and McLean,
Catriona F Perry, R G ’15 †Pirie Family Playfoot Family Purton, W W ’71 Rees, Richard ’68 Reeves, John & Judith ’76 Richards, John C ’50 †Robson, Jim & Annita Robson, A M Rodd, M J ’65 Roddick, John E ’69 Rogers, N K
Henkell, Hans & Petra Herron, Ross & Dawn Hildebrandt, Peter & Lynn John Hilliard & Family ’34 Hilliard, Philip ’67 Ho, Dennis 96 Hookey, Stephen Hopkins, John K ’49 Hudson Family Hughes, Christopher & Susan ’71 Hume, David J ’59 Hume-Cook, James †Hunt, R V M & S R † Najee Imam Family Inge, Zig & Helen Ingham, John & Vicky ’69 Ingham, Mrs J W Ingham, G N ’34 †Jacob, Ashok Christopher James Family ’59 Jeremy James Family ’69 James, Kenneth A †Jamieson, Leigh G John Jefferson Family Jiang, Steven The Jimenez Family Johnson, Michael & Margaret ’71 Kaiser, Ben J ‘90 Kaminsky, John Kao, Mr & Mrs S J Keating, Peter & Wendy Kennett, Ken M G ’39 †Kerr, Robert D OAM ’46 King, Jeremy & Lyn Ko, Jimmy & Dorothy Koh, Andrew & Perla Kuo Family J R Lacey Family ’53 Lam, Kenneth Lawrence, Shaun & Liz Lee, Victor ’82 Liew, Christopher & Betty Lim, Tian Hoong Andrew Lin Family Lindsay, David & Sally ’69 Little, C †Liu, Jonathan Lo, Susan S O Logie-Smith, R G ’60 Loh, Brian Wing-Zhi 99 Loh, Andrew W Q 2004 Loh, Peter & Leanne Longmuir, R O & I G ’45 †, ’55
Cook, Claudia Cooke, David ’45 Cooper, Peter A B 2007 Crittenden, Gavin ’68 Dalziel, Rod & Marie Danos, Andrew N M 2002 Danos, Matthew J M 2006 Davison, Jon, Charles, James Deague, David Derham, Mark & Amanda ’67 Devlin, Graeme & Carolyne The Gordon Donaldson Family Donaldson, L K ’67 Dunlop, Alexander & Amanda ’64 Lady Durrant AM †Dwyer, G & S Ebell, John ’25 †Eddy, Douglas J & Helen ’49 Elgin-Stuczynski, R England, Bob & Joan ’38 †Faragher, Mark & Christine Fayman Family Fekete, Peter & Elizabeth Finkelstein, R A Fleming, A P CBE OBE (mil) ’29 †Forrest, G J R ’63 Foubister, M John ’55 Fowles Family Frame, Jim & Jill ’69 Fraser, Graeme S ’50 Fraser, D J & V Fraser, Rev Alec OBE †Fraser-Smith, I D ’64 Fraser-Smith, D G ’57 Freeman, Jack, Aviva & Family Georgiou, E Goldsmith, Gary & Gabrielle Graham, David & Wendy ’68 Grau, W M ’53 Gray, Malcolm Gray, W C Griffith, Rosemary A C Haines Family Hamer, Richard Hamilton, Will & Taff ’80 Hardeman, Stuart & Barbara Harding, John & Roslyn Hardy-Smith, Peter ’48 Harkness, Philip & Rosemary ’74 Hart-Smith, Neil & Anne ’60 Haslam, C O Hatty, Jock ’52 †Heaton Family ’65
Aujard, Rohan, Bradley & Brice ’85
Aurel-Smith, Cam Baldy, Lindsay J ’30 †David Barber Family Barker, S E & M L Barnett, G R ’64 Barnett, Harvey †Batty, Alister C ’24 †Bean, A V D ’26 †Beckett, Alan Beckwith, Stuart A ’68 Best, Prof James & Young,
Prof Doris Billings, Graeme & Letitia Bisley, Mr & Mrs W Blair, Tony & Barbara ’53 Blandy, C W D & B N Bloom, Norman Bloom, Barry Blythe, B S & H M Bodsworth, P A Bodsworth, C W †Bong Family Bothroyd, John S ’20 †Bowden Family ’46 Boykett, Dr M ’73 Bradfield, Ross & Alix ’52 Breese, Ken & Jenny Broadfoot, Eric C ’26 †Brooker, D L †Brown, Howard M ’62 Brown, Gary & Sally Brownell, D J ’62 Brydon, D J ’46 Bufe, Hans Cartwright, D & M Chambers, John & Loreen Chan, Adrian 2000 Chan, Kok Eng Chan, Benjamin & Cecilia Chernov Family Cheung, Wing Kin & Kwok,
Esther Y W Choiselat, Paul Gerard Chopra, Dr Prem Choy, Dr Colin & Family Chung, Dr & Mrs Benedict Clayton Family ’54 Sir Edward Cohen ’30 †Collingwood, J S ’59 Consett, C W Cook Family ’47
† = DeceasedFoundation Members
† = Deceased
13
Brown, Mrs Ray †Bubb, Stephen ’76 Buchanan, Robert & Alannah ’64 Bunyan, R E AMBunyan, P J †Burke, Bill & BelindaThe Burns FamilyBurrill, Hugh & Flower, MerideeBurt, Dr Kevin J ’56 Butterfield, L J H Cade, John & Lynne Cain, Michael & Kiely-Cain, HelenJohn and Janet Calvert-JonesCameron, James S ’85 Campbell, Colin F ’49 Campbell, Ross M ’58 Campbell, A & S Garry Campbell FamilyCampbell, J Aitchison ’42 †Care, Vic & DianneCarey, J ’39 †Carlisle, Ian R Carr, DorothyCarr, John ’48 †Cathie, Neil & JoanneCato, AlexanderCawse, D K & M P Ceber, Dr SimonChan, Kwing-Tong ’62 Chan, George & Jeannie Chan, Kok Wai Chan, Allan & Rebecca Chan, Robert & JosephineChandler, John & SuzyChandran, Drs N & C & FamilyChapman, Peter & DianneCheng, Joseph & CatherineCheng, Dr RaymondCheng, Michael & FamilyChi, Man ChanChin, Dr George C K Chin, Sonny & DianaChow, John & HelenaChu, Stephen & PhilomenaChung, Andrew & AmyChung, PeterChung, Isabelle †J R Clark Family ’66 Cockburn, Peter I ’48 Cohen, R ’58 Sheldon Cohen FamilyColclough, P S & Family ’36 †Collyer, Lindsay
Ballandry FundJames Barber & Barbara
McKinnon ’84 Barnaby, J G L ’58 †Barnaby, J W ’22 †Barnes, Russell, Heather & Family Barnett, J S †Barr, W H John AM & FamilyBartnik, Z TBatrouney, Clive MBatrouney, Noel & BelindaBattlay, P & SBayston, Brian & Helen ’48 Beaumont, F G A Beaurepaire, James F 98 Beaurepaire, Edward L ’02 Beaurepaire, Nicholas J ’02 Beaurepaire, Thomas E ’03 Beeny, Chris & MerrilynBell, Peter & BarbaraBernard, Mark & SarahBerriman, R L (Peter) ’27 †Berry, H W ’50 †Bethune, Robert & Louise ’72 Bevz FamilyBeyer, P M ’46 †Biggs, David & Kemp, LianeBird, R G & C Blanch, Barbara †Blanch, J A ’36 †Blenkiron, H C ’24 †Blood/Malon Family Boag, P G ’62 Bobeff, AnneBoell, Bruce ’54 Bond, Philip & JennyBornstein, Professor J †Borya, A S Bowman, Mark & Gayle ’75 Boyd, Robert L J Boykett, Peter ’53 Bradley, Les Bradshaw, F M ’27 †Braid, Ian C ’60 Brahe, David The Brassington FamilyBroadbent, Winston Franklin &
Nanette MareeBrooks, Nicholas & Ron Brown, Bruce ’60 Brown, Campbell McGregor ‘01 Brown, Matt & JacquiBrown, Ronald Bruce
Wade, R A W OAM ’49 Walpole, Andrew & Marie Wang, Enooh & Yu, Rosemary Warwick, Leighton & Brigid ’89 Watkinson, Alan Redmayne Watson, Spencer & Lorraine ’40 Watson, Colin & Yvonne Weston, Paul ’61 Wilson, Hugh & Noelene ’65 Winneke, M ’53 †Wishart, Jack & Peggy ’28 †Wormald, Nick & Jo Worth, David & Helen Yan, V Zelcer, Pam & Anton Zimmet, Prof & Mrs Paul Anonymous (7)
Associate FellowsAbbott, Jon & CherylAchurch, Michael & Helen †Ackroyd FamilyAdams, Robert, Ann & Family ’76Adams, Peter P ’55 Adams, Peter & Wiwiek ’65 Adams, Kevin & Rifai-Adams,
AnnaAdams, H WAddison, Peter, Sarndi
& Family ’64 Addison, M B ’34 †Ahfat, CharlesAitchison, D W ’46 Aitken, James Munro ’62 Aitkenhead, Wilfred James ’26 †Albrecht, K E A †Alexander, P KAlexander, Andrew JAllard, Peter & Adèle ’55 Allison, Clive & CatherineAnandaganeshan, Ananda &
ShivaAnderson, T G ’60 Anderson, T ’25 †Andrews, Gareth & SusanAngell, D & H Armstrong, Bruce & Denise Atkinson, M SAuld, Justin ’87 A G Bailey Family †Baker, W J ’35 †Balazs, Michael & Kaye R
Rowe, B C ’41 Sale, Faye Sartain, Charlie & Heather ’78 Scambler, H McE ’26 †Scotch Family Association Scott, Peter A ’73 Scott, Andrew & Family Scott, Jo Scouller, E G ’35 †Sellars-Jones, Graham ’53 Sharma, Dia Ram & Sumita Shaw, Mrs Adrienne Shearer, Ben & Caroline Shearer, Tim & Christine ’85 Sherrington, J H ’29 †Sigley, Ernie W & Glenys Simm, R J & J Simmie, Roy ’37 †Simpson, R G ’37 †Smorgon Family Charitable
Foundation Speed, G E ’59 Squires, Colin Bruce Steele, Tony ’59 Stern, Werner & Pamela ’50 Stewart-Hesketh Family Stott, John A ’49 †Strathmore, Neil & Margot Strutt, S Ward ’31 †Su, Charles & Lo, Emily ’82 Sutherland, B ’48 Swan, Peter & Bronwyn ’72 Syme, D Y ’63 Symon, Richard ’73 Tadgell, Hamish ’85 Tai, Richard & Law, Ada Tallent, S H ’14 †Targett, Stephen & Vera Taylor, G R & J G ’60 Taylor, Keith & Nancy ’34 †Tham, Stephen & Sui-Ching Thomas, Col Vergis & Mariam Tilsley, Jonathon 2000 Tilsley, Oliver 2002 Tilsley, Francis & Jenny Tingate, John B ’43 Tolstrup, David C ’66 Tomlinson, G A & S M Tsang, H K & Y S Tse, Paul & Choy, Alice Vellios, Christopher & Annette Violet Norma Sanders Trust The Waddell Family
Foundation Members
14
Hayman, Peter J H ’73 He, Ye Lian Headberry, Michael & Anna Healey, Colin O OBE & Margaret †Heath, G J ’58 The Heath Family Hedinger, Charles Hehir, G Hennessy, Oliver & Patricia Henry, F Hick Timbers Hill, B A Hill Family Hillier, Alistair M J ’65 Hinrichsen, K W ’41 †Ho, D D & P Ho, Mr & Mrs S W Hoffmann, Peter Holdaway, Patricia A Holmes, Andrew ’61 Hooley, A J Hope, Greg & Carolyn Hore, Alan L ’55 Hosking, R L Howard, Pat & Doug †Hoyle, Trevor & Jane Hua, Harry & Anh Hua, Andrew S P Huang, Johnson & Echo Humphries, R H ’66 Hunwick, Robert E Husband, R A †Hyams, C H ’60 †Hyams, L A ’41 Hyams, L A ’44 †Irving, E A K The Ischia Family Jakubowicz, Igor & Renata ’75 Jamieson, A C ’63 Jando, Stephen & Dianne Janko Family Jarman, David & Jennifer Jeffreys, John & Suzan ’69 The Jesse Family The Johns Family Jill Johnston & Family Johnston, Tony †Jonas, John & Julie Jonas, M A ’34 †Jones, Irvine Joseph, Andrew H ’62 Kaiser, Ben J 90
Gamble, J E ’20 †Gardner, Michael ’69 Gaylard, Peter & Pam Gertis, Wolfgang & Lena Gibbs, B A ’54 Gibson, J W ’43 †Gill Family Gillies, R Anthony Girgis Family Glaun, B P Glen, Bill OAM ’36 †Glenning, Dr P P ’50 Glenny Family Goldberg, G D M ’54 Goldberg, H James ’57 Goldberg, Alan H ’57 Goles, Harry & Sally Goodey, Stephen & Jennifer Goodfellow, Alan & Pam ’64 Gosper, Dean & Liz ’75 Goudie, Lex ’35 †Gould, W Ron ’50 Goulopoulos, Andrew & Jenny GPS Foundation Trust Fund Grant, Bob & Judy ’53 †Grasyan, M & S Gray, Raymond Green, A David M ’52 Green, John M ’54 †Greenaway Family Greig, Harry D ’21 †Griffiths, J Griffiths, John G ’46 †Grover, Stephen & Jane P H Hall Family Hallenstein, Hal ’64 Halliday, Ian & Jane ’62 Ham, Frank J ’49 Hammond, Peter & Connie ’73 Hampton, Christopher & Karen The Hanfeld Family Harkness, James &
Jacqueline ’68 The Harle Family Harper, W Peter Harris, D McD ’57 Harris, Graham McD ’55 Harris, I G ’50 Hart, John A L Hartnett, Rob & Leisa ’81 Hatty, A Rex ’55 Hatty, Margaret Hay, Greville
Douglas, H S Downing, Geoff & Libby Druitt, Craig & Karen ’74 Drumm, Dominic & Janelle Du, Derek & Elsa Duggal, G S Dunhill, Michael & Anita Duthie Family Dyer, David & Robyn Eager, Richard & Gabrielle ’68 Earle Family ’44 Earle Family ’51 Earwaker Family Eaves, Robert & Alison Edelsten, Charles & Maxine Edmunds, Leslie & Judy Eggleston Family ’47 †Elder, James & Katherine ’75 Eldridge, Jim & Jenny ’52 Ellis, Greg & Meryl Emmerson, Keith & Merle England, Peter & Charlotte ’70 Estes, John & Susan Eustace Family Eva, Michael R ’63 †Evans, Ian L ’62 Evans, Frank S ’51 Evans, Alan B Evans, Dr James Eves Family Fairley, Andrew E J ’67 Fairservice Family ’61 Farrow, G J ’46 Favaloro, Michael J ’52 Fay, P W ’43 Fenner, Robin † & Anne Fewster, G H ’48 †Findlay Family Trust ’64 Fingleton, Clive & Anne Finlay, Russell Charles Fish, Norman F Fisher, C M Fletcher, J B †Flowers, J G †Francis, David Frederick Family Frew, Max V ’37 †Fuller, J A ’47 Fullerton, John R Fung, Herbert Furze, A S ’52 †Galbraith, John S ’46 Gamble, Peter & Family ’60
Colman, Philip & Caroline ’67 Colman, G W †Colman FamilyColvin, SylviaColvin, Dr & Mrs J L †Connell, DenisConstable, John & Dalene Cooper, MaryCooper, I A †Cormack, G F Cornell, Miss N M †Cornell, Ian G ’71 Cornell, Professor James ’22 †Corr, Basil ’47 †Costello, BCottew, Timothy S C Coveney, Allan & JoanCowie, R W Cracknell, N Crawford, B A Cripps, David W Crisp, B C Critchley, Ian & Jennifer Crook, Peter & Janet Crow, The Rev Archie ’38 †Crozier, R R Crozier-Durham, Andrew & MarieCruickshanks, Ross & KathyCullen, R B Curtis Family Cuthbertson, A M ’47 Daggian, Joseph & Kathy Davies, Chris & Janet Davies, John & Jenny Davis, Keith Dawkins, John & June Dawson Family Day, Gary S ’53 Day, N C ’56 De Ravin, John T ’48 De Ravin, John W ’74 Derham, H A ’53 Deschepper, Adrian & MichelleDeutsche Bank AG Devries Family Dhupelia, Umeshkumar Dickinson, Gordon & Family ’74 Dobsons Pty Ltd Docker, Hugh & Jo ’73 Doherty, Ron & Joy Doig, Lester & Sally ’69 Don, K R McK ’44 Dougall, W R ’26 †
† = DeceasedFoundation Members
† = Deceased
15
Old Scotch Film SocietyOng, Roger & JanOrr, R P ’40 Orton, M N ’38 †OSCA - Hobart BranchOwen, Mike & SuePadbury, P W †Pakes, Ian & MarciaPalazzo, L & G Paoletti, NickParker, John, Sue & Family ’63 Parslow, F H & J Parsons, Luke Douglas
Maxwell 95 Paterson, Jeffrey Patience, G M Payne, Rob & Julie Pearce, Ray
& GwendaPearse, Antony & Pam ’70 Pearse, Richard & JenniferPeatt, Edwin OBE ’32 †Pelman, H †Penman, Chris & HeatherPenwarden, Mr & Mrs G Percic, Antony ’81 Permezel, David & SusannePetchell, David J ’62 Petty, Peter G ’51 †Philip, Andrew & Rosie ’80 Philip, W G ’47 Phipps, Ian D ’52 Picken, Ian & Margaret ’64 Pickworth, Stuart ’74 Pierri, Luigi & Anna Pitt, TimothyPizzey, John E ’65 Pointon, B A ’52 Pongracz, GeorgePrice, Graeme E ’44 †Pritchard, R G Probert, Timothy C S & Family
’82 Pulitano, Joe & VeronaPullan, Martin & Fiona-BellePurvis, William Alexander ’47 Quay, Dr C H Ralston, M K ’62 Ramsay, James H ’48 †Rank, Benjamin CMG ’28 †Rank, T A ’21 †Rayner FamilyReed, Gillian E †Reich, Julian
McIntosh, Christopher & Robyn ’74
McKendrick, W T ’25 †McKenzie, Alexander ’69 McLeish, Graeme R ’47 †McMeckan, W J ’62 McPhee, Neil & Jimenez Ayala,
LilianaMcRae FamilyMcTrusty FamilyMelville, C MacD ’51 Mercedes Benz (Aust) Pty LtdMerigan, P D ’48 Meyers, V B †Milligan, Ian S Millis, Robert J ’58 Milne, Robert LMishura, Paul AMitchell, Dr A J ’48 Mitchell, Edward E ’62 Moffat, I Moffatt, Harley & Annie ’65 Moh, Joseph & JaneMok-Lui, Kenneth & LanaMonk, Dr & Mrs I C ’66 Monsell-Butler, R †Montague, G A Monteith, Dale & AnneMontgomery, Paul & PennyMoore, Donald G †Morley, J S J Morralee FamilyMorrison, M R ’53 Morshead, John & LibbyMorton, MarjorieMosley, R S ’30 †Mountain, Ken ’50 Mouratidis, Anasta & AlexandraMurphy, Craig & Jenny ’79 Nairn, J H C ’54 Nairn, Don J ’25 †Narula, S K Nash, WayneNaughton, Matthew & SuellenNeil, A R L ’50 Nesbitt, Ian R ’65 Neville, Kevin WilliamNicholson, G Harvey ’34 †Nickson FamilyNorth, Scott & Isobel ’67 Nowacki FamilyO’Brien, Dan & PatriceO’Brien Family
Lobban, A R ’30 †Loizou, Dr & Mrs Louis Loton, B T Love, Bruce R T Love, Peter & Janet Low, D K J ’45 †Low, W G ’40 †Lowden, Ian & Glenys Lowe, Stuart & Lesley Lowe, G P Lumsden, D C ’50 Lym, Ron & Jacquie Lynton, Peter & Jennifer MacFarlane, Bruce C ’89 MacFarlane, Ian G ’61 MacGavin, W T †The Macindoe Family MacKenzie, G P ’49 MacKenzie, J G ’44 †Maddern, B J †Maddocks, Ian ’64 Mainland, Professor J F †Mallinson, John W ’52 Malloch, FrancesMammen, GitaManders, Marcus ’37 Manson, D R ’25 †Maplestone, M L Marano, Frank & LindaMarcard, John H M ’56 Marks, Christopher ’69 Marks, Ian & JuneMarriott, DavidMartin, Tony & Kay ’70 Martin, Garry & ArdaMartin, A O ’29 †Martyres, Raymond AMMarx, J ’41 Mason, Edward J 91 Mason, Guy & JoanneMatalanis, George & ZeinaMay, G McM ’47 Mazzone, D & J & FamilyMcAuley, Bill ’68 McComas, Malcolm J ’72 McComas, Geoffrey †McCowan, J D ’58 McDonald, A W McDonald, Bill ’44 McDonald, Don ’38 McEwan, Neil R McGlade, Paul & GillianMcIlwraith, J H ’71
Kam, Pak Wing † & Cheung, Yuk
Ling Kapitan, Michael & Anna Kay, H B ’32 †Keable Family ’49 Keast, Peter ’57 Kellaway, R J ’55 Kelly, Mr & Mrs G A Keon-Cohen, C S ’59 Kiely, Dr Alan L ’51 Kim, Kyeongsu Kimpton, R J ’61 Kimpton, Zara M King, R J ’58 †King, Kevin C Ko, Henry Koh, Alan & Emily Kong, S D ’68 Kwok, Chris Kwong, Leslie & Virginia Lacey, R H & J C ’64 Lamont, Adèle †Jackson Lane Pty Ltd Larobina, Julius 94 Lawson, P S ’58 †Lawson, Robert S ’25 †Le Couteur, Dr Pamela Learmonth, E H ’27 †Lee, Siow & Ng, Margaret Lee, Frederick & Helen Lee, Kim Yan Leslie, William D ’54 Leslie, John W ’35 Leung, Kam & Joyce Leung, Wing & Elizabeth Li, Dominic & Mei Yin Li, Jack & Wendy Lie, Rolf & Colleen ’52 Lilley, Bruce ’64 †Lilley, Stephen ’68 Lillie, James † & Marita ’74 Lillie, J M ’47 †Lilliehook, R Lim, Paul & Molly Lin, Chi-Tse & Lin Huang, Hsui-Yu Ling, Dr Francis C S Linley, Peter ’60 Lipshut, Geoffrey & Robyn ’70 Lipshut, Peter ’67 Littlewood, Robert & Kathy Lo, Mark & Margaret Lo, Dennis H T
Foundation Members
16
Tingate, W S ’55 Tolson, G S ’39 Tong, K S Touzel, Donald L ’32 †Toy, Robert K Tresise, F ’64 Troedel, Bill & PrueTsang, Derrick Ronald 07 Tuck, IanTuckfield, R A Tulloch, Ian †Turner, J F E ’62 Tyler, Graham & JillianTyrrell, David ’79 Ullmer, MichaelVadhanasindhu, Mr C and Mrs V Vlassopoulos, John & YotaWalker, Gordon & Kirsty ’82 Walker, J C ’56 Walker, Howard GWalker, H M Wall, Robert & FamilyWallace-Smith, Andrew
& Patty ’72 Wallace-Smith, David AWaller, Michael R ’44 Walmsley, Julian L †Walter, K M Walter, Bernard ’46 †Walton, D F ’44 Walton, K C ’46 †Wark, Dr A C ’66 & Dr J A ’68Warner, Ian ’79 Judith Warren & FamilyBrian Warren †Warton, Bruce ’61 Warwick, Thomas F Waters, John & JulieWatkins, Mr R & Mrs AWatkins, W C †Watson, Harry & Family ’67 Watson, Alistair L 2005 Watson, David E ’42 †Waugh, C J Webb, PhilipWebster, P A Welch, Bob & Jane ’66 Wellings, Dale & BronwynWest, T C & B ’46 Whitby, Nick & Monica GrolloWhite, Russell & Genevieve ’73 Whiteside, M G †Wickens, EllenWiddis, Charles 90 Wightman, Kyle ’62 Wigley, Peter ’54 Wilcox, Martin & Margot
Smyth, J L Soh, Cheong Boon & NiniSoosay, Dr I Sparks, Paul & Louise MurdochSpeirs, Andrew L Spivakovsky, BettinaSteele, Peter & Sally ’72 Steele FamilyStevens, Steven & NasuStewart, Frank & Heather ’51 Stewart, Iain G ’84 Stewart, I R Stillwell, Ross & HelenStockley, Michael & Maree BroadStone, John H H †Storey, Peter J ’73 Storey, Elsdon ’40 †Strapp, Guy & PrueStrickland, Don & Prue ’72 Stuart-Andrews, Roger & HannahSu, Mr & Mrs J Sullivan, Peter †Suriano, John PhilipSutherland, Andrew & Sally ’85 Swain, I A ’46 †Swain, J R ’47 †Swaney, W E ’37 †Swann, D A Swinburne, George G M ’61 Pamaldo Nom P/LSyme, R H Y ’52 Symon, Bruce ’47 Tadgell FamilyTan, Eng HwaTay, Hoong Ing AlfredTaylor, Ian (Skip) ’62 Taylor, M H J OAM ’43 †Taylor, DavidTaylor FamilyTaylor, Roy F Taylor, Peter & JoyTaylor, Nairne †Teasdale, John & Ann ’66 Teasdale, Peter & Anna ’66 Teoh, J C Thomas, Clayton ’77 Thomas, W C Thomas, HywelThompson, DerrickThompson, Denise FThoms, George †Thomson, D S ’42 Thomson, John R Thomson, J W F AM ’41 Thorn, R H ’39 Thurlow, Noel & SherrieTing, Rex 95
Richards, CynthiaRichardson, J B Riddell, Graeme ’74 †Ripper, Nicholas & Maria Ritter, W E & P J †Roberts, Geoffrey & GwynethRoberts, C G ’57 †Robertson, E Karl †Robertson, P F McC ’38 †Robinson, John A ’77 Rodd, Max ’35 †Roff, P A V Rome, Robert & Maggie ’62 Rosalion, Alex & RuthRose, Alan S ’68 Rose, Ian R ’69 Rose, Peter & PaulaRosenberg, David ’63 Rosenberg, B & S Ross, A A W ’62 Ross, Ian C ’50 Rouch, Robert & Ruth ’55 Rowe, Norman J Rust, Ian & Helen ’50 Sale, Richard J C †Salter FamilySandy, L H Sartori Family ’52 Savage, Ian & BevSavage, E J Savvas, Bill & GeorginaScarborough, Robert ’63 Schlickum, Bernt W Scott, Graham S ’75 Scott, Raymond Andrew ’75 Scott, Mrs Flora G Scott, W A ’38 †See, Mr & Mrs D B Senior, DianneSenior, Jonathan †Sennitt, Jack & Penny ’53 Shanks, Robert & JosephineSheer Family ’69 Shen, E H Sher, S Shergold, A C P Sia, Steven and SuzanneSiemens LtdSignorino, John & FrancaSim, Peter & Margaret ’72 Sim, Mrs Chwee BengSimitian, Greg R ’77 Simpson, FergusSinclair, Robert & Jane ’73 Singh, Dr BhagatSladen, J A Smith, C J & Family
† = DeceasedFoundation Members
Williams, Susan A Williams, David M †Wilson, Robert McKinley ’66 Wilson, David A ’76 Wilson, Alastair & Heather Wilson, G McK ’28 †M & D Windebank Family Trust †Wong, DanielWong, Jimmy & LucillaWong, Philip Y W Wong, Tommy & EvaWong, Ford Pak ToWong, K C and Patricia CheahWoodhouse, Anthony D ’53 Woodhouse, L G C OAM ’42 Worrall, DenisWraith, K F Wu, Paul & Ji, WendyXu FamilyYap, Boh SiongYared, Richard & ShelleyYeo, Boon-KhimYeoh, ChesterYeow, John & DorisYeung, Dexta & Veronica ’85 Yeung, Henry H Y & Cheung,
Rosemary K KYeung, JamesYoffa, D E ’51 Younger, Gary & SusanYu, GladysLady ZeidlerZerbe, D R ’44 Zindilis, George & MaryAnonymous (1) †Anonymous (4)
17
AMC Members
The Alexander Morrison Circle was established in 2003 to recognise the generosity of those in the community who have indicated their intention to remember Scotch College in a bequest as part of their charitable intention. Membership is presented to anyone who indicates such a bequest, regardless of the level of financial commitment.
† = Deceased
Abrecht, Roger G ’47 †Addison, Marshall B ’34 †Aitken, Jamie M ’63Andrews, Keith S ’40 † Ashton, David J ’65Ashton, Peter M ’66 Baker, F Harry U ’17 †Balderstone, Robert T CMG
MC ’39 † Batty, Alister C ’24 †Baughurst, S Bruce ’52 Bean, A Victor D ’26 †Bellair, John M ’27 & Peg †Bendix, Carl J ’65 †Bethell, Ken C B ’37 Bisley, Warwick Blackwell, Allan H ’39 †Blackwell, Margaret † Boell, Graeme R ’53 †Bothroyd, John S ’20 †Bowden, H Geoff ’46 Boykett, John K H ’48 Broadfoot, Eric C ’26 †Cann, Ian N ’46 Carson, George M ’47 †Cattanach, William CMG1880 † Christian, Ken L ’38 †Christie, Laurence H ’34 † Chuck, Alan K ’69 Close, Geoff ’83Cocking, Kelvyn M T ’38 †Collins, Rae B F ’36 Conabere, Anthony B ’60Cook, Robert M ’47 Cooke, B David ’45 Copolov, Prof David L ’68Cornell, James G ’22 †Cordell, Tony M ’57 †Cossar, Brian D ’55 Cossar, Norman C ’25 †Crocker, Clive G ’48 †Crook, Peter LCrow, Rev. Archibald P ’38 †Crow, J Ross ’38 †Davey, Colin P ’44 † Davidson, Malcolm JDavis, Jim H ’21 † De Ravin, John T ’48 Dowling, Bruce T ’48 Earle, David W W ’72 Ebell, John C ’25 †Elliott, Betty RFairbairn, James G ’47
Fareed, Arif F Feitel, Maurice ’26 †Ferres Ian N ’55Field, J C †Field, H S †Field, Kenneth F †Fleming, Allan P OBE CBE’29
†Fraser, David H OAM †Freeman, George A ’47Freemantle, Jim M AM ’60Geary, Barry E J ’55 †Gibson, James S ’28 †Gilchrist, Alan R ’38 † Goode, Charles B AC ’56Goudie, Alexander G ’35 †Greig, Harry D ’21 †Harkness, Peter K ’51Harding, Douglas D L ’42 †Hart-Smith, D Neil ’60Healey, Colin O OBE &
Margaret †Hey, Peter G ’48 † Hooper, Cecil G ’25 †Hornidge, J David ’57 Howard, Patricia †Hume-Cook, James †Ingram, Robert S ’22 †Ingram, William B ’60 † Jamieson, Ian A ’48 †Johnson, E Dick ’37 †Johnston, J Cam CBE ’29 †Johnston, T Campbell ’66Jona, The Hon Walter ’44 †Jonas, Morris A ’34 †Kelso, James C OAM ’47Keon-Cohen, Colin H OBE
CMG ’25 †Kerr, Robert D OAM ’46Kerr, Walter M ’24 †King, John R ’49 †King-Smith, Eric A ’42Kollosche, John F OAM ’56Leach, D R & M A Leckie, John B ’38 †Ledger, Laurence H ’25 †Lithgow, Don J AM ’44 †Logie-Smith, Robert G ’60Longmore, Carlisle F 1898 †Lord, Peter R ’46 Macdonald, Donald Ellis ’41 †McDonell, James T ’26 †Mackie, Family †Macleish, Donald (Scotty) G ’46
Macrae, Prof Fin A ’66Mactier, Ross J O ’57 Mactier, William R ’53Maling, Gerald A ’15 † Manders, Marcus E ’37 Marshall, Pam S Marshall, William T ’55 †May, J Kenneth ’43 †McClean, R Bruce ’53 †McComas,Geoffrey †McComas, Mary Liz † McComas, Meredith †McDiarmid, Robert S ’31 †McDonald, William H ’44McGregor, Don ’72McIntosh, Ian R ’50McKee, A Geoff ’37 †McKenzie, Derek N ’33 †McQueen, Kelman ’43 †McWhinnie, Noel R I ’54Meares, Alison E †Mellor, Michael A Mendel, Dr H Bernhard †Moore, Donald G †Morgan, Jane B Morton, Ian H ’50Moss, Francis J ’27 †Moyes, Don G ’50 Nairn, Donald J ’25 †Nairn, Kathleen C †Nesbitt, Ian R ’65 Nichols, C Roy CMG OBE’26 †Nicholson, G Harvey ’34 †Nilsen, Oliver V A ’26 †Nixon, Noel V ’26 †Ogilvy, Alexander W ’43 †Orton, Lloyd E A ’35 †Paton, Geoffrey F ’57Paton, Maxwell S ’26 †Patterson, Joseph A ’23 †Pilkington, Alan R ’59 Pralle, Keith † & Peg ’27Purvis, William A ’47Ramsay, Sir Thomas M CMG
’24 † Randall, Brian C ’51 Reed, Gillian †Reiher, Ian J ’52Richards, RRichardson, Harry L & Ruby
’35 †Riddell, R James ’29 †Roberts, Neil L Robertson, Ian A ’45 †
Robertson, Struan ’16 †Robinson, Lance R A ’24 †Robinson, Michael B AO ’55Robinson, Sir Arthur KCMG
1887 †Roddick, Alan W ’26 †Ross, John F ’50 Rowe, Brian C ’41 Scholes, John F M ’38 †Scott, Flora G Scouller, Ernest G ’35 †Selby Smith, Prof
Christopher ’60 †Shearer, Tim J ’85Sherrington, John H ’29 †Shrimpton, Molly F †Sides, William L ’63Sim, Michael K ’78 Simmie, Roy W ’37 †Spencer, Lionel R V ’15 †Stewart, Emily Elsie Elizabeth †Stillwell, Michael J ’68 Stirling, Alfred T ’18 †Strutt, Ward ’31 †Sutherland, Ian T AO ’47Sutherland, Rita V † Symons, Harry S ’51 †Tallent, Lindsay A ’43 †Tapp, A Garth ’39 †Thallon, Robert J ’41 †Tilley, Roy G ’18 †Tingate, John B ’43Tingate, William S ’55Walker, Glenn M ’84 Wall, John M OAM ’41 †Wallace-Smith, David Watkinson, Alan R Watson, Spencer R ’40Webster,J Stephen ’73 & Alvie CWelch, Frank A ’36 †Werner, Don M ’61 †Weymouth, P Keith ’44 Wickens, Claire †Williams, Geoffrey ’46Wishart, Jack ’15 †Wood, Donald M ’30 †Woodside, John W ’60Young, David ’36 Youren, Colin G ’56Anonymous 33Anonymous 8Anonymous 6 †Anonymous 1 †
18
THE SCOTCH COLLEGE FOUNDATION (Inc.)DECLARATION BY THE BOARD OF TRUSTEES
In the opinion of the Board of Trustees of The Scotch College Foundation (Inc.):
(a) the accompanying financial statements and notes are in accordance with the Associations Incorporation Reform Act 2012, comply with accounting standards and give a true and fair view of the entity’s financial position as at 31 December 2013 and of its performance for the year ended on that date; and
(b) at the date of this declaration, there are reasonable grounds to believe that the Foundation will be able to pay its debts as and when they become due and payable.
On behalf of the Board of Trustees
M B Robinson AOMelbourne, 5 March 2014
D YuMelbourne, 5 March 2014
Financial Statements
19
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE SCOTCH COLLEGE FOUNDATION (Inc.)
Report on the Financial ReportWe have audited the accompanying financial report of Scotch College Foundation (Inc.), which comprises the statement of financial position as at 31 December 2013, and the statement of surplus or deficit, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, a summary of significant accounting policies and other explanatory information, and the declaration by the Board of Trustees.
The Responsibility of the Board of Trustees for the Financial ReportThe Board of Trustees is responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards and for such internal controls as the Board of Trustees determine is necessary to enable the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error.
Auditor’s ResponsibilityOur responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. These Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Trustees, as well as evaluating the overall presentation of the financial report.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
IndependenceIn conducting our audit, we have complied with the independence requirements of the Australian professional accounting bodies.
OpinionIn our opinion the financial report presents fairly, in all material respects, the financial position of Scotch College Foundation (Inc.) as at 31 December 2013, and of its financial performance and its cash flows for the year then ended in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations).
BDO East Coast Partnership
James MooneyPartnerMelbourne, 5 March 2014
20
The above Statement of Comprehensive Income is to be read in conjunction with the attached notes.
THE SCOTCH COLLEGE FOUNDATION (Inc.)STATEMENT OF SURPLUS OR DEFICITFOR THE YEAR ENDED 31 DECEMBER 2013
Note 2013 2012 $ $
Revenues
Income Distribution – Scotch College Common Fund 2(b) 1,098,888 1,899,647Income Distribution – The Scotch College Foundation (Inc.) Common Fund 2(b) 1,082,397 -Donations for Scholarship expenses 62,080 33,081
Donations for Capital Purposes 347,490 576,425 --------------------- --------------------- 2,590,855 2,509,153 --------------------- ---------------------Expenses
Prizes (7,335) (6,818)Scholarships and Bursaries (966,671) (1,046,813)Funding for Libraries (150,850) (165,850)Funding for Scotch College Staff Salaries (32,000) (31,900)Funding for the Arts (46,150) (41,980)
Administrative Expenses (6,951) (5,861)
Transfer to Scotch College 2(c), 6 (263,503) (229,233) --------------------- --------------------- (1,473,460) (1,528,455) --------------------- ---------------------Surplus before Income Tax Expense 1,117,395 980,698
Income Tax Expense 2(a) - - --------------------- ---------------------Surplus for the period 1,117,395 980,698 =========== ===========
21
The above Statement of Comprehensive Income is to be read in conjunction with the attached notes.
THE SCOTCH COLLEGE FOUNDATION (Inc.)STATEMENT OF COMPREHENSIVE INCOMEFOR THE YEAR ENDED 31 DECEMBER 2013
2013 2012 Note $ $
Surplus for the period 1,117,395 980,698
Other Comprehensive Income
Change in Net Market Value of Investment in Scotch College Common Fund 2, 2(b), 2(g) 633,702 3,363,989
Change in Net Market Value of Investment in The Scotch College Foundation (Inc.) Common Fund 2, 2(b), 2(g) 3,298,944 - --------------------- ---------------------Total Comprehensive Income 5,050,041 4,344,687 =========== ===========
22
The above Statement of Comprehensive Income is to be read in conjunction with the attached notes.
THE SCOTCH COLLEGE FOUNDATION (Inc.) STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 31 DECEMBER 2013
Note2013
$2012
$
Accumulated Surplus
Opening balance 1 January 31,161,294 30,180,596
Surplus for the period 1,117,395 980,698
Transfer from Financial Asset Revaluation Reserve 3,997,691 -
Balance 31 December 36,276,380 31,161,294
Financial Asset Revaluation Reserve*
Opening balance 1 January 3,363,989 -
Change in net market value of Investment in Scotch College Common Fund 2, 2(b), 2(g) 633,702 3,363,989
Change in net market value of Investment in The Scotch Foundation (Inc.) Common Fund 2, 2(b), 2(g) 3,298,944 -
Transfer to Accumulated Surplus (3,997,691) -
Balance at 31 December 3,298,944 3,363,989
Total Accumulated Funds 39,575,324 34,525,283
* Refer to notes 2, 2(b) and 2(g) for details of a change in accounting policy in 2012 that resulted in the creation of this reserve.
23
The above Statement of Comprehensive Income is to be read in conjunction with the attached notes.
THE SCOTCH COLLEGE FOUNDATION (Inc.) STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 31 DECEMBER 2013
Note2013
$2012
$
Accumulated Surplus
Opening balance 1 January 31,161,294 30,180,596
Surplus for the period 1,117,395 980,698
Transfer from Financial Asset Revaluation Reserve 3,997,691 -
Balance 31 December 36,276,380 31,161,294
Financial Asset Revaluation Reserve*
Opening balance 1 January 3,363,989 -
Change in net market value of Investment in Scotch College Common Fund 2, 2(b), 2(g) 633,702 3,363,989
Change in net market value of Investment in The Scotch Foundation (Inc.) Common Fund 2, 2(b), 2(g) 3,298,944 -
Transfer to Accumulated Surplus (3,997,691) -
Balance at 31 December 3,298,944 3,363,989
Total Accumulated Funds 39,575,324 34,525,283
* Refer to notes 2, 2(b) and 2(g) for details of a change in accounting policy in 2012 that resulted in the creation of this reserve.
THE SCOTCH COLLEGE FOUNDATION (Inc.)STATEMENT OF FINANCIAL POSITIONFOR THE YEAR ENDED 31 DECEMBER 2013
Note 2013 2012 $ $
ASSETSInvestment in The Scotch Foundation (Inc.) Common Fund 2(b) 39,575,324 -Investment in Scotch College Common Fund - 34,525,283 ----------------------- -----------------------NET ASSETS 39,575,324 34,525,283 ----------------------- -----------------------
ACCUMULATED FUNDSAccumulated Surplus 36,276,380 31,161,294Financial Asset Revaluation Reserve 2(b), 2(g) 3,298,944 3,363,989 ----------------------- ----------------------- 6 39,575,324 34,525,283 =========== ============
24
The above Statement of Comprehensive Income is to be read in conjunction with the attached notes.
THE SCOTCH COLLEGE FOUNDATION (Inc.)STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 DECEMBER 2013
Note 2013 2012 $ $
Cash Flows from Operating ActivitiesDonations 409,570 609,506Payment to beneficiaries and suppliers (1,473,460) (1,528,455) ------------------- --------------------Net cash used in operating activities 3 (1,063,890) (918,949) ------------------- --------------------
Cash Flows from Investing ActivitiesNet proceeds from redemption of investments 1,063,890 918,949 ------------------- --------------------Net cash provided by investing activities 1,063,890 918,949 ------------------- --------------------Net increase in cash held - -Cash and cash equivalents at the beginning of the year - - ------------------- --------------------Cash and cash equivalents at the end of the year - - ========== ==========
25
THE SCOTCH COLLEGE FOUNDATION (Inc.)STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 DECEMBER 2013
Note 2013 2012 $ $
Cash Flows from Operating ActivitiesDonations 409,570 609,506Payment to beneficiaries and suppliers (1,473,460) (1,528,455) ------------------- --------------------Net cash used in operating activities 3 (1,063,890) (918,949) ------------------- --------------------
Cash Flows from Investing ActivitiesNet proceeds from redemption of investments 1,063,890 918,949 ------------------- --------------------Net cash provided by investing activities 1,063,890 918,949 ------------------- --------------------Net increase in cash held - -Cash and cash equivalents at the beginning of the year - - ------------------- --------------------Cash and cash equivalents at the end of the year - - ========== ==========
THE SCOTCH COLLEGE FOUNDATION (Inc.)NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2013
1. INTRODUCTION
The Scotch College Foundation (Inc.) is an incorporated association domiciled and registered in Victoria. The controlling entity is Scotch College. The operations and principal activities of The Scotch College Foundation (Inc.) are to seek the prudent investment of Foundation Funds to obtain a reliable and growing income stream from those funds and to facilitate fundraising to support the provision of educational services by Scotch College. The financial statements are presented in Australian dollars.
The financial report was authorised for issue by the Board of Trustees of The Scotch College Foundation (Inc.) on the date shown on the Declaration by the Board of Trustees attached to the financial statements.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of PreparationThe principal accounting policies adopted by The Scotch College Foundation (Inc.) are stated in order to assist in a general understanding of the financial report. The financial report of The Scotch College Foundation (Inc.) is a general purpose financial report prepared in accordance with Australian Accounting Standards, and the Associations Incorporation Reform Act 2012.
The financial report is prepared on an accruals basis and is based on a historical cost basis with the exception of the investment which is carried at fair value. No particular judgements or key assumptions have been used in the preparation of the financial report.
In the 2012 financial year the Foundation elected to apply AASB 9 Financial Instruments (as issued in December 2010) and AASB 2009-11 Amendments to Australian Accounting Standards arising from AASB 9 from 1 January 2012, because the new accounting policies provide more reliable and relevant information for users to assess the amounts, timing and uncertainty of future cash flows. In accordance with the transitional provisions, comparative figures were not restated. See note 2(b) below for further details regarding the impact of the change in accounting policy.
(a) Income TaxThe Foundation is exempt from income tax under Section 50-5 of the Income Tax Assessment Act 1997 as an educational institution.
(b) InvestmentsPursuant to the Scotch College Common Fund Act 2001 Scotch College established an investment common fund for the collective investment of trust funds.Gardiner Hill Pty Ltd, a wholly owned subsidiary of Scotch College, has been appointed as Trustee of the Scotch College Common Fund.The Trustee has delegated consideration of investment matters to the Investment Committee of Scotch College.On 1 July 2013 the funds invested by the Scotch College Foundation (Inc.) in the Scotch College Common Fund, $35,901,886, were transferred to The Scotch College Foundation (Inc.) Common Fund. They continue to be managed by the Investment Committee of Scotch College in accordance with an investment mandate established by Scotch College Foundation (Inc.).
26
THE SCOTCH COLLEGE FOUNDATION (Inc.)NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2013
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(b) Investments (Cont’d)
In accordance with the Rules of the Scotch College Common Fund, The Scotch College Foundation (Inc.), as an investor:
• had a beneficial interest prior to 30 June 2013 in the Scotch College Common Fund as a whole, but no interest in any particular asset of the Common Fund;
• has an investment in The Scotch College Foundation (Inc.) Common Fund established on 1 July 2013 for the Foundation;
• has a right to distributable income calculated in accordance with the Rules. Distributable income includes income, profit, gains, deductions and expenses.
A summary of the components of the Foundation’s equitable share of The Scotch College Foundation (Inc.) Common Fund at 31 December 2013 and in the Scotch College Common Fund at 31 December 2012 is:
2013$
2012$
Cash Assets 1,853,229 3,026,724
Term Deposits 2,000,719 7,437,442
Trade and Other Receivables 845,825 666,063
Shares in Listed Companies and Trusts 30,653,189 15,238,943
Corporate Debt 4,594,200 950,998
Units in Unlisted Trusts - 7,266,081
Trade and Other Payables (371,838) (60,968)
39,575,324 34,525,283
The Scotch College Foundation (Inc.) Common Fund investment portfolio established on 1 July 2013 has a different investment allocation profile to that of the Scotch College Common Fund.
A summary of the components of the Foundation’s equitable share of the Scotch College Common Fund’s distribution for the year is:
1 Jan to 30 Jun2013
$2012
$
Interest 183,260 488,051
Dividends and Distributions from Listed Companies and Trusts 444,346 787,636
Refund of Imputation Credits 289,555 378,136
Distributions from Other Trusts 181,727 245,824
1,098,888 1,899,647
A summary of the components of The Scotch College Foundation (Inc.) Common Fund’s distribution for the year is:
1 Jul to 31 Dec2013
$2012
$
Interest 88,749 -
Dividends and Distributions from Listed Companies and Trusts 705,666 -
Refund of Imputation Credits 287,982 -
1,082,397 -
27
THE SCOTCH COLLEGE FOUNDATION (Inc.)NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2013
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(b) Investments (Cont’d)
Classification prior to 1 January 2012The investment was classified as at fair value through profit or loss with all gains and losses on the market value of the investment brought to account in the Statement of Comprehensive Income. The classification is in accordance with AASB 139 paragraph 9(a)(ii) as the financial assets represent a portfolio of financial instruments that are being managed and which have their performance evaluated, on a fair value basis, in accordance with documented policies on investment strategy and risk management.
The Foundation made an irrevocable election upon the adoption of AASB 9 Financial Instruments on 1 January 2012 to recognise changes in the fair value of the investment in the Scotch College Common Fund through Other Comprehensive Income rather than through profit or loss.
MeasurementThe investment in The Scotch College Foundation (Inc.) Common Fund (2012: Scotch College Common Fund) is valued on the basis of the market value of the underlying assets held in the Fund at Balance Date before deducting any realisation costs. Fair values are determined by reference to published price quotations in an active market. The market for the financial assets held comprises the Australian Stock Exchange. The maximum credit risk exposure is represented by the carrying amount of the investment. The Scotch College Foundation (Inc.) Common Fund (2012: Scotch College Common Fund) holds a diversified portfolio with no material interest rate risk.
Regular purchases and sales of financial assets are accounted for at trade date/settlement date.
Change in accounting policyThis policy was changed upon the adoption of AASB 9 Financial Instruments (as issued in December 2010). This standard replaces the provisions of AASB 139 that relate to the classification and measurement of financial assets. It requires financial assets to be classified into two measurement categories, fair value and amortised cost. The Foundation has classified its investment in The Scotch College Foundation (Inc.) Common Fund (2012: Scotch College Common Fund) as being at fair value.
The Foundation has elected that movements in fair value from 1 January 2012 be recognised in other comprehensive income and accumulated in a Financial Assets Revaluation Reserve. Previously movements in fair value had been recognised through profit and loss.
(c) Transfers to Scotch CollegeIn accordance with rule 39(b) of the Foundation’s Constitution an amount representing 50% of the corpus income has been transferred to the College.
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THE SCOTCH COLLEGE FOUNDATION (Inc.)NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2013
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(d) RevenueDonationsIncome is recognised when The Scotch College Foundation (Inc.) obtains control of the contribution or right to receive the contributions, it is probable that the economic benefits comprising the contribution will flow to the entity and the amount of the contribution can be reliably measured.
Scotch College Common Fund DistributionsThe Foundation records as income any distributions made during the year including the distribution at 31 December from The Scotch College Foundation (Inc.) Common Fund (2012: Scotch College Common Fund).
(e) Transfer of TrustIn accordance with the Deed of Change of Trustee, Scotch College retains the right to direct the Foundation to reappoint Scotch College or another corporation as trustee of trusts that Scotch College was previously trustee. The value of these funds at 31 December 2013 was $12,100,051 (2012: $10,614,121).
(f) Financial Risk ManagementThe Foundation has invested all of its funds in The Scotch College Foundation (Inc.) Common Fund (2012: Scotch College Common Fund). Financial Risk Management is carried out by the Investment Committee which is responsible for The Scotch College Foundation (Inc.) Common Fund (2012: Scotch College Common Fund).
The Investment Committee responsible for the Scotch College Common Fund has written guidelines to ensure that financial risk is managed appropriately to achieve the objectives of the Common Fund which are high returns within prudent levels of risk, investment flexibility and to maintain liquidity to fund capital expenditure as required.
(g) New Accounting Standards and InterpretationsAll the new and revised Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (“AASB”) that are relevant and effective for the annual reporting period beginning on 1 January 2013 have been adopted by The Scotch College Foundation (Inc.). The Board of Trustees has given due consideration to new and revised standards and interpretations issued by the AASB that are not yet effective and has early adopted AASB 9. The Board of Trustees does not believe that the other standards and interpretations will have any material financial impact on the financial statements of the Foundation.
29
THE SCOTCH COLLEGE FOUNDATION (Inc.)NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2013
2013 2012 $ $
3. CASH FLOW INFORMATION
Reconciliation of net cash used in operating activities to operating surplus after income tax:
Operating surplus after income tax 1,117,395 980,698Distribution reinvested (2,181,285) (1,899,647) ---------------------- ----------------------Net cash used in operating activities (1,063,890) (918,949) =========== ===========
4. CONTINGENT ASSETS
At reporting date The Scotch College Foundation (Inc.) had received notification of bequests and pledges. Corresponding amounts have not been brought to account where such amounts do not satisfy recognition criteria established by accounting standards (refer note 2(d)).
5. RELATED PARTY TRANSACTIONS
The key management personnel and office holders of the Board of Trustees who held office during the course of the financial year were:
Mr M B Robinson AO (President)Mr P M Meadows (Vice President)Mr D Yu (Vice President)Mrs M A AndrianakosMrs A M DerhamDr F G Donaldson AMMs M P E EhrlichMr D E FoxMr E J GronowMrs E N LawrenceMr G A MenziesMr B C Randall OAMMr W L SidesMr M K SimMr P N WrightMr C G YourenMr I T Batty (Ex Officio)Mr R S Congleton (Ex Officio)Mr H McK Wilson (Ex Officio)Mr T J Shearer (Ex Officio)Ms R T Mortimer (Minute Secretary)Mr A T Sloan (School Council Rep)Mr B A Brown (OSCA President in 2013) (resigned October 2013)Mr P M Findlay (OSCA President 2014) (appointed October 2013)Mr S R Montgomery (Ex Officio)Ms F Tuck (Ex Officio)
Trustees received no remuneration for the performance of their role during the financial year.
The Scotch College Foundation (Inc.) considers Scotch College, Gardiner Hill Pty Limited and Old Scotch Collegians’ Association (OSCA) to be related parties for the purposes of AASB 124.
The Foundation had no employees at 31 December 2013 (2012: Nil employees). The salaries and wages of persons employed in the Development Office and other administrative expenses are paid by Scotch College. Scotch College Foundation (Inc.) reimburses Scotch College to the extent of the amount disclosed as administrative expenses. Audit fees for the Foundation of $4,000 (2012: $4,000) are borne by Scotch College.
In accordance with rule 39(b) of the Foundation’s Constitution an amount representing 50% of the corpus income has been transferred to the College. This amount is disclosed on the Statement of Comprehensive Income.
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THE SCOTCH COLLEGE FOUNDATION (Inc.)NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2013
6. ACCUMULATED FUNDS
Balance1 Jan 13 Additions
CapitalChange
Income Return Payments
Balance31 Dec 13
$ $ $ $ $ $
… for Financial Aid
Sir James Balderstone Bursary O 108,809 - 11,963 6,635 (10,002) 117,405
John Bellair Scholarship 2,470,370 - 279,398 154,970 (91,867) 2,812,871
*Graeme R Boell Scholarship 1,036,867 - 117,196 65,004 (39,831) 1,179,236
Boykett Bursary 13,093 - 1,509 837 - 15,439
D & G Boykett S'ship O 31,449 - 3,624 2,010 - 37,083
M Callahan Travel 149,482 - 17,227 9,555 - 176,264
*Kelvyn Cocking Scholarship 958,183 - 107,363 59,550 (53,106) 1,071,990
*Consolidated Scholarship Fund 629,743 9,457 70,824 39,283 (39,831) 709,476
James Coop Memorial Bursary 44,599 - 5,140 2,851 - 52,590
Gordon Donaldson Scholarship O 831,665 24,500 94,960 52,670 (39,830) 963,965
Maurice Feitel Bursary 120,278 - 13,861 7,688 - 141,827
*Hugh S Field Scholarship 1,662,846 - 188,601 104,609 (52,572) 1,903,484
Foundation Scholarship Fund O 565,804 213,115 75,954 42,129 (26,553) 870,449
*J S Gibson 41,806 - 4,818 2,672 - 49,296
Indigenous Scholarship Fund X O 77,992 100,418 7,823 4,339 (120,634) 69,938
Bruce & Norma Lithgow Scholarship 460,447 - 52,298 29,007 (13,277) 528,475
Don Lithgow Scholarship 434,841 - 49,347 27,371 (13,277) 498,282
Campbell McComas 1,639,246 - 185,881 103,101 (52,573) 1,875,655
McAllester Family Scholarship 513,947 - 58,096 32,224 (19,649) 584,618
B & G McDiarmid 160,073 - 18,447 10,232 - 188,752
McDonald Family Pipe Organ 5,468 - 630 350 - 6,448
Kelman McQueen Music Scholarship 176,292 - 19,594 10,868 (12,539) 194,215
Mathematics Fund 11,149 - 1,079 599 (3,568) 9,259
Dr Bernard Mendel Scholarship 313,416 - 34,589 19,185 (26,553) 340,637
Jim Muntz Scholarship 37,209 - 4,288 2,378 - 43,875
*Music Scholarship 114,178 - 12,726 7,059 (7,500) 126,463
O V A Nilsen Scholarship 483,062 - 53,840 29,863 (31,737) 535,028
Orton Family Sponsorship for Music 821,092 - 93,094 51,636 (26,553) 939,269
Brian & Ann Randall Boarding S’ship 484,198 - 54,393 30,170 (24,411) 544,350
Struan Robertson Endowment 1,370,962 - 153,401 85,085 (79,685) 1,529,763
*Lionel Robinson 427,107 - 47,814 26,521 (24,411) 477,031
Roddick Family Scholarship 559,571 - 63,133 35,017 (23,484) 634,237
31
Balance1 Jan 13 Additions
CapitalChange
Income Return Payments
Balance31 Dec 13
$ $ $ $ $ $
… for Financial Aid
Chris Selby Smith Bursary 128,224 - 14,518 8,052 (4,500) 146,294
Martin Schumacher Memorial S'ship 442,294 - 49,441 27,423 (26,553) 492,605
Sesquicentenary Scholarship 242,752 - 27,975 15,517 - 286,244
Social Service Aux. Scholarship 47,999 - 5,532 3,068 - 56,599
Hugh Syme 130,551 - 15,045 8,345 - 153,941
Rona P Szeredi Bursary 155,263 - 17,128 9,500 (13,277) 168,614
Dorothy Tingate Scholarship 40,326 - 4,647 2,578 - 47,551
John Wall OAM – Bursary 292,585 - 33,718 18,702 - 345,005
David Yu Family Scholarship 132,021 - 15,214 8,439 - 155,674
18,367,259 347,490 2,086,129 1,157,092 (877,773) 21,080,197
Funds Controlled by External Trustees
Campbell Edwards Trust 23,748 22,000 1,709 948 (39,830) 8,575
K&CH Hume-Cook Bursary 8,664 13,412 481 267 (22,400) 424
Sir Douglas Little Scholarship # - 26,668 - - (26,668) -
32,412 62,080 2,190 1,215 (88,898) 8,999
18,399,671 409,570 2,088,319 1,158,307 (966,671) 21,089,196
… for the Arts
Ken Field 1,115,482 - 125,891 69,827 (46,150) 1,265,050
Shrimpton Collection 27,439 - 3,162 1,754 - 32,355
1,142,921 - 129,053 71,581 (46,150) 1,297,405
* Funds transferred from Scotch College to the Foundation on 31 December 2006. See note 2(e).
O Denotes Tax Exempt fund
X $12,768 of the “addition” to The Indigenous Scholarship Fund was transferred from the Scotch Charitable Fund with effect from 1 January 2013.
# The Sir Douglas Little Scholarship for Boarding has been created by Mrs Glenis Payne (his daughter). During her lifetime Mrs Payne pays the recipients boarding fee with an
annual lump sum payment. It is understood that upon her death a perpetual scholarship will be created in her will.
THE SCOTCH COLLEGE FOUNDATION (Inc.)NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2013
6. ACCUMULATED FUNDS (Cont)
32
THE SCOTCH COLLEGE FOUNDATION (Inc.)NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2013
6. ACCUMULATED FUNDS (CONT’D)
Balance1 Jan 13 Additions
CapitalChange
Income Return Payments
Balance31 Dec 13
$ $ $ $ $ $
… for Prizes
Aths & Cross Country Capts Prize 2,932 - 334 185 (60) 3,391
*Sir James Balderstone J/S Prize 2,655 - 303 168 (60) 3,066
Sir James Balderstone Design & Tech 2,888 - 329 183 (60) 3,340
V S Beckwith Politics Prize 3,706 - 422 234 (80) 4,282
John Bishop – Capt Music Prize 7,361 - 840 466 (150) 8,517
H C Blenkiron Prize 4,743 - 541 300 (100) 5,484
R S Bond Prize 4,415 - 503 279 (100) 5,097
Ian Braid Music Composition 5,257 - 600 333 (100) 6,090
S F Brown Prize 7,791 - 889 493 (150) 9,023
*T T Clarke Mem Bursary 2,902 - 331 184 (60) 3,357
Geoffrey Ashton Cole Prize 5,601 - 640 355 (100) 6,496
*Consolidated Prize Fund v 48,475 - 5,529 3,067 (1,000) 56,071
*E Dodds Prize 1,583 - 180 100 (35) 1,828
Geoff Donaldson Pipes & Drums 8,775 - 991 550 (350) 9,966
*Sir Edward Dunlop Asian Prize 1,911 - 218 121 (40) 2,210
Peter Earle Yr 8 Prize 8,817 - 982 544 (600) 9,743
*M Eggleston Aust Hist Prize 2,233 - 255 141 (40) 2,589
R & M Foreman History Essay Prize 48,172 - 5,494 3,047 (1,000) 55,713
*H Greaves Prize (Soccer) 610 - 68 38 (40) 676
*William Irving Debating Prize 3,398 - 388 215 (70) 3,931
King-Smith Yr 12 Prize 6,139 - 701 389 (120) 7,109
*John McKenzie Yr 7 Cricket Prize 993 - 113 63 (20) 1,149
*N H McNeil Prize 541 - 61 34 (20) 616
C & R Manders Asian Language 3,812 - 435 241 (75) 4,413
33
Balance1 Jan 13 Additions
CapitalChange
Income Return Payments
Balance31 Dec 13
$ $ $ $ $ $
… for Prizes (cont)
H B Mendel (German or French) 5,165 - 589 327 (100) 5,981
*R P Mueller Computer Science 9,328 - 1,063 590 (200) 10,781
*Naito Family Prize Capt Rugby 6,197 - 708 393 (100) 7,198
*Robert C Niven 3,676 - 419 233 (75) 4,253
*OSCA 1,111 - 126 70 (30) 1,277
Perelberg Award 4,918 - 561 311 (100) 5,690
Pipes & Drums Prize 6,046 - 690 383 (120) 6,999
*Maj Gen Sir Alan Ramsay Cadet 2,854 - 325 181 (60) 3,300
*Geoff Richards Mem Fund 17,795 - 2,031 1,126 (350) 20,602
*Sir Arthur Robinson Prize 1,900 - 217 120 (35) 2,202
*Lady Robinson Prize English 1,811 - 207 115 (35) 2,098
Edward Sandbach Scout Prize 2,738 - 313 173 (50) 3,174
F W W Scott Prize/Sport 31,547 - 3,592 1,993 (750) 36,382
*Simon D Shaw 13,826 - 1,565 868 (500) 15,759
R L Simpson Public Speaking Prize 5,202 - 594 329 (100) 6,025
P C Wickens Maths Prize 5,858 - 669 371 (100) 6,798
Karl Yeomans Poetry Prize 2,505 - 286 159 (50) 2,900
Zimmet Prize for St John 6,416 - 731 405 (150) 7,402
314,603 - 35,833 19,877 (7,335) 362,978
… for Staff Salaries
Archive & Advancement Fund 130,944 - 15,090 8,370 - 154,404
*Armstrong Sutherland & Bell 89,466 - 10,195 5,655 (2,000) 103,316
George Logie-Smith 426,515 - 48,807 27,071 (6,000) 496,393
*Sir Ian McLennan Chair 1,075,543 - 122,738 68,078 (21,000) 1,245,359
Staff Salaries – General 120,966 - 13,768 7,636 (3,000) 139,370
1,843,434 - 210,598 116,810 (32,000) 2,138,842
* Funds transferred from Scotch College to the Foundation on 31 December 2006. See note 2(e).
V The Ernst-Whinney Accounting Prize was amalgamated with the Consolidated Prize Fund on 1 January 2013. It had a balance of $2,233 at amalgamation.
THE SCOTCH COLLEGE FOUNDATION (Inc.)NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2013
6. ACCUMULATED FUNDS (Cont)
34
THE SCOTCH COLLEGE FOUNDATION (Inc.)NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2013
6. ACCUMULATED FUNDS (CONT’D)
Balance1 Jan 13 Additions
CapitalChange
Income Return Payments
Balance31 Dec 13
$ $ $ $ $ $
… for Libraries
James Cornell Bequest (French Bks) 20,742 - 2,364 1,311 (450) 23,967
*Urquhart Ramsey Mem Gift 18,405 - 2,098 1,164 (400) 21,267
*A E Stirling Library Endowment 4,438,411 - 502,849 278,910 (150,000) 5,070,170
4,477,558 - 507,311 281,385 (150,850) 5,115,404
26,178,187 409,570 2,971,113 1,647,960 (1,203,006) 30,003,825
... for Outdoor Education
David Fraser Bequest 98,853 - 11,392 6,319 - 116,564
Future Fund (Corpus) 8,248,243 - 950,140 527,006 (270,454) 9,454,935
Foundation Total Funds 34,525,283 409,570 3,932,646 2,181,285 (1,473,460) 39,575,324
* Funds transferred from Scotch College to the Foundation on 31 December 2006. See note 2(e).^ Included in Foundation corpus payments of $270,454 is the transfer to the school of $263,503 referred to in the Statement of Surplus or Deficit.
35
THE SCOTCH COLLEGE FOUNDATION (Inc.)NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2013
7. FINANCIAL INSTRUMENTS
Credit Risk The maximum exposure to credit risk at balance date to recognised financial assets is the carrying amount of those assets as disclosed in the statement of financial position and notes to the financial statements.
Market Risk The maximum exposure to market risk at balance date to recognised financial assets is the carrying amount of those assets as disclosed in the statement of financial position and notes to the financial statements.
Sensitivity Analysis The investment in the Common Fund is subject to risks associated with the Common Funds portfolio, being financial market investments including shares and securities traded on the Australian and International Stock Exchange, Fixed Interest Securities and Deposits and Unit Trusts. As such, fluctuations in financial markets will impact the financial position of the Foundation.
To provide a guide to the sensitivity of the Foundation’s investment, the following table depicts the effect of a 20% change in the value of the portion of the Common Fund’s investments exposed to equities had such a movement occurred at 31 December 2013. 20% is considered a reasonable estimate of the sensitivity of that portion of the financial asset to market movements.
Impact on Reported Net Surplus/(Deficit)
Impact on Asset Revaluation Reserve
Total EquityAdjusted for Impact of
Change in Value
Year Ended 31 December As at 31 December As at 31 December
2013 $
2012 $
2013 $
2012 $
2013 $
2012 $
If the value of the equity exposed portion of the investment was 20% (2012: 20%) lower than reported Nil Nil (6,130,638) (4,501,005) 33,444,686 30,024,278
If the value of the equity exposed portion of the investment was 20% (2012: 20%) higher than reported Nil Nil 6,130,638 4,501,005 45,705,962 39,026,288
Fair Value of Financial Instruments
The investment in the The Scotch College Foundation (Inc.) Common Fund, $39,575,324 (2012: Scotch College Common Fund $34,525,283) is a level 2 type investment categorised by the following levels:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
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1 Morrison Street, Hawthorn VIC 3122
Foundation phone 03 9810 4300 Foundation email [email protected]
www.scotch.vic.edu.au