the lauriston foundation inc annual report 2018...chairman’s report john morrison chairman,...

The Lauriston Foundation Inc

Annual Report 2018

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Lauriston Foundation

Chairman’s Report

Director of Advancement’s report

Your donations in action

It’s Her Turn

Scholarships and Scholarship Impact

2018 Donors

20 26 28Lauriston Foundation members

Corporate Governance Statement

Financial report

THE LAURISTON FOUNDATION INC – ANNUAL REPORT 2018 1

John Morrison Appointed March 2010

Chairman since February 2014

Founder Elizabeth Kirkhope Circle

Peter ScottAppointed June 2010

Treasurer since February 2014

Founder

Rick BallAppointed August 2015 Ex o�cio, Chairman of

School Council Patron

Elizabeth Kirkhope Circle

Georgie Bruce Appointed February 2018

Governor

Jane Freemantle (Mason, 1966)

Appointed December 2018 Trustee


Elise Gillespie (1999)Appointed August 2018

Huntingtower Circle

Angus Graham OAMAppointed August 2017

Trustee Elizabeth Kirkhope Circle

Tatty HappellAppointed February 2015

Nominee of Lauriston Parents’ Association (LPA)

Founder (Retired December 2018)

Charissa HoAppointed October 2015

Founder

Richard Phillips Appointed October 2014

Huntingtower Circle (Retired October 2018)

Vicki Redwood (Canning, 1971)

Appointed August 2003 Nominee of Old

Lauristonians’ Association (OLA)

Governor

Susan Just Appointed August 2015

Ex o�cio, School Principal Honorary Member


Cathy TanAppointed February 2013

Ex o�cio, Member of School Executive Trustee

Sally de GuingandDirector of Advancement

Standing invitation to attend Board meetings

(Resigned January 2019; Marina Johnson is the new Director of Advancement)

Marina JohnsonDirector of Advancement

(appointed 2019)

Lauriston FoundationFOUNDATION BOARD MEMBERS

THE LAURISTON FOUNDATION INC – ANNUAL REPORT 20182

The Lauriston Foundation (the ‘Foundation’) was established in 1984 to assist the School Council with the ongoing development and advancement of Lauriston Girls’ School, ensuring its position as one of the leading girls’ schools in Australia.

The Foundation is proud of the individuals who have worked diligently to contribute to the advancement of girls’ education. Its inaugural Board comprised Grahme Dixon (President), Ruth Tideman (School Principal), John Calvert-Jones, Claude Ullin, Evelyn Danos and Ian Godwin.

The Foundation is responsible for overseeing the funds contributed by donors and members, ensuring these are managed and distributed in accordance with the various deeds of trust and donors’ wishes. It plays an important role in fundraising for the School and recognising all those who donate funds to the School.

Over its rich 34-year history, the Foundation and its members have helped to deliver initiatives such as the 1991 purchase of the Howqua site and subsequent development of student and sta� housing, and the Howqua Resource Centre there. At the Armadale campus, the Foundation has helped to develop the Art and Visual Communication Centre, the Dance and Movement Studio, the Library and Resources Centre and the FabLearn Lab. Another milestone was the launch of the Foundation scholarship program.

Today, the Foundation continues to play an integral role in supporting Lauriston’s future as one of the leading girls’ schools both within Australia and internationally. Whether it is through the scholarship program or the Building, Library or Education funds, the Foundation’s focus remains on delivering new and extended academic programs, facilities and resources that enable the School’s long-term goals to come to fruition.

Past presidents of the Lauriston FoundationMr Grahme† Dixon (1985–86)Mr Claude† Ullin AM (1987–88)Mr John O’Brien (1989–90)Mr John McInnes (1991–93)Mrs Caroline Johnstone (1994–95)Mr Roger Gillespie OAM (1996–97)Mrs Pamela Fitz-Gibbon (1998–99)Mr Colin Squires (2000–02)Mr Andrew Scott (2003–07)Dr Linden Smibert (2008–11)Mr Michael Rowland (2011–13)

The Foundation’s history


Chairman’s ReportJOHN MORRISON

Chairman, Lauriston Foundation

I want to thank all our donors and members in 2018. It was a busy year and your continued support help to make a real di�erence to the School.

Financial resultsIn 2018, the Foundation reported a consolidated surplus before distributions of $632,163 (cf. $502,929 in 2017). From this surplus, the Foundation made a distribution to the School of $40,288 and retained $591,875 for investment and future use. The Foundation’s consolidated funds increased from $3.9 million to $4.5 million over the year.

The Annual Appeal raised a total of $88,950 with the main donations directed towards the Building Fund (44%), the Scholarship Fund (42%) and the Library Fund (14%). We are very grateful for the support received from the Lauriston community, particularly from those who gave for the first time. These gifts will be used to support specific initiatives undertaken by the School, as promised.

Other donations raised a total of $524,892, with the main donations directed to the Building Fund (76%) and the Scholarship Fund (24%). The It’s Her Turn Campaign has been successful in attracting early support for the School’s exciting new redevelopment plan, incorporating a new Sports and Health Precinct together with a unified Junior School and a new Early Learning Centre at Blairholme. Voluntary levies continue to be well supported by current parents and are directed entirely towards building the corpus of the two Foundation scholarships.

Elizabeth Kirkhope CircleThe Elizabeth Kirkhope Circle (EKC) continues to prosper under the careful guidance of our Honorary President, Alix Bradfield. Alix and the executive team do a great job in attracting new members and creating a welcoming environment for our members. A morning tea for EKC members and their partners was held in November, where Principal Susan Just provided an update on her vision for the School.

The FundsIn 2018, the Education Fund distributed $1,600 to the School and retained $9,183 for further investment and future income generation. The distributions were directed towards the Diana Robertson Scholarship.

The Scholarship Fund distributed $26,688 to the School and retained $149,555 for further investment and future income generation across its four scholarships and bursaries. The distribution was made in respect of tuition fees for our Foundation Scholarship.

The Building Fund accumulated $432,789 over the year as part of the It’s Her Turn Campaign, all of which was retained for future use and distribution. The amounts will primarily be directed to support the delivery of a major new sports centre and related facilities on the Armadale campus.

The Library Fund distributed $12,000 to the School and retained $348 for future use and distribution. The distribution was directed to the acquisition of additional library resources, databases, e-books and digital facilities as proposed by our Head Librarian.

Other mattersA revised list of members is included in this Annual Report and has been posted on the School’s website and our new electronic honour board in Reception. It is pleasing to note that we welcomed 26 new members to the Foundation in 2018.

I would like to thank all Board members for their valued contribution during the year and, on their behalf, all sta� involved with the School’s Advancement O�ce for their hard work, dedication and valuable contribution. We look forward to a busy 2019.


Principal’s ReportSUSAN JUST

Principal

Education in the 21st century encompasses far more than attending subject lessons each day and completing assessment. The ATAR our students receive at the conclusion of the Year 12 studies does not reflect the education each girl has received or the person they have become. Their self-confidence and capacity to enter into adulthood comes from the myriad opportunities they have had to engage with teachers and peers, contribute to the life of the School and to develop their talents and interests. Lauriston is a School for Life because we encourage all of our girls to have a well-rounded education.

Our Foundation is investing in our current and the next generation of Lauriston girls because they recognise the value of an education and the resolve that our young women have to make a meaningful contribution to their world.

Throughout 2018, our Director of Advancement and The Lauriston Foundation began the implementation of the strategic plan for our capital campaign, entitled ‘It’s Her Turn’. The campaign focuses on the importance of our girls receiving the best education and facilities in which they can learn and grow. Our girls are the change makers for the future and our School community will be making an investment in the coming generations of Lauriston girls and allowing us to continue our vision of educating young women.

Throughout 2018, a small number of informing events were held with the wonderful support of our capital campaign sub-committee, resulting in donations and pledges of more than $1.4 million made over a number of years. We are grateful to those donors who have led the way and advocated for the construction of our new facilities.

We aim to raise $5 million through our It’s Her Turn campaign and we are confident that our School community will support us. The new facilities will not only help us to meet the needs of our current students, but also those in the years to come.

In addition to the It’s Her Turn campaign, The Lauriston Foundation continues to develop a scholarship program which allows young women to receive an education at Lauriston when they wouldn’t have otherwise done so. These young women have not only been fully engaged in their studies, but have participated in our co-curricular program and benefited from the support o�ered to them by teachers and peers. The young women who have received these scholarships have gone on to make their mark on the world in many di�erent fields: medicine, engineering, humanities and the arts. All remark on the impact receiving a Lauriston education has had upon their lives.

I am delighted to have the support of the Foundation as we work together to provide our young women with access to the facilities, resources, academic and extra-curricular programs that will enable them to develop the skills they need to make a di�erence to the world in which we live.


Director of Advancement’s Report MARINA JOHNSON

Director of Advancement

Thanks to the generosity and support of the Lauriston community, it has been a very busy and productive 12 months in the Advancement O�ce. Our focus has been twofold: directing the gifts we have received to deliver the most impact for our girls, and building a solid financial base to fund the ambitious building project outlined in the School’s Master Plan. This project will provide state-of-the-art facilities that will benefit today’s girls and future generations.

Delivering impact todayA significant number of our current families choose to support the Voluntary Levy, generously donating $106,100 in 2018. Donations made via the Voluntary Levy are used to fund needs-based scholarships for girls in years 10–12, who would not otherwise have the opportunity to experience a Lauriston education. The Lauriston Foundation currently o�ers one needs-based, all-round excellence scholarship (The Lauriston Foundation Scholarship) and are building the corpus to fund a second scholarship focused on creativity (The Lauriston Foundation Creative and Performing Arts Scholarship).

In 2018, community support meant we were able to provide scholarship support and enable one young woman to complete her final year at Lauriston, achieving the marks she needed to access her preferred course at university. Thank you for helping her to achieve her goals.

The Annual Appeal also helped to boost the Scholarship Fund with gifts totalling $37,020. Other gifts received during the Annual Appeal included: $12,550 to the Library Fund, which was used to purchase online and print resources for our girls; $300 to the Education Fund; and $39,080 to the Building Fund (see below for more information). Our Annual Appeal donors come from all parts of the Lauriston community: current and past parents, alumnae, grandparents and friends. A sincere thank you to each and every one of you for your gift.

Shaping the futureWe have been thrilled with the level of community support for the It’s Her Turn campaign. As at 31 December 2018, our generous supporters pledged a total of $1.4million in gifts, of which $399,149 was received during 2018. These gifts will be used to help fund the new Sports and Health Precinct, unify our Junior School, and establish an Early Learning Centre at Blairholme. The total cost of the project is more than $30 million, and the campaign has an ambitious target of $5 million. Our community has helped established a solid funding base, but there is still a long way to go! Read more about the campaign on (page 14).

Foundation membersIn 2018, we welcomed 26 new members to the Lauriston Foundation. These members joined us across all membership classifications. I would like to thank these new members for their generosity and warmly welcome them to The Lauriston Foundation.

Elizabeth Kirkhope CircleOur bequest society—the Elizabeth Kirkhope Circle—welcomed three new members during 2018. It is an absolute pleasure to meet with these members of our community, and to learn more about how they plan to make a di�erence through their bequest. Alix Bradfield, Honorary President of the EKC, hosted an inaugural morning tea for members in the latter part of the year. Read Alix’s report on (page 8).

Communicating with our donors Over the past 12 months, we continued to focus on strengthening our relationships and improving our communications with our donors. Foundation members were invited to learn more about the Principal’s vision for the School at the annual Evening with the Principal event in Term 1. In late November, we published and distributed the second edition of the Lauriston Foundation Impact Report, which aims to keep our donors better informed on how their gifts are being directed to deliver impact to our girls.

Change of DirectorEarly in 2019, we bade farewell to Sally de Guingand, who has been the Director of Advancement for the past three years. The Advancement O�ce has been transformed under Sally’s leadership, and she has been the driving force behind the creation of the It’s Her Turn campaign. I would like to thank Sally for her dedication over the past three years and wish her the best in her exciting new role at Asthma Australia.


Every Gift CountsMARINA JOHNSON


Each year during our Annual Appeal we are delighted to receive a gift from a small number of regular donors, many of whom belong to our alumnae community. Recently, I took the opportunity to speak with some of these donors, whose regular gifts make a big impact.

One of these alumnae, who prefers to donate anonymously, reflected on her experience while at Lauriston and the importance the School placed on helping others. Students were encouraged to collect egg cartons, bottle tops and toothpaste tubes among other things, in order to raise money to give to others in need. She also recalled with fondness the annual visit to the Berry Street Babies’ Home and Hospital. She has been a regular donor for more than 15 years, and is happy in the knowledge that she is helping the next generation.

June Danks (McMullin, 1948) has supported the Scholarship Fund for several years. June received a scholarship from Lauriston to help her commence her university studies. Without the financial support the scholarship provided, she would have been unable to attend university. June valued the opportunity she was given and knows that her regular gifts are helping to provide other young girls with similar, life-changing opportunities.

Every gift we receive, small or large, is very much appreciated, and combined with gifts from other donors helps to deliver the programs, resources and facilities our girls need to achieve their potential.

So, to all our donors who continue to show their support year after year—thank you!


Elizabeth Kirkhope CircleALIX BRADFIELD

Honorary President, Elizabeth Kirkhope Circle

In November, the inaugural Morning Tea was held for those who have included a gift to Lauriston in their Will. These individuals are proud members of the Elizabeth Kirkhope Circle.

Principal Susan Just explained that her reasons for deciding to leave a bequest have evolved as she has watched girls leave the School armed not only with knowledge but also as good people who can influence their world in ways that go well beyond their scholastic record.

In encouraging others to consider a bequest, she recognised that donations are being sought from many worthy organisations and suggested that giving to girls’ education contributes to the leadership of those charities in the future.

As Honorary President of the Elizabeth Kirkhope Circle, I was pleased to have the opportunity to express gratitude in person to the members who have most thoughtfully planned ahead to benefit girls who may not yet be born.

There are many reasons why EKC members make a bequest: a grateful student who wants to provide the same opportunities to years 5 and 6 girls; a past parent who has been contributing in many ways after his girls have left; current parents who have witnessed how their four very di�erent daughters have flourished; a lawyer who helps people with estate planning and has noticed how many men think of boys’ schools, yet often neglect support for girls’ education; a couple whose

devotion to Lauriston comes from a mother and a grand-daughter; a single mother who saves to pay school fees for her daughter now and is thinking of other girls’ futures.

Some share a gift as couples, some organise gifts as individuals. Some couples choose to donate individually for specific purposes. Others want to remain anonymous. During the Morning Tea, the first of many, it was emphasised that size or purpose of bequests are not always the same, and that each one influences lives in the future.

Current Elizabeth Kirkhope Circle membersBall, RickBeaurepaire, Denise (Goodman, 1967)Beckett, Jennifer (McMenamin, 1965)Beckingsale, Louise (1969)Bradfield, Alix Cocks, JohnDonaldson, LachieFreemantle, Jane (Mason, 1966)Graham OAM, Angus & Graham, NatalieHalliday, Richard† (deceased 2019)Just, SusanKimpton OAM, Zara (1963)Morrison, JohnMorrison, KarenNixon, Kate (1986)Ullmer, Michael Wells, Pera (1966)

Two anonymous bequestors

Past Elizabeth Kirkhope Circle members Bayly, Lilian† (Cruthers, 1930)Bayly, Stanislaus†Belshaw, Patricia† (1930)Best, Joan† (Ramsay, 1932)Crickmer, Joyce† (1936)Davies, Gladys† (1927)Estate of the late Edward WilsonFox, Gwyneth† (1920)Henderson, Leslie† (1913)Himmer, Myria† (Sykes, 1911)Hollyer, Sarah† (1967)Hook, Jean†Jones, Josephine†Owen OAM, Mary† (Evans, 1936)Plenderleith, Jean† (Hutchings, 1931)Radford, Pamela† (1939)Robertson, Diana† (1966)Smibert, Dr James† Tegner, Merrin† (Gray, 1964)


Acknowledging bequestsMARINA JOHNSON


We are enormously grateful to those who advise us of their intention to leave a bequest to Lauriston, as it gives us the opportunity to not only acknowledge their generosity but to also understand how they would like their bequest to be directed.

There are many reasons people choose to leave a bequest: to give back to Lauriston, to honour a family history with the School, to recognise the benefits daughters have received from a Lauriston education, and to provide support to girls’ education equivalent to that provided to boys’ education.

Denise Beaurepaire (Goodman, 1967) recently advised her intention to leave a bequest. A number of you may have met or spoken with her over the years. Denise was a friendly face in the Ansett Golden Wing Lounge and spent 17 years as a manager in the Executive Lounge until the airline’s collapse in September 2000. In recent years, she has been a regular volunteer at Lauriston and provides invaluable assistance when it comes to keeping our alumnae community connected.

Of her reason to leave a bequest, Denise says: ‘My experience at Lauriston wasn’t always positive, and I don’t feel I achieved all that I could have,’ Denise reflects. ‘Since I’ve been volunteering, I’ve seen how the School has evolved and everything that the School o�ers and does today for the girls. I decided I wanted to leave a bequest to fund a scholarship and help a young girl achieve her potential. I want her to give her the opportunity to be her best.’


Your Donations in ActionANGELA MARE

Head of Library and Information Services

Library FundThe School Library was redesigned and renovated in 2018 following the global trend of increasing access to quality digital resources, and designing spaces in which students can collaborate in groups. To ensure students and sta� have access to contemporary resources and information, Lauriston Foundation’s Library Fund enables the library to continue to subscribe to exciting and new online resources.

Recent additions to the library’s online subscriptions include:

• Digital Theatre. This database was trialled in 2018 and will continue in 2019. It provides access to some of the best theatre productions from around the world in addition to curriculum-linked resources including backstage insights, practitioner interviews, written analysis and captured productions. It is ideal for Theatre Studies students who are unable to attend the many live performances required and provides them with deep analysis of the productions not available from other streaming media platforms.

• MASSOLIT is a database for senior students of English and Literature and was also trialled in 2018. It works with academics from the world’s best universities to produce high-quality, curriculum-linked videos. Other videos and podcasts available on the internet are usually aimed at adult learners, whereas these videos are for secondary students—especially those who want to challenge themselves and engage with interesting ideas and critical discussions beyond the classroom.

• Echo. This database extracts controversial issues from Australian newspapers and links them to media news extracts, websites and other sources of information, giving students an understanding of the full scope of the topic. It can be used as a guide to debate, develop arguments, write persuasive writing presentations and develop critical thinking skills.

• Digital Editions of The Age. This database was also trialled in 2018. Senior students are encouraged to read The Age on a daily basis in preparation for their oral preparations. The Age Digital Editions enables students to read scanned versions of the newspaper rather than surfing The Age website which has a limit to the number of accessible articles per month.

These databases are not available to students through local public libraries or the State Library of Victoria and are therefore invaluable to the students’ research, giving them access to high-quality sources of information.


Education Fund ZAFREEN KHAN

Fundraising Coordinator

Gifts to the Education Fund are used to fund many di�erent projects within the School, upon the advice of the School Principal.

Over the years, the Education Fund has supplemented and broadened the scope of scholarships within the School, particularly the Diana Robertson Memorial Scholarship (which supports students studying Humanities), and also to provide additional funds for refurbishments of the School Library.

The Education Fund provided a significant proportion of the funds required for the initial set-up of the School FabLearn Lab in 2014, and also helped to fund activities within the Lab. The FabLearn Lab continues to excite and enthral the curious minds of girls at all levels.

Lauriston is part of the Stanford FabLearn network which shares research, new ideas and trains teachers to incorporate digital learning opportunities

into their weekly routines. The School organises a FabLearn Australia conference bi-annually, with the intention of developing a local network of digital fabrication educators. We have hosted many great thinkers including Professor Genevieve Bell from ANU; Professor Ian Chubb—neuroscientist, academic and former Chief Scientist of Australia; and the inventor of modern FabLabs, Associate Professor Paulo Blikstein.


ScholarshipsThe Lauriston Foundation oversees five scholarships and

bursaries for the long-term benefit of the School.

The Sun Foundation Bursary has supported the professional learning and development of our teaching sta� since 2012. Over the years recipients have attended conferences in Australia and overseas, and have collaborated on projects which were then introduced to the School. Currently, the School is looking for learning opportunities at the Wade Institute of Entrepreneurship.

The Belinda Phillips Goldman Sachs Memorial Scholarship is awarded every four years to an eligible student commencing in Year 10 or later, and who demonstrates general excellence but with specific strengths in the area of Sports. The current recipient, Jayde Cosford, is the Swimming Captain for 2018/2019. Jayde is embracing every opportunity to get involved in the experiences o�ered at Lauriston.

The Diana Robertson Scholarship continues to support two scholarships: one in History and the other in broader Humanities. The Foundation also o�ers the Foundation Scholarship: a needs-based scholarship that recognises academic and general excellence for a student entering the Senior School at Year 10 or 11.

We continue to build the corpus for the Foundation Creative and Performing Arts Scholarship: a scholarship that recognises creativity in a variety of di�erent industries including technology, art, music and the performing arts industry.


Scholarship impactMany of the girls who have received a scholarship are now helping

to shape the future, successfully paving their way in a range of fields. Four of these girls share their stories below.

Manasa (2013)I have an older brother who was unable to attend School because of an intellectual disability, and as a consequence, I always knew I wanted to study neuroscience or neurology and be a part of the advancement and development of science in this area.

I have completed an undergraduate degree in biomedicine at Melbourne University and am now studying my Doctor of Medicine with the aim of pursuing a career in surgery. My time at Lauriston sparked an interest in the environment and I have continued this interest by joining the Doctors for the Environment organisation.

I believe scholarships play an important role in the School. In addition to providing financial aid to girls like myself who may not have been able to experience a Lauriston education, scholarships also encourage diversity within the School.

Penny (2012)At Lauriston we were always encouraged to participate and contribute to the School community, and to pursue our interests. A highlight for me was helping to organise the Cabaret Night: we had a lot of agency in shaping the night and it was great to give back to the community.

Studying music in-depth in the last three years of school really sparked my interest in pursuing it as a career. I completed a Bachelor of Music and a Diploma in Languages, then completed a Master of Teaching—all at the University of Melbourne. I now enjoy working as a qualified music teacher.

I was fortunate to receive a Music Scholarship while I was at Lauriston and am very appreciative of the experiences and opportunities it gave me. I believe that receiving this scholarship really boosted my confidence as a musician and that it has significantly shaped my career.

Alex (2013)When I reflect back on my time at Lauriston, the most lasting impression is the incredibly supportive environment. I will always remember how the teaching sta� would constantly go above and beyond to help me achieve my goals. The support I received from my peers during my final two years was also invaluable.

I completed my undergraduate degree in biomedicine and I am now in my third year of postgraduate medicine at the University of Melbourne. It was a natural progression for me: Biology was my favourite subject at school and I received incredible support, advice and counselling in my final years to set myself on my current career path.

I do believe that the experience I had at Lauriston is a testament to the ability that scholarships have to change someone’s life and open up a myriad of possibilities.

Jordane (2010)After finishing my International Baccalaureate at Lauriston I decided to take a gap year. I spent 10 months in Israel working with children. My experience overseas working through the Youth Movement was very powerful and as a result, I decided I wanted to work in education. I completed a Bachelor of Arts, majoring in History, then undertook Honours in Art History in the 20th Century before completing a Master of Teaching. I currently work as a classroom teacher at Armadale Primary School and have also worked as an education programs assistant at the National Gallery of Victoria.

My time at Lauriston was such a positive experience, and I feel a strong sense of belonging to the Lauriston community. I believe that scholarships create opportunity and I really appreciate the opportunities that receiving a scholarship provided me with.


It’s Her Turn MARINA JOHNSON


The It’s Her Turn campaign was created to help fund Lauriston’s 10-year Master Plan. The first stage of the project includes a new Sports and Health Precinct located along Malvern Road, a unified Junior School and the creation of an Early Learning Centre at Blairholme. The project, anticipated to cost a little over $30 million, should be completed by the end of 2023.

By the end of 2018 we had raised $1.4million, pledged over a number of years, towards our campaign target of $5million, thanks to the generosity of 49 donors. These donors came from across the Lauriston community: parents (both current and past), grandparents and alumnae.

While it is true that the motivation for supporting the program varies from individual to individual, a few common themes emerged.

For Talya Masel, mother of Sophie (Year 9), it is important that girls in schools have access to the same state-of the-art sports facilities o�ered by boys’ schools. ‘My reason for giving is that, for too long, girls have taken backstage—it’s time for them to be front and centre.’

Lyndsey Cattermole AM, grandmother of Stella (Year 6), shared a similar motivation. ‘I recognised that the support shown to girls’ schools never matched the level of support the boys’ schools received. For me this is an important issue; hence my decision to support the campaign.’

For Charissa and James Ho, whose daughters are currently in the Senior School, the principal motivation is giving back. ‘We gave to the campaign so that the School can continue to provide a well-rounded education for future girls. Our daughters may not benefit from the exciting new facilities, but many families before us have given to the School and we have benefited from their past generosity. It is our way of giving back.’

For Mary-Lou Philip (Doggett, 1949) the key motivation was her experience as a student. ‘My time at Lauriston was so important in helping me learn in the classroom, on the sporting field and beyond. The diversity in learning will benefit all girls at Lauriston into the future.’

Past experience was also a key motivation for Elise Gillespie (1999), who, along with husband David Christie and parents Roger Gillespie OAM and Lesley Gillespie OAM, has chosen to donate to the campaign. ‘As a family, we strongly believe in giving back to the community and are involved in many philanthropic activities. We are thrilled that our Gillespie/Christie family donation will contribute to the building of the new Learn to Swim pool. As a student, I spent many hours in the pool playing water polo and swimming, so the decision to put money towards this aspect of the building project seems only fitting.’

Throughout 2018, campaign Co-Chairs Julia Rockman (Ringrose, 1986) and Elli Walker (Reason, 1988) and the campaign’s sub-committee members Georgie Bruce, Moran Dvir, Tom O’Brien and Anna Wilson (Murray, 1990) provided invaluable support to the Advancement O�ce. We were also fortunate to have the support and guidance of the Lauriston Foundation Board, the Lauriston Parents’ Association, the New and International Parents’ Association and the School Council.

It’s great to see the campaign o� to a strong start but there’s still a lot of work to be done. Your support is vital to help us deliver this transformative Master Plan. For more information on how you can show your support, please contact Marina Johnson on 9864 7582 or [email protected].

It’s Her Turn funds raised to end of 2018

$5MILLION

$1.4 MILLION

49 DONORS


It’s Her Turn campaign donors as at 31 December 2018

Arnold, Elspeth & Ian Backwell, Peter & Kate Ball, Rick & Christine Beischer, Andrew & Ellen Bongiorno, Jack & Anne Bradfield, Alix & Ross Bruce, Georgie, Robert & Mardi Cattermole & Canning families Chadwick, Nigel & Sue Chambers, Andrew & Genevieve Chen, Wendy & Douglas Cook, Gillian & Robert Dvir, Moran & Gill Fang familyFicarra, Mina & Houghton-Allen, Nigel Fletcher, Marcus & Lisa Fox family Gillespie Family Foundation Gomez family Gri�th, Kelvin & Rosemary Guo, JingjingHarle family Ho, James & Charissa Humanity Foundation Hunt, Sam & Georgina Ingham, Peter & Elizabeth Lansarova, Soniiam & Ma, Hancheng M & J Rockman Foundation Morrison, Jessica Morrison, John & Karen Morrison, Rebecca O’Brien, Thomas & Katrina O�cer, Georgie & Robert Pan, Fang & Liu, Michael Patterson, Nicole & Stuart Phillip, Mary-Lou & Bill Randall Foundation Robinson, Alice Ryan, Kerry & Klok, Anthony Tan, Erwin & Lee, Juliette Umbers, Richard & Lynne Walker, Elli & Campbell Webb, Nathalie & Holmes, Christopher Yang, Michelle & Chen, Peter Zhang, Yani

Four anonymous donors


Donors to the Lauriston Foundation (1 JAN – 31 DEC 2018)

Abbott, Anna & IanAbbott, Sarah (Forsyth, 1983) & AndrewAdams, Judith (Johnston, 1946)Agostinelli, Lynette & DanielAllen, Stefanie & Pathak, NeilAllis, Janine & Je�Arnold, Fleur (Macneil, 1986) & IanAttwood, Louise & AlanBackwell, Kate & PeterBall, Christine & RickBaohm, Rebecca & DanielBarrett, Suzanne & KeithBartels, Sarah & NicholasBeanham, SandraBeatty, Julie & Yee, AndrewBeischer, Ellen & AndrewBessell, Peta & BenBowie, Susan & Livesey, ScottBradfield, Alix & RossBrookes, Robina & AndrewBrown, Melissa & Je�reyBruce, Georgie, Robert & MardiBulach, Catherine & RickButler, Julia & EdByrne, RuthCai, Maggie & Liu, Xiao FengCai, Selina & Sun, ShilinCai, ZhiHui & Wang, JunHengCameron, Melissa & MattCameron, Sarah (Dahlsen, 1985) & JamesCang, Lillian & Duan, JackCattermole and Canning FamiliesChadwick, Susan & NigelChambers, Genevieve & AndrewChambers, Loreen & JohnChen, Alma & Xiao, WilliamChen, Hao & Zhou, JueChen, Rita & Li, NeilChen, Yeling & Wang, YangCheng, Zhihui & Ren, XiatongChu, Ying & Li, HuiChung, Caroline & Bao, EddieCornwall, Anna (Hayne, 1986) & DaveCoughlin, Fiona & MarkCrouch, Marissa & AlanCui, Helen & Xu, JackCui, KennyCurtis, Felicity (1970)Dai, Hong & Chen, HaoDanks, June (McMullin, 1948)Darby, De-arne & Chrisde Guingand, SallyDeague, Ella & JonathanDeng, Ling & Sun, Cheng

Dewani, Nicole & ShafDixon, Joanne & JohnDonges, Patricia (Elvish, 1953)Donnelly, Peta & MichaelDriver Group Australia Pty Ltd Dvir, Moran & GillEggleston, JohnElliott, Najla & ShayneEvans, Kate (1989) & Haigh, RichardFahey, Janine & Saunders, ScottFang familyFarago, Jane & Jones, GavinFarquharson, Jayne & CharlieFicarra, Mina & Houghton-Allen, NigelFitz-Gibbon, Pamela (1971)Fletcher, Lisa & MarcusFluitsma, Jessica & AndrewFortey, Sue & EdFox FamilyFox, Angie & Perelberg, JustinFrew, Rebecca & Graham, JamesGalbraith, Lisa (1981) & Murdoch, Geo�Gao, Angela, Liu Teresa, & Gao, JackGao, Dian & Cui, MikeGao, Linlin & Ding, DonghuaGattereder, Jutta & RobertGe, Erin & Zhou, KaiyiGilfillan, Emily (1988) & Anderson, WesleyGilfillan, Fiona & AngusGill, Natalya & Kornhauser, LarryGillespie Family FoundationGlover, Joan (Barwood, 1935)Goh, Zing & Lee, Thian HungGomez familyGraham, Natalie & Graham OAM, AngusGray, Prue (1969) & PhillipGreen, Emma & RichardGreig, Akiko & KentGruner, HarryGu, Wenjing & Zhai, ShuchunGunawan, Rosa & TonyGunn, Angela & NeilGunnersen, Julie (Grieg, 1962)Guo, JingjingHa, Thanh & Nguyen, ChuongHan, Evelyn & Zhang, JackHansen, LouiseHappell, Tatty & MichaelHarkness, Jacqueline & JamesHarle familyHarris, Miranda & Foley, ThomasHarvey, Kursty & JonathanHe, Faye & Wu, JamesHe, Karen & Chen, Liang

Hellstrom, Jane (Henry, 1956)Hill, Tori & AndrewHillier, Jane & NigelHindhaugh, Elisa & NickHo, Charissa & JamesHoullevigue-Chung, Astrid & Chung, AlexHovey, Sanchia & Evans, AndyHuang, Joyce & Feng, FranciHumanity Foundation Hume, AndrewHunt, Georgina (Thomas, 1992) & SamHuo, Shuyan & Martin, IanHutchinson, Alexandra & Schmaedeke, MichaelIngham, Elizabeth (Morrow, 1963) & PeterIngram, AndrewIrons, Rachel (Polke, 1989) & PeterIsmail, Mona & Bata, MarkJackson, Andrea & Sheridan, AdamJames, Ros & BenJennings, Clare (Miach) & IainJiang, Lilian & Liu, BinJin, Ling & Fan, Liang XueJing, Ivy & Zhang, ShaohuaJohns, Su-Yin & PeterJohnson, Marina & DarylKang, Sonia & Pei, RayKantor, Silvia & MichaelKarvelas, Sue & Dislakis, GeorgeKaspar, KatherineKassimiotis, E�e & TonyKee, Lier Deng & Deng, DannyKeenan, Lisa & BlairKhanijou, Anou & McPherson, GregKim, Cho Yee & Ho, StevenKim, Lauren & Lim, BernardKimpton OAM, Zara (1963)King, Megan & ScottKlein, Jenny & PedrKong, Nancy & Li, ChinoKrohn, Caz & AlexKudnig, Marie & MartinKvedaras, Louise & JustinLangford, SaraLansarova, Soniiam & Ma, HanchengLazar, Mandy (Smale, 1958)Lee, Juliette (1984) & Tan, ErwinLe-McBain, Hoa & McBain, MaurieLi, Ashly & Luo, PaulLi, Celine & Sui, ColinLi, Dan & Zhou, JoeLi, GavinLi, Hong & Yu, James


Li, Ivy & Zhao, StevenLi, Jingyi & Chen, JunLi, Li & Lin, WenhaiLi, Sherry & Liu, LeonLi, Xiaomin & Dai, PengLi, Zan & Liang, WilliamLin, LeoLin, Lynne & Phillips, AdrianLiu, Jing & Ye, ChangqingLiu, Maggie & Zhang, KobeLiu, Xiumei & Zheng, RyanLong, Jun & Liu, LukeLong, Mary-Ann & JustinLovett, Judy (1970)Lu, Jing & Xie, Xiao DongLu, Kiko & Gong, RoyLu, Livia & Yau, KenLu, Yanli & Xu, XianmingLucente, Puteri & FrankLuo, Louis & Huang, HarrisonMacLeod, Kirsten & Orlo�, JamesMaimur, Jennene & AndrewManning, Sarah & RobMarks, Caroline & Kane, RobertMaskell-Davies, Deborah & McGrady, DanielMatthews, Rosemary (Miller, 1954) & PeterMcCrae, Fiona & AndrewMcCullagh, LucyMcCutchan, Monique & Hibbins, MatthewMcGrory, Mish (Poynter, 1984) & SteveMcKendry, Elissa & Frlan, DarrenMcNair, Eliza & DamianMcNamara, Kiralee & AndrewMo, Sylvia & Huang, KelvinMorrison, Becky (2013)Morrison, Jess (2010)Morrison, Karen & JohnMould, Diane (1972)Murray, Sylvie & PeterMustow, Robin (Johnson, 1957)Nan, WilliamNapier-Colville, Kylie & Colville, JohnNeilson, Julianne & DerekNorthrop, Caroline & RohanO’Brien, Katrina & ThomasO�cer, RichardO�cer, Georgie (Farquharson, 1993) & RobertPapasavas, Nicole & LazarosPark, Kitty (Farquharson, 1990) & DeanPatterson, Nicole & StuartPearce, Heather & JohnPembrook, Amanda & Kirsner, LindseyPhilip, Mary-Lou (Doggett, 1949) & WilliamPhillips, Annabelle & RichardPiciocchi, Joanne & LouPoon, Stefanie & MartinPrentice, Trisha & LeonProcopiou, Nellie & Stefanou, Peter

Raines, Suzie & JossRalph, Kirsty & AndrewRandall FoundationRawlins, ClaireRedwood, Vicki (Canning, 1971) & AndrewReeh, Keats & ThomasReid, Nicky & Nikolopoulos, MemRoberts, LloydRobinson, Alice (1991)M & J Rockman FoundationRomanes, Pamela (Barber, 1953)Rooney, Jane & Treloar, MarkRosen (Topol, 1991), Sheryl & PaulRoss, Gayle & TimRussell, SophieRyan, Kerry & Klok, AnthonyRyan, Raquel & DavidRyan, Yiwen & EugeneSchubert, Emily & MarkScott, Anna & PeterScott, Soraya & Elliott, ReidSha, Susan & Jin, AndrewShankara Murthy, Ganga & Jayappa Gowda, HarshaShao, Jing & Gong, PingShao, May & Wang, JianmingShen, Emma & Mao, MikeSheng, Rita & Lin, LamShi, Sally & Sun, Chang HaiShi, Sharon & Cui, ShuchengSimmance, Natalie & Tucker, MattSkinner, Christina & AndrewSmith, Amanda (1993) & Skinner, BrentSmith, Alicia (Brown, 1992) & AndrewSmorgon, Kelly & SteveSomani, Dinar & Alani, NishadSong, Faye & Liu, SparkSorger, Amy (Johnston,1987) & NicholasSpeirs, Susan (Rodd,1964)Stebbens, Pat & TobyStuart, Marina & Roberts, MichaelSun, Amanda & Li, RobertSun, Yifei & WenjunSun FoundationTan, Cathy & Crowe, PhilTan, Julia & Yeuong, AnthonyTemay, Sara & PaulThacore, Susan & SharadThompson, Angela & TomThomson, Judy (Rogers, 1948)Tian, Candy & Guo, Xu DongTomlinson, Emily (Dortimer, 1994) & ChristianTregear, Ann (1955)Tyler, Jessimine† (Turner, 1944)Ullin, MargaretUllmer Family FoundationUmbers, Lynne & Richardvan Heerden, JacoVengurlekar, Gita & Bajel, AshishVerity Amm, Lizl & JohnWakeford, Jessica & Bruce

Walker, Elli (Reason, 1988) & CampbellWallis, Sally (Mason, 1963) & AdrianWang, AnnaWang, Anna & Xie, JoeWang, Feng & Liu, ShaohuaWang, Helen & Jin, MichaelWang, Jennifer & Zhou, Yongqiang Wang, Qiuli & Zhang, MingWang, Stella & Qu, StevenWang, Yoki & Xie, JohnnyWang, Yuhong & Yan, ChaozhouWarner, Grace & IanWebb, Nathalie & Holmes, ChrisWei, Dong & Cui, FrankWells, Pera (1966)Welsh, Annabelle & JamieWenzel, Jo & AndrewWhite, Kirsten & DuncanWieden-Sim, Ursula & MichaelWingrove, Anita & Burgess, AndrewWong, Chew Wan & Ng, LawrenceWood, Emily & AndrewWu, Hao & Hu, ShihuaWu, Jimmy & Mao, JoyWu, Sally & Benson, KenXu, Annie & Guan, JamesXu, Chun & Chen, WuXu, Ellen & Huang, XianhanXu, Linda & Zhou, JosephXu, Meng & Zhao, ShuoXu, Min & Ngo, ManXue, Katrina & Jiang, YiYan, Jingjing & Liu, TaoYang, Michelle & Chen, PeterYang, SpringYao, Grace & Kuang, HuaweiYee, Sun & Soh, BryanYin, Xiao LiYu, Linda & Sun, JoeYuan, Hongmei & Liu, YapingYuan, Stephanie & Cao, ShawnZaparas, Vicky & YianniZaviacic, Marcela & RobertZeng, Hao & Chen, NanZhang, Guoqin & XujunZhang, Judy & Wen, IvanZhang, Wendy & Chen, DouglasZhang, Xiuqin & Xiao, DongZhang, YaniZhang, YudeZhao, Betty & You, FeiZhao, Cherry & Yang, DaijunZheng, Jane & Zhang, EricZheng, Yi & Li, JunchengZhu, Min & Sun, WeiZhu, Sabrina & Wu, RickZou, Shuchai & Fan, Houjin

Nine anonymous donors


Lauriston Foundation Members AS AT 31 DECEMBER 2018

Huntingtower Circle MembersBayly, Lilian† (Cruthers, 1930)Gillespie Family FoundationLauriston Parents’ Association Phillips, Annabelle & Richard

PatronsBall, Christine & RickBayly, Stanislaus†Brooks, Anne & Frazer, MurrayFox familyHollyer, Sarah† (1967)Humanity Foundation Jones, Josephine†Kirby, Carolyn & JohnKirkpatrick, Jack†M & J Rockman FoundationScott, Pamela & AndrewWalker, Elli (Reason, 1988) & Campbell

FoundersArnold, Elspeth & IanBlake Dawson WaldronBradfield, Alix & RossCameron, Sarah (Dahlsen, 1985) & JamesCattermole and Canning familiesCollins, Mandy (Wright, 1967) & JohnCramond, David† & BronwynDixon, Grahme†Donaldson, Caroline & LachieDonges, Patricia (Elvish, 1953) & John†Fitz-Gibbon, JohnFitz-Gibbon, Pamela (Kaye, 1971)Gri�th, Rosemary & KelvinHalliday, Dorothy & Richard†Hamer, Margaret† & Alan†Happell, Tatty & Michael Ho, Charissa & JamesHook, Jean†Johnston, Caroline & CamKalus, Susie & AllanLauriston Arts AssociationLauriston Rowing AssociationLe Maistre, Edwina (1972) & Watson AO, BrianMaimur, Jennene & AndrewMarriner, Elaine & DavidMcComb, Liz & Bruce

McIntosh, Marita & JohnMcKay, Lorna†Morrison, Karen & JohnNorton, Natasha & AlasdairO’Brien, Eleanor & JohnOld Lauristonians’ AssociationPaterson, Barbara & RobertPayne, Stan†Renard, Diana (1968) & IanRio TintoRobertson, Diana (1966)†Scott, Anna & PeterSloan, Mardi (Newton, 1951)Smibert, Helen† & James†The Baker FoundationThompson, Judy & GaryUllmer Family FoundationUmbers, Lynne & RichardWachtel, Linda (Velik, 1974) & MichaelWarner, Grace & IanWicking, Janet (Thompson, 1937)† & John†

GovernorsAskew, JamesBarnett, Anne & DavidBassett, NancyBassett, Ronald†Belshaw, Patricia† (1930)Bongiorno, Anne & JackBrookes, Robina & AndrewBrown, LynBrown, RayBrowne, Debbie & Je�reyBruce, Georgie, Robert & MardiChambers, Loreen & JohnCli¡ord, Susan & Cli�ord AO, LeighCollier Charitable TrustCook, Gill (Ferguson, 1951) & RobertDavies, Gladys† (1927)Dowd, Lisa (1982) & Stewart, RobFox, Gwyneth† (1920)Gibbons, StephenGill, Natalya & Kornhauser, LarryGoodchild, Juliet & ColinGuo, JingjingGunn, Angela & NeilKirkhope, JohnKwiatowski, Gillian & Anthony

Ladbury, Pamela & RichardLithgow familyMadsen, Trudy & AndrewMcComish, Anne & BruceMcGregor, Patricia & GeorgeMcQueen, Pam (Fraser, 1962) & AndrewMichelmore AO, Janet & Michelmore AO, AndrewMontgomery, Patsy & TrevorNiall, Louise† & Niall AO, Gerry† O’Brien, Katrina & ThomasOrr, JohnO’Sullivan, Geraldine (Newton, 1963) & JohnPearce, Heather & JohnRedwood, Vicki (Canning, 1971) & AndrewSchutz, Susan & EdwardShergold, Shelley & JohnSpargo, Jill & StephenSquires, Mary & Colin Taylor, DeborahTideman AM, RuthUllin, MargaretVann, Vicki & BradWebb, Nathalie & Holmes, ChrisWetherall, Peter†Yuncken, Barbara & Thomas†

One anonymous Governor member

TrusteesActon, Sarah & PeterADCO Constuctions P/L Airey, Sally & DavidAndrew, Mardi (Marshall, 1974) & Andrew AO, MichaelArgyros, Jane (Gadsden, 1969) & SteveAttwood, Louise & AlanBainbridge, Moira & PhilipBarker, Heather (Webb, 1966) & NeilBarkley, Pamela (Rodd, 1967) & DouglasBeischer, Ellen & AndrewBest, Joan† (Ramsay, 1932)Blandy, Barbara & BillBoykett, Carol & DavidBrett, Gayla & CharlesBufe, Sally (Gray, 1957) & Hans


Burnett, Winifred & Barrie, DonCalvert-Jones AO, Janet and Calvert-Jones AM, JohnCampbell, RobinChadwick, Susan & Nigel Clark, Lindy & RobbieCohen, Frances & RossCollins, Jennifer & Collinson, Peter Collinson, Jane Cooper, Elizabeth & ChrisCowles, JanetCox, Beverley & JohnCrompton, Cynthia & AndrewDanks, June (McMullin, 1948)Darvall, Sue & TonyDavidson, Mary & Davidson AM, FrederickDortimer, Jill & TonyDowling, Rosemary & Michael Driver Group Australia Pty LtdDruitt, Julie & DougEgerton, Suzanne & David† Estate of the Late Edward WilsonEvans, IanFang familyFarquhar, Bronwyn & AlanFarquharson, Jayne & CharlieFicarra, Mina & Houghton-Allen, NigelFirkin, Judith & FrankFlanagan, Emma (Carter, 1978) & GrantFletcher, Diana & KenFletcher, Lisa & MarcusFoley, Robyn & RussellFreemantle, Jane (Mason, 1966) & JamesGass, JohnGaylard, Jenny (Plenderleith, 1965) & MichaelGomez familyGooley, Marion & StuartGordon, Marie & RayGraham, Natalie & Graham OAM, AngusGullifer, Kate & TimHam, Sue & JohnHamer, Amanda & RichardHamer, Andrea & JonathanHarkness, Rosie & PhilipHarle familyHasseldine, Di & RichardHenderson, Leslie† (1913)Henshaw, Margaret & GraemeHimmer, Myria† (Sykes, 1911) Hone, Anthea (Milne, 1964) & Geo�Hunt, Gill (Easton, 1983) & GilesHutchings, Emilia & JohnIngham, Elizabeth (Morrow, 1963) & PeterIsik, ReneeKantor, Silvia & MichaelKeon-Cohen, June & BryanKimpton OAM, Zara (1963)Lane, Betty & RobertLansarova, Soniiam & Ma, HanchengLathrop, Anni & WilliamLee, Juliette (1984) & Tan, Erwin

Leeming, Susan & WarickLi, Ming & Souphan, HomLiner, Kathleen & DennisLinley, Thea & PeterLiu, Bang-Tung & Su-FenLiu, Teresa, Gao, Jack & Gao, AngelaMacKinnon, Janette & KennethMaplestone, MickMarks, James†Martin, AnthonyMartin, BeverleyMcCracken, Beverley & Geo�reyMcCubbin, IanMcDonald, Marie & Clark, SandyMcInnes, Sally (Bell, 1963) & JohnMcKenzie, Sally-Anne (Haisman, 1973) & JohnMing, Li & Souphan, HomMitchell, Kirsten & MalcolmMonjon (Australia) Pty LtdNettle, Wendy & Nettle AC, Geo�reyNewman, Hyeon-jooNewman, MarkO’Neale, WarrenPan, Fang & Liu, MichaelParncutt AO, BrucePearce, Libby & MarkPhilip, Mary-Lou (Doggett, 1949) & WilliamPitt, Ro (Flude, 1969) & GeorgePlenderleith, Jean† (Hutchings, 1931)Prince, Fiona & MilesPyman, Helen & TonyRalston, Jill & MartinRandall FoundationRendell, Kathy & RichardRichardson, Louise & MartinRoberts, LloydRobinson, Judith & Michael†Rodd, Angela (Kellar, 1964) & MichaelRoeder, Paula & RobRogers, Rosemary† (Niall, 1967) & NicholasRowland, Linda & MichaelRussell, SophieRyan, Susan & GeraldSalter, Deborah & Michael Sandaver, Susan (1990) & RobertSanghvi, Dina & DipakSchiavello, Gabriella & KonSelby, Susan & GraemeShanks, Josephine & RobertShaw, June & JimSinger-Scanlan, Julie & Scanlan AM, PhilSisson, AndrewSkillington, Karen & PeterSkinner, Christina & AndrewSmorgon, Michelle & RobertStaughton, Michelle (Dundas, 1984) & DavidStephen, Mary (1967) & Hayes, Peter†Stewardson, Jenny (Walpole, 1964) & Robin†

Strahan, Diana & John†Stuart, Marina & Roberts, MichaelSykes, Bev & BarrySyme, Rosemary & RobinTallent, Sarah† & RichardTan, Cathy & Crowe, PhilTanzer, Janine & MichaelTaylor, Trish & Mansfield, Geo�Tegner, Merrin† (Gray, 1964)Thacore, Susan & SharadThe S C & C L Mackinnon TrustThompson, Jenny & Je�Tole, Zoe & NicholasTregear, Ann (Simpson, 1955) & David†Von Bibra, Henryvon Schoenberg, Julie & MichaelWaters, Julie & JohnWharton, Joey† & StephenWieden-Sim, Ursula & Sim, MichaelWilson, Ann & StephenWormald, Jo & NickWorth, Helen & DavidYan, Nancy & Lin, OscarYencken, Janet & EdwardZhang, Guoqin & Xujun

Three anonymous Trustee members

Fellows Akerman, Suzanne & PiersAllard, Adele & PeterAmarasekara, Jayanthee & AnilApostolov, Svetlana & VladArchibald, Jo & IanBackwell, Annabel (Gri�th, 1983) & MichaelBaker, Kate & DesBaras-Miller, Anna & StevenBartlett, Jan & BillBatchelor, Gabriella & RichardBatt, Margaret & Batt AM, JohnBattaglia, Lana & FrancisBeanham, SandraBerman, Roslyn & PeterBessell, Peta & BenBlamey, StephenBliss, Andrea & PhilipBlue, Hellen & DanielBodsworth, TrishBrady, Debbie (Marks, 1980) & BenBright, Primmy & CharlesBrown, Helen & PeterBrown, Roslyn & JohnBrownell, Joanna & DavidCameron, Elaine† (Lucas, 1928)Campbell, Georgie & ThomasCampbell-Findlay, Anna (Campbell, 1989) & Findlay, PeterCanavan, Helene & ChristopherCantwell, TomCarter, Mary & BoydCastan, Sue & RichardChandler, Suzy & Chandler OAM, John


Chehata, Sarah & AshChiew, Ing & Sijercic, JackChisholm, Ann (O’Connor, 1964) & IanClark, BenedictClarke, Christina & Clarke AM, JulianCollis, Marion & StephenConley, JennyCooper, MaryCox, Amanda & TimothyCreese AM, Nigel†Crickmer, Joyce† (1936)Cunningham, Winonah & RoderickDahlsen, Gillian & JohnDanos, Evelyn (Mandie, 1968) & ThomasDartnell, Victoria & Zacharakis, KimDavey, Phillipa & RichardDay, Christine & Nevillede Crespigny, Virginia & Showalter, Mark†Dessew¡y, Marie-Therese† & AurelDobson, Sue & IanDunphy, Anna-BellDunphy, ChristopherDuroni, Oliver†Dvir, Moran & GillDyer, Robyn & DavidEarle, Jane & JohnEdelstein, Julie (Wilkinson, 1962) & KennethEdwards, Julie & EltonEmerson, Geraldine & JohnFader, Julian†Fahey, Janine & Saunders, ScottFanning, Jenny (Ferguson, 1947)Fenner, Robin† & AnneFerris, Rachel & NicholasFitzroy, JannFreeman, JackFreeport-McMoran FoundationFrenkiel, Terri & Green, IrvingFuji Xerox Australia Pty LtdFullerton, Veryan & JohnGalbraith, Lisa (1981) & Murdoch, Geo�Gallagher, LindaGarner, HughGaskin, Margaret & PaulGaskin, Penelope (1992)Gibbins, Helen (O�cer, 1966) & JohnGillies, Liz (Metzner, 1981) & SimonGirard, Jerome & ClareGlover, Annabel (Forsyth, 1985) & BillGodwin, Sue & IanGrant-Lipp, Phemie† (1945)Gration, Tania & DouglasGray, Kirsten (1983) & Taylor, DamianGreenaway, PaulGri�ths, Stephanie & JohnGu, JinGu, Lucy & KevinGuenzi, Gabriella & Buckley, PeterGunnersen, Julie (Grieg, 1962) & Peter†Habersberger, Pam & PeterHallinan, Fleur & JonathanHamilton, Maria

Hansen, Meg & Kindley, GarryHarkness, Jacqueline & JamesHarland, SarahHarris, Sue & GraemeHeath, Sharon & Bladen, DavidHeine, LeslieHo¡, Jenny & KimHoggard, Sally & RichardHolmes, Caroline & TonyHuang, Vanessa & Jiang, MarkHunt, Georgina (Thomas, 1992) & SamHuo, Shuyan & Martin, IanHurley, Emma & MichaelIssa, Margaret & KarimJago, Michelle & WilliamJames, Charlotte (1991)James, Elizabeth & ChrisJames, Gabrielle & MichaelJamieson, Susan & RobertJewell, AndrewJohnson, Anna & DavidJohnston, Anna (Johnston, 1981) & Goad, PhilipJones, MartinJones, Victoria & StephenKassimiotis, E�e & TonyKatona, AndrewKaufman, Jenny (Wright, 1966) & DavidKeast, Lois† (Righetti, 1934)Kee, Lier Deng & Deng, DannyKeebaugh, Chyka & BruceKing, Julia & RussellKing, Lyn & JeremyKlein, Jenny & PedrKumbla, Surekha & Koottayi, SathyajithLambourne, MichaelLander, DeirdreLang, Diane & IanLau, Dzung & LeeLazarus, Ruth & RobertLee, Irene & TonyLemanis, Melissa & JohnLeung, May & DavidLewis, Mrs & Mr Lewis, Prue (Hayward, 1972) & TimLi, Baoyu & GangLi, Teresa & Tan, TommyLi, TracyLi, Lily & Du, PeterLiu, Lan & WeiLiu, MichaelLochert Liley, Cristina & Liley, MichaelLodge, Lesley & PaulLong, Mary-Ann & Long, JustinLording, Elizabeth & DouglasLowe, Yoke Ping & GrahamLu, Jing & Xie, Xiao DongLucente, Puteri & FrankLuo, Wei Hong & Cheng, XiongQiangLutz, Rosita & VictorLynch, Lynden & IanMacDougall, Ruth & PeterMacGowan, Adele & Ken

Maddern, Kylie (1985)Magit, Yelena & GennadyMannering, WilmaMarasea, Sarina & SamMaren, Gerry & GregMarks, Caroline & Kane, RobertMartin, Mary & RoyMartin, Sarah (Meldrum, 1965) & PeterMatthews, Rosemary (Miller, 1954) & PeterMcComas, Campbell†McDonald, Margaret & Allan†McKeand, Lee†McKendrick, Kerry (Aberdeen, 1977) & KimMead, ChristineMead, StephenMeallin, Jan (Cullen, 1956)Menzies, FionaMerigan, Kim & RichardMilledge, Mandy (Gray, 1972) & JimMonotti, Alison (Moss, 1973) & AndrewMontgomery, Penny (Walford, 1966) & PaulMoonlao, Tan & Taylor, Geo�Moran, Rita & PeterMorris, Jane (Richards, 1977) & PeterMorrison, Becky (2013)Morrison, Jess (2010)Moulden, Annie & Cooper, SimonMouledoux, Cathleen & ReneMountford, Georgina & PeterNadinic, Juli & FrankNewman, Elisabeth & IanNicholson, Sandra & Corbett, PhilNorthrop, Caroline & RohanO’Donohue, Sarah & PeterOwen, Gail & Nash QC, GerryPark, Kitty (Farquharson, 1990) & DeanParsons, Debra & SimonPatterson, Nicole & StuartPayne, Min & PeterPhilip, Kate (1976)Phillips, Nicole & Rich, MichaelPike, Isobel & JohnQian, Yongbi & Zhou, Xiong FengRalph, Kirsty & AndrewRao, Vinni & VijayRead, Kelly & StuartReid, Sue & MervyllRex, Elizabeth & RobertRiddell, Jane (McArthur, 1974) & Graeme†Ringersma, Margaret & JelkeRoberts, Eileen & HughRoberts, Susie & DavidRobinson, Alice (1991)Robinson, Caroline (Fair, 1979) & GregoryRodgers-Wilson, Susie & PeterRosen, Cynthia (1964)Rowland, Fiona & Smith, James


Rowley, Deb & DannyRozenes, Barbara & MichaelRussell, AmandaRussell, Sharon & DavidSalvaris, Anne & JohnSantucci, Carmela & AlvaroSchiller, Lisa & MichaelSchirrman, Janet & AdrianSearby, JocelynShand, Judith & PeterShao, Jing & Gong, PingShepherd, Loretta & IanShi, Linda & Xu, TimSiebert, Tina & MarkSim, Shauna (2007)Sinclair, Pamela & RogerSmallwood, Carol & RichardSmibert, Linden (1968)Smibert, Wendy (1963)Smith, Alicia (Brown, 1992) & AndrewSmith, Deanne & ColinSmith, MsSomerton, MichelleStahle, Deborah & PeterStamoulis, Helen & JohnStark, Janet & RichardStebbens, Pat & TobyStevens, Nasu & StevenStewart, LucyStockwin, Kate & Bennett, MichaelStuckey, Sue & JohnStump, Alison & NickSummons, Beverly† (Gill, 1948) & JohnSzakiel, Elizabeth & CharlesTan, Julia & Yeuong, AnthonyTang, Amy & TrevorTarrant, DeborahTaylor, Pamela & RoyTaylor, Sandra & IanTee, Jessie & Manikhode, TonyThomas, Ruth & RobTilbrook, Jenny & JohnTiller, John

Todhunter, Helen† & TimTolley, Anita & RichardTravers, Alexandra & RichardTrieu, My & Chau, Van ChiTrinca, Catherine (Hill, 1971) & PhilipTroedel, Prue & BillTronson, ElizabethTrotter, Sophie & MikeTsaconas, Kanella & CostaTyrwhitt, DavidVoon, ElizabethWalker, Carolyn & JimWalker, Rosemary & Batten, JohnWallis, Sally (Mason, 1963) & AdrianWarburton, Ros & Laing, MikeWatkins, Alison & RodWatt, June (1943)Wei, Dong & Cui, FrankWei, Jane & Hu, GeorgeWeragoda, Wing Huat & JohannWhitehouse, Robyn & LenWhiting, PamelaWillcox, Suzanne & PeterWillox, InnesWills, Antonia & StuartWills, Robyn & DavidWilson, Jane & JohnWilton, IanWipfli, Christine & JohnYang, Jun & Zong LiYao, Grace & Kuang, HuaweiYeomans, Nancy & GraemeYeung, Clara & AlexZeidler, David†Zhang, Wendy & Chen, Douglas


Corporate Governance Statement

The Lauriston Foundation Inc. (Foundation) is committed to the principle of best practice in corporate governance. The purpose of this statement is to outline the Foundation Board’s approach to corporate governance as well as some key policies and practices.

Governing documentsThe Foundation was established on 2 January 1985 as an incorporated association and operates in accordance with the Associations Incorporation Reform Act 2012 and its Statement of Rules which outlines the rules and principles which govern the Foundation. A new Statement of Rules was adopted by members at the Annual General Meeting on 29 May 2015 and amended at the AGM on 11 May 2016. A copy can be found on the website.

Stated purposeThe Foundation is an independent entity established for charitable purposes; specifically, to provide financial and related support to help advance the School and to assist the School Council to preserve, develop and improve the standards, facilities and wellbeing of the School. A primary function of the Foundation is to act as trustee and manager of a number of approved funds which have been established for the benefit of the School.

Approved fundsThe Foundation acts as trustee and manages the following funds:

The Lauriston Foundation Education Fund ABN 36 613 524 027 – established on 1 January 1985; registered with the Australian Charities and Not-For Profits Commission (ACNC) on 3 December 2012; not Deductible Gift Recipient (DGR)-endorsed; purpose is to accumulate and build a corpus of funds from which income can be derived to support educational activities at the School. Separate governing charters are established where donations are received with specific instructions regarding how the funds are to be managed.

The Lauriston Foundation Building Fund ABN 62 856 028 429 – established on 1 January 1985; registered with the ACNC on 3 December 2012; DGR-endorsed on 1 July 2000; purpose is to apply funds exclusively to the acquisition, construction and maintenance of a building or buildings used by the School for educational purposes.

The Lauriston Foundation Library Fund ABN 20 434 680 513 – established on 1 January 1985; registered with the ACNC on 3 December 2012; DGR-endorsed on 1 July 2000; purpose is to apply funds exclusively to the acquisition and/or procurement of library resources for the School for educational purposes.

The Lauriston Foundation Scholarship Fund ABN 95 471 816 595 – established on 1 January 2007; registered with the ACNC on 3 December 2012; DGR-endorsed on 1 May 2007; purpose is exclusively for the advancement of education by providing scholarships, bursaries or prizes which satisfy the criteria listed in sections 30–37 of the Income Tax Act. Separate governing charters are established for each scholarship or bursary and the funds are accounted for as sub-funds.

These funds are managed in accordance with the deeds of trust for each approved fund, DGR rules (if applicable) and in accordance with any specific requirements established by donors of major gifts.

The BoardThe Board of the Foundation represents and serves the interests of donors and members and its sole purpose is to further the purposes of the Foundation and to uphold good corporate governance. The Board is comprised of a majority of appointed Board members and a number of other ex-o�cio Board members who together have a mix of skills to provide the necessary breadth, depth of knowledge and experience to meet the Board’s responsibilities and objectives set out in the Statement of Rules. The Board has the power to do all things necessary to control, manage and conduct the a�airs of the Foundation in accordance with the Statement of Rules.


The Board is comprised five to seven independent appointed Board members plus four other Board members comprising the Chairman of School Council (ex-o�cio position), the Principal (ex-o�cio position), the President of the OLA (ex-o�cio position) or an OLA nominee appointed by the Board, and the President of the LPA (ex-o�cio position) or an LPA nominee appointed by the Board. All Board members must be members of the Foundation and over 18 years of age. The Chairman must be an appointed Board member. Appointed Board members have an initial term of three years and may be reappointed for a further term, subject to the approval of members at the AGM.

Board committeesThe Board has established a number of Board committees—each established in accordance with an approved charter to help the Board deliver on its responsibilities—and include:

Rules Committee – established in 2014 for the purpose of advising the Foundation Board in relation to the

Statement of Rules and, in particular, any changes that are to be considered and recommended from time to time. The Rules Committee is comprised of the Chairman of the Foundation (who shall act as Chairman of the committee), the Treasurer of the Foundation and the Chairman of the School Council.

Bequest Committee – established in 2014 in order to assist the Foundation Board oversee the Elizabeth Kirkhope Circle (EKC) bequest program which commenced in 2011. The Bequest Committee is comprised of an Honorary President of the EKC (who shall act as Chairman), up to two Honorary Vice Presidents of the EKC, a nominee of the Foundation Board, the School Principal, the School Alumnae Relations O�cer and the Director of Advancement. Alix Bradfield is the Chair of the Bequest Committee.

Investment Committee – established in 2017 in order to assist the Board to oversee the investment funds held by the Foundation. Its responsibilities include making recommendations in relation to investment policy, investment

strategy and reporting. Membership is currently Angus Graham (Chair), John Morrison, Andrew Smith (external member, appointed 31 July 2017) and Sam Hunt (external member, appointed 21 March 2018).

Capital Campaign Committee – established in 2017 in order to assist the Board oversee a capital campaign. Its responsibilities include the making of recommendations in relation to any capital campaign initiatives. Membership is currently Ellie Walker and Julia Rockman (Co-Chairs of this committee, appointed 28 November 2017), Georgie Bruce, Anna Wilson, Tom O’Brien, Moran Dvir, Marina Johnson and Zafreen Khan.

All committee members are required to be members of the Foundation and must be approved by the Foundation Board.


Special Purpose Financial ReportFOR THE YEAR ENDED 31 DECEMBER 2018

REGISTERED NO. A0003450L


Note 11 provides detail for each of Building, Education, Library and Scholarship Funds.

The accompanying notes form part of the Financial Statements

Combined Statement of Financial Positionas at 31 December 2018

The Lauriston Foundation (Inc.) Combined Statement of Financial Position

as at 31 December 2018

2018 2017Total Total

$ $Notes

Equity

Accumulated funds 9, 10,11 4,499,372 3,907,497

Total Equity 4,499,372 3,907,497

Represented by:

Current Assets

Cash at bank 3 & 7a 1,199,281 459,382 Term deposits 3 & 8 910,000 1,365,195 Receivables 58,584 43,435 Other financial assets at fair value through profit or loss 2,383,229 2,041,833

4,551,094 3,909,845

Total Assets 4,551,094 3,909,845

LessCurrent Liabilities

Creditors 51,722 2,348

51,722 2,348

Net Assets 4,499,372 3,907,497 Note 11 provides detail for each of Building, Education, Library and Scholarship Funds. The accompanying notes form part of the Financial Statements


The Lauriston Foundation (Inc.) Combined Statement of Profit or Loss & Other Comprehensive Income

for the year ended 31 December 2018

2018 2017Total Total

$ $IncomePledges and donations 613,842 279,272Interest 46,267 68,976Dividends and distributions 261,408 81,786Net movement in fair value of Investments - 122,784

Total income 921,517 552,818

Operating Expenses Audit fees (8,204) (2,136)Printing and postage (10,487) (7,006)Investment management fees (22,556) (8,680)Sundry - (1,552)Net movement in fair value of Investments (171,476) - Net realised loss on investments (76,631) (30,515)

Total operating expenses (289,354) (49,889)

Net surplus before distributions 632,163 502,929

Less Distributions

Operating distributions to the School (28,288) (27,872)Capital distributions to the School (12,000) (68,020)

Total operating and capital distributions (40,288) (95,892)

Net surplus for year after distributions 591,875 407,037

Note 12 provides detail for each of Building, Education, Library and Scholarship Funds. The accompanying notes form part of the Financial Statements




Combined Statement of Profit or Loss & Other Comprehensive Income



The Lauriston Foundation (Inc.) Combined Statement of Changes in Equity


Accumulated Funds

Investment Revaluation

Reserve

Total

$ $ $

Balance at 1 January 2017 3,498,698 1,762 3,500,460

Surplus for the year 407,037 - 407,037

Other comprehensive income 1,762 (1,762) -

Total comprehensive surplus 408,799 (1,762) 407,037

Balance at 31 December 2017 3,907,497 - 3,907,497

Surplus for the year 591,875 - 591,875

Other comprehensive income - - -

Total comprehensive income 591,875 - 591,875

Total comprehensive surplus 591,875 - 591,875

Balance at 31 December 2018 4,499,372 - 4,499,372



Combined Statement of Changes in Equityfor the year ended 31 December 2018



The Lauriston Foundation (Inc.) Combined Statement of Cashflow


Note2018 Total

2017 Total

$ $

Cash Flows from Operating Activities

Receipts from customers 633,142 261,170

Payments to suppliers (31,950) (21,695)

Interest and dividends received 273,016 140,014

Operating distributions to the School - (27,872)

Capital distributions to the School - (68,020)

Net cash provided by / (used in) operating activities 7(b) 874,208 283,597

Cash Flows from Investing Activities

Proceeds from sale of investments 847,164 1,180,256

Purchase of Investments (981,473) (1,424,726)

Net cash used in investing activities (134,309) (244,470)

Net increase / (decrease) in cash held 739,899 39,127

Cash and Cash Equivalents at the Beginning of the Financial Year 459,382 420,255

Cash and Cash Equivalents at the End of the Financial Year 7(a) 1,199,281 459,382

Note 13 provides detail for each of Building, Education, Library and Scholarship Funds. The accompanying notes form part of the Financial Statements


Combined Statement of Cashflowfor the year ended 31 December 2018

1. Summary of Accounting PoliciesThe Lauriston Foundation (Inc.) is not a reporting entity because, in the Board’s opinion, there are unlikely to exist users of the financial statements who are dependent on general purpose financial reports of the Lauriston Foundation (Inc.) for information. These financial statements are therefore a “Special Purpose Financial Report”. They have been drawn up so as to comply with the requirements of the Rules of the Lauriston Foundation (Inc.) and the Associations Incorporation Reform Act 2012, so as to provide information required by the Board and for the benefit of Members.

Statement of ComplianceThe financial statements have been prepared in accordance with the requirements of Rule 11.1 of the Lauriston Foundation (Inc.), Part 7 of the Associations Incorporation Reform Act 2012 and the basis of accounting specified by all Accounting Standards and the disclosure requirements of Accounting Standards AASB 101, “Presentation of Financial Statements”, AASB 107, “Cashflow Statements” and AASB 108 “Accounting Policies, changes in Accounting Estimates and Errors”, and AABB 1054 “Australian Additional Disclosures”.

For the purpose of this report, the entity is a not for profit entity. The financial report was authorised for issue by the Board on April 30, 2019.

Adoption of New and Revised Accounting Standards

1.1 Amendments to Australian Accounting Standards Board and Interpretations that are mandatorily e�ective for the current year.The Foundation has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to their operations and e�ective for an accounting period that begins on or after 1 January 2018. The application of these standards has not had a material impact on the disclosures or amounts recognised in the financial statements. During the year ended 31 December 2017, the Foundation elected to early adopt AAS 9 Financial Instruments.

In addition, at the date of authorisation of the financial statements the following IASB Standards and IFRIC Interpretations were on issue but not

yet e�ective, but for which Australian equivalent Standards and Interpretations have not yet been issued.

The Lauriston Foundation (Inc.) Notes to the Financial Statements


1. Summary of Accounting Policies The Lauriston Foundation (Inc.) is not a reporting entity because, in the Board’s opinion, there are unlikely to exist users of the financial statements who are dependent on general purpose financial reports of the Lauriston Foundation (Inc.) for information. These financial statements are therefore a “Special Purpose Financial Report”. They have been drawn up so as to comply with the requirements of the Rules of the Lauriston Foundation (Inc.) and the Associations Incorporation Reform Act 2012, so as to provide information required by the Board and for the benefit of Members. Statement of Compliance The financial statements have been prepared in accordance with the requirements of Rule 11.1 of the Lauriston Foundation (Inc.), Part 7 of the Associations Incorporation Reform Act 2012 and the basis of accounting specified by all Accounting Standards and the disclosure requirements of Accounting Standards AASB 101, “Presentation of Financial Statements”, AASB 107, “Cashflow Statements” and AASB 108 “Accounting Policies, changes in Accounting Estimates and Errors”, and AABB 1054 “Australian Additional Disclosures”. For the purpose of this report, the entity is a not for profit entity. The financial report was authorised for issue by the Board on , 2019. Adoption of New and Revised Accounting Standards 1.1 Amendments to Australian Accounting Standards Board and Interpretations that are mandatorily effective for the current year. The Foundation has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to their operations and effective for an accounting period that begins on or after 1 January 2018. The application of these standards has not had a material impact on the disclosures or amounts recognised in the financial statements. During the year ended 31 December 2017, the Foundation elected to early adopt AAS 9 Financial Instruments.



Adoption of New and Revised Accounting Standards (cont’d) In addition, at the date of authorisation of the financial statements the following IASB Standards and IFRIC Interpretations were on issue but not yet effective, but for which Australian equivalent Standards and Interpretations have not yet been issued.

Effective for annual reporting periods beginning on or after

Amendments to References to the Conceptual Framework in IFRS Standards 1 January 2020

Standard/Interpretation

The Company does not expect any material impact with the application of the new standards with the exception of the following. AASB 15 Revenue and AASB 1058 Income for Not-for-profit entities AASB 15 was issued in December 2014 to replace AASB 118 Revenue. AASB 1058 which contains new income recognition requirements for not for profit entities via AASB 1058 Income of NFP entities, AASB 2016-8 NFP specific guidance in AASB 15 and AASB 2016-7 deferral of AASB 15 was issued in December 2016 and replaces AASB 1004 Contributions. AASB 1058 shifts the focus from the current reciprocal/nonreciprocal basis of accounting for revenue to a basis of assessment that considers the enforceability of a contract and the specificity of performance obligations. The core principle of the new income recognition requirements is that where there is an 'enforceable' contract with a customer with 'sufficiently specific' performance obligations, income would be recognised when (or as) the performance obligations are satisfied under AASB 15. Should the transaction fall outside of the scope of AASB 15, then income would be recognised immediately under AASB 1058. It is currently impracticable to disclose any information on the known or to reasonably estimable impact to the entity’s financial statements in the period of initial adoption as management is still completing its detailed assessment on the impact of the initial adoption of AASB 15 and AASB 1058 on the financial statement of the company. 2. Composition of the Foundation The Foundation was incorporated on 2 January 1985 under the provisions of the Association Incorporation Act 1981 (Victoria) under the registration number 00034350L and comprises the following funds. Building Fund - ABN 62 856 028 429 Donations to the Building Fund are tax deductible. This fund was established in 1985. Donations to this fund are intended to provide support to the School’s Building Development Program. Education Fund - ABN 36 613 524 027 Donations to the Education Fund are not tax deductible. This fund was established in 1985. The aim of the Fund is to accumulate capital, the income from which can be used for educational purposes. Library Fund - ABN 20 434 680 513 Donations to the Library Fund are tax deductible. This fund was established in 1985. Donations may only be used for equipment, books, and other resources directly for use in the Library. Scholarship Fund - ABN 95 471 816 595 Donations to the Scholarship Fund are tax deductible. This fund was established in 2007 and is intended to accumulate capital from which the income generated can be used to provide scholarships and bursaries. The combined financial statements represent the aggregation of these funds. No elimination entries are necessary.


Notes to the Financial Statementsfor the year ended 31 December 2018

The Company does not expect any material impact with the application of the new standards with the exception of the following.

AASB 15 Revenue and AASB 1058 Income for Not-for-profit entities

AASB 15 was issued in December 2014 to replace AASB 118 Revenue. AASB 1058 which contains new income recognition requirements for not for profit entities via AASB 1058 Income of NFP entities, AASB 2016-8 NFP specific guidance in AASB 15 and AASB 2016-7 deferral of AASB 15 was issued in December 2016 and replaces AASB 1004 Contributions.

AASB 1058 shifts the focus from the current reciprocal/nonreciprocal basis of accounting for revenue to a basis of assessment that considers the enforceability of a contract and the specificity of performance obligations.

The core principle of the new income recognition requirements is that where there is an ‘enforceable’ contract with a customer with ‘su�ciently specific’ performance obligations, income would be recognised when (or as) the performance obligations are satisfied under AASB 15. Should the transaction fall outside of the scope of AASB 15, then income would be recognised immediately under AASB 1058.

It is currently impracticable to disclose any information on the known or to reasonably estimable impact to the entity’s financial statements in the period of initial adoption as management is still completing its detailed assessment on the impact of the initial adoption of AASB 15 and AASB 1058 on the financial statement of the company.

2. Composition of the FoundationThe Foundation was incorporated on 2 January 1985 under the provisions of the Association Incorporation Act 1981 (Victoria) under the registration number 00034350L and comprises the following funds.

Building Fund - ABN 62 856 028 429Donations to the Building Fund are tax deductible. This fund was established in 1985. Donations to this fund are intended to provide support to the School’s Building Development Program.

Education Fund - ABN 36 613 524 027Donations to the Education Fund are not tax deductible. This fund was established in 1985. The aim of the Fund is to accumulate capital, the income from which can be used for educational purposes.

Library Fund - ABN 20 434 680 513Donations to the Library Fund are tax deductible. This fund was established in 1985. Donations may only be used for equipment, books, and other resources directly for use in the Library.

Scholarship Fund - ABN 95 471 816 595Donations to the Scholarship Fund are tax deductible. This fund was established in 2007 and is intended to accumulate capital from which the income generated can be used to provide scholarships and bursaries.

The combined financial statements represent the aggregation of these funds. No elimination entries are necessary.

3. Investments Investments of the Foundation consist of cash at bank, term deposits, listed and other securities.

4. Other Financial Assets

Financial Instruments – financial assetsClassificationThe Foundation engages JB Were Limited (AFSL 341162) to manage the Education and Scholarship Funds’ investment portfolio for a fee. The Foundation manages its investment portfolio for growth and classifies its entire portfolio as financial assets at fair value through profit and loss.

Financial assets at fair value through profit or loss comprised principally of marketable equity securities and unlisted managed funds are included in current assets.

MeasurementAt initial recognition, the Foundation measures a financial asset at its fair value and subsequent changes in fair value are recognised directly in profit or loss.

DividendsDividends on available-for-sale equity instruments are recognised as income in profit or loss where the Entity’s right to receive the dividends is established.

Loans and receivablesTrade receivables, loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are stated at amortised cost using the e�ective interest rate method less any impairment.

E�ective interest methodThe e�ective interest method is a method of calculating the amortised cost of a financial asset and of allocating interest income over the relevant period. The e�ective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset, or, where appropriate, a shorter period. Income is recognised on an e�ective interest basis for debt instruments other than those at fair value through profit or loss.



Financial liabilitiesNon-derivative financial liabilities, including loans and borrowings, are recognised at amortised cost, comprising original debt less principal repayments and amortisation. The F does not hold liabilities for trading.

Fair value estimationThe fair value of financial assets traded in active markets (such as publicly traded securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Foundation is the current bid price. The fair value of managed funds is based on the unit price of each fund as reported by the funds at balance sheet date.

Derecognition of financial assetsThe Foundation recognises a financial asset only when the contractual rights to the cash flows from the asset expire, or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.

5. Pledges and Donations

Pledges and donations are brought to account by the Foundation on a cash received basis. All other income is recognised on an accruals basis.

The total donations received by the Lauriston Foundation during 2018 include pledges and donations to the capital campaign as well as donations

made periodically throughout the year. Annual Appeal donations relate specifically to donations received as a result of the “Shaping her future” appeal which was conducted in May and June 2018 to support needs based scholarships, infrastructure and library resources.



5. Pledges and Donations

Building Education Library Scholarship TotalFund Fund Fund Fund

$ $ $ $ $Pledges and donations 399,149 - 35 125,708 524,892Annual appeal 39,080 300 12,550 37,020 88,950

Total donations 438,229 300 12,585 162,728 613,842

2018

Pledges and donations are brought to account by the Foundation on a cash received basis. All other income is recognised on an accruals basis. The total donations received by the Lauriston Foundation during 2018 include pledges and donations to the capital campaign as well as donations made periodically throughout the year. Annual Appeal donations relate specifically to donations received as a result of the "Shaping her future" appeal which was conducted in May and June 2019 to support needs based scholarships, infrastructure and library resources.



The purpose of note 6 is to provide a historical financial perspective of the Foundation’s operations since inception. Each year Income and Expenditure for the current year is added to the prior year’s figures. Accordingly, income and expenditure figures contained in note 6 represent a cumulative total

since inception and therefore do not reconcile to the current year’s income and expenditure figures. The balance of Accumulated Funds in note 6 reconciles with the Statement of Financial Position and the Statement of Changes in Equity for the year ended 31 December 2018.

*The net movements in Fair Value of Investments and net realised loss in investments figures are reported from 2017 only

6. Income and Expenditure and Movement in Accumulated Funds since the Inception of the Foundation in 1985

Building Fund

Education Fund

Library Fund

Scholarship Fund

Total

$ $ $ $ $IncomePledges and donations 4,063,580 485,410 79,831 1,284,082 5,912,903Lauriston Parents' Association 542,000 - - - 542,000School donation - Outreach - 50,000 - - 50,000OLA donation - Outreach - 50,000 - - 50,000Bequests 13,000 3,552,881 - - 3,565,881Annual dinner 106,580 100,491 - - 207,071Annual appeal 750,283 53,149 195,424 392,387 1,391,243School contribution - 411,965 - - 411,965Fund raising 242,544 22,018 - - 264,562Dividends and distributions - 1,537,200 - 139,758 1,676,958Rental income - 1,257,120 - - 1,257,120Realised gain - 1,088,312 - 8,581 1,096,893Net increase in Fair value of Investments * - 91,777 - 31,007 122,784Interest 305,765 1,629,713 58,529 129,451 2,123,458

6,023,752 10,330,036 333,784 1,985,266 18,672,838Less:

Operational expenses ( including net realised loss on investments / net reduction in Fair Value of Investments *) (514,495) (2,365,085) (24,045) (169,559) (3,073,184)

NET SURPLUS 5,509,257 7,964,951 309,739 1,815,707 15,599,654

Plus:Transfer from School (Scholarship funds pre 1999)

- 209,849 - - 209,849

Less:Operating contributions to School - (1,731,676) (112,099) (105,567) (1,949,342)Capital distributions to School (4,962,241) (723,800) (196,989) - (5,883,030)Transfer of property to School - (3,479,521) - - (3,479,521)Transfer to / (from) asset revaluation reserve to accumlated surplus - 6,690 - (4,928) 1,762

547,016 2,246,493 651 1,705,212 4,499,372

The purpose of note 6 is to provide a historical financial perspective of the Foundation’s operations since inception. Each year Income and Expenditure for the current year is added to the prior year’s figures. Accordingly, income and expenditure figures contained in note 6 represent a cumulative total since inception and therefore do not reconcile to the current year’s income and expenditure figures. The balance of Accumulated Funds in note 6 reconciles with the Statement of Financial Position and the Statement of Changes in Equity for the year ended 31 December 2018. *The net movements in Fair Value of Investments and net realised loss in investments figures are reported from 2017 only

6. Income and Expenditure and Movement in Accumulated Funds since the Inception of the Foundation in 1985





For the purpose of the statement of cash flows, cash includes cash on hand and in banks and investments in money market instruments, net of outstanding bank overdrafts. Cash at the end of the financial year as shown in the statement of cash flows is reconciled to the related items in the balance sheet as follows:

2018 2017$ $

7(a) Reconciliation of Cash and Cash Equivalents

Cash at bank

Building Fund 446,802 12,786

Education Fund 334,376 246,559

Library Fund 12,651 303

Scholarship Fund 405,452 199,734

Total cash at bank 1,199,281 459,382

7(b) Reconciliation of surplus for the year to Net Cash Flows from Operating Activities 2018 2017

$ $

Operating surplus after distributions to School 591,875 407,037

Non cash unrealised decrease / (increase) on investments 171,476 (122,784)

Non cash realised decrease on investments 76,631 30,516

(Increase) in assets: Current receivables and prepayments (15,148) (28,851)

Increase / (decrease) in liabilities:

Creditors 49,374 (2,321)

Net Cash provided by operating activities 874,208 283,597

8. Term deposits 2018 2017

$ $




Total Term Deposits 910,000 1,365,195



For the purpose of the statement of cash flows, cash includes cash on hand and in banks and investments in money market instruments, net of outstanding bank overdrafts. Cash at the end of the financial year as shown in the statement of cash flows is reconciled to the related items in the balance sheet as follows:

2018 2017$ $

7(a) Reconciliation of Cash and Cash Equivalents

Cash at bank



Library Fund 12,651 303


Total cash at bank 1,199,281 459,382

7(b) Reconciliation of surplus for the year to Net Cash Flows from Operating Activities 2018 2017

$ $

Operating surplus after distributions to School 591,875 407,037

Non cash unrealised decrease / (increase) on investments 171,476 (122,784)

Non cash realised decrease on investments 76,631 30,516

(Increase) in assets: Current receivables and prepayments (15,148) (28,851)

Increase / (decrease) in liabilities:

Creditors 49,374 (2,321)

Net Cash provided by operating activities 874,208 283,597

8. Term deposits 2018 2017

$ $




Total Term Deposits 910,000 1,365,195

8. Term deposits

7. Notes to the Statement of Cash FlowsFor the purpose of the statement of cash flows, cash includes cash on hand and in banks and investments in money market instruments, net of outstanding bank overdrafts. Cash at the end of the financial year as shown in the statement of cash flows is reconciled to the related items in the balance sheet as follows:



9. Education Fund

The Education Fund equity is currently made up of three sub-funds; The General Education Fund, the Diana Robertson Scholarship Fund and the Donations for Equipment fund. The Diana Robertson Scholarship was established in 1992 and is awarded each year to one Year 10 student who excels in the subject of History. From 2017 onwards, an amount of $1,600

(prior years the amount was $1,200) is paid each year towards the Scholarship recipient’s School fees for Years 11 and 12, subject to the recipient continuing to study History. Donations for Equipment, represents a specific donation received during the course of the year to be used at the Principal’s discretion.



9. Education Fund

Balance 31 December

2017

Donations Net Investment gain / (loss)

realised [incl. interest,

dividends & distributions]

Net Investment gain / (loss) unrealised

Expenses Distributions Balance 31 December

2018

$ $ $ $ $ $ $

Education FundGeneral Education Fund 2,075,106 - 138,078 (110,169) (18,186) - 2,084,829Diana Robertson Scholarship 162,204 - 10,793 (8,611) (1,422) (1,600) 161,364Donations for Equipment - 300 - - - - 300

Total Education Fund 2,237,310 300 148,871 (118,780) (19,608) (1,600) 2,246,493 The Education Fund equity is currently made up of three sub-funds; The General Education Fund, the Diana Robertson Scholarship Fund and the Donations for Equipment fund. The Diana Robertson Scholarship was established in 1992 and is awarded each year to one Year 10 student who excels in the subject of History. From 2017 onwards, an amount of $1,600 (prior years the amount was $1,200) is paid each year towards the Scholarship recipient’s School fees for Years 11 and 12, subject to the recipient continuing to study History. Donations for Equipment, represents a specific donation received during the course of the year to be used at the Principal’s discretion.



10. Scholarship Fund

The Scholarship Fund is currently made up of four sub-funds; the Foundation Scholarship, the Foundation Creative & Performing Arts Scholarship, the Belinda Phillips Goldman Sachs Memorial Scholarship, the Sun Foundation Educational Bursary. The Belinda Phillips Goldman Sachs Memorial Scholarship is o�ered to students who excel in Sport and is o�ered every two years. The Sun Foundation Educational Bursary is o�ered on an annual basis and is awarded to a member of the Lauriston teaching sta� to support their educational advancement.

Belinda Phillips Goldman Sachs Scholarship Fund The corpus of the Belinda Phillips Goldman Sachs Scholarship Fund (Phillips Fund Corpus) is to represent the contributed capital of the Fund, indexed for inflation (by reference to the Australian Bureau of Statistics data series – All Groups CPI, Australia). The Phillips Fund Corpus is to be maintained as part of the Scholarship Fund and cannot be distributed. Only funds in excess of the Phillips Fund Corpus, can be distributed for the Belinda Phillips Goldman Sachs Scholarship. As at 31 December 2018, the minimum amount that must be maintained in the Phillips Fund Corpus was $266,429. The actual fund corpus as at 31 December 2018 was 271,652.



10. Scholarship Fund

Balance

31 December 2017

Donations Net Investment gain / (loss)

realised [incl. interest,

dividends & distributions]

Net Investment gain / (loss) unrealised

Expenses Distributions Balance 31 December

2018

$ $ $ $ $ $

Scholarship FundFoundation Scholarship 1,189,662 97,149 60,791 (40,299) (10,158) (26,688) 1,270,457Foundation Creative & Performing Arts Scholarship 71,001 54,225 3,628 (2,405) (606) - 125,843The Sun Foundation Educational Bursary 36,938 - 1,888 (1,251) (315) - 37,260

The Belinda Phillips Goldman Sachs Memorial Scholarship 258,056 11,354 13,186 (8,741) (2,203)-

271,652

Total Scholarship Fund 1,555,657 162,728 79,493 (52,696) (13,282) (26,688) 1,705,212 The Scholarship Fund is currently made up of four sub-funds; the Foundation Scholarship, the Foundation Creative & Performing Arts Scholarship, the Belinda Phillips Goldman Sachs Memorial Scholarship, the Sun Foundation Educational Bursary. The Belinda Phillips Goldman Sachs Memorial Scholarship is offered to students who excel in Sport and is offered every two years. The Sun Foundation Educational Bursary is offered on an annual basis and is awarded to a member of the Lauriston teaching staff to support their educational advancement. Belinda Phillips Goldman Sachs Scholarship Fund The corpus of the Belinda Phillips Goldman Sachs Scholarship Fund (Phillips Fund Corpus) is to represent the contributed capital of the Fund, indexed for inflation (by reference to the Australian Bureau of Statistics data series – All Groups CPI, Australia). The Phillips Fund Corpus is to be maintained as part of the Scholarship Fund and cannot be distributed. Only funds in excess of the Phillips Fund Corpus, can be distributed for the Belinda Phillips Goldman Sachs Scholarship. As at 31 December 2018, the minimum amount that must be maintained in the Phillips Fund Corpus was $266,429. The actual fund corpus as at 31 December 2018 was 271,652. 11. Statement of Financial Position by Fund



11. Statement of Financial Position by Fund



Building Fund Education Fund

Library Fund

Scholarship Fund

Total Building Fund

Education Fund

Library Fund

Scholarship Fund

Total

$ $ $ $ $ $ $ $ $ $EquityAccumulated funds 547,016 2,246,493 651 1,705,212 4,499,372 114,227 2,237,310 303 1,555,657 3,907,497

Total Equity 547,016 2,246,493 651 1,705,212 4,499,372 114,227 2,237,310 303 1,555,657 3,907,497

Represented by:

Current Assets

Cash at bank 446,802 334,376 12,651 405,452 1,199,281 12,786 246,559 303 199,734 459,382Term deposits 100,000 300,000 - 510,000 910,000 100,668 570,000 - 694,527 1,365,195Receivables 214 36,473 - 21,897 58,584 773 15,460 - 27,202 43,435Other financial assets - 1,583,889 - 799,340 2,383,229 - 1,406,465 - 635,368 2,041,833

547,016 2,254,738 12,651 1,736,689 4,551,094 114,227 2,238,484 303 1,556,831 3,909,845

Total Assets 547,016 2,254,738 12,651 1,736,689 4,551,094 114,227 2,238,484 303 1,556,831 3,909,845

Less Current LiabilitiesCreditors - 8,245 12,000 31,477 51,722 - 1,174 - 1,174 2,348

547,016 8,245 12,000 31,477 598,738 - 1,174 - 1,174 2,348

Net Assets 547,016 2,246,493 651 1,705,212 4,499,372 114,227 2,237,310 303 1,555,657 3,907,497

2018 2017



12. Statement of Profit or Loss and Other Comprehensive Income by Fund



12. Statement of Profit or Loss and Other Comprehensive Income by Fund

Building Education LibraryScholarship Total Building Education LibraryScholarship TotalFund Fund Fund Fund Fund Fund Fund Fund

$ $ $ $ $ $ $ $ $ $IncomePledges and donations 399,149 - 35 125,708 524,892 48,348 2,028 - 147,305 197,681Annual appeal 39,080 300 12,550 37,020 88,950 30,887 - 11,130 39,574 81,591Interest 2,680 22,582 - 21,005 46,267 1,440 39,924 - 27,612 68,976Dividends and distributions - 172,731 - 88,677 261,408 - 56,832 - 24,954 81,786Net movement in fair value of Investments

- - - - - - 91,777

- 31,007 122,784

Total income 440,909 195,613 12,585 272,410 921,517 80,675 190,561 11,130 270,452 552,818

Operating Expenses Audit fees - (4,102) - (4,102) (8,204) - (1,068) - (1,068) (2,136)Printing and postage (8,120) - (237) (2,130) (10,487) (2,897) - (1,562) (2,547) (7,006)Investment management fees - (15,506) - (7,050) (22,556) - (6,387) - (2,293) (8,680)Sundry - - - - - - (1,552) - - (1,552)Net movement in fair value of Investments

- (118,780)

- (52,696) (171,476)

- - - - -

Net realised loss on investments - (46,442) - (30,189) (76,631) - (25,949) - (4,566) (30,515)

Total operating expenses (8,120) (184,830) (237) (96,167) (289,354) (2,897) (34,956) (1,562) (10,474) (49,889)

Net surplus before distributions 432,789 10,783 12,348 176,243 632,163 77,778 155,605 9,568 259,978 502,929

Less DistributionsOperating distributions to the School - (1,600) - (26,688) (28,288) - (3,200) - (24,672) (27,872)Capital distributions to the School - - (12,000) - (12,000) (56,000) (2,020) (10,000) - (68,020)

Total operating and capital distributions - (1,600) (12,000) (26,688) (40,288) (56,000) (5,220) (10,000) (24,672) (95,892)

Net surplus / (loss) for year after distributions 432,789 9,183 348 149,555 591,875 21,778 150,385 (432) 235,306 407,037

2018 2017



13. Statement of Cash Flow by Fund




Building Fund

Education Fund

Library Fund

Scholarship Fund

Total Building Fund

Education Fund

Library Fund

Scholarship Fund

Total

$ $ $ $ $ $ $ $ $ $


Receipts from customers 438,229 300 12,585 182,028 633,142 79,235 3,228 11,130 167,577 261,170Payments to suppliers (8,120) (14,032) (237) (9,561) (31,950) (2,897) (10,220) (1,562) (7,016) (21,695)Interest and dividends received 3,239 174,195 - 95,582 273,016 668 90,385 - 48,961 140,014Operating distributions to the School - - - - - - (3,200) - (24,672) (27,872)Capital distributions to the School - - - - - (56,000) (2,020) (10,000) - (68,020)

Net cash provided by / (used in) operating activities 433,348 160,463 12,348 268,049 874,208 21,006 78,173 (432) 184,850 283,597


Proceeds from sale of investments 668 559,794 - 286,702 847,164 - 954,131 - 226,124 1,180,255Purchase of Investments - (632,440) - (349,033) (981,473) (100,668) (814,995) - (509,062) (1,424,725)

Net cash used in investing activities 668 (72,646) - (62,331) (134,309) (100,668) 139,136 - (282,938) (244,470)

Net increase / (decrease) in Cash Held 434,016 87,817 12,348 205,718 739,899 (79,662) 217,309 (432) (98,088) 39,127

Cash and Cash Equivalents at the Beginning of the Financial Year 12,786 246,559 303 199,734 459,382 92,448 29,250 735 297,822 420,255

Cash and Cash Equivalents at the End of the Financial Year 446,802 334,376 12,651 405,452 1,199,281 12,786 246,559 303 199,734 459,382

2018 2017






Building Fund

Education Fund

Library Fund

Scholarship Fund

Total Building Fund

Education Fund

Library Fund

Scholarship Fund

Total

$ $ $ $ $ $ $ $ $ $


Receipts from customers 438,229 300 12,585 182,028 633,142 79,235 3,228 11,130 167,577 261,170Payments to suppliers (8,120) (14,032) (237) (9,561) (31,950) (2,897) (10,220) (1,562) (7,016) (21,695)Interest and dividends received 3,239 174,195 - 95,582 273,016 668 90,385 - 48,961 140,014Operating distributions to the School - - - - - - (3,200) - (24,672) (27,872)Capital distributions to the School - - - - - (56,000) (2,020) (10,000) - (68,020)

Net cash provided by / (used in) operating activities 433,348 160,463 12,348 268,049 874,208 21,006 78,173 (432) 184,850 283,597


Proceeds from sale of investments 668 559,794 - 286,702 847,164 - 954,131 - 226,124 1,180,255Purchase of Investments - (632,440) - (349,033) (981,473) (100,668) (814,995) - (509,062) (1,424,725)

Net cash used in investing activities 668 (72,646) - (62,331) (134,309) (100,668) 139,136 - (282,938) (244,470)

Net increase / (decrease) in Cash Held 434,016 87,817 12,348 205,718 739,899 (79,662) 217,309 (432) (98,088) 39,127

Cash and Cash Equivalents at the Beginning of the Financial Year 12,786 246,559 303 199,734 459,382 92,448 29,250 735 297,822 420,255

Cash and Cash Equivalents at the End of the Financial Year 446,802 334,376 12,651 405,452 1,199,281 12,786 246,559 303 199,734 459,382

2018 2017


The Lauriston Foundation (Inc) Board of Management Declaration

Independent Auditor’s Report to the Members of

The Lauriston Foundation (Inc) Opinion

We have audited the financial report, being a special purpose financial report, of The Lauriston Foundation (Inc) (the “Entity”) which comprises the combined statement of financial position as at 31 December 2018, the combined statement of profit or loss and other comprehensive income, combined statement of changes in equity and the combined statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and the declaration by the Board of Management as set out on pages 3 to 18.

In our opinion the accompanying financial report presents fairly, in all material respects, the Entity’s financial position as at 31 December 2018, and of its financial performance and its cash flows for the year then ended in accordance with Australian Accounting Standards to the extent described in Note 1 and the Association Incorporation Reform Act 2012.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Group in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Codeof Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter – Basis of Accounting and Restriction on Distribution and Use

We draw attention to Note 1 to the financial report, which describes the basis of accounting. The financial report has been prepared to assist the Entity to meet the financial reporting responsibilities of the Association Incorporation Reform Act 2012. As a result, the financial report may not be suitable for another purpose. Our report is intended solely for the members and Board of Management and should not be distributed to or used by parties other than the members and the Board of Management. Our opinion is not modified in respect of this matter.

The Responsibilities of the Board of Management for the Financial Report

The Board of Management are responsible for the preparation and fair presentation of the financial report and has determined that the basis of preparation and accounting policies described in Note 2 to the financial report are appropriate to meet the requirements of the Association Incorporation Reform Act 2012 and is appropriate to meet the needs of the members. The Board of Management’s responsibility also includes such internal control as the Board of Management 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.


Independent Auditor’s Report to the Members of The Lauriston Foundation (Inc.)

In preparing the financial report, the Board of Management is responsible for assessing the Entity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Management either intend to liquidate the Entity or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit 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.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Management

Conclude on the appropriateness of the Board of Management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the Board of Management regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

DELOITTE TOUCHE TOHMATSU

Isabelle Lefevre Partner Chartered Accountants Melbourne, 3 May 2019


Auditor’s Responsibilities for the Audit of the Financial Report

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