Philanthropy REPORT 2018
2018 PHILANTHROPY REPORT 1
Contents A lifelong enrichment.................................................. 04
Donors ...........................................................................16
Vision 2050....................................................................06
The PLC Foundation Inc. Financial Statements..........18
Giving report.................................................................08
Statement of Comprehensive Income............. 18
Summers Society.......................................................... 10
Statement of Financial Position.......................... 19
Bequests......................................................................... 11
Statement of Cash Flows..................................... 20
Dr Margaret Henderson OBE.............................. 11
Statement of Changes in Equity......................... 21
Scholarship students.....................................................12
Notes to the Financial Statements.................... 20
Mieka Garbutt Year 7............................................ 12
Statement by Members of the Board............. 28
Olivia Elliot Year 7................................................... 12
Fund Movements (unaudited)........................... 29
Shelby Heidrich Year 8 ......................................... 12
Foundation Board Members.......................................30
Taleisha Hurford Year 8........................................ 13
Emma Wilkinson Year 8........................................ 13
Bryzlyn Sin Year 9................................................... 13
Sioni Zankharia Year 10......................................... 14
Cassidy Emmott Year 11......................................... 14
Claudia Tedjasaputra Year 11.............................. 14
Halimah Zaini Year 12 ........................................... 15
2018 PHILANTHROPY REPORT 3
A lifelong enrichment Old Collegian, Scholarship recipient and Foundation donor, Dr Sue-Anne Wallace reflects on the work of the PLC Foundation.
was $200). Over the past ten years, fewer people are donating to various charitable and not-for-profit organisations but their gifts are larger.
Established in 1985, the PLC Foundation aims to provide long-term support to the school and its students. In March 2011 the Summers Society, honouring the memory of Dr Vera Summers, Principal of PLC from 1934 to 1961, was established. Its purpose is to recognise donors who have given $100,000 or more and bequests, following the initiative taken by Dr Summers in leaving a gift in her will.
Research has shown that those who give, whether through formal structures or informal more ad hoc processes, find the experience worthwhile, often described as providing a sense of joy, pleasure and achievement.
The members of this Society are generous philanthropists and we thank them warmly for their leading gifts. PLC’s other supportive donors include Old Girls, their families, and the current parent community. I turned to Philanthropy Australia for their definition: ‘Philanthropy is the planned and structured giving of time, information, goods and services, influence and voice as well as funds to improve the wellbeing of humanity and the community.’ Such planned giving may be through a Private Ancillary Fund, a family foundation or trust. Many individuals make significant donations without administration through a formal structure. And some just give spontaneously when asked. The not-for-profit sector, which includes PLC, depends on philanthropy. Recent data shows that 80% of Australians or almost 15 million people gave $12.5 billion to charities and not-for-profits in 2015-2016 – an average donation of $764 (the median donation
It is estimated that 43% of adult Australians gave their time to various causes, volunteering for almost 1,000 million hours in 2016, that is 134 hours in a year or 2.5 hours per week. Half of those who do not give have said that knowing more about how their money is spent would encourage their giving. When we make a donation to PLC we know where our money is going – to the tax deductible Building or Scholarship Funds or to other initiatives through Annual Giving programs. Not all of us are able to give $100,000. Yet our smaller gifts can also have a measurable impact for both the school and for the donor. I recently was delighted to support the Scholarship Fund. The PLC Foundation ran a campaign to increase scholarship support in 2017. It was incredibly successful, raising $500,000 in three months. The Scholarship Fund provides opportunities for girls who would otherwise be unable to be part of the PLC community. How good is that? I’ve been sent reports about ‘my’ student and I am encouraged to read about her progress and her enjoyment of the opportunity to
Dr Sue-Anne Wallace
attend ‘our School’. I live in Sydney so I have little opportunity to meet this student but for Perth residents, the relationship could become more personal. When I was at PLC – from 1950 to 1963 – there were also scholarships available when girls reached secondary school, on the other side of View Street! I had two scholarships (perhaps more, given the passage of time it’s hard to remember) which were awarded on academic merit to cover part of the term’s fees. My memory may be incorrect but I think the scholarship provided a £10 reduction to term fees. How times have changed! It was possible to be awarded a scholarship in successive years, if one had studied hard and achieved the right results. I know that such
support was greatly appreciated by my parents and I was very honoured to be a scholarship recipient. I’m sure that the recipients of our current PLC Foundation Scholarships, awarded with more of a social justice intent, are extraordinarily proud of their achievement in holding a scholarship. These girls enrich the PLC community and allow the school to support the educational opportunities for a much broader spectrum of students.
Dr Sue-Anne Wallace AM was a grant maker for visual arts and craft with the Australia Council (1996-1999), CEO of Fundraising Institute Australia (2004-2009) and Executive Officer of the Vincent Fairfax Family Foundation (2009-2012).
2018 PHILANTHROPY REPORT 5
Vision 2050 The PLC Foundation’s underlying purpose is to serve as an independent custodian to provide sustainable financial and fundraising support to PLC Perth. This support is aimed specifically at the advancement of education, improving pedagogical practices and the provision of appropriate facilities. It is the Foundation’s task to ensure there will always be a generation at PLC today, who benefit from the foresight and generosity of generations past. This can either be through Scholarships to girls whose family circumstances would otherwise not allow them access to a PLC education, or through the funding of capital projects.
BUILDING, BEQUEST AND SCHOLARSHIP ACTIVITIES The Foundation is committed to supporting PLC Perth’s vision and Master Plan, which was updated and revised in 2018. Many buildings around the PLC campus demonstrate the past generosity of our community. The Foundation has supported a range of infrastructure projects through successful capital campaigns including the Beth Blackwood Senior School, science, arts and technology, Middle School and the Junior School Swim and Recreation Centre.
The Foundation has a long-term vision to grow its assets in a US Endowment Fund-type model. The PLC Foundation and the School are closely interlinked. A strong Foundation provides significant funding flexibility and strength to PLC.
The Foundation is also very proud to be supporting enrolments and diversity by providing six ongoing scholarships every year to girls who family circumstances would otherwise not enable them to attend the School. In the past three years three generous donors have left bequests to the Foundation valued at more than $2.5 million. These funds are being directed to a hardship scholarship and to build STEM activities within PLC. In 2017 we embarked on our first Scholarship Campaign and raised $500,000 in three months, creating five additional one-off scholarships for worthy recipients.
At the end of 2018 two families made a donation to the Scholarship fund, which supported another scholarship. In 2019 the Foundation is supporting 12 scholarship students.
The Foundation Board aims to conservatively invest and grow the funds of the Foundation with an Investment Policy that seeks to preserve the capital of the Foundation and target long-term returns of CPI +3.5%.
FINANCIAL ACTIVITIES
The Foundation exists to re-invest back into the School in the form of scholarships, capital programs and low-cost debt funding. The potential returns and benefits to the School compound and increase with the assets of the Foundation.
The Foundation manages the fundraising activities of the School, including Capital and Scholarship Campaigns, Annual Giving and Bequests, raising $8.2 million since 2004. The Foundation’s primary income driver since 2009 has been 100%* of all Acceptance Fees received by the School ($421K in 2016; $600K in 2017 and $650K in 2018).
Current Net Assets: Approximately $15 million. *Prior to 2009 50% of returns of Acceptance Fees were directed to the Foundation.
All expenses covering direct administration and campaign costs are paid by the Foundation. This is approximately $100,000 a year. 2018 PHILANTHROPY REPORT 7
Giving report 2018 ANNUAL GIVING
DONATION TO THE PLC SCHOLARSHIP FUND
The 2018 Annual Giving Programme raised $98,360, comprising $74,555 to The PLC Scholarship Fund and $23,805 to The Foundation Building Fund.
At the end of 2018, two extraordinary families from our PLC community contacted the Principal to advise that they wished to provide a scholarship to pay the tuition fees for a day girl from Year 7 through to graduation. They would like the scholarship to be given to a girl whose family, due to financial constraint, could not otherwise send their daughter to PLC. They would like the recipient to be academically sound and also have the temperament to benefit from everything the school has to offer.
2017 SCHOLARSHIPS FUNDRAISING CAMPAIGN At the end of 2017 the PLC Foundation launched the 2017 Scholarships Fundraising Campaign. The PLC community was asked to make a difference to students who for could otherwise not be able to afford the amazing experience of studying at PLC. The Campaign proposed that:
A donation of $500 a year for six years, from just 100 families, can help us reach our goal. The response from the PLC community was amazing! In four months the Campaign raised $516,500! This allowed five students to commence studies at PLC in 2018.
Combined, these two families have had five daughters study at PLC; both of their youngest daughters will be graduating this year. They felt they would like to do something to signify their gratitude to the School. It has been their experience that girls get the best out of PLC if they (and their parents) try to participate in all of the academic and non-academic programmes on offer. For this reason they would like the recipient to be someone who would benefit from everything that PLC has to offer. The families pledged $136,349 over the next five years.
ANNUAL GIVING 2013 - 2018
Scholarships
Building
Total
Donors
2018 PHILANTHROPY REPORT 9
Summers Society The Summers Society has been established to encourage PLC alumni and supporters of the School to continue the tradition of philanthropy that began with a bequest from Dr Vera Summers. The Society provides an opportunity to recognise those who contribute to the long-term future of PLC. Members have opportunity to experience the difference their support makes to the students of the School and to witness life at PLC. Members of the Summers Society receive a membership pin, are invited to attend School functions and cultural and musical events; and meet with the Principal and Chair of Council a couple of times a year to learn news of PLC.
SUMMERS SOCIETY
MEMBERS 2018 Ms Robyn Ahern Mrs Margaret H Atkins OAM Lady Jean Brodie- Hall AM Mrs K Burton and Mr Craig Burton Hon June M Craig AM Barbara Finch Mrs Michelle Grist and Mr Tony Grist Wendy Hillman * Dr Patricia Kailis AM OBE Mrs Rosalind Lilley & Mr Richard Lilley Mrs Cate McKenzie and Mr Andrew McKenzie Mr Ian & Mrs Jayne Middlemas Mrs Denise and Mr Malcolm Murray Mrs Mimi Packer & Mr Willy Packer Mrs Jennifer H Rankin * Mr Peter Rose Mrs Helen Shilkin-Reinhold Mr Ian & Mrs Susan Trahar Dr Simon & Mrs Alison Turner Ms Angela R Vincent Ms Judith R Vincent Mr Glenn Whiddon & Mrs Jane Whiddon (2 families wish to remain anonymous)
* Wendy Hillman representative Verna Rowbotham Bequest. * Jenny Rankin representative Barbara Beard Bequest Summers Society members (intention of Bequest)
Bequests DR MARGARET HENDERSON OBE Margaret Henderson was our 1932 Head Prefect. She graduated from the University of Melbourne with a Bachelor of Medicine in 1938, then joined the staff of the Royal Melbourne Hospital (RMH). During the war Dr Henderson continued her work at RMH as Resident Medical Officer and served with the civilian forces, at the rank of Captain. Throughout, she continued her studies and graduated as a Doctor of Medicine in 1941. At the end of the war Margaret joined the Red Cross as Senior Medical Officer in Malaya, carrying out vital work in fighting tropical diseases in outlying villages. She then worked in England and Europe, obtaining fellowship of the Royal College of Physicians for her work in respiratory and thoracic medicine. Dr Henderson returned to Melbourne where, in 1976, she was made an Officer of The Order of the British Empire (Civil, Imperial) for her services to medicine. Dr Henderson was tremendously generous with her time, encyclopaedic knowledge and immense compassion. She was also unstintingly benevolent. PLC is fortunate to have shared that benevolence with Baptcare, Janet Clarke Hall (University of Melbourne), Royal District Nursing Service Foundation, Royal Melbourne Hospital Research Foundation, Medecins Sans Frontieres, and her family. During PLC’s 2015 Centenary our Old Collegians’ Association recognised Dr Henderson’s extraordinary accomplishments. We are all proud of her accomplishments and she will always remain one of our truly Inspiring Women. 2018 PHILANTHROPY REPORT 11
Scholarship students teachers have been so nice and kind to me, giving me guidance and chatting to me.
MIEKA GARBUTT YEAR 7 My first week at PLC was hectic, exciting, confusing and fun because I am in a brand new place, with different routines, a LOT of stairs. I have had to learn how to catch public transport on my own. I have made plenty of friends and I am now studying French, something I have always wanted to learn. This semester I am lucky enough to learn the Oboe, my co-curricular activities for Term 1 are PaperBots, which includes coding, mechanics and 3-D printing and Art Club.
OLIVIA ELLIOTT YEAR 7 My start at PLC has been amazing! I have lost my way a lots of times, however, the older students were there to help me get to my classes. All the
The School has given me a flute to practice and I am learning how to blow into it. After school I am participating in Robotics Club where we are learning coding. I love drama and dance and hope I can do these next term. I love all my teachers.
SHELBY HEIDRICH YEAR 8 My start to the year has been amazing, I have adapted well and quickly to my new Year 8 classes and with all the new girls this year. My favourite teacher would possibly be Mr Cooper and Ms Plastow. This year I am participating in Boxing and Fitness in the Lighthouse and outside of school I am doing Contemporary and Acro Dance at Silhouette and am continuing my horse riding at the Perth Royal Show grounds.
TALEISHA HURFORD YEAR 8
EMMA WILKINSON YEAR 8
My start to School this year has been better than last year. This year I am more organised. Last year I did not really enjoy Science and Visual Arts, but this year they are my favourite. This year I am enjoying school better; maybe it is because I know my way around and I have learnt a lot by my mistakes last year.
I thought that settling in to all of my classes would be difficult, but it was actually so much easier than I had an anticipated because there were so many supportive people including all the teachers.
My Co-curricular activities this term are Scholars Cup and IGSSA Swimming.
JEMMA WARREN YEAR 8 Year 8 at PLC has got off to a good start with a great Humanities teacher (Ms Kelleher), and I am really looking forward to making a jumper in Textiles, as well as learning Jazz in Dance. My Term 1 co-curricular activities are: Contemporary dance, Dance Collective (subject to audition) Art Club, Surf Lifesaving- Nippers, Viola Lessons and PLC String Orchestra.
I attend swimming training every morning over at Scotch from 6.30 am to 7.30 am; and I have recently joined the Storm netball team.
BRYZLYN SIN YEAR 9 I achieved my 2019 goal of obtaining my Service Leadership Silver Badge (including 60 hours of gift wrapping for the Leukaemia foundation, weeding with Conservation Volunteers and ushering at Woodman Point). My co-curricular for 2019: Weekly commitment to: Environmental Committee, Duke of Edinburgh, Pastiche, Piano Trio Rehearsal and study session in the Library. Piano lessons Gifted and Talented training twice a week. Competing in the UN Voice Nationals Public Speaking Competition in April. 2018 PHILANTHROPY REPORT 13
STUDENT NAME WITHHELD YEAR 10
CASSIDY EMMOTT YEAR 11
2019 has been a great year so far. It is amazing to see my friends again! Although we have been introduced to many exams and tests already this year, all my subjects are so fun and it is impressive that the teachers are so talented that they can make lessons entertaining.
The start of the year is always so busy, but I am so excited Boarding has begun and that I am studying six of my favourite subjects with such good teachers.
I enjoy having three electives instead of two each term. This term I am participating in running and swimming training. I am also a member of the IGSSA swimming and volleyball teams. In my spare time I enjoy playing the piano for fun.
I have not signed up for any Co-curricular this term because I like the first term to settle back into Boarding, but I have been using the Lighthouse gym regularly with friends as my form of sport. Last term I was rowing, and I volunteered for Sportslink at the Lighthouse.
CLAUDIA TEDJASAPUTRA YEAR 11 SIONI ZANKHARIA YEAR 10 The start to my year has been really good. I am enjoying the subjects I am taking, in particular Science. Science hasn’t always been my favourite subject but I am really enjoying it so far. This year I am part of Chorale and am still learning the trumpet. I had put my name down for cricket but then realised that it runs on the same day as chorale so unfortunately I am unable to do IGSSA sports this term.
I am so happy to have the opportunity to do IB and choose all the subjects I love studying. I am involved in the following Co-curricular: Public speaking, PLC Strings Orchestra, Chamber Strings, Chorale, running and helping at homework help.
PLC Foundation Scholarship Class of 2018 student update HALIMAH ZAINI YEAR 12 My start to the year has been as busy as I expected, I am an official Year 12 now and Academic Captain! I have found my rhythm and am excited to reap in the rewards of not only my effort but my teachers’ efforts in the coming terms. My Co-curricular activities: Stage Band, Wind Ensemble, Trumpet Lessons, IGSSA Volleyball and Lions Youth of The Year Competition.
SONYA FROSSINE will be commencing a Bachelor of Arts (Japanese and Creative Writing) at Curtin University. Sonya was awarded a Principal’s Recommendation Scholarship.
CLAIRE WRAY will be commencing Bachelor of Secondary Education (hoping to be a Media Teacher). Claire was also awarded a Principal’s Recommendation Scholarship.
ENYA ZANKHARIA will be commencing a Bachelor of Commerce at UWA.
2018 PHILANTHROPY REPORT 15
Donors Robyn Ahern (SS)
Elizabeth De Marte (P)
Adam Hamersley (P)
Albion Foundation Pty Ltd
Christopher and Jenelle Dodds (P)
Jill Hannink (Brownson 1958) (FP)
Scott and Nicole Anderson (P)
Dale and Alexandra Douglas (P)
Jennifer Hassell (Mayrhofer 1955) (FP)
John and Sandra Andrew (Phillips 1991) (FP)
Jerome Douziech and Emmanuelle Lacassagne (P)
Andrew Hawley (P)
Allyn and Rachel Argent (Dall 1995) (P)
Todd and Eliza Dowling (P)
Troy and Kristy Hayden (P)
Michael and Hilary Armstrong (P)
Royce and Kylie Dowling (P)
Bradley and Simone Haynes (P)
Margaret Atkins (Cusack 1947) (SS)
Nicholas and Melinda Draper (P)
Mark and Jemma Hector (P)
Adrian and Annie Atkins (P)
Beth Duncan (1946) (FP)
Simon and Anna Hellings (P)
Tomas Baddeley and Catherine Wood (P)
Graeme and Jacqui Dunn (P)
Michael Hender (P)
Paul Bailey and Serena Sia (P)
Paul and Stephanie Early (P)
Jeffrey and Kay Holloway (P)
Andrew and Rebecca Banks (P)
Alexander and Prue Egan (P)
Tracey Horton (Chair, PLC Council)
Matthew and Samantha Barnett (P)
Toby and Peta Ellis (P)
Scott and Fiona Houston (P)
Kieran and Michelle Barrett (Wandel 1994) (P)
Christopher and Tia Ellison (P)
Peter and Henny Hung (P)
Amy Beeck (P)
Josef El-Raghy and Tracey Shepherd (P)
Mark and Carolyn Hyde (P)
Charles and Liz Bolt (Pethick 1984) (P)
Michael and Katrina Evans (P)
Mary Igglesden (Cameron 1947) (FP)
EsmĂŠ Bowen (Irving 1949) (FP)
Kenneth and Paula Everett (P)
International Purveyors Inc
Ric and Renee Bowers (P)
Peter and Gillian Fairweather (P)
Jonathon and Candie Italiano (P)
William and Kim Breidahl (FP)
Leigh and Jackie Ferguson (P)
John and Jane Jenkins (P)
Jean Brodie-Hall (Slatyer 1942) (SS)
Beverley Fitzgerald (Bird 1954) (FP)
Roland and Kathy Johnston (P)
Geoffrey and Janette Brown (FP)
David and Sarah Flanagan (P)
Susan Jones (P)
Katrina and Craig Burton (Fairweather 1982) (SS)
Carlo Franchina (P)
Patricia Kailis (SS)
Ben Campbell-Wilson and Sarah Rankin (1987) (P)
Stuart and Melissa Fraser (P)
Russell and Catherine Kane (P)
Gary and Candice Castledine (P)
Bradley Fry and Lee Jasson(1989) (P)
David and Sheree Kelly (P)
Sophie Paul Chamberlain (P)
Tianyu and Jun Gao (P)
Lucinda Kerr (Webb 1992) (FP)
Craig and Jamie Chan (P)
Peter and Zana Gawan-Taylor (P)
Damian and Kristin Kestel (P)
Sam and Karen (P)
Matthew and Ruth George (P)
Tim and Naomi Kestell (P)
Jacqui Chellew (2002) (P)
Anthony and Rosemarie Gianotti (P)
Jonathan and Helen Keys (Venerys 1983) (P)
Dong Chen and Shirley Wang (P)
Russell and Tamara Gibbs (P)
Jane and Riaz Khan (P)
Gao Chen and Wenny Zhou (P)
Melissa Gillett and Vicki Edwards (P)
Bradley and Meg Kitcher (P)
Antonio and Paula Cinanni (Holmes 1992) (P)
Andrea Gillett (1980) (FP)
Adalbert and Caroline Koth (P)
Ernest and Joanna Cooley (P)
Geoffrey Gishubi and Jennifer Grove (1989) (P)
Christian and Malaika Kuhlmann (P)
Kempton Cowan (P)
Angus and Justine Goody (P)
Prasad and Priyanthi Kumarasinghe (P)
June Craig (Lynn 1947) (SS)
Helen Green (Novakov 1961) (FP)
Anne Kyle (Jago 1948) (FP)
Noreen Craig (Beatty 1939) (FP)
Annie Gregg (Cooke 1953) (FP)
Andrew and Annette Langdon (P)
Joanne Cruickshank (1977) (FP)
Philip and Catherine Grey (P)
Waimeng Lao amd Infan Ip (P)
Lare and Lizzy Daramola (P)
John and Ami Grono (P)
Julie Larkin (Sedgman 1951) (FP)
Jason and Ann Davies (P)
Kate Hadwen (PLC staff)
Stephen and Janine Lauder (P)
Robert and Louise Daw (Craig 1998) (P)
Michael and Anne Hales (P)
Tibby (Baron-Hay 1949) (FP)
Geoffrey and Anne Marie Lewis (P)
Jill Mowson (Harrison 1949) (FP)
Robert and Liz Scott (P)
Matt and Bonnie Liddelow (P)
Jan Muggleton (Fuller 1968) (FP)
Matthew and Lisa Seaburne-May (P)
Abbie Liew (Lim 1980) (FP)
Geoffrey and Jacqueline Muir (P)
Glenice Shephard (FP)
Rosalind Lilley (McClelland 1961) (SS)
Trevor Nairn (FP)
Aris and Kristina Siafarikas (P)
Gen Qiang Liu and Yang Cao (P)
Junhui Niu and Anna Zheng (P)
Andrew and Helene Siegmund (P)
Richard and Jo Lively (P)
Gary and Fiona Norwood (P)
Timothy Silbert and Fiona Hogg (1984) (P)
Freda Livingston (Bunce 1949) (FP)
Kerry and Rowena Osling (Smith 1984) (P)
Wilkie and Bel Sin (P)
Douglas Love (1949) FP
Paul and Fiona Ostergaard (P)
Alison Sloper (Thomas 1960) (FP)
Michael and Sarah Lovegrove (1989) (P)
Willy and Mimi Packer (Clough 1982) (SS)
Peter Smith and Alexandrea Thompson (1988) (P)
Beverley Ludlow (Harrison 1956) (FP)
Alexii and Elena Paino (P)
Jeffrey and Sarah Smith (P)
Owen and Megan Luxton (Terrell 1988) (P)
Esme Park (Sutherland 1946) (FP)
Margaret Stamper (Monger 1947) (P)
Ross and Kristen Lyon (P)
James and Mary-Alice Paton (P)
Tiffany Sutherland (Camac 1994) (P)
Cathryn Mackie (Budd 1963) (FP)
Patrick amd Kellie Pearcey (P)
The Constantine Family Foundation
Ian and Chantal Macliver (FP)
Suzanne Pelczar (PLC staff)
Katherine and Ken Tovich (P)
Ann Macliver (Bird 1952) (FP)
John and Felicity Petersen (P)
Sam and Merrilee van Dongen (P)
James and Cate Mactier (P)
John Philpott (P)
Richard and Elizabeth Vaughan (Overton 1962) (FP)
Charles and Rachel Malet (P)
Nicholas and Claire Poll (P)
W. Fairweather & Son Pty Ltd
Brenda Mazzucchelli (Sloane 1957) (FP)
Mark Popplewell and Rowan Maclean (1983) (P)
Ylva Wakefield (P)
David and Margie McAuliffe (Livingston 1985) (P)
Michael and Alison Purves (P)
Peter and Tanya Wall (P)
Jane McGillvray (1994) (FP)
David and Liz Quinlivan (P)
Sue-Anne Wallace (1963) (FP)
Douglas and Vanessa McGinniss (Stewart 1989) (P)
Robert and Alison Quinlivan (P)
Gary and Karina Walter (P)
Scott and Sal McGregor (Legge 1985) (P)
Jennifer Rankin (SS)
Neil and Rebecca Warburton (P)
Monica McInnes (2002) (FP)
Graham and Margaret Reynolds (FP)
Andrew and Vicki Weatherall (P)
Cameron and Alice McIntosh (P)
Peter and Tobey Robinson (P)
Thelma Webster (Fisher 1947)
Andrew and Cate McKenzie (England 1986) (P)
Ruth Roden (P)
Andrew and Kathy Woolgar (P)
Bruce and Sally McLarty (P)
Stephen and Michelle Rogers (P)
George Zalitis (FP)
Simon and Gillian Michael (P)
Paul and Sally Rossen (Field 1980) (FP)
Liang and Xiaohui Zhao (P)
Luke and Jane Miels (Cox 1984) (P)
Andrew and Shirley Ryan (P)
3 Donors which to remain anonymous
Adam and Kasia Miethke (P)
Hosi and Donna Sabavala (P)
Peter and Alexis Miklavs (P)
Derek and Sue Sanderson (P)
P Current Parent
Angus and Fiona Miller (Argyle 1986) (P)
Sarah Basden Foundation
SS Summers Society
Lindsay Mollison (FP)
Benjamin and Nina Scherini (Peake 1985) (P)
FP Friends of PLC
David and Jody Morton (P)
Bernard and Julia Schortinghuis (Osborne 1989) (P)
2018 PHILANTHROPY REPORT 17
The PLC Foundation Incorporated Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2018
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2018
OPERATING ACTIVITIES INCOME Donations Other income Total Operating Income
Note 2(a) 2(b)
EXPENDITURE Other expenses Total Operating Expenditure TOTAL SURPLUS OTHER COMPREHENSIVE INCOME Net increase/(decrease) in market value TOTAL OTHER COMPREHENSIVE INCOME
7
Total Comprehensive Income for the period
The above Statement of Comprehensive Income should be read in conjunction with the accompanying notes
2018 $ 1,207,583 599,922 1,807,505
2017 $ 1,077,428 601,142 1,678,570
444,234 444,234 1,363,271
409,705 409,705 1,268,865
(521,998) (521,998)
423,060 423,060
841,273
1,691,925
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018 ASSETS CURRENT ASSETS Cash and cash equivalents Loan to PLC Trade and other receivables Total Current Assets NON-CURRENT ASSETS Financial instruments at fair value through other comprehensive income Total Non-current Assets
Note 4 5 6
2018 $ 8,017,716 1,300,000 122,498 9,440,214
2017 $ 7,201,211 1,300,000 84,133 8,585,344
7
5,510,554
5,524,151
5,510,554
5,524,151
14,950,768
14,109,495
-
-
14,950,768
14,109,495
13,848,291 1,102,477
12,485,020 1,624,475
14,950,768
14,109,495
TOTAL ASSETS LIABILITIES CURRENT LIABILITIES NON-CURRENT LIABILITIES TOTAL LIABILITIES NET ASSETS EQUITY Accumulated funds Investment revaluation reserve
8 8
TOTAL EQUITY
The above Statement of Financial Position should be read in conjunction with the accompanying notes
2018 PHILANTHROPY REPORT 19
STATEMENT OF CASH FLOWS AS AT 31 DECEMBER 2018
CASH FLOWS FROM OPERATING ACTIVITIES Donations and bequests Other receipts Payments to suppliers Interest received Net cash provided by operating activities
Note
10
CASH FLOWS FROM INVESTING ACTIVITIES Loan to PLC Repayment of loans by PLC Payment for investments Net cash used in investing activities
Net increase/(decrease) in cash held Cash at the beginning of the financial year Cash at the end of the financial year
4
The above Statement of Cash Flows should be read in conjunction with the accompanying notes
2018 $ 1,001,710 362,434 (444,234) 222,203 1,142,113
2017 $ 1,060,108 409,488 (409,705) 195,500 1,255,391
(1,300,000) 1,300,000 (325,608) (325,608)
(1,300,000) (321,601) (1,621,601)
816,505 7,201,211 8,017,716
(366,210) 7,567,421 7,201,211
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2018
ACCUMULATED FUNDS
ASSET REVALUATION RESERVE
TOTAL
BALANCE OF EQUITY AS AT 1 JANUARY 2018 Surplus for the period Other comprehensive income/(loss) BALANCE OF EQUITY AS AT 31 DECEMBER 2018
$ 12,485,020 1,363,271 13,848,291
$ 1,624,475 (521,998) 1,102,477
$ 14.109,495 1,363,271 (521,998) 14,950,768
BALANCE OF EQUITY AS AT 1 JANUARY 2017 Surplus for the period Other comprehensive income/(loss) BALANCE OF EQUITY AS AT 31 DECEMBER 2017
11,216,155 1,268,865 12,485,020
1,201,415 423,060 1,624,475
12,417,570 1,268,865 423,060 14,109,495
The above Statement of Changes in Equity should be read in conjunction with the accompanying notes
2018 PHILANTHROPY REPORT 21
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES Basis of Preparation This financial report is a special purpose financial report prepared for use by the Board and members of The PLC Foundation Incorporated. The accounting policies used in the preparation of this report as presented below are, in the opinion of the Board, appropriate. This financial report has been prepared in accordance with the financial reporting requirement of the Associations Incorporation Act of Western Australia, the constitution of The PLC Foundation Incorporated and the Australian Charities and Not-for-profits Commission Act 2012. The requirements of Accounting Standards issued by the Australian Accounting Standards Board and other professional reporting requirements do not have mandatory applicability to The PLC Foundation Incorporated because it is not a reporting entity. However, the Board has determined that in order for the financial report to present fairly the Foundation’s financial position and performance, the requirements of Accounting Standards relating to the recognition, measurement and classification of assets, liabilities, revenues, expenses and equity should be complied with. Accordingly, the financial report has been prepared in accordance with the recognition, measurement and classification requirements of Australian Accounting Standards and the disclosure requirements of Accounting Standards AASB 101 “Presentation of Financial Statements”, AASB 107 “Cash Flow Statements”, AASB 108 “Accounting Policies, Changes in Accounting Estimates and Errors”, AASB 1031 “Materiality”, “AASB 1048 “Interpretation of Standards” and AASB 1054 “Australian Additional Disclosures”. The financial report has been prepared on an accruals basis and is based on historical costs except for financial assets which are stated at fair value. The financial report is presented in Australian dollars. Statement of Compliance The financial report complies with the recognition, measurement and classification requirements of Australian Accounting Standard, which include Australian equivalents to International Financial Reporting Standards (AIFRS), and the disclosure requirements of Accounting Standards AASB 101 “Presentation of Financial Statements”, AASB 107 “Cash Flow Statements”, AASB 108 “Accounting Policies, Changes in Accounting Estimates and Errors”, AASB 1031 “Materiality”, “AASB 1048 “Interpretation of Standards” and AASB 1054 “Australian Additional Disclosures”. Compliance with AIFRS to the extent required by non-reporting entities does not result in the special purpose financial report comprising the financial statements and notes thereto, complying with IFRS because IFRS do not exclude non-reporting entities from the scope of its standards. However, this special purpose financial report does comply with the measurement requirements of IFRS.
In 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), except those relating to disclosure, that are relevant to its operations and effective for annual reporting periods beginning 1 January 2018. Certain Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet effective have not been adopted for the annual reporting period ended 31 December 2018. The Board has not yet fully assessed the impact of these new or amended standards and interpretations to the extent relevant to the Foundation. The following significant policies have been adopted in preparation and presentation of the financial report. Accounting Policies a)
Income Tax
The Foundation is exempt from income tax under subdivision 50-B of the Income Tax Assessment Act 1997 and payroll tax under s.40 of the Pay-roll Tax Assessment Act 2002.
b)
Cash and Cash Equivalents
Cash and cash equivalents include deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.
c) Revenue
Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to financial assets.
Dividends are recognised when the Foundation’s right to receive the payment is established. All revenue is stated net of the amount for goods and services tax (GST). Donations are recognised upon receipt of funds.
d)
Goods and Services Tax
Revenue, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office (ATO). In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of expense
Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or liability in the balance sheet.
Cash flows are included in the statement of cash flows on a gross basis. The GST components of 2018 PHILANTHROPY REPORT 23
cash flows arising from investing and financing activities which are recoverable from, or payable to the ATO are classified as operating cash flows.
e)
Financial assets designated at fair value through other comprehensive income (“OCI�)
Upon initial recognition, the Foundation may elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under AASB 132 Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument-by-instrument basis.
Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as other income in the statement of comprehensive income when the right of payment has been established, except when the Foundation benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.
The Foundation elected to classify irrevocably its listed equity investments under this category.
f)
Trade and other Payables
Trade and other payables are carried at amortised costs and represent liabilities for goods and services provided to the Foundation prior to the end of the financial year that are unpaid and arise when the Foundation becomes obligated to make future payments in respect of the purchase of goods and services
2. INCOME (a)
(b)
Donations and bequests - Building Fund - Scholarship Fund - Bequests - Acceptance fees– Total Donations
Other income - Interest received and receivable - Distribution from investments - Investment income declared but not received Total Other Income
2018 $
2017 $
75,697 295,513 186,893 649,480 1,207,583
128,242 348,968 600,218 1,077,428
225,960 330,431 43,531 599,922
196,127 373,594 31,421 601,142
1,500
2,871
8,017,716
7,201,211
1,300,000
1,300,000
3. AUDITORS’ REMUNERATION Auditing the financial report 4. CASH AND CASH EQUIVALENTS Cash at bank Cash at bank earns interest at floating rates based on daily bank deposit rates
5. LOAN RECEIVABLE Loan to Presbyterian Ladies’ College
On 28 June 2018, The Foundation (Lender) provided an extension of the unsecured working capital loan facility of up to $3,500,000 to Presbyterian Ladies’ College which can be drawn down at a minimum of $25,000 to a maximum of the facility amount until 31 December 2019 (termination date). During the year, the College repaid the amount owing and subsequently re-drew $1,300,000 which is repayable at the election of the College, on any date up to and including the termination date. Interest is calculated using the Bank Bill Swap Bid Rate (BBSY) for the relevant drawdown period plus 1%. Any extension of the loan may be granted at the sole discretion of the Foundation.
2018 PHILANTHROPY REPORT 25
6. TRADE AND OTHER RECEIVABLES Interest receivable Investment income declared not paid Other
2018 $ 4,384 43,531 74,583 122,498
2017 $ 627 31,421 52,085 84,133
7. FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME Financial instruments at fair value through other comprehensive income.
5,510,554
5,524,151
5,524,151 325,608 182,793 (521,998) 5,510,554
4,779,490 321,601 423,060 5,524,151
12,485,020 1,363,271 13,848,291
11,216,155 1,268,865 12,485,020
1,624,475 (521,998) 1,102,477
1,201,415 423,060 1,624,475
The above investments are stated at the closing market price at the balance date. A reconciliation of movements in available-for-sale investments is as follows: Value of investments at 1 January Investments purchased Shares bequeathed Net increase/(decrease) in market value 8. EQUITY Movements in equity were as follows: ACCUMULATED FUNDS Balance at 1 January Surplus for the year Balance at 31 December INVESTMENT REVALUATION RESERVE Balance at 1 January Gain/(loss) on revaluation Investments disposed Balance at 31 December
9. CAPITAL COMMITMENTS There were no capital commitments at the end of the financial year.
2018 $ -
2017 $ -
1,363,271 (182,793)
1,268,865 -
1,142,113
1,255,391
10. CASH FLOW INFORMATION Reconciliation of Cash Flow from Operations with Net Surplus from Ordinary Activities Net surplus from ordinary activities Less: Bequeathed ordinary shares Changes in Assets and Liabilities (Increase)/Decrease in Trade and Other Receivables Cash flows from operations 11. ECONOMIC DEPENDANCY A significant portion of revenue is obtained from Presbyterian Ladies’ College which is a related party. 12. EMPLOYEE ENTITLEMENTS There are no employee entitlements as at 31 December 2018. 13. EVENTS OCCURING AFTER BALANCE DATE The loan to PLC was repaid in full by 22 January 2019. The Board is not aware of any significant events occurring after balance date which may affect either the Foundation’s operations, the results of those operations or the Foundation’s state of affairs. 14. CONTINGENT LIABILITIES The Board is not aware of any material contingent liabilities or any further obligations which may arise due to special circumstances or events.
2018 PHILANTHROPY REPORT 27
STATEMENT BY MEMBERS OF THE BOARD In accordance with a resolution of the Board of The PLC Foundation Incorporated, we state that in the opinion of the Board: a) The Foundation is not a reporting entity as defined in the Australian Accounting Standards; b) The financial statements and notes of the Foundation are in accordance with the Australian Charities and Not-for-Profits Commission Act 2012, including:
(i) Giving a true and fair view of the Foundation’s financial position as at 31 December 2018 and of its performance for the year ended on that date; and
(ii) Complying with Australian Accounting Standards to the extent described in Note 1 to the financial statements and complying with the Australian Charities and Not-for-Profits Commission Regulation 2013;
c) There are reasonable grounds to believe that the Foundation will be able to pay its debts as and when they become due and payable.
Signed at Peppermint Grove for and on behalf of the Board by: Ian Mcliver, Chair PLC Foundation and Carlo Franchina, Treasurer PLC Foundation Signed 27th day of March 2019
FUND MOVEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018 (UNAUDITED) FUND NAME
BALANCE 31.12.2017
INCOME
TOTAL RECEIPTS 2018
CAPITAL
INTEREST
INTRODUCED
&
2018
DIVIDENDS
EXPENDITURE
TOTAL
BURSARIES/
APPROPRIATED
OTHER
SCHOLOSHIPS
TO PLC
EXPENSES
EXPENDITURE 2018
BALANCE 31.12.2018
$
$
$
$
$
$
$
$
Estate of the late V A Summers
976,792
-
50,164
50,164
-
-
-
-
1,026,956
Estate of the late J M Randall
292,474
-
15,020
15,020
-
-
-
-
307,494
Estate of the late Verna Rowbotham
158,901
4,100
4,179
8,279
-
-
-
-
167,180
Estate of the late JPB Summers
819,722
-
21,284
21,284
-
-
-
-
841,006
T H Rose Scholarship Fund
257,163
-
6,677
6,677
-
-
-
-
263,840
208,838
-
10,725
10,725
(44)
-
-
(44)
219,563
6,946
-
181
181
-
-
-
-
7,171
1,408,274
75,697
39,225
114,922
-
-
5,338
5,338
1,517,858
533,038
295,513
13,479
308,992
322,579
-
798
323,377
518,653
-
182,793
3,879
186,672
-
-
-
-
186,672
7,822,872
649,480
435,108
1,084,588
-
-
115,562
115,563
8,791,898
12,485,020
1,207,362
599,921
1,807,504
322,535
-
121,698
Estate of the late Hilary Skitch Cheam Scholarship Fund The PLC Foundation Building Fund The PLC Foundation Scholarship Fund Estate of the late Margaret Henderson Endowment Fund TOTAL ALL FUNDS
444,233 13,848,291
2018 PHILANTHROPY REPORT 29
PLC Foundation Board members Mr Ian Macliver (Chair)
Mrs Kristin Kestel
BComm, FCA, SF Fin, FAICD
BEng(Hons)
Chair of Foundation since 2016 Foundation member since 2011
Foundation Board member since 2018
Managing Director, Grange Consulting Board member of Board Member of Western Areas Ltd (Chairman), Otto Energy Ltd, Cockatoo Iron NL.
Mrs Cathy Donaldson (Secretary) BJuris and LLB (UWA)
Brewing and Hospitality Business Owner
Mr James Mactier BAgrEc, GradDipAppFin, GAICD Foundation Board member since 2015
Legal Officer, Legal Practice Board
UWA Business School Ambassadorial Council (WA Chapter) Australian Prospectors and Miners Hall of Fame Foundation Member, PLC Council Chairman, Regis Resources Ltd Member, Resource Capital Funds Managing Partner’s Advisory Board
Mr Carlo Franchina (Treasurer)
Mr Andrew McKenzie
BComm, CA, FTIA
BEcon, FINSIA, FAICD
Foundation Board member since 2015
Foundation Board member since 2011
Partner in charge of Corporate Tax, KPMG and member of the PLC Foundation Incorporated Board.
Executive Chairman of Euroz Limited and Euroz Securities, Executive Director of Westoz Funds Management, Entrust Private Wealth Management, Prodigy Investment Partners, Flinders Investment Partners, Dalton Street Capital and is a Board member of the Stockbrokers Association of Australia (SAA) and the PLC Foundation, as well as a PLC Council member.
Secretary, Foundation Board Foundation member since 2013
Mr Yasmin Broughton BComm, PG Dip Law, GAICD Foundation Board member since 2018 Non-executive Director Synergy Non-executive Director Resolute Mining Limited Non-executive Director Insurance Commission of Western Australia Non-executive Director Edge Employment Solutions Inc.
Mr Tony Grist Foundation Board member since 2016 Founder and Principal, Albion Capital Partners Founding Partner, Vocus Upstart Director, The Minderoo Foundation Member of the Judging Panel, EY’s Entrepreneur of the Year
Member (Master Stockbroking) of the Stockbrokers Association of Australia and was previously an Associate of the Financial Services Institute of Australasia (FINSIA) and the Australian Institute of Company Directors (AICD).
PRESBYTERIAN LADIES’ COLLEGE A COLLEGE OF THE UNITING CHURCH IN AUSTRALIA 14 MCNEIL STREET, PEPPERMINT GROVE WESTERN AUSTRALIA 6011 TEL (08) 9424 6444 | PLC.WA.EDU.AU
CRICOS Provider Code 00447B