FOUNDATION
Guildford Grammar School Foundation
I am happy to report that the Guildford Grammar School Foundation has had another successful year and has made a substantial financial contribution to the School during 2020 .
The Foundation continues to generate considerable income , with net investment income of $ 1.46 million for the 2020 year . During the year , the Foundation contributed $ 3.2m to the School resulting in a balance sheet reduction of $ 1.8m .
A financial summary for 2019 and 2020 is shown below .
Where the Foundations Assets are Invested |
Cash |
15 % |
Commercial Property |
21 % |
Residential Property |
9 % |
Property Development |
12 % |
Forestry |
2 % |
Equities |
24 % |
Loan to GGS |
17 % |
Financial Summary 2019-20
$ 000 ’ s
2020 2019 Investment Income 812 1,487 Profit on Sale of Investments 31 2,005
Gain in Market Value of Investments
828 1,303
Operating Expenses ( 210 ) ( 197 ) Net Investment Income 1,461 4,598 Bequests Received - 52 Donations made to School ( 3,190 ) ( 1,381 ) Scholarships to Students ( 58 ) ( 67 ) Interest on Loan ( 25 ) -
( 3,273 ) ( 1,396 ) Net Surplus / ( Deficit ) ( 1,812 ) 3,202
The Foundation maintains a broad range of assets in its portfolio and the diagram shows the range of assets in which the Foundation invests . It currently has a total asset base of just over $ 26 million .
The major contribution to the School in 2020 was just over $ 3m contribution to the new boarding facilities . This was the balance for the $ 5m donation the Foundation had committed to the project . The other funds provided to the School during the year was $ 220,000 for the refurbishment of the Library . Funds for the project were provided from the George Gordon Mulvey Scholarship .
At the end of 2020 we changed the operations of the Foundation following the departure of Mr Tim Cocks from the School who had the dual roles of Director of Finance for the School and Executive Officer of the Foundation .
In consultation with the School , we agreed that these roles would be separated . Mr Philip Rix has taken up the part-time role of Executive Officer for the Foundation and I welcome Philip who comes to us following an extensive corporate career and has a wide range of experience . He is in the process of undertaking a detailed analysis of our investments .
In my view , having a dedicated resource within the Foundation will enable us to be more proactive in managing our wide range of assets .
There are also some upcoming changes on the Board of the Foundation with Karlie Mucjanko retiring and her position being filled by Eric Grayson . I thank Karlie for her for her active contribution as member of the Board and wish her well with her new roles . I also welcome Eric Grayson to the Board . Eric hails from Texas , originally , but now calls Perth home and is currently a parent at the School . Eric has a senior role with Accenture and Amazon Web Services and brings extensive experience to the Board .
I thank all the members of the Board for their time , expertise , contributions , and wise counsel over the past year . They certainly made my job as the Chair much easier .
Bill Ryan President Guildford Grammar School Foundation
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