The surplus for the company amounted to $955,484 (30 June 2023: $624,673).

The short-term objectives of the Viridian Foundation is to formalise a clear funding, giving and volunteering pathway as part of our corporate responsibility. The primary focus is to support key community initiatives and organisations aligned to the Foundation’s five core social causes as reviewed each year by the Board and trustees. Placing people at the centre of what we do reinforces the importance of people’s wellbeing which then through the work of the Foundation puts Community health and wellbeing at the heart of our Viridian culture.

The long-term objectives of the Viridian Foundation remains focussed on long term sustained fund raising, creating opportunities for like-minded customers to leverage our structures and resources to make a difference in moments that matter and to gain brand recognition within our community as a leading corporate philanthropic foundation. Some of our longer term objectives include:

• Ongoing board renewal – Bringing in specialist skills, capability and diversity in key areas.
• Lifting fundraising – Elevating event driven fundraising and overall funds under management to beyond $5m over next 3 years.
• Pro bono advice – Continue to lift our partnership with the Cancer Council.
• Advisor education – Continued investment in our advisor education to assist clients with their philanthropic aspirations.

Gary Riordan

The number of full board meetings of the company’s Board of Directors (‘the Board’) and of each Board committee held during the year ended 30 June 2023, and the number of meetings attended by each director were:

Held: represents the number of meetings held during the time the director held office or was a member of the relevant committee.

The surplus for the company amounted to $955,484 (30 June 2023: $624,673).

Donations:

The Viridian Foundation Limited has made donations to a variety of sources, including both foundations and corporations. During the year ended 30 June 2024, the entity made direct, financial donations of $327,577 made up of the following:

• Environmental impact and climate change – 38%
• Health and medical research – 36%
• Mental health and wellbeing – 6%
• Homelessness – 16%
• Family and domestic violence support – 3%
• Disaster relief – 2%

The Viridian Foundation Limited is a not-for-profit foundation that completes fundraising for the purpose of providing money or benefits to or eligible entities. The entity operates in a complex and ever-changing environment, and it is exposed to a number of significant risks. The following are three of the most significant risks facing the entity in 2024:

(a) Regulatory Risk

The Risk that funds donated to charities do not comply with the rules and regulation of a Public Ancillary Fund, as prescribed and outlined under the Taxation Administration (Public Ancillary Fund) Guidelines 2022, as well as any subsequent changes to legislation. The Governance, Risk and Compliance Committee, chaired by the Group’s Chief Risk Officer and represented by two further Board members including one independent Director, specialising in Philanthropic Law has strengthened considerably over the past year.

(b) Key Person Risk

The loss of key individuals could lead to operational and reputational risks that could impact clients and employees as well as the very charities the Foundation is trying to serve and support. Key person risk has diminished with ongoing board renewal through the past 12 months providing broader regional representation as well as ongoing renewal of board committee membership.

(c) Economic Risk

The economic downturn risk, as outlined 12 months ago, is diminishing. The inflationary environment and related interest rate cycle is looking more promising for the year ahead. We remain cautious with discretionary spend remaining tight in an ever competitive giving landscape.

The company has indemnified the directors and executives of the company for costs incurred, in their capacity as a director or executive, for which they may be held personally liable, except where there is a lack of good faith.

During the financial year, the company paid a premium in respect of a contract to insure the directors and executives of the company against a liability to the extent permitted by the Corporations Act 2001.

In the event of the company being wound up, ordinary members are required to contribute a maximum of $10 each. The total amount that members of the company are liable to contribute if the company is wound up is $80, based on 8 current ordinary members.

A copy of the auditor’s independence declaration under subdivision 60-C section 60-40 the Australian Charities and Not-for- profits Commission Act 2012 is set out immediately after this directors’ report.

A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors’ report.

This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act 2001. On behalf of the directors

Ian Granter
Director of Trustee company

Michael Ehrentraut
Director of Trustee company

10 November 2023
Melbourne