Directors' Report

The Directors present this report on the company for the financial year ended 31 December 2020.

DIRECTORS

The names and particulars of the Directors of the company during or since the end of the financial year are:

Bruce Davidson Director August 2010 – current Acting Chairman October 2013 – March 2014 October 2017 – March 2020

Chairman March 2020 - present

Bruce holds degrees in Law and Commerce from the University of Queensland and was formerly a partner in a leading commercial law firm. Bruce has spent the last 25 years at Davidson, a national workplace performance consultancy he helped grow. As Group CEO, he leads a large and talented team across Australia acting for public and private enterprises, assisting with culture, strategy, structure, capability and processes/systems to enhance workplace performance.

Bruce consults to boards and senior executives, to act as a mentor, and speak on both formal and informal occasions. He also previously held the role of Regional Councillor for Finsia, he chairs the Premiers Reconciliation awards Business and Partnerships category, and judges the Excellence for Public Service awards.

Llew Mullins Managing Director April 2005 – August 2010 February 2011 – August 2014 November 2014 – March 2015 June 2015 – current Llew has worked extensively throughout Australia with Indigenous people, coordinating business workshops and managing a mentoring program between corporate business people and Indigenous small business owners. She is an experienced counsellor and as Managing Director of Yalari, is responsible for the student support activities and operations.

Llew is ideally placed to understand firsthand the challenges facing students in remote communities as they transition to urban schools. Her experience in business, financial management and organisation, as well as many years working in the social welfare and counselling, has provided the necessary skills and administration to bring Yalari from an idea into a reality, where Indigenous children are nurtured and supported within some of the best schools throughout Australia.

Waverley Stanley AM Founding Director April 2005 – current As a Founding Director of Yalari, Waverley knows about the power of education. As a young man, he was given the opportunity to attend Toowoomba Grammar School for his secondary school education, and it was this opportunity that started him on the Yalari journey.

Waverley Stanley AM Founding Director (cont)

He has a passion for education and the empowerment of Indigenous children and has worked tirelessly to bring his vision to a reality. His role within Yalari includes responsibility for student selection, leadership and student development programs and external relations.

Waverley is a graduate of the Australian Rural Leadership Program and the recipient of a prestigious Churchill Fellowship for 2013. Waverley is a Member (AM) of the Order of Australia (General Division) for “significant service to the Indigenous community through support for education”.

Karen Spiller OAM Director June 2015 – current

Karen has teaching and leadership experience in both girls’ and co-educational schools for over 30 years. In January 2018 she assumed the Principalship of John Paul College after 18 years as Principal at St Aidan’s Anglican Girls’ School.

Karen is the past National Chair of the Association of Heads in Independent Schools Australia and a past National President for the Alliance of Girls’ Schools, Australasia. She is President of Independent Schools Queensland, a member of the International Education and Training Advisory Group (IETAG) for the Queensland Government. Karen is a member of advisory boards for BOND University (Health Services) and QUT (Business Faculty). Karen holds both a Masters in Educational Administration and an MBA and was recognised with an OAM in the 2017 Queen’s Birthday awards.

John Campbell Director May 2018 – current John has a wealth of asset management experience, having spent more than 24 years in a variety of roles within the industry. Prior to joining Bennelong, John spent six years at UBS where he was Portfolio Manager of the UBS Australian Small Companies Fund, and was awarded the Australian Fund Managers’ Best Small Cap Fund Manager of the Year in 2009. John joined UBS in 2004 from Credit Suisse First Boston where he was a Director of Equity Research Sales. He has worked in a broad range of roles within the industry including equity analysis, trading and sales at various financial institutions including Maple-Brown Abbott, Bankers Trust Australia and JP Morgan Private.

Edward Watkin Director July 2018 – current Eddie is one of Australia’s leading facilitators and highly respected leadership educators. He is a leadership entrepreneur, coach, mentor, strategist, presenter, author and speaker, and a lifelong learner of leadership.

Eddie’s passion is to build, strengthen and advance better leadership connections between everyday people. He has had the privilege of coming alongside youth to inspire them to achieve their leadership best. He has coached executives and senior executives in business leadership. He has mentored people who want to make a difference in their personal lives, and he has had the honour of facilitating events for people who want to transform nations.

He continues to positively inspire, instruct and influence the lives of all generations in living their best leadership life.

Chris Balalovski Director March 2020 – current

With over 34 years’ experience, Chris develops strategies for high net worth individuals with complex needs in domestic and international matters. His specialist expertise is in philanthropy, taxation, superannuation, estate planning, asset protection, succession planning and family office services. He is a Chartered Tax Advisor, Registered Tax Agent, Affiliate CAANZ, Master of Jurisprudence, Bachelor of Laws, Bachelor of Commerce, Honorary Consul of the Republic of Macedonia and Chairman of the Board of the Self-Managed Independent Superannuation Funds Association.

REVIEW OF OPERATIONS

The profit for the year ended 31 December 2020 amounted to $684,047 (compared to $540,953 for the year ended 31 December 2019).

Short term objective

Yalari’s short term objectives are to provide the following:

• Secondary scholarships to Indigenous children from regional, rural and remote communities to attend boarding school for their entire secondary school education. • Educational and pastoral support to Yalari students. • Pathways for our students into tertiary education, vocational education, employment and other meaningful activities.

Long term objective

Yalari’s long term objective is to educate and empower Indigenous children from regional, rural and remote communities to bring about generational change.

Strategy for achieving short term and long term objectives

To achieve these objectives, Yalari has adopted the following strategies:

• Adherence to the established and robust scholarship selection process for the identification of

Indigenous children and their families that will ensure the successful completion of secondary school. • Providing continued pastoral care and leadership training to past and present Yalari students to foster pride in self, community, heritage and achievement. • Establish and maintain long term partnerships with high achieving secondary boarding schools around Australia who support and share Yalari’s long term objective for providing educational opportunities to Indigenous children. • Establish and maintain long term partnerships with donors and sponsors who support and share Yalari’s long term objective for providing educational opportunities to Indigenous children. • Attract and retain quality staff and volunteers who are committed to Yalari’s long-term objective. • Maintain the integrity of Yalari through continued open, honest and accountable behaviour.

Principal Activities

The principal activity of the company in the course of the financial year was the provision of scholarships for Indigenous youth supported by a program of pastoral support and personal development. This activity is directed to achieving the company’s short and long-term objectives.

No significant change in the nature of this activity occurred during the year.

Measuring performance

The company measures its performance with a long-term focus on Student Outcomes supported by objectives and targets in the five key areas of Student Outcomes, Alumni Outcomes, Stakeholder Engagement, Financial Stewardship, and Organisational Capacity.

Subsequent Events

There were no adjusting or significant non-adjusting events which occurred between the reporting date and the date of authorisation.

Dividends

No dividends were declared or paid since the start of the financial year under review.

The company is non-profit in nature. Under the constitution of the company, there can be no distribution to members of the company.

Director’s Meetings

During the period the board met on 4 occasions, with attendance recorded as follows:

Llew Mullins Waverley Stanley Bruce Davidson Karen Spiller John Campbell Edward Watkins Chris Balalovski Held Attended 4 4 4 3 4 4 4 4 4 3 4 4 4 4

Contribution in Winding Up

The company is incorporated under the Corporations Act 2001 and is a company limited by guarantee. If the company is wound up, each ordinary member is required to contribute a maximum of $10 each towards meeting any outstanding obligations of the entity. At 31 December 2020, the total amount that members of the company are liable to contribute if the company wound up is $20.00 (31 December 2019: $20.00).

Auditor’s Independence Declaration

A copy of the auditor’s independence declaration as required under Subdivision 60-40 of the Australian Charities and Not-for-profits Commission Act 2012 is included in page 8 of this financial report and forms part of the Director’s report.

Signed in accordance with a resolution of the directors.

Bruce Davidson Chairman Llew Mullins Managing Director

Date: 16 March 2021