A year in review: our 2023-24 annual report
In 2023-24, the Reichstein Foundation continued to back the people, ideas and organisations driving social, economic and environmental justice in Australia. Beyond grant-making, we also sought to use our investments, connections and power to drive meaningful social change. Our CEO Rachel Ball reflects on how we fared and what’s to come.
I joined the Reichstein Foundation on the eve of its 50th anniversary with a good dose of gratitude and anticipation. Having worked for and with many of the Foundation’s grant partners over the course of my career I knew I was in for an exciting ride.
Around Australia we’re witnessing deepening economic inequality, a climate crisis and festering polarisation. The referendum debate and outcome has shone a light on how mired we are in our colonial history. This is a moment of reckoning for our communities and our environment and we all have a role to play.
For social change philanthropy that means getting money out the door and into the pockets of the organisations best placed to respond to these challenges, and we need to do it quickly and with a minimum of fuss. Along with others in the sector we are increasing our multi-year and flexible funding and stripping back our process requirements. Paperwork is a distraction.
We also need to look at ourselves and be clear-eyed about the ways we participate in and benefit from the very systems we are trying to change. For the Reichstein Foundation that means reflecting on the reality that capital markets, from which we draw the resources to support our grant-making and operations, can also cause and perpetuate harm.
We are working to ensure that our endowment is invested consistently with our vision and values. This will take time and effort and we’re likely to make mistakes along the way, but if trusts and foundations can’t adopt a more rights-based and future-focused approach to how we manage our money, how can we expect it from others?
As always, we will do better if we work together and we’re excited to have launched the Endowments for Impact Challenge, which is a collective, public tendering competition designed to identify, challenge and promote investment advisors who can assist with the responsible and mission-aligned investment of charitable endowments.
It’s community that makes this work meaningful and rewarding. So finally, thanks to my colleagues, to the Trustees, our partners and all those working together for a more just, equitable and sustainable Australia.
