MV Toona-Foam was commissioned by the late Mr. Tom Calvert a hops farmer who lived at Mossiface - an early port on the Tambo River. It was built for a cost of £400 by the late Robert Henry Reynolds at Raymond Island in 1925, in Paynesville, Victoria. It was named MV Foam and launched in February 1926 in McMillan Strait near the present ferry terminal.

The second owner was Rupert McFarlane, who installed brass railings around the boat, and a new Chevrolet 6 cylinder petrol engine. Mr. McFarlane also added an additional rubbing keel in an effort to reduce "rolling" in heavy seas.

The third owner was Mr. William Bolleman Snr. of Bolleman Boat Hire in Paynesville. He installed a diesel engine and later a Morris Commercial 1951, a 4 cylinder petrol truck engine. Mr. Bolleman removed the brass railing and painted the boat grey all over, hiring Foam as a fishing boat. Carey started hiring Foam in the late 1960s.

In March 1973 Foam was purchased by the School from Mr. William Bolleman Jnr, for $860. The boat was renamed Toona-Foam and used in conjunction with the Outdoor Education programs and associated expeditions.

During the second and third terms of 1973, extensive refitting took place. New equipment was installed resulting in a new cabin super structure with rebuilt seats, a new console and wiring together with a complete repaint in the school colours.

In March 1974, the bearing in the motor broke down and a 1955 4 cylinder Morris truck engine of 12HP was fitted. Unfortunately this engine proved unsuitable and in November 1974 a new Yanmar diesel engine of 12HP was fitted at Bull's shipyards, Metung, for a total cost of $1800, the money being raised by the Junior School boys via a 'Spellathon'. The overhaul included a new propeller, rudder, realigned drive shaft and overhauled stuffing box.

In 1990, a major re-fitting of the boats' super structure was necessary. The cabin above the deck line was removed and a new deck, cabin and roof were fitted. The new design enabled better utilisation of the cabin space, and thus made the vessel more versatile.

Unfortunately during this fit-out process, whilst the cabin was removed, a period of heavy rain resulted in Toona-Foam filling with water and sitting lower than usual. Combined with a bilge pump, which could not cope with the quantity of water seeping in, she sank to the bottom whilst tied to the jetty in Duck Arm.

Fortunately the gunwale remained above the waterline and it was a relatively simple process to pump out the hull and refloat her. Surprisingly, no damage was caused to the engine, other than the starter motor and alternator. The second stage of the re-fit was a major overhaul of the hull. New planks were fitted where necessary, and a complete re-paint finished the work and Toona-Foam was ready for the next decade.

In December 1997 the engine was replaced with a new 28HP Yanmar diesel engine. A new drive shaft, bearings, and propeller were also fitted at this time. In July 1998, the hull was sandblasted back to bare timber, and a number of old lead repair patches were replaced with solid timber. Copper sheeting was installed over the entire keel, and an additional timber sacrificial rubbing strip was added, again to assist with her stability in bad weather.

Toona-Foam has since been lovingly repaired and repainted many times. In 2014, the restoration and renovation was particularly extensive, and in 2021, the boat was decommissioned.