queensland olympic council annual... · 2019-07-23 · management team, olympians club of...

QUEENSLAND OLYMPIC COUNCILANNUAL REPORT 2017

Queensland Olympic Council Limited

ACN 010 881 615

Registered Office: 37 Stephenson Street

OXLEY QLD 4075

Postal Address: PO Box 1020

OXLEY QLD 4075

+61 7 3121 6428 [email protected]

olympics.com.au/soc/qld

QUEENSLAND OLYMPIC COUNCIL 2017 ANNUAL REPORT 1

CONTENTS2 Patrons, Executive Board, Life Members & AOC Delegates

3 Management Team, Olympians Club of Queensland, Education Commission & Team Appeal Committee

4-5 Merit Award Recipients

6 De Coubertin Service Award Recipients

7 Pierre de Coubertin International Youth Forum Participants

8-11 President’s Report

12-13 Secretary General’s Report

14-15 Education Commission Report

16-17 Olympians Club of Queensland Report

18-19 Controlling Bodies, Recognised Bodies & Acknowledgements

20-42 Audited Financial Statements (FS Pg 1-22)

FS Pg 1-4 Director’s Report

FS Pg 5 Statement of Comprehensive Income

FS Pg 6 Statement of Financial Position

FS Pg 7 Statement of Cash Flows

FS Pg 8 Statement of Changes In Equity

FS Pg 9-15 Notes To The Financial Statements

FS Pg 16 Director’s Declaration

FS Pg 17-21 Auditor’s Report

FS Pg 22 Statement of Fundraising Financial Performance

QUEENSLAND OLYMPIC COUNCIL 2017 ANNUAL REPORT2

QUEENSLAND OLYMPIC COUNCIL LIMITEDChief Patron His Excellency the Honourable Paul de Jersey AC Governor of Queensland

Patron The Honourable Annastacia Palaszczuk MP The Premier of Queensland

EXECUTIVE BOARD

President Natalie Cook OAM

Senior Vice President Ray Ebert until 29.03.2017 Paul Gonzalez from 29.03.2017

Vice President - Finance Trevor Beckingham OAM FCPA

Secretary-General Trevor Beckingham OAM FCPA

Executive Members Toby Jenkins until 29.03.2017 Sara Carrigan OAM until 29.03.2017 Julie McDonald OAM until 29.03.2017 Paul Gonzalez until 29.03.2017

Susan O’Neill OAM from 29.03.2017 Mark Livings from 29.03.2017 John Lamont from 29.03.2017 Andrew Trim from 29.03.2017

Life Members Cecil Henderson (deceased) GW ‘Terry’ Moessinger AM (1983) (deceased) Hector Cormie (1985) (deceased) EG (Garry) Stephenson (1986) (deceased) Judge Edmond Broad (1986) (deceased) Thomas Blue AM BEM (1986) (deceased) VN (Norm) Gailey MBE (1986) (deceased) Ruby Robinson AM MBE (1990) (deceased) Guerin (Garry) Gardner OAM FCA (1993) (deceased) Ralph Beckingham OAM (2001) (deceased) Barry Cheales OAM (2007) Dr Ian Jobling (2009) Michael Wenden AM MBE (2010) Trevor Beckingham OAM (2013) Kenneth Madsen MBE (2013)

AOC Delegates Natalie Cook OAM Trevor Beckingham OAM Lisa Zoomers


MANAGEMENT TEAM

Operations Manager Lisa Zoomers

OLYMPIANS CLUB OF QUEENSLAND

President Andrew Trim

EDUCATION COMMISSION

Chair Dr Caroline Riot

Members John Callie Sally Callie Maressa Calthorpe-Croft Dr Ian Jobling Trevor Beckingham OAM Lisa Zoomers

TEAM APPEAL COMMITTEE

Chair Mark Stockwell

QUEENSLAND OLYMPIC COUNCIL LIMITED


MERIT AWARD RECIPIENTS1986 Barry Cheales OAM Shirley Chessher John Cuneo Norma Fleming Jack Forrest (deceased) Geurin (Garry) Gardner OAM FCA (deceased) E. Joe King AM (deceased) Stephen Holland OAM Ruby Robinson AM MBE (deceased) Dr David Theile AO

1990 Ralph Beckingham OAM (deceased) Hilary Chessher MBE

1993 Arthur Cusack (deceased) Tracey Wickham MBE

1996 Ronald Leahy (deceased)

1997 Duncan Armstrong OAM Trevor Beckingham OAM Susan O’Neill OAM Clint Robinson OAM Jon Sieben OAM Michael Wenden AM MBE

1998 Tracey Belbin OAM Deborah Bowman-Sullivan OAM Lorraine Hillas OAM Dean Lukin OAM Clover Maitland OAM Norman May AM Jennifer Morris OAM Kim Tuckwell OAM

1999 Glynis Nunn-Cearns OAM Kieren Perkins OAM

2000 Tom Anderson (deceased) Renita Garard OAM Dr Ian Jobling

2001 John Humphreys (deceased) Brian MacDermott (deceased)

2002 Natalie Cook OAM Grant Hackett OAM


2003 Steven Bradbury OAM Danny Sheehan

2004 Norbury Rogers AO Marlene Mathews AO

2005 Greg Hallam Julie McDonald OAM

2006 Kim Cooper David Fordham (deceased)

2007 John Carew (deceased) Veronica Guiver (deceased)

2008 Laurie Lawrence

2009 Samantha Riley OAM Dr Karin Walduck

2010 Stephen Hinchy OAM Scott Volkers

2011 Denis Cotterell Steve McRoberts

2012 Andy Georges Dr Sue Hooper AM

2013 Lisa Bennetts Jodie Henry

2014 Duncan Free OAM Richard Powell

2015 Ray Ebert Leisel Jones OAM

2017 Joyce Lester OAM

MERIT AWARD RECIPIENTS


DE COUBERTIN SERVICE AWARD RECIPIENTS John Kane

2003 Marlene Mathews AO

2004 Dr Ian Jobling

2005 Trevor Beckingham OAM

2013 Kim Cooper


PIERRE DE COUBERTIN INTERNATIONAL YOUTH FORUM PARTICIPANTS1997 Le Havre – France Did not Participate

1999 Much Wenlock – England Did Not participate

2001 Lausanne – Switzerland Brendan Aubrey Alana Boyd Robyn Burt Aidan Fenoglio Kathy Hillyard Jill Koltermann

2003 Arenzano - Italy Stevie Bray Luke Keyes

2005 Radstadt - Austria Ben Day Jessica Faulkner

2007 Tabor – Czech Republic Campbell Schmidt Ella Tanner

2009 Olympia - Greece Oliver Cook Katharina Riehl

2011 Beijing - China Jayden Hopewell Sarah Pullen

2013 Lillehammer - Norway Peter McMaster Laryssa Perkins

2015 Piestany - Slovakia Emily Griffin Connor Van Donselaer

2017 Ülenurme - Estonia Miela Goodchild Nicholas Newton


2017 PRESIDENTS REPORTYou would think that a non Olympic year would mean we aren’t that busy! Instead of sitting around waiting for the Olympics to come closer we turned our focus to other areas of our concern for our athletes, the community and the Olympic Movement.

We started the year completing the delivery of Pins and Pockets to our 2016 RIO Olympians. The exercise enabled Trevor and Lisa to have face to face contact with our Olympians which in turn let our Olympians know we are here to help. As this was the start of the new Quad a new Board was elected at our AGM in March. I thank the outgoing Board members of Ray, Toby, Sara and Julie for all their work and welcome our new Board members Andrew, Susie, Mark and John and look forward to a wonderful journey with them to Tokyo.

Meet with a Champ

Our goal this year was to run 1 Meet with a Champ Program in each of the 4 School Terms. This goal was achieved. We covered 15 schools going to the areas of Bracken Ridge, Alexandra Hills, Townsville, Charters Towers and Warwick, with 12 Olympians participating. Teachers, Students and Olympians all agreed that these Programs were a wonderful initiative and provided both positive reinforcement for the students and professional development for our Olympians. This program allows us to reconnect with communities across the state and inspire everyone along the way. We managed to talk to approx. 1200 students.

Olympians Club

Andrew Trim was elected President in March and was active in the new role providing 2 opportunities this year for our Olympians to engage and network. At the Half Time Celebrations in July at the Port Office, Olympians enjoyed a few drinks and heard what the QOC envisaged for the coming Quad and how it was


looking to engage with them. The 2nd event, Breakfast of Champions in October at River City Labs, allowed Olympians to hear from a range of Entrepreneurs in the Business Start Up Community as to how their journey was not dissimilar to that of an Olympian. Thanks Andrew for bringing some new and exciting energy and events to the Olympians Club.

Pierre de Coubertin Awards

The PdC Awards continues to be a highlight of the QOC Calendar. This year saw a record number of recipients receive the award, 226. Our presentation was held on Saturday 8th July again at Somerville House. This was our 7th year in this venue and we also utilised their new Foundation Building to hold our Leadership Program for recipients prior to our Ceremony. Somerville House continues to be a wonderful venue for our Awards and we Thank them for their continued involvement and look forward to continuing our relationship into the future.

I was away this year for the Ceremony however I am very thankful to Susie O’Neill who stepped in on my behalf. 2017 welcomed our Governor the Honourable Paul de Jersey AC, as our special guest. His Excellency spoke and presented awards. Olympians involved this year were Susie O’Neill, John Callie, Bronwen Knox, Andrew Trim, Naomi Castle and Barry Cheales. Our Olympian Panel is always a highlight of our Ceremony and we thank our Olympians for their continued involvement with our Awards.

As always this presentation is a group effort and could not be so successful without the help of all involved. Dr Caroline Riot, Chair, Education Commission, Lisa Zoomers and Trevor Beckingham, our Griffith Uni students Adam Berardi and Emily Bell together with Maressa Calthorpe-Croft, Stephen Butterworth and Lachlan Beckingham.

Athlete Transition

We are all very passionate about this topic. And there is much work to be done in this space. We have started down the path to tackle this challenge and have brought together a group of champions in the fields necessary to address the main issues. Ranging from Academic to Corporate. We are also working closely with the QAS to ensure we can offer value and collaborate on some projects.


World Olympian Association (WOA)

My work on the WOA Board saw some exciting news come to light for our Olympians. The launch of the OLY post nominal letters designation for all Olympians. Something to add to their name to show for all their hard work.

We received a WOA Service to Community Grant. This grant helped us travel regionally with our Meet with a Champ Program. We were able to use the grant to take this program for a 3 day visit to Townsville and Charters Towers which would have otherwise not been possible.

The Winter Olympics are looming and our team looks very strong so bring on PyeongChang 2018! Go Aussies!

Yours in sport,

Natalie Cook OAM President

2017 PRESIDENTS REPORT (CONT’D)

Planning for Tokyo 2020

We will wait until the Commonwealth Games are over on the Gold Coast to engage in our Fundraising activities. We are spending lots of brain and creative power right now to ensure it is a hugely successful event and is even better than our RIO 2016 dinner. I am sure with the new board we can pull it off! Stay tuned.

AOC Cultural Review and Reset

The focus of the review was to clearly affirm what we are about through the AOC’s objectives, provide for implementation of the recommendations of The Ethics Centre Review and to refine our organisational structure to ensure the AOC is fit for purpose. This was not a wholesale rebuild but a reset.


2017 SECRETARY GENERAL’S REPORT2017 was new beginnings. A new quad, a new Board and new challenges that come with all that and a fresh start. After an amazing Rio quad it was time to reflect and gather our thoughts for the years ahead and adjust our direction to new horizons. Full details of all of these activities can be found in the relevant Reports in this Annual Report.

The main focus of this report is on the administration activities of the QOC to support the strategic objectives identified by the QOC Board.

Education

Meet with a Champ - We received approval from the Board to deliver a modified and enhanced AOC initiative. We were able to role out one program in each of the 4 school terms in 2017. Meet with a Champ is an interactive session delivered in Secondary Schools, aimed primarily at Years 9 and 10. It incorporates a panel of Olympians sharing theexperience of their journey and allows for studentquestions, interaction and autographs with theOlympians following the session. The Olympians deliverkey messages on the Olympic Ideals, active healthylifestyle choices, time management and goal setting.We delivered the program in Bracken Ridge, AlexandraHills, Townsville/Charters Towers and Warwick. Tosupplement funding, we applied for and receivedfunding through the World Olympians Associationwith one of their Service to Community Grants. Thisenabled an extended program to be delivered to theregional areas of Townsville and Charters Towers.

Pierre de Coubertin Awards - We again co-ordinated and delivered a highly successful Awards Ceremony and Leadership Program. This involved 4 work placement students that dwindled to only 2, with limited numbers we were still able to effectively organise for a successful result.

AOC

Lisa has built a closer relationship with the AOC and has undertaken training in new AOC IT platforms designed to enhance and extend our capabilities with our fundraising initiatives. Lisa has been included in the Resetting the Australian Olympic Committee as an Organisation initiative that will ensure that the Olympic


movement in Australia is fit for purpose in the years ahead. She also attends regular phone hook-ups designed to keep us abreast of current developments at the AOC.

Olympians Club

Pins and Pockets – Following on from the Pins and Pockets presented to Olympians who attended the Rio Games there were a number that still needed to be presented. Over a 4 day period Lisa and I co-ordinated and personally delivered these to Olympians on the Gold and Sunshine Coast as well as North & East and South & West Brisbane.

Olympians Club Functions – We provided the co-ordination, administrative and operational support to the activities of the restructured Olympians Club of Queensland. This assisted in making these the most successful Olympians Club activities in recent times. Events included the Half-Time Drinks, Breakfast of Champions and Battle of the Sexes movie premiere. Through these events we have re-established a closer rapport with Olympians which has revitalised the contact the Council has with them. We ensure that at any event following the introduction of OLY post-nominals any Olympians present are presented with their certificate acknowledging this enhanced status.

Administration

Lisa works tirelessly and diligently to attend to the day to day operation of the office with my assistance. Without her efforts, especially her attention to detail and her exuberant disposition the work of the Board and its various committees would not be as enthusiastically attended to. Lisa co-ordinated, attended, and provided admin support to our AGM, Board Meetings and all the Meetings of the vast array of sub-committees and groups within the QOC. In addition we work very closely with Board Champions to support and deliver key strategic initiatives.

Representation Activities – Lisa and I represented the Council at a number of activities including 2 Government House Receptions and the QSport Awards Ceremony.

The Board formally met 5 times during the year and these were well attended by Board Members. There were also a significant number of informal interactions between various members of the Board to progress various initiatives and activities of the QOC.

After a long and drawn out process the work to review our Memorandum and Articles of Association (Constitution) concluded with the successful adoption of the proposed changes at the AGM in March 2017. These changes will hopefully stand us in good stead for many years to come and remove the necessity for further changes.

Thanks

We have continued to support a number of activities throughout Queensland with Olympians when requested and again thank them for their continued support of our activities as they have a huge role to play in promoting our activities.

Similarly 2017 again saw the QOC supported by some wonderful volunteers across all our operational areas. We had numerous volunteers assist us with the Pierre de Coubertin Awards and students from Griffith University undertook work experience placements with us. We have a vast number of people who freely give of their time to serve on a range of QOC committees, task forces and working groups. We thank them all for their support and the work that they perform, we would not be able to offer the range of activities without your efforts.

Our flagship education program, the Pierre de Coubertin Awards, was again a wonderful success with over 500 guests attending the Awards Ceremony in July. To all the hardworking Education Commission members and volunteers thank you for your continued effort in helping us promote the Olympic ideals through our education program. Our particular appreciation is also extended to our Patron in Chief, the Governor of Queensland, His Excellency the Honourable Paul de Jersey AC for attending and presenting at the Awards, Somerville House for hosting the Awards Ceremony again this year and Outward Bound for facilitating the Leadership Program at the Awards and the Leadership Extension Program that we ran following the Awards We would like to acknowledge the work of John Callie in coordinating these Leadership Programs.

Before I conclude I would like to restate last years comments and again pay tribute to the efforts of our Operations Manager, Lisa Zoomers. Her enthusiasm and zest for life is only rivalled by that of our President Natalie Cook and our new Board, they all gel together perfectly. Lisa is a bright effervescent personality who has revitalised the administrative operation of the QOC. Her commitment and attention to detail has resulted in a revitalised approach to many of our initiatives. Lisa, thank you.

Finally to the Board, thank you, to the outgoing members, you took on the role when nobody else wanted it and established a base to leverage the future. To the new members for your enthusiasm and zest to want to take on the world and turn it on it’s head, and doing so, to give us a new direction and what promises to be an exciting future. Let the journey continue.

Trevor Beckingham OAM FCPA Secretary-General


2017 EDUCATION COMMISSION REPORTOverview

The 2017 Chair’s Report of the QOC Education Commission provides an overview of key activities of the Commission during 2017 and acknowledges the significant contribution of Commission members and volunteers in advancing the Olympic movement throughout Queensland. 2017 was an enjoyable and very successful year. We are committed to advancing our program in 2018.

Pierre de Coubertin Awards

In 2017, 226 recipients of the Pierre de Coubertin Award representing a record number of recipients and a significant increase since 2016, where there were 183 recipients. The QOC


hosted His Excellency the Honourable Paul de Jersey AC, Governor of Queensland and Chief Patron of the Queensland Olympic Council who duly acknowledged the significant contribution of the QOC Education Commission to sport and recreation throughout Queensland. In 2017, the Pierre de Coubertin Award Ceremony included a 2-day program comprising: (1) a leadership program for participating students supported by Olympians and Outward Bound as well as an Award Ceremony on day 1 and (2) a dedicated (yet optional) leadership extension program run by Outward Bound and held in New South Wales for participating students on day 2. Members of the Education Commission were in attendance (on day 1) and made significant contributions to every aspect of the event (including pre- and post- support). Students from Griffith University assisted as interns in the administration and delivery of the event. We thank participating Universities for providing education and careers information, and Somerville House for their hosting of the event as well as ongoing support.

International Youth Forum

In August 2017, two Queensland Pierre de Coubertin Recipients, Melia Goodchild and Nick Newton, formed part of the AOC team participating in the 11th International Pierre de Coubertin Youth Forum in Estonia. In the lead-up to their participation, we called for nominations and coordinated an interview and selection process.

Meet with a Champ

This program was well executed throughout 5 key locations in Queensland with outreach to a number of schools and young participants in 2017. The participation of Olympians in this ongoing event is significant and contributes to its continued success.

Centre for Olympic Studies

In 2017, the transition of the Centre from University of Queensland to the QOC was led by Associate Professor Ian Jobling. Ian continues to lead the development of the re-imagined Centre with support from the QOC Education Commission Chair and supporting universities based in Queensland. The new on-line Centre will provide increased access to news, research, and education in the context of Olympism and Olympic Studies and will also include historical content of importance to the Olympic movement.

Intentions 2018

In 2018, the Education Commission will draw attention to the following initiatives to drive activities:

• Increasing media coverage and messagingaround the Pierre de Coubertin AwardCeremony

• Launching the Queensland Centre forOlympic Studies website

• Continuing excellence in the delivery of theMeet with the Champ program

• Sourcing student interns to assist with thePierre de Coubertin event management

• Exploring ways to re-engage IYF participantsin our ongoing activities

With Thanks

I wish to express my gratitude to all Education Commission Members for their support, input and dedication to all education activities. Let’s make 2018 another terrific and memorable year in advancing the Olympic movement!

Dr Caroline Riot Chair, Education Commission


2017 OLYMPIANS CLUB OF QUEENSLAND REPORTAs always, the post Olympic year involved a transition of personnel for the Club. Julie McDonald decided to step down as President after four years in the role. I know every Queensland Olympian wishes Julie the very best in the coming years and thanks her for her years of service.

2017 saw two successful events held.

Our ‘Half Time’ drinks and canapés at the Port Office Hotel attracted around 31 guests. Lots of catching up and laughter could be heard into the late hours of the evening.

The second event, a breakfast held in conjunction with River City Labs was a resounding success. Olympians and their guests turned up and in contrast to the Port Office, you could hear a pin drop as we listened to a panel of start-up


entrepreneurs describe the trails, tribulations and resilience needed to be successful in the digital world. The similarities with elite sport was remarkable. We thank Nicole and her team at River City Labs for putting on such a great morning.

Further events are planned for 2018 with dinner on the 16th of February kicking off the year. As President, I am getting great help from Gail Miller and Jodie Henry, thanks ladies.

On behalf of Queensland Olympians, I wish to thank the Queensland Olympic Council Board for the great work they are doing in the area around athlete transition. There is some real progress being made with this Board bringing some great skills, ideas and drive to the national table.

We wish the team all the best in PyeongChang in February and congratulate the four Queenslanders on making the team.

Andrew Trim President, Olympians Club of Queensland


CONTROLLING BODIESARCHERY Archery Queensland

ATHLETICS Queensland Athletics Association

BADMINTON Queensland Badminton Association Inc

BASEBALL Baseball Queensland Inc

BASKETBALL Basketball Queensland

BOXING Boxing Queensland

CANOEING Queensland Canoeing Incorporated

CURLING Queensland Curling Association

CYCLING Cycling Queensland

EQUESTRIAN Equestrian Queensland

FENCING Queensland Fencing Association Inc

FOOTBALL Football Queensland Ltd

GOLF Golf Queensland

GYMNASTICS Queensland Gymnastics Inc

HANDBALL Team Handball Association Inc

HOCKEY Hockey Queensland Inc

ICE HOCKEY Ice Hockey Queensland Inc

JUDO Judo Federation of Australia (Qld) Ltd

KARATE Queensland Karate Association Inc

MODERN PENTATHLON Modern Pentathlon Queensland

ROWING Rowing Queensland Incorporated

RUGBY UNION Queensland Rugby Union

SAILING Yachting Queensland

SHOOTING Queensland Shooting Assoc

SKATE BOARDING Skate Queensland Association Inc

SKATING - FIGURE Ice Skating Queensland Inc

SKATING - SHORT TRACK, SPEED Queensland Ice Racing Association Inc

SOFTBALL Queensland Softball Association Inc

SURFING Surfing Queensland Inc

SPORT CLIMBING Sport Climbing Australia Qld

SWIMMING Queensland Swimming Association Inc.


RECOGNISED BODIESDIVING Diving Queensland

NETBALL Netball Queensland

ORIENTEERING Orienteering Queensland

SQUASH Q Squash Ltd

SURF LIFE SAVING Surf Life Saving Queensland

SYNCHRONISED SWIMMING Qld Synchronised Swimming Inc

TEN PIN BOWLING Ten Pin Bowling Association of Qld

ULTIMATE DISC Queensland Ultimate Disc

UNDERWATER Australian Underwater Federation – Qld Inc

WATERSKI Qld Waterski and Wakeboard Federation

TABLE TENNIS Table Tennis Queensland Inc

TAEKWONDO Taekwondo Queensland

TENNIS Tennis Queensland

TRIATHLON Triathlon Queensland Inc

VOLLEYBALL Queensland Volleyball Association Inc

WATER POLO Water Polo Queensland

WEIGHTLIFTING Queensland Weightlifting Association Inc

WRESTLING Wrestling Queensland Inc

CONTROLLING BODIES

ACKNOWLEDGEMENTS


QUEENSLAND OLYMPIC COUNCIL

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation

Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001

Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au

Independent Auditor's Report to the Members of the Queensland Olympic Council Limited

Opinion

We have audited the financial report, being a special purpose financial report, of the Queensland Olympic Council Limited (the Company), which comprises the statement of financial position as at 31 December 2017, the statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes to the financial statements, including a summary of significant accounting policies, and the directors' declaration.

In our opinion, the accompanying financial report of the Company is in accordance with the Corporations Act 2001, including:

a) giving a true and fair view of the Company's financial position as at 31 December 2017 and of its financial performance for the year ended on that date; and

b) complying with Australian Accounting Standards to the extent described in Note 2, and the Corporations Regulations 2001.

Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter - Basis of Accounting

We draw attention to Note 2 to the financial statements, which describes the basis of accounting. The financial report has been prepared for the purpose of fulfilling the directors’ financial reporting responsibilities under the Corporations Act 2001. As a result, the financial report may not be suitable for another purpose. Our opinion is not modified in respect of this matter.


2

Information Other than the Financial Report and Auditor’s Report Thereon

The directors are responsible for the other information. The other information is the directors’ report accompanying the financial report.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the Financial Report

The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view and have determined that the basis of preparation described in Note 2 to the financial statements is appropriate to meet the requirements of the Corporations Act 2001 and is appropriate to meet the needs of the members. The directors’ responsibility also includes such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial report, whether due to fraud

or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.


2

Information Other than the Financial Report and Auditor’s Report Thereon

The directors are responsible for the other information. The other information is the directors’ report accompanying the financial report.

Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the Financial Report

The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view and have determined that the basis of preparation described in Note 2 to the financial statements is appropriate to meet the requirements of the Corporations Act 2001 and is appropriate to meet the needs of the members. The directors’ responsibility also includes such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial report, whether due to fraud

or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.


3

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made by the directors. Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and,

based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial report, including the

disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Ernst & Young Daniel Cunningham Partner Sydney 22 February 2018


Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au

Auditor’s Independence Declaration to the Directors of the Queensland Olympic Council Limited As lead auditor for the audit of the Queensland Olympic Council Limited for the financial year ended 31 December 2017, I declare to the best of my knowledge and belief, there have been:

a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and

b) no contraventions of any applicable code of professional conduct in relation to the audit. Ernst & Young Daniel Cunningham Partner 22 February 2018


Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au

Auditor’s Independence Declaration to the Directors of the Queensland Olympic Council Limited As lead auditor for the audit of the Queensland Olympic Council Limited for the financial year ended 31 December 2017, I declare to the best of my knowledge and belief, there have been:

a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and

b) no contraventions of any applicable code of professional conduct in relation to the audit. Ernst & Young Daniel Cunningham Partner 22 February 2018


DISCLAIMER ON ADDITIONAL FINANCIAL INFORMATION The additional financial information, being the attached Statement of Fundraising Financial Performance, has been compiled by the management of Queensland Olympic Council Limited. No audit or review has been performed by us and accordingly no assurance is expressed. To the extent permitted by law, we do not accept liability for any loss or damage which any person, other than Queensland Olympic Council Limited may suffer arising from any negligence on our part. No person should rely on the additional financial information without having an audit or review conducted. Ernst & Young Sydney 22 February 2018


Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au

20I8 AUSTRALIAN OLYMPIC COMMITTEE PARTNERS & SUPPLIERS

AIRWEAVE \ CARGO LIVE \ CONCIERGE BUSINESS TRAVEL \ GETTY IMAGES \

ISENTIA \ KARBON \ TOTAL IMAGE \ XTM

Queensland Olympic Council Limited

ACN 010 881 615

Registered Office: 37 Stephenson Street, OXLEY QLD 4075

Postal Address: PO Box 1020, OXLEY QLD 4075

+61 7 3121 6428 [email protected] olympics.com.au/soc/qld

queensland olympic council annual... · 2019-07-23 · management team, olympians club of...

Documents