FOUND A TION 2021 ANNUAL REPORT (FOR THE YEAR ENDED 31 DECEMBER 2021) ABN 65 010 877 531
© BBC Foundation CONTENTS OUR FOUNDATION PAGE 4 FROM THE CHAIR PAGE 6 FOUNDATION BOARD AND OFFICERS PAGE 8 DONOR LIST PAGE 9
or
Our best effort has been made to ensure the 2021 contains accurate thorough information. We apologise if any omission error has occurred. If you discover any error, please contact the Foundation.
2021 Annual Report BBC FOUNDATION + 2
BBC Foundation LTD Annual Report
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BBC FOUNDATION + 3
OUR FOUNDATION
Our Vision To inspire the BBC Clan to partner with us in impactful fundraising initiatives, bridging the gap between the College’s income and its aspiration in all facets of boys’ education at Brisbane Boys’ College.
Our Now As the fundraising arm of the College, the Directors of the Foundation are committed to ensuring the activities of the Foundation are focussed on growing our culture of philanthropy and administering it using best practice corporate governance standards. Our ‘New Day’ approach encompasses strategic programs that focus on the short, medium and longterm horizons through an annual appeal (Giving Day), a pledge campaign (once the 2022 Master Planning process is complete) and bequests (a gift in a Will).
Our Future Ultimately, the Foundation aims to have the financial support to cover our annual commitments to buildings and the current bursaries, and to grow the bursary program to enable more boys to attend BBC through an endowment fund in perpetuity. Endowed funds provide confidence to proceed with planning by providing the future financial firepower required to meet needs. We will achieve this through fostering a deeper culture of philanthropy where supporting the BBC Foundation is engrained in the fabric of the Clan, and ‘going the extra mile’ by providing financial support at whatever level appropriate is just part of the heartbeat of BBC.
2021 Annual Report BBC FOUNDATION + 4
Our Values Be Courageous. Be Compassionate. Be Credible. Be Consistent. Be Confident.
Our Mission To warmly engage with the entire College community to facilitate fundraising for the promotion of excellence in academic, sporting, service and co-curricular endeavours, for the provision of first class facilities, and for bursaries to be awarded to boys otherwise unable to access a BBC education due to financial disadvantage. By playing our role, the Foundation facilitates and fosters the growth and development of the College as an outstanding learning environment and a leading Queensland GPS school.
BBC FOUNDATION + 5 Our Objectives Preserve, improve and develop the College; Provide financial support for the educational purposes of the College; Create opportunities to attract and retain financial support of current parents, parent alumni, Old Collegians and other ‘friends’ of the College; Act as Trustee of trusts and funds established for the benefit of the College
MESSAGE FROM THE CHAIR
Dear Foundation Members and Donors,
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The mission of the BBC Foundation is to engage with the entire College community to facilitate fundraising for the promotion of excellence in academic, sporting, service and co-curricular endeavours, for the provision of firstclass facilities, and bursaries for deserving boys whose families would otherwise not have the financial means to provide a BBC education.
2021 built upon the increased support received in 2020 as we focused our efforts on nurturing a culture of philanthropy at BBC. By the close of 2021, the BBC Foundation had received $699,167 in donations – an outstanding result, especially considering the uncertainty surrounding the global pandemic. It is a testimony to the faith the BBC community has in the impact we are making, and is a sign that they are supportive of our Theapproach.BBCFoundation worked in conjunction with the Old Collegians’ Association (OCA) and the College’s Year 12 cohort to deliver the annual Giving Day fundraiser in October 2021. Students in the BBC Film Crew and the Film Crew Coordinator, Ms Judilyn Bauer, filmed and produced a video for the ‘Our Boys, Our Future’ Giving Day, which featured a cast of several BBC boys, Old Collegians and staff members. A number of Year 12 boys manned the phones on Giving Day, reaching out to more than 500 members of our community. I extend sincere thanks to everyone involved for donating your time and energy towards this very worthy cause. It was encouraging to see how enthusiastic our boys and community members were to be involved with Giving Day. Thanks to the wonderful support and generosity of the BBC Community, including our 14 matching donors, the ‘Our Boys, Our Future’ Giving Day was a great success. We surpassed our initial target of $300,000, raising $333,782 from 355 donations in a 24 hour-period. As directed by our donors, the donations to the Building Fund allowed us to further transform the physical landscape of BBC with the continued renovation of our senior classrooms over the Christmas break. Donations to the Bursary Fund have enabled us to continue providing needs-based bursaries to 20 boys in 2022, boys whose families would otherwise not have the means to provide a BBC education. Thank you for supporting these projects and for entrusting us with your Ingifts.2021, the Foundation made great strides towards facilitating fundraising for BBC’s Co-curricular endeavours through our membership of the Australian Sports Foundation (ASF), which is the only organisation in Australia providing tax-deductible receipts for donations made towards sporting facilities, equipment and travel. We assisted the BBC Rugby Support Group to launch the ‘Take a Seat on Old Boys’ Hill’ campaign, and the BBC Rowing Support Group for the ‘BBC Rowathon - 2,022km for the 2022 Season’ campaign. The Foundation also extended its reach in the wider community through membership with the Australian Independent Schools USA Foundation. This non-profit, tax-exempt corporation complies with US regulations for charities, allowing US-based members of our community to make tax-deductible donations to the Building or Bursary Funds. Thank you to the community members who have already supported us through this organisation.
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MACPHERSON (OC
LIMITED 31 DECEMBER 2021
Thanks also to Community Engagement Manager, Mrs Carol Stephens, who stepped up in the absence of a department director. Carol worked closely with Don O’Rorke and myself over the last nine months of 2021 to help navigate the Foundation through a challenging period, and ensure we continue to set, reach and exceed our fundraising goals for the benefit of all BBC boys. The College Financial Controller, Mrs Lauren Davies, has also worked tirelessly to meticulously manage the Foundation’s financial records, and I thank her for her dedication and hard work.
In Term 4 of 2021 we warmly welcomed the new Director of School Development & Community Engagement, Mrs Hayley Blumenthal, who brings with her a wealth of experience across education and the corporate sector.
The College Archivist, Ms Helen Jackson, was enlisted by the Foundation to create a comprehensive electronic catalogue of the Bisset Gallery Collection, comprising more than 650 pieces of artwork. The Collection was generously bequeathed to the Foundation by the late Mr Philip Y Bisset (OC 1939) with the intention of nurturing a love and appreciation of all forms of art amongst the BBC students and community. The catalogue enables users to search and view 2D and 3D pieces by name, theme, medium, artist, date and provenance, and is now available to the BBC Art Department for use in classrooms. We thank Helen for her hard work and attention to detail in creating this catalogue for the benefit of the BBC community. I would like to acknowledge and thank our Corporate Partners – Sci-Fleet Motors, Green Options and Higgins Coatings – for their generous support of our Bursary Fund this year. Thanks also to the BBC Parents and Friends’ (P&F) Association for giving back to our great community via the funding of a P&F Bursary.
IAN 1979) BBC FOUNDATION BBC Foundation Chair Mr Ian Macpherson presents BBC Acting Headmaster Mr Damon Emtage with a cheque from the 2021 Our Boys Our Future Giving Day donors.
CHAIR
It was an honour to step into the role of Chair of the Foundation Board in July 2021 when Mr Don O’Rorke moved into the role of Chair of the BBC Council. I thank Don for his dedication and diligence, and look forward to working with him in 2022 as he remains on the Foundation Board as a Representative Director for the BBC Council. This year the Foundation Board welcomed Mr Richard Bell (OC 1972) who was appointed Chair of the Bissett Gallery sub-committee, and Mr Ross Baildon (OC 1980) who was appointed Chair of the Finance and Investment sub-committee. These new directors joined Mrs Vanessa Taylor, Representative Director for the BBC P&F, and Mr Damon Emtage, Acting Headmaster, on the Foundation Board. I would like to extend the Foundation’s sincere thanks and best wishes to Mr Peter Hemming (OC 1960) who retired from the Foundation Board in 2021, Mrs Lea Walker-Franks who resigned from BBC in Term 1 of 2021, and Mr Paul Brown, the outgoing Headmaster. During Headmaster Brown’s period of leave in 2021 Mr Damon Emtage stepped into the role of Acting Headmaster and Alternate Director of the BBC Foundation, and I thank him for his dedication and strong support of our projects during this time. Thank you also to Mr Vaughan Henry who filled the role of Representative Director in his capacity as Acting Chair of the BBC Council until July 2021.
As BBC enters its 120th year in 2022, we welcome Mr Andre Casson who takes up the reigns as the 10th Headmaster of BBC. Prior to his appointment at BBC, Andre was the Head of the Australian International School (AIS) in Singapore, where he oversaw the strategic direction and growth of this high-performing institution. The Foundation looks forward to working with Hayley and Andre, and to harnessing their valuable experience and insights in 2022.
*Finance, Investment, Risk & Audit 2021 Annual Report BBC FOUNDATION + DIRECTORS8 (In alphabetical order) MR ROSS BAILDON Elected Director Chair of FIRA* sub-committee MR RICHARD BELL Elected Director Chair of Bisset Gallery sub-committee MR PAUL BROWN BBC Headmaster BBC Foundation Appointed Director MR DAMON EMTAGE BBC Acting Headmaster BBC Foundation Alternate Director (April to December 2021) MR PETER HEMMING Elected Director Chair of FIRA* sub-committee MR VAUGHAN HENRY Acting College Council Representative Director (to July 2021) MR IAN MACPHERSON Elected Director BBC Foundation Chair (from July 2021 to present) MR DON O’RORKE Elected Director BBC Foundation Chair (to July 2021) College Council Representative Director (from July 2021 to present) MRS VANESSA TAYLOR BBC P&F Representative Director OFFICERS (In alphabetical order) MRS HAYLEY BLUMENTHAL BBC Director of School Development and Community Engagement MRS LAUREN DAVIES BBC Financial Controller BBC Foundation Assistant Company Secretary MRS CAROL STEPHENS BBC Community Engagement Manager BBC Foundation Company Secretary MRRESIGNATIONSPAULBROWN BBC Headmaster BBC Foundation Appointed Director MR PETER HEMMING Elected Director Chair of FIRA* sub-committee MRS LEA WALKER-FRANKS BBC Director of Community Engagement and BBC Foundation EO OFFICERSBOARDFOUNDATIONAND
Mr A and Mrs A Clark Mr S and Mrs K Clark Mr R P and Mrs A V Clarke Ms N Claut Mr D M Clough
Mr J and Mrs L de Beer
Mr N and Mrs M Basha BBC Old Collegians Association BBC P&F Association Mr G and Mrs K Beachy-Head Mr B and Mrs L Beard
Mr G I Farquharson Mr D and Mrs N Fearfield Dr D Feinbloom and Ms K Bruce
Mr C and Mrs I Clulow Dr H L C Coates AO Mrs E Compton Mr R and Mrs S Cox Mr R and Mrs E Craddock Mr M A Crichton Dr B Cullen Mr G F Cumming-Harris Mr J Davies and Ms M Wickham
Mr L Feng and Ms J Xie Mr C and Mrs A Fielding Mr J and Mrs K-A Forsythe Mr and Mrs D Fourie
Mr P and Mrs L Adams
Mr B Fuller and Ms L Chesterton Mr A and Mrs L Galloway
Mr P and Mrs C Graham
Mr J and Mrs M Grainger Mr D and Mrs L Gray Mr J and Mrs M Grayson Green Options Dr L W Gregory Mr S C Gregory Dr M Griffin and Ms A Allen Mr P Griffin and Ms S Schleicher Mr S and Mrs A Groves
Mr R Gupta and Mrs P Kumari
Mr D and Mrs E Goodwin The Hon. R Gotterson AO QC Mr B Graham and Ms C O’Rorke
Mr J and Mrs H Deighton Mr A G Demack AO Mr A N Dempsey
Mr A Deng and Mrs Y Xia Dr D Ding and Dr G Ge Mr U Dubey Mr R and Mrs A Duffey In Memory of Mr K Duncombe (OC 1948) Miss K Edwards Mr D Emtage
Dr T and Mrs K Gianduzzo
Mr B H and Mrs G Barclay Mr R I and Mrs M Barclay Mr P A Barker Mr A and Mrs W Barnfield
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Mr P and Mrs K Alexander Mr C and Mrs S Alexander Dr D M Allan Mr M & Mrs H Anderson Mr D B G Apel Mr C Arkell Mr B and Mrs M Arnold Mr P and Mrs K Ashley Mr J and Mrs J Austin Mr A and Mrs A Ayuya
Ms D Bradberry Mr I and Mrs E Bromell Mr T and Mrs A Brown Mrs P Brown Mr S Brown and Dr M Ogilvie-Brown Mr M J M Browne Mr S Bunzli and Ms M Finnimore Mr R Byrnes and Ms N Le Maistre Mr D and Dr K Cain Mr N and Mrs Z Caldwell Mr R and Mrs W Campbell Cape York Leadership Program Mr S and Mrs E Casey Mr A Casson Ms A Chamberlain Mr A Chan Mr I D Charlton Mr L Chen and Mrs M Lu Mr B Chen and Mrs D Lin Mr Z Chen and Mrs Q Kong Dr E and Mrs L Cheng Mr P M Chidambaram and Mrs A Piraviperumal Mr E and Mrs V Childs Mr K and Mrs M Clair
Mr R and Ms L Baildon Mr A N Baildon Mr I and Mrs R Bains Mr H A Baird Mr J and Mrs R Baker
Mr J A J Foxton Mr B and Mrs S Frisbie
Mr G and Mrs L Girle Mr D and Mrs A Godden Mr D Goffage In Memory of Mr K Gold (OC 1949)
DONOR LIST
Mr P and Mrs J Beauchamp Mr R F N Bell Mr R and Mrs T Bell Mr D Bell J & D Bendzala Pty Ltd Mr F H & Mrs J Bentley Mr F and Mrs J Bentley Mr A and Mrs J Bernabe Mr J F Betts Mr T and Mrs D Bird Mr C and Mrs K Bird Mr B and Mrs S Blyton Dr R and Dr R Bohra Ms J Boughen Mr W F Boyd Mr A and Mrs L Boyd
Mr Y Gu and Mrs A Chen
To each and every one of the generous supporters in the list below, and to those who have chosen to remain anonymous, we say thank you. You have made a difference in the lives of the boys at BBC, now and for generations to come.
Mr A and Mrs L Dawson
Mr M and Mrs R Humphrey
Mr R and Mrs P Seymore
Ms I Hall
2021 Annual Report BBC FOUNDATION + 10
Mr J and Mrs A Maki-Neste Ms T Maree
Mr C and Mrs T Hall
Mr N and Mrs K Hann
Mr J and Mrs J Howson
The Maria Vasas Foundation Mr P B Marks Mr D and Mrs B Marschke
Mr A and Mrs S Palmer
Mr A and Mrs R Pollock
Mr R and Mrs N McKinty Mr A and Mrs J McLaughlin-Phillips
Dr B and Dr S Kenny Mr R and Mrs J Kift Mr C D and Mrs S King Mr B and Ms R Kininmonth Mr N and Mrs L Kloboucek Mr A and Mrs M Koia Mr P and Ms E Kronberg Mr D G Law and Ms A Zsidi Mr C and Mrs M Lennon
Mr P and Mrs C O’Connor
Mr C Seymour and Mrs E Seymour
Mr R Hansen Mr H and Mrs F Harris Mr S Hawkings and Ms J Hammond
Mr R Ripley and Ms S Von Reiche
Mr G Ren and Mrs R Pei
Mr R Magdics and Ms K Campbell Mr T and Mrs R Mailau Mr S and Mrs D Maitra
Mr H Huang and Mrs H Liang Mr D Huang and Ms D Rose-Huang Mr P M Hudson
Mr L Ng and Ms B Soh Dr P Nguyen and Mrs R Gardner Mr J R and Mrs A Nicol Mr P D Nimmo
Ms E L Robertson-Warriner Mr A T Robinson Ms E Robinson Ms K Rodger Mr D Roper Mr M Rowley and Ms S Fraser-Rowley Ms J Rudd Mr G and Mrs E Ryan
Mr P McDonald and Ms J Chun Mr A and Mrs O McGregor Mr M and Mrs J McKenna Mr N and Mrs M McKenzie
Mr T C Hunter Mr R J Hunt-Sharp Mr J E Hutchinson Mr A Ie and Ms M Chong Ms H Jackson Mr J and Mrs R Jensen Mr A and Mrs N Johnson Mr A Kelly and Ms V Taylor Kelly
Mr S and Mrs E Rayner Mr D and Mrs S Rees Dr J Reid Dr M Remedios
Mr A and Mrs T Moramoro Mr H S and Mrs H E Munro Mr B Nahrung and Ms A Rees Mr S and Mrs J Nekker
Mr R Pressland Mr J Qiu and Ms N Zheng Dr T Ramaloo Mr P and Mrs J Rayner
Mr J McCowan and Mrs R Chapman-McCowan
Mr A C and Mrs E Rentoul Dr M Rickard and Mrs C Murray-Rickard
Mr W and Mrs S Pratt
Mr D and Mrs G Robertson
Mr R Patel and Mrs H Singh Mr M Pavone Mr A and Mrs J Pelevin Mr L and Mrs G Pennington
Mr J Li and Mrs H Feng Mr D Li and Ms L Zheng Mr J Su and Ms J Liang Mr T C and Mrs E Lloyd Mr M and Mrs K Lloyd Mr Y Lu and Ms Y Chen Mr T Lu and Mrs E Wei Mr K Ly and Ms E Su Mr J Ma and Ms X Tian Mr N and Mrs G Mackenzie-Forbes
Mr R L Hudson
Dr A Menon and Dr D Gangadharan
Dr O and Mrs F Olulope
Dr T Pereira Mr C and Mrs J Phillips
Mr T and Mrs L-A Sahlqvist Scifleet Motors
Mr G Scott and Mrs A Cornford-Scott
Mr G R Packer Mr M Packer Mr M and Mrs K Page Mr M B Palm
Mr B Scott and Ms M McNeill
Mr J and Mrs H O’Brien
Mr S and Mrs M Senituli
Mr J He and Mrs G Wang Mr G and Mrs K Heelan Mr C and Mrs A Henderson Mr R and Mrs K Henningsen Higgins Coatings Pty Ltd Dr S and Mrs F Himstedt Mr M and Miss Y Hoare Mr C and Mrs R Hockaday Mr S and Mrs O Hollingdrake Mr J and Mrs C Hottot
Dr J and Mrs R Moore
Mr G R Hadwen
Mr J P McLeod Mr M and Mrs J McNaught
Mr D C O’Rorke
Mr C and Mrs K Middlemis Mr A C Millis Mr C and Mrs A Mills Mr D K H Moffatt
Mr N L Packer
Mr S and Mrs S Pill Mr A Pitt and Mrs K Rayner Mr R and Mrs S Pohio
Prof I B and Mrs R J McPhee Mr R B McPhee Mr J and Mrs D Medway Mr C J Mellor OAM
Mr D and Mrs K Madden
Prof J and Mrs S Marshall Mr K Marshall Dr B A Martin Drs K and V Matsuda Mr F J G Mayne
Mr R and Mrs S Shaw Mr M Shaw and Ms V Taylor
Mr A and Mrs C Ward Dr D J H Watson
Stafford Mr P and Mrs H Stafford Mr C and Mrs A Stenson Mrs C Stephens
Mr D Ye and Ms X Yuan Mr X Ye and Mrs L Xin Mr X Ye and Mrs V Jin Mr R N Young Mr M and Mrs H Young Mr X Zhang and Mrs Y He Miss L Zhang Please note, donations acknowledged in this list were received from 1 Jan to 31 Dec 2021. Much care and consideration is taken in preparing this list. However, if there is an error or omission, please let us know by contacting the Foundation Office at foundation@bbc.qld.edu.au.
Mr G and Mrs L Shoesmith Mrs K Shore Dr D G Simpson
Mr P White Mr R Whitefield & Mrs R Arnott Ms N Wickenden Mr G Wignall and Ms K Isoardi
Mr C and Mrs A Stratikopoulos Mr C and Mrs M Strickland Mr G and Mrs R Sue Mr B Pace and Ms P Sullivan
BBC
Mr J and Mrs L Shekleton
Mr K R Skinner
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Mr P and Mrs J Smith Mr D Smyth and Ms L Sutherland Mr S So and Mrs K Tsang Society of St. Andrew of Scotland (Qld)
Mr M Sun and Ms L Zhu Mr T and Mrs E Symonds Mr S and Mrs S Tamanika Dr D Tanil Mr A and Mrs Y Tauialo Mr C and Mrs A Thomson Mr S M Thundiyil Manuel and Mrs P Jose Mr A and Mrs A Thwaites
Mr M Tian and Mrs W Ran Mr C J Todd Mr R and Mrs G Tollenaere Mr R and Mrs A Tolley Mr S J and Mrs L Tonge Mr C W Torkington Dr E and Mrs T Trevor-Roberts Mr M and Mrs A Turnbull Mrs I Turner Mr D J and Mrs M Uebergang
Mr P and Mrs A Vella Mr N and Mrs J Vickers Mr V and Mrs A Vladusic The Late Mr F R H Walters
Mr D and Mrs T Watt Mr M A Waugh Mr X Wei and Mrs J Ding Mr A and Mrs C Welch Mr J Wells and Ms C Diehm Mr D R J and Mrs C L Wenck Ms D Werda Ms G Werner Mr and Mrs J Whellum
Mr B and Mrs J Wood Dr D and Dr C Wood Mr J and Mrs G Woolmer Mr D J Wright Mr I R Wuth Mr J M R Wylie AM Mr A Xie and Mrs Y Xu XL Service Bodies Pty Ltd Mr S and Mrs T Xu Mr K Xu and Ms Y Zhang
Mr W D Slade Mr M and Mrs S Slater Mr B A and Mrs J A Slattery
Mr A L and Mrs C Yarrow
Mr B C Slaughter
Mr W and Mrs D Skipper
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Mr C and Mrs L Sloan
Mr C and Mrs D Williams Mr S Wilson Mr S M Wilson AM and Dr J Wilson Mr D C H Wong
FINANCIAL STATEMENTS BBC FOUNDATION LIMITED ABN 65 010 877 531 FINANCIAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 CONTENTS Directors’ Report 1 Auditor’s Independence Declaration 3 Statement of Profit or Loss and Other Comprehensive Income 4 Statement of Financial Position 5 Statement of Changes in Equity 6 DGR and General Fund Balances 7 Statement of Cash Flows 8 Notes to the Financial Statements 9 Directors’ Declaration 19 Independent Auditor’s Report 20
Andre Casson 1 January 2022Robert Henry 8 February 2021 14 June 2021 Richard Bell 18 May 2021Ross Baildon 18 May 2021 -
The mission of BBC Foundation Ltd is to help facilitate and foster growth and development of the College as a Queensland school of excellence. For this mission to be successful, BBC Foundation Ltd needs to help ensure the financial security of the College by developing a commitment to philanthropy and a spirit of generosity within the College community. Support will ensure the College can direct funds to vital projects that otherwise might not receive funding. These contributions will help maintain and improve facilities, enhance academic and co-curricular programs and enrich the teaching and learning experiences of our students. Gifts provide the donor with tax benefits and Brisbane Boys’ College with critical resources to fulfil its mission.
Short and long term strategy for achieving objectives
DIRECTORS’ REPORT
Mr P Brown 20 February 2018 13 April 2021
Mr I Macpherson (Chairperson) 28 April 2020Mr D O’Rorke 16 June 2020Damon Emtage 13 April 2021 31 December 2021
As a vehicle to harness the goodwill, energy and financial support of its community, BBC Foundation Ltd was established in 1990. Appeals, events and other programs are conducted in order to assist the College with its present and future financial needs. BBC Foundation Ltd has engaged the Old Collegians to conduct the reunions and old boy events, on its behalf.
Performance measures
The principal activities of the BBC Foundation Ltd are to source and manage the various funds in order to provide financial support to the College, so as to enhance the educational opportunities and facilities available to BBC students. Events subsequent to Reporting Date There has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual in nature likely, in the opinion of the Directors of the Company, to affect significantly the operations of the Company, the results of those operations, or the state of affairs of the Company, in future financial years.
The success of BBC Foundation Ltd is very dependent on receiving support from the wider College community.
BBC FOUNDATION LIMITED ABN 65 010 877 531
Performance is measured regularly by the Directors through reports generated as to funds raised from various sources, operating expenses and support provided to the BBC Community. Feedback is also sought through engagement with the BBC Community.
The operating surplus of the Company for the year amounted to $184,446 (2020: $514,255).
Your Directors present their report on the Company for the financial year ended 31 December 2021. The names of the Directors in office at any time during or since the end of the year are: Appointed Resigned
Mrs V Taylor 21 August 2018Mr P Hemming 28 April 2020 25 March 2021
1
BBC FOUNDATION LIMITED ABN 65 010 877 531 2 DIRECTORS’ REPORT (CONT.) The number of meetings of Directors held during the year and the number of meetings attended by each Director were as follows: Name of Director Number of Meetings Eligible to Attend Number of AttendedMeetings Mr P Brown 1 1 Mrs V Taylor 5 4 Mr P Hemming 1 0 Mr I Macpherson Mr D O’Rorke 55 45 Mr D Emtage 4 3 Mr R Henry 1 1 Mr R Bell 3 3 Mr R Baildon 3 3 Auditor’s Independence Declaration A copy of the auditor’s independence declaration is set out in page 3 of this report. Signed in accordance with a resolution of the Board of Directors: Director ____________________________________________ Director ____________________________________________ Dated this day of 202231st March
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation. Declaration Charities profits directors of BBC Foundation Limited
Auditor’s Independence
I declare that, to the best of my knowledge and belief, in relation to the audit for the financial year ended 31 December 2021 there have been: i. no contraventions of the auditor independence requirements as set out in the Australian Charities and Not for profits Commission Act 2012 in relation to the audit; and ii. no contraventions of any applicable code of professional conduct in relation to the audit
3
Commission Act 2012 To: the
and Not for
KPMG M J 31BrisbanePartnerJefferyMarch2022 PAR_SIG_01 PAR_NAM_01 PAR_POS_01 PAR_DAT_01 PAR_CIT_01
under subdivision 60 C section 60 40 of Australian
BBC FOUNDATION LIMITED ABN 65 010 877 531 4 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2021 Note 2021$ 2020$ Revenue 2 889,041 1,305,772 Fund Disbursements Building GeneralScholarshipFundFundFund 120,073477,3544,873 230,842460,8612,748 Bisset Fund 100,239 92,526 Total Fund Disbursements 702,539 786,977 Other Expenses Depreciation (Bisset Assets) 1,909 4,363 Depreciation General Fund 147 177 Total Operational Expenses 2,056 4,540 Total Disbursements & Other Expenses 704,595 791,517 Profit for the year 184,446 514,255 Other comprehensive income Items that may be reclassified to profit or loss Unrealised Gain/(Loss) on investments 384,637 (269,447) Total comprehensive income 569,083 244,808 The above statement should be read in conjunction with the accompanying notes.
BBC FOUNDATION LIMITED ABN 65 010 877 531 5 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2021 Note 2021$ 2020$ CURRENT ASSETS Cash and cash equivalents 4 1,745,117 1,556,130 Other current assets 5 48,502 233,074 TOTAL CURRENT ASSETS 1,793,619 1,789,204 NON CURRENT ASSETS Investments 6 3,715,061 3,230,106 Property, plant and equipment 7 815,685 817,741 TOTAL NON CURRENT ASSETS 4,530,746 4,047,847 TOTAL ASSETS 6,324,365 5,837,051 CURRENT LIABILITIES Trade and other payables 8 48,865 115,634 TOTAL CURRENT LIABILITIES 48,865 115,634 NON CURRENT LIABILITIES Borrowings 9 15,000 TOTAL NON CURRENT LIABILITIES 15,000 TOTAL LIABILITIES 48,865 130,634 NET ASSETS 6,275,500 5,706,417 EQUITY Reserves 454,819 70,182 Retained Earnings 5,820,681 5,636,235 TOTAL EQUITY 6,275,500 5,706,417 The above statement should be read in conjunction with the accompanying notes.
Total other comprehensive income for the year (269,447) (269,447)
Balance at 31 December 2021 5,820,681 454,819 6,275,500
Balance at 1 January 2020 5,121,980 339,629 5,461,609 Profit for the year 514,255 514,255
Balance at 1 January 2021 5,636,235 70,182 5,706,417 Profit for the year 184,446 184,446
The above statement should be read in conjunction with the accompanying notes.
Reserves Total $ $ $
BBC FOUNDATION LIMITED ABN 65 010 877 531 6 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBERRetained2021Earnings
Total comprehensive income for the year 514,255 (269,447) 244,808
Total comprehensive income/(loss) for the year 184,446 384,637 569,083
Balance at 31 December 2020 5,636,235 70,182 5,706,417
Total other comprehensive loss for the year 384,637 384,637
Closing balance of fund at the end of the year 1,189,439 1,311,289 General Fund (Non-conditional)
Opening balance at the beginning of the year 156,892 156,765
Opening balance at the beginning of the year 1,311,289 956,554
Fund Payments (477,354) (230,842)
Opening balance at the beginning of the year 4,089,988 4,040,641
Closing balance of fund at the end of the year 76,933 16,623 General Fund (Conditional)
Closing balance at the end of year 4,466,819 4,089,988 Total Equity 6,275,500 5,706,417 The above should be read in conjunction with the accompanying notes.
Donation & Interest Income 258,665 289,384 Fund Payments (4,873) (460,861)
Building Fund
Closing balance of fund at the end of the year 385,417 131,625 Scholarship Fund
Donation & Interest Income 180,530 15,000 Fund Payments (120,220) (2,924)
Donation & Interest Income - 127 Closing balance of fund at the end of the year 156,892 156,892 Bisset Collection
Net (Loss)/Gain on Sale of Asset (8,999) 319,143 Fund Payments & Depreciation (102,148) (96,889)
BBC FOUNDATION LIMITED ABN 65 010 877 531 7
DEDUCTIBLE GIFT RECIPIENTS AND GENERAL FUND BALANCES FOR THE YEAR ENDED 2021$ 2020$
Sundry and Interest Income 103,341 96,540 Unrealised Gain/(Loss) on Investment 384,637 (269,447)
Opening balance at the beginning of the year 131,625 303,102
Opening balance at the beginning of the year 16,623 4,547
Donation & Interest Income 355,504 585,577
31 DECEMBER 2021
Cash at end of year 4 1,745,117 1,556,130
Receipts from donors & supporters 902,255 1,147,020
31 DECEMBER 2021 CASH
CASH FLOWS FROM FINANCING ACTIVITIES
FOR THE YEAR
Payment for Borrowings - (15,000)
Proceeds from Investments (100,318) (609,111)
Payments to suppliers & beneficiaries (699,412) (914,181)
The above statement should be read in conjunction with the accompanying notes.
CASH FLOWS FROM INVESTING ACTIVITIES
BBC FOUNDATION LIMITED ABN 65 010 877 531 8
Net cash used in investing activities (100,318) (609,111)
STATEMENT OF FLOWS ENDED FLOWS FROM ACTIVITIES 2021$ 2020$
Net cash used by Financing Activities - (15,000)
Interest received 2 39,050 Dividends received 86,460 2,679 Net cash provided by operating activities 11 289,305 274,568
Net increase/(decrease) in cash held 188,987 (349,543) Cash at beginning of year 1,556,130 1,905,673
CASH
Note
OPERATING
BBC FOUNDATION LIMITED ABN 65 010 877 531 9
TO THE FINANCIAL
Reporting entity
BBC Foundation Limited is a not-for-profit company limited by guarantee, incorporated and domiciled in Australia.
•AASB 1048 Interpretation and Application of Standards
•AASB 1054 Australian Additional Disclosures
The financial statements are presented in Australian dollars, which is the Foundation’s functional currency.
•AASB 101 Presentation of Financial Statements
The financial statements have been prepared on the historical cost basis, unless otherwise stated in the notes. Functional and presentation currency
The financial report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, and financial assets and financial liabilities for which the fair value basis of accounting has been applied.
Use of judgements and estimates
•AASB 107 Statement of Cash Flows
Reporting Basis and Conventions
The mission of BBC Foundation Ltd is to help facilitate and foster growth and development of Brisbane Boys’ College as a Queensland school of excellence. For this mission to be successful BBC Foundation Ltd needs to help ensure the financial security of the College by developing a commitment to philanthropy and a spirit of generosity within the College community. Basis of Basispreparationofaccounting
Basis of measurement
The report has been prepared in accordance with the requirements of the ACNC Act 2012 and the following Australian Accounting Standards:
FOR THE YEAR ENDED 31 DECEMBER 2021
These financial statements are special purpose financial statements prepared in order to satisfy the financial reporting requirements of the Australian Charities and Not-for-profits Commission Act 2012 (“ACNC Act 2012”). The Directors have determined that the company is not a reporting entity.
NOTES STATEMENTS
The financial statements do not comply with International Financial Reporting Standards (IFRS) adopted by the International Accounting Standards Board (IASB).
In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the College’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
•AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively.
Note 1: Statement of Significant Accounting Policies
BBC FOUNDATION LIMITED ABN 65 010 877 531 10 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
The Company derecognises a financial liability when its contractual obligations are discharged or cancelled, or Financialexpire. assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company has a legal right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.
Accounting a.IncomePoliciesTax
The Company initially recognises loans and receivables issued on the date that they are originated. All other financial assets and financial liabilities are recognised initially on the trade date.
(ii) Non derivative financial assets – measurement
(i) Non derivative financial assets and financial liabilities – recognition and derecognition
BBC Foundation Limited is a not-for-profit entity and is exempt from income tax.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
The following is a summary of the material accounting policies adopted by the company in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated.
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: it is held within a business model whose objective is to hold assets to collect contractual cash flows; and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
b.Financial instruments
The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire. Any interest in such transferred financial assets that is created or retained by the Company is recognised as a separate asset or liability.
On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI - debt investment or FinancialFVTPL.assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.
Note 1: Statement of Significant Accounting Policies (continued)
All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.
Note 1: Statement of Significant Accounting Policies (continued) Accounting Policies (continued) b.Financial Instruments (continued)
Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.
contingent events that would change the amount or timing of cash flows; terms that may adjust the contractual coupon rate, including variable-rate features; prepayment and extension features; and terms that limit the Company's claim to cash flows from specified assets (e.g. Non-recourse features).
(ii)Non derivative financial assets – measurement (continued)
In assessing whether the contractual cash flows are solely payments of principal and interest, the Company considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Company considers:
BBC FOUNDATION LIMITED ABN 65 010 877 531 11 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss.
For the purposes of this assessment, 'principal' is defined as the fair value of the financial asset on initial recognition. 'Interest' is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin.
Financial instruments
the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months).
c.Impairment (i) Non derivative financial assets
Accounting Policies (continued)
the borrower is unlikely to pay its credit obligations to the Company in full, without recourse by the Company to actions such as realising security (if any is held); or
Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial 12-monthinstrument.ECLsare
The Company measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs:
the financial asset is more than 90 days past due.
The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.
debt securities that are determined to have low credit risk at the reporting date; and other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. Loss allowances for trade receivables are always measured at an amount equal to lifetime ECLs.
BBC FOUNDATION LIMITED ABN 65 010 877 531 12 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Note 1: Statement of Significant Accounting Policies (continued)
Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive).
The Company considers a financial asset to be in default when:
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company's historical experience and informed credit assessment and including forward-looking information.
The Company recognises loss allowances for ECLs on: financial assets measured at amortised cost; and debt investments measured at FVOCI.
The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due.
Accounting Policies (continued)
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.
Property Freehold land and buildings are shown at their fair value (being the amount for which an asset could be exchanged between knowledgeable willing parties in an arm’s length transaction), based on cost or periodic independent valuations, less subsequent depreciation for buildings. Art Works Art works are measured at fair value.
d.
The depreciable amount of all fixed assets, excluding freehold land and selected art works, is depreciated on a straight-line basis over their useful lives commencing from the time the asset is held ready for use. Depreciation rates used for each class of depreciable assets are: Class of Fixed Asset Depreciation Rate Buildings 2.5% Plant & Equipment 10%-25%
BBC FOUNDATION LIMITED ABN 65 010 877 531 13 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Note 1: Statement of Significant Accounting Policies (continued)
Each class of property is carried at fair value less, where applicable, any accumulated depreciation and impairment losses.
c.Impairment (continued)
ECLs are discounted at the effective interest rate of the financial asset.
Write-off
Property, plant and equipment
Presentation of allowance for ECL in the statement of financial position
For debt securities at FVOCI, the loss allowance is charged to profit or loss and is recognised in OCI.
Measurement of ECLs (continued)
Depreciation
The gross carrying amount of a financial asset is written off when the Company has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For corporate customers, the Company individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Company expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Company's procedures for recovery of amounts due.
f.Cash and Cash Equivalents
h.Goods and Services Tax (GST)
i.Comparative Information
Cash and cash equivalents includes cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the Statement of Financial Position.
Cash flows are presented in the cash flow statement on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows.
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the balance sheet are shown inclusive of GST.
Accounting Policies (continued)
BBC FOUNDATION LIMITED ABN 65 010 877 531 14 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
e.Provisions
Provisions are recognised when the company has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.
j.Critical Accounting Estimates and Judgments
The Directors evaluate estimates and judgments incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the company.
The DGR’s and General Funds reflect the allocation of interest received and expenses paid against the fund operations.
Note 1: Statement of Significant Accounting Policies (continued)
g.Revenue Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial Donationassets.income that are not enforceable or the performance obligations are not sufficiently specific, will result in immediate income recognition under AASB 1058 Income for Not-for-Profit Entities. Income will be deferred under AASB 15 Revenue from Contracts with Customers otherwise and recognised when (or as) the performance obligations are satisfied.
Dividend income is recognised in profit or loss on the date that the Company’s right to receive payment is Allestablished.revenueis stated net of the amount of goods and services tax (GST).
Comparative information relates to the twelve-month period ended 31 December 2020.
Interest Received allocated
Dividends Received allocated
Donations Scholarship Fund
Net realised Gain on
Fees
Note 2,381,013 1,979,637 – 924,803 967,085 – Other 409,245 283,384 3,715,061 3,230,106
Fixed Income
shares
BBC FOUNDATION LIMITED ABN 65 010 877 531 15
Total Remuneration for audit
NOTES 78,426 355,502 520,347 258,665 289,077 to funds 2 39,050 to funds 103,341 59,729 sale of (8,999) 319,143 889,041 1,305,772
DGR’s & General
DGR’s & General
Tax and Imputation Tax Credits
6: Investments Investment Portfolio – Equity Domestic and International
Investment Portfolio
Note 5: Other Current Assets Trade Receivables 5,500
Donations Building Fund
Investment Portfolio
3: Remuneration
Note 4: Cash and cash equivalents Cash
Total Revenue
Cash Management Account
TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 2021$ 2020$ Note 2: Revenue General Donations & Other Income 180,530
Note of auditor paid to of the Company – KPMG and review of financial reports 3,250 3,418 and other services 3,250 3,418 at 1,210,172 1,374,724 534,945 181,406 1,745,117 1,556,130 183,547 14,186Withholding 28,064 44,944 752 4,583 48,502 233,074
Receivable from Related Party
GST Receivable
bank
auditors
Audit
TOTAL Total assets
8: Trade and Other Payables Trade Payables 5,000 104,617 Payable to Related Party 30,000GST Payable 8,091 5,187 Accrued Expenses 5,774 5,830 48,865 115,634
Total at cost 75,972 845,162 845,162 Depreciation (29,477) (27,421) 817,741
45,629
Total Written Down Value 815,685
15,000
Note -
7: Property, Plant and Equipment Art Works Independent valuation
assets
Plant and Equipment Plant and Equipment
Acquisitions
NOTES
TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 2021$ 2020$
Note
Note 769,190 769,190 since prior valuation 45,629 814,819 814,819 at cost 30,343 30,343 Depreciation (29,477) (27,421) 866 2,922 at valuation 769,190 769,190
9: Loans and borrowings Non-Current Related Parties - 15,000
Total Accumulated
BBC FOUNDATION LIMITED ABN 65 010 877 531 16
Less: Accumulated
75,972
Note 12: Commitments and Contingent Liabilities
NOTES
BBC FOUNDATION LIMITED ABN 65 010 877 531 17
Reconciliation of Cash Flow from Operations with Profit for the year Profit after income tax 184,446 514,255 Non-cash flows Depreciation 2,056 4,540 Changes in assets and liabilities Decrease/(Increase) in other current assets 184,572 (130,177) (Increase)/Decrease in payables (81,769) (114,050)
Note 11: Cash Flow Information
Note 13: Members’ Guarantee
No capital expenditure has been contracted for at the end of the reporting period.
Note 10: Events after the balance sheet date
The Company is limited by guarantee. The Constitution states that if the Company is wound up, every member including those who may have ceased being a member within the past year, undertake to contribute an amount not exceeding $10 to the property of the Company. As at 31 December 2021 the number of members was 97 (2020: 98).
TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
There has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual in nature likely, in the opinion of the Directors of the Company, to affect significantly the operations of the Company, the results of those operations, or the state of affairs of the Company, in future financial years. 2021$ 2020$
Cash flows used in operating activities 289,305 274,568
BBC FOUNDATION LIMITED ABN 65 010 877 531 18
DIRECTORS’ DECLARATION
DatedDirectorDirectorat
(a)the Company is not publicly accountable nor a reporting entity; (b)the financial statements and notes, set out on pages 4 to 17, are in accordance with the Australian Charities and Not-for-profits Commission Act 2012, including: (i)giving a true and fair view of the financial position of the Company as at 31 December 2021 and of its performance, as represented by the results of its operations for the financial year ended on that date in accordance with the statement of compliance and basis of preparation described in Note 1; and (ii)complying with Australian Accounting Standards (including the Australian Accounting Interpretations) to the extent described in Note 1, and the Australian Charities and Not-for-profits Commission Regulation 2013; and (c)there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. Signed in accordance with a resolution of the Directors: Brisbane day of 202231st March
In the opinion of the Directors of BBC Foundation Limited (the Company):
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation.
In our opinion, the accompanying Financial Report of the Company is in accordance with Division 60 of the Australian Charities and Not for profits Commission (ACNC) Act 2012, including: i. giving a true and fair view of the Company’s financial position as at 31 December 2021, and of its financial performance and its cash flows for the year ended on that date; and ii. complying with Australian Accounting Standards to the extent described in Note 1 and Division 60 of the Australian Charities and Not for profits Commission Regulation 2013 The Financial Report comprises: i. Statement of financial position as at 31 December 2021 ii. Statement of profit or loss and other comprehensive income, Statement of changes in equity, and Statement of cash flows for the year then ended. iii. Notes including a summary of significant accounting policies. iv. Directors’ declaration of the Company
We confirm that the independence declaration required by the Australian Charities and Not for profits Commission (ACNC) Act 2012, which has been given to the Directors of BBC Foundation Limited, would be in the same terms if given to the Directors as at the time of this Auditor’s Report
Basis for opinion
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To the members of BBC Foundation Limited Opinion
Independent Auditor’s Report
We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 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 ACNC Act 2012 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 fulfilled our other ethical responsibilities in accordance with the Code.
We have audited the Financial Report, of the BBC Foundation Limited (the Company).
In doing so, we 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.
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We are required to report if we conclude that there is a material misstatement of this Other Information, and based on the work we have performed on the Other Information that we obtained prior to the date of this Auditor’s Report we have nothing to report Responsibilities of the Directors for the Financial Report
The Directors are responsible for:
The Financial Report has been prepared for the purpose of fulfilling the Directors’ financial reporting responsibilities under the ACNC Act 2012 As a result, the Financial Report and this Auditor’s Report may not be suitable for another purpose.
Emphasis of matter – basis of preparation and restriction on use
i. Preparing the Financial Report that gives a true and fair view in accordance with Australian Accounting Standards and the ACNC.
ii. Determining that the basis of preparation described in Notes 1 to the Financial Report is appropriate to meet the requirements of the ACNC, the Act and Regulation. The basis of preparation is also appropriate to meet the needs of the members.
iii. Implementing necessary internal control to enable the preparation of a Financial Report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. iv. Assessing the Company’s ability to continue as a going concern and whether the use of the going concern basis of accounting is appropriate. This includes disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
We draw attention to Note 1 to the Financial Report, which describes the basis of preparation.
Our report is intended solely for the members of the Company and ACNC and should not be used by any other party. We disclaim any assumption of responsibility for any reliance on this Auditor’s Report, or on the Financial Report to which it relates to any person other than the members of the Company and ACNC. Our opinion is not modified in respect of this matter.
Other information
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.
Other Information is financial and non financial information in BBC Foundation Limited’s annual reporting which is provided in addition to the Financial Report and the Auditor’s Report The Directors are responsible for the Other Information.
Auditor’s responsibilities for the audit of the Financial Report
As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit
ii. 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 registered Company’s internal control
iv. 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 registered 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 registered Company to cease to continue as a going concern.
iii. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors
v. 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.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it Misstatementsexists. can arise from fraud or error. They 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.
We also:
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Our objective is:
i. to obtain reasonable assurance about whether the Financial Report as a whole is free from material misstatement, whether due to fraud or error; and ii. to issue an Auditor’s Report that includes our opinion.
i. 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.
KPMG M J 1BrisbanePartnerJefferyApril2022
We communicate with the Directors of the registered Company 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.
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