Financial Report

Board’s Report

Auditor’s Independence Declaration

Statement of Profit or Loss

Statement of Fincancial Positon

Statement of Changes in Members’ Funds

Statement of Cash Flows

Notes to the Financial Statements

Declaration by Members of the board

Independent Auditor’s Report

GRIFFITH UNIVERSITY GOLD COAST STUDENT GUILD ABN 54 543 741 436

AUDITOR’S INDEPENDENCE DECLARATION TO THE MEMBERS OF GRIFFITH UNIVERSITY GOLD COAST STUDENT GUILD

I declare that to the best of my knowledge and belief, during the year ended 31 December 2022 there have been:

‐ no contraventions of the auditor independence requirements of the Australian Charities and Not‐for‐Profits Commission Act 2012; and

‐ no contraventions of any applicable code of professional conduct in relation to the audit.

Connect National Audit Pty Ltd

Authorised Audit Company No. 521888

LEE‐ANN DIPPENAAR BCom CA RCA

AUDIT PRINCIPAL

Dated this 24th day of March, 2023.

Connect National Audit Pty Ltd is an Authorised Audit Company

Head Office: Level 8, 350 Collins St, Melbourne VIC 3000 ABN 43 605 713 040 Gold Coast Office: Level 9, Wyndham Corporate Centre, 1 Corporate Court, Bundall QLD 4217 Liability limited by a scheme approved under Professional Standards Legislation w: www.connectauditqueensland.com.au

GRIFFITH UNIVERSITY GOLD COAST STUDENT GUILD ABN 54 543 741 436 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRIFFITH UNIVERSITY GOLD COAST STUDENT GUILD (Page 1 of 3)

Report on the Audit of the Financial Report

Opinion

We have audited the financial report of Griffith University Gold Coast Student Guild (the Association), which comprises the statement of financial position as at 31 December 2022, the statement of profit or loss, the statement of changes in members’ funds, the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information, and the declaration by Members of the Board.

In our opinion, the accompanying financial report of Griffith University Gold Coast Student Guild has been prepared in accordance with the requirements of the Associations Incorporation Act 1981 (QLD) and Division 60 of the Australian Charities and Not‐for‐profits Commission Act 2012 including:

(a) giving a true and fair view of the Association’s financial position as at 31 December 2022 and of its financial performance for the year then ended; and

(b) complying with Australian Accounting Standards ‐ Reduced Disclosure Requirements and Division 60 of the Australian Charities and Not‐for‐profits Commission Act 2012.

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 Association in accordance with the ethical r equirements 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 – Economic Dependence and Subsequent Events

Without modifying our opinion we draw attention to Notes 17 and 19 to the financial statements, which describes that the operations of the Association are mainly dependent on the continuing operations of, and affiliations with, Griffith University. Additionally, the University and Association are currently negotiating a new lease of premises at the University. The Members of the Board of the Association have no reason to believe the University and the Association will not be able to continue operations and provide student services at the University.

Head Office: Level 8, 350 Collins St, Melbourne VIC 3000 ABN 43 605 713 040 Gold Coast Office: Level 9, Wyndham Corporate Centre, 1 Corporate Court, Bundall QLD 4217 Liability limited by a scheme approved under Professional Standards Legislation w: www.connectauditqueensland.com.au

Connect National Audit Pty Ltd is an Authorised Audit Company

GRIFFITH UNIVERSITY GOLD COAST STUDENT GUILD ABN 54 543 741 436

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRIFFITH UNIVERSITY GOLD COAST STUDENT GUILD (Page 2 of 3)

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

The Members of the Board are responsible for the other information. The other information comprises the information included in the Association’s annual report for the year ended 31 December 2022 but does not include the financial report and our auditor’s report thereon. 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.

Matters Relating to the Electronic Presentation of the Audited Financial Report

This auditor’s report relates to the financial report of Griffith University Gold Coast Student Guild for the year ended 31 December 2022, which may become available on its or other websites. The Association's Members of the Board are responsible for the integrity of the Association's website. We have not been engaged to report on the integrity of the Association's website. The auditor’s report refers only to the statements named above. It does not provide an opinion on any other information which may have been hyperlinked to/from these statements. If users of this report are concerned with the inherent risks arising from electronic data communications, they are advised to refer to the hard copy of the audited financial report to confirm the information included in the audited financial report presented on any website.

Responsibilities of the Members of the Board for the Financial Report

The Members of the Board are responsible for the preparation of the financial report that gives a true and fair view in accordance with the Australian Accounting Standards – Reduced Disclosure Requirements, Australian Charities and Not‐for‐profits Commission Act 2012 and the Associations Incorporation Act 1981 (QLD) and for such internal control as the Members of the Board determine is necessary to enable the preparation and fair presentation 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 Members of the Board are responsible for assessing the Association’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Members of the Board either intend to liquidate the Association 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 Australian Auditing Standards will always d etect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, omitting, misstating or obscuring them, could reasonably be expected to influence the decisions of primary users taken on the basis of this financial report.

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GRIFFITH UNIVERSITY GOLD COAST STUDENT GUILD ABN 54 543 741 436

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRIFFITH UNIVERSITY GOLD COAST STUDENT GUILD (Page 3 of 3)

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement 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 controls.

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

 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Members of the Board.

 Conclude on the appropriateness of the Members of the Board’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material u ncertainty exists related to events or conditions that may cast significant doubt on the Association’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 disclosure 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 Association 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 transaction and events in a manner that achieves fair presentation.

We communicate with the Members of the Board 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.

Connect National Audit Pty Ltd

Authorised Audit Company No. 521888

LEE‐ANN DIPPENAAR BCom CA RCA

AUDIT PRINCIPAL

Dated this 24th day of March, 2023.

Guild Partners

The Student Guild acknowledges and extends its thanks to the following valued 2022 corporate partners, for their support and contribution to the student experience.