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Queensland Olympic Council

Annual Report 2011

Queensland Olympic Council Limited

ACN 010 881 615

Registered Office: Office 6, Level 3 Queensland Sport & Athletics Centre

Kessels Road NATHAN QLD 4111

Postal Address: PO Box 470

SUNNYBANK PS QLD 4109

Ph: +61 7 3349 4626 Fax: +61 7 3349 5049

olympics.com.au/qld

Contents 4 PATRONS, EXECUTIVE BOARD, LIFE MEMBERS & AOC DELEGATES 5 - 6 MANAGEMENT TEAM, EDUCATION COMMISSION, PIERRE DE

COUBERTIN WORKING GROUP, 2012 FUNDRAISING COMMITTEE 7 MERIT AWARD & DE COUBERTIN SERVICE AWARD RECIPIENTS 8 - 9 PRESIDENT‟S REVIEW 10 - 11 EXECUTIVE DIRECTOR‟S REPORT 12 - 14 EDUCATION COMMISSION REPORT 15 THE OLYMPIANS CLUB OF QUEENSLAND 16 CONTROLLING BODIES 17 - 19 DIRECTOR‟S REPORT 20 STATEMENT OF COMPREHENSIVE INCOME 21 STATEMENT OF FINANCIAL POSITION 22 STATEMENT OF CASH FLOWS 23 STATEMENT OF CHANGES IN EQUITY 24 - 31 NOTES TO THE FINANCIAL STATEMENTS 32 DIRECTOR‟S DECLARATION 33 - 36 AUDITOR‟S REPORT 37 STATEMENT OF FUNDRAISING FINANCIAL PERFORMANCE

Queensland Olympic Council Limited Chief Patron Her Excellency Ms Penelope Wensley AO

Governor of Queensland Patron The Hon. Anna Bligh MP The Premier of Queensland Executive Board President Richard Powell - BA, MBA, MAICD Vice President (Senior) Ray Ebert Vice President (Finance) Trevor Beckingham - B.Bus (Acctcy), FCPA Executive Director Michael Brierley - B.Comm, M.Mgnt, FISM Executive Members Judy Hudson-Luxton - BHMS, Grad Dip.T Michael Wenden AM MBE - B.Comm Toby Jenkins - B. Comm

Joanne Robey - B. HMS (resigned 10 June 2011) Natalie Cook OAM - (appointed 27 July 2011)

Life Members Ralph Beckingham OAM

Hector Cormie (deceased)

Barry Cheales OAM VN (Norm) Gailey MBE (deceased)

Dr. Ian Jobling Guerin Gardner OAM FCA (deceased)

Terry Moessinger AM Cecil Henderson (deceased)

Thomas Blue AM BEM (deceased)

Ruby Robinson AM MBE (deceased)

Judge Edmond Broad (deceased)

EG (Garry) Stephenson (deceased)

Michael Wenden AM MBE AOC Delegates Richard Powell Michael Brierley

Management Team Executive Director Michael Brierley Education Commission Chair: Kim Cooper, Olympian

Trevor Beckingham, Queensland Olympic Council Dr. Ian Jobling, Centre for Olympic Studies - University of Queensland Lara Davenport, Olympian Michael Brierley, Queensland Olympic Council

Pierre de Coubertin Awards Working Group

Chair: Kim Cooper, Olympian

Trevor Beckingham, Queensland Olympic Council Dr. Ian Jobling, Centre for Olympic Studies - University of Queensland Stephen Murray, Queensland Department of Education Sue Hooper, Olympian Boyd Jorgensen, Principal Maroochydore State High School Jill Koltermann, 2001 International PDC Awards Forum Attendee Mary Summerson Michael Brierley, Queensland Olympic Council

2012 Fundraising Committee

Chair: Matthew Hill Smith

Scott Agnew, Milan Holdings Group Lisa Bennetts, Qantas Airways Kylie Blucher & Les Hart, Nine Network Australia Andy Georges, Il Centro Restaurant & Bar David Gowdie, Carlton & United Breweries Jim Grant, Treasury Wine Estates Greg Hallam, Local Government Association of Queensland Judy Hudson, Olympians Club of Queensland Paul O‟Loughlin, O‟Loughlin Executive Search Richard Powell, Queensland Olympic Council

Merit Award Recipients Tom Anderson (deceased) Dr. Ian Jobling

Duncan Armstrong OAM E. Joe King AM (deceased)

Ralph Beckingham OAM Laurie Lawrence

Trevor Beckingham Ronald Leahy (deceased)

Tracey Belbin OAM Dean Lukin OAM

Deborah Bowman-Sullivan OAM Brian Macdermott

Steven Bradbury OAM Clover Maitland OAM

John Carew (deceased) Norman May OAM

Barry Cheales OAM Marlene Mathews AO

Hilary Chessher MBE Julie McDonald OAM

Shirley Chessher Steve McRoberts

Natalie Cook OAM Jennifer Morris OAM

Kim Cooper Glynis Nunn-Cearns OAM

Denis Cotterell Susan O‟Neill OAM

John Cuneo Kieren Perkins OAM

Arthur Cusack (deceased) Samantha Riley OAM

Norma Fleming Clint Robinson OAM

David Fordham (deceased) Ruby Robinson AM MBE (deceased)

Renita Garard OAM Norbury Rogers

Garry Gardner OAM FCA (deceased) Danny Sheehan

Veronica Guiver Jon Sieben OAM

Grant Hackett OAM Dr. David Theile AO

Greg Hallam Kim Tuckwell OAM

Lorraine Hillas OAM Scott Volkers

Stephen Hinchy Michael Wenden AM MBE

Stephen Holland OAM Tracey Wickham MBE

John Humphreys Dr. Karen Walduck

De Coubertin Service Award John Kane Marlene Mathews AO

Dr. Ian Jobling Trevor Beckingham

President’s Review London calling In just over 120 days the Australian Olympic team will march into the Olympic stadium to start their quest for Olympic glory. For many it will be the culmination of years of hard work, toil and sacrifice. It is also their chance to put that effort and skill up against the best in the world. It doesn't seem that long ago we were welcoming back the team from Beijing. At lot has happened in the intervening 3 years and none more so than the past 12 months. Out year started with mother nature reminding us all of her power and fury when flooding inundated much of Queensland and then cyclone Yasi tore through communities in north Queensland. Mother Nature‟s power reminded us all of human fragility and then brought out in us courage determination, resolve and a resilience that many didn't know they possessed. It is those very attributes that our Olympians exhibit on their Olympic journeys and those attributes they will need in London. 2011 started with so many of Queensland's sporting assets damaged and or destroyed. They were much more than bricks and mortar or fields of grass - those assets are the nurseries of so many of our Queensland Olympians and future Olympians. The spirit of many volunteers helped bring those nurseries back to life so Queenslanders young and not so young can train, compete and aspire to compete on the state, national and international stage. It has been a mighty effort and all sports people are grateful for those selfless contributions. The Olympic movement is very much a part of those communities affected by the natural disasters and it was fitting that the Australian Olympic council without hesitation donated a significant sum to the premier's disaster appeal to make its contribution to those in need. Whilst some Olympians were personally affected, others went out into communities to provide support and encouragement to those whose lives were impacted. This support was particularly directed at youth in those communities. During 2011 the Queensland Government reduced its financial support of the Queensland Olympic Council Ltd by a further 66% (following a reduction of 14% in 2010). The Queensland Government has indicated that the support provided in 2012 will be the final investment they make to the Queensland Olympic Council Ltd. 2011 was also a year when Department of Sport and Recreation funding to support the administration of sporting peak bodies all but evaporated. This has been especially significant in our own case with our funding being reduced to a third of previous levels. In past years this funding was used to support Olympic programs in the Queensland community designed to encourage participation, promote healthy lifestyles, encourage fair play and give communities, in particular remote and regional communities, the opportunity to engage with Olympians through our community engagement and support program. As a direct result of the reduced funding we have had to severely curtail most of the programs we were delivering into the Queensland community and future services are at present on hold until an alternative funding strategy can be put in place. The QOC currently doesn't have a funding option in place with the government beyond London. We stand at a crossroads as to how we take the organisation forward and the next 12 months will be critical as to the role that the QOC will play in supporting and developing our athletes and communities into the future. Our ongoing investment and delivery of the Barron Pierre de Coubertin awards was again a very rewarding experience for all those involved. 191 schools participated in the awards program and 119 awardees from around the state gathered in Brisbane in June to accept their awards personally. De Coubertin awardees are a remarkable group of talented

Queenslanders who typify those attributes of courage, determination, resolve and resilience and demonstrate the Olympic values of participation, fair play and excellence. I congratulate all 2012 awardees on their achievements to date. Our fundraising activities were put on hold for much of 2011. The demands during the year for the philanthropy were enormous and there was far greater need for those affected by the disasters of 2011. The QOC put our fundraising activities on hold for much of the year in recognition of those demands. During the year the Olympic movement invested over$460,000 in athlete support and development in Queensland. This investment reflected the commitment to ensure Queensland athletes had the best possible preparation for London and was on top of money given directly to National Sports Organisations that flowed indirectly to Queensland athletes. The team appeal is now back in full swing. Every dollar raised goes directly to supporting the costs and preparation of 2012 Olympic Team. Queensland athletes have boxed well above their weight for many Olympiads when compared to the rest of the country and we are again hopeful of good representation and success. All the money we raise through the team appeal will support that success. At the end of 2011 the Olympic and sporting community was deeply saddened by the news of David Fordham‟s passing. David was a valued member of the Olympic family both as a commentator in his earlier years and most recently as a fundraiser. No Olympic team could have a better ally than David. He raised 100's thousands of dollars in support of successive Olympic teams to give athletes the best possible chance of success. He will be sadly missed by all. Our deepest sympathies go out to David's family. The QOC could not function effectively without the support of our many volunteers and supporters. I want to thank each and every one of them for their contributions during 2011 and encourage them to continue their commitment and effort as we race for the line in July in London. I would like to make special mention of my fellow Board Members and members of the Fundraising committee who selflessly give of their time to support the QOC and ensure our athletes get the best opportunity to perform at their best in London later in the year. Richard Powell President

Executive Director’s Report

It is a pleasure to present my report for 2011. Our fundraising activities for the 2012 London Games Team continued in 2011 with the 8th Qantas Legends Golf Classic at Links Hope Island. The event has continued to grow in reputation and is arguably regarded by all as the best corporate golf experience on the calendar. Support for the event comes from many sectors including our wonderful organising committee, all the corporate supporters who kindly donate to the event, the Qantas Legends who donate their time to be the star attractions for the day and most of all, QANTAS Airways for their sponsorship. We had a number of confirmed fundraising events scheduled for 2011 in regional areas of Queensland however due to the natural disasters that struck all of Queensland we made a conscious decision to withdraw from the fundraising market for the remainder of the 2011 in respect of those that had lost so much. It was also wonderful to witness the generosity of the Australian Olympic Committee who donated $100,000 towards the Premier‟s Flood Appeal. Our sincere appreciation must also be extended to the Premier of Queensland and the Queensland Government for their ongoing support of the 2012 Australian Olympic Team. Their commitment towards our Team Appeal demonstrates the great support that we enjoy from our State Government at all levels. I would like to personally thank the numerous Olympians who kindly donated their time to be special guests at all our functions. To all the volunteers who gave their time to help us organise them, I thank you also, and to all the Olympic supporters who attended these events and dug deep in support of the Team Appeal, we thank you. Our Fundraising Committee lead by Chair, Matthew Hill Smith continues to provide insightful strategic advice to assist with the delivery of our program and I look forward to their continued involvement and support as we work our way towards London 2012. Throughout the year the office was very active in supporting our Olympians off the field. We continued our London Learning lecture series. Delivered in conjunction with the ACE Department at the Queensland Academy of Sport we deliver professional development workshops for the athletes including public speaking, media skills and sponsorship training to help in the development of them off the field. In addition we proudly continued our partnership with the Brisbane City Council to provide flexible employment opportunities for Olympians and will continue with this program through to London 2012. Throughout the year we were also very active in our Olympic education programs and in working with athletes to spread our key messages on the Olympic ideals and active healthy lifestyle choices. During the year we had in excess of 60 Olympian interaction experiences at school and community functions as well as supporting national programs such as Olympic Day with Olympian visits. Our flagship education program, the Pierre de Coubertin Awards, was again a wonderful success with over 500 guests attending the Awards Ceremony in June. 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 Somerville House for hosting the Awards Ceremony this year.

2011 again saw the QOC supported by some wonderful volunteers across all our operational areas. Outside of fundraising activities we had numerous volunteers assist us with the Pierre de Coubertin Awards and a number of students from south east Queensland universities undertake work experience placements with us. The office was also very ably supported by two Year 12 students who undertook a 12 month traineeship with us. Sandan Inturissi and Jess Shippley both made a fantastic contribution to the office and our events over the year and as part of the traineeship were awarded Certificate 3 level awards. We were again fortunate to have the ongoing support of both the Department of Communities and Department of Education and Training and look forward to our continued involvement with them and their respective Ministers. On a sad note 2011 saw the passing of one of our most enthusiastic Olympic family members in David Fordham. “Fordo” will be fondly remembered for his love and passion for the Olympic Games and his commitment to the many Olympic events we held in Queensland over the last 15 years. Fordo was the recipient of both the Queensland Olympic Council and Australian Olympic Committee Order of Merit and will be greatly missed. To my Board, I thank them for their ongoing support, enthusiasm and dedication and look forward to a busy and successful 2012. Finally I would like to thank AOC President John Coates, and all the AOC staff, lead by Craig Phillips, for their ongoing support and assistance throughout 2011. The QOC achieved a trading loss of $46,133 with accumulated funds at 31st December 2011 being $82,841.

Michael Brierley Executive Director

Education Commission Report With the London Olympics around the corner, 2011 saw another active and vibrant year for education initiatives by the Queensland Olympic Council. Efforts at the state level assist to build relationships and connect the wider community with the Olympic Movement. Furthermore activities also provide important opportunities to promote the Australian Olympic Committee‟s education program. The following is a summary of the work conducted this year.

PIERRE DE COUBERTIN AWARDS

The Awards, named after the acknowledged founder of the modern Olympic Games, Baron Pierre de Coubertin, promote the importance of participation in sport and physical activity for the development of the individual. The Department of Education and Training continue to be a key supporter of this program. The Awards align well with the Department‟s priorities for laying strong educational foundations so that every child and young person will be well prepared for life success through learning and education. In 2011 we acknowledged 191 secondary students (115 female and 75 male) throughout Queensland. Of these recipients 119 students attended the Awards ceremony. A summary of each event is provided below. LAUNCHES In 2011, a launch program was implemented to encourage increased participation in the Awards and to attract additional media coverage. The launch was held in a centralised location and included a guest panel of Olympians and Ministerial representation. Students were given the opportunity to interact face-to-face with elite athletes. The benefits of this were threefold as it:

1. provided school students with an opportunity to hear from and meet Olympians; 2. increased awareness of the Awards; and 3. encouraged teachers/Principals to participate.

The launch was held at the Queensland Sport and Athletics Centre, Nathan and was hosted by Andrew Kos from Channel Nine. It included a guest panel of Olympians including Matthew Wells (Hockey 2000, 2004, 2008), Lyndsie Fogarty (Canoe/Kayak 2008) and Kim Cooper (Softball 1996). The Launch was attended by 13 schools and boasted more than 70 guests, including teachers, principals, students and parents from the region. AWARDS PRESENTATION CEREMONY The Awards program culminated in an official Awards Presentation Ceremony held in Brisbane in June and was attended by students, teachers, principals, parents, family and friends, Olympians and various dignitaries across Queensland. Each Award recipient received a certificate signed by Mr John Coates AC, President of the Australian Olympic Committee, and an exclusive Olympic Pin. Recipients‟ literary or artistic work submitted as part of the Awards criteria, were displayed at the ceremony, while selections of poems were presented during the ceremony proceedings. Approximately 500 people attended the Ceremony that was held at the Performing Arts Centre, Somerville House, South Brisbane. The Minister for Child Safety and Minister for Sport, The Hon. Phil Reeves MP, and Minister for Education and Training, The Hon. Cameron Dick MP, were represented by Member for Bulimba Di Farmer MP, who addressed the audience before presenting each recipient with their certificate. Olympic diver and gold medallist Matthew Mitcham was in attendance and presented recipients with their Olympic pin.

Every year, all recipients have the opportunity to provide feedback on the Awards. In 2011, 62% of recipients returned completed surveys. Recipients who attended the Awards ceremony reported the following;

The majority of students (94%) felt that they had achieved a greater knowledge about the Olympic Movement as a result of the Awards as well as attaining a greater knowledge and awareness of Pierre de Coubertin and his philosophy (86%).

Most students (99%) said they would encourage other students to get involved in the Awards Program; and

98% were satisfied with the Awards Program overall. Recipients who did not attend the ceremony scored 90% and 70% respectively to the above questions. A number of positive comments were received from recipients when asked about the best part of their involvement in the Program. These included:

It was a great honour to receive the Pierre de Coubertin Award. I was extremely grateful that my sporting achievements were recognised;

It gave me extra motivation to pursue both my sporting and academic goals;

It gave me a chance to think about other values in sport, other than being a competitor;

How it inspired me to continue demonstrating all elements of sportsmanship and made me more determined to strive to be the best I can be; and

Meeting Olympians. In addition to survey responses, verbal feedback received by students and teachers on the day of the launches and ceremony was very complimentary. OLYMPIC LEADERSHIP ACADEMY

This year we again extended the Awards program experience for students by including an Olympic Leadership Academy held prior to the ceremony. Students had the opportunity to work with facilitators from AP Leadership Group and nine (9) Olympians to explore their leadership styles, discuss some of the strengths and challenges for achieving excellence and how they could apply this to their school and community involvement. All students were surveyed on the day and the feedback we have received has been very positive.

OLYMPIC THEMED EDUCATION RESOURCE

In 2011 this resource was finalised and packaged and the marketing plan implemented. Various presentations at Conferences locally, nationally and internationally were conducted. Information was distributed through a range of mediums by the project team to promote the resource to educationalists targeting students and young adults with high support needs in literacy. Marketing strategies have leveraged well off the upcoming London Olympics and as such the resource has experienced good support to date from teachers and students. Teachers currently using the resource have stated that it is providing them with a great way to develop an Olympic unit for their students who have previously had limited opportunities to develop this knowledge. Further communication with key target groups will be submitted early in 2012. Special thanks must be again extended to the team from the University of Queensland Literacy and Technology Hands-On (Latch-On) Program in the School of Education and Dr

Ian Jobling, Director, Centre for Olympic Studies. Thanks also to the Queensland Sports Foundation for funding the project. Without their ongoing support the development of this resource would not be realised.

CONCLUSION

The education initiatives captured above would not be possible without the support of the many volunteers in our network. I thank you for your time, effort and passion for the Olympic Movement. Many thanks must also go to the Executive Director, Mr Michael Brierley for his support, guidance and resilience under what could only be considered as challenging times for the organisation. Kim Cooper Chair - Education Commission

The Olympians Club of Queensland

President Judy Hudson -Luxton (Swimming 1972, 1976

Treasurer Trevor Beckingham (QOC Vice President Finance)

Secretary Barry Cheales (Gymnastics 1964)

Committee Denise Boyd (Athletics 1976, 1980)

Peter Phillips (Weightlifting 1972)

Sue Hooper (Swimming 1972)

William Burton (Swimming 1960)

Carolyn Crudgington (Softball 1996)

Joyce Lester (Softball 1976)

Julie McDonald (Swimming 1988)

2011 was a rather quiet year for the Olympians Club, and we met on three occasions in person along with many email correspondence and ideas flowing due to the place of residence of the committee members. The Pierre de Coubertin awards program attracted nearly 200 nominations from tall over Queensland, of which 121 recipients attended the awards Ceremony and Leadership Academy on Saturday 25th June 2011 at Somerville House. Di Farmer, MP, Member for Bulimba, attended the ceremony representing both the Minister for Sport and Minister for Education. We were given great feedback about the venue and the academy as well as the awards and once again it looks very exciting for the Olympic movement to further bed down the prestige and value that the schools and nominees place on these awards and academy. Our end of year Christmas function was our major get together this year and we decided to have a cocktail evening and dinner at the new restaurant – Pescatores in the Brisbane CBD, on Thursday evening 24th November, 2011. A great night was had by all - 13 Olympians and their friends and partners ate and chatted their way through the night. We would like to take this opportunity to thank Michael Brierley of the QOC for assisting us with the organisation of meetings and our Christmas function. Michael your efforts are much appreciated. Lastly, I would like to again thank all the members of our executive committee and we look forward to an exciting 2012 and London Olympics and all the gatherings surrounding these Games, which are already in full swing of organisation.

Judy Hudson - Luxton President

Controlling Bodies ARCHERY South Queensland Archery Society

ATHLETICS Queensland Athletics Association

BADMINTON Queensland Badminton Association Inc

BASKETBALL Basketball Queensland

BOXING Boxing Queensland Inc

CANOEING Queensland Canoeing Inc

CYCLING Queensland Cyclists Association Inc

EQUESTRIAN The Equestrian Federation of Aust. (Qld Branch) Inc

FENCING Queensland Fencing Association Inc

FOOTBALL Football Queensland Ltd

GYMNASTICS Queensland Gymnastics Association Inc

HOCKEY Hockey Queensland Inc

ICE HOCKEY Ice Hockey Queensland

ICE RACING Queensland Ice Racing Association Inc

ICE SKATING Ice Skating Association of Queensland

JUDO Judo Federation of Australia (Queensland) Ltd

ROWING Rowing Queensland Inc

SAILING Yachting Queensland

SHOOTING Queensland Shooting Association

SWIMMING Queensland Swimming Association Inc.

TABLE TENNIS Table Tennis Queensland Inc

TENNIS Tennis Queensland

TRIATHLON Triathlon Queensland Inc

VOLLEYBALL Queensland Volleyball Association Inc

WATER POLO Water Polo Queensland

WEIGHTLIFTING Queensland Weightlifting Association Inc

QUEENSLAND OLYMPIC COUNCIL LIMITED DIRECTOR’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2011

The directors submit their report for the year ended 31 December 2011. DIRECTORS The names and details of the directors of the company in office at the date of this report are:

Name Qualifications Experience Responsibility R Powell BA, MBA, MAICD Management President P R Ebert Management Vice President T Beckingham B. Bus(Acc), FCPA Company

Director Vice President Finance

J Hudson-Luxton BHMS, Grad Dip.T Management Director M Wenden B Comm Management Director T Jenkins B Comm Management Director N Cook Olympian Director CORPORATE INFORMATION Queensland Olympic Council Limited („QOC‟ or „Council‟) is a company limited by guarantee and without share capital. It is incorporated and domiciled in Australia. PRINCIPAL ACTIVITY The principal activity of the company during the course of the financial year was the promotion of the Olympic Movement in Queensland. There were no significant changes in the nature of the activities of the company during the year. RESULTS AND DIVIDENDS The net operating loss after income tax of the company for the year ended 31 December 2011 was loss of $46,113 (2010 loss: $10,084). The Memorandum of Association provides that no dividend shall be paid or transferred directly or indirectly to members. As such, no dividend has been paid since the commencement of the financial year and the directors do not recommend the declaration or payment of a dividend in this report. MEASUREMENT OF SUCCESS The QOC focuses on fundraising for the Australian Olympic Team, delivering Olympic education activities in Queensland and servicing Queensland based Olympians. Key achievements during the year included delivering fundraising activities in support of the Australian Olympic Team; Pierre de Coubertin Awards program honouring 192 Queensland secondary school students; facilitating 63 Olympian attending community events; 23 Olympians attending Queensland schools to promote active healthy lifestyle choices and participation in sport and delivering a number of professional development opportunities for athletes aiming for selection to London 2012. Funding for the above activities came from Australian Olympic Committee funding a grant from the Queensland Government.

QUEENSLAND OLYMPIC COUNCIL LIMITED DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2011

EVENTS SUBSEQUENT TO BALANCE DATE There has not arisen in the interval between the end of the financial period and the date of this report any item, transaction or event of a material or unusual nature likely, in the opinion of the directors, to substantially affect the operations of the company, the results of those operations or the state of affairs of the company in subsequent financial periods. AUDITOR INDEPENDENCE DECLARATION A copy of the auditor‟s independence declaration as required under the Corporations Act 2001 is included at page 19.

REVIEW OF OPERATIONS During the year under review the Queensland Olympic Council Limited has continued to provide fundraising activities for the 2012 Australian Olympic Team. The Queensland Government through Sport and Recreation Services, Department of Communities, Department of Education and Training and the Australian Olympic Committee Inc. have continued to financially assist the Queensland Olympic Council Limited with contributions towards the administrative expenses of the company. SIGNIFICANT CHANGES IN STATE OF AFFAIRS During 2011 the Queensland Government reduced its financial support of the Queensland Olympic Council Ltd by a further 66% (following a reduction of 14% in 2010). The Queensland Government has indicated that the support provided in 2012 will be the final investment they make to the Queensland Olympic Council Ltd. LIKELY DEVELOPMENTS It is anticipated that the company will continue to operate in accordance with its objectives. Due to the reduced financial support from the Queensland Government the company is currently reassessing operations in order to meet its objectives. MEMBERSHIP The number of members as at 31 December 2011 were as follows: Membership categories Number of members Life members 5 Affiliated sports organisations 26 Each member of the company has undertaken to contribute to the assets of the company in the event of it being wound up, while he is a member or within one year after he ceases to be a member for the payment of the debts and liabilities of the company contracted before he ceases to be a member and of the cost, charges and expenses of winding up and for adjustment of the rights of the contributors among themselves such amount as may be required not exceeding $2.00.

QUEENSLAND OLYMPIC COUNCIL LIMITED DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2011

DIRECTORS MEETINGS The number of meetings of directors held during the year and the number of meetings attended by each director were as follows: Name Number of meetings

Held * Number of meetings

attended R Powell 4 4 P R Ebert 4 3 T Beckingham 4 4 J Hudson-Luxton 4 3 M Wenden 4 3 J Robey (resigned 10 June 2011) 2 1 T Jenkins 4 2 N Cook (appointed 27 July 2011) 2 1 * Number of meetings held during the time the director held office.

The company does not have an Audit Committee due to limited scale of its current trading activities. DIRECTORS’ BENEFIT During or since the financial year, no director of the company has received or become entitled to receive a benefit, other than a benefit included in the aggregate amount of emoluments received or due and receivable by directors shown in the notes to the accounts, by reason of a contract entered into by the company or a body corporate that was related to the company when the contract was made or when the director received or became entitled to receive, the benefit with a director, or a firm of which the director is a member, or an entity which the director has a substantial financial interest, Signed in accordance with a resolution of the directors.

Director Director

Brisbane Date 8th March 2012

QUEENSLAND OLYMPIC COUNCIL LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2011

Notes 2011

$ 2010

$

REVENUES 4 (a) 118,412 222,516

EXPENSES 4 (b) 164,525 232,600

PROFIT/(LOSS) BEFORE INCOME TAX (46,113) (10,084)

INCOME TAX EXPENSE - -

PROFIT/(LOSS) FOR THE YEAR (46,113) (10,084)

OTHER COMPREHENSIVE INCOME/(LOSS) - -

TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR (46,113) (10,084)

The statement of comprehensive income should be read in conjunction with the accompanying notes.

QUEENSLAND OLYMPIC COUNCIL LIMITED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2011

Notes 2011

$ 2010

$

CURRENT ASSETS

Cash and cash equivalents 500 500

Trade and Other Receivables 5 68,692 134,699

TOTAL CURRENT ASSETS 69,192 135,199

NON CURRENT ASSESTS

Property, Plant and Equipment 6 14,956 19,063

TOTAL NON-CURRENT ASSETS 14,956 19,063

TOTAL ASSETS 84,148 154,262

CURRENT LIABILITIES

Trade and other payables 7 1,307 308

Unearned Income 8 - 25,000

TOTAL CURRENT LIABILITIES 1,307 25,308

TOTAL LIABILITIES 1,307 25,308

NET ASSETS 82,841 128,954

EQUITY

Accumulated Funds 82,841 128,954

TOTAL EQUITY 82,841 128,954

The statement of financial position should be read in conjunction with the accompanying notes.

QUEENSLAND OLYMPIC COUNCIL LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2011

Note 2011

$ 2010

$

CASH FLOWS FROM OPERATING ACTIVITIES NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES

12 - -

CASH FLOWS FROM INVESTING ACTIVITIES - -

NET INCREASE IN CASH AND CASH EQUIVALENTS - -

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR - -

CASH AND CASH EQUIVALENTS AT END OF YEAR 2(g) - -

The statement of cash flows should be read in conjunction with the accompanying notes.

QUEENSLAND OLYMPIC COUNCIL LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2011

2011

$ 2010

$

TOTAL EQUITY AT THE BEGINNING OF THE YEAR 128,954 139,038

(LOSS) / PROFIT FOR THE YEAR (46,113) (10,084)

OTHER COMPREHENSIVE INCOME - -

TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR (46,113) (10,084)

TOTAL EQUITY AT THE END OF THE YEAR 82,841 128,954

The statement of changes in equity should be read in conjunction with the accompanying notes.

QUEENSLAND OLYMPIC COUNCIL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2011

(1) CORPORATE INFORMATION

The financial report of the Queensland Olympic Council Limited („QOC‟ or „Council‟) for the year ended 31 December 2011 was authorised for issue in accordance with a resolution of the Directors on 8

th March 2012.

The QOC is a company limited by guarantee incorporated in Australia. The principal place of business is Level 3, Western Stand, Queensland Sport and Athletics Centre, Kessels Road, Nathan, QLD, 4109. The nature of the operations and principal activities of the Council, are that the QOC acts to develop and protect the Olympic Movement in the State of Queensland in accordance with the Olympic Charter and the Constitution of the Australian Olympic Committee Inc. and to actively promote the fundamental principles of Olympism within the framework of sports.

(2) STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

The significant policies which have been adopted in the preparation of these financial statements are:

(a) Basis of preparation

This special purpose financial report has been prepared for distribution to the members to fulfil the Directors financial reporting requirements under the Corporations Act of 2001 and the constitution. The accounting policies used in the preparation of this financial report, as described below, are consistent with the financial reporting requirements of the Corporations Act, 2001 and the Company‟s constitution, and are, in the opinion of the Board, appropriate to meet the needs of members:

(i) The financial report has been prepared on an accrual basis of accounting

including the historical cost convention and the going concern assumption.

(ii) The Council is not a reporting entity because in the opinion of the Directors there are unlikely to exist users of the financial report who are unable to command the preparation of reports tailored so as to satisfy specifically all of their information needs.

The members neither hold equity in, nor are financial lenders to, the Council and their membership is pursuant to the Olympic Charter as well as the Constitution.


(2) STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES - continued

(a) Basis of preparation (con’t)

Accordingly, the financial report has been prepared in accordance with the Corporations Act, 2001and the Constitution, the basis of accounting specified by all Accounting Standards and Interpretations and the disclosure requirements of AASB 101 „Presentation of Financial Statements‟, AASB 107 „Cash Flow Statements‟, AASB 108 „Accounting Policies, Changes in Accounting Estimates and Errors‟, AASB 1031 „Materiality and AASB 1048 Interpretation and Application of Standards‟ which apply to all entities required to prepare financial reports under the Corporations Act, 2001and the Constitution. The Directors have determined that in order for the financial report to give a true and fair view of the Council‟s performance, cash flows and financial position, the requirements of Australian Accounting Standards and other financial reporting requirements in Australia relating to the measurement of assets, liabilities, revenues, expenses and equity should be complied with.

(iii) The financial report is prepared in Australian dollars.

(b) Statement of compliance

Certain Australian Accounting Standards and Interpretations have recently been issued or amended but are not yet effective and have not been adopted by the Council for the annual reporting period ended 31 December 2011. The Directors have not early adopted any of these new or amended standards or interpretations. The Directors have not yet fully assessed the impact of these new or amended standards (to the extent relevant to the Council) and interpretations.

This special purpose financial report complies with Australian Accounting Standards as described above.

(c) Income and expenditure recognition

Income, with the exception of fundraising and government grants, has been brought to account on an accrual basis and if not received at balance date is reflected in the statement of financial position as a receivable. Income received at balance date that is in relation to future years is brought to account as unearned income. Expenses have been brought to account as incurred and any expenses incurred but not paid for at balance date are reflected in the statement of financial position as creditors.

(d) Government Grants

Government grants are recognised at their fair value where there is a reasonable assurance that the grant will be received and all attaching conditions have been complied with.



(e) Fundraising

The Queensland Olympic Council Ltd. („QOC‟) undertakes fundraising on behalf of the Australian Olympic Committee Inc („AOC‟) and, as a result, all funds raised by the QOC are recorded directly in the financial statements of the AOC. At 31 December 2011, the QOC had raised $548,881 (2010: $349,650) towards the 2009 – 2012 Olympic Team Appeal.

(f) Income Tax

The QOC is exempt from Australian income tax.

(g) Cash and cash equivalents

The QOC raises funds on behalf of the Australian Olympic Committee Inc. („AOC‟). All of the funds raised by the QOC are recorded directly in the financial statements of the AOC. QOC does not have a bank account and therefore does not have a cash flow. For administrative purposes all cash transactions are processed by the AOC and the net cash position is reflected in a net receivable account at year end (refer Note 5).

(h) Trade and other receivables

Trade receivables which, generally have 30-90 day terms, are recognised and carried out at original invoice amount less an allowance for any uncollectible amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off when identified.

(i) Plant and equipment

Acquisition Items of plant and equipment are recorded at cost or, in the case of donations and sponsorship contributions in kind, at fair value at the time of donation or contribution, less accumulated depreciation and any impairment in value. Depreciation and amortisation Items of plant and equipment are depreciated on a diminishing value basis over their estimated useful lives ranging from 3 to 40 years from the date of acquisition.

Impairment The carrying values of plant and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.



(i) Plant and equipment (Con’t)

Impairment – cont’d

If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets or cash-generating units are written down to their recoverable amount. The recoverable amount of plant and equipment is the greater of fair value less costs to sell and value in use. Value in use is the depreciated replacement cost of an asset when the future economic benefits of the asset are not primarily dependent on the asset‟s ability to generate net cash inflows and where the Council would, if deprived of the asset, replace its remaining future economic benefits. Impairment losses are recognised in the statement of comprehensive income.

(j) Trade and other payables

Expenditure is brought to account on an accruals basis. Any expenses incurred but not paid for at balance date are recorded as payables on the statement of financial position.

(k) Share Capital

The QOC is incorporated as a company Limited by Guarantee without share capital. The liability of the members is limited to an amount not exceeding twenty five dollars, in the event of the winding up of the company.

(l) Employee benefits and expenses

(i) Wages, salaries, annual leave, long services leave

Expenses for wages and salaries, including non-monetary benefits, annual leave and long service leave, are recognised when the wages are paid or payable, benefits are received or leave is accrued and are measured at the rates paid or payable.

(ii) Superannuation

The Council contributes to the AOC group employee superannuation scheme as well as any authorised employee superannuation scheme chosen under choice of super. Contributions on behalf of employees are based on various percentages of gross salaries and are charge against the statement of comprehensive income when due. All employees in the group employee super scheme are entitled to benefits on retirement or permanent disability. Benefits are payable to nominated beneficiaries on death.

QUEENSLAND OLYMPIC COUNCIL LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2011 (3) Significant accounting judgements, estimates and assumptions

In applying the accounting policies the QOC evaluates judgements, estimates and assumptions based on experience and other factors, including expectations of future events. All judgements, estimates and assumptions made are believed to be reasonable based on the most current set of circumstances available to the QOC. Actual results may differ from the judgements, estimates and assumptions.

2011

$ 2010

$

(4) REVENUES AND EXPENSES

(a) Revenue:

Crediting the following:

AOC Administration Grant 49,000 50,292

QLD Government Grant 50,000 150,000

Department of Education Grant (PDC) 10,000 9,500

Olympians Club 1,510 3,659

Affiliation Fees 2,182 2,182

Other 5,720 6,883

TOTAL REVENUE 118,412 222,516


2011

$ 2010

$

(4) REVENUES AND EXPENSES con’t

(b) Expenses:

Salary and wages 121,268 178,963

Occupancy 13,948 12,066

Operating expenses 5,018 9,578

Travel 845 1,741

Financial costs 781 287

Depreciation 4,107 5,314

Promotions / presentations 8,786 3,773

Olympic Academy 1,400 -

Latch on Program 727 -

Pierre de Courbetin 7,531 14,370

Olympians Club 114 6,508

TOTAL EXPENSES 164,525 232,600

PROFIT/(LOSS) BEFORE INCOME TAX (46,113) (10,084)

(5) TRADE AND OTHER RECEIVABLES

Receivable from the Australian Olympic Committee Inc. representing cash held on behalf of the QOC. 63,692 134,699

Other Trade Receivables 5,000 -

68,692 134,699

(6) PLANT AND EQUIPMENT

Plant and equipment

At cost 39,705 39,706

Provision for depreciation (24,749) (20,643)

14,956 19,063


2011

$ 2010

$

(7) TRADE AND OTHER PAYABLES

Sundry Creditors 1,307 308

1,307 308

(8) UNEARNED INCOME

Queensland Government 2011 Administration Grant - 25,000

- 25,000

(9) SEGMENT INFORMATION

The QOC acts to develop and protect the Olympic movement in the State of Queensland in accordance with the Olympic Charter and the Constitution of the Australian Olympic Committee Inc. and to actively promote the fundamental principles of Olympism within the framework of sports. The QOC operates wholly within Queensland.

(10) RELATED PARTY DISCLOSURES

(a) The directors of QOC during the financial year were:

Richard Thornton Powell Paul Raymond Ebert Trevor Ian Beckingham Judith Helen Hudson Luxton Michael Vincent Wenden Joanna Robey Toby Jenkins Natalie Cook

(b) Ultimate controlling Entity:

QOC does not have an ultimate controlling entity.

(11) EXPENDITURE COMMITMENTS

The estimated amount of operating lease commitments for rental premises not provided for in the accounts as at balance date was:

2011

$ 2010

$

Due no later than one year: 6,780 6,529

Later than one year and not later than two years: - -

Aggregate lease expenditure contracted for at balance date: 6,780 6,529


(12) STATEMENT OF CASH FLOW RECONCILIATION

2011

$ 2010

$

Net Profit/(Loss) (46,113) (10,084)

Depreciation 4,107 5,314

Changes in assets and liabilities Decrease/(increase) in receivables and prepayments 66,007 (18,384)

(Decrease) / increase in liabilities (24,001) 23,154

NET CASH FLOWS (USED IN) / FROM OPERATING ACTIVITIES - -

(13) KEY MANAGEMENT PERSONNEL

Compensation of Key Management Personnel relate to the following categories only:

2011

$ 2010

$

Short term employee benefits 99,300 95,400

Post employee benefits 8,937 8,586

108,237 103,986

Apart from the Executive Director, Members of the Executive Board serve on an honorary basis for no remuneration.

(14) AUDITOR’S REMUNERATION

Costs for the audit of the company are borne by the Australian Olympic Committee Inc.

(15) GOING CONCERN

The financial statements have been prepared on a going concern basis.

The Council‟s ability to continue as a going concern is dependent on receiving the forecast level of funding revenue from the Government and Australian Olympic Committee grants. The Executive have prepared a forecast for the 2012 year which indicates the Council will be able to meet their financial obligations as and when they fall due. On this basis the Executive believe it is appropriate to adopt the going concern basis in the preparation of these financial statements.

32

QUEENSLAND OLYMPIC COUNCIL LIMITED DIRECTORS’ DECLARATION

In accordance with a resolution of the directors of Queensland Olympic Council Limited, we state that

(1) In the opinion of the directors-

(a) the financial statements and notes of the company are in accordance with the Corporations Act 2001, including:

(i) giving a true and fair view of the company‟s financial position as at 31

December 2011 and its performance for the year ended on that date; and

(ii) complying with Australian Accounting Standards and Corporations Regulations as detailed in note 2; and

(b) there are reasonable grounds to believe that the company will be able to pay its

debts as and when they become due and payable.

Director Director Name: Richard Powell

Name: Trevor Beckingham

Brisbane Date 8th March 2012

33

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE QUEENSLAND OLYMPIC COUNCIL LTD

34

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE QUEENSLAND OLYMPIC COUNCIL LTD

35

INDEPENDENCE DECLARATION (FOR CORPS ACT ENTITIES) TO THE MEMBERS OF THE QUEENSLAND OLYMPIC COUNCIL LTD

36

AUDITOR’S DISCLAIMER REPORT TO THE MEMBERS OF THE QUEENSLAND OLYMPIC COUNCIL LTD

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QUEENSLAND OLYMPIC COUNCIL INC. STATEMENT OF FUNDRAISING FINANCIAL PERFORMANCE FOR THE YEAR ENDED 31 DECEMBER 2011

2011

$ 2010

$

Accumulated Surplus Fundraising 349,650 176,964

INCOME

Golf Day Y2 - 82,684

Golf Day Y3 79,401 -

Donation 140,000 130,000

Interest 14,226 9,984

General Fundraising 13,600 384

247,227 223,052

EXPENDITURE

Golf Days Y2 - 41,683

Golf Days Y3 42,258 1,958

Golf Days Y4 1,347 -

Regional 95 1,635

General Fundraising 4,296 5,091

47,996 50,637

Surplus carried for the year 199,231 172,686

Fundraising Quadrennium to Date 548,881 349,650

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