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A N N U A L R E P O R T

OFFICE BEARERS 2002

PatronHis ExcellencyMajor General Peter Arnison AC CVO Governor of Queensland

PresidentC H Meagher AM

Vice-PresidentsV E Edwards and A G F Warby

Hon TreasurerB D Vickers

CouncilA D Bassingthwaighte A G Brimblecombe AMW T CumminsJ C GriggP S HarphamG J Hart S J HennesseyP S Jervis S J MaitlandJ M McMillan D L O’ConnorW E Ryan J F Scott D C Sturrock D G ThomasW H ThompsonJ P Tunny

Hon CouncillorsW K Bryce BEM J E LileyT G Matthews OBEL K Morris A G Nason MBE OAM M F TalbotP F WadleyE G Wilson

Chief ExecutiveJ P Tunny

AuditorS Crane of KPMG

The Royal National Agricultural and Industrial Association of Queensland

ABN 41 417 513 726

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NOTICE is hereby given that the ANNUAL GENERAL MEETING OF MEMBERS of The Royal National Agricultural and Industrial Association of Queensland will be held in the WALTER BURNETT BUILDING, RNA Showgrounds, Gregory Terrace, Bowen Hills at 9.00 am on 28 March 2003.

BUSINESS• Confirm Minutes of Annual General Meeting of Members held on

30 March 2002

• Receive and adopt President’s and Councillors’ Reports and Audited Financial Statements for the year ended 31 December 2002

• Confirmation of appointment of Mr D G Thomas to Council

• Election of Patron

• Election of President and two Vice-Presidents for ensuing year

• Election of nine Members of Council for a two year term

• Such other business as may arise in accordance with the Rules

J P Tunny Chief ExecutiveBrisbane 31 January 2003

Notice of Annual General Meeting of Members

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in furthering the Association’s aims and also acknowledge the input from the Church and the Judiciary in recognizing the community and educational values inherent in our Charter and its associated events.

Visits by international delegations and overseas interest groups continue to enhance the Show’s reputation as a Trade Fair, presenting a concise snapshot of the quality and potential of product and produce from paddock to plate.

Top class entertainment has become an essential component of the Ekka but the Association also seeks to educate and inform its patrons, particularly younger members, on the latest scientific and technical advances in agricultural and pastoral trends and will continue to work closely with industry and academic institutions to this end. The appointment of young people to our Future Directions Committee, and their enthusiasm and assistance, is one way of ensuring this occurs. I look forward to the expansion of their involvement and influence in the future.

I welcome Jonathan Tunny as our new Chief Executive. Jonathan is a young man of exceptional character and experience who will be able to steer the organization into the future, taking full advantage of the opportunities that are open to us.

Long serving Councillor Ken Morris retired last year having served the Council since 1986. Chairman of the Horticultural Committee, a member of the Joint Stock and Wine Committees, as well as a great organizer in the rodeo and entertainment fields, Ken has been a devoted and dedicated worker for the Association and I would like to record my personal thanks and the gratitude of the organization for his input.

In turn we welcome a new Councillor, David Thomas. David will be overseeing the Woodchopping Competitions at the 2003 Ekka.

President’s Report

IT IS AGAIN A GREAT PLEASURE and privilege to present the Annual Report of The Royal National Agricultural and Industrial Association of Queensland for the year ending 31 December, 2002.

This has been a challenging year for your Council, with the need to harness foresight, imagination and down-to-earth practicality in finalising a new Master Plan for the grounds intended to open a new era for the Association.

I am happy to say I believe our final document, which now waits approval from the Queensland State Government, will not only provide economic, entertainment and social benefits for the Association and the people of Queensland, but will also fulfil the organisation’s aspirations to continue as a relevant player in the future of the State’s primary and secondary industries, as well as provide a facility for a range of major Queensland events.

We continue to be most grateful for the support of the Queensland Government and the interest of the Opposition

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CONTENTS

President’s Report

Councillors’ Report

Councillors in Profile

Corporate Governance Statement

Statement of Financial Performance

Statement of Financial Position

Statement of Cash Flows

Notes to and forming part of the Financial Report

Councillors’ Declaration

Independent Auditor’s Report

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inside back cover

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THE 2002 ROYAL QUEENSLAND SHOWIn spite of drought and

difficult rural economic conditions, nearly 26,000 entries for livestock and product competitions were received for the 2002 Show.

Prime Beef Cattle entries topped the 2001 total, as did the numbers of Stud Horses and Horses in Action. As in recent years, dogs supplied the highest count in any competition with 3,903 appearing before judges during the 10 days of the Show.

Ekka fans responded enthusiastically to the action, colour and nostalgia of Outback Thunder, the 2002 headline attraction in the Energex Main Arena.

Activities on No 2 Oval drew a continuing crowd of enthusiastic youngsters ready to try their skills under the tutelage of professional skate boarders and BMX champions at the Planet X ramp.

Displays of BMX Dirt and Vert riding, Skate and Inline, caught the mood of excitement. Extreme Sports fans were not the only ones catered for as youngsters and their parents joined in the thrill of participation with the experts.

The Meating Centre, sponsored by a partnership with the Department of State Development and AgForce, drew international delegations and industry leaders together for informal talks as well as for the exploration of ideas and future export market potential.

Further upgrading of the Dairy Industry Hall enabled better use of facilities with the Bread Industry complementing the supply of dairy goods with freshly baked bread and cakes for tasting by the ever-hungry audiences.

Three separate fashion productions focused on the individual merits of wool, cotton and leather as high fashion materials and provided theatrical style entertainment for patrons as well as a glimpse of technological advances in these industries.

An enlarged setting for John Bury’s Storybook Living History, gave considerably more scope for demonstrations of life in the pioneering days.

Meanwhile in the upper floor of the Dairy Industry Hall an exhibition of quilting talents from across Queensland and interstate proved one of the most popular exhibits at this year’s Show. Sponsored by the State Government through the Department of Primary Industries, the event resulted in the hanging of more than 200 quilts, many depicting scenes from the maker’s rural background using the Year of the Outback theme. The overall Best of Show, which attracted prize money of $3,000 went to Victorian quilter, Marilyn Waters while many thousands of patrons cast their Viewer’s Choice Award vote in favour of the quilted portrait of R.M. Williams by Lorraine Carthew of Teneriffe.

Small Ekka patrons gravitated to Farmyard Friends and the Animal Nursery, to pet, pat and cuddle baby animals and marvel at the care and concern displayed by their animal mothers. Animals were rested regularly to ensure the enthusiasm of their human playmates did not prove overwhelming.

Making sure every one had a turn to bottle feed the eager lambs and goat kids proved a challenge for Farmyard Friends’ organizer, James Kemp, while students from Queensland University’s Gatton Campus supervised the Animal Nursery and the welfare of the small creatures and animal mothers in their charge.

The Fleece Expo area also provided an opportunity for more feeding and petting of lambs and easily understood information on the introduction and development of the wool industry in Australia and the more recent input of alpacas and llamas to the scene.

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PARTNERS IN EXPORTThe Department of Primary Industries and the Port of Brisbane Corporation this year partnered the Association in arrangements for the annual Partners in Export Dinner with guests invited from a wide spectrum of government, industry and international interests.

Members of the diplomatic corps, producers and business leaders exchanged views and information to assist in the growth of potential export markets.

Association President, Colin Meagher, welcomed the 230 guests before compere, Brett Annable from Channel Ten, introduced guest speakers, Minister for Primary Industries, Henry Palaszczuk; AgForce Chair, Larry Acton; Special Commissioner to South-East Asia, Sallyanne Atkinson, and Director of the Rocky Point Prawn Farm, Serena Lipf.

ROYAL QUEENSLAND WINE SHOW AND AWARDS DINNERA record 3,339 wines were entered for the 2002 Wine Show with Chief Judge Phillip John commenting on the high standard of exhibits and presentation.

The third BMW Awards Dinner at the Cotton Auditorium on Thursday evening, July 19, was a sell-out event confirming the prestigious nature of the Awards and the importance of the Brisbane Wine Show in providing the first taste of the season’s vintage. Winning Gold Medal wines from the 2001 Wine Show complemented the five course meal prepared by Brisbane Sheraton chefs for the Awards Dinner while guest speaker, and presenter of the ABC show The Fat, Tony Squires, provided a nice balance of fun and footy facts to an enthusiastic audience.

An inaugural public tasting was initiated on Saturday, July 21 and this event is to be enhanced as part of this year’s Wine Show activities.

The Association would like to express its gratitude to dinner and trophy sponsors as well as to the Queensland Wine Press Club and the Sheraton Hotel for helping to increase the national awareness and importance of these events to the wine industry and general public.

TAGALONG RIDE OF A LIFETIMETo nearly 400 riders who took part at some stage of the Tagalong Ride from Longreach to the 2002 Ekka, Saturday, August 17, was the climax of an experience they will never forget. More than 100 riders rode the last stage of the ride from the Roma Street Parklands to the Ekka for an enthusiastic welcome.

The deep gratitude of the Association and the Australian Stockman’s Hall of Fame goes to all the communities and individuals who offered friendship and hospitality to riders along the way, and to members of the Special Events Unit of the Queensland Police Force for their continual support and assistance.

OTHER EVENTS IN SHOWGROUNDSThe use of the grounds for other events throughout the year has confirmed the RNA Showgrounds as a versatile and user-friendly venue for a wide variety of exhibitions and entertainment with plenty of parking.

The Courier Mail Home Show in March and the Queensland Caravan and Camping Show in June, which also incorporates the 4WD and Fishing Shows are the largest events of their kind in this State and drew record crowds in 2002.

The Timber Show, Truck Show and Tackle and Tinnie shows were all highly successful, bringing patrons from interstate as well as from a wide area of Queensland.

The Livid Festival was a drawcard for young members of the community and Equitana in October relied on Campdraft Masters, Stock Horse and Pony Club competitions being held at the RNA Showgrounds and as many as 400 horses and their owners bedded down in the stable area.

It will now be up to the Council, members and staff to ensure 2003 is a year of progress and consolidation for the Association and its related activities.

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PRINCIPAL ACTIVITIESThe principal activities of the Association are to provide facilities and personnel to promote and encourage the development, public interest and improvement of the Agricultural, Pastoral, Horticultural, Industrial, Manufacturing and Cultural resources of the State of Queensland. The staging of the Royal Queensland Show in August each year is the major event of the Association.

REVIEW OF OPERATIONSThe 2002 net loss was $2,224,380 compared to the 2001 net profit of $14,516. The net loss in 2002 of $2,224,380 includes a market value loss of non-current investments of $294,817.

STATE OF AFFAIRSThere were no significant changes in the state of affairs of the Association during the financial year.

COUNCILLORS’ REMUNERATIONCouncillors receive no remuneration for their services. On the 25 November 2002, Cr J P Tunny was appointed Chief Executive of the Association and received remuneration in that capacity.

LIKELY DEVELOPMENTSNo subsequent events, matters or circumstances have arisen since the end of the financial period which have significantly affected or may affect the operations of the Association, the results of the operations, or the state of affairs of the Association in subsequent financial years.

INDEMNIFICATION AND INSURANCE OF COUNCILLORS AND OFFICERS INDEMNIFICATIONThe Association has agreed to reimburse the reasonable costs (including but not limited to legal fees) incurred by any current or past Councillor or Officer in relation to the performance of his or her duties as a Councillor or Officer of the Association provided:

(i) the person is not charged with any offence, or if charged, is subsequently acquitted of all charges;

(ii) any investigations or hearings do not reveal conduct by that person which constitutes conduct which breaches that person’s fiduciary relationship with the Association whether that person is charged or not or convicted or not;

(iii) the person’s conduct is not unbecoming of a person holding the position, which that person held at the time of the conduct.

The level of such reimbursement is to be set by the Executive Committee.

INSURANCE PREMIUMSThe Association has paid insurance premiums for “Councillors’ and Officers’ and Supplementary Legal Expense Insurance” since the end of the previous financial year.

The Councillors have not included details of the nature of the liabilities covered or the amount of the premium paid in respect of the Councillors’ and Officers’ Liability and Legal Expenses Insurance contracts, as such disclosure is prohibited under the terms of the contract.

ENVIRONMENTALThe Association is subject to the general environmental laws covering air, water and noise. No breaches have been reported in the current year.

This Councillors’ Report is made in accordance with a resolution of Council made 31 January 2003.

C H Meagher AM B D VickersPresident Honorary Treasurer31 January 2003 31 January 2003

YOUR COUNCILLORS PRESENT THEIR REPORT on the Association for the year ended 31 December 2002.

Details of Councillors and the number of Council meetings (including meetings of Executive Committee) attended by each Councillor of the Association during the financial year are:

Councillors’ Report

Councillor Note Occupation Year Council Executive of Meetings Committee Appointment Meetings

A B A B

Mr C H Meagher AM Manager 1979 10 10 17 17

Mr A D Bassingthwaighte Grazier 1981 8 10 — —

Mr A G Brimblecombe AM Director 2000 7 10 — —

Mr W T Cummins Manager 1981 8 10 — —

Dr V E Edwards Neurologist 1987 10 10 17 17

Mr J C Grigg Agribusiness Consultant 1978 10 10 17 17

Mr P S Harpham Grazier/Veterinarian 2001 9 10 — —

Mr G J Hart Company Director 1996 8 10 14 17

Mrs S J Hennessey Councillor 2001 8 10 — —

Mr P S Jervis Dairy Farmer/Company Director 1998 9 10 — —

Mrs J M McMillan Property Manager 1997 7 10 — —

Mr S J Maitland Director/Accountant 2001 8 10 — —

Mr L K Morris (1) Retired Manager 1986 7 9 — —

Mr D L O’Connor Barrister/Chief Executive 2000 10 10 17 17

Dr W E Ryan Orthopaedic & Spinal Surgeon 2000 8 10 — —

Mrs J F Scott Company Director 1996 7 10 — —

Mr D C Sturrock Grazier 1988 9 10 — —

Mr D G Thomas (2) Solicitor 2002 1 1 — —

Mr W H Thompson Farming 2000 10 10 — —

Mr J P Tunny Chief Executive 2001 10 10 — —

Mr B D Vickers Motor Industry Consultant & Director 1993 6 10 13 17

Mr A G F Warby Grazier 1972 10 10 14 17

A—Number of meetings attended

B—Reflects the number of meetings held during the time the councillor held office during the year

NOTES: (1) Resigned 5 November 2002

(2) Appointed 29 November 2002

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PCouncillors in Profile

Colin H Meagher AMAge—71 years Occupation—ManagerRNA Life MemberRNA Councillor since 1979 and President since 1997. Past Chairman Horse & Arena Committee. Lives at Wongawallan, Upper Coomera where he and his wife Pat run horses and cattle. Business interests—land development and building.

PRESIDENT

COUNCILLOR[EXECUTIVECOMMITTEE]

JUNIOR VICE PRESIDENT COUNCILLOR

COUNCILLOR[EXECUTIVECOMMITTEE] COUNCILLOR COUNCILLOR COUNCILLOR COUNCILLOR COUNCILLOR

SENIOR VICE PRESIDENT

HON TREASURER

COUNCILLORCOUNCILLOR[EXECUTIVECOMMITTEE]

COUNCILLOR COUNCILLOR COUNCILLOR COUNCILLOR COUNCILLOR COUNCILLOR

COUNCILLOR

Dr Vivian E Edwards MB BS Qld FRACPAge—64 yearsOccupation—NeurophysicianRNA Exhibitor and RNA Life Member RNA Councillor since 1987 and Senior Vice President since 1995. RNA Responsibilities—Chairman of Masterplan and Works Committees. Member of Joint Stock Committee. Horse Breeds Expo founder and organiser from 1995. RNA Honorary Council Steward 10 years.

Allan G F WarbyAge—62 years Occupation—GrazierRNA Life MemberRNA Councillor since 1972. Appointed Junior Vice President of the Association in 2000. RNA Responsibilities—Chairman of Beef Cattle, Joint Stock and Meat Hall Committees. Member of Entries Committee. Principal of Billinbah Pastoral Company. Committed to maintaining a strong industry relevant cattle section and rural presence at the RNA Show.

Barry D Vickers FCIS FCIM ASIA GDAppLaw Qld FAICD FAIM FTIA JP QualAge—60 years Occupation—Motor Industry Consultant and DirectorRNA MemberRNA Councillor since 1993. RNA Responsibilities—Chairman of Investment, Budget and Dogs Committees. Member of Marketing, Space and Letting, Appeals and Disciplinary, Animal Health, Joint Stock and Veterinary Committees. Previous to his appointment to the Council in 1993 Mr Vickers was a Canine Control Councillor (Queensland) from 1973 to 1980 and was reappointed to that position in 1993. President Canine Control Council (Queensland) from 2002.

John C Grigg QDH JP QualAge—68 years Occupation—Agribusiness Consultant, Fruitgrower, Stud Cattle BreederRNA Exhibitor since 1953 and RNA Life MemberRNA Councillor since 1978. RNA Responsibilities—Chairman of Horticulture and Pisciculture. Member of Masterplan, Works, Appeals and Disciplinary, Fruit, District Exhibits, and Queensland Youth Exhibits Committees. Senator University of Queensland 1990; Chairman Gatton College Council 1988-1990; Paul Harris Fellow in Rotary.

Daniel (Dan) L O’Connor DipTchg BEdSt Qld LLB QUT LLM QldAge—41 yearsOccupation—Barrister-at-Law; Chief Executive, Bar Association of QueenslandRNA Life MemberRNA Councillor since 2000. RNA Responsibilities—Chairman of Space and Letting, House, Appeals and Disciplinary Committees. Member of Investment, Budget, Marketing, Horse and Arena, Wine and Woodchop Committees. Convenor—Future Directions Committee.Hon. Secretary—Australian Bar Association.

Alan G Brimblecombe AMAge—69 years Occupation—DirectorRNA MemberRNA Councillor since 2000. RNA Responsibilities— Member of Agricultural Development, Appeals and Disciplinary, Fruit, District Exhibits and Queensland Youth Exhibits Committees, and Animal Nursery and Farmyard Friends. Previously RNA Honorary Council Steward in the Agricultural Pavilion. Director Moira Farms Pty Ltd, Forest Hill, Qld; Deputy Chairman Queensland Cotton Corp, Brisbane.

Graham J Hart FAIBF FAICD FAIM FIFSAge—64 years Occupation—Company DirectorRNA Life MemberRNA Councillor since 1996. RNA Responsibilities—Chairman of Marketing Committee. Member of Investment, Budget, Space and Letting, Masterplan, Works, Horse and Arena, and Joint Stock Committees. Chairman Brisbane Festival Limited; Member Education Queensland Audit Committee. Former appointments include—Chief Executive, Bank of Queensland Limited, City Business Advisory Board; Brisbane City Council Holding Entity Board; Member of Council of University of Southern Queensland.

Alastair D BassingthwaighteAge—59 years Occupation—GrazierRNA Stud Cattle Exhibitor and RNA Life MemberRNA Councillor since 1981. RNA Responsibilities—Member of Marketing, Animal Health, Beef Cattle, Joint Stock and Meat Hall Committees. Principal of Yarrawonga-Waco Santa Gertrudis Stud. Lifetime association with the Beef Industry.

Warren T Cummins JP CDecAge—64 years Occupation—Retired Director (Real Estate Industry)RNA Life MemberRNA Councillor since 1981. RNA Responsibilities—Chairman of Entries, and Horse and Arena Committees. Member of Masterplan, Works, Animal Health and Joint Stock Committees. Appointed as RNA Red Coat/Mounted Steward 1961, RNA Ring Steward 1965 and continued as an Honorary Council Steward until 1981. RNA Ringmaster. Former member Qld Harness Racing Board, Advisory Committee Qld Racing Appeals Tribunal and Ipswich Show Society.

Philip S Harpham BVSc QldAge—54 yearsOccupation—Grazier/VeterinarianRNA MemberRNA Councillor since 2001. RNA Responsibilities—Chairman of Veterinary Committee. Member of Beef Cattle, Joint Stock and Meat Hall Committees. Beef and Wool Producer, Veterinary Consultant. Board Member of Sheepmeat Council of Australia Inc. and AgForce Sheep and Wool Council.

Susan J HennesseyAge—54 years Occupation—Interior DesignerPast RNA Exhibitor and RNA Life MemberRNA Councillor since 2001. RNA Responsibilities—Member of House and Fine Arts Committees.

Peter S JervisAge—64 years Occupation—Dairy Farmer/Company DirectorRNA Life MemberRNA Councillor since 1998. RNA Responsibilities—Chairman of Dairy Cattle and Dairy Produce Committees. Member of Masterplan, Works, Animal Health and Joint Stock Committees.

Jan M McMillanOccupation—Property Owner and Investor/Thoroughbred BreederRNA MemberRNA Councillor since 1997RNA Responsibilities—Chairman of Quilts Across Queensland Committee. Member of Marketing, Horse and Arena, Joint Stock and Veterinary Committees. Deputy Ringmaster.Committee Member—South East Queensland Racing Association, Sunshine Coast Turf Club, Queensland Racehorse Owners Association and Licences Assistance Association.

Stephen J Maitland RFD Bec FCPA FAICD FAIM FAIBFAge—52 yearsOccupation—Accountant and Corporate AdvisorRNA MemberRNA Councillor since 2001. RNA Responsibilities— Member of Budget, Entries and Education Committees. Principal of Delphin Associates, Director of Tarong Energy, EsiSuper, Grand United Friendly Society, Centrepoint Finance Group, Corporate Influences Pty Ltd, Buderim Ginger Ltd, Mackay Permanent Building Society Ltd.

Joan F ScottAge—60 years Occupation—Company DirectorRNA MemberRNA Councillor since 1996. RNA Responsibilities—Chair of Sheep & Wool Committee. Member of House, Animal Health, Joint Stock, Meat Hall and School Camp Committees. Bungil Shire Councillor 1979–1996, (Deputy Chairman 1987–1993). Member of Rural Lands Protection Board of Qld 1992–1996. Co-author “In Champagne Country” and “Fight for a Just Cause”.

David G Thomas BCom LLB Hons QldAge—47 years Occupation—SolicitorRNA MemberRNA Councillor since November 2002. RNA Responsibilities—Chairman of Woodchop Committee. Member of Entries, Masterplan, Appeals and Disciplinary, and Veterinary Committees. Member of the Board of Commerce Queensland. Vice President of Brisbane Development Association.

Dr William (Bill) E Ryan MB BS Qld FRM RACP FRCS Ed FRACS FACS FAOrthA DiplAmerBoardOrthSurgeryAge—59 years Occupation—Orthopaedic Spinal SurgeonRNA MemberRNA Councillor since 2000. RNA Responsibilities—Member of House, Poultry and Caged Birds, and Wine Committees. Honorary Council Steward in the Wine Section prior to appointment to RNA Council. Directorships—Stanthorpe Wine Co.

Duncan C SturrockAge—50 years Occupation—Grazier and Feed LotterRNA Exhibitor and RNA Life MemberRNA Councillor since 1988. RNA Responsibilities—Member of Beef Cattle, Joint Stock and Meat Hall Committees. Director of Sturrock Grazing Pty Ltd and Launcells Feedlot Systems Pty Ltd

Walter (Harold) H Thompson JP QualAge—61 years Occupation—FarmingRNA Life Member and Exhibitor.RNA Councillor since 2000. RNA Responsibilities—Member of Entries, Animal Health, Dairy Cattle, Dairy Produce, and Joint Stock Committees.Directorships—Illawarra Cattle Society of Australia and Australian Red Breed Register Inc.

Jonathan P Tunny BBus GradDipAdvAcctg QIT GMQ AGSM FCA FAICDAge—46 years Occupation—RNA Chief ExecutiveRNA MemberRNA Councillor since 2001. Former RNA Responsibility— Woodchop.

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THE ROYAL NATIONAL AGRICULTURAL AND INDUSTRIAL ASSOCIATION OF QUEENSLAND (“the Association”) is incorporated under the Royal National Agricultural and Industrial Association of Queensland Act 1971(“the Act”) and operates under the provisions of that Act.

The Association has established Objects, Rules and By-laws to effectively conduct its affairs and operations.

Under the Act, the Minister must approve any changes to the Objects and Rules of the Association and receive the annual financial reports. The Association cannot sell its land without the approval of the Governor in Council.

While not required under the Act, the Association endeavours where possible to conduct its business to the standards and requirements of a public company, and in compliance with the spirit of applicable legislation.

THE COUNCILThe Association is governed by a Council that is constituted by the President, the Senior Vice President, Junior Vice President and eighteen members elected from the general body of members.

The Council meets monthly, or as required.

With the exception of Junior and Corporate members, all other members of the Association are permitted to hold office and vote at any meetings of the members of the Association.

COUNCILLORSCouncillors are elected for a two year term. The Council may appoint an eligible member to fill a casual vacancy. A Councillor may not seek election or re-election after attaining 72 years of age.

The President, the two Vice-Presidents and nine Councillors are elected each year by the members.

Honorary Councillors may be appointed in recognition of past outstanding service to the Association. Honorary Councillors receive no remuneration, and are not entitled to attend or vote at Council Meetings.

COMMITTEESAn Executive Committee is established under the Objects and Rules and has the control of the financial administration, management, planning, strategic development and general business of the Association. It comprises the President, two Vice-Presidents, Honorary

Treasurer and three members of Council. The Executive Committee meets monthly or as required.

Corporate Governance Statement

The Council or Executive Committee may from time to time appoint Committees consisting of such members of Council and other persons as it may decide. A Committee has the power to appoint a sub-committee of its members and other persons for the purpose of considering such matters referred to it as it considers desirable.

Councillors are elected annually to Committee membership by the Council. Most Councillors serve on one or more Committees. Some Committees have invited external members who possess particular skills or expertise. The President and vice-Presidents are ex-officio members of all Committees.

Eight Committees are established to assist in the conduct of the Association’s general operations—Budget; Investment; Marketing; Master Plan; House; Space and Letting; Agricultural Development; and Future Directions.

In addition to the Sectional Committees, a number of other Committees are established to assist in the general conduct of the Royal Queensland Show—Entries; Veterinary; Joint Stock; and Appeals and Disciplinary.

CHIEF EXECUTIVEThe Executive Committee appoints a Chief Executive to manage the affairs of the Association.

The current Chief Executive is also a Councillor. The Council and the Chief Executive have agreed that the Chief Executive will not exercise a deliberative vote at Council meetings during his tenure as Chief Executive.

REMUNERATIONWith the exception of the Chief Executive, Councillors and Honorary Councillors receive no remuneration. They may be reimbursed for reasonable expenses incurred in attending meetings of the Council.

The remuneration and terms of employment of the Chief Executive and senior executives is determined by the Executive Committee, and takes into account current comparable market remuneration and the desire to attract and retain quality staff with appropriate skills and experience.

AUDIT AND COMPLIANCEThe Association is subject to independent external audit.

INTERNAL CONTROLSInternal control systems are established to minimise risk and promote efficiency.

The Council receives comprehensive monthly financial and operational reports, and measures performance against detailed annual budgets.

The Executive Committee reports and distributes its meeting minutes to each Council meeting.

Funds under management are subject to investment policies that minimise risk and seek fair returns.

RISK MANAGEMENTThe Association has adopted a range of risk management practices to address both normal business operational risk, and those specific to the activities of the Association—including bio-security, crowd control, and environmental risks. These practices include periodic and specific external risk reviews.

Where possible, risks are externally insured.

Councillors are covered by indemnities extended by the Act. Employees of the Association are covered by Directors’ and Officers’ Liability Insurance.

REPORTINGThe Council reports to members through publication of an Annual Report and financial statements, and at an Annual General Meeting and periodically through newsletters and other means.

As required by the Act, the Association also submits a certified copy of the Annual Report to the Chief Executive of the relevant Government Department.

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Note 2002 2001

$ $

Revenue

Revenue from operating activities

Royal Queensland Show 3 7,760,175 7,842,862

Rent from ground facilities 1,519,571 1,579,070

Interest revenue 4 546,732 652,224

Other 750,407 806,376

Total revenue from operating activities 10,576,885 10,880,532

Revenue from non-operating activities

Profit on sale of property, plant and equipment 5 9,462 5,960

Capital grants and subsidies 111,666 354,999

Total revenue from non-operating activities 121,128 360,959

TOTAL REVENUE 10,698,013 11,241,491

Expenses

Employee costs 6 3,003,290 3,028,551

Material and services 7 8,427,670 6,932,491

Depreciation 8 1,196,450 1,265,735

Write down of investments 294,817 —

Interest expense 9 166 198

TOTAL EXPENSES 12,922,393 11,226,975

NET OPERATING PROFIT/(LOSS) 18 (2,224,380 ) 14,516

The statement of financial performance is to be read in conjunction with the notes to the financial statements set out on pages 16 to 23.

Statement of Financial PerformanceFor the year ended 31 December 2002

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Financials

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Statement of Cash FlowsFor the year ended 31 December 2002

Statement of Financial PositionAs at 31 December 2002

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Note 2002 2001

$ $

Current assets

Cash 227,099 302,300

Receivables 10 329,386 37,655

Investments 11 5,675,029 9,067,222

Inventories 48,189 65,549

Prepayments 164,386 110,274

Total current assets 6,444,089 9,583,000

Non-current assets

Investments 11 3,874,219 2,802,564

Property, plant and equipment 12 16,082,663 16,214,289

Total non-current assets 19,956,882 19,016,853

Total assets 26,400,971 28,599,853

Current liabilities

Payables 13 295,345 103,863

Interest bearing liabilities 14 — 17,943

Unearned revenues 168,044 199,773

Provisions 16 303,424 320,000

Total current liabilities 766,813 641,579

Non-current liabilities

Provisions 264,264 364,000

Total non-current liabilities 264,264 364,000

Total liabilities 1,031,077 1,005,579

NET ASSETS 25,369,894 27,594,274

Funds

Retained profits 18 18,165,412 20,389,792

Reserves 17 7,000,775 7,000,775

Trust Funds 203,707 203,707

TOTAL FUNDS 25,369,894 27,594,274

The statement of financial position is to be read in conjunction with the notes to the financial statements set out on pages 16 to 23.

Note 2002 2001

$ $

Cash flows from operating activities

Cash receipts from operations 11,113,281 11,571,649

Cash payments from operations (12,687,463 ) (11,361,958 )

Interest received 546,732 710,734

Interest paid (166 ) (204 )

Net cash (used)/provided by operating activities 19 (1,027,616 ) 920,221

Cash flows from investing activities

Proceeds from sale of property, plant and equipment 10,455 5,861

Payments for property, plant and equipment (1,065,818) (2,123,501 )

Proceeds from investments 2,025,721 1,204,280

Net cash used/(provided) by investing activities 970,358 (913,360 )

Net increase /(decrease) in cash held (57,258 ) 6,861

Cash at the beginning of the financial year 284,357 277,496

CASH AT THE END OF THE FINANCIAL YEAR 227,099 284,357

Notes to the statement of cash flows

For the purposes of the statement of cash flows, cash includes cash on hand and at bank, net of outstanding bank overdrafts. Cash at the end of the financial year as shown in the statement of cash flows is reconciled to the related items in the balance sheet as follows:

Cash 202,600 302,300

Cash at bank 24,499 —

Bank overdraft 14 — (17,943 )

TOTAL CASH 277,099 284,357

The statement of cash flows is to be read in conjunction with the notes to the financial statements set out on pages 16 to 23.

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NOTE 1 THE ASSOCIATIONThe Royal National Agricultural and Industrial Association of Queensland is a body corporate, incorporated under the Royal National Agricultural and Industrial Association of Queensland Act 1971 as amended.

NOTE 2 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIESThe significant policies, which have been adopted in the preparation of this financial report, are:

(a) Basis of preparation

The financial report is a general purpose financial report, which has been prepared in accordance with Australian Accounting Standards, Urgent Issues Group Consensus Views and other authoritative pronouncements of the Australian Accounting Standards Board.

It has been prepared on the basis of historical costs and does not take into account changing money values or fair values of non-current assets.

These accounting policies have been consistently applied and, except where there is a change in accounting policy, are consistent with those of the previous year.

Where necessary, comparative information has been reclassified to achieve consistency in disclosure with current financial year amounts and other disclosures.

(b) Revenue recognition

Royal Queensland Show and ground rental revenue is recognised in the year it is earned.

Interest revenue is recognised as it accrues.

Other revenue includes revenue from car parking, special exhibition charges, secretarial fee, signage revenue, and sundry revenue and is recognised on an accrual basis.

(c) Income Tax

The Association is an exempt body under Section 50-40 of the Income Tax Assessment Act 1997 and is accordingly not liable for income tax.

(d) Goods and Services Tax

Revenues, expenses and assets are recognised net of the amount of goods and services tax (GST), except where the amount of GST incurred is not recoverable from the Australian Tax Office (ATO). In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of expense.

Receivables and payables are stated with the amount of GST included.

The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or liability in the statement of financial position.

Cash flows are included in the statement of cash flows on a gross basis. The GST components of cash flows arising from investing and financing activities, which are recoverable from, or payable to, the ATO are classified as operating cash flows.

(e) Receivables—Note 10

Trade debtors and other debtors

Certain trade debtors’ accounts specify a specific due date and those accounts are payable on that date. Other debtors which have no specific due date for payment are normally settled within 60 days. The collectibility of debts is assessed at balance date and provision is made for any doubtful accounts.

(f) Investments—Note 11

Bank short term deposits (current assets)

The bank bills are shown at cost. Interest is accrued at the contracted rate and included in “other debtors”.

Long term investment portfolio (non-current assets)

Long term investments consist of investments in twelve wholesale managed unit trust investment funds. The funds are managed by Navigator —Personal Investment Plan and have no maturity date. Long term investments are carried at the lower of cost and recoverable amount. At 31 December 2002 the long term investment portfolio was written down by $294,817 to reflect its recoverable amount.

(g) Inventories

Inventories are carried at the lower of cost and net realisable value. Items which are considered consumables are expensed in the year of purchase. Inventories are primarily consumable stores used by the Association in its operations.

(h) Property, plant and equipment—Note 12

Acquisition

Items of property, plant and equipment are recorded at cost.

Depreciation and amortisation

Items of property, plant and equipment including buildings and ground improvements are depreciated/amortised using the straight-line method over their estimated useful lives.

The depreciation rates used for each class of asset are as follows:

• Buildings and ground improvements 2%—5%

• Plant and equipment 10%—20%

• Sub-stations and 5%electrical installations

Assets are first depreciated or amortised in the year of acquisition or in respect of internally constructed assets in the year the asset is completed and held ready for use.

Recoverable amount

The carrying amounts of non-current assets valued on the cost basis are reviewed to determine whether they are in excess of their recoverable amount at balance date. If the carrying amount of a non-current asset exceeds the recoverable amount, the asset is written down to the lower amount. The write down is expensed in the reporting period in which it occurs. In assessing recoverable amounts the relevant cash flows have not been discounted to their present value.

(i) Payables—Note 13

Liabilities are recognised for amounts to be paid in the future for goods or services received, whether or not billed to the Association. Trade accounts payable are normally settled within 60 days.

(j) Employee entitlements—Note 16

Wages, salaries, annual leave and sick leave

The provisions for employee entitlements to wages, salaries, annual leave and sick leave represent the amount which the Association has a present obligation to pay resulting from employees’ services provided up to the balance date. The provisions have been calculated at undiscounted amounts based on current wage and salary rates and include related on-costs.

Long service leave

Provision in respect of long service leave is made on the basis of the total nominal entitlement of permanent and permanent casual employees from commencement of employment. The provision has been calculated at undiscounted amounts based on current wage and salary rates and includes related on-costs. The Council is satisfied that this estimate reliably represents the present value of future cash flows to be made by the Association in respect to services provided by employees up to the reporting date.

Notes to and forming part of the Financial Report31 December 2002

16 17

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Superannuation plan

The Association contributes to several defined contribution superannuation plans. Contributions are charged to the statement of financial performance as incurred. Further information is set out in Note 20.

(k) Reserves—Note 17

The Association, in order to provide a reserve against reduced gate takings due to inclement weather in a particular year, appropriates from time to time certain surpluses to the Rain Protection Reserve. Nil transfers (2001 $Nil) took place during the year.

In 2002 $nil (2001 $nil) was transferred from Retained Profits to the Asset Replacement Reserve. This reserve is to be used for replacement of buildings demolished as a result of the Brisbane City Council by-pass tunnel.

(l) Insurance claim excess—Note 16

The Association has taken out public liability insurance. Under the policy, the Association is liable for the excess of any claim. A provision is taken up at year end, which reflects the Association’s estimated liability for the excess on claims reported but not yet finalised.

2002 2001 $ $

NOTE 3 ROYAL QUEENSLAND SHOW

Gate receipts 3,693,289 4,077,574

Show rents 2,492,182 2,324,613

Advertising and sponsorship 717,233 673,337

Competition entry fees 390,658 315,703

Membership subscription 302,497 287,315

Sundry show revenue 164,316 164,320

7,760,175 7,842,862

NOTE 4 INTEREST REVENUE Short term money market 21,281 29,370

Term deposits 31,141 240,344

Unit trusts 193,241 6,099

Bank bills 301,069 376,411

546,732 652,224

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2002 2001 $ $

Buildings

Current cost at beginning of the period 22,640,527 20,834,997

Additions 722,391 1,805,529

23,362,918 22,640,526

Accumulated depreciation (9,689,998 ) (9,215,835 )

Carrying value at the end of the period 13,672,920 13,424,691

Plant and equipment


Additions 343,426 267,051

Disposals (34,215 ) (5,861 )

5,868,959 5,559,748


Carrying value at the endof the period 1,393,347 1,663,281

Sub-stations and electrical equipment


Additions — 50,921

2,198,408 2,198,408


Carrying value at the end of the period 919,516 1,029,437

TOTAL CARRYING VALUE OF PROPERTY, PLANT AND EQUIPMENT 16,082,663 16,214,289


18 19

2002 2001 $ $

NOTE 5 GAIN ON SALE OF PROPERTY, PLANT AND EQUIPMENT Proceeds of sale of property, plant and equipment sold 10,455 6,059

Carrying value of property, plant and equipment sold (993 ) (99 )

9,462 5,960

NOTE 6 EMPLOYEE COSTS Salary and wages 2,560,630 2,836,782

Annual leave expense 151,104 4,000

Sick leave expense 31,752 7,000

Long service leave expense 32,464 (26,000 )

Superannuation expense 197,944 181,828

Fringe benefits tax 29,396 24,941

3,003,290 3,028,551

NOTE 7 MATERIAL AND SERVICES Advertising 691,393 719,608

Auditors remuneration

Audit services 21,500 20,500

Other services 6,236 12,545

Electricity and gas 272,776 269,118

Insurance 431,028 296,928

Maintenance 929,093 799,494

Postages and telephones 159,640 136,302

Printing and stationery 203,544 182,199

Prizes and ribbons 407,826 342,317

Rates andutility charges 732,542 494,065

Show expenses 4,015,449 3,137,503

Other expenses 556,643 521,912

8,427,670 6,932,491

2002 2001 $ $

NOTE 8 DEPRECIATION Buildings and improvements 474,163 775,116

Motor vehicles 54,212 48,555

Plant and equipment —grounds 78,859 69,877

Plant and equipment —buildings 449,764 238,683

Furniture and fittings 29,531 25,145

Sub-stations and electrical 109,921 108,359

1,196,450 1,265,735

NOTE 9 INTEREST EXPENSE Bank overdraft 166 198

166 198

NOTE 10 RECEIVABLES Trade debtors 339,386 47,655

Less: Provision for doubtful debts (10,000 ) (10,000 )

329,386 37,655

NOTE 11 INVESTMENTS

Current

Bank bills—general — 1,596,515

Bank bills—trusts and reserves 5,675,029 7,470,707

5,675,029 9,067,222

Non-current

Investment in unit trusts 3,874,219 2,802,564

3,874,219 2,802,564

2002 2001 $ $

NOTE 12 PROPERTY, PLANT AND EQUIPMENT

Freehold land at cost 96,880 96,880

Buildings and ground improvements

At cost 23,362,918 22,640,526


13,672,920 13,424,691

Plant and equipment

At cost 5,868,959 5,559,748


1,393,347 1,663,281

Sub-stations and electrical equipment

At cost 2,198,407 2,198,408


919,516 1,029,437

TOTAL PROPERTY, PLANT AND EQUIPMENT NET BOOK VALUE 16,082,663 16,214,289

Reconciliation

Reconciliations of the carrying amounts for each class of property, plant and equipment are set out below:

Freehold Land

Current cost at beginning of the period 96,880 96,880

Current cost at end of the period 96,880 96,880

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2002 2001 $ $

NOTE 18 RETAINED PROFITS

Retained profits at beginning of year 20,389,792 20,375,276

Net profit current year (2,224,380 ) 14,516

Retained profits at end of year 18,165,412 20,389,792

NOTE 19 RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES AND OPERATING PROFIT/(LOSS)

Operating surplus/(deficit) (2,224,380 ) 14,516

Add: Non-cash items

Depreciation 1,196,450 1,265,735

Loss on investment 294,817 —

Amount set aside to provisions (116,312 ) 10,000

Gain on sale of non-current assets sold (9,462 ) —

(858,887 ) 1,290,251

Net cash provided by operating activities before changes to assets and liabilities

(Increase)/decrease in inventories 17,360 662

(Increase) in prepayments (54,111 ) (20,303 )

(Increase)/decrease in receivables (291,731 ) 53,785

(Decrease)/increase in payables 191,482 (360,335 )

(Decrease) in unearned revenue (31,729 ) (43,839 )

NET CASH PROVIDED BY OPERATING ACTIVITIES (1,027,616 ) 920,221

2002 2001 $ $

NOTE 20 SUPERANNUATION

The Association continued contributions to accumulated contribution plans during the year. Contributions paid during the year and payable at 31 December 2002 are as follows:

(i) Contributions paid

Sunsuper 51,691 56,098

AMP Super Leader 113,151 129,996

164,842 186,094

(ii) Contributions payable

Sunsuper 15,337 4,032

AMP Super Leader 17,766 15,882

33,103 19,914

2002 2001 $ $

NOTE 13 PAYABLES Trade creditors and accruals 295,345 103,863

295,345 103,863

NOTE 14 INTEREST BEARING LIABILITIES

Current

Bank overdraft — 17,943

— 17,943

NOTE 15 FINANCING ARRANGEMENTSThe Association has access to the following lines of credit:

Total facilities available:

Bank overdraft 25,000 25,000

Facilities utilised at balance date:

Bank overdraft — 17,943

Facilities not used at balance date:

Bank overdraft 25,000 7,057

Bank Overdraft

The bank overdraft of the Association is secured by registered mortgages over the Association’s land and buildings.

Interest on bank overdrafts is charged at prevailing market rates. The weighted average interest rate for 2002 was 10.7% (2001: 11.0%).

The bank overdraft is repayable on demand and is subject to annual review.


20 21

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2002 2001 $ $

NOTE 16 PROVISIONS

Current

Provision for annual leave 172,827 222,000

Provision for sick leave 39,532 45,000

Provision for long service leave 66,065 28,000

Insurance claims excess 25,000 25,000

303,424 320,000

Non-Current

Provision for long service leave 264,264 364,000

264,264 364,000

The number of employees at year end was 45 (2001—50). During the year the Association employed a number of temporary and casual staff to assist with the Royal Queensland Show and car parking for special exhibitions. These employees are not reflected in the year end numbers above.

NOTE 17 RESERVES

Rain Protection Reserve

Balance at the beginning of the year 3,500,000 3,330,000

Balance at the end of the year 3,500,000 3,500,000

Asset Replacement Reserve

Balance at the beginning of the year 3,375,000 3,375,000

Balance at theend of the year 3,375,000 3,375,000

General Reserve

Balance at the beginning of the year 125,775 125,775

Balance at the end of the year 125,775 125,775

TOTAL RESERVES 7,000,775 7,000,775

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(b) Credit risk exposures

Credit risk represents the loss that would be recognised if counterparties failed to perform as contracted.

The credit risk on financial assets, which have been recognised on the statement of financial position, is the carrying amount, net of any provision for doubtful debts. The Association is not materially exposed to any individual customer.

(c) Net fair values of financial assets and liabilities

The carrying amounts of financial assets and liabilities approximate fair value.

NOTE 22 CAPITAL EXPENDITURE COMMITMENTSCapital expenditure contracted for at balance date is $nil (2001 $nil).

NOTE 23 SEGMENT REPORTINGThe Association operates from one location at its RNA Showgrounds in Brisbane, and as defined by its objects and rules its sole object is to act as a show society.


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NOTE 24 COUNCILLORS’ REMUNERATIONAt the Association’s Council meeting on 27 October 2000 it was resolved that ‘Country Councillors’ who travel a distance of more than 100 km radius from Brisbane be reimbursed their travel expenses based on Australian Taxation Office rates, as published, and be able to claim overnight accommodation where applicable for attending official meetings of the Council and the Executive Committee. At 31 December there were six Councillors eligible to claim travel expenses (2001 five Councillors).

The number of Councillors of the Association whose income from the Association or any related party falls within the following bands:

2002 2001

$0 20 21

$10,000–$19,999 1 —

Total income paid or payable, or otherwise made available, to all Councillors of The Association from the Association or any related party.

$12,083 $ —

NOTE 25 RELATED PARTY DISCLOSUREThe name of each person holding the position of Councillor of the Association during the financial year is listed in the Councillors’ Report.

Mr D G Thomas is a partner is the law firm of Minter Ellison. During the period Mr D G Thomas held the position of Councillor of the Association, the Association paid legal fees to Minter Ellison amounting to $3,978 (2001 $nil).

Other transactions between the Association and Councillors and their related entities are trivial in nature and occur within normal customer/supplier relationships on terms and conditions no more favourable than those which it is reasonable to expect would have been adopted if dealings with non-Councillor related entities at arm’s length in the same circumstances.

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NOTE 21 FINANCIAL INSTRUMENTS(a) Interest rate risk exposures

The Association’s exposure to interest rate risk and the effective weighted average interest rate for classes of financial assets and financial liabilities is set out below:

FIXED INTEREST

MATURING IN Note Weighted Floating 1 year Over 1 to Non- Total Average Interest or less 5 years interest 2002 Interest Rate bearing Rate

Financial assets $ $ $ $ $

Cash assets 4.5% 200,000 — — 27,099 227,099

Receivables 10 — — — 329,386 329,386

Bank bills 11 4.8% — 5,675,029 — — 5,675,029

Investments — — — 3,874,219 3,874,219

200,000 5,675,029 — 4,230,704 10,105,733

Financial liabilities $ $ $ $ $

Payables 13 — — — 295,345 295,345

Bank overdraft 14 11% — — — — —

Employee entitlements 16 — — — 542,688 542,688

— — — 838,033 838,033

FIXED INTEREST

MATURING IN Note Weighted Floating 1 year Over 1 to Non- Total Average Interest or less 5 years interest 2001 Interest Rate bearing Rate

Financial assets $ $ $ $ $

Cash assets 4.8% 300,000 — — 2,300 302,300

Receivables 9 — — — 37,655 37,655

Bank bills 10 5% 9,067,222 — — — 9,067,222

Investments — — — 2,802,564 2,802,564

9,367,222 — — 2,842,519 12,209,741

Financial liabilities $ $ $ $ $

Payables 13 — — — 103,863 103,863

Bank overdraft 14 11% 17,943 — — — 17,943

Employee entitlements 16 — — — 659,000 659,000

17,943 — — 762,863 780,806

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IN THE OPINION OF THE COUNCILLORS OF The Royal National Agricultural and Industrial Association of Queensland:

1 the financial statements and notes, set out on pages 13 to 23, are in accordance with the Royal National Agricultural and Industrial Association of Queensland Act 1971 as amended and:

(a) present fairly the financial position of the Association as at 31 December 2002 and its performance, as represented by the results of its operations and its cash flows for the financial year ended on that date; and

(b) comply with Australian Accounting Standards; and

2 there are reasonable grounds to believe that the Association will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of the Councillors:

C H Meagher AMPresidentBrisbane 31 January 2003

B D VickersHonorary TreasurerBrisbane 31 January 2003

Councillors’ Declaration

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Independent Auditor’s Report to the Members of The Royal National Agricultural and Industrial Association of Queensland

ScopeI have audited the financial report of The Royal National Agricultural and Industrial Association of Queensland for the financial year ended 31 December 2002, consisting of the statement of financial performance, statement of financial position, statement of cash flows and accompanying notes set out on pages 13 to 23. The Association’s Councillors are responsible for the financial report. I have conducted an independent audit of this financial report in order to express an opinion on it to the members of the Association.

My audit has been conducted in accordance with Australian Auditing Standards to provide reasonable assurance whether the financial report is free of material misstatement. My procedures included examination, on a test basis, of evidence supporting the amounts and other disclosures in the financial report, and the evaluation of accounting policies and significant accounting estimates. These procedures have been undertaken to form an opinion whether, in all material respects, the financial report is presented

fairly in accordance with Australian Accounting Standards and other mandatory professional reporting requirements and statutory requirements in Australia so as to present a view which is consistent with my understanding of the Association’s financial position, and performance as represented by the results of its operations and its cash flows.

The audit opinion expressed in this report has been formed on the above basis.

Audit opinionIn my opinion, the financial report of The Royal National Agricultural and Industrial Association of Queensland is in accordance with:

(a) the Royal National Agricultural and Industrial Association of Queensland Act 1971 as amended and:

(i) presents fairly the Association’s financial position as at 31 December 2002 and its performance for the year ended on that date; and

(ii) complies with Accounting Standards in Australia; and

(b) other mandatory professional reporting requirements.

S CraneRegistered Company AuditorPartner of KPMGBrisbane 31 January 2003

Locked Bag 1010 Albion Qld 4010T +61 7 3852 1831 F +61 7 3257 1428

www.rnashowgrounds.com.auwww.ekka.com.auenquiries@rnashowgrounds.com.auABN 41 417 513 726

Gregory Terrace Bowen Hills BrisbaneQueensland Australia

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