BEQUESTS
One of the most remarkable things about our College is the extraordinary community spirit it fosters among those who pass through its gates. After more than 120 years of continuous operation, BBC has developed a sterling tradition of educating Gentlemen of Honour who have gone on to lead rich and full lives, remaining deeply connected to the bonds they formed and the friendships they made during their time on campus. We’re not just a school; we’re a community and a family.
Our extensive and committed brotherhood of Old Collegians is one of the most profound examples of this. Decades after their time here as students ended, they remain involved with our community and our traditions.
Many of our Old Boys like to celebrate their time here by paying it forward for future generations of BBC students. Old Collegians have the option to leave donations to BBC in their will, be it money, items, or property. These bequests are used solely to improve our school campus and enhance our students’ educational opportunities.
They are maintained by professional fund managers specialising in not-for-profit school endowments to ensure their efficient and responsible use. Donors can also issue instructions on how their bequest must be used. They can use their donation to fund specific bursaries for students who could not otherwise afford to attend BBC or direct it to the College’s Building Fund.
A notable example of a bequest used to improve the College and benefit all our students is the contribution of Mr John Noblet (OC 1942). Upon his passing, John bequeathed a generous sum of money to the College that was then used to assist in the building of College
Hall and in the complete remodelling of what was then known as Main Oval. John’s generosity allowed for the draining, irrigation, resurfacing, and re-grassing of the oval, which was renamed Noblet Oval in his honour upon its completion.
This is one of the more immediately apparent examples of a bequest that has improved our school and campus, but BBC gratefully accepts any and all contributions of any size. Every donation, no matter how large, contributes vital assistance to our efforts to ensure that our school remains a state-of-the-art home away from home for generations to come.
If you’d like to learn more about the options available to you regarding donations and bequests, please don’t hesitate to contact the BBC Foundation for further information.
The Foundation can work with you to develop a tailored arrangement that helps ensure that every boy who attends the College for the next 120 years enjoys the same range of opportunities that alumni from the last 120 years did.
Contact the BBC Foundation Office by phoning (07) 3309 3572 or emailing foundation@bbc.qld.edu.au
All donations to the Foundation are tax-deductible.
BBC FOUNDATION LIMITED
ABN 65 010 877 531
DIRECTORS' REPORT YEAR ENDED 31 DECEMBER 2024
The Directors present this report on the accounts of BBC Foundation Limited for the year ended 31 December 2024
Directors
The names of the Directors of BBC Foundation Limited in office at any time during or since the end of the year are: (Resigned 28 May 2024)
V Taylor
I Macpherson (Chairperson)(Appointed 28 April 2020)
D O'Rorke (Appointed 16 June 2020)
A Casson (Appointed 1 January 2022)
R Bell (Appointed 18 May 2021)
R Baildon (Appointed 18 May 2021)
F Jenkins (Resigned 28 May 2024)
S Pyman (Resigned 21 November 2024)
Short and long term strategy for achieving objectives
The mission of BBC Foundation Ltd is to help facilitate and foster growth and development of the College as a Queensland school of excellence. For this mission to be successful, BBC Foundation Ltd needs to help ensure the financial security of the College by developing a commitment to philanthropy and a spirit of generosity within the College community.
Support will ensure the College can direct funds to vital projects that otherwise might not receive funding. These contributions will help maintain and improve facilities, enhance academic and co-curricular programs and enrich the teaching and learning experiences of our students. Gifts provide the donor with tax benefits and Brisbane Boys’ College with critical resources to fulfil its mission.
As a vehicle to harness the goodwill, energy and financial support of its community, BBC Foundation Ltd was established in 1990. Appeals, events and other programs are conducted in order to assist the College with its present and future financial needs. BBC Foundation Ltd has engaged the Old Collegians to conduct the reunions and old boy events, on its behalf.
The success of BBC Foundation Ltd is very dependent on receiving support from the wider College community.
Performance measures
Performance is measured regularly by the Directors through reports generated as to funds raised from various sources, operating expenses and support provided to the BBC Community. Feedback is also sought through engagement with the BBC Community.
The operating loss of the Company for the year amounted to $552,166 (2023: $938,985 profit).
The principal activities of the BBC Foundation Ltd are to source and manage the various funds in order to provide financial support to the College, so as to enhance the educational opportunities and facilities available to BBC students.
Events subsequent to Reporting Date
There has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual in nature likely, in the opinion of the Directors of the Company, to affect significantly the operations of the Company, the results of those operations, or the state of affairs of the Company, in future financial years.
1
The number of meetings of Directors held during the year and the number of meetings attended by each Director were as follows:
Auditor’s Independence Declaration
A copy of the auditor’s independence declaration is set out in page 3 of this report
Signed in accordance with a resolution of the Board of Directors:
Director
Director
Dated this ________ day of ________________ 2025
Page 2 23 April
Auditor’s Independence Declaration under subdivision 60-C section 60-40 of Australian Charities and Notfor-profits Commission Act 2012
To the Directors of BBC Foundation Limited
I declare that, to the best of my knowledge and belief, in relation to the audit of BBC Foundation Limited for the financial year ended 31 December 2024 there have been:
i. no contraventions of the auditor independence requirements as set out in the Australian Charities and Not-for-profits Commission Act 2012 in relation to the audit; and
ii. no contraventions of any applicable code of professional conduct in relation to the audit.
KPMG
B E Lovell Partner
Brisbane 23 April 2025
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation.
ABN 65 010 877 531
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME YEAR ENDED 31 DECEMBER 2024
1,874,0672,235,130
1,000,91136,934
1,174,9691,085,311
2,426,2331,296,145 (Loss)/ Profit for the year (552,166)938,985
OTHER COMPREHENSIVE (LOSS)/ INCOME
135,791178,398 TOTAL COMPREHENSIVE (LOSS)/ INCOME (416,375)1,117,383
The accompanying notes form part of these financial statements.
670,8622,075,728
453,346190,659
1,124,2082,266,387
4,697,2573,938,551
826,669826,846
5,523,9264,765,397
6,648,1347,031,784
233,892201,166
6,414,2436,830,618
215,09479,303
6,199,1496,751,315
EQUITY 6,414,2436,830,618
BBC FOUNDATION LIMITED ABN 65 010 877 531
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 31 DECEMBER 2024
Balance at 1 January 2023
Profit for the year
Total other comprehensive income for the year
Total comprehensive income for the year
Balance at 31 December 2023
Balance at 1 January 2024
Loss for the year
Total other comprehensive income for the year
5,812,330(99,095)5,713,235 938,985 - 938,985 - 178,398 178,398 938,985 178,3981,117,383 6,751,315 79,3036,830,618 6,751,315 79,3036,830,618 (552,166) -(552,166) - 135,791 135,791
Total comprehensive income for the year (552,166) 135,791(416,375) Balance at 31 December 2024 6,199,149 215,0946,414,243
The accompanying notes form part of these financial statements.
6
BBC FOUNDATION LIMITED ABN 65 010 877 531
DEDUCTIBLE GIFT RECIPIENTS AND GENERAL FUND BALANCES YEAR ENDED 31 DECEMBER 2024
(NON CONDITIONAL) Opening
498,2311,083,933
BISSET COLLECTION
Opening balance at the beginning of the year 4,534,1894,068,196
261,84395,188
115,892112,004
(32,494)363,496
(73,712)(104,695)
4,805,7184,534,189 TOTAL EQUITY 6,414,2446,830,618
The accompanying notes form part of these financial statements. Page 7
STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from donors and supporters 1,289,8111,991,395
CASH FLOWS FROM INVESTING ACTIVITIES
The accompanying notes form part of these financial statements. BBC FOUNDATION LIMITED ABN 65 010 877 531
(622,915)(68,954)
CASH FLOWS FROM FINANCING ACTIVITIES Payment for borrowings -Net cash used by financing activities -Net (Decrease)/ Increase in cash held (1,404,866)896,798 Cash at the beginning of year 2,075,7281,178,930 Cash at the end of year 670,8622,075,728
8
2.REVENUE
3.REMUNERATION
4.CASH AND CASH EQUIVALENTS
5.OTHER
6. INVESTMENTS
7.PROPERTY, PLANT AND EQUIPMENT
8.TRADE AND OTHER PAYABLES
9.EVENTS AFTER THE BALANCE SHEET DATE
There has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual in nature likely, in the opinion of the Directors of the Company, to affect significantly the operations of the Company, the results of those operations, or the state of affairs of the Company, in future financial years.
10.CASH FLOW INFORMATION 2024 2023 $ $ Reconciliation of Cash Flow from Operations with profit for the year (Loss)/ Profit after income tax (552,166)938,985 Non-cash flows Depreciation
11.COMMITMENTS AND CONTINGENT LIABILITIES
No capital expenditure has been contracted for at the end of the reporting period.
12.MEMBERS' GUARANTEE NOTES TO THE FINANCIAL STATEMENTS
The Company is limited by guarantee. The Constitution states that if the Company is wound up, every member including those who may have ceased being a member within the past year, undertake to contribute an amount not exceeding $10 to the property of the Company. As at 31 December 2024 the number of members was 97 (2023: 97).
BBC FOUNDATION LIMITED
ABN 65 010 877 531
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
Note 1: Statement of Material Accounting Policies
Reporting entity
BBC Foundation Limited is a not-for-profit company limited by guarantee, incorporated and domiciled in Australia.
The mission of BBC Foundation Ltd is to help facilitate and foster growth and development of Brisbane Boys’ College as a Queensland school of excellence. For this mission to be successful BBC Foundation Ltd needs to help ensure the financial security of the College by developing a commitment to philanthropy and a spirit of generosity within the College community.
Basis of preparation
Basis of accounting
These financial statements are special purpose financial statements prepared in order to satisfy the financial reporting requirements of the Australian Charities and Not-for-profits Commission Act 2012 (“ACNC Act 2012”). The Directors have determined that the company is not a reporting entity.
The report has been prepared in accordance with the requirements of the ACNC Act 2012 and the following Australian Accounting Standards:
•AASB 101 Presentation of Financial Statements
•AASB 107 Statement of Cash Flows
•AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors
•AASB 1048 Interpretation and Application of Standards
•AASB 1054 Australian Additional Disclosures
The financial statements do not comply with International Financial Reporting Standards (IFRS) adopted by the International Accounting Standards Board (IASB).
Basis of measurement
The financial statements have been prepared on the historical cost basis, unless otherwise stated in the notes.
Functional and presentation currency
The financial statements are presented in Australian dollars, which is the Foundation’s functional currency.
Use of judgements and estimates
In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the Company’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively.
Reporting Basis and Conventions
The financial report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected non-current assets, and financial assets and financial liabilities for which the fair value basis of accounting has been applied.
BBC FOUNDATION LIMITED ABN 65 010 877 531
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
Note 1: Statement of Material Accounting Policies (continued)
The following is a summary of the material accounting policies adopted by the company in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated.
Accounting Policies
a. Income Tax
BBC Foundation Limited is a not-for-profit entity and is exempt from income tax.
b. Financial Instruments
(i) Non‑derivative financial assets and financial liabilities – recognition and derecognition
The Company initially recognises loans and receivables issued on the date that they are originated. All other financial assets and financial liabilities are recognised initially on the trade date.
The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire. Any interest in such transferred financial assets that is created or retained by the Company is recognised as a separate asset or liability.
The Company derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire.
Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company has a legal right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.
(ii) Non‑derivative financial assets – measurement
On initial recognition, a financial asset is classified as measured at: amortised cost; FVOCI - debt investment or FVTPL.
Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.
A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:
•it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
•its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL:
•it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and
•its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.
13
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
Note 1: Statement of Material Accounting Policies (continued)
Accounting Policies (continued)
b. Financial Instruments (continued)
(ii) Non‑derivative financial assets – measurement (continued)
For the purposes of this assessment, 'principal' is defined as the fair value of the financial asset on initial recognition. 'Interest' is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin.
In assessing whether the contractual cash flows are solely payments of principal and interest, the Company considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Company considers:
•contingent events that would change the amount or timing of cash flows;
•terms that may adjust the contractual coupon rate, including variable-rate features;
•prepayment and extension features; and
•terms that limit the Company's claim to cash flows from specified assets (e.g. Non-recourse features).
Financial assets at FVTPL
These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss.
Financial assets at amortised cost
These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.
Debt investments at FVOCI
These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.
14
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
Note 1: Statement of Material Accounting Policies (continued)
Accounting Policies (continued)
c. Impairment
(i) Non‑derivative financial assets
Financial instruments
The Company recognises loss allowances for ECLs on:
•financial assets measured at amortised cost; and
•debt investments measured at FVOCI.
The Company measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12month ECLs:
•debt securities that are determined to have low credit risk at the reporting date; and
•other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition.
Loss allowances for trade receivables are always measured at an amount equal to lifetime ECLs.
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Company's historical experience and informed credit assessment and including forward-looking information.
The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due.
The Company considers a financial asset to be in default when:
•the borrower is unlikely to pay its credit obligations to the Company in full, without recourse by the Company to actions such as realising security (if any is held); or
•the financial asset is more than 90 days past due.
Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument.
12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months).
The maximum period considered when estimating ECLs is the maximum contractual period over which the Company is exposed to credit risk.
Measurement of ECLs
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Company expects to receive).
15
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
Note 1: Statement of Material Accounting Policies (continued)
Accounting Policies (continued)
c. Impairment (continued)
Measurement of ECLs (continued)
ECLs are discounted at the effective interest rate of the financial asset.
Presentation of allowance for ECL in the statement of financial position
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. For debt securities at FVOCI, the loss allowance is charged to profit or loss and is recognised in OCI.
Write-off
The gross carrying amount of a financial asset is written off when the Company has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For corporate customers, the Company individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Company expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Company's procedures for recovery of amounts due.
d. Property, plant and equipment
Each class of property is carried at fair value less, where applicable, any accumulated depreciation and impairment losses.
Property
Freehold land and buildings are shown at their fair value (being the amount for which an asset could be exchanged between knowledgeable willing parties in an arm’s length transaction), based on cost or periodic independent valuations, less subsequent depreciation for buildings.
Art Works
Art works are measured at fair value.
Depreciation
The depreciable amount of all fixed assets, excluding freehold land and selected art works, is depreciated on a straight-line basis over their useful lives commencing from the time the asset is held ready for use. Depreciation rates used for each class of depreciable assets are:
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024
Note 1: Statement of Material Accounting Policies (continued) Accounting Policies (continued)
e. Provisions
Provisions are recognised when the company has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured.
f. Cash and Cash Equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the Statement of Financial Position.
g. Revenue
Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.
Donation income that are not enforceable or the performance obligations are not sufficiently specific, will result in immediate income recognition under AASB 1058 Income for Not-for-Profit Entities. Income will be deferred under AASB 15 Revenue from Contracts with Customers otherwise and recognised when (or as) the performance obligations are satisfied.
Dividend income is recognised in profit or loss on the date that the Company’s right to receive payment is established.
All revenue is stated net of the amount of goods and services tax (GST).
h. Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Tax Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables in the balance sheet are shown inclusive of GST.
Cash flows are presented in the cash flow statement on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows.
i. Comparative Information
Comparative information relates to the twelve-month period ended 31 December 2023.
The DGR’s and General Funds reflect the allocation of interest received and expenses paid against the fund operations.
j. Critical Accounting Estimates and Judgments
The Directors evaluate estimates and judgments incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the company.
17
ABN 65 010 877 531
DIRECTORS’ DECLARATION
In the opinion of the directors of BBC Foundation Limited (“the Company”):
(a)the Company is not publicly accountable nor a reporting entity;
(b)the financial statements and notes, set out on pages 4 to 17, are in accordance with the Australian Charities and Not-for-profits Commission Act 2012 , including:
(i)giving a true and fair view of the financial position of the Company as at 31 December 2024 and of its performance, as represented by the results of its operations and its cash flows for the financial year ended on that date in accordance with the statement of compliance and basis of preparation described in Note 1; and
(ii)complying with Australian Accounting Standards (including the Australian Accounting Interpretations) to the extent described in Note 1 and the Australian Charities and Not-for-profits Commission Regulation 2013; and
(c)there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
Signed in accordance with a resolution of the Directors:
Director
Director
April
Dated this __________ day of ________________ 2025
Independent Auditor’s Report
To the Members of BBC Foundation Limited
Opinion
We have audited the Financial Report, of the BBC Foundation Limited (the Company).
In our opinion, the accompanying Financial Report of the Company is in accordance with Division 60 of the Australian Charities and Not-for-profits Commission (ACNC) Act 2012, including:
- giving a true and fair view of the Company’s financial position as at 31 December 2024, and of its financial performance and its cash flows for the year ended on that date; and
- complying with Australian Accounting Standards to the extent described in Note 1 and Division 60 of the Australian Charities and Not-for-profits Commission Regulations 2022 (ACNCR).
The Financial Report comprises:
i. Statement of financial position as at 31 December 2024.
ii. Statements of profit or loss and other comprehensive income, Statement of changes in equity, Deductible gift recipients and general fund balances, and Statement of cash flows for the year then ended.
iii. Notes, including a material accounting policies; and
iv. Directors’ declaration.
We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial Report section of our report.
We are independent of the Company in accordance with the auditor independence requirements of the ACNC Act 2012 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the Financial Report in Australia. We have fulfilled our other ethical responsibilities in accordance with these requirements.
KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English Trust limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation. Liability limited by a scheme approved under Professional Standards Legislation.
Basis for opinion
Emphasis of matter – basis of preparation and restriction on useand distribution
We draw attention to Note 1 to the Financial Report, which describes the basis of preparation.
The Financial Report has been prepared for the purpose of fulfilling the Directors’ financial reporting responsibilities under the ACNC Act 2012. As a result, the Financial Report and this Auditor’s Report may not be suitable for another purpose. Our opinion is not modified in respect of this matter.
Our report is intended solely for the members of the Company and should not be used by any other party. We disclaim any assumption of responsibility for any reliance on this Auditor’s Report, or on the Financial Report to which it relates to any person other than the members of the Company.
Other information
Other Information is financial and non-financial information in BBC Foundation Limited’s annual reporting which is provided in addition to the Financial Report and the Auditor’s Report. The Directors are responsible for the Other Information.
The Other Information we obtained prior to the date of this Auditor’s Report was the Directors’ Report. Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not express any form of assurance conclusion thereon.
In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In doing so, we consider whether the Other Information is materially inconsistent with the Financial Report or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
We are required to report if we conclude that there is a material misstatement of this Other Information, and based on the work we have performed on the Other Information that we obtained prior to the date of this Auditor’s Report we have nothing to report.
Responsibilities of the Directors for the Financial Report
The Directors are responsible for:
• Determining that the basis of preparation described in Note 1 to the Financial Report is appropriate to meet the requirements of the ACNC. The basis of preparation is also appropriate to meet the needs of the members
• implementing necessary internal control to enable the preparation of Financial Report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
• Assessing the Company’s ability to continue as a going concern and whether the use of the going concern basis of accounting is appropriate. This includes disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objective is:
• to obtain reasonable assurance about whether the Financial Report as a whole is free from material misstatement, whether due to fraud or error; and
• to issue an Auditor’s Report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Financial Report.
As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit.
We also:
I. Identify and assess the risks of material misstatement of the Financial Report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
II. Obtain an understanding of internal control relevant to the Audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the registered Company’s internal control.
III. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors.
IV. Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the registered Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor’s Report to the related disclosures in the Financial Report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor’s Report. However, future events or conditions may cause the registered Company to cease to continue as a going concern.
V. Evaluate the overall presentation, structure and content of the Financial Report, including the disclosures, and whether the Financial Report represents the underlying transactions and events in a manner that achieves fair presentation.
We communicate with the Directors of the registered Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit
B E Lovell Partner
Brisbane 23 April 2025
KPMG
(For the Year ended 31 December 2024)
