BBC Foundation Annual Report 2023

2023 ANNUAL REPORT (FOR THE YEAR ENDED 31 DECEMBER 2023)

F O U N DAT I O N ABN 65 010 877 531

CONTENTS

OUR FOUNDATION

PAGE 2

BRISBANE BOYS’ COLLEGE FOUNDATION BOARD AND OFFICERS

MESSAGE FROM THE CHAIR

PAGE 3

PAGE 4

MESSAGE FROM THE HEADMASTER

OPENING OF CHICRI MAKSOUD MATHS LAB

HALL OF INSPIRATION (GIVING DAY)

PAGE 6

PAGE 8

PAGE 9

VOLUNTEER THANK YOU EVENING

BISSET REPORT

DONOR LIST

FINANCIAL STATEMENTS

PAGE 10

PAGE 11

PAGE 13

PAGE 15

Our best effort has been made to ensure the 2023 BBC Foundation Ltd Annual Report contains accurate and thorough information. We apologise if any omission or error has occurred. If you discover any error, please contact the Foundation. © BBC Foundation 1

BRIS BANE BOY S ’ COL L E GE | FOU N DATION A N N UA L R EP ORT | 2023

OUR FOUNDATION

OUR VISION

OUR NOW

To inspire the BBC Clan to partner with us in impactful fundraising initiatives, bridging the gap between the College’s income and its aspiration in all facets of boys’ education at Brisbane Boys’ College.

As the fundraising arm of the College, the Directors of the Foundation are committed to ensuring the activities of the Foundation are focused on growing our culture of philanthropy and administering it using best practice corporate governance standards. Our approach encompasses strategic programs that focus on the short, medium and long-term horizons.

OUR MISSION To warmly engage with the entire College community to facilitate fundraising for the promotion of excellence in academic, sporting, service and co-curricular endeavours; for the provision of first-class facilities; and for bursaries to be awarded to boys otherwise unable to access a BBC education due to financial disadvantage.

By playing our role, the Foundation facilitates and fosters the growth and development of the College as an outstanding learning environment and a leading Queensland GPS school.

OUR FUTURE Ultimately, the Foundation aims to have the financial support to cover our annual commitments to buildings and the current bursaries and to grow the bursary program to enable more boys to attend BBC through an endowment fund in perpetuity. Endowed funds provide confidence to proceed with planning by providing the future financial firepower required to meet needs.

We will achieve this through fostering a deeper culture of philanthropy where supporting the BBC Foundation is engrained in the fabric of the Clan, and ‘going the extra mile’ by providing financial support at whatever level appropriate is just part of the heartbeat of BBC.

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FOUNDATION BOARD AND OFFICERS DIRECTORS

OFFICERS

(in alphabetical order)

(in alphabetical order)

MR ROSS BAILDON Elected Director Chair of Finance, Risk, Investment and Audit Sub-committee

MR RICHARD BELL Elected Director Chair of Bisset Gallery Sub-committee

MS HAYLEY BLUMENTHAL BBC Director of School Development and Community Engagement

MRS LAUREN DAVIES BBC Financial Controller

MR ANDRE CASSON

MRS LEANNE SMITH

BBC Headmaster

BBC Director of Corporate Services

BBC Foundation Appointed Director

BBC Foundation Company Secretary

MR IAN MACPHERSON Elected Director BBC Foundation Chair

MS MORGAN WINLAW BBC Foundation and Events Partner

MR DON O’RORKE Elected Director College Council Representative Director

MRS FREYA ROBERTSON Elected Director (from May 2023)

MRS VANESSA TAYLOR BBC P&F Representative Director

* Finance, Inverstment, Rick and Audit 3

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Dear Foundation Members and Donors, The BBC Foundation is dedicated to raising funds to support Brisbane Boys’ College as it ensures a future where its students will continue to thrive; we have continued to build on this premise in 2023.

The Foundation Board were pleased to advise of the appointment of investment adviser Koda Capital, who now provide guidance and strategy on the investment portfolio of the Foundation. Koda Capital is an independent, specialist not-for-profit, investment management firm whose investment philosophy of ‘protect and grow’ aligns with the Foundation’s mandate of preserving the funds and endowments under its supervision to guarantee their effective use. Their work with numerous independent schools and universities has provided them with extensive experience in the handling of school endowments, making them a natural fit for BBC’s student-focused emphasis.

Koda’s appointment follows an extensive review process undertaken by the Foundation’s Finance, Investment, Risk and Audit sub-committee to ensure the security and longevity of the funds used to provide bursaries, building works, and other services. Thank you to the sub-committee for their work on this review, we look forward to working closely with Koda to continue to ensure the sensible use and management of all donated funds.

In 2023, the Foundation Board also announced the launch of a new website for the Foundation – bbcgiving.org.au.

The introduction of this website will allow us to further facilitate and manage donations from our BBC community across the globe.

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MESSAGE FROM THE CHAIR In June, the Foundation announced a new partnership with the Chapel & York United States of America, United Kingdom and Hong Kong Foundations to accept international donations. This means that members of our BBC community who currently reside in these countries are now able to support BBC philanthropically and still receive a tax deduction. Further information on donating via each Foundation can be found on our website.

The Foundation launched a new campaign to aid the Perpetual Bush Kids Bursary. This bursary, created in collaboration with Old Collegian Alan ‘Charlie’ Robinson (OC 1962), is designed to further develop BBC’s relationship with the bush and country areas and is solely available to boys in rural or remote areas. As part of the appeal, we were honoured to share the story of Mitch Salisbury (OC 2020), a recipient of the Bush Kids Bursary, who through his time at BBC developed a passion for rowing, music, and singing that he still pursues to this day. On behalf of the Foundation Board, I would like to extend our thanks to all who donated to this appeal to help country boys thrive at BBC. We held our fifth Matched Giving Day in October, which saw our magnificent community come together to ensure we achieved our goal of raising $200,000 to support the College. Thank you to all our supporters for their very generous contributions to this year’s Giving Day. Every dollar raised will go towards ensuring that a BBC education remain accessible to boys from a wide range of backgrounds and to improving our facilities.

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The Foundation’s Bisset sub-committee were thrilled to support the College Art Show on October 13 and 14 in College Hall and the Bisset Gallery. The Bisset Gallery was transformed for the Art Show by College Archivist, Helen Jackson, who in collaboration with Art Teacher Sarah Cattoni, curated works by the Year 10 Art students for display. These works sat alongside a collection of artworks from the Bisset collection that had inspired the boys’ own pieces. This initiative was a true reflection of Phil Bisset’s vision for the collection upon his bequest and I wish to thank Helen Jackson, Sarah Cattoni, and the Bisset subcommittee, chaired by Richard Bell, for their work in putting together this project.

On behalf of the Brisbane Boys’ College Foundation Board, I would like to thank our community of donors for their support of Brisbane Boys’ College in 2023. We are excited to continue our fundraising and friend-raising efforts in 2024.

Ian Macpherson (OC 1979) Brisbane Boys’ College Foundation Chair

Throughout the year, the Foundation continued to raise funds for BBC’s co-curricular sports and activities programs via the Australian Sports Foundation (ASF).

Funds raised through ASF in 2023 went towards coaching, equipment and travel for Cricket, Rowing, and Rugby.

I would like to thank my fellow Foundation Directors, Ross Baildon, Richard Bell, Vanessa Taylor, Freya Robertson, Headmaster Andre Casson, and Council Chairman Don O’Rorke, as well as the Director of Corporate Services, Leanne Smith (Company Secretary) for their continued service on the Foundation Board.

Thank you also to Hayley Blumenthal, Director of School Development and Community Engagement, and Morgan Winlaw, Foundation and Events Partner, for their support of the Foundation’s fundraising efforts and to Lauren Davies, Director of Finance, for all her hard work.

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MESSAGE FROM THE HEADMASTER 2023 was a truly successful and fruitful period for Brisbane Boys’ College. Our journey towards the future has been illuminated by the collaborative efforts of our entire community in shaping the new College Strategic Plan and Master Plan, with a full unveiling in 2024.

The College Values – Honour, Aspiration, Wisdom, Achievement, and Community – were released in Term 3.

Embracing these values not only enhances and underpins the holistic College educational experience but also prepares students to become well-rounded individuals capable of facing the challenges of an ever-evolving global landscape with resilience and integrity.

The year also saw significant strides in the College’s wellbeing program. Our staff worked collaboratively to provide our young men the most effective journey through the College. These evolutions are a testament to our commitment to the holistic development of our students.

In the classroom, our boys continue to make remarkable achievements. I gain much pride when I visit a classroom and witness our knowledgeable and skilful teachers engaging with our enthusiastic young men. The benefits of this dedication were evident in the Class of 2023’s ATAR results, with a median ATAR of 89.00. Over a quarter of the cohort also received early acceptance into their preferred university courses, providing much to celebrate.

In numerous fields of sporting endeavours, the College continued to thrive. I am immensely proud of the achievements of the lads wearing the Green, White, and Black, but I am equally impressed by the level of commitment, sportsmanship, and support that permeate each BBC sporting program. A particular source of delight was our Cultural Round in August, which showcased the diverse talents of our students, emphasising the rich tapestry of cultures that thrive at BBC.

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The College’s music program continues to be a source of great inspiration. From the pinnacle of the Grand Concert to the plethora of smaller specialised ensemble evenings, our boys and their mentors truly produce beautiful music. Of course, no mention of the College’s musical achievements would be complete without acknowledging our magnificent Pipe Band.

The performing arts at BBC are not limited to the Music Department. Our Drama and Film, Television, and New Media students and teachers created brilliant works throughout 2023. Our Theatre Sports boys continue to inspire and prove that drama is a competitive sport.

The theatre team’s Australianised interpretation of The Inspector General had the audience rolling in the aisles of La Boite’s Roundhouse Theatre as our boys brought us on a journey to an Outback Queensland town, where farcical action ensued.

The extraordinary efforts of the College community are not limited to Australian shores. Thriving on the global stage, our students embarked on overseas tours, including our Pipe Band’s journey to Canada to perform in the Royal Nova Scotia International Tattoo; the French language immersion tour in New Caledonia; the Cambodian housebuilding community service experience; our RoboCup athletes competing in Bordeaux, France; and, of course, our return to the Henley Royal Regatta in England.

As we move forward into a bright and prosperous future for the College, we shall continue to inspire brilliance to shape our future Gentlemen of Honour.

Mr Andre Casson Headmaster of Brisbane Boys’ College

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CHICRI MAKSOUD MATHS LAB OPENING In July, the Mathematics Precinct, honouring the late Mr Chicri Maksoud, was opened in front of Chicri’s family, friends, and colleagues. Chicri’s vision was to create a precinct where staff could work together, boys could work between classes according to their needs, and an environment that inspired mathematical thinking would be fostered.

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Since Chicri’s passing, the College has used funds raised in his memory to update the space in the Hamilton and Rudd blocks to reflect his wishes.

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HALL OF INSPIRATION (GIVING DAY) We welcomed back Old Collegians and their families on Thursday, 5 October to open the Hall of Inspiration in the Middle School Precinct, as part of Giving Day celebrations.

members of the BBC community mingled, met, connected, and, in numerous cases, reconnected as they inspected these legacies displayed over three floors.

The Hall contains 108 permanent window panels depicting the images and biographies of BBC Old Boys. The subjects of these panels, their families and friends, and other

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BRIS BANE BOY S ’ COL L E GE | FOU N DATION A N N UA L R EP ORT | 2023

VOLUNTEER THANK YOU EVENING On Thursday, 9 November we warmly welcomed back the many families in our community who graciously gave their time in 2023 to volunteer at BBC. The countless events and social gatherings that are organised throughout the year, simply wouldn’t happen without the support of the community and we were thrilled to be able to host this event for them, as a small token of gratitude.

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BISSET REPORT Undoubtedly, the year’s highlight was the Art Show and the associated exhibition of the Year 10’s works, where they used a Bisset Collection art piece to inspire their work. Associated with this and supported by the Bisset Committee was the production of a catalogue featuring the boy as an artist, his work and the relevant Bisset work he had chosen.

Integrating the Bisset Gallery into the life of the College has continued, with it being opened for functions and events on the school calendar, the most significant being in conjunction with the Grand Concert. A school archivist conference was held at the College, and the Collection and its digitised cataloguing inspired very positive feedback from attendees.

The Committee has assisted with hanging and dismantling exhibitions during the year in support of art department requests. In accordance with our conservation obligation, we had a Wakefield painting reframed and a Meldrum painting conserved. Additionally, the Committee facilitated a sample Collection valuation to indicate the current valuation. This process resulted in a more realistic indicative valuation being apportioned to the Collection.

With new staff members appointed to the Art Department and a new Art Support Group formed, we look forward to working collaboratively to make art a positive experience for the boys in 2024.

Mr Richard Bell Chair of Bisset Gallery Sub-committee

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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 your time here as students ended, you 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. You can also issue instructions on how your bequest must be used. You can use your donation to fund specific bursaries for students who could not otherwise afford to attend BBC or direct it to the College’s Building Fund.

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 that 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 Foundation are tax deductible.

A notable example of a bequest used to improve the College and benefit all our students is the contribution of 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

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2023 FOUNDATION DONOR LIST Thank you to all who donated to the BBC Foundation in 2023. We are very grateful for the generous supporters listed below and to those who have chosen to remain anonymous. *List includes donations made directly to the BBC Foundation or via the Australian Sports Foundation.

A Member of the Class of 1961 Mr V. Alafaci Mr P. and Mrs K. Alexander Dr D. M. Allan Mrs C. Atkins Mrs J. Atkins Mr R. and Ms B. Atkinson Mr J. and Mrs K. Atley Mrs E. Ayres Mr A. N. Baildon Mr R. and Ms L. Baildon Mr C. Baird Mr H. and Mrs A. Baird Mr T. Baker and Ms P. Astuti Mr B. H. and Mrs G. Barclay Mr R. I. and Mrs M. Barclay Mrs E. Bates Ms J. Bauer BBC Old Collegians’ Association Mr S. Beak and Ms J. Yang Mr P. and Mrs J. Beauchamp Mr C. Beech Mrs K. Behm Mr R. and Mrs T. Bell Mr R. F. N. Bell Mr D. and Mrs J. Bendzala Dr T. and Mrs N. Bergin Mr C. and Mrs K. Bird Mr C. Blucher Mr P. D. Bolton-Hall Ms J. Boughen Mr C. and Mrs W. Brown Mrs P. Brown Mr J. Bryce Mrs L. Bryce Mr R. Bryce Mr J. and Mrs J. Cameron Mr A. H. Campbell Mrs K. Campbell

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Mr A. Casson Mr I. D. Charlton Mr S. and Mrs S. Chaudhury Mr L. Chen and Mrs M. Lu Ms N. Chen Mr Z. Chen and Mrs Q. Kong Mr A. and Mrs A. Clark Mr S. and Mrs K. Clark Mr R. P. and Mrs A. V. Clarke Ms L. Colledge Mrs E. Compton Ms A. Coon and Mr T. Cavanagh Mr T. Craig Mrs K. Crosbie Mr G. F. Cumming-Harris Mr D. Currie Mr H. Dai and Mrs Q. Yan Mr H. Davies Mr J. Deal Ms M. Deal Mr A. N. Dempsey Mr J. and Mrs I. Dimock Dr D. Ding and Dr G. Ge Mr P. Drewett Mr U. Dubey and Mrs H. Gour Mr S. and Mrs P. Duffy Mr G. Duggan Mr M. Duncan Mr J. Eagle Ms J. Eggar – In memory of the late Ken Gold Dr D. Feinbloom and Ms K. Bruce Mrs K. Fischer Mr J. and Mrs O. Flipp Mr T. and Mrs L. Forbes Mr T. Francis Mr B. and Mrs S. Frisbie Ms J. Fry Mr L. and Mrs O. Gaidarenko

Ms C. Gerber Mr G. Gerber Mr J. and Mrs L. Gerber Mr P. Gerber Mr P. and Mrs K. Gerber Dr T. and Mrs K. Gianduzzo Mrs G. Giblett Mr J. Gill Mr D. and Mrs A. Godden Mr D. Goffage Mr B. Graham and Ms C. O’Rorke Mr P. and Mrs C. Graham Dr L. W. Gregory Mr S. C. Gregory Mr P. Griffin and Ms S. Schleicher Mrs K. Grimley Dr O. Grygoruk and Mrs N. Que Mr R. and Mrs M. Gunnell Mr G. R. Hadwen Mr B. and Mrs L. Han Mr N. and Mrs K. Hann Mr A. Hanson Mr B. and Mrs A. Harrison Mr C. Hawke and Ms H. Blumenthal Mr S. Hawkings and Ms J. Hammond Mrs S. Hawthorne Ms G. Hedger Mr G. and Mrs K. Heelan Mr J. Hendry Mr M. Hendry Mrs P. Hendry Mr A. and Mrs E. Hillier Dr S. and Mrs F. Himstedt Mr S. Hoadley Mr D. Howson Mr H. Huang and Mrs H. Liang Mr C. Humphrey Mr M. and Mrs R. Humphrey Mr J. E. Hutchinson

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Mr A. Ie and Ms M. Chong Ms C. Jayawardena Mr A. and Mrs N. Johnson Mr C. and Mrs K. Juhasz Mr P. and Mrs O. Kanissery Mr N. Karam Mr A. Kelly and Ms V. Taylor Kelly Mr T. and E. Kennedy Mr B. and Mrs E. Kidston Mr L. Kiehne Mr M. and Mrs A. Kneipp Mr J. Ko Mr B. and Mrs N. Korst Mr T. and Mrs T. Kotzas Ms N. Lambie Mr S. and Mrs N. Landy Mr B. and Mrs S. Larkham Mr E. H. Larmar Mr G. I. Lee Mr S. Lee Mrs S. Leporc Mr H. Li and Ms C. Xu Ms Z. Li Mr Z. Li and Miss A. Cui Mrs P. Lilienstein Mrs N. Lin Mr A. Liu Mr T. C. and Mrs E. Lloyd Mrs N. Lockley Mrs P. and Mr W. Long Mr L. Loucaidee Mr I. Maclean Mr Q. M. Maclean Mr I. C. Macpherson Mr D. and Mrs K. Madden Mr S. and Mrs D. Manu Mr D. and Mrs B. Marschke Mr C. McCallion Mr A. McGregor Mr M. and Mrs J. McKenna Mrs M. McKenzie Mr A. McLellan Prof I. B. and Mrs R. J. McPhee Mr R. and Mrs M. McPhee Mr C. J. Mellor OAM Mr C. and Mrs K. Middlemis Mr C. and Mrs A. Mills Mr A. C. Millis Mr Z. Min and Ms L. Xiong Mr D. K. H. Moffatt

Mr A. and Mrs A. Morey Mr I. Morrison Mr B. and Mrs S. Muthumuni Mrs B. Naglw Mrs W. Nelson Dr P. Nguyen and Mrs R. Gardner Mr C. Noble and Mrs Y. Noble Mr J. and Mrs H. O’Brien Mr S. Cha and Mrs M. Oh Mr B. and Mrs N. O’Neill Mr D. C. O’Rorke Mr J. O’Rorke Mr F. Orr Mr G. Orr Mrs L. Orr Mr S. Orr Ms T. Orr Mrs K. Page Mr M. Parker Ms L. Parr Mr T. Patrick Ms O. Perkiss Mr A. Persley Mr C. and Mrs J. Phillips Mrs E. Pidik Mrs N. Pidik Mr D. Pohio Mr R. and Mrs S. Pohio Mr A. and Mrs R. Pollock Mr R. Potlapally Mr W. and Mrs S. Pratt Mr R. Pressland Mr X. Qian and Mrs L. Shen Mrs L. Rennie Mr A. C. and Mrs E. Rentoul Mr S. Richardson Mrs E. L. Robertson Mr A. T. Robinson Mrs E. Robinson Mr P. Rodman Mrs T. Rodman Mr N. Rudland Mr R. Rudland Mr G. and Mrs E. Ryan Mr G. J. Sagar Mr J. Savage Mrs P. Savage Mr R. Schneider Mr A. T. Scott Ms L. Scott

Mr R. and Mrs P. Seymore Mr C. and Mrs E. Seymour Mr T. Shanks Mr D. Sharp Mr R. and Mrs S. Shaw Mr P. J. Short AM Mr A. Simpson Mr S. Singh and Mrs H. Kaur Mr W. D. Slade Mrs L. Smith Mr D. So and Ms R. Nursalim Mr S. So and Mrs K. Tsang Mrs C. Steemson Mr G. H. Stehn Mrs J. Stuckey Mr H. Sun and Mrs S. Jiang Mr A. and Mrs Y. Tauialo Mr D. N. Thams Dr P. Thiruchelvam Mr G. and Mrs J. Thomas Mr J. and Mrs S. Thomas Mr K. and Mrs V. Thornton Mr M. Tian and Mrs W. Ran Mr R. and Mrs G. Tollenaere Mr S. J. and Mrs L. Tonge Mr M. Turton Ms J. Van De Pol Mr J. and Mrs L. Van De Pol Mr P. Vella Mr V. Vella Mrs A. Vinning Mrs V. Vinning Mr A. and Mrs C. Wake Mr D. and Mrs T. Watt Mr M. A. Waugh Mr P. D. Waugh Ms G. Werner Mr C. Westwood Mr H. Westwood Mr S. and Mrs C. Willebrands Ms J. Wilson Mr S. Wilson Mr N. Wojcik and Ms S. Golightly Mrs S. Won Mr M. D. Wood Mr J. and Mrs G. Woolmer Mr D. Ye and Ms X. Yuan Mr R. N. Young Mr A. Yu and Ms L. Jiang Mr X. Zhang and Mrs Y. He

Please note, donations acknowledged in this list were received from 1 January to 31 December 2023. Much care and consideration are taken in preparing this list. However, if there is an error or omission, please let us know by contacting the Foundation Office at foundation@bbc.qld.edu.au 14

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BBC FOUNDATION LIMITED ABN 65 010 877 531

FINANCIAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

CONTENTS

Directors’ Report

16 1

Auditor’s Independence Declaration

18 3

Statement of Profit or Loss and Other Comprehensive Income

19 4

Statement of Financial Position

20 5

Statement of Changes in Equity

21 6

DGR and General Fund Balances

7 22

Statement of Cash Flows

8 23

Notes to the Financial Statements

9 24

Directors’ Declaration

18 33

Independent Auditor’s Report

19 34

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BBC FOUNDATION LIMITED ABN 65 010 877 531 DIRECTORS’ REPORT

Your Directors present their report on the Company for the financial year ended 31 December 2023. The names of the Directors in office at any time during or since the end of the year are: Appointed Mrs V Taylor

Resigned

21 August 2018

-

Mr I Macpherson (Chairperson) 28 April 2020

-

Mr D O’Rorke

16 June 2020

-

Mr A Casson

1 January 2022

-

Mr R Bell

18 May 2021

-

Mr R Baildon

18 May 2021

-

Mrs F Robertson

23 May 2023

-

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 profit of the Company for the year amounted to $938,985 (2022: $8,351 loss).

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.

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BBC FOUNDATION LIMITED ABN 65 010 877 531

DIRECTORS’ REPORT (CONT.) The number of meetings of Directors held during the year and the number of meetings attended by each Director were as follows: Number of Meetings Eligible to Attend

Number of Meetings Attended

Mrs V Taylor

5

3

Mr I Macpherson

5

5

Mr D O’Rorke

5

4

Mr A Casson

5

4

Mr R Bell

5

5

Mr R Baildon

5

4

Mrs F Robertson

4

4

Name of Director

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

May

8th

day of

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2024

2

Auditor’s Independence Declaration under subdivision 60C section 60-40 of Australian Charities and Not-for-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 for the financial year ended 31 December 2023 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.

KPM_INI_01 PAR_SIG_01

PAR_NAM_01

KPMG

PAR_POS_01

PAR_DAT_01

PAR_CIT_01

M J Jeffery Partner Brisbane 8 May 2024

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.

3

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BBC FOUNDATION LIMITED ABN 65 010 877 531

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2023 Note

2

Revenue

2023 $

2022 $

2,235,130

620,904

36,934

10,269

General Fund

1,085,311 69,028

450,697 83,233

Bisset Fund

104,695

84,675

1,295,968

628,874

Depreciation (Bisset Assets)

-

191

Depreciation General Fund

177

190

Total Operational Expenses

177

381

1,296,145

629,255

938,985

(8,351)

178,398

(553,914)

1,117,383

(562,265)

Fund Disbursements Building Fund Scholarship Fund

Total Fund Disbursements Other Expenses

Total Disbursements & Other Expenses Profit/ (Loss) for the year Other comprehensive income Items that may be reclassified to profit or loss Unrealised Gain/(Loss) on investments Total comprehensive income

The above statement should be read in conjunction with the accompanying notes.

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BBC FOUNDATION LIMITED ABN 65 010 877 531

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023

Note

2023 $

2022 $

CURRENT ASSETS Cash and cash equivalents

4

2,075,728

1,178,930

Other current assets

5

190,659

33,192

2,266,387

1,212,122

TOTAL CURRENT ASSETS NON CURRENT ASSETS Investments

6

3,938,551

3,702,918

Property, plant and equipment

7

826,846

815,304

TOTAL NON CURRENT ASSETS

4,765,397

4,518,222

TOTAL ASSETS

7,031,784

5,730,344

201,166

17,109

TOTAL CURRENT LIABILITIES

201,166

17,109

TOTAL LIABILITIES

201,166

17,109

6,830,618

5,713,235

79,303

(99,095)

Retained Earnings

6,751,315

5,812,330

TOTAL EQUITY

6,830,618

5,713,235

CURRENT LIABILITIES Trade and other payables

8

NET ASSETS EQUITY Reserves

The above statement should be read in conjunction with the accompanying notes.

5 20

BRIS BANE BOY S ’ COL L E GE | FOU N DATION A N N UA L R EP ORT | 2023

BBC FOUNDATION LIMITED ABN 65 010 877 531 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2023

Retained Earnings

Reserves

Total

$

$

$

5,820,681

454,819

6,275,500

(8,351)

-

(8,351)

-

(553,914)

(553,914)

(8,351)

(553,914)

(562,265)

Balance at 31 December 2022

5,812,330

(99,095)

5,713,235

Balance at 1 January 2023

5,812,330

(99,095)

5,713,235

938,985

-

938,985

-

178,398

178,398

938,985

178,398

1,117,383

6,751,315

79,303

6,830,618

Balance at 1 January 2022 (Loss) for the year Total other comprehensive income for the year Total comprehensive loss for the year

Profit for the year Total other comprehensive profit for the year Total comprehensive income for the year Balance at 31 December 2023

The above statement should be read in conjunction with the accompanying notes.

6 21

BRIS BANE BOY S ’ COL L E GE | FOU N DATION A N N UA L R EP ORT | 2023

BBC FOUNDATION LIMITED ABN 65 010 877 531

DEDUCTIBLE GIFT RECIPIENTS AND GENERAL FUND BALANCES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 $

2022 $

493,995

385,417

Building Fund Opening balance at the beginning of the year Donation & Interest Income

626,872

118,847

Fund Payments

(36,934)

(10,269)

1,083,933

493,995

912,046

1,189,439

1,063,733

230,374

66,394

(57,070)

(1,085,311)

(450,697)

956,862

912,046

Opening balance at the beginning of the year

82,106

76,933

Donation & Interest Income

85,840

88,586

Fund Payments

(69,204)

(83,413)

98,742

82,106

Opening balance at the beginning of the year

156,892

156,892

Closing balance of fund at the end of the year

156,892

156,892

4,068,196

4,466,819

Sundry and Interest Income

95,188

108,094

Unrealised Gain/(Loss) on Investment

112,004

(496,845)

Net Gain on Sale of Asset

363,496

75,004

Fund Payments & Depreciation

(104,695)

(84,876)

Closing balance at the end of year

4,534,189

4,068,196

Total Equity

6,830,618

5,713,235

Closing balance of fund at the end of the year Scholarship Fund Opening balance at the beginning of the year Donation & Interest Income Unrealised Gain/ (Loss) on Investment Fund Payments Closing balance of fund at the end of the year General Fund (Non-conditional)

Closing balance of fund at the end of the year General Fund (Conditional)

Bisset Collection Opening balance at the beginning of the year

The above should be read in conjunction with the accompanying notes.

7 22

BRIS BANE BOY S ’ COL L E GE | FOU N DATION A N N UA L R EP ORT | 2023

BBC FOUNDATION LIMITED ABN 65 010 877 531 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 Note

2023 $

2022

Receipts from donors & supporters

1,991,395

543,667

Payments to suppliers & beneficiaries

(1,121,148)

(667,144)

Interest received

12,668

879

Dividends received

82,837

98,182

965,752

(24,416)

Proceeds from Investments

(68,954)

(541,770)

Net cash used in investing activities

(68,954)

(541,770)

Payment for Borrowings

-

-

Net cash used by Financing Activities

-

-

Net increase/(decrease) in cash held

896,798

(566,187)

1,178,930

1,745,117

2,075,728

1,178,930

$

CASH FLOWS FROM OPERATING ACTIVITIES

10

Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES

Cash at beginning of year 4

Cash at end of year

The above statement should be read in conjunction with the accompanying notes.

8 23

BRIS BANE BOY S ’ COL L E GE | FOU N DATION A N N UA L R EP ORT | 2023

BBC FOUNDATION LIMITED ABN 65 010 877 531

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 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.

9 24

BRIS BANE BOY S ’ COL L E GE | FOU N DATION A N N UA L R EP ORT | 2023

BBC FOUNDATION LIMITED ABN 65 010 877 531 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 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.

10 25

BRIS BANE BOY S ’ COL L E GE | FOU N DATION A N N UA L R EP ORT | 2023

BBC FOUNDATION LIMITED ABN 65 010 877 531 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 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.

11 26

BRIS BANE BOY S ’ COL L E GE | FOU N DATION A N N UA L R EP ORT | 2023

BBC FOUNDATION LIMITED ABN 65 010 877 531 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 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 12-month 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).

12 27

BRIS BANE BOY S ’ COL L E GE | FOU N DATION A N N UA L R EP ORT | 2023

BBC FOUNDATION LIMITED ABN 65 010 877 531 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 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: Class of Fixed Asset Buildings

Depreciation Rate 2.5%

Plant & Equipment

10%-25%

13 28

BRIS BANE BOY S ’ COL L E GE | FOU N DATION A N N UA L R EP ORT | 2023

BBC FOUNDATION LIMITED ABN 65 010 877 531 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 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 2021.

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.

14 29

BRIS BANE BOY S ’ COL L E GE | FOU N DATION A N N UA L R EP ORT | 2023

BBC FOUNDATION LIMITED ABN 65 010 877 531 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2023 $

2022 $

Note 2: Revenue 663,755

88,586

Donations Scholarship Fund

470,070

217,482

Donations Building Fund

623,499

118,847

Interest Received allocated to DGR’s & General funds

12,668

879

Dividends Received allocated to DGR’s & General funds

101,642

120,106

Net realised Gain on sale of shares

363,496

75,004

2,235,130

620,904

Audit and review of financial reports

3,874

3,525

Total Remuneration for audit and other services

3,874

3,525

1,658,012

1,043,635

417,716

135,295

2,075,728

1,178,930

187,476

-

3,183

29,665

-

3,527

190,659

33,192

Investment Portfolio – Equity Domestic and International

2,170,057

2,188,392

Investment Portfolio – Fixed Income

1,138,559

629,128

629,935

885,398

3,938,551

3,702,918

General Donations & Other Income

Total Revenue

Note 3: Remuneration of auditor Fees paid to auditors of the Company – KPMG

Note 4: Cash and cash equivalents Cash at bank Cash Management Account

Note 5: Other Current Assets Trade Receivables Withholding Tax and Imputation Tax Credits GST Receivable

Note 6: Investments

Investment Portfolio – Other

15 30

BRIS BANE BOY S ’ COL L E GE | FOU N DATION A N N UA L R EP ORT | 2023

BBC FOUNDATION LIMITED ABN 65 010 877 531 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 $

2022 $

Note 7: Property, Plant and Equipment Art Works Independent valuation

769,190

769,190

Acquisitions since prior valuation

57,347

45,629

826,537

814,819

30,343

30,343

(30,034)

(29,858)

309

485

Total assets at valuation

769,190

769,190

Total assets at cost

87,690

75,972

856,880

845,162

Total Accumulated Depreciation

(30,034)

(29,858)

Total Written Down Value

826,846

815,304

Trade Payables

165,433

5,000

Payable to Related Party

27,233

6,335

Accrued Expenses

5,775

5,774

GST Payable

2,725

-

201,166

17,109

Plant and Equipment Plant and Equipment at cost Less: Accumulated Depreciation

TOTAL

Note 8: Trade and Other Payables

Note 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.

16 31

BRIS BANE BOY S ’ COL L E GE | FOU N DATION A N N UA L R EP ORT | 2023

BBC FOUNDATION LIMITED ABN 65 010 877 531 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2023 $

2022 $

938,985

(8,351)

177

381

Note 10: Cash Flow Information Reconciliation of Cash Flow from Operations with Profit for the year Profit/ (Loss) after income tax Non-cash flows Depreciation Changes in assets and liabilities •

(Increase)/ Decrease in other current assets

(154,742)

15,310

•

Increase/ (Decrease) in payables

181,332

(31,756)

Cash flows used in operating activities

965,752

(24,416)

Note 11: Commitments and Contingent Liabilities No capital expenditure has been contracted for at the end of the reporting period.

Note 12: Members’ Guarantee 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 2023 the number of members was 97 (2022: 98).

17 32

BRIS BANE BOY S ’ COL L E GE | FOU N DATION A N N UA L R EP ORT | 2023

BBC FOUNDATION LIMITED 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:

(c)

(i)

giving a true and fair view of the financial position of the Company as at 31 December 2023 and of its performance, as represented by the results of its operations for the financial year ended on that date in accordance with the statement of compliance and basis of preparation described in Note 1; and

(ii)

complying with Australian Accounting Standards (including the Australian Accounting Interpretations) to the extent described in Note 1, and the Australian Charities and Not-for-profits Commission Regulation 2013; and

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

Dated at Brisbane

8th

day of

May

2024

18 33

BRIS BANE BOY S ’ COL L E GE | FOU N DATION A N N UA L R EP ORT | 2023

Independent Auditor’s Report To the members of BBC Foundation Limited Opinion We have audited the Financial Report, of 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: i.

ii.

giving a true and fair view of the Company’s financial position as at 31 December 2023, and of its financial performance and its cash flows for the year ended on that date; and

The Financial Report comprises: i.

Statement of financial position as at 31 December 2023.

ii.

Statement of profit or loss and other comprehensive income, Statement of changes in equity, and Statement of cash flows for the year then ended.

iii.

Notes, including material accounting policies.

iv.

Directors’ declaration.

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).

Basis for opinion 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.

We confirm that the independence declaration required by the ACNC Act 2012, which has been given to the Directors of the Company on 8 May 2024, would be in the same terms if given to the Directors as at the time of this Auditor’s Report.

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.

19

34

BRIS BANE BOY S ’ COL L E GE | FOU N DATION A N N UA L R EP ORT | 2023

Emphasis of matter – basis of preparation and restriction on use 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: i.

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.

ii.

Implementing necessary internal control to enable the preparation of a Financial Report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

iii.

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.

20 35

BRIS BANE BOY S ’ COL L E GE | FOU N DATION A N N UA L R EP ORT | 2023

Auditor’s responsibilities for the audit of the Financial Report Our objective is: i.

to obtain reasonable assurance about whether the Financial Report as a whole is free from material misstatement, whether due to fraud or error; and

ii.

to issue an Auditor’s Report that includes our opinion.

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.

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BRIS BANE BOY S ’ COL L E GE | FOU N DATION A N N UA L R EP ORT | 2023

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.

KPMG

M J Jeffery Partner Brisbane 9 May 2024

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BRIS BANE BOY S ’ COL L E GE | FOU N DATION A N N UA L R EP ORT | 2023

ANNUAL REPORT (For the Year ended 31 December 2023)