BBC Foundation Annual Report 2023

(FOR THE YEAR ENDED 31 DECEMBER 2023)

OUR FOUNDATION

PAGE 2

BRISBANE BOYS’ COLLEGE FOUNDATION BOARD AND OFFICERS

PAGE 3

MESSAGE FROM THE HEADMASTER

MESSAGE FROM THE CHAIR

PAGE 4

OPENING OF CHICRI MAKSOUD MATHS LAB

PAGE 6 HALL OF INSPIRATION (GIVING DAY)

PAGE 8

VOLUNTEER THANK YOU EVENING

PAGE 10

PAGE 9

DONOR LIST PAGE 13

BISSET REPORT PAGE 11 FINANCIAL STATEMENTS

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

OUR FOUNDATION

OUR VISION

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.

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 NOW

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 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.

FOUNDATION BOARD AND OFFICERS

DIRECTORS

(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

MR ANDRE CASSON

BBC Headmaster

BBC Foundation Appointed Director

MR IAN MACPHERSON

Elected Director

BBC Foundation Chair

MR DON O’RORKE

Elected Director

College Council Representative Director

OFFICERS (in alphabetical order)

MS HAYLEY BLUMENTHAL

BBC Director of School Development and Community Engagement

MRS LAUREN DAVIES

BBC Financial Controller

MRS LEANNE SMITH

BBC Director of Corporate Services

BBC Foundation Company Secretary

MS MORGAN WINLAW

BBC Foundation and Events Partner

MRS FREYA ROBERTSON

Elected Director (from May 2023)

MRS VANESSA TAYLOR

BBC P&F Representative Director

* Finance, Inverstment, Rick and Audit

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.

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.

Dear Foundation Members and Donors,

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.

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.

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

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.

MESSAGE FROM THE HEADMASTER

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

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.

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.

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.

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

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

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.

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

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.

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

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.

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

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

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

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:

Mrs V Taylor

Mr I Macpherson (Chairperson)

Mr D O’Rorke

Mr A Casson

Mr R Bell

21 August 2018

28 April 2020

16 June 2020

1 January 2022

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.

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:

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 2024 8th May

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

KPMG

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

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

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

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023

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

ABN 65 010 877 531

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2023

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

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

Bisset Collection

Opening

5,713,235 The above should be read in conjunction with the accompanying notes

ABN 65 010 877 531

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

CASH FLOWS FROM OPERATING ACTIVITIES

CASH FLOWS FROM INVESTING ACTIVITIES Proceeds

CASH FLOWS FROM FINANCING ACTIVITIES

Borrowings

2,075,728 1,178,930

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

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.

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.

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.

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).

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 reasonabl e 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 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.

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

Note 2:

Note 4: Cash and

3,702,918

ABN 65 010 877 531

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

Note 7: Property, Plant and Equipment

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.

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

Note 10: Cash Flow Information

Reconciliation of Cash Flow from Operations with Profit for the year

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).

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 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

(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

Dated at Brisbane day of 2024 8th May

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. 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

ii. 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

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

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

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.

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.

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.

M J Jeffery Partner

Brisbane 9 May 2024

KPMG

(For the Year ended 31 December 2023)