2011 Annual Report

2011 ANNUAL REPORT

Contents

The South Australian Olympic Council is pleased to present the 2011 Annual Report on the occasion of the Annual General Meeting, Tuesday 27th March, 2011 at Santos Stadium, Mile End, SA.

Patron and Members of the Executive 2

President’s Report 3

Executive Director’s Report 5

Life Members 8

Order of Merit 9

Olympians Club of SA Committee Members 10

Games Appeal Committee 11

Premier’s Games Appeal Dinner 12

International Olympic Academy Young Participants 13

Affiliated Sports 15

Financial Report 16

Australian Olympic Team Partners & Suppliers 2009-2012 35

South Australian Olympic Council 27 Valetta Road KIDMAN PARK SA 5032

(08) 7424 7749 [email protected] www.olympics.com.au/sa

Patron & Members of the Executive

Patron

His Excellency Rear Admiral Kevin Scarce AC CSC RANR Governor of South Australia

Executive Board - 2011

President David Prince OAM

Vice President Alan Naylor

Executive Director Kirsty Withers

Executive Board Penny Halliday Malcolm Heard (Olympians Club of SA) (until April 11th 2011) Travis Moran Michael Parker Joe Stevens

2011 President’s Report

This report covers the 2011 year, however, with one year to go before our South Australian athletes chase Olympic glory at London Olympic Games, the focus has been on fundraising and supporting our South Australian Olympic Council Members.

The South Australian Olympic Council (SAOC) continues to fulfil its role as the custodian of the Olympic Movement across the State. It is pleasing to report that after a very tough 2010, the Council’s major responsibilities have all been delivered in 2011, despite our economy experiencing difficult times. I refer to the fundraising effort of the South Australian Games Appeal (SAGA), the Olympians Club of SA activities, the Pierre de Coubertin Awards, the Olympic Education Programmes, and the working relationships with the SA Sports Institute, involving the Robert Gerard AO Emerging Athlete Development Fund (RGEADF).

The SAOC has been extremely fortunate to be managed by a series of outstanding Executive Directors during my Twenty Three years as President. These have included Marg Ralstan AM, Robyn Granger, Christine Mainprize, Amelia Weston and our current Manager, Kirsty Withers. This year’s report from Kirsty delivers a clear and precise record of the SAOC’s 2011 activities, and is written with sincere passion and enthusiasm for the Olympic Movement.

Every year, we report on the outstanding work carried out by the SAGA Committee, lead by Robert Gerard AO. I cannot emphasise enough, how important SAGA is to the Australian Olympic Games Team Fund, the Australian Paralympic Games Team Fund, and the Australian Commonwealth Games Team Fund. These three organisations will have received the following contribution from the SAGA, managed and administrated by the SAOC:

2001-04 2005-08 2009-12 Australian Olympic Games Team Fund $650,000 $708,000 $700,000 Australian Paralympic Games Team Fund $150,000 $236,000 $250,000 Australian Commonwealth Games Team Fund $150,000 $236,000 $250,000 $950,000 $1,180,000 $1,200,000

These funds ($3.3million) include both Corporate and SA Government donations. I wish to acknowledge the contribution made by so many volunteers with the SAGA committee, especially noting the Quarter Club members and Emerging Leader group. The annual Premier’s Games Appeal Dinner, raises in excess of $200,000 and involves 1100 patrons and a magnitude of passionate helpers. Your athletes should always respect this.

The unique support given to our SA Affiliated sporting associations by way of the Robert Gerard AO Emerging Athlete Development Fund, should be recognised annually. Future South Australian Olympians and Paralympians are benefitting financially from this generous fund. SASI plays a significant role in identifying you athletes of the future, whilst we acknowledge and salute a very generous South Australian. However, without the passion and willingness of those volunteers supporting the SAGA operation, the RGEADF will not exist.

On a sad note, the SAOC Executive and the SA Olympic Movement lost one of our dearest friends with the passing of Malcolm Heard (Basketball 1960). Malcolm was a fine representative of the Olympians’ Club and will be sadly missed.

Our SAOC receives strong financial support from the Australian Olympic Committee ($190,000/4 years) and the SA Government ($150,000/4 years). The later funding is part of the Governments quadrennium’s support of $650,000 donated to the three State Appeal with funds for administering the SAGA. We have successfully delivered the three Appeal budgets over the past three quadrenniums. We assume the 2009-12 quadrennium targets will be achieved.

The SAOC continues to be indebted to the SA Government and SASI for their continuing support of the administration of both the Council and Appeal activities. The synergy of having the SAOC office at an Olympic Training Centre makes sense.

The SAOC financial statements for 2011 reflect a small loss of $7,039 for the year, however, equity for three of the four years of the 2009-12 quadrennium is $19,579. Revenue was $89,980 with expenses $97,019. The Executive forecast that 2009-12 final financial results will show a small surplus and there equity of $20,000.

Further SAOC activities are reported in the Executive Director’s report, suffice to say, the year 2012 will increase activities with the 2012 London Olympics expected to rival Sydney 2000 as the “best Olympic Games ever”!

In conclusion, I wish to congratulate Kirsty Withers and her assistants and volunteers for their dedication and enthusiastic approach to all the Council’s activities: I especially thank the SAOC Executive for their support and contribution in 2011. Our thanks to the Affiliated Sports, SASI, AOC, SA Government, and SAGA for a successful year.

DAVID PRINCE OAM PRESIDENT

2011 Executive Director’s Report

It is with much excitement that I write my first inclusion for the Annual Report in my role as Executive Director of the SA Olympic Council. To be joining the Olympic family at the beginning of year three of the 2009-2012 quadrennium has been extremely fortunate, to be part of this wonderful movement as London 2012 draws nearer is particularly motivating.

While 2010 achieved lower than normal fundraising results, 2011 has seen a strong turn around putting our fundraising campaign back into an enviable position amongst the other states also chasing fundraising targets in less than certain financial times. This result would not have been achieved without the guidance and absolute commitment from all our Stakeholders. With renewed enthusiasm we have focused on the financial outcomes of all of our activities and are confident we can continue to achieve the excellent results the SA Olympic Council is renowned for.

First and foremost I would like to thank the Executive Members of the SA Olympic Council, and members of the SA Games Appeal Committee for their guidance and expert advice – I feel very privileged to be surrounded by so many people dedicated towards the operations of the SA Olympic Council, and fulfilling our charter.

Once again the SA Olympic Council undertook a number of projects that either met our fundraising or Olympic education responsibilities. Below is a brief outlook of these programs in 2011.

SA Games Appeal Committee The South Australian Games Appeal Committee was established in 1994 by the South Australian Olympic Council, when under the current chairman, Mr Robert Gerard AO, a number of corporate leaders came together to raise funds towards the Sydney Olympic Games. Such was the success of the Committee’s fundraising that post Sydney Olympics contributions were also made to the Commonwealth and Paralympic Associations. Since then the Games Appeal has made an extraordinary commitment towards all three Games Committees by providing significant funds. The Committee has successfully met all of there fundraising targets and is determined to do so again for the 2009-12 quad. In 2011 the Committee met five times.

Quarter Club The purpose of the Quarter Club is to underpin the fundraising charter of the SA Games Appeal Committee and has done so successfully since it was established in 2003. In 2011 the Quarter Club celebrated its ninth year of operation and introduced a Reward & Recognition initiative for members who have been with the “Club” for 4 or more years. The Quarter Club has developed into a successful membership for South Australia’s discerning corporate sector. Membership is available at two levels - Quarter Club, and Emerging Leader, with a capped membership of 125 available in each category (250 total). Currently membership stands at 96 Quarter Club members and 72 Emerging Leaders.

Robert Gerard AO Athlete Development Fund The RGEADF was originally established in May 2007 from funds provided by the SA Games Appeal Committee. Since then it has provided financial assistance to South Australian athletes from 2009. Its charter includes the provision of support to next generation elite athletes, particularly those competing at Junior / Under 23 World Championship / International or equivalent level. In three years the fund has provided over $93,000 in grants to 50 individual athletes. The Fund is operated by an independent Board of Trustees with assistance from the South Australian Sports Institute, who consider applications for funding twice annually. Priority for support is provided to athletes who compete in sports and disciplines contested in Olympic, Paralympic and Commonwealth Games. In 2011 21 athletes were provided financial assistance through the Fund. We thank the South Australian Sports Institute for their support towards making this Fund a success.

Olympic Education Education is an important aspect of promoting Olympism. In 2011 the SA Olympic Council coordinated two Talk to a Champ sessions for approximately 500 students. We thank host schools Walford Anglican School for Girls and Cornerstone College who provided amazing facilities and generously hosted students from five other schools. Students heard from Olympians Hannah Davis (Beijing 08’) Travis Moran (Athens 04’) and Wendy Schaeffer (Atlanta 96’) and were also shown memorable images and footage from previous Olympics. We believe that programs such as this will inspire school students and install Olympic dreams for our future athletes.

Pierre de Coubertin Awards On Wednesday 9th November the South Australian Olympic Council awarded 26 students with a Pierre de Coubertin Award. The awards ceremony, held at the Office of Sport and Recreation, was well attended with award recipients, friends, family and a number of Olympians present. Attendees were presented with an update on London 2012 plus heard from two guest speakers including triple Olympian and medallist, Phil Rogers (Barcelona 92’, Atlanta 96’, Sydney 00’), who spoke to the students about his journey and the determination and belief required to achieve at the highest levels of sport. Adam Steinhardt, an Australian Commonwealth Games Team member, highlighted a number of the Award recipients own words in describing Pierre de Coubertin’s vision and values, and linked them to his own journey as an elite athlete and beyond.

The South Australian Olympic Council is committed to increasing the number of schools and students aware of this program in the future.

Affiliated Sports The SAOC welcomes SA sports associations to subscribe to the SAOC through affiliation fees. These affiliation funds help the SAOC to assist the Athletes who make the distinction of being chosen to represent Australia at the Olympic Games. We look forward to their continued support and contribution.

Olympians and Olympians Club of SA It has been a privilege to meet and work with the SA Olympians Club members. I aim to continue to develop this relationship and further strengthen the affiliation between the SA Olympians Club and the SA Olympic Council.

It is most important that the contribution made by our current SA Olympians Club members is continued by a new generation of past and present athletes that have the same passion and commitment towards the Olympic movement. I ask anyone who is interested in being involved to make contact with me to discuss.

As always our Olympians are fine role models for our young people. By their involvement and commitment, they assist us to promote the Olympic Movement to the broader community and to introduce future generations to the Olympic ideals and as always we hope to inspire some individuals to follow in their footsteps.

Adelaide Appeals Committee Once again we are grateful for the wonderful support provided by the Adelaide Appeals Committee, chaired by Mrs Fay Gerard OAM. This committee raises funds during their annual Race Day Luncheon held in the Tapestry Pavilion at Morphettville Racecourse. They make a considerable contribution towards the SA Games Appeal Committee in the last two years of each quadrennium (2011, 2012). During the SA Games Appeal Committee Christmas Drinks a donation of $40,000 was made by the Adelaide Appeals Committee. We thank them for this wonderful contribution and for all their tireless work; support and commitment in helping us reach our fundraising goals.

State Government Support The SA Olympic Council is most grateful to The State Government and in particular to the Department of Recreation and Sport who continue to support our operations at their premise on Valetta Road, Kidman Park. It is motivating to be located where athletes are visible and having the South Australian Sports Institute team so accessible means this relationship can only benefit current and future Olympians. We encourage all athletes to drop in to our office when passing by to keep us aware of their progress and allow us to offer support when ever required.

As we begin the final year of the current quadrennium we are all eagerly anticipating the beginning of London 2012. It is a wonderful time to be celebrating our association with the Olympic movement. I am most grateful to David Prince OAM, President of the SA Olympic Council, and the Australian Olympic Committee for providing me the opportunity to lead the South Australian Olympic Council in 2011 and beyond, and thank all for your support, vision and expertise which has allowed me to fulfil this role with passion. I look forward to working alongside you all again in 2012.

KIRSTY WITHERS Executive Director

Life Members

Mr C. R. AITKEN CBE * Mr John BLANK Mr Ray GRAHAM * Mrs Marjorie JACKSON-NELSON AC, CVO, MBE Mr Walter LEBEDEW OAM Mr David MacFARLANE * Ms Mary McGREGOR Mr Ron O’DONNELL OAM * Mrs Brenda PEARL OAM Mr David PRINCE OAM Mrs Margaret RALSTON AM Mr John RODDA Mrs Gillian ROLTON OAM Mr Jim THOMPSON OAM Mr Kingsley THOMSEN * Mr Tom WIGLEY *

* Deceased

Order of Merit

Rosemary ADEY OAM John HEARD Alex BARTER OAM * John PARRINGTON Ann BIGHAM OAM * John VAUGHAN Anthony CLARKE Keiran MODRA Barry SKINNER Kingsley THOMSEN * Bernie SWEETMAN * Leon GREGORY Bill BOWDEN Leon HOLME Bob WATTS Les TAYLOR * Brenda PEARL OAM Lyle BAIRD Brett MAHER Margaret CAHILL OAM * Brian KILDEA Margaret RALSTON AM Brian SANDO OAM Mary McGREGOR Cynthia LANGLEY Maxwell PUCKETT * David CHENNELLS Morrie MUEHLBERG David HILLAN Nino SOLARI David MACFARLANE * Norman RULE Fay GERARD OAM Paul SZYJKO Geoffrey PITT Peter BOWEN PAIN Glenda BOWEN PAIN AM Peter GRAHAM Gordon PAWSON Rhonda TANNER Grant PETERS Robert GERARD AO Harry WILKINGTON Robyn CHAPLIN OAM * Helen BAIRD Ron MOULE Herb LOWE OBE * Ron O’DONNELL OAM * Jack WALSH Ron WRIGHT James DUNN Sylvia MUEHLBERG Jane BUSH OAM Tanya TARNAGURSKY * Jeff HEDGER Tom HERRAMAN * Jim NESTOR Walter LEBEDEW OAM John BLANK Yuris STERN John DALY OAM

* Deceased

Olympians Club Committee

It was with great sadness that Malcolm Heard (Basketball 1960), the then current President of the Olympians Club of SA passed away suddenly on April 11th. Malcolm’s enthusiasm and passion towards promoting the Olympic Movement was truly inspiring. He was an inaugural member of the Olympians Club of SA and in this time provided an amazing service to the charter of the SA Olympic Council.

Albert Leslie (Basketball 1968), Secretary, represented the Olympians Club of SA at the Australian Olympic Council’s Annual General Meeting in May 2011. Leon Gregory (Athletics 1956) has stepped into the role as President for the interim.

The current members of the Olympians Club of SA are keen to see a new invigorated group of past and present athletes share in their passion for promoting the Olympic Movement and work alongside the SA Olympic Council. The support and energy provided by the members has been invaluable and they look forward to their legacy being continued well into the future.

The Olympians Club of SA presently organise the successful Annual Dinner, held in May each year at the Glenelg Golf Club. Proceeds from the dinner go towards the Robert Gerard AO Emerging Athlete Development Fund. We look forward to welcoming Olympians, family and friends to the Dinner on Saturday 26th May 2012.

2011 Olympians Club of SA Committee

President Malcolm Heard (Basketball 1960) until 11th April 2011 Leon Gregory (Athletics 1956)

Secretary Albert Leslie (Basketball 1968)

Treasurer Val Winter (Shooting 1988)

Members Colin Burdett (Basketball 1956) Glen Maguire (Doctor 1976) David Schumacher (Wrestling 1956)

Games Appeal Committee

Games Appeal Committee 2011

Name Company Mr Robert Gerard AO (Chair) Gerard Corporation Mr David Prince OAM (Deputy Chair) SAOC President, Prince International Agencies Mr Michael Adair Konica Minolta Mr Ron Barton Yellow Corporation Mr David Baker Baker Young Stockbrokers Mr Mark Butcher Ernst & Young Mr Peter Carey Coca-Cola Amatil (Aust) Pty Ltd Mr Stuart Carruthers Carlton and United Breweries Mr Robert Chapman Bank SA Mr David Chennells Commonwealth Games Mr Marc Colquhoun Events Corp SA Mr Nick Dean President - South Australian Paralympic Committee Mr Graeme Gilbertson Channel Nine Mr Eric Granger Mutual Community Mr Michael Luchich Telstra Mr David Perrins Advertiser Newspapers Mr Geoffrey Pitt Pegram Services Pty Ltd Mrs Sue Bowman Australian Paralympic Committee Mr Josh Simons Minter Ellison Lawyers Mr Kym Steer Team Solutions Mr Adam Steinhardt The Kingdom Advertising Miss Kirsty Withers South Australian Olympic Council

Premier’s Games Appeal Dinner

Next Stop London

The 17th annual Premier’s Games Appeal Dinner was held at the Adelaide Convention Centre on Friday 8th August 2011, hosting the highest attendance in the history of this wonderful event. 1200 guests celebrated "Next Stop London" with a wonderful British theme.

This event continues to deliver a first class, unique experience for guests while also raising significant funds to support our Australian athletes competing at Olympic, Paralympic and Commonwealth Games.

Results of both the Electronic Silent Auction, sponsored by BankSA, and the Live Auction were well up on 2010 - indicating that tough economic times would not dampen our guests enthusiasm to support our Aussie athletes. The support from the South Australian business and retail community in providing the Silent Auction items is always overwhelming and collectively I thank you for your support.

The Table Lottery also achieved great results with the majority of guests taking the opportunity to win a wonderful overseas holiday for two generously donated by Phil Hoffman Travel.

Beverage partners for the evening had to increase their commitment due to the growth in guest numbers - so they deserve an extra big thank you! Geoff Hardy K1, Treasury Wine Estates, Halifax, Kilikanoon, Carlton & United Breweries and Coca Cola Amatil.

We would also like to thank the following supporters of this wonderful event, without your support this event would not have been the success it was. InterContinental - Adelaide, James Thredgold Jeweller, Advertiser NewsMedia, Toyota, Finsbury Green, Adelaide Convention Centre, ADT, Gerard Lighting.

The SA Olympic Council would also like to thank the following people for their contribution towards the evening:-

 Premier's Games Dinner Committee & Chair  Jennie Bell & Phyllis Southgate  Silent Auction donors  Ms Gudrun Hanke, Personal Assistant to Robert Gerard AO, Chairman  Edwina Birdseye, SAOC Event Coordinator  Volunteers

International Olympic Academy

51st International Olympic Academy Young Participants Session

I was incredibly excited and privileged to be selected as one of two Australian delegates to attend the 51st IOA Young Participants Session in Greece. Having only been employed by the Australian Olympic Committee for just on 6 months it was a great honour to be given such a wonderful opportunity.

The theme for this years session would be Education – an area that the South Australian Olympic Council is determined to grow. I was keen to bring back ideas and key learnings from other participants and the course lecturers to assist me in re invigorating these programs in our State.

The other Australian delegate was Andrew Smith, a bronze medallist from Beijing in Hockey. The mix of an Olympian and AOC staff member was a great fit. Andrew, like the other Olympians attending, quickly established “celebrity” status amongst the 170+ participants representing 46 nations. Naturally everyone was eager to hear about their journey and I think it was a huge bonus to the session’s program that each of them had the opportunity to do so formally. Andrew’s story of success was an excellent example of the approach and ethos that is Olympism.

The course itself was much about how to educate and promote the Olympic culture within society. Within my discussion group it was a unanimous view that targeting youth and teaching these values from a young age is the most effective method to establish a “way of life” or “life values” that is Olympism. The majority of the participants were school teachers, Andrew himself a Secondary school PE teacher. I believe that the influence these teachers can have directly on their own students is one of the most valuable approaches towards establishing a culture of Olympism .

A large aspect of lectures focused on Pierre de Coubertin and his vision for the modern Olympic movement, the participants discussed at length these views and how they fit within a modern society, differing political environments, and a commercial world. There were many views heard, and the discussion groups provided a great forum for people to voice their opinions. To hear from representatives of less affluent countries was very humbling, their plight to even qualify athletes is a huge challenge, and funding to deliver programs a constant struggle.

One of the most popular presentations made at the session was from fellow Australian, Helen Brownlee OAM, President of the NSW Olympic Council. Helen discussed how the Education program came to life in Australia, and how since Sydney 2000 Olympics the education programs have become a fundamental role within the AOC operations. The examples of the tools and resources used by the AOC to underpin Olympic Education, I believe, were the most innovative and cost effective presented during the entire session. After hearing from fellow participants about their financial hardship to manage a National Olympic Committee let alone educational programs I thought these examples gave participants an example of achievable concepts, and some hope that they could implement similar concepts.

The Session included a number of excursions to historical sties including the Pantheon in Athens, Delphi the spiritual birthplace of the Olympics and of course the ancient ruins of Olympia. We also had the opportunity to meet and socialise with participants from the Olympic Medallists Session held a week before. The opportunity for me to meet with James Tomkins, six time Olympian and triple Gold Medallist, was a great surprise.

Since my return I am determined to lift the number of Pierre de Coubertin Award recipients in South Australia, and have also engaged with a former SA Olympic Council employee who is keen to project manage on a voluntary basis an Olympic Academy. I am eager to accomplish both in 2012 and will be drawing on my experience at the International Olympic Academy to motivate me.

I would like to take this opportunity to thank the AOC for providing me with such a wonderful opportunity, the friends made will be lifelong and the memories very fond ones.

Kirsty Withers Executive Director, SA Olympic Council Participant, 51st IOA Young Participants Session

Affiliated Sports

2011 Affiliated Sports

Archery SA Athletics SA Australian International Shooting Ltd Australian Sports Medicine Federation Badminton SA Basketball SA Blind Sport SA Boxing SA Canoe SA Cycling SA Diving SA Equestrian SA Fencing SA Football Federation SA Gymnastics SA Inc Jude Federation of SA Inc SA Hockey Association Inc SA Rowing Association SA Volleyball Association SA Weightlifting Association Sport SA (SA Sports Federation Inc) Swimming SA Table Tennis SA Inc Ten Pin Bowing Association SA Inc Tennis SA The South Australian Snow Sports Triathlon SA Wrestling SA Inc Yachting SA Inc

Financial Report

2011 Financial Report pages 17 - 34

16 SOUTH AUSTRALIAN OLYMPIC COUNCIL INC.

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2011

Note 2011 2010 $ $ REVENUES 4 (a) 89,980 89,920

EXPENSES 4 (b) 97,019 88,517

PROFIT/(LOSS) BEFORE INCOME TAX (7.039) 1,403

INCOME TAX EXPENSE - -

NET PROFIT/(LOSS) FOR THE YEAR (7,039) 1,403

OTHER COMPREHENSIVE INCOME/(LOSS) - -

TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR (7,039) 1,403

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

17 SOUTH AUSTRALIAN OLYMPIC COUNCIL INC.

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2011

Note 2011 2010 $ $ CURRENT ASSETS Trade and other receivables 5 63,691 65,766 Prepayment 6 - 293

TOTAL CURRENT ASSETS 63,691 66,059

NON-CURRENT ASSETS Trade and other receivables 5 - 40,937 Property, plant and equipment 7 - -

TOTAL NON-CURRENT ASSETS - 40,937

TOTAL ASSETS 63,691 106,996

CURRENT LIABILITIES Trade and other payables 8 44,112 39,442

TOTAL CURRENT LIABILITIES 44,112 39,442

NON-CURRENT LIABILITIES Trade and other payables 8 - 40,937

TOTAL NON-CURRENT LIABILITIES - 40,937

TOTAL LIABILITIES 44,112 80,379

NET ASSETS 19,579 26,617

EQUITY Accumulated Funds 19,579 26,617

TOTAL EQUITY 19,579 26,617

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

SOUTH AUSTRALIAN OLYMPIC COUNCIL INC.

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2011

Note 2011 2010 $ $ CASH FLOWS FROM OPERATING ACTIVITIES

NET CASH FLOWS (USED IN) / PROVIDED BY OPERATING ACTIVITIES - -

NET INCREASE IN CASH AND CASH EQUIVALENTS - -

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR - -

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

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

SOUTH AUSTRALIAN OLYMPIC COUNCIL INC.

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2011

2011 2010 $ $ TOTAL EQUITY AT THE BEGINNING OF THE YEAR 26,617 25,214

PROFIT/(LOSS) FOR THE YEAR (7,039) 1,403

Other comprehensive income -

TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR (7,039) 1,403

TOTAL EQUITY AT THE END OF THE YEAR 19,579 26,617

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

SOUTH AUSTRALIAN OLYMPIC COUNCIL INC.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2011

(1) CORPORATE INFORMATION

The financial report of the South Australian Olympic Council Inc. (‘SAOC’ or ‘Council’) for the year ended 31 December 2011 was authorised for issue in accordance with a resolution of the Executive Board on 8th March 2012.

The South Australian Olympic Council Inc. is an Association incorporated under the Associations Incorporation Act, 1985 of South Australia and is domiciled in South Australia.

The principal place of business is 27 Valetta Road, Kidman Park, South Australia, 5205.

The nature of the operations and principal activities of the Council are that SAOC acts to develop and protect the Olympic Movement in the state of South Australia in accordance with the Olympic Charter and the Constitution of the Australian Olympic Committee Inc. and to actively promote the fundamental principles of Olympism within the framework of sports.

(2) STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

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

(a) Basis of preparation

This special purpose financial report has been prepared for distribution to the members to fulfil the committee of managements’ (‘Executive Board’) financial reporting requirements under the Associations Incorporation Act, 1985 of South Australia and the Council’s constitution. The accounting policies used in the preparation of this financial report, as described below, are consistent with the financial reporting requirements of the Associations Incorporation Act, 1985 of South Australia and the Council’s constitution, and are, in the opinion of the Executive Board, appropriate to meet the needs of members:

(i) The financial report has been prepared on an accrual basis of accounting including the historical cost convention and the going concern assumption.

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

SOUTH AUSTRALIAN OLYMPIC COUNCIL INC.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2011

(2) STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Con’t)

(a) Basis of preparation (Con’t)

Accordingly, the financial report has been prepared in accordance with the Associations Incorporation Act, 1985 of South Australia and the Constitution, the basis of accounting specified by all Accounting Standards and Interpretations and the disclosure requirements of AASB 101 ‘Presentation of Financial Statements’, AASB 107 ‘Cash Flow Statements’, AASB 108 ‘Accounting Policies, Changes in Accounting Estimates and Errors’, AASB 1031 ‘Materiality and AASB 1048 Interpretation and Application of Standards’ which apply to all entities required to prepare financial reports under the Associations Incorporation Act, 1985 of South Australia and the Constitution.

The Executive Board have determined that in order for the financial report to give a true and fair view of the Council’s performance, cash flows and financial position, the requirements of Australian Accounting Standards and other financial reporting requirements in Australia relating to the measurement of assets, liabilities, revenues, expenses and equity should be complied with.

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

(b) Statement of compliance

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

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

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

(d) Government Grants

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

SOUTH AUSTRALIAN OLYMPIC COUNCIL INC.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2011

(2) STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Con’t)

(e) Fundraising

The SAOC through the South Australian Games Appeal Committee raises funds for the Australian Olympic Team, Australian Commonwealth Games Team and Paralympic Team appeals. All funds raised by the SAOC are recorded directly in the financial statements of the Australian Olympic Committee Inc.

At 31 December 2011, the SAOC through the South Australian Games Appeal Committee had raised $880,277 (2010: $667,744) towards the target for these appeals for the period 2009 – 2012.

(f) Income Tax

The SAOC is exempt from Australian income tax.

(g) Cash and cash equivalents

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

(h) Trade and other receivables

Trade receivables which, generally have 30 – 90 day terms, are recognised and carried out at original invoice amount less an allowance for any uncollectible amounts.

An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off when identified.

(i) Property, plant and equipment

Acquisition Items of property, plant and equipment are recorded at cost or, in the case of donations and sponsorship contributions in kind, at fair value at the time of donation or contribution, less accumulated depreciation and any impaired value.

SOUTH AUSTRALIAN OLYMPIC COUNCIL INC.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2011

(2) STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Con’t)

(i) Property, plant and equipment (Con’t)

Depreciation and amortisation Land is carried at cost.

Buildings are carried at cost and depreciated on a reducing balance method over estimated useful life of 40 years from the date of acquisition.

Items of plant and equipment are depreciated on a reducing balance method over their estimated useful lives ranging from 3 to 40 years from the date of acquisition.

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

If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets are written down to their recoverable amount.

The recoverable amount of plant and equipment is the greater of fair value less costs to sell and value in use. Value in use is the depreciated replacement cost of an asset when the future economic benefits of the asset are not primarily dependent on the asset’s ability to generate net cash inflows and where the NSWOC would, if deprived of the asset, replace its remaining future economic benefits.

Impairment losses would be recognised in the statement of comprehensive income.

(j) Trade and other payables

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

SOUTH AUSTRALIAN OLYMPIC COUNCIL INC.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2011

(2) STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (Con’t)

(k) Employee benefits and expenses

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

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

(ii) Superannuation

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

(3) SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS

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

2011 2010 $ $ (4) REVENUES AND EXPENSES

(a) Revenue SA Government grant 37,500 37,500 AOC administration grant 50,000 50,008 AOC Pierre De Coubertin Grant - 300 Affiliation fees 2,480 2,112

TOTAL REVENUE 89,980 89,920

SOUTH AUSTRALIAN OLYMPIC COUNCIL INC.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2011

2011 2010 (4) REVENUES AND EXPENSES con’t $ $ (b) Expenses Salaries and wages 87,544 75,019 Operating expenses 9,236 7,078 Function expenses 239 2,005 Financial expenses - 2,062 Public relations - 2,353

TOTAL EXPENSES 97,019 88,517

PROFIT/(LOSS) BEFORE INCOME TAX (7,039) 1,403

(5) TRADE AND OTHER RECEIVABLES

Current Receivable from Australian Olympic Committee 20,691 28,266 Receivable from Australian Olympic Committee Other 43,000 37,500 63,691 65,766

Non-Current Receivable from Australian Olympic Committee Other - 40,937

(6) PREPAYMENTS

Prepayments - 293

(7) PROPERTY, PLANT AND EQUIPMENT

At cost 1,740 1,740 Provision for depreciation (1,740) (1,740) - -

SOUTH AUSTRALIAN OLYMPIC COUNCIL INC.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2011

2011 2010 (8) TRADE AND OTHER PAYABLES $ $

Current Deferred SA Government Administration Grant 2009 - 2012 43,000 37,500 Sundry Creditors 1,112 1,942 44,112 39,442

Non Current Deferred SA Government Administration Grant 2009 - 2012 - 40,937 - 40,937

(9) STATEMENT OF CASH FLOWS RECONCILIATION

Net Profit/(Loss) (7,039) 1,403

Changes in assets and liabilities: (Increase)/ decrease in assets 43,305 175,794 Increase /(decrease) in liabilities (36,267) (177,197)

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

(10) SEGMENT INFORMATION

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

SOUTH AUSTRALIAN OLYMPIC COUNCIL INC.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2011

(11) RELATED PARTY DISCLOSURES

(a) The members of the Executive Board during the financial year were:

President David Prince Vice President Alan Naylor Member Malcolm Heard Resigned 2011 Member Penny Halliday Member Joe Stevens Member Travis Moran Executive Director Kirsty Withers

(b) Office premises

In addition to the income and expenditure of the SAOC, the South Australian Government has provided rent free office premises and associated facilities at 27 Valetta Road, Kidman Park.

(12) KEY MANAGEMENT PERSONNEL

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

2011 2010 $ $

Short-term employee benefits 68,205 56,805 Post-employment benefits 6,139 5,288 74,344 62,093

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

(13) AUDITOR’S REMUNERATION

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

SOUTH AUSTRALIAN OLYMPIC COUNCIL INC.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2011

(14) GOING CONCERN

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

The Council’s ability to continue as a going concern is dependent on receiving the forecast level of funding revenue from the Government and Australian Olympic Committee grants. The Executive have prepared a forecast for the 2012 year which indicates the Council will be able to meet their financial obligations as and when they fall due.

On this basis the Executive believe it is appropriate to adopt the going concern basis in the preparation of these financial statements.

SOUTH AUSTRALIAN OLYMPIC COUNCIL INC.

STATEMENT OF FUNDRAISING FINANCIAL PERFORMANCE

FOR THE YEAR ENDED 31 DECEMBER 2011

2011 2010 $ $ Accumulated Surplus of Fundraising 667,744 443,614

INCOME Premier’s Dinner 499,730 398,211 Quarter Club 252,143 231,123 Emerging Leaders 64,072 53,845 General Fundraising 19,393 43,518 SA Sports Hall of Fame 7,803 - Other Donations 37,864 - Interest 23,201 25,140 Prior Quad Surplus - 130,460 Emerging Leaders 2008 - 23,809 904,206 906,106

EXPENDITURE Premier’s Dinner 300,534 356,512 Quarter Club 307,615 238,616 Emerging Leaders 45,698 63,877 General Fundraising 4,017 244 SA Sports Hall of Fame 10,000 - Donation - 22,727 Emerging Leaders 2008 23,809 - 691,673 681,976

Surplus carried for the year 212,533 224,130

Fundraising Quadrennium 880,277 667,744

34 AUSTRALIAN OLYMPIC TEAM PARTNERS 2009 - 2012

AUSTRALIAN OLYMPIC TEAM SUPPLIERS 2009 - 2012