2 0 0 2

ANNUAL REPORT OFFICE BEARERS 2002

Patron His Excellency Major General Peter Arnison AC CVO Governor of Queensland President C H Meagher AM Vice-Presidents V E Edwards and A G F Warby Hon Treasurer B D Vickers Council A D Bassingthwaighte A G Brimblecombe AM W T Cummins J C Grigg P S Harpham G J Hart S J Hennessey P S Jervis S J Maitland J M McMillan D L O’Connor W E Ryan J F Scott D C Sturrock D G Thomas W H Thompson J P Tunny Hon Councillors W K Bryce BEM J E Liley T G Matthews OBE L K Morris A G Nason MBE OAM M F Talbot P F Wadley E G Wilson Chief Executive J P Tunny The Royal National Agricultural and Industrial Association of Queensland Auditor ABN 41 417 513 726 S Crane of KPMG Notice of Annual General Meeting of Members

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

BUSINESS • Confirm Minutes of Annual General Meeting of Members held on 30 March 2002 • Receive and adopt President’s and Councillors’ Reports and Audited Financial Statements for the year ended 31 December 2002 • Confirmation of appointment of Mr D G Thomas to Council • Election of Patron • Election of President and two Vice-Presidents for ensuing year • Election of nine Members of Council for a two year term • Such other business as may arise in accordance with the Rules

J P Tunny Chief Executive Brisbane 31 January 2003 AGE G PA 01 President’s Report

CONTENTS in furthering the Association’s aims and also acknowledge the input from the Church and the Judiciary in recognizing the community President’s Report 03 and educational values inherent in our Charter Councillors’ Report 06 and its associated events. Councillors in Profile 08 Visits by international delegations and overseas interest groups continue to enhance Corporate Governance Statement 10 the Show’s reputation as a Trade Fair, Statement of Financial Performance 13 presenting a concise snapshot of the quality and potential of product and produce from Statement of Financial Position 14 paddock to plate. Statement of Cash Flows 15 Top class entertainment has become an Notes to and forming part of the 16 essential component of the Ekka but the Financial Report Association also seeks to educate and inform its patrons, particularly younger members, on Councillors’ Declaration 24 IT IS AGAIN A GREAT the latest scientific and technical advances Independent Auditor’s Report inside PLEASURE and privilege to in agricultural and pastoral trends and back cover present the Annual Report of will continue to work closely with industry The Royal National Agricultural and academic institutions to this end. The and Industrial Association appointment of young people to our Future of Queensland for the year Directions Committee, and their enthusiasm ending 31 December, 2002. and assistance, is one way of ensuring this occurs. I look forward to the expansion of This has been a challenging year for your their involvement and influence in the future. Council, with the need to harness foresight, imagination and down-to-earth practicality I welcome Jonathan Tunny as our new Chief in finalising a new Master Plan for the Executive. Jonathan is a young man of grounds intended to open a new era for the exceptional character and experience who Association. will be able to steer the organization into the future, taking full advantage of the I am happy to say I believe our final opportunities that are open to us. document, which now waits approval from the Queensland State Government, will not Long serving Councillor Ken Morris retired last only provide economic, entertainment and year having served the Council since 1986. social benefits for the Association and the Chairman of the Horticultural Committee, people of Queensland, but will also fulfil the a member of the Joint Stock and Wine organisation’s aspirations to continue as a Committees, as well as a great organizer in relevant player in the future of the State’s the rodeo and entertainment fields, Ken has primary and secondary industries, as well been a devoted and dedicated worker for as provide a facility for a range of major the Association and I would like to record Queensland events. my personal thanks and the gratitude of the organization for his input. We continue to be most grateful for the support of the Queensland In turn we welcome a new Councillor, Government and the David Thomas. David will be overseeing interest of the Opposition the Woodchopping Competitions at the 2003 Ekka. AGE G PA

PAGE 02 03 PAGE 04 these industries. well asaglimpseof technological advances in theatrical styleentertainment for patrons as leather ashigh fashion materials and provided on the individual merits of wool,cottonand Three separate fashion productions focused tasting bythe ever-hungry audiences. goods withfreshly baked bread and cakes for Industry complementing the supplyof dairy enabled betteruseof facilities withthe Bread Further upgrading of the DairyIndustry Hall ideas and future export market potential. informal talksaswellfor the exploration of delegations and industry leaders together for Development and AgForce, drew international partnership withthe Department of State The Meating Centre, sponsored bya the experts. joined inthe thrillof participation with catered for asyoungsters and their parents Extreme Sportsfans were not the onlyones and Inline, caught the mood of excitement. Displays of BMXDirtand Vert riding, Skate Planet Xramp. skate boarders and BMXchampions atthe their skillsunder the tutelage of professional crowd of enthusiastic youngsters ready totry Activities onNo 2Oval drew acontinuing Energex Main Arena. Thunder action, colourand nostalgia of Ekka fans responded enthusiastically tothe 10 days of the Show. with 3,903appearing before judges during the supplied the highest count inany competition Horses inAction. As inrecent years, dogs total, asdid the numbers of Stud Horses and Prime BeefCattleentries toppedthe 2001 the 2002Show. and product competitions were received for conditions, nearly 26,000entries for livestock , the 2002headline attraction inthe difficult rural economic THE 2002ROYAL In spiteof drought and QUEENSLAND SHOW Outback llamas tothe scene. of alpacasand the more recent input industry inAustralia and the introduction and development of the wool lambs and easilyunderstood information on opportunity for more feeding and petting of The FleeceExpoarea alsoprovided an creatures and animal mothers intheir charge. Animal Nursery and the welfare of the small University’s GattonCampussupervisedthe James Kemp, whilestudents from Queensland a challenge for Farmyard Friends’ organizer, feed the eager lambsand goat kids proved Making sure everyone hadaturntobottle playmates did not prove overwhelming. to ensure the enthusiasm of their human mothers. Animals were rested regularly care and concern displayed bytheir animal and cuddle babyanimals and marvel atthe Friends and the Animal Nursery, topet,pat Small Ekka patrons gravitated toFarmyard of Teneriffe. portrait of R.M.Williams byLorraine Carthew Choice Award voteinfavour of the quilted many thousands of patrons casttheir Viewer’s went toVictorian quilter, Marilyn Waters while Show, which attracted prizemoney of $3,000 of the Outbacktheme. The overall Bestof the maker’s rural background using the Year than 200quilts, many depicting scenes from the event resulted inthe hanging of more through the Department of Primary Industries, Show. Sponsored bythe StateGovernment one of the most popularexhibits atthisyear’s from across Queensland and interstate proved Industry Hall anexhibition of quilting talents Meanwhile inthe upperfloor of the Dairy pioneering days. more scopefor demonstrations of lifeinthe Storybook LivingHistory An enlarged setting for John Bury’s , gaveconsiderably general public. these events tothe wine industry and the national awareness and importance of and the Sheraton Hotel for helping toincrease well astothe Queensland Wine Press Club gratitude todinner and trophy sponsors as The Association wouldlike toexpress its activities. enhanced aspartof thisyear’sWine Show on Saturday, July21and thisevent istobe An inaugural public tasting wasinitiated enthusiastic audience. a nice balance of funand footy facts toan the ABCshow Dinner whileguestspeaker, and presenter of by Brisbane Sheraton chefs for the Awards complemented the five course meal prepared Gold Medal wines from the 2001Wine Show first taste of the season’svintage. Winning of the Brisbane Wine Show inproviding the nature of the Awards and the importance a sell-outevent confirming the prestigious Auditorium onThursday evening, July19,was The third BMWAwards Dinner atthe Cotton and presentation. commenting onthe high standard of exhibits 2002 Wine Show withChief Judge PhillipJohn A record 3,339wines were entered for the AWARDS DINNER ROYAL QUEENSLANDWINESHOW AND of the RockyPoint Prawn Farm,Serena Lipf. East Asia, Sallyanne Atkinson, and Director Larry Acton; Special Commissioner toSouth- Industries, Henry Palaszczuk; AgForce Chair, guest speakers, Ministerfor Primary Brett Annable from Channel Ten, introduced welcomed the 230guestsbefore compere, Association President, ColinMeagher, potential export markets. information toassistinthe growth of and business leaders exchanged views and Members of the diplomatic corps, producers interests. of government, industry and international with guestsinvitedfrom awide spectrum for the annual Partners inExportDinner partnered the Association inarrangements the Port of Brisbane Corporation thisyear The Department of Primary Industries and PARTNERS INEXPORT The Fat , Tony Squires, provided related activities. and consolidation for the Association and its and stafftoensure 2003isayearof progress It willnow beuptothe Council, members stable area. horses and their owners bedded down inthe at the RNAShowgrounds and asmany as400 Horse and Pony Club competitions being held October relied onCampdraft Masters, Stock members of the community and Equitana in The Livid Festivalwasadrawcard for young from awide area of Queensland. patrons from interstate aswell were allhighly successful, bringing and Tackle and Tinnie shows The TimberShow, Truck Show record crowds in2002. their kind inthisStateand drew Shows are the largest events of incorporates the 4WDand Fishing Camping Show inJune, which also and the Queensland Caravan and The Courier Mail Home Show inMarch entertainment withplenty of parking. venue for awide variety of exhibitions and Showgrounds asaversatile and user-friendly throughout the yearhas confirmed the RNA The useof the grounds for other events OTHER EVENTSINSHOWGROUNDS continual supportand assistance. Unit of the Queensland Police Force for their way, and tomembers of the Special Events friendship and hospitality toriders along the the communities and individuals who offered Australian Stockman’s Hall of Fame goes toall The deep gratitude of the Association and the Ekka for anenthusiastic welcome. the ride from the Roma Street Parklands tothe More than100riders rode the laststage of climax of anexperience they willnever forget. the 2002Ekka, Saturday, August 17,wasthe stage of the To nearly 400riders who tookpartatsome TAGALONG RIDEOFALIFETIME Tagalong Ride from Longreach to

05 AGE G PA PAGE 06 Councillors’ Report NOTES: B— A— financial yearare: Councillor of the Association during the Executive Committee)attended byeach Council meetings (including meetings of Details of Councillors and the number of 31 December2002. on the Association for the yearended YOUR COUNCILLORSPRESENTTHEIRREPORT Mr AGFWarby Mr BDVickers Mr JPTunny Mr WHThompson Mr DGThomas Mr DCSturrock Mrs JFScott Dr WERyan Mr DLO’Connor Mr LKMorris Mr SJMaitland Mrs JMMcMillan Mr PSJervis Mrs SJHennessey Mr GJHart Mr PSHarpham Mr JCGrigg Dr VEEdwards Mr WTCummins Mr AGBrimblecombeAM Mr ADBassingthwaighte Mr CHMeagher AM Councillor Reflects thenumber of meetingsheldduringthetimecouncillor office duringtheyear Number of meetingsattended

Note (2) (1) (2) (1)

Farming Solicitor Grazier Company Director Orthopaedic &Spinal Surgeon Barrister/Chief Executive Retired Manager Director/Accountant Property Manager Dairy Farmer/Company Director Councillor Company Director Grazier/Veterinarian Agribusiness Consultant Neurologist Manager Director Grazier Manager Occupation Appointed 29November 2002 Resigned 5November 2002 Grazier Motor Industry Consultant &Director Chief Executive

Appointment

1972 1993 2001 2000 2002 1988 1996 2000 2000 1986 2001 1997 1998 2001 1996 2001 1978 1987 1981 2000 1981 1979 Year of

10 10 10 10 10 10 10 A 6 1 9 7 8 7 8 7 9 8 8 9 8 7 8 Meetings Council

10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10

B 1 9

14 13 — — — — — — 17 — — — — — 14 — 17 17 — — — 17 Committee Executive A Meetings

17 17 — — — — — — 17 — — — — — 17 — 17 17 — — — 17 B

subsequent financial years. or the stateof affairs of the Association in Association, the results of the operations, affected ormay affectthe operations of the the financial period which havesignificantly circumstances havearisensince the end of No subsequent events, matters or LIKELY DEVELOPMENTS that capacity. Association and received remuneration in Tunny wasappointed Chief Executive of the services. Onthe 25November 2002,CrJP Councillors receive no remuneration for their COUNCILLORS’ REMUNERATION financial year. state of affairs of the Association during the There were no significant changes inthe STATE OFAFFAIRS loss of non-current investments of $294,817. in 2002 of $2,224,380 includes a market value to the 2001 net profit of $14,516. The net loss The 2002 net loss was $2,224,380 compared REVIEW OFOPERATIONS major event of the Association. Queensland Show inAugust eachyearisthe State of Queensland. The staging of the Royal Manufacturing and Cultural resources of the Agricultural, Pastoral, Horticultural, Industrial, public interest and improvement of the promote and encourage the development, are toprovide facilities and personnel to The principal activities of the Association PRINCIPAL ACTIVITIES 31 January2003 President C HMeagherAM a resolution of Council made 31 January 2003. This Councillors’ Report is made in accordance with current year. noise. No breaches havebeenreported inthe environmental lawscovering air, waterand The Association issubjecttothe general ENVIRONMENTAL contract. disclosure isprohibited under the terms of the Legal Expenses Insurance contracts, assuch the Councillors’ and Officers’ Liability and amount of the premium paid inrespect of the nature of the liabilities covered orthe The Councillors havenot included details of the end of the previous financial year. Supplementary LegalExpense Insurance” since premiums for “Councillors’ and Officers’and The Association haspaid insurance INSURANCE PREMIUMS by the Executive Committee. The levelof such reimbursement istobeset (iii) (ii) (i) provided: a Councillor orOfficer of the Association the performance of hisorher duties as or pastCouncillor orOfficerin relation to limited tolegalfees)incurred byany current the reasonable costs(including butnot The Association hasagreed toreimburse INDEMNIFICATION OF COUNCILLORSANDOFFICERS INDEMNIFICATION ANDINSURANCE

the person’sconduct isnot unbecoming any investigations orhearings do not the personisnot charged withany conduct. that personheld atthe time of the of apersonholding the position, which charged ornot orconvicted ornot; the Association whether thatpersonis that person’sfiduciary relationship with constitutes conduct which breaches reveal conduct bythatpersonwhich acquitted of allcharges; offence, orifcharged, issubsequently

31 January2003 Honorary Treasurer B DVickers

07 AGE G PA PAGE 08 development and building. Business interests—land run horses and cattle. he and hiswifePat Upper Coomera where Lives at Horse &Arena Committee. 1997. Past Chairman 1979 and President since RNA Councillor since RNA LifeMember Occupation—Manager Age—71 years Colin HMeagherAM PRESIDENT Wongawallan

Steward 10years. RNA Honorary Council and organiser from 1995. Horse Breeds Expo founder Joint StockCommittee. Committees. Member of of Masterplan and Works Responsibilities—Chairman President since 1995.RNA 1987 and Senior Vice RNA Councillor since Life Member RNA Exhibitorand Occupation—Neurophysician Age—64 years MB BS Dr VivianEEdwards PRESIDENT VICE SENIOR , Qld FRACP

Councillors inProfile presence atthe RNAShow. cattle section and rural a strong industry relevant Committed tomaintaining Pastoral Company. Principal of Billinbah of Entries Committee. Hall Committees. Member Joint Stockand Meat Chairman of BeefCattle, RNA Responsibilities— Association in2000. President of the Appointed Junior Vice RNA Councillor since 1972. RNA LifeMember Occupation—Grazier Age—62 years Allan GFWarby PRESIDENT VICE JUNIOR

from 2002. Council (Queensland) President Canine Control to thatposition in1993. 1980 and wasreappointed (Queensland) from 1973to Canine Control Councillor in 1993MrVickers wasa appointment tothe Council Committees. Previous tohis Joint Stockand Veterinary Disciplinary, Animal Health, Letting, Appealsand Marketing, Spaceand Committees. Member of Budget and Dogs Chairman of Investment, RNA Responsibilities— RNA Councillor since 1993. RNA Member Consultant and Director Occupation—Motor Industry Age—60 years FTIA JP GDAppLaw FCIS FCIMASIA Barry DVickers TREASURER HON Qual Qld FAICD FAIM

Fellow inRotary. 1988-1990; Paul Harris Gatton College Council Queensland 1990;Chairman Senator University of Committees. Queensland Youth Exhibits Fruit, District Exhibits, and Appeals and Disciplinary, of Masterplan, Works, and Pisciculture. Member Chairman of Horticulture RNA Responsibilities— RNA Councillor since 1978. and RNALifeMember RNA Exhibitorsince1953 Stud CattleBreeder Consultant, Fruitgrower, Occupation—Agribusiness Age—68 years QDH JP John CGrigg COMMITTEE] [EXECUTIVE COUNCILLOR Qual

Queensland. University of Southern Member of Council of Holding Entity Board; Brisbane CityCouncil Business Advisory Board; Queensland Limited, City Chief Executive, Bankof appointments include— Audit Committee. Former Education Queensland Festival Limited;Member Chairman Brisbane Joint StockCommittees. Works, Horse and Arena, and and Letting, Masterplan, Investment, Budget, Space Committee. Member of Chairman of Marketing RNA Responsibilities— RNA Councillor since 1996. RNA LifeMember Director Occupation—Company Age—64 years FAIBF FAICD FAIM FIFS Graham JHart COMMITTEE] [EXECUTIVE COUNCILLOR

Bar Association. Hon. Secretary—Australian Directions Committee. Convenor—Future Woodchop Committees. and Arena, Wine and Budget, Marketing, Horse Member of Investment, Disciplinary Committees. Letting, House, Appeals and Chairman of Spaceand RNA Responsibilities— RNA Councillor since 2000. RNA LifeMember Association of Queensland Law; Chief Executive, Bar Occupation—Barrister-at- Age—41 years LLB DipTchg BEdSt Daniel (Dan)LO’Connor COMMITTEE] [EXECUTIVE COUNCILLOR QUT LLM Qld the Beef Industry. Lifetime association with Waco Santa Gertrudis Stud. Principal of Yarrawonga- Committees. Joint Stockand Meat Hall Animal Health, BeefCattle, Member of Marketing, RNA Responsibilities— RNA Councillor since 1981. and RNALifeMember RNA StudCattleExhibitor Occupation—Grazier Age—59 years Alastair D Bassingthwaighte Qld COUNCILLOR

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

Ipswich Show Society. Racing AppealsTribunal and Advisory CommitteeQld Qld Harness Racing Board, Ringmaster. Former member Steward until 1981. RNA as anHonorary Council Steward 1965and continued Steward 1961,RNARing as RNARedCoat/Mounted Committees. Appointed Health and Joint Stock Masterplan, Works, Animal Committees. Member of and Horse and Arena Chairman of Entries, RNA Responsibilities— RNA Councillor since 1981. RNA LifeMember Industry) Director (RealEstate Occupation—Retired Age—64 years JP Warren TCummins COUNCILLOR CDec

COUNCILLOR Sheep and Wool Council. Australia Inc. and AgForce Sheepmeat Council of Board Member of Veterinary Consultant. Beef and Wool Producer, Meat Hall Committees. Cattle, Joint Stockand Committee. Member of Beef Chairman of Veterinary RNA Responsibilities— RNA Councillor since 2001. RNA Member Veterinarian Occupation—Grazier/ Age—54 years BVSc Philip SHarpham Qld COUNCILLOR Arts Committees. Member of House and Fine RNA Responsibilities— RNA Councillor since 2001. and RNALifeMember Past RNAExhibitor Designer Occupation—Interior Age—54 years Susan JHennessey

COUNCILLOR Committees. Health and Joint Stock Masterplan, Works, Animal Committees. Member of and DairyProduce Chairman of DairyCattle RNA Responsibilities— RNA Councillor since 1998. RNA LifeMember Company Director Occupation—Dairy Farmer/ Age—64 years Peter SJervis

COUNCILLOR Assistance Association. Association and Licences Racehorse Owners Coast Turf Club, Queensland Association, Sunshine East Queensland Racing Committee Member—South Deputy Ringmaster. Veterinary Committees. and Arena, Joint Stockand Member of Marketing, Horse Queensland Committee. Chairman of QuiltsAcross RNA Responsibilities— RNA Councillor since 1997 RNA Member Thoroughbred Breeder Owner and Investor/ Occupation—Property Jan MMcMillan COUNCILLOR Society Ltd. Permanent Building Buderim Ginger Ltd, Mackay Influences PtyLtd, Finance Group, Corporate Society, Centrepoint Grand United Friendly Tarong Energy, EsiSuper, Associates, Director of Principal of Delphin and Education Committees. Member of Budget, Entries RNA Responsibilities— RNA Councillor since 2001. RNA Member and Corporate Advisor Occupation—Accountant Age—52 years FAIBF RFD BecFCPA FAICD FAIM Stephen JMaitland COUNCILLOR Wine Co. Directorships—Stanthorpe appointment toRNACouncil. Wine Section prior to Council Steward inthe Committees. Honorary and Caged Birds, and Wine Member of House, Poultry RNA Responsibilities— RNA Councillor since 2000. RNA Member Spinal Surgeon Occupation—Orthopaedic Age—59 years DiplAmerBoardOrthSurgery FRCS MB BS Dr William(Bill)ERyan Ed Qld FRACS FACS FAOrthA FRMRACP

COUNCILLOR “Fight for aJustCause”. Champagne Country” and 1992–1996. Co-author “In Protection Board of Qld Member of Rural Lands Chairman 1987–1993). 1979–1996, (Deputy Bungil Shire Councillor School CampCommittees. Joint Stock,Meat Hall and House, Animal Health, Committee. Member of Chair of Sheep &Wool RNA Responsibilities— RNA Councillor since 1996. RNA Member Director Occupation—Company Age—60 years Joan FScott

COUNCILLOR Systems PtyLtd and Launcells Feedlot Sturrock Grazing PtyLtd Committees. Director of Joint Stockand Meat Hall Member of Beef Cattle, RNA Responsibilities— RNA Councillor since 1988. RNA LifeMember RNA Exhibitorand Feed Lotter Occupation—Grazier and Age—50 years Duncan CSturrock

COUNCILLOR Development Association. Vice President of Brisbane Commerce Queensland. Member of the Board of and Veterinary Committees. Appeals and Disciplinary, Entries, Masterplan, Committee. Member of Chairman of Woodchop RNA Responsibilities— November 2002. RNA Councillor since RNA Member Occupation—Solicitor Age—47 years BCom LLBHons David GThomas

COUNCILLOR Register Inc. and Australian RedBreed Cattle Society of Australia Directorships—Illawarra Committees. Produce, and Joint Stock Health, DairyCattle, Dairy Member of Entries, Animal RNA Responsibilities— RNA Councillor since 2000. Exhibitor. RNA LifeMemberand Occupation—Farming Age—61 years JP Walter (Harold) H Thompson Qld Qual

COUNCILLOR Woodchop. Responsibility— 2001. Former RNA RNA Councillor since RNA Member Executive Occupation—RNA Chief Age—46 years GMQ BBus GradDipAdvAcctg Jonathan PTunny

AGSM

P FCAFAICD

QIT

09 AGE G PA PAGE 10 legislation. with the spiritof applicable company, and incompliance and requirements of apublic its business tothe standards where possibletoconduct the Association endeavours While not required under the Act, Governor inCouncil. its land without the approval of the reports. The Association cannot sell Association and receive the annual financial any changes tothe Objectsand Rulesof the Under the Act, the Ministermust approve and operations. and By-lawstoeffectivelyconduct itsaffairs The Association hasestablished Objects, Rules and operates under the provisions of thatAct. Association of QueenslandAct 1971(“theAct”) the (“the Association”) isincorporated under INDUSTRIAL ASSOCIATION OFQUEENSLAND THE ROYAL NATIONAL AGRICULTURAL AND Corporate Governance Statement Royal NationalAgricultural andIndustrial the President, twoVice-Presidents, Honorary business of the Association. It comprises planning, strategic development and general the financial administration, management, the Objectsand Rulesand hasthe control of An Executive Committeeisestablished under COMMITTEES or voteatCouncil Meetings. remuneration, and are not entitled toattend Association. Honorary Councillors receive no recognition of pastoutstanding service tothe Honorary Councillors may beappointed in members. nine Councillors are elected eachyearbythe The President, the twoVice-Presidents and 72 yearsof age. seek election orre-election afterattaining to fillacasual vacancy. ACouncillor may not The Council may appoint aneligible member Councillors are electedfor atwoyearterm. COUNCILLORS meetings of the members of the Association. are permittedtohold office and voteatany members, all other members of the Association With the exception of Junior and Corporate The Council meets monthly, orasrequired. body of members. eighteen members electedfrom the general Vice President, Junior Vice President and is constituted bythe President, the Senior The Association isgoverned byaCouncil that THE COUNCIL Treasurer and three members of Council. The Executive Committeemeets monthly orasrequired. experience. retain quality staffwithappropriate skillsand remuneration and the desire toattract and takes into account current comparable market determined bythe Executive Committee, and the Chief Executive and senior executives is The remuneration and terms of employment of meetings of the Council. reasonable expenses incurred inattending no remuneration. They may bereimbursed for Councillors and Honorary Councillors receive With the exception of the Chief Executive, REMUNERATION meetings during histenure asChief Executive. not exercise adeliberative voteatCouncil have agreed thatthe Chief Executive will Councillor. The Council and the Chief Executive The current Chief Executive isalsoa Association. Executive tomanage the affairs of the The Executive Committeeappoints aChief CHIEF EXECUTIVE Stock; and Appealsand Disciplinary. Queensland Show—Entries; Veterinary; Joint to assistinthe general conduct of the Royal number of other Committees are established In addition tothe Sectional Committees, a Directions. Agricultural Development; and Future Master Plan;House; Spaceand Letting; operations—Budget; Investment; Marketing; in the conduct of the Association’s general Eight Committeesare established toassist members of allCommittees. President and vice-Presidents are ex-officio who possessparticular skillsorexpertise. The Committees haveinvitedexternal members serve onone ormore Committees. Some membership bythe Council. Most Councillors Councillors are electedannually toCommittee desirable. such matters referred toitasconsiders other persons for the purposeof considering appoint asub-committeeof itsmembers and it may decide. ACommitteehasthe powerto such members of Council and other persons as time totime appoint Committeesconsisting of The Council orExecutive Committeemay from Government Department. Report tothe Chief Executive of the relevant also submitsacertifiedcopy of the Annual As required bythe Act, the Association other means. and periodically through newsletters and statements, and atanAnnual General Meeting publication of anAnnual Reportand financial The Council reports to members through REPORTING Officers’ Liability Insurance. Association are covered byDirectors’ and extended bythe Act. Employeesof the Councillors are covered byindemnities Where possible, risksare externally insured. specific external risk reviews. risks. These practices include periodic and bio-security, crowd control, and environmental to the activities of the Association—including business operational risk,and those specific management practices toaddress bothnormal The Association hasadopted arange of risk RISK MANAGEMENT seek fair returns. investment policies thatminimiseriskand Funds under management are subjectto Council meeting. distributes itsmeeting minutes toeach The Executive Committeereports and annual budgets. measures performance against detailed financial and operational reports, and The Council receives comprehensive monthly minimise riskand promote efficiency. Internal control systems are established to INTERNAL CONTROLS external audit. The Association issubjecttoindependent AUDIT ANDCOMPLIANCE

11 AGE G PA Statement of Financial Performance For the year ended 31 December 2002

Note 2002 2001 $ $ Revenue Revenue from operating activities Royal Queensland Show 3 7,760,175 7,842,862 Rent from ground facilities 1,519,571 1,579,070 Interest revenue 4 546,732 652,224 Other 750,407 806,376

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

Revenue from non-operating activities Profit on sale of property, plant and equipment 5 9,462 5,960 Capital grants and subsidies 111,666 354,999

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

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

Expenses Employee costs 6 3,003,290 3,028,551 Material and services 7 8,427,670 6,932,491 Depreciation 8 1,196,450 1,265,735 Write down of investments 294,817 — Interest expense 9 166 198

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

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

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

PAGE 12 13 PAGE 14 statements setout onpages16to23. The statementof financialpositionistobereadinconjunction withthenotesto financial TOTAL FUNDS Trust Funds Reserves Retained profits Funds NETASSETS Total liabilities Total non-current liabilities Provisions Non-current liabilities Total current liabilities Provisions Unearned revenues Interest bearing liabilities Payables Current liabilities Total assets Total non-current assets Property, plant and equipment Investments Non-current assets Total current assets Prepayments Inventories Investments Receivables Cash Current assets As at31December2002 Statement of FinancialPosition

Note 12 11 11 10 17 18 16 14 13

26,400,971 19,956,882 16,082,663 25,369,894 18,165,412 25,369,894 3,874,219 6,444,089 5,675,029 7,000,775 1,031,077 2002 164,386 329,386 227,099 203,707 264,264 264,264 766,813 303,424 168,044 295,345 48,189 $

—

27,594,274 20,389,792 27,594,274 28,599,853 19,016,853 16,214,289 7,000,775 1,005,579 2,802,564 9,583,000 9,067,222 2001 110,274 302,300 203,707 364,000 364,000 641,579 320,000 199,773 103,863 65,549 37,655 17,943 $

set outonpages16to23. The statementof cashflowsistobereadinconjunctionwith thenotesto financial statements TOTAL CASH Bank overdraft Cash atbank Cash cash flowsis reconciled tothe related items inthe balance sheet as follows: outstanding bankoverdrafts. Cashatthe end of the financial yearasshown inthe statement of For the purposesof the statement of cashflows, cashincludes cashonhand and atbank, net of Notes tothestatementof cashflows CASHAT THEENDOFFINANCIAL YEAR Cash atthebeginningof thefinancial year Net increase /(decrease) incashheld Net cashused/(provided) by investing activities Proceeds from investments Payments for property, plant and equipment plant and equipment Proceeds from saleof property, Cash flows from investing activities by operating activities Net cash(used)/provided Interest paid Interest received Cash payments from operations Cash receipts from operations Cash flows from operating activities For theyear ended31December2002 Statement of CashFlows

Note

14 19

(57,258

277,099 284,357 227,099 (12,687,463 11,113,281 (1,065,818 (1,027,616 24,499 2,025,721 2002 202,600 970,358 546,732 10,455 $

— (166

) ) ) ) )

(17,943 (11,361,958 11,571,649 (2,123,501 1,204,280 (913,360 2001 284,357 302,300 284,357 277,496 920,221 710,734 $ 6,861 5,861

(204 —

) ) ) ) )

15 AGE G PA PAGE 16 the assetoraspartof an itemof expense. recognised aspartof the costof acquisition of Office (ATO). Inthese circumstances the GSTis is not recoverable from the Australian Tax (GST), except where the amount of GSTincurred net of the amount of goods and services tax Revenues, expenses and assetsare recognised (d) and isaccordingly not liable for income tax. 50-40 of the The Association isanexempt body under Section (c) recognised onanaccrual basis. signage revenue, and sundry revenue and is special exhibition charges, secretarial fee, Other revenue includes revenue from carparking, Interest revenue isrecognised asitaccrues. revenue isrecognised inthe yearitisearned. Royal Queensland Show and ground rental (b) and other disclosures. disclosure withcurrent financial year amounts been reclassified toachieve consistency in Where necessary, comparative information has the previous year. accounting policy, are consistent withthose of applied and, except where there isachange in These accounting policies havebeenconsistently assets. money valuesorfair valuesof non-current costs and does not take into account changing It hasbeenprepared onthe basisof historical Accounting Standards Board. authoritative pronouncements of the Australian Issues Group Consensus Views and other with Australian Accounting Standards, Urgent report, which hasbeenprepared inaccordance The financial report isa general purposefinancial (a) report, are: adopted inthe preparation of thisfinancial The significant policies, which havebeen ACCOUNTING POLICIES NOTE 2STATEMENT OFSIGNIFICANT Queensland Act 1971 Agricultural andIndustrialAssociation of incorporated under the Association of Queensland isabody corporate, The RoyalNational Agricultural and Industrial NOTE 1THEASSOCIATION 31 December2002 Notes toandforming part of theFinancialReport

Goods andServicesTax Income Tax Revenue recognition Basis of preparation Income Tax Assessment Act 1997 asamended. Royal National method overtheir estimated usefullives. depreciated/amortised using the straight-line buildings and ground improvements are Items of property, plant and equipment including Depreciation andamortisation recorded atcost. Items of property, plant and equipment are Acquisition (h) stores usedbythe Association initsoperations. purchase. Inventories are primarily consumable consumables are expensed inthe yearof net realisable value. Items which are considered Inventories are carried atthe lowerof costand (g) reflect its recoverable amount. portfolio waswrittendown by$294,817to At 31December2002the long terminvestment at the lowerof costand recoverable amount. maturity date. Long terminvestments are carried —Personal Investment Planand haveno funds. The funds are managed byNavigator twelve wholesale managed unittrustinvestment Long terminvestments consist of investments in (non-current assets) Long terminvestmentportfolio “other debtors”. accrued atthe contracted rate and included in The bankbillsare shown atcost.Interest is Bank shorttermdeposits(currentassets) (f) doubtful accounts. at balance date and provision ismade for any 60 days. The collectibilityof debts isassessed date for payment are normally settledwithin date. Other debtors which haveno specific due due date and those accounts are payableonthat Certain trade debtors’ accounts specifyaspecific Trade debtorsandother (e) cash flows. payable to,the ATO are classified asoperating activities, which are recoverable from, or cash flowsarising from investing and financing flows onagross basis. The GSTcomponents of Cash flowsare included inthe statement of cash or liability inthe statement of financial position. payable to,the ATO isincluded asacurrent asset The net amount of GSTrecoverable from, or amount of GSTincluded. Receivables and payablesare statedwiththe

Property, plant andequipment—Note12 Inventories Investments—Note 11 Receivables—Note 10 provided byemployeesuptothe reporting date. made bythe Association inrespect to services the present valueof future cashflowsto be satisfied thatthisestimate reliably represents and includes related on-costs. The Council is amounts basedoncurrent wage and salaryrates provision hasbeencalculatedatundiscounted from commencement of employment. The of permanent and permanent casual employees on the basisof the total nominal entitlement Provision inrespect of long service leaveismade Long serviceleave and salaryrates and include related on-costs. undiscounted amounts basedoncurrent wage date. The provisions havebeencalculatedat employees’ services provided uptothe balance has apresent obligation topayresulting from represent the amount which the Association wages, salaries, annual leaveand sick leave The provisions for employeeentitlements to Wages, salaries, annualleaveandsick (j) 60 days. accounts payableare normally settledwithin whether ornot billedtothe Association. Trade in the future for goods orservices received, Liabilities are recognised for amounts tobepaid (i) their present value. relevant cashflowshave not beendiscounted to occurs. Inassessing recoverable amounts the expensed inthe reporting period inwhich it down tothe loweramount. The writedown is the recoverable amount, the assetiswritten carrying amount of anon-current assetexceeds recoverable amount atbalance date. Ifthe determine whether they are inexcess of their valued onthe costbasisare reviewed to The carrying amounts of non-current assets Recoverable amount completed and held ready for use. constructed assetsinthe yearthe assetis year of acquisition orinrespect of internally Assets are first depreciated oramortised inthe asset are asfollows: The depreciation rates usedfor eachclassof

• • • Employee entitlements—Note16 Payables—Note 13

electrical installations Sub-stations and Plant and equipment ground improvements Buildings and

10%—20% 2%—5% 5% Bank bills Unit trusts Term deposits money market Short term NOTE 4INTERESTREVENUE revenue Sundry show subscription Membership entry fees Competition and sponsorship Advertising Show rents Gate receipts NOTE 3ROYAL QUEENSLANDSHOW on claims reported butnot yetfinalised. Association’s estimated liability for the excess is taken upatyearend, which reflects the liable for the excess of any claim.Aprovision insurance. Under the policy, the Association is The Association hastaken outpublic liability (l) of the Brisbane CityCouncil by-passtunnel. replacement of buildings demolished asaresult Reserve. Thisreserve istobeusedfor Retained Profits tothe Asset Replacement In 2002$nil(2001$nil)wastransferred from took placeduring the year. Protection Reserve. Niltransfers (2001$Nil) time totime certainsurplusestothe Rain weather inaparticular year, appropriates from against reduced gatetakings due toinclement The Association, inorder toprovide areserve (k) Further information issetoutinNote 20. of financial performance asincurred. Contributions are charged tothe statement defined contribution superannuation plans. The Association contributes toseveral Superannuation plan

Insurance claimexcess—Note 16 Reserves—Note 17

7,760,175 3,693,289 21,281 2,492,182 546,732 301,069 193,241 164,316 302,497 390,658 717,233 31,141 2002 $

29,370 7,842,862 2,324,613 4,077,574 652,224 376,411 240,344 164,320 287,315 315,703 673,337 2001 6,099 $

17 AGE G PA PAGE 18 Other expenses Show expenses utility charges Rates and Prizes and ribbons and stationery Printing and telephones Postages Maintenance Insurance Electricity and gas Auditors remuneration Advertising NOTE 7MATERIAL ANDSERVICES Fringe benefits tax expense Superannuation leave expense Long service Sick leaveexpense Annual leaveexpense Salary and wages NOTE 6EMPLOYEE COSTS and equipment sold property, plant Carrying valueof equipment sold property, plant and Proceeds of saleof PLANT ANDEQUIPMENT NOTE 5GAIN ONSALE OFPROPERTY, 31 December2002 Notes toandforming part of theFinancialReport Other services Audit services

8,427,670 3,003,290 4,015,449 2,560,630 32,464

151,104 10,455

556,643 732,542 407,826 203,544 159,640 929,093 431,028 272,776 691,393 197,944 21,500 29,396 31,752 9,462 6,236 2002 (993

$

)

(26,000 3,028,551 24,941 7,000 4,000 5,960 6,059 181,828 6,932,491 3,137,503 2,836,782 521,912 494,065 342,317 182,199 136,302 799,494 296,928 269,118 719,608

12,545 20,500 2001 $ (99 ) ) unit trusts Investment in Non-current and reserves Bank bills—trusts Bank bills—general Current NOTE 11INVESTMENTS for doubtful debts Less: Provision Trade debtors NOTE 10RECEIVABLES Bank overdraft NOTE 9INTERESTEXPENSE and electrical Sub-stations and fittings Furniture —buildings Plant and equipment —grounds Plant and equipment Motor vehicles and improvements Buildings NOTE 8DEPRECIATION

1,196,450 3,874,219 5,675,029 3,874,219 5,675,029 (10,000 329,386 339,386 109,921 449,764 474,163 29,531 78,859 54,212 2002 166

166 $

—

)

(10,000 1,265,735 2,802,564 2,802,564 9,067,222 7,470,707 1,596,515 47,655 37,655 108,359 238,683 775,116 25,145 69,877 48,555 2001 198 198 $

) end of the period Current costat the period beginning of Current costat Freehold Land out below: class of property, plant and equipment are set Reconciliations of the carrying amounts for each Reconciliation NET BOOKVALUE AND EQUIPMENT TOTAL PROPERTY, PLANT depreciation Accumulated At cost Sub-stations andelectricalequipment depreciation Accumulated At cost Plant andequipment depreciation Accumulated At cost Buildings andground improvements Freehold landatcost EQUIPMENT NOTE 12PROPERTY, PLANTAND

2,198,407 16,082,663 13,672,920 23,362,918 (1,278,891 (4,475,612 (9,689,998 5,868,959 919,516 1,393,347

96,880 96,880 96,880 2002 $

) ) )

1,029,437 2,198,408 1,663,281 5,559,748 22,640,526 16,214,289 13,424,691 (1,168,971 (3,896,467 (9,215,835

96,880 96,880 96,880

2001 $ ) ) ) AND EQUIPMENT OF PROPERTY, PLANT TOTAL CARRYINGVALUE of the period at the end Carrying value depreciation Accumulated Additions of the period at beginning Current cost Sub-stations andelectricalequipment of the period at the end Carrying value depreciation Accumulated Disposals Additions of the period at beginning Current cost Plant andequipment of the period at the end Carrying value depreciation Accumulated Additions the period beginning of Current costat Buildings

16,082,663 (9,689,998 13,672,920 23,362,918 22,640,527 (1,278,892 (4,475,612 2,198,408 2,198,408 1,393,347 5,868,959 5,559,748 (34,215 343,426

919,516 722,391 2002 $ —

) ) ) )

(9,215,835 1,663,281 16,214,289 13,424,691 22,640,526 20,834,997 267,051 (1,168,971 (3,896,467 1,029,437 2,198,408 2,147,487 5,559,748 5,298,558 1,805,529 50,921 (5,861

2001 $ ) ) ) )

19 AGE G PA PAGE 20 subject toannualreview. The bankoverdraftisrepayableondemandand interest ratefor 2002was10.7% (2001:11.0%). prevailing market rates. Theweightedaverage Interest onbankoverdraftsischargedat land andbuildings. by registeredmortgagesovertheAssociation’s The bankoverdraftof theAssociation issecured Bank Overdraft Facilities not usedatbalance date: Facilities utilisedatbalance date: Total facilities available: lines of credit: The Association hasaccesstothe following NOTE 15FINANCINGARRANGEMENTS Bank overdraft Current NOTE 14INTERESTBEARING LIABILITIES and accruals Trade creditors NOTE 13PAYABLES 31 December2002 Notes toandforming part of theFinancialReport Bank overdraft Bank overdraft Bank overdraft

295,345 295,345

25,000 25,000

2002 $ — — —

103,863 103,863 17,943 25,000 17,943 17,943 7,057 2001 $

TOTAL RESERVES end of the year Balance atthe of the year the beginning Balance at General Reserve end of the year Balance atthe of the year the beginning Balance at Asset ReplacementReserve end of the year Balance atthe of the year the beginning Balance at Rain Protection Reserve NOTE 17RESERVES are notreflectedintheyearendnumbersabove. parking for specialexhibitions. Theseemployees to assistwiththeRoyalQueenslandShowandcar employed anumberof temporaryandcasualstaff (2001—50). DuringtheyearAssociation The numberof employeesatyearendwas45 long service leave Provision for Non-Current claims excess Insurance long service leave Provision for sick leave Provision for annual leave Provision for Current NOTE 16PROVISIONS

7,000,775 3,375,000 3,375,000 3,500,000 3,500,000 264,264 303,424 264,264 172,827 125,775 125,775

25,000 66,065 39,532

2002

$

7,000,775 3,375,000 3,375,000 3,500,000 3,330,000 364,000 364,000 320,000 222,000 125,775 125,775 25,000 28,000 45,000 2001 $

ACTIVITIES BY OPERATING NET CASHPROVIDED changes toassetsand liabilities Net cashprovided byoperating activities before Add: Non-cash items surplus/(deficit) Operating OPERATING PROFIT/(LOSS) PROVIDED BY OPERATING ACTIVITIES AND NOTE 19RECONCILIATION OFNETCASH at end of year Retained profits current year Net profit beginning of year Retained profits at NOTE 18RETAINED PROFITS unearned revenue (Decrease) in in payables (Decrease)/increase in receivables (Increase)/decrease in prepayments (Increase) in inventories (Increase)/decrease assets sold of non-current Gain onsale to provisions Amount setaside investment Loss on Depreciation

(2,224,380 191,482 18,165,412 (1,027,616 (2,224,380 20,389,792

1,196,450 (858,887 (291,731 (116,312 17,360 294,817 (31,729 (54,111 (9,462 2002 $

) ) ) ) ) ) ) ) )

662

920,221

20,389,792 20,375,276 1,290,251 1,265,735 (360,335 (43,839 (20,303 53,785 10,000 14,516 14,516 2001 $ — — ) ) ) (ii) (i) at 31December2002are asfollows: Contributions paid during the yearand payable accumulated contribution plans during the year. The Association continued contributions to NOTE 20SUPERANNUATION

Contributions payable Contributions paid AMP SuperLeader Sunsuper AMP SuperLeader Sunsuper

164,842

113,151 33,103 17,766 15,337 51,691

2002 $

186,094 129,996 19,914 15,882 56,098 4,032 2001 $

21 AGE G PA PAGE 22 Employee entitlements Bank overdraft Payables Financial liabilities Investments Bank bills Receivables Cash assets Financial assets MATURING IN FIXED INTEREST Employee entitlements Bank overdraft Payables Financial liabilities Investments Bank bills Receivables Cash assets Financial assets MATURING IN FIXED INTEREST is setoutbelow: classes of financial assetsand financial liabilities the effectiveweighted average interest rate for The Association’s exposure tointerest rate riskand (a) NOTE 21FINANCIALINSTRUMENTS 31 December2002 Notes toandforming part of theFinancialReport 2001 2002

Interest rate riskexposures

Note Note 16 14 13 10 16 14 13 11 10 9

Weighted Weighted Interest Interest Average Average 4.8% 4.8% 4.5% Rate Rate 11% 11% 5%

9,367,222 9,067,222 Floating Floating Interest Interest 300,000 200,000 200,000 17,943 17,943 Rate Rate — — — — — — — — — — — $ $ $ $

5,675,029 5,675,029 or less or less 1 year 1 year — — — — — — — — — — — — — — — — $ $ $ $

Over 1to Over 1to 5years 5years — — — — — — — — — — — — — — — — — — $ $ $ $

2,842,519 2,802,564 4,230,704 3,874,219 interest interest 329,386 762,863 659,000 103,863 838,033 542,688 295,345 bearing bearing 27,099 37,655 2,300 Non- Non- — — — — $ $ $ $

12,209,741 10,105,733 3,874,219 5,675,029 2,802,564 9,067,222 780,806 838,033 659,000 103,863 302,300 542,688 295,345 329,386 227,099 17,943 37,655 Total Total — $ $ $ $ show society. its objectsand rulesitssole objectistoactasa RNA Showgrounds inBrisbane, and asdefined by The Association operates from one location atits NOTE 23SEGMENTREPORTING date is$nil(2001$nil). Capital expenditure contracted for atbalance COMMITMENTS NOTE 22CAPITAL EXPENDITURE liabilities approximate fair value. The carrying amounts of financial assetsand and liabilities (c) customer. is not materially exposed toany individual provision for doubtful debts. The Association position, isthe carrying amount, net of any been recognised onthe statement of financial The credit riskonfinancial assets, which have as contracted. recognised ifcounterparties failed toperform Credit riskrepresents the lossthatwouldbe (b)

Net fair values of financialassets Credit riskexposures at arm’slength inthe same circumstances. if dealings withnon-Councillor related entities reasonable toexpect wouldhavebeenadopted no more favourable thanthose which itis supplier relationships onterms and conditions in nature and occurwithinnormal customer/ Councillors and their related entities are trivial Other transactions betweenthe Association and Minter Ellisonamounting to$3,978(2001$nil). Association, the Association paid legalfeesto Thomas held the position of Councillor of the of Minter Ellison.During the period MrDG Mr DGThomas isapartner isthe lawfirm financial yearislistedinthe Councillors’ Report. of Councillor of the Association during the The name of eachpersonholding the position NOTE 25RELATED PARTY DISCLOSURE related party. Association from the Association orany made available, toallCouncillors of The Total income paid orpayable, orotherwise $10,000–$19,999 $0 related partyfalls withinthe following bands: whose income from the Association orany The number of Councillors of the Association expenses (2001fiveCouncillors). were sixCouncillors eligible toclaimtravel the Executive Committee. At 31Decemberthere attending official meetings of the Council and overnight accommodation where applicable for Office rates, aspublished, and beabletoclaim travel expenses basedonAustralian Taxation 100 kmradius from Brisbane bereimbursed their Councillors’ who travel adistance of more than October 2000itwasresolved that‘Country At the Association’s Council meeting on27 NOTE 24COUNCILLORS’REMUNERATION

$12,083 2002 20 1

2001 $ — — 21

23 AGE G PA PAGE 24 Brisbane 31January2003 Honorary Treasurer B DVickers Brisbane 31January2003 President C HMeagherAM the Councillors: Signed inaccordance witharesolution of 2 1 Association of Queensland: The RoyalNational Agricultural and Industrial IN THEOPINION OFTHECOUNCILLORS Councillors’ Declaration

payable. debts asand when they become due and that the Association willbeabletopayits there are reasonable grounds tobelieve (b) (a) 1971 Industrial Association of QueenslandAct with the out onpages 13to23,are inaccordance the financial statements and notes, set

Standards; and comply withAustralian Accounting financial yearended onthat date; and operations and itscashflows for the represented bythe results of its 2002 and itsperformance, as of the Association asat31December present fairly the financial position asamended and: Royal NationalAgricultural and Independent Auditor’s Report fairly in accordance with Australian Accounting Standards and other mandatory to the Members of The Royal professional reporting requirements and National Agricultural and statutory requirements in Australia so as to Industrial Association of present a view which is consistent with my Queensland understanding of the Association’s financial position, and performance as represented Scope by the results of its operations and its cash flows. I have audited the financial report of The Royal National Agricultural and Industrial The audit opinion expressed in this report Association of Queensland for the financial has been formed on the above basis. year ended 31 December 2002, consisting of the statement of financial performance, Audit opinion statement of financial position, statement In my opinion, the financial report of The of cash flows and accompanying notes set Royal National Agricultural and Industrial out on pages 13 to 23. The Association’s Association of Queensland is in accordance Councillors are responsible for the financial with: report. I have conducted an independent audit of this financial report in order to (a) the Royal National Agricultural and express an opinion on it to the members of Industrial Association of Queensland Act the Association. 1971 as amended and: (i) presents fairly the Association’s My audit has been conducted in accordance financial position as at 31 December with Australian Auditing Standards to 2002 and its performance for the provide reasonable assurance whether year ended on that date; and the financial report is free of material misstatement. My procedures included (ii) complies with Accounting Standards examination, on a test basis, of evidence in Australia; and supporting the amounts and other (b) other mandatory professional reporting disclosures in the financial report, and requirements. the evaluation of accounting policies and significant accounting estimates. These S Crane procedures have been undertaken to Registered Company Auditor form an opinion whether, in all material Partner of KPMG respects, the financial report is presented Brisbane 31 January 2003 Blue Ribbon Champion Grand Champion Champion Grand Blue Ribbon

Gregory Terrace Bowen Hills Brisbane Queensland Australia Locked Bag 1010 Albion Qld 4010 T +61 7 3852 1831 F +61 7 3257 1428 www.rnashowgrounds.com.au www.ekka.com.au [email protected] ABN 41 417 513 726