2014
2014 ANNUAL REPORT PRESENTED ON TUESDAY 21APRIL 2015
Contents
The South Australian Olympic Council is pleased to present the 2014 Annual Report on the occasion of the Annual General Meeting, Tuesday 21st April, 2015 at SA Athletics Stadium, Railway Terrace, Mile End, SA.
Patron and Members of the Executive 3
President’s Report 4
Executive Director’s Report 6
Life Members 8
Order of Merit 9
Olympians Club of SA 10
Acknowledgement of Committee Members 11
Premier’s Games Appeal Dinner 13
Pierre de Coubertin Awards 14
Affiliated Sports 15
Financial Report 16
Independent Auditors Report 29
Team Appeal Fundraising 32
Australian Olympic Team Partners 33
South Australian Olympic Council 27 Valetta Road KIDMAN PARK SA 5032
(08) 7424 7749 [email protected] www.olympics.com.au/sa
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Patron, Members of the Executive & Staff
Patron
His Excellency The Honourable Hieu Van Le Governor of South Australia Assumed office 1 September, 2014
His Excellency Rear Admiral Kevin Scarce AC CSC RANR Governor of South Australia In office 8 August 2007 – 7 August 2014
President Emeritus
David Prince OAM
Executive Board - 2014
President Penny Halliday
Vice President Travis Moran Joe Stevens
Executive Board Michael Parker Jenni Screen David Tillett AM John Heard
Staff
Executive Director Kirsty Withers Membership & Events Kellie Snowdon (13 January – 29 August, 2014) Coordinator Membership Services Kristen Taylor (13 October – 31 December, 2014) & Events Manager
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2014 President’s Report
Once again we at the South Australian Olympic Council have had a very busy year. Our main purpose is to support the Australian Olympic Committee in their fundraising activities with 2014 being a year to build on these activities from 2013 heading towards Rio 2016.
Our Quarter Club which is the fund raising arm of our Council raised $219,469 with $140,000 being distributed to the Australian Commonwealth Games Association (SA) for the Australian Commonwealth Games Team in Glasgow in 2014. In doing so they also provided excellent networking opportunities for their members. It was a huge effort in a non Olympic year and with the current economic climate. The Quarter Club Members enjoyed lunches with the Lord Mayor at the Adelaide Town Hall and with guest speakers such as David Koch, Channel 7 and Port Adelaide Football Club.
As our fundraising activities also included raising money for the Paralympians and also the Commonwealth athletes, we have asked these two organizations to contribute a nominal amount to assist with the financial costs of operating our office.
I would like to thank all of the members of these committees for their time and effort in raising these funds. In particular I would like to thank Mr. Robert Gerard AO, Mrs. Fay Gerard OAM, Mr. Josh Simons, Mr. Mark Butcher and Mr. Matthew Hobby for the valuable time they devote to chairing the various committees that support the South Australian Olympic Council.
Our small but effective office in South Australia is extremely well lead by Kirsty Withers supported part time by Kristen Taylor since October and previously by Kellie Snowdon. The Adelaide office has many responsibilities. Co-ordinating the Premier’s Games Appeal Dinner, education of the Olympic Movement including the Pierre de Coubertin Awards, supporting the Olympians Club, and requests for Olympians to attend functions etc. Kirsty performed these duties without hesitation and with impeccable professionalism.
I would like to thank my fellow council executives for their effort over the past year. Each member has a specific portfolio. Pierre de Coubertin Awards have now been placed on- line, so this should be easier for the schools to access. “Meet with a Champ 2015” is now being organised, with several South Australian schools agreeing to host these sessions. Thank you to Joe Stevens for overseeing these initiatives.
The accounts in any organisation are very important and we are lucky to have Michael Parker to assist Kirsty in this important role. Thank you Michael. I will leave all the accounts reporting to Michael but suffice to say we are in a good financial position at this time of the Quadrennium.
Travis Moran and now David Tillett being lawyers assist us with all things constitutional, and ensure our governance is up to date. Thank you to both for your valuable contribution.
We now have four Olympians on our Council, namely John Heard representing the Olympians Club Committee, Travis Moran, David Tillett and Jenni Screen. Travis was chosen by the Australian Olympic Committee to attend the International Olympic Academy Session for Young People and achieved a Diploma in Olympic Studies in Olympia, Greece. A very highly regarded course. All of these members have been assisting with a revival of
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the Olympians Club Committee. Enclosed is a report from Leon Gregory, President of the Olympians Club of SA with regards to the activities of the Club including their annual dinner and their very successful Reunion cocktail reception. Travis Moran and now David Tillett being lawyers assist us with all things constitutional, and ensure our governance is up to date. Thank you to both for your valuable contribution.
With the recent resignation of Jenni Screen in January 2015 due to her move to Victoria, we now have two casual vacancies on our council and hope to announce new members to fill these shortly. It is important that we have a diverse representation of the Olympic sports, and in particular Olympians, or skilled personal.
The Australian Olympic Committee had their AGM in May which myself and Kirsty attended. Since then a change has occurred with Fiona De Jong taking over from Craig Phillips as Secretary General at the AOC. We wish her well in a very demanding position. The South Australian Olympic Council operates with the backing of the South Australian Government and the Department for Recreation and Sport and we thank them for their continued support. David Prince continues to be a huge support to me with advice and encouragement and I thank him personally for this.
In closing, I would like to thank our stakeholders, the sports associations, for their hard work in their respective sporting bodies. I would ask that each organization considers buying a table at the annual Premiers Games Appeal Dinner. This year’s dinner promises to be very exciting and different from previous years. Come and enjoy the fun. This is our primary and most important fundraiser with the proceeds going to the athletes in their quest to be an Olympian. We all have budding athletes in our respective sports and wish to help them as much as possible and foster the Olympic spirit in the younger generations.
I would also ask you to encourage the younger athletes in your sport, to be active in our Olympians Club. We are very proud of all of them and wish to recognize them as much as possible.
Thank you for your support over the last year. I hope that next year we can achieve all our goals.
PENNY HALLIDAY President SA Olympic Council
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2014 Executive Director’s Report
We are in a pleasing position half way through the current Olympic quadrennium. Our fundraising results are on track to see us meet our expectations. Year 3 and 4 of each quadrennium has proved to deliver our greatest fundraising results, which we expect once again as the Olympic momentum builds towards Rio 2016.
The Quarter Club continues to deliver, whilst membership is repeatedly getting harder to grow, we have a wonderful base of loyal supporters and stakeholders who are committed to the success of this initiative. With the business community becoming more discerning the Quarter Club must deliver a greater number of benefits year round to enable members to justify the annual subscription fee. The SA Olympic Council manages on average 8 events per year, with special guest speakers at each. It is vital that these events are produced at a quality expected by our members and synonymous with the Olympic brand.
With a constrained business economy the cost of fundraising has increased considerably, this continues to put additional pressures on the resources available to the SA Olympic Council. We farewelled Kellie Snowdon with the completion of her contract in October as Events & Membership Coordinator. That same month we welcomed Kristen Taylor, who fulfils the newly created role of Member Services & Events Manager. Kristen’s role and skills have become vital in our quest to meet our membership and fundraising targets.
Our sub committee’s; namely the SA Games Appeal Committee, chaired by Robert Gerard AO, continues to work across the corporate sector assisting us with introductions with key personal who can contribute towards our success. Contrary to many people’s understanding, the SA Games Appeal Committee is a sub-committee of the SA Olympic Council, formed in 1994, it is administered by the Council and governed under our constitution, all decisions with regards to distribution of funds are ratified by the Executive members of the SA Olympic Council.
Our other Sub-Committee’s chaired by; Matthew Hobby, Mark Butcher and Josh Simons, each make a considerable commitment towards supporting both Kristen and myself. Their professional support is irreplaceable, and I would like to acknowledge each of their contributions.
Given the Australian Olympic Committee had already committed to an increase in funds to assist with our Operational costs, we have communicated with the other two organisations that benefit from our activities; the Australian Paralymic Committee and Australian Commonwealth Games Association (SA Division) that reaching our targets under the current financial structure would be challenging. Each of these organisations have been pledged an amount of $170,000 towards their respective teams raised from our fundraising activities, namely the Quarter Club and Premier’s Games Appeal Dinner. To date neither has ever been asked to contribute towards the costs of raising such funds. We are very pleased, following communications from John Coates AC to the respective leaders of these organisations that both have made a verbal commitment to support our efforts, and will make a nominal contribution of $5,000 towards our operational costs for each year of the 2013-2016 quadrennium, totalling $20,000 from each. This sees each organisation receive a substantial return on their investment. This is a wonderful show of unity and commitment towards the structure of our fundraising efforts in South Australia.
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The Australian Commonwealth Games Association (SA Division) received a contribution of $140,000 from funds raised via the SA Games Appeal activities in May 2014, which saw the South Australian contribution towards our Commonwealth athletes total $250,000. I would also like it to be acknowledged that the SA Olympic Council coordinated a “Welcome Home” cocktail event for our South Australian 2014 Commonwealth Games athletes, this was done with the support of Telstra, the SA Sports Institute, and the Minister for Sport, Mr Leon Bignell. All South Australian athletes and officials were invited, and members of the Australian Commonwealth Games Association (SA Division). The initiative to host such an event came directly from the SA Olympic Council, and was made possible by the generous support of Telstra who provided the venue and covered the catering costs. The coordination was managed in full by staff of the Olympic Council – an indication that we do a great deal more than support just our own.
Below is the table indicating our targets for the 2013-2016 period, with funds from the SA Government having been distributed directly to each organisation in February 2013.
SA Games Total SA Gov Donation Appeal Fundraising Contribution
$330k AOC $490k AOC $820k AOC
$110k APC $170k APC $280k APC
$110k ACGA (SA) $170k ACGA (SA) $280k ACGA (SA)
$100k RDEADF $100k RGEADF
In conclusion I would like to pass on my thanks to a number of people who tirelessly support me in my role as Executive Director. The Executive of the SA Olympic Council a small group of people dedicated to fulfilling our charter; members of the SA Games Appeal Committee for their continued guidance and expert advice; members of the Olympians Club of SA; staff members Kellie Snowdon and Kristen Taylor. The State Government and in particular to the Department for Recreation and Sport who continue to support our operations at their premise on Valetta Road, Kidman Park.
KIRSTY WITHERS Executive Director SA Olympic Council
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Life Members
Mr C. R. AITKEN CBE * Mr John BLANK Mr Robert GERARD AO 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
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Order of Merit
Rosemary ADEY OAM John HEARD Alex BARTER OAM * John PARRINGTON Ann BIGHAM OAM * John VAUGHAN Anthony CLARKE Kieran 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 David TILLET AM Paul SZYJKO Erica TAYLOR Peter BOWEN PAIN Fay GERARD OAM Peter GRAHAM Geoffrey PITT Rhonda TANNER Glenda BOWEN PAIN AM Robert GERARD AO Gordon PAWSON Robyn CHAPLIN OAM * Grant PETERS Ron MOULE Harry WILKINGTON Ron O’DONNELL OAM * Helen BAIRD* Ron WRIGHT Herb LOWE OBE * Rosemary STERN Jack WALSH Sylvia MUEHLBERG James DUNN OAM* Tanya TARNAGURSKY * Jane BUSH OAM Tom HERRAMAN * Jeff HEDGER Tony KEYNES Jim NESTOR Walter LEBEDEW OAM John BLANK Yuris STERN John DALY OAM
* Deceased
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Olympians Club of South Australia
The previous report from the Olympians Club indicated that one of its main objectives was to attract new Olympians to become involved with the administration of the Club. It is safe to say that we have had limited success in achieving our objective despite the significant effort put in by the President of the South Australian Olympic Council, Penny Halliday, and the Executive Director, Kirsty Withers. However, Sally Hunter and Margie Barry have indicated that they are willing to assist and the Club is extremely grateful for their involvement. Several other Olympians have also showed some interest.
As previously reported, the Club is without an official secretary and as a result, Kirsty Withers has taken it upon herself to carry out the secretarial duties so very efficiently.
David Schumacher (Wrestling, 1956) has resigned from the Committee due to ill health. We thank David for his assistance and his enormous contribution towards the success of the annual dinners. David has been responsible for bringing more guests to our dinners than anyone else and without his support the events would not have been nearly as successful.
The dinner for 2014 was again held at the Glenelg Golf Club on 31st May 2014. There were 181 guests including 41 Olympians in attendance and opinions submitted suggested it was one of the best ever. Chris Kendell was MC and guest speak John Heard, Basketball 1960 & 1964 as Captain, spoke on his Olympic experiences. This was significant as 2014 represented the 50th anniversary of the 1964 Tokyo Games.
A completely new activity for Olympians and partners was instigated on 16th October 2014. A cocktail reception commemorating the 50th anniversary of the Tokyo Games 1964, 30th anniversary for the Los Angeles Games 1984 and 10 year anniversary of Athens 2004 was held at the Hilton Hotel, South Road, Mile End. Adam Steinhardt was the MC and he conducted interviews with Marlene Chapman (Tokyo), Jenny Cheesman (Los Angeles) and Travis Moran (Athens) which proved to be most entertaining. The event was free for Olympians and there were 50 in attendance together with 19 paying guests. This even was well received and it is envisaged we will hold a similar function in 2016.
2014 Olympians Club of SA Committee
President Leon Gregory (Athletics 1956)
Secretary Kirsty Withers, South Australian Olympic Council
Treasurer Val Winter (Shooting 1988)
Members Colin Burdett (Basketball 1956) Glen Maguire (Doctor 1976) David Schumacher (Wrestling 1956) – resigned October 2014 John Heard (Basketball 1960 & 1964)
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Acknowledgement of Committee Members
SA Games Appeal Committee Members 2014
Name Company Mr Robert Gerard AO (Chair) Gerard Corporation Mr David Prince OAM (Deputy Chair) Prince International Agencies Mr Michael Adair Konica Minolta Mr Ron Barton Yellow Corporation Mr David Baker Baker Young Stockbrokers / APC Mr Mark Butcher Penmarric Capital Mr David Chennells Aus Commonwealth Games Ass (SA) Mr Nick Dean Australian Paralympic Committee Mr Frank Filosi Network Ten Mrs Penny Halliday SA Olympic Council Mr Matthew Hobby McArthur Mr Michael Luchich Telstra Mr David Perrins Advertiser NewsMedia Mr Geoffrey Pitt Pegram Services Pty Ltd Mrs Libby Rayner Seven Network Mr Chris Sharpley Ernst & Young Services Pty Ltd Mr Josh Simons Thomson Geer Mr Adam Steinhardt The Kingdom Advertising Ms Kirsty Withers South Australian Olympic Council Prof Paul Worley Flinders University
Premier’s Games Appeal Dinner Committee Members 2014
Name Company Mr Josh Simons (Chair) Thomson Geer Mr Terry Bartsch Toll Tasmania Mrs Jennie Bell Jennie Bell Inc Mr David Prince OAM Prince International Agencies Mr Michael Sfera Sfera’s Park Suites & Conference Centre Ms Phyllis Southgate Southgate Event Management Mr Adam Steinhardt The Kingdom Advertising Ms Katrina Webb OAM Silver to Gold Ms Kirsty Withers South Australian Olympic Council
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Finance Committee Members 2014
Name Company Mr Mark Butcher (Chair) Penmarric Capital Mr Richard Amato SA Power Networks Mrs Penny Halliday South Australian Olympic Council Mr David Prince OAM Prince International Agencies Mr Chris Sharpley Ernst & Young Services Pty Ltd Ms Kirsty Withers South Australian Olympic Council
Quarter Club Committee Members 2014
Name Company Mr Matt Hobby (Chair) McArthur Ms Jane Altschwager SA Aquatic & Leisure Centre Mr Richard Amato SA Power Networks Mr David Baker Baker Young Stockbrokers / APC Ms Vivien Dossmann Calvary Care Mr Bradley Gray VFP Insurance Mr Richard Miller Youth Inc Mr Chris Payne The Payne Group Ms Rebecca Razzano Telstra Business Centre, North Adelaide Ms Megan Rusk FULLER Ms Kellie Stevens South Australian Olympic Council Mr Adam Steinhardt The Kingdom Advertising Mr Joe Stevens City Bay Fun Run Ms Kristen Taylor South Australian Olympic Council Ms Danielle Tsogas Coca Cola Amatil
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Premier’s Games Appeal Dinner
2014 – A Highland Fling – in recognition of the 2014 Glasgow Commonwealth Games
The 20th annual Premier’s Games Appeal Dinner was held at the Adelaide Convention Centre on Friday 4th July. Just under 1000 guests celebrated the occasion with a beautiful Scottish theme, in honour of the Glasgow Commonwealth Games staged this year.
BankSA made it possible for us to host three amazing Athletes, being Olympic Gold Medallists Steve Hooker OAM and Michael Wenden AM MBE, and Paralympian Grace Bowman. Katrina Webb OAM, expertly interviewed our guests backed by some amazing footage of each athletes finest sporting moments, provided by Channel Seven.
Results of both the Electronic Silent Auction, sponsored by TOLL, and the Live Auction met our fundraising expectations, with a growth in the amount of bids placed on individual items over the period of the evening. Michael Brock, from Harcourts Brock Williams, once again did an amazing job drumming up support for our major Live Auction items.
The support from the South Australian business and retail community in providing the Silent Auction items is always overwhelming and collectively I thank them all for their significant support.
Coopers Brewery deserve a special mention, given their 4 year commitment towards the dinner, this valuable Partnership enables us to cover the costs of a number of entertainment elements we present each year.
The Table Lottery always delivers, with the individual ticket price set at $50, tables that sold all 10 or more tickets were once again included in a special bonus prize draw. Toyota Motor Corporation Australia continues to support the Table Lottery and this year provided 2 passes to the 2014 Toyota AFL Grand Final, plus a Toyota Yaris vehicle that was auctioned in the Live Auction also.
We have been fortunate to have had five outstanding wine partners supporting the dinner every year, even when our guest numbers have increased they have never bulked at assisting us with more stock. I would like to acknowledge our beverage partners: Nepenthe, K1 by Geoff Hardy, Hill-Smith Estate, Heartland, Rosemount Estate, Coopers Brewery 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; Stamford Plaza - Adelaide, Phil Hoffmann Travel, Advertiser NewsMedia, Five Star Print, Detour Design, 2OC, Adelaide Convention Centre, Gerard Lighting, Channel Seven, and Bank SA.
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Pierre de Coubertin Awards
2014 recipients of the Pierre de Coubertin Award:- Student School Caitlin Adams Kadina Memorial School Reece Bacchus Australian Science & Mathematics School Charlee Boxall Temple Christian College Bethany Campus Joseph Brown Kapunda High School Sionell Clapp Peterborough High School Carson Clark Bordertown High School Lauren Collins Clare High School Jonathon De Poi Saint Ignatius' College Jamie Forman Modbury High School Gracie Francis Jamestown Community School Grace Gilbert Investigator College Goolwa Campus Shae Grieger Swan Reach Area School Imogen Hardacre Mt. Gambier High School Hugh Haysman Mercedes College Dylan Holmes Scotch College Adelaide Zachary Ivanoff Xavier College Aajiah Jericho Banksia Park International High School Isaac Johnson Temple Christian College Eva Karpani Christies Beach High School Zoe Lynch Para Hills High School Eilis Noone St Dominic's Priory College Jasmin Peach Charles Campbell College Courtney Proctor Willunga High School Ella Quinn Woodcroft College Anna Robinson Streaky Bay Area School Mackenzie Sadler Pembroke School Harrison Sampson Harvest Christian School Julia Scott Walford Anglican School for Girls Lily Stewart St John's Grammar Aidan Stock Harvest Christian School Asha Thurlow Blackwood High School Lucy Triggs Seymour College Ambrose Willoughby Investigator College Jordan Woodards St Peters Girls School
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Affiliated Sports
2014 Affiliated Sports
Archery SA Athletics SA Australian Sports Medicine (SA) Basketball SA Boxing SA Canoe SA Cycling SA Diving SA Equestrian South Australia Fencing SA Football Federation SA Gymnastics SA Inc Judo Federation SA Rowing SA Inc SA Badminton Association SA Hockey Association Inc SA Ice skating Association Inc SA Shooting Association SA Water Polo Inc SA Weightlifting Ass South Australian Ice Hockey Swimming SA Table Tennis SA Inc Team Handball Ass Tennis SA Ten Pin Bowling Ass The South Australian Snow Sports Triathlon SA Volleyball SA Wrestling SA Inc Yachting SA Inc
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PRESENTING THE FINANCIAL REPORT FOR 2014
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SOUTH AUSTRALIAN OLYMPIC COUNCIL INC.
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2014
NOTE 2014 2013
$ $
REVENUE 4(a) 100,920 94,280
EXPENSES 4(b) 109,598 100,581
DEFICIT BEFORE INCOME TAX (8,678) (6,301)
INCOME TAX EXPENSE ‐ ‐
NET LOSS FOR THE YEAR (8,678) (6,301)
OTHER COMPREHENSIVE INCOME / (LOSS) ‐
TOTAL COMPREHENSIVE LOSS FOR THE YEAR (8,678) (6,301)
The statement of comprehensive income should be read in conjunction with the accompanying notes.
SOUTH AUSTRALIAN OLYMPIC COUNCIL 2014 ANNUAL REPORT 1 | Page
SOUTH AUSTRALIAN OLYMPIC COUNCIL INC.
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2014
NOTE 2014 2013
$ $ CURRENT ASSETS Trade and other receivables 5 84,335 130,242 Prepayment 6 477 370
TOTAL CURRENT ASSETS 84,812 130,612
NON CURRENT ASSETS Plant and equipment 7 ‐ ‐
TOTAL NON CURRENT ASSETS ‐ ‐
TOTAL ASSETS 84,812 130,612
CURRENT LIABILITIES Trade and other payables 8 80,957 118,079
TOTAL CURRENT LIABILITIES 80,957 118,079
NON CURRENT LIABILITIES ‐ ‐
TOTAL NON CURRENT LIABILITIES ‐ ‐
TOTAL LIABILITIES 80,957 118,079
NET ASSETS 3,855 12,533
EQUITY Accumulated Funds 3,855 12,533
TOTAL EQUITY 3,855 12,533
The statement of financial position should be read in conjunction with the accompanying notes.
SOUTH AUSTRALIAN OLYMPIC COUNCIL 2014 ANNUAL REPORT 2 | Page
SOUTH AUSTRALIAN OLYMPIC COUNCIL INC.
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2014
NOTE 2014 2013
$ $
CASH FLOWS FROM OPERATING ACTIVITIES ‐ ‐
NET CASH FLOWS FROM OPERATING ACTIVITIES 9 ‐ ‐
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 2014 ANNUAL REPORT 3 | Page
SOUTH AUSTRALIAN OLYMPIC COUNCIL INC.
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2014
2014 2013 NOTE $ $
TOTAL EQUITY AT THE BEGINNING OF THE YEAR 12,533 18,834
(DEFICIT) FOR THE YEAR 4 (8,678) (6,301)
Other Comprehensive Income ‐ ‐
TOTAL COMPREHENSIVE (LOSS) FOR THE YEAR (8,678) (6,301)
TOTAL EQUITY AT THE END OF THE YEAR 3,855 12,533
The statement of changes in equity should be read in conjunction with the accompanying notes. SOUTH AUSTRALIAN OLYMPIC COUNCIL 2014 ANNUAL REPORT 4 | Page
SOUTH AUSTRALIAN OLYMPIC COUNCIL INC.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014
(1) CORPORATE INFORMATION
The financial report of the South Australian Olympic Council Inc. (‘SAOC’ or ‘Council’) for the year ended 31 December 2014 was authorised for issue in accordance with a resolution of the Executive on 17 March 2015.
The SAOC 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 to assist the AOC in raising funds for Australian athletes to prepare for and participate in Olympic Games; liaise with State Government, Departments and Institutes of Sports; provide a monitoring programme for the protection of Olympic insignia; assist the Olympians Clubs by providing administrative and personnel support; liaise with education authorities concerning the Olympic Movement, provide Olympic educational material when required and promote 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 of the Council to fulfil the Executive’s 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, 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 there are unlikely to exist users of the financial report who are unable to command the preparation of reports tailored so as to satisfy specially all of their information needs.
The members neither hold equity in, nor are financial lenders to, the Council and their membership is pursuant to the Olympic Charter as well as the Constitution.
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.
SOUTH AUSTRALIAN OLYMPIC COUNCIL 2014 ANNUAL REPORT 5 | Page
SOUTH AUSTRALIAN OLYMPIC COUNCIL INC.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014
(a) Basis of preparation continued
The Executive has 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 2014. The Executive has not early adopted any of these new or amended standards or interpretations. The Executive has 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.
(c) Income and expenditure recognition
Income, with the exception of fundraising, 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. Income received at balance date that is in relation to future years is brought to account as unearned income. 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.
(e) Fundraising
The SAOC through the South Australian Games Appeal Committee (‘SAGAC’) undertakes fundraising for the Australian Olympic Team, Australian Commonwealth Games Team and Paralympic Team Appeals. All net funds realised through the South Australian Games Appeal Committee by the SAOC are recorded in the financial statements of the Australian Olympic Committee Inc (‘AOC’)
At 31 December 2014, the SAGAC had realised $642,567 for the 2013 – 2016 Team Appeals (2013: $563,098)
Net fundraising revenue is proceeds of fundraising less direct costs associated with fundraising.
(f) Income Tax
The SAOC is exempt from Australian income tax.
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SOUTH AUSTRALIAN OLYMPIC COUNCIL INC.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014
(2) STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES ‐ continued
(g) Cash and cash equivalents
The SAOC though the South Australian Games Appeal Committee (‘SAGAC’) undertakes fundraising for the Australian Olympic Team, Australian Commonwealth Games Team and Paralympic Team Appeals. As a result all of the net funds realised by the SAGAC for these teams, are recorded directly in the financial statements of the AOC net of the amount applied to the Australian Commonwealth Games Committee and the Australian Paralympic Committee. At 31 December 2014 the SAOC had no bank account and 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 amounts 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 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.
Depreciation and amortisation Items of plant and equipment are depreciated on a straight line method over their estimated useful lives ranging from 3 to 5 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 Council would, if deprived of the asset, replace its remaining future economic benefits.
The impairment losses would be recognised in the Statement of Comprehensive Income.
(j) Trade and other payables
Expenditure is brought to account on an accrual 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 2014 ANNUAL REPORT 7 | Page
SOUTH AUSTRALIAN OLYMPIC COUNCIL INC.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014
(k) Interest
‘Interest paid’ and ‘Interest received’ are not classified in the Statement of Cash flows as SAOC has no bank account. Interest recorded and applied in the Statement of Comprehensive income has been received by the SAOC, based on deposits held by the AOC on behalf of the SAOC. Interest is recorded when received and used in the general operations of the SAOC.
(l) Employee benefits and expenses
(i) Wages, salaries, annual leave and long service 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 Superannuation Legislation Amendment (Choice of Superannuation Funds). Contributions on behalf of employees are based on various percentages of gross salaries and are charged against the Statement of Comprehensive Income when due. All employees in the group employee superannuation 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.
2014 2013
(4) REVENUES AND EXPENSES $ $
(a) Revenue SA Government grant 37,500 32,000 AOC administration grant 50,000 55,000 AOC Pierre de Coubertin Grant 390 ‐ Interest 9,970 4,135 Affiliation fees 3,060 3,145
TOTAL REVENUE 100,920 94,280
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014
2014 2013
(4) REVENUES AND EXPENSES continued $ $ (b) Expenses Salaries and wages 104,182 93,421 Operating expenses 3,781 3,827 Function expenses 1,635 3,333
109,598 100,581
TOTAL EXPENSES
(DEFICIT) BEFORE INCOME TAX (8,678) (6,301)
(5) TRADE AND OTHER RECEIVABLES Receivable from the Australian Olympic Committee Inc. 3,565 12,242 Receivable from the Australian Olympic Committee Inc. other 80,500 118,000 Affiliation Fees receivable 270 ‐ 84,335 130,242
(6) Prepayments Prepayments 477 370
(7) PROPERTY, PLANT AND EQUIPMENT At cost 240 1,740 Provision for depreciation (240) (1,740) ‐ ‐
(8) TRADE AND OTHER PAYABLES Deferred SA Government Administration Grant 2013 –
2016 80,500 118,000 Sundry Creditors 457 79 80,957 118,079
(9) STATEMENT OF CASH FLOWS RECONCILIATION Net (Deficit) (8,678) (6,301)
Changes in assets and liabilities: (Increase) / decrease in assets 45,800 (111,373) Increase / (decrease) in liabilities (37,122) 117,674 NET CASH FLOWS (USED IN) / FROM OPERATING ACTIVITIES ‐ ‐
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014
(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.
(11) RELATED PARTY DISCLOSURES
(a) The members of the Executive during the financial year were: President Penny Halliday Vice President Joe Stevens Vice President Travis Moran Member Michael Parker Member Jenni Screen Member Adam Steinhardt Member (Olympians Club of SA) John Heard
Executive Director Kirsty Withers
(b) Other Premises In addition to contributing 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:
2014 2013
$ $
Short‐term employee benefits 80,750 75,000 Post‐employment benefits 7,576 6,844 88,326 81,844
Apart from the Executive Director, Members of the Executive serve on an honorary basis for no remuneration.
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014
(13) AUDITORS REMUNERATION
Costs of the audit of the SAOC are borne by the Australian Olympic Committee Inc.
(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 ongoing support from the Australian Olympic Committee Inc. and South Australian Government grants. The Executive has prepared a forecast for the 2015 year which indicates the Council will be able to meet their financial obligations as and when they fall due.
On that basis the Executive believe it is appropriate to adopt the going concern basis in the preparation of these financial statements.
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STATEMENT OF FUNDRAISING FINANCIAL PERFORMANCE FOR THE YEAR ENDED 31 DECEMBER 2014
2014 2013
$ $
Net Accumulated Surplus of fundraising 563,098 ‐
INCOME
SA Government Donation ‐ 330,000 Premier’s Dinner 431,196 486,029 Quarter Club 77,722 63,239 Emerging Leaders 6,650 17,926 SA Sports Hall of Fame ‐ Other Donations 10,804 ‐ Interest 9,662 11,777 536,034 908,971
EXPENDITURE
Premier’s Dinner 249,779 287,298 Quarter Club 54,534 55,026 Emerging Leaders 5,781 1,900 General Fundraising 6,471 1,149 Commonwealth Games 140,000 ‐ Paralympic Games ‐ 500 456,565 345,873
Net Surplus carried for the year 79,469 563,098
Net Fundraising Surplus quadrennium to date 642,567 563,098
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