-I = to In n o Annual report F, co ^ in F1 F1 ^. For the year ended 31st December 2013 " 01 00 zO ,~,. " 000 ^ ^X= ~-g=.~ in= - 00 - Vl, n^ ^*, N, D = Orb ' N * 0. a, I P. \. Is?' ' , The SCOTS PGC College Scholarship Fund Financial statements for the year ended 31' December 2013 Contents to financial report Co 11 eg e i n form a ti o n .....................................................-----------------.. Tru ste es' re p o rt .............................................................................. Trustees' q u ajificatio ns, expe rie n ce a n d special respo nsibilities ....................... .. ...... ........ ............ ... ................ ....... ....... 5 A u d ito rs' d e cI a ratio n of i n d e p e n d e n ce . .. .. .. .. .. .. .. .. .. .. .. .. .. .. ... .. .. .. 7 st a t e in e n t of co in p re h e n s i v e i n co in e . - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ' Sta te in e nt offi n a n ci a I P OS iti o n ..............................................................................................------------------------------------..-.... ' State in e nt of ch a n ge s i n e q u ity ...................................................................................................................................... I O Sta te in e nt of ca s h fl ows ................................................................................................,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, I, I N otes to fi n a n c i a I stat e in e nts ............................................................ ........................................................................ ... I 2 Tru ste es' d e cl a ra ti o n ..................... ................................................................................................................................ 2 O I n d e p e n d e n t a u d it re p o rt. ........................................................................................,..................................................... 2 I Page 2 of 22 The SCOTS PGC College Scholarship Fund Financial statements for the Year ended 31 December 2013 Trustinformation ABN 48506857292 Trustee The SCOTS PGC College Foundation Ltd Robert Wild Andrew J Muir Doug Cosh Jennifer Garde Peter D Campbell Bonnie Locke James Muir Corporate Company Secretary Andrew Millard B. Bus, CPA of the Trustee Registered office and 60 Oxenham Street Principal place of business WARWICK QLD 4370 Bankers Uniting Church Investment Service 60 Bayliss Street Auchenflower Qld 4370 National Australia Bank Level 19, 1.00 Creek Street BRISBANE CITY QLD 4000 Auditors Audit Solutions Queensland A division of MCConachie Stedman Page 3 of 22 The SCOTS PGC College Scholarship Fund Financial statements for the year ended 31 December 201.3 Trustee report The corporate trustee present this report to the member of The SCOTS PGC College Scholarship Fund for the year ended 3, ." December 2013. Trustees The names of each person who has been a councillor during the Year end and to the date of this report are: Board Name Date appointed Date of cessation A B Robert Wild 27'' Apr 2001 4 4 Andrew J Muir 1, ,, ,,, 1''' 4 Douglas Cosh 7'' Aug 2008 4 4 ,ennifer Garde 7'' Aug 2009 3 4 Peter Campbell 4'' Dec 2009 4 4 Bonnie Locke 2" Dec 201.0 2 4 James Muir 6'' Dec 201.2 4 4 A - Number of meetings attended B - Number of meetings held during the time the director held office during the year Details of trustees' qualifications, experience and special responsibilities can be found on page 4 of this report. Short and long-term objectives and strategy The Trust's short and long-term objectives are to: ^* Assist The SCOTS PGC College in attracting students to attend the College. *:. Assist The SCOTS PGC College by providing financial support for and the endowment of the College. ^, To provide scholarships to eligible candidates to enable them to attend The SCOts PGC College. The Trust's strategy for achieving these objectives includes: .:. Providing The SCOTS PGC College with financial assistance to enable it attract students to attended the College by means of offering eligible students scholarships, bursaries or prizies. Principal Activities The Trust's principal activities during the year were: ^, Fundraising from gifts, donations, annual appeals and regular giving programs These activities have assisted the Trust in achieving its objectives by enabling it to: ,:* Providing The SCOTS PGC College with financial support for solely for providing money for eligible scholarships, bursaries or prizes. Page 4 of 22 The SCOTS PGC College Scholarship Fund Financial statements for the year ended 31' December 2013 Corporate Trustee's Directors qualifications, experience and special responsibilities Name Qualifications Experience Special responsibilities Robert Wild Councillor of The SCOTS PGC Chair College for 1.3 years and Director of The SCOTS PGC College Foundation for 13 75 years' Andrew, Muir OAM BComm, AAUQ, CPA, FTIA Shell Co of AUSt. Ltd for 9 years, MCCullough Robertson Solicitors for 37 years, Councillor to the SCOTS PGC College for 30 years, QLD Country Ruby Union Management Committee for 26 years, QLD Rugby Union Management Committee and Board of Directors for 20 years' Doug Cosh B. Bus, FCPA, F1PA, JP(Qual) Partner - Cheeseman Applegarth& Partners, Certified Practising Accountant for 21 Years' Councillor to The SCOTS PGC College and The SCOTS PGC College Foundation for 5 years Ienny Garde BSC (Hons) Retired Science teacher, Head of Senior School & Director of Learning SCOTS PGC, past QSA Biology District Panel Chair and State Panel Member, Councillor of The SCOTS PGC College for over 5 years, and a Director of The SCOTS PGC College Foundation for 5 years' Peter Campbell Cert. Mktg. & Mgt. Councillor of The SCOTS PGC Macquarie University College for 6 years and Director of Sydney The SCOTS PGC College Foundation for 3 years' Bonnie Locke Councillor of The SCOTS PGC College for 5 years and Director of The SCOTS PGC College Foundation for 4 years' James Muir BDSc Retired dentist - private practise England, Scotland & Australia, Director and Company Secretary of The SCOTS PGC College Past Student Association for 5 Years' Page 5 of 22 The SCOTS PGC College Scholarship Fund Financial statements for the year ended 31 December 2013 Auditors' independence The auditors' declaration of independence appears on page 7 and forms part of the Trustees report for the year ended 31st December 2013. Signed in accordance with a resolution of the trustees. On behalf of the trustees: 1':11^!;':1jj. ,ha, ,,,,,,,,, ,^;:::; in^" Chairman Company Secretary Warwick QLD, 24th April201.4 Warwick QLD, 24th April2014 Page 6 of 22 Audit Solutions Queensland Specialists in Audit & Assurance Services A division of MCConachie Sledman The SCOTS PGC College Scholarship Fund Auditors Independence Declaration under Section 307C of the Corporations Act 200, to the Directors of The SCOTS PGC College Foundation Ltd as Trustee for The SCOTS PGC College Scholarship Fund I declare that, to the best of my knowledge and belief, during the year ended 31 December 2013 there have been (i) no contraventions of the auditor independence requirements as set out h the Corporatibns Act 2001 in relation to the audit; and ('i) no contraventions of any applicable code of professional conduct in relation to the audit ,I^^00 , Mark Liesch Partner Audit Solutions Queensland 24 April2014 Toowoomba o o 000 P: 0746321966 F: 0746385787 619 Ruthven Street, Toowoomba PO Box 3178 Village Fair, Toowoomba Q 4350 Page 7 of 22 mail@auditsolutionsqueensland comau auditsolutionsqueensland. coin au Liability Imiled by a scheme approved under Professional Standards Legislation The SCOTS PGC College Scholarship Fund Financial statements for the year ended 31' December 2013 Statement of profit or loss and other comprehensive income 2013 2012 Note Revenue Scholorship Fund Donations 21c ) 66,100 20,000 Interest 21c ) 4,955 4,616 Total Revenue 71,055 24,616 Expenditure Scholarship Fund Investment Expense 2(d) 775 Total Expenditure 775 Operating Surplus for the Year 71,055 23,841 Net surplus for the year 71. ,055 23,841. Other comprehensive income Net changes in fair value of available-for-sale financial assets 4 (3,866) 4,482 Other comprehensive income for the Year (3,866) 4,482 Total comprehensive income for the year 67,189 28,323 The statement of comprehensive 'ncome is to be read in conjunction with the attached notes Page 8 of 22 The SCOTS PGC College Scholarship Fund Financial statements for the year ended 31 December 201.3 Statement of financial position 2013 2012 I Jan 2012 Note Assets Current assets National Australia Bank - Scholarship Fund 64,502 23,447 50,576 Other Receivables 2(cj 30,620 620 Total current assets 95,122 24,067 50,576 Nori-current assets Available-for-sale financial investments 4 50,966 54,832 Total nori-current assets 50,966 54,832 Total assets 146,088 78,899 50,576 Net assets 146,088 78,899 50,576 Funds 5 Scholarship Fund 145,472 74,417 50,576 Net unrealised gains reserve 616 4,482 Total Funds 146,088 78,899 50,576 The statement of financ'al position is to be read in conjunction with the attached notes Page 9 of 22 The SCOTS PGC College Scholarship Fund Financial statements for the Year ended 31 December 201.3 Statement of changes in equity Unrealised Scholarship Gains Note Fund Reserve Total Funds Balance at 1st January 201, . Net surplus/(deficit) 50,576 50,576 Other comprehensive income Total comprehensive income for the year 50,576 50,576 Balance