The Australian Olympic Committee and Australian Olympic Foundation 2019 Annual Reports, Financial Statements, Independent Auditor’s Reports and Agenda for the online AOC Annual General Meeting to be held Saturday 9 May 2020 have today been provided online to members and are now available on the AOC website.
AOC Financial Statements for calendar year 2019 record a surplus of $5.437 million before settlement of that amount on the Foundation, leaving a Nil balance.
Independent Auditor, EY has provided an unqualified Opinion that the Financial Statements present fairly, in all material respects, the financial position of the AOC as at 31 December 2019.
Australian Olympic Foundation Financial Statements for calendar year 2019 report net assets at 31 December 2019 of $171.415 million compared to $150.879 million at 31 December 2018 - an increase of 13.6%, after distributing $6.25m to the AOC in the year.
Independent Auditor, EY has provided an unqualified Opinion that the Financial Statements present fairly, in all material respects, the financial position of the Australian Olympic Foundation as at 31 December 2019.
Net assets in interim accounts at 31 March 2020 are $150.848 million, after distributing $1.562m to the AOC in the quarter - a decrease of 11.9% for the three months from the Covid-19 market downturn compared to a decrease in the Australian ASX 200 accumulation index for the period of 23%.
The Australian Olympic Foundation’s net assets is relevant to the AOC’s financial planning as the quarterly distributions it receives from the Foundation are calculated, under the terms of the Foundation Deed of Trust, at 4 % p.a. of net assets at the commencement of each four year period. The next such calculation date is 1 January 2021.
The net assets of $150.848 million at 31 March 2020 includes cash of $11.94 million - sufficient to cover the remaining distributions in 2020 and those in 2021 without realising any investments in a depressed market.
Attached to the Agenda and set out in the Explanatory Memorandum provided are proposed amendments to the AOC Constitution to:
- include provision for a potential new position of Honorary Life President who will be a non-voting member of the AOC but not a member of the AOC Executive unless in another capacity
- empower the AOC to provide funds surplus to forecast expenditure to the Australian Olympic Foundation so that such funds may be invested or otherwise utilised by the Foundation
- provide for electronic voting; and
- make various drafting improvements and corrections.
A consequence of the postponement of the Tokyo 2020 Olympic Games by one year to 23 July-8 August 2021 is that under the AOC Constitution, approved by the IOC, the terms of:
- the eight members of the AOC Athletes’ Commission who were elected at the Rio 2016 Olympic Games by the members of the Australian Olympic Team competing at those Games are extended by one year to the Tokyo 2020 Olympic Games in 2021 and
- the President, Vice-Presidents and seven Members of the Executive who were elected at the Annual General Meeting after the Rio 2016 Olympic Games on 6 May 2017 are extended by circa one year to the Annual General Meeting after the Tokyo 2020 Olympic Games in 2021 in late April/early May 2022.
John Coates AC
Chair, Australian Olympic Foundation