2021 Annual Report web - Flipbook - Page 43
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 17. Contingent Liabilities
The educational institutions in the group providing P-12 education receive grants from both the Australian and
Queensland Governments. Under the arrangements entered into between Christian Outreach Centre and the
Australian and Queensland Governments there are conditions which if breached in a 20-year period can result in
having to repay any grant monies. The National Executive are of the opinion that the educational institutions will
continue in their current capacities and therefore the liability is unlikely to eventuate.
On 6 May 2021, the Federal Minister for Social Services entered Christian Outreach Centre into the National Redress
Scheme (NRS). To date, Christian Outreach Centre has been named in the claims of two applicants. The process is
still in its early stages and it is not possible to reliably estimate any potential future liability at this stage.
A claim with potential settlement of $0 - $250,000 was lodged during 2019. The matter is the subject of an ongoing
court action as at the date of signing the financial statements.
Note 18. Events Occurring After the Reporting Period
The Group has entered a call option for a re-configurement and sale of a portion of surplus property that will not
affect the ongoing operations of the Group.
No other matter or circumstance has arisen since 31 December 2020 that has significantly affected, or may
significantly affect the consolidated entity’s operations, the results of those operations, or the consolidated entity’s
state of affairs in future financial years.
Note 19. Auditor Remuneration
Audit and review of Group Financial Statements (including Component Auditors)