Annual Report

Annual Report

AUSTRALIAN INSTITUTE OF QUARRYING
EDUCATION FOUNDATION
ABN 64 076 316 390

CHAIRMAN’S ANNUAL REPORT
YEAR ENDING 30 JUNE 2017

“The AIQEF exists because we believe that the people in our industry should have the opportunity to improve their knowledge, skills and capability
to enable them to safely, effectively and efficiently carry out their task.”

AIQEF Activities

The financial year 2016/17 saw the Council of the Australian Institute of Quarrying Education Foundation (The Foundation) focused on the implementation of activities to address current challenges for The Foundation.

Initial actions related to future funding and improving The Foundation’s profile within the industry through the development and modernisation of a new website together with an integrated on-line auction capability at www.aiqef.com.au  As a result the 2016 on-line auction was a success and we are conducting another on-line auction this year. It will open on 2 October and close on 30 October.  The IQA has also provided the AIQEF with the opportunity to conduct a limited live auction on 6 October at its 2017 Conference in Toowoomba which will be integrated with the on-line auction.

Additionally, work was done on developing information and marketing templates outlining The Foundations objectives and benefits and this was utilised when The Foundation was provided the opportunity to present to the CCAA Board. It is proposed to extend this communication in the coming year to include both the CCAA and the IQA.

In terms of governance, The Foundation and the IQA have implemented the Memorandum of Understanding between the two organisations. Updated financial capability, including on-line functionality was implemented together with revised procedures to maintain the flexibility while protecting all parties.

It is noted that the currently proposed changes to the IQA constitution could impact on the Foundation, and a review of The Foundations constitution will be required in the coming year.

AIQEF Grants

Grants made during the financial year included:

  • Education project development                                                                        $44,000
  • Education project management and implementation (through IQA)       $176,000
  • Support for IQA branch activities                                                                         $7,594
  • Alex Northover Award                                                                                            $5,793

                                                                                                     TOTAL                         $233,387

AIQEF Assets

As at 30 June 2017 The Foundation’s net assets were just over $3,885,000, including:

  • Just under $1,148,000 in cash, the bulk of which is in term deposits
  • Just under $2,661,000 invested in the Warakirri Charitable Australian Equities Trust
  • The bulk of the remainder being Tax refund receivables.

The total net assets increased by just under $225,000 which primarily resulted from an increase in the value of the equities.

 

AIQEF Council Membership

As at June 2016 the Council of The Foundation included the President and five Past Presidents of the Institute of Quarrying Australia (IQA) and one appointed member:

  • David Cilento     – Chairman
  • Wayne Scott      – Deputy Chairman
  • Dugald Gray       – Member
  • John Stanton     – Member
  • John Mitas          – Member
  • Dr Jim Taggart    – Appointed Member

  • Danny Duke       – Honorary Secretary-Treasurer

Council Changes

No changes in membership occurred in the 2016-17 period.

NOTE: In the subsequent period (2017-18) Wayne Scott has relocated to NZ and as a result, has resigned his position on Council.

Future Direction

The development of key educational assets continues to be a priority for the Foundation in support of building future products to meet the changing environment within the industry and the regulatory requirements.

The focus will be to revisit the strategic plan to ensure the future needs of the industry continue to be targeted. Key to this is the development of our revenue sources, investment strategies and plans and promotion strategies at an operational level as well as expenditure policies from a governance perspective to ensure sustainability.

 

David Cilento
Chairman

28 October 2017