31 January 2025
Statement Regarding Recent TPCH Foundation Financial Statement Error
The Prince Charles Hospital Foundation is disappointed with the misleading language used in a recent article regarding a typographical error in our audited financial statements. The suggestion of a major ‘blunder’ is misleading and could unfairly cast doubt on the integrity of our charity, which exists to help people live healthier for longer.
As a registered charity, we operate with full transparency and are subject to rigorous scrutiny, which we welcome. However, language that implies wrongdoing where none exists is not helpful—especially when charities already face significant oversight and public accountability.
The Facts:
- The financials in question are unrelated to The Prince Charles Hospital or Metro North Hospital Health Service.
- The Foundation is an independent statutory body under the Hospitals Foundations Act.
- Our financial statements were audited by an independent contract auditor who was appointed by the Queensland Audit Office (QAO). The auditors reviewed and approved the statements before forwarding them to the Queensland Audit Office (QAO) for clearance.
- The QAO later identified a typographical error in the ‘total expenses sub-total from continuing operations’ line. Importantly, this did not affect individual expense totals or the final financial result.
- The Foundation’s CEO Steve Francia and Chair Christopher Morton promptly signed the updated financials provided by the auditors which have been accepted by the QAO and are now publicly available.
The Auditor’s note added in the reissued Financial Statements reads:
“Subsequent to the issue of the Foundation’s financial report for the year ended 30 June 2024 on 29 August 2024 it was determined there was a typographical error in the total expenses sub-total on the Statement of Comprehensive Income. Individual financial statement line items, and the total surplus reported, were unaffected”.
As our Chair, Mr. Christopher Morton, states:
“The purpose of audits by offices like QAO is to deal with errors in draft financial statements. It is a common practice to have accounts amended in some form during an audit process.”
“In this case, whilst the end surplus and individual line items were correct, the error that was not picked up in the initial review by the auditors was the totalling in one particular part of the accounts. This incorrect totalling was detected by them in a later review, but after the accounts had already been presented by the auditor for signing by the Foundation’s relevant officers.”
Our CEO, Mr. Steve Francia, also reiterates:
“This typographical error in a sub total line had no impact on any particular expense line or the underlying financial results. The total comprehensive income remains unchanged. We pride ourselves on the care and transparency in which we operate.”
The Prince Charles Hospital Foundation takes its financial governance seriously and remains committed to transparency and accountability.
For The Prince Charles Hospital Foundation media enquiries or requests, please contact:
Chloe Nguyen, General Manager Communications
Email: chloe.nguyen@tpchfoundation.org.au | Phone: 0424 822 327
