SYDNEY UNI SPORT & FITNESS 2008 FINANCIAL REPORT
CONTENTS
CONTENTS 2008 FINANCIAL REPORT
PRODUCED BY: SYDNEY UNI SPORT & FITNESS
01
WELCOME
ADDRESS: CNR OF CODRINGTON STREET AND DARLINGTON ROAD DARLINGTON NSW 2006
02
FINANCE & AUDIT COMMITTEE
03
STATEMENT BY MEMBERS OF THE COMMITTEE
04
INDEPENDENT AUDIT REPORT
06
BALANCE SHEET
08
CONSOLIDATED INCOME & EXPENDITURE STATEMENT
DETAILED INCOME & EXPENDITURE STATEMENTS
EMAIL: admin@sport.usyd.edu.au
09
NOEL MARTIN SPORTS & AQUATIC CENTRE
WEB: www.susf.com.au
10
ARENA SPORTS CENTRE AND HK WARD GYMNASIUM
11
GRANDSTAND SPORTS BAR & CAFE
12
BOATSHEDS
13
GROUNDS
14
ROBYN WEBSTER SPORTS CENTRE
15
CORPORATE & ALUMNI RELATIONS
16
SPORT & RECREATION - CLUBS
17
SPORT & RECREATION - PROGRAMS
18
ELITE ATHLETE PROGRAM - HIGH PERFORMANCE
19
ADMINISTRATION
20
STATEMENT OF CASH FLOWS
21
NOTES TO FINANCIAL STATEMENTS
28
SYDNEY UNIVERSITY SPORT FOUNDATION
32
NOTES
IBC
OUR SPONSORS
POSTAL ADDRESS: UNIVERSITY SPORTS & AQUATIC CENTRE BUILDING G09 UNIVERSITY OF SYDNEY NSW 2006 TELEPHONE: +61 2 9351 4960 FAX: +61 2 9351 4962
This work is copyright. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior permission from Sydney Uni Sport & Fitness. Requests and enquiries concerning reproduction and rights should be addressed to Sydney Uni Sport & Fitness. COPIES OF THIS REPORT: Requests for copies of this report can be made to the Marketing Department (marketing@sport.usyd.edu.au) or online www.susf.com.au.
WELCOME
FINANCE & ADMINISTRATION YEAR IN REVIEW
..................... .................... .................... ..................... ................
It gives me great pleasure to present to the Members and Stakeholders the 2008 Annual Financial Report for Sydney University Sport t/a Sydney Uni Sport & Fitness.
The Management of Sydney University Sport has once again continued to strengthen the financial growth of the organisation, being debt free and producing a surplus from operating activities that continues to build the cash reserves, all the while returning a larger amount than ever back to the constituent clubs. The key financial highlights for the 2008 operating year were: - Totally equity grew to $7.3 million. - Overall revenue from operating activities grew to over $10 million. - Operating surplus to retained earnings of $311 thousand. - Cash on deposit of $1.9 million with a further $1 million in receivables due from the University of Sydney that was received in February 2009. - Overall expenditure grew in line with operating activities and budget forecast while remaining under $10 million. - Reserves and provisions for future infrastructure and capital projects totalling $3 million. - Funds allocated and provided to constituent clubs totalling $1.4 million.
foundation has been operating under the security and compliance of the University of Sydney I am please to report that its financial position is extremely healthy currently holding $500 thousand in trust for the constituent clubs that have formed divisions of the foundation. These funds are invested through the University of Sydney’s Capital and Investment management team. I wish to extend my sincere thanks and gratitude to the Finance & Administration team Greg Taylor, Jenny Lawler, Dean Jones and Stephen King for all their hard work and commitment to the quality of the work in the finance team. I would also like to extend my appreciation of thanks to my colleagues, the Senior Managers of Sydney University Sport and in particular the leadership of Robert Smithies our Executive Director. In addition I would like to acknowledge the direction and guidance of the organisations Honorary Treasurer, Patrick Cunningham and President, Bruce Ross who form the Finance & Audit team. The organisations continued financial strength and confidence is provided with no question from the generous contributions from the University of Sydney’s Senior Administration. I would like to formally acknowledge in particular the assistance and support of Deputy Chief Financial Officer, Paul Slater and his Corporate Finance team, as well as the Chief Accountant, Piyush Bhatt and his team. Mostly the organisation owes an enormous debt of gratitude to DVC, Professor Andrew Coats and the team of the External Relations portfolio. Tony Jackson Finance and Administration Manager
This annual financial report also includes the report from the Sydney University Sports Foundation on its 2008 activities. After the
SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008 1
FINANCE & AUDIT COMMITTEE 2008 Chairperson Mr Patrick Cunningham
Honorary Treasurer
Committee Members Mr Bruce Ross
President
Sydney Uni Sport & Fitness Officers Mr Robert Smithies Mr Tony Jackson
2 SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008
Executive Director Finance & Administration Manager
STATEMENT BY MEMBERS OF THE COMMITTEE
SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008 3
INDEPENDENT AUDIT REPORT
4 SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008
2
INDEPENDENT AUDIT REPORT
SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008 5
3
BALANCE SHEET SYDNEY UNIVERSITY SPORT BALANCE SHEET AS AT 31st DECEMBER 2008 Note
2008 $
2007 $
7,555 1,532,123 327,394 1,867,072
7,000 2,216,477 0 2,223,477
30,000
150,000
1,153,976 932,219 15,909 (30,685)
837,903 201,189 61,526 (33,776)
63,999
41,463
4,032,490
3,481,782
8,081,345
8,231,776
8,081,345
8,231,776
12,113,835
11,713,558
CURRENT ASSETS Cash Cash on hand Cash at Bank Cash at Bank - Trust
Short Term Investment Receivables Account Receivables Constituent Clubs and Miscellaneous Prepayments Provision for Doubtful Debts Inventories Stock on Hand
1(c)
TOTAL CURRENT ASSETS NON CURRENT ASSETS Property,Plant &Equipment TOTAL NON CURRENT ASSETS
TOTAL ASSETS
4
6 SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008
1(b), 4
BALANCE SHEET SYDNEY UNIVERSITY SPORT BALANCE SHEET AS AT 31st DECEMBER 2008 Note
2008 $
2007 $
13,198 1,765,042 477,960 (74,859) 0
345,207 1,574,320 478,669 (125,904) 0
190,558 36,500 73,700
70,837 0 103,650
2,482,099
2,446,779
54,842 (77,994) 0
34,839 (88,045) 0
143,494 2,177,232
178,858 2,152,232
TOTAL NON-CURRENT LIABILITIES
2,297,574
2,277,884
TOTAL LIABILITIES
4,779,673
4,724,663
NET ASSETS
7,334,162
6,988,895
6,762,880
6,601,272
450,000 121,281
300,000 87,623
571,281
387,623
7,334,162
6,988,895
CURRENT LIABILITIES Creditors and Borrowings Bank Overdraft - Current Trade Creditors & Accruals Income in Advance Trust Funds held for Constituent Clubs University loan - NMRC Provisions Provision for Building Insurance Provision for Coaching Provision for USYD TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Creditors and Borrowings Non-current accruals Income in Advance University loan - NMRC Provisions Provision for Long Service Leave Provision for Building Maintenance
EQUITY Accumulated Funds
Reserves Boat Shed Replacement Club Asset Replacement
TOTAL RESERVES TOTAL EQUITY
1(d)
5
6(a) 6(c)
SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008 7
5
CONSOLIDATED INCOME & EXPENDITURE STATEMENT SYDNEY UNIVERSITY SPORT CONSOLIDATED INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2008 2008 $
2007 $
INCOME Annual & Life Membership USYD Recurrent Funding Investment Income
639,090 2,076,585 124,020
545,214 1,240,859 147,179
1,194,327 (193,045) 17,765 61,808 (260,574) 27,195 (20,425) (1,444,645) 84,812 (502,387)
693,218 (265,281) 2,948 (147,231) (273,396) 18,973 (29,236) (1,288,344) 107,256 (222,436)
1,804,526
529,723
1,436,159
1,196,436
OPERATING SURPLUS/(DEFICIT) FOR THE YEAR
368,367
(666,713)
Non-Operating Items Profit on sale of Motor Vehicles USYD NMRC Loan Writedown Provision for Taxation Liability
8,254 0 (65,000)
10,285 3,507,289
SURPLUS BEFORE PRIOR YEAR ADJUSTMENT
311,621
2,850,861
Sporting Activities/Facilities Noel Martin Sports & Aquatic Centre Arena & HK Ward Gymnasium Grandstand Sports Bar & Café Boatsheds Grounds Robyn Webster Sports Centre Corporate & Alumni Relations Sport & Recreation - Clubs Sport & Recreation - Programs Elite Athlete Program
Less: EXPENDITURE Administration
Less: Prior year adjustment SURPLUS FOR THE YEAR
6
8 SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008
0 311,621
2,850,861
DETAILED INCOME & EXPENDITURE STATEMENTS SYDNEY UNIVERSITY SPORT NOEL MARTIN SPORTS & AQUATIC CENTRE INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2008 2008 $ INCOME Less: EXPENDITURE Administration Advertising - Marketing incl. Credit Card/EFT Charges Chemicals Cleaning Computer Maintenance Depreciation Equipment Purchases Insurance Leased Equipment Long Service Leave Maintenance Power Salaries Staff Uniforms Stationery & Printing Sundry - Centre Sundry - Member Services Superannuation Swim Program Telephone & Postage Water Workers Compensation Insurance
SURPLUS FOR THE YEAR
2007 $
3,314,889
3,092,958
2,027 11,231 18,837 22,819 117,260 7,340 42,968 16,287 7,164 90,747 5,458 119,473 160,525 963,229 20,719 4,792 13,372 33,422 83,714 293,167 11,683 44,724 29,604
1,542 8,257 20,138 7,883 139,222 4,955 292,986 25,676 7,168 126,691 2,072 69,210 153,152 1,039,199 1,555 3,013 13,991 33,601 94,776 281,381 13,848 44,724 14,699
2,120,562
2,399,739
1,194,327
693,219
SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008 9
7
DETAILED INCOME & EXPENDITURE STATEMENTS SYDNEY UNIVERSITY SPORT ARENA SPORTS CENTRE & HK WARD GYMNASIUM INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2008 2008 $ INCOME
878,360
969,176
Less: EXPENDITURE ARENA SPORTS CENTRE Advertising Cleaning Credit Card/EFT Charges Computer Expenses Depreciation Equipment Purchases Expenses - Ledge Insurance Leased Equipment Long Service Leave Maintenance Power Salaries - Ledge Salaries - Arena Staff Uniforms Stationery & Printing Sundry Superannuation Telephone & Postage Water Workers Compensation Insurance
0 75,190 5,614 2,022 8,262 3,452 7,174 5,064 63,425 3,292 52,548 24,840 88,734 416,618 633 7,384 19,531 41,800 4,686 14,712 16,596
1,807 82,041 5,054 3,333 113,762 8,287 7,252 5,064 87,214 1,436 73,913 24,840 90,541 412,704 1,150 8,026 19,549 42,527 4,879 14,712 9,652
861,577
1,017,743
731 25,352 816 20,373 2,530 2,556 21,937 12,516 101,507 0 2,310 7,819 3,725 3,828 3,828
553 26,075 1,500 39,724 3,744 2,556 12,079 12,516 98,364 0 1,760 8,564 3,529 3,828 1,923
209,828
216,715
Total Expenses
1,071,405
1,234,458
(DEFICIT) FOR THE YEAR
(193,045)
(265,282)
Less: EXPENDITURE HK WARD GYMNASIUM Credit Card/EFT Charges Cleaning Computer Maintenance Depreciation Equipment Purchases Insurance Maintenance Power Salaries Staff Uniforms Sundry Superannuation Telephone & postage Water Workers Compensation Insurance
8
2007 $
10 SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008
DETAILED INCOME & EXPENDITURE STATEMENTS SYDNEY UNIVERSITY SPORT GRANDSTAND SPORTS BAR & CAFÉ INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2008 2008 $
2007 $
INCOME
59,666
62,798
Less: EXPENDITURE Depreciation Insurance Maintenance Power Provision Building Maintenance Sundry
29,592 1,236 4,309 6,180 584 0
47,190 1,236 4,634 6,180 0 611
Total Expenses
41,901
59,851
SURPLUS/(DEFICIT) FOR THE YEAR
17,765
2,948
SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008 11
9
DETAILED INCOME & EXPENDITURE STATEMENTS SYDNEY UNIVERSITY SPORT BOATSHEDS INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2008 2008 $ 141,775
138,699
24,996
150,000
2,604 9,512 4,691 33,172 4,001 78,976
28,604 2,682 3,505 47,388 3,381 235,560
0 0 4,648 888 (4,545) 991
0 (355) 1,676 40,350 8,699 50,370
Total Expenditure
79,967
285,930
(DEFICIT) FOR THE YEAR
61,808
(147,231)
INCOME Less: EXPENDITURE Building Maintenance Provision Glebe Boatshed Depreciation Maintenance Power Rent Sundry Linley Point Boatshed Depreciation Maintenance Power Rent Sundry
12 SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008
10
2007 $
DETAILED INCOME & EXPENDITURE STATEMENTS SYDNEY UNIVERSITY SPORT GROUNDS INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2008 2008 $
2007 $
INCOME
698,887
545,560
Less: EXPENDITURE Cleaning Depreciation Fuels & Equipment Insurance Long Service Leave Maintenance Motor Vehicles Power Salaries & Wages Soils and Fertilisers Staff Uniforms Sundry Superannuation Workers Compensation Insurance
2,965 50,745 12,607 47,304 3,384 233,018 5,571 7,224 441,446 96,454 5,814 257 39,424 13,248
8,556 64,914 15,371 47,304 4,112 163,070 6,574 7,181 384,383 68,002 4,333 2,270 34,893 7,994
959,461
818,957
(260,574)
(273,397)
(DEFICIT) FOR THE YEAR
SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008 13
11
DETAILED INCOME & EXPENDITURE STATEMENTS SYDNEY UNIVERSITY SPORT ROBYN WEBSTER SPORTS CENTRE INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2008 2008 $ INCOME Less: EXPENDITURE Cleaning Depreciation Equipment Purchases Insurance Power - Electricity Rent Salaries Staff Uniforms Stationery & Printing Sundry Superannuation Telephone Workers Compensation Insurance
SURPLUS/(DEFICIT) FOR THE YEAR
14 SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008
12
2007 $
106,573
82,670
0 564 505 948 0 29,770 43,448 0 0 0 2,369 1,426 348
0 560 149 948 0 27,400 32,034 0 0 0 1,830 1,752 (977)
79,378
63,696
27,195
18,974
DETAILED INCOME & EXPENDITURE STATEMENTS SYDNEY UNIVERSITY SPORT CORPORATE & ALUMNI RELATIONS INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2008 2008 $
2007 $
INCOME Memberships Annual Sports Function Cricket Luncheon Rugby Function Xmas Hamper Golf Day Barassi Cup AFL Luncheon Alumni Sport Scholarships Sydney Uni Sport Sponsorships
4,785 11,793 14,986 11,225 9,817 12,729 33,020 179,896 278,251
10,494 8,284 22,825 15,621 11,393 18,804 (5,425) 176,185 258,181
Less: EXPENDITURE Administration / Management Club Disbursements
120,536 178,140
116,084 171,333
(DEFICIT) FOR THE YEAR
(20,425)
(29,236)
SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008 15
13
DETAILED INCOME & EXPENDITURE STATEMENTS SYDNEY UNIVERSITY SPORT SPORT & RECREATION - CLUBS INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2008 2008 $ 36,000
24,000
Less: EXPENDITURE AUS Games NSWIS Blues Dinner Club Allotments/Grants Club Asset Replacement Insurance (Equipment) Motor Vehicle Salaries Sports Awards Dinner Sundry Superannuation Workers Compensation Insurance
27,288 4,236 14,735 1,205,999 39,930 18,808 16,997 82,305 25,037 9,635 9,263 26,412
20,094 0 17,847 1,035,798 24,740 16,981 11,676 114,725 27,739 10,968 14,299 17,478
Total Expenses
1,480,645
1,312,345
(1,444,645)
(1,288,345)
INCOME
(DEFICIT) FOR THE YEAR
16 SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008
14
2007 $
DETAILED INCOME & EXPENDITURE STATEMENTS SYDNEY UNIVERSITY SPORT SPORT & RECREATION - PROGRAMS INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2008 2008 $
2007 $
647,176
685,803
Less: EXPENDITURE Healthworks Expenses Healthworks Salaries
29,043 58,143
41,240 8,723
Recreation Program Expenses Recreation Program Salaries
3,670 46,861
5,082 42,061
68,096 237,503
85,977 178,291
6,302 6,046
11,413 5,006
6,207 401 624 (547) 15,110 405 0 50,282 0 1,388 22,414 10,416
6,944 419 624 5,279 11,095 876 1,131 143,317 82 982 24,387 5,618
562,364
578,547
84,812
107,256
INCOME
Schools Program Expenses Schools Program Salaries Social Sport Expenses Social Sport Salaries Affiliated Campuses Equipment Purchases Insurance Inter Faculty Motor Vehicle Promotional Activities Publications Salaries - Coordinators Staff Uniforms Sundry Superannuation Workers Compensation Insurance
SURPLUS FOR THE YEAR
SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008 17
15
DETAILED INCOME & EXPENDITURE STATEMENTS SYDNEY UNIVERSITY SPORT ELITE ATHLETE PROGRAM - HIGH PERFORMANCE INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2008 2008 $ INCOME
1,027,731
787,226
Less: EXPENDITURE International Travel Grants Motor Vehicles Scholarships Salaries Superannuation Guarantee Workers Compensation
134,450 17,167 1,064,079 285,620 22,382 6,420
68,420 16,161 694,444 209,242 17,477 3,918
1,530,118
1,009,662
(502,387)
(222,436)
(DEFICIT) FOR THE YEAR
18 SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008
16
2007 $
DETAILED INCOME & EXPENDITURE STATEMENTS SYDNEY UNIVERSITY SPORT ADMINISTRATION INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2008 2008 $
2007 $
EXPENDITURE Administration & Representation Admin FBT Component Marketing Audit & Consulting Provision for Bad Debts Bank Charges Computer Expenses Depreciation - Office Equipmen Insurance - Office Equipment Insurance - Students Long Service Leave Maintenance & Equipment Motor Vehicles Salaries Security Staff Development Stationery & Printing Sundry Superannuation Telephone & Postage Workers Compensation Insurance DEFICIT FOR THE YEAR
38,257 15,295 239,250 33,898 14,188 12,606 147,126 5,524 7,968 87,698 2,159 8,265 26,025 568,191 24,283 49,134 57,412 10,004 40,955 35,249 12,672
26,978 600 102,122 34,756 37,799 11,237 164,339 10,396 7,968 85,719 2,009 3,643 22,497 491,109 16,391 53,410 44,917 11,259 30,517 32,299 6,470
1,436,159
1,196,435
SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008 19
17
STATEMENT OF CASH FLOWS SYDNEY UNIVERSITY SPORT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31st DECEMBER 2008 Note
2008 $
2007 $
3,028,486
2,386,289
123,089 4,253,966 993,036 1,564,703 (10,111,789)
141,131 2,598,543 894,594 2,746,401 (5,640,858)
(148,509)
3,126,100
Payments for property, plant and equipment Proceeds from sale of property, plant and equipment
(3,771) 24,799
185,756 10,285
NET CASH USED IN INVESTING ACTIVITIES
21,028
196,041
Transfer to Short Term investment University Loan
(16,915) 0
9,807 (3,507,289)
NET CASH USED IN FINANCING ACTIVITIES
(16,915)
(3,497,482)
Net Increase/(Decrease) in Cash Held
(144,396)
(175,341)
Cash at the Beginning of the Year
2,028,270
2,203,611
1,883,874
2,028,270
Cash Flow from Operating Activities Sales Revenue Other Revenue Interest Subscriptions Lease Income Other Outflow of Funds from Operations NET CASH PROVIDED BY OPERATING ACTIVITIES
7(b)
Cash Flow from Investing Activities
Cash Flow from Financing Activities
CASH AT THE END OF THE YEAR
20 SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008
18
7(a)
NOTES TO FINANCIAL STATEMENTS SYDNEY UNIVERSITY SPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2008 NOTE 1 – STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies adopted by Sydney University Sport is set out in this note. The policies adopted are in accordance with accounting principles generally accepted in Australia and the financial requirements of Sydney University Sport’s Constitution. Unless stated otherwise, the policies adopted are consistent with those applied in previous years. (a)
Basis of Accounting (i)
Sydney University Sport is not a reporting entity because in the Management Committees’ opinion, there is unlikely to exist users who are unable to command the preparations of reports tailored so as to satisfy specifically all of their information needs. The financial statements have therefore been prepared as a special purpose finance report, and there is no requirement to apply the Corporations Law, Australian Account Standards, Australian equivalent to International Reporting Standards and Urgent Issues Group Consensus Views. The financial statements have been prepared in accordance with all applicable Australian Accounting Standards and Urgent Issues Group Consensus except for the following: AASB 101 AASB 1017 AASB 1028 AASB 1033 AASB 1036 UIG 14
(ii) (b)
- First-time Adoption of IFRS - Related Party Disclosures - Accounting for Employee Entitlements - Presentation and Disclosure of Financial Instruments - Borrowing Costs - Director’s Remuneration
The financial statements have also been prepared in accordance with the historical cost convention.
Property, Plant & Equipment Sydney University Sport’s policy regarding depreciation is as follows: (i) (ii)
Capital expenses of a minor nature, less than $2,000, or at the committee’s discretion, are written off against operations in the year in which the expenditure is incurred. Property, plant and equipment are depreciated over their useful economic lives using the straight line depreciation method.
SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008 21
19
NOTES TO FINANCIAL STATEMENTS SYDNEY UNIVERSITY SPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2008 NOTE 1 – STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (iii)
(c)
The University of Sydney, under the provisions of the Service Level Agreement have guaranteed to fund all future major capital and building projects whether new buildings or renovations and improvements to existing buildings. Therefore under advice from the Office of the Chief Operating Officer, University of Sydney, Sydney University Sport has not depreciated the building asset in 2008 and the written down value of these assets is unchanged.
Inventories Inventories are valued at the lower of cost and net realizable value. Cost is assigned on a first-in first-out basis.
(d)
Provision for Employee Entitlements Provision has been made in the financial statements for benefits accruing to employees in relation to annual leave and long service leave. All provisions are measured at their nominal amounts. No provision has been made for on-costs in these provisions for employee entitlements.
(e)
Leased Assets Sydney University Sport held an operating lease on land at Linley Point, Sydney, where the University boatshed is located. This property was destroyed by fire in March 2006. The entire value of the property was written off in the operating year. The Treasurer has seen fit to make a reserve in the Financial Accounts for future liability to rebuild the boatshed.
(f)
Prior Year Comparatives Where necessary the figures for the previous year have been reclassified to facilitate comparison.
(g)
Capital Commitments As at 31st December 2007 there were no contracts entered into that have not been disclosed in these Financial Statements.
22 SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008
20
NOTES TO FINANCIAL STATEMENTS SYDNEY UNIVERSITY SPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2008 NOTE 2 – AFTER BALANCE DATE EVENT (a)
The Federal Government’s voluntary student unionism legislation passed on December 8 2005 came into effect on July 1 2006, no compulsory student fees were received in 2008. The University of Sydney has agreed with the management of Sydney University Sport to replace the compulsory fees previously received in the form of recurrent funding from the University Deputy Vice Chancellor’s Community portfolio to the value of $2.8M in direct funding indexed for the years 2007, 2008 and 2009.
CONTROLLED ENTITIES The consolidated financial report comprises the accounts of Sydney University Sport, its affiliated constituent clubs and the following entities; (a)
NMRC (Building) Pty Ltd
The Company NMRC (Building) Pty Ltd was incorporated in 1998 and is limited by shares. Its main activity it to undertake the administration of building projects associated with the Sydney University Sport All costs of the company are reimbursed by Sydney University Sport.
SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008 23
21
NOTES TO FINANCIAL STATEMENTS SYDNEY UNIVERSITY SPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2008
2008 $
2007 $
NOTE 3 - REVENUE & EXPENSES Profit for the year has been arrived at after including
Operating Revenue 1 Sales 2 Other Operating Revenue - Interest - Subscription - University Recurrent Funding - Lease income - Other Total Operating Revenue Less: Expenses - Depreciation on Fixed Assets - Interest Expenses - Provision for Long Service Leave - Rental Expense on Operating Leases - Expense on Finance Leases - Provision for Bad Debts
24 SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008
22
3,028,486
2,386,289
123,089 710,872 3,543,094 993,036 1,564,703
141,131 738,778 1,859,765 894,594 2,746,401
9,963,280
8,766,959
133,510 37,788 (35,364) 63,830 170,784 14,188
475,859 36,982 10,583 120,534 131,026 37,799
NOTES TO FINANCIAL STATEMENTS SYDNEY UNIVERSITY SPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2008 2008 $
2007 $
NOTE 4 - PROPERTY, PLANT & EQUIPMENT Leased Property Less: Accumulated Depreciation
(0) (0) (0)
(0) (0) (0)
13,430,733 5,735,232 7,695,501
13,405,726 5,649,778 7,755,948
Motor Vehicles & Rolling Plant Less: Accumulated Depreciation
169,601 122,703 46,898
210,536 128,945 81,591
Plant & Equipment Less: Accumulated Depreciation
1,444,486 1,104,541 339,945
1,444,480 1,050,243 394,237
TOTAL PROPERTY, PLANT & EQUIPMENT
8,082,344
8,231,776
6,356,708
3,805,855
Property & Gymnasium Equipment Less: Accumulated Depreciation
NOTE 5 - ACCUMULATED FUNDS Balance at the Beginning of the Year Less: Amounts Transferred to/(from) Reserves Boat Shed Replacement Reserve Building Maintenance Reserve Coaching Reserve
Add: Surplus/(Deficit) for the Year ACCUMULATED FUNDS AT END OF THE YEAR
450,000 0 0
300,000 -
5,906,708
3,505,855
311,621
2,850,853
6,218,329
6,356,708
SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008 25
23
NOTES TO FINANCIAL STATEMENTS SYDNEY UNIVERSITY SPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2008 2008 $
2007 $
Boat Shed Replacement Fund Balance 1 January Add: Contribution for Year Less: Expenditure for Year
300,000 150,000 -
150,000 150,000 -
Less: Transfer to Accumulated Funds Closing Balance 31st December
450,000
300,000
NOTE 6 - MOVEMENTS IN RESERVES (a)
(b)
Š
(d)
Building Maintenance Fund Balance 1 January Add: Contribution for Year Less: Expenditure for Year Less: Transfer to Accumulated Funds Closing Balance 31st December
-
Club Asset Replacement Fund Balance 1 January Add: Contribution for Year Add: Asset sales/prior yr adjustments Less: Expenditure for Year Balance 31 December
87,622 37,430 (3,771) 121,281
73,912 22,429 (8,719) 87,622
-
-
Coaching Grant Fund Balance 1 January Add: Contribution for Year Less: Expenditure for Year Less: Transfer to Accumulated Funds Closing Balance 31st December
26 SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008
24
NOTES TO FINANCIAL STATEMENTS SYDNEY UNIVERSITY SPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2008 2008 $
2007 $
7,555 1,889,517 (13,198)
7,000 2,366,477 (345,207)
1,883,874
2,028,270
311,621
2,850,853
133,510 (35,364) (8,254) 14,188 37,430
475,859 10,583 10,285 37,799 22,429
(1,047,103) 45,617 (22,536) 261,770 9,342 6,550 144,721
(341,834) 60,752 (15,146) (119,317) (49,907) 33,745 150,000
(148,509)
3,126,100
NOTE 7 - CASH FLOW INFORMATION
(a) Reconciliation of Cash Cash at bank at the end of the financial year as shown in the statements of cash flows is reconciled to the related items in the balance sheet as follows: Cash on Hand Cash at Bank Cash at Bank/(Bank Overdraft) - Current
(b) Reconciliation of cash flow from operations with surplus from ordinary activities and extraordinary items Surplus after extraordinary items Non-cash flows in surplus - Depreciation - Amounts charged to employee entitlements - (Profit)/Loss on sale of property - Provision for doubtful debts - Club Asset Replacement Changes in assets and liabilities - (Increase)/decrease in receivables - (Increase)/decrease in prepayments - (Increase)/decrease in inventory - Increase/(decrease) in payables - Increase/(decrease) in income in advance - Increase/(decrease) in provision for scholarships - Increase/(decrease) in provision for building maintenanc Net cash provided by operating activities
SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008 27
25
SYDNEY UNIVERSITY SPORT FOUNDATION Annual Report 2008 The Foundation submits the following Annual Report for 2008 The establishment of the Foundation was approved by Senate in June 2005, with its prime responsibility being for fundraising for sports in the University, including for Sydney University Sport and its constituent clubs, and to ensure compliance with relevant tax and fundraising laws. At the time there was already an established Sydney University Cricket Club Foundation in place, and a Rugby Foundation established outside of the University, and managed by the Australian Sports Foundation. Pressure to fundraise by other clubs within the University, and a desire to raise funds for capital projects and scholarships resulted in applications being prepared to create a number of new foundations, with more in the pipeline. It was considered more appropriate to establish one Foundation, namely the University of Sydney Sport Foundation, with the capability of creating Divisions within that Foundation. In August 2006 four Divisions were created, namely; Rowing Division Sporting Scholarships Division Blue and Gold Division (for capital projects) Women in Sport Division In October 2007, two more Divisions were approved, namely; Hockey Division Soccer Division In July 2008 a further two Divisions were approved, namely; Athletics Division Aussie Rules Division As can be seen from the Income Statement and Balance Sheet, at the end of 2008, the total of accumulated funds in the Foundation were in excess of $490k, an increase of $165k over 2007. In a fundraising sense, the most successful Divisions to date would be Rowing, Hockey, and Scholarships. Since 2006 the University has conducted a review of the operation of its numerous Foundations and Institutes, with a focus on their compliance with its taxation and fundraising obligations. As a result, the University of Sydney Sport Foundation with its intended Divisional Structure is not fully compliant with the newly created Rules for Foundations and definitions as they apply to Divisions. A staff resource has been dedicated since March 2009 on a part-time basis to the Foundation, and a project is underway to ensure that the Foundation is compliant with the Rules. This involves the re-constitution of the Foundation, establishment of sub-committees (called Divisions), and establishing clear guidelines for clubs, associations and services as to their obligations pertaining to fundraising through the Foundation. This project is expected to be completed in the third quarter of 2009. David Collins SUSF Foundation Officer March 2009 28 SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008
26
SYDNEY UNIVERSITY SPORT FOUNDATION
SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008 29
27
SYDNEY UNIVERSITY SPORT FOUNDATION
30 SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008
SYDNEY UNIVERSITY SPORT FOUNDATION
SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008 31
NOTES
32 SYDNEY UNI SPORT & FITNESS FINANCIAL REPORT 2008
WWW.SUSF.COM.AU