Foritsinauguralyearofoperation,2021wasaninterestingonefortheLTSA. Sinceitsinceptionin2020,thegoalofLTSAhasbeento‘MakeStudentLifeBetter’ MultipleexternalfactorssuchastheongoingCOVID19Pandemicandareduced SSAFfundingpoolforstudentorganisationsatLTUimpacteddrasticallyonthe LTSA.However,giventhesefactors,itwasagenerallysuccessfulyear,withstudent representativesbeingelectedtooursevenstudentscouncils
OurStudentCouncillors,inconjunctionwithourengagementstaffmanagedtorun awiderangeofeventsforstudentsoneverycampus.However,thesporadic jumpsinandoutoflockdownrepeatedlyforcedmanyofourplannedeventstobe movedonlinewhichimpactedonengagementnumbers.Despitethischallenge, LTSAwasstillabletorunaraftofbrillianteventsforLTUstudentsvirtually.
OftheavailableSSAFfundingpoolforstudentorganisationsatLTUtheLTSA receivedasignificantportion.Thisfundingwasspentsolelywiththefocusto‘Make StudentLifeBetter’forstudentsandwassplitbetweentheprovisionofhighquality servicesandevents.Overall,theLTSAendedtheyearinasurpluswhichwas fantasticgiventhedifficultcircumstancesfacedduring2021.
Itwasayearthatsawelementsofdivision,culminatinginagroupofLTSAstudent memberscallingforageneralmeetingtoputforwardamotiontovoluntarilywind uptheLTSAUltimatelythismotionwasunsuccessfulandtheLTSAcontinuesto operatebeyond2021.
InadditiontothisareductioninSSAFfundingfortheLTSAin2022leadtothe decisionbeingmadefortheLTSAtoundertakeasignificantrestructureattheend of2021ThishasledtheLTSAtonolongeroperateontheBundooracampus AdditionallytheLTSAwillnolongerbeprovidingservicesin2022andinsteadis focusingonstudentrepresentationandengagement
LTSAwasformedinSeptember2020,withtheaimtoMakeStudentLifeBetterat LaTrobeUniversity(LTU). Duetoseveralfactors,ithadbecomeclearthatthe fundingpoolavailabletothestudentorganisationsofLTUwouldbesmallerandit wasthoughtthatanamalgamationofallStudentOrganisationsacrossLTU wouldbeawaytoensuretheongoingviabilityofstudentrepresentation.
WiththeadministrativesetupofthecompanybeingundertakenfromSeptember toDecember2020,operationsbeganinearnestasofJanuary2021. Withthe Covid 19Pandemicstillongoing,LTSA'sfirstfullyearofoperationwasdefinitelya challengingone.
LTSAemployed20stafftoprovideservicetostudentsontheBendigo,Bundoora, City,Mildura,SheppartonandWodongacampuses,aswellastosupportacohort ofInternationalstudents Despitethechallengesofworkingfromhomeand studentsundertakingonlinelearning,wewereabletoofferawiderangeof eventsandengagementopportunities,someinperson,manyvirtual,aswellas studentsupportandwell beingthroughAdvocacy,FinancialandLegalsupport, andfoodreliefprograms.
TheEventsandEngagementOfficerslocatedoneachofthecampusespivotedin awaythatnobodycouldhaveimaginedpre Covid. Connectingonlinewith studentswhowerealreadywearyofengagingvirtuallywasachallenge, however,eachoftheeventsthatwererunwerewellattended. Fromclay workshops,totriviaandour'fortheloveoffood'series,thestudentswhodidlogin hadawonderfultime. Wewerefortunateenoughtosqueezeafewfacetoface activitiesinbetweenlockdowns,includingPrideWeek,ClubsandSocietiesMarket Days,TogaParty,Yogaclassesandanumberoffreebreakfastsandlunches.
TheLTSAClubsandSocietiesprogramsupported51studentrunClubs,by providingadministrativeandfinancialassistance. 2021provedtobea challengingyearforClubsandSocieties,withanumberofthemreducingtheir activitiesdrasticallyduetothepandemic,andtheiralreadyfullscheduleof onlineevents Again,wewereluckyenoughtosupportsomefantasticfaceto faceeventsinbetweenlockdowns,withtheGrandIftarcelebrationinBundooraa realhighlight.
UnderthecreativeandwatchfuleyeofStudentTheatreandFilm(STF) EngagementOfficer,KatherineCarrington,theSTFprogram wentfromstrength tostrength Eveninadisruptedyear,anumberofwonderfulproductionswere puton,aswellasanarrayofsmalleronlineactivities
TheLTSAadvocacyservi universitywidewithissue g g g , g hearings,accommodationconcerns,remissionofdebt,specialconsideration, reviewandre-markofassessment,placementissues,andgeneraladminacross thecourseoftheyear.
TheLTSALegalService,throughitspartnershipwithWestHeidelbergCommunity Legal,offeredstudentsfreelegalsupportfromprofessionallawyers.Issuesthat weredealtwithincludedtenancyproblems,dealingwithfines,employment, Centrelinkdisputes,safetyandcrime,insurancedisputesetc Thisfreeservice wasruninpartnershipwithBanyuleCommunityHealth
Despitethemanysuccessesofourinauguralyearofoperation,theendofLTSA's firstyearwasmarredbyasmallnumberofourmemberscallingforthe organisationtobeshutdown. Thismotionwasdefeatedatavote,andLTSA continuestooperate.
IwishtothankthestaffandfoundingBoardMemberswhoworkedtirelesslyin theireffortstomakestudentlifebetter. IparticularlywishtothankoutgoingCEO
MitchTrevenaforherpassionanddedicationtothestudentsofLaTrobe University,aswellasinterimGeneralManager,JennaBoyd. Wealsothankthe Universityforprovidingfundingtosupportouroperations.
Welookforwardtocontinuingtheirvisionto#makestudentlifebetter,into2022 andbeyond.
Michelle(Mitch)Trevena
WilliamGriffin
FoundingBoardDirector
AnnabelleRomano FoundingBoardDirector
17 Sep 20 07 May 21
17 Sep 20 07 May 21
JennaBoyd FoundingBoardDirector/Chair 17 Sep 20 07 Sep 21
SamuelFenton BoardDirector
EshitaShukla BoardDirector
07 May 21 24 Aug 21
07 May 21 06 Jul 21
OlgaNovak BoardDirector 07 May 21 31 Oct 21
QiuyuZhang BoardDirector
BrodyMichaelTanner BoardDirector/Chair
GeorginaBeatty BoardDirector
MohakGupta BoardDirector
JulianaDing BoardDirector
07 May 21 24 Aug 21
07 May 21 Continuing
09 Jun 21 30 Sep 21
06 Jul 21 31 Dec 21
24 Aug 21 31 Dec 21
KieranJamesMurphy BoardDirector 24 Aug 21 20 Jul 22
AmeliaSlater BoardDirector
07 Apr 22 20 Jul 22
RidhiKapoor BoardDirector 07 Apr 22 Continuing
MelaniaAtuwaogu BoardDirector
07 Sep 21 Continuing
EilidhNoblet BoardDirector 14 Jun 22 Continuing
SamuelFenton BoardDirector
GaliaBastoni BoardDirector
RobertDelmenico BoardDirector
20 Jul 22 19 Sep 22
20 Jul 22 Continuing
19 Sep 22 Continuing
(12,472) (1,073)
Fortheyearended31December2021
RetainedEarning Total $ $
ComprehensiveIncome
Profit(loss)fortheperiod 211,650 211,650
TotalComprehensiveincomefortheperiod 211,650 211,650
Balanceat31December,2020 211,650 211,650
Balanceat1January,2021 211,650 211,650
ComprehensiveIncome Profit(loss)fortheperiod 105,350 105,350
TotalComprehensiveincomefortheperiod 105,350 105,350
Balanceat31December,2021 317,000 317,000
Theaccompanyingnotesformpartofthesefinancialstatements
Fortheyearended31December2021
Receiptsfromcustomers 2,094,301 258,894
Paymentstosuppliers&employees (1,976,338) 1,051 Interestreceived 367 3
Netcashprovidedby(usedin)operatingactivities 13 118,330 259,948
Netpaymentsforproperty,plantandequipment (19,534) (7,425)
Netcashprovidedby(usedin)investingactivities (19,534) (7,425)
Netcashprovidedby(usedin)financingactivities
Netincrease(decrease)incashheld 98,796 252,523
Cashandcashequivalentsatbeginningoffinancialyear 252,523
Cashandcashequivalentsatendoffinancialyear 13 351,319 252,523
Thefinancialstatementsarespecialpurposefinancialstatementspreparedin ordertosatisfythefinancialreportingrequirementsoftheAssociations
IncorporationsReformAct2012.Theboardhasdeterminedthattheassociationis notareportingentity.
Thefinancialstatementshavebeenpreparedinaccordancewiththesignificant accountingpoliciesdisclosedbelow,whichthedirectorshavedeterminedare appropriatetomeettheneedsofthemember.Suchaccountingpoliciesare consistentwiththepreviousperiodunlessstatedotherwise.
Thefinancialstatementshavebeenpreparedonanaccrualsbasisandare basedonhistoriccostsunlessstatedotherwiseinthenotes.Theaccounting policiesthathavebeenadoptedinthepreparationofthefinancialstatements areasfollows:
TheassociationisexemptfromincometaxunderSection50 5oftheIncomeTax AssessmentAct1997.
Inventoriesaremeasuredatthelowerofcostandnetrealisablevalue.
Allproperty,plan initiallymeasure association
Thecarryingam boardofdirecto recoverableam willbereceived expectednetca determiningrecoverableamounts.
Freeholdlandandbuildingsarecarriedattheirrecoverableamounts,based onperiodic,butatleasttriennial,valuationsbythedirectors.
Thedepreciableamountofallfixedassets,includingbuildingsandcapitalised leaseassetsbutexcludingfreeholdland,isdepreciatedonastraight linebasis overtheasset'susefullifetotheassociationcommencingfromthetimethe assetisheldreadyforuse.
Tradeandotherreceivablesincludeamountsduefromcustomersforgoods soldandservicesperformedintheordinarycourseofbusiness.Receivables expectedtobecollectedwithin12monthsoftheendofthereportingperiodare classifiedascurrentassets.Allotherreceivablesareclassifiedasnon current assets
Tradeandotherreceivablesareinitiallyrecognisedatfairvalueand subsequentlymeasuredatamortisedcostusingtheeffectiveinterestmethod, lessanyprovisionforimpairment
Provisionismadefortheassociation’sliabilityforemployeebenefitsarising fromservicesrenderedbyemployeestoreportingdate.Employeebenefitsthat areexpectedtobesettledwithinoneyearhavebeenmeasuredatthe amountsexpectedtobepaidwhentheliabilityissettled,plusrelatedon costs. Employeebenefitspayablelaterthanoneyearhavebeenmeasuredatthe presentvalueoftheestimatedfuturecashoutflowstobemadeforthose benefits
Cashandcashequivalentsincludecashonhand,depositsheldatcallwith banks,othershort termhighlyliquidinvestmentswithoriginalmaturitiesofthree monthsorless,andbankoverdrafts.Bankoverdraftsareshownwithin borrowingsincurrentliabilitiesonthestatementoffinancialposition.
Revenueismeasuredatthefairvalueoftheconsiderationreceivedorreceivable aftertakingintoaccountanytradediscountsandvolumerebatesallowed.Any considerationdeferredistreatedastheprovisionoffinanceandisdiscountedas arateofinterestthatisgenerallyacceptedinthemarketforsimilar arrangements
Thedifferencebetweentheamountinitiallyrecognisedandtheamount ultimatelyreceivedis interestrevenue. Revenuefromthesaleofgoodsisrecognisedatthepointof deliveryasthiscorrespondstothetransferofsignificantrisksandrewardsof ownershipofthegoodsandthecessationofallinvolvementinthosegoods.
Allrevenueisstatednetoftheamountofgoodsandservicestax.
Revenues,expensesandassetsarerecognisednetoftheamountofGST,except wheretheamountofGSTincurredisnotrecoverablefromtheAustralianTaxation Office(ATO)
ReceivablesandpayablesarestatedinclusiveoftheamountofGSTreceivable orpayable.ThenetamountofGSTrecoverablefrom,orpayableto,theATOis includedwithotherreceivablesorpayablesinthestatementoffinancialposition
CashflowsarepresentedonagrossbasisTheGSTcomponentofcashflows ecoverablefrom,or wsincludedinreceipts poratedintothefinancial ailablecurrent noffutureeventsand edbothexternallyand
(i)Estimationof Theestimationo experience.The consideredaga madewhencon ii)Impairmento Ateachreportin tangibleassets havebeenimpa asset,beingthe g replacementcost,iscomparedtotheasset’scarryingvalue.Anyexcessofthe asset’scarryingvalueoveritsrecoverableamountisexpensedtothe statementofcomprehensiveincome
Receivablesandpayablesarenoninterestbearingandgenerallyhave paymenttermsofbetween30and90days
LaTrobeStudentAssociationLtdisdependentuponLatrobeUniversity,forthe fundingofasignificantportionofitsoperations.
Fortheyearended31December2021
NOTE
PropertyImprovements 48,327 48,327
LessAccumulatedDepreciation (30,659) (26,942)
Totallandandbuildings 17,668 21,385
PlantAndEquipment 100,205 84,191
LessAccumulatedDepreciation (72,135) (66,753) 28,070 17,438
FurnitureAndFittings 34,038 36,965
LessAccumulatedDepreciation (28,458) (31,371) 5,580 5,594
Totalplantandequipment 33,650 23,032
Totalproperty,plantandequipment 51,318 44,417
ResearchAndDevelopmentExpenditure 7,425 7,425
LessAccumulatedAmortisation (1,856) 5569 7,425 8,406 3,194 11,600
Fortheyearended31December2021
NOTE 2021 2020 $ $
(b)Reconciliationofcashflowfromoperatingactivities withnetcurrentyearprofit
ComprehensiveIncomeafterincometax 105,349 211,650
Non cashflowsinprofit:
DepreciationandamortisationofPP&E 12,472 1,073
FixedAssetsTransferredtoLTSA (45,991)
Netloss(gain)onsaleofassets 2,018
Changesinassetsandliabilities:
(Increase)/decreaseininventories 10,623 (18,384)
Increase/(decrease)inpayables (33,591) 111,600 (Increase)/decreaseinreceivables (6,832) (Increase)/decreaseinOtherAssets (8,038)
Increase/(decrease)inprovisions 36,329
Netcashprovidedby(usedin)operatingactivities 118,330 259,948
Thedirectorshavedeterminedthattheassociationisnotareportingentity andthatthisspecialpurposefinancialreportshouldbepreparedin accordancewiththeaccountingpoliciesoutlinedinNote1tothefinancial statements.
InaccordancewitharesolutionofthedirectorsofLaTrobeStudentAssociation Ltd,thedirectorsoftheassociationdeclarethat: 1.
Thefinancialstatementsandnotesassetoutonpages11to22presents fairlytheassociation'sfinancialpositionasat31December2021andits performancefortheperiodendedonthatdateinaccordancewiththe accountingpoliciesdescribedinNote1tothefinancialstatements;
