2022 UniversitySkiClub AnnualReport InauguralPresidentsLunch for50 years+members3rd March2023
President’sReport
I’m pleased to say that 2022 was a great year forthe Club withexcellentsnowconditions, high lodge occupancy andawelcome returnto profitability. It marked a dramatic turn-around in our fortunes from previousyears. Therewasalso a sense of festivity andcelebrationin theCluband on the mountains as normality returned. In June we had the best opening weekend in 20+ years and there were skiing opportunities right throughtothe end of September. We foundourClub and our friends againand while some ofthe steps back to normality weretentative withsomeholidays and weekends impactedbyCovid,therewasalottoloveaboutbeinginthemountains.
Bookings
The Club switchedto the Clubman booking system which is used by a number of other clubs and NSW Parks. While Membersfirstexperienced the system in the priority rounds, the relatively smooth change-overtooksixmonthsofplanningandincrediblyhardworkcapturingandtestingUSC’s uniquerequirements. Particular thanks to Melissa and Mike Forbes.
Clubman helped automate the priority rounds and importantlygaveus real timeavailability across all lodgeswhichallowedMemberstofocusbookingrequestsandbeopportunisticwhenthesnowfell.It also meant nearly all Memberswere able to get a first roundbooking. The Committee is planning a similar series ofpriorityrounds this yearwith a newearly roundfor the officialrace weekends at Buller and Falls. Moredetails will be set out in the 2023 Bookings Handbook.
Lodge management wasanother success for 2022 with Sally(and Cha)at Bullerand Liz at Falls hostingtheir first full seasons. The Party Leaders also stepped upto provide more support, particularlyatBullerwhereMembersundertookagreaterproportionofcleaningthelodgeasitwas difficulttogetcommercialcleaners.
Club dinners continued at Falls and Hothamwhile Buller expanded on happy hour drinks and nibbles.
Lodge R&M
Significantrepairsand maintenance are required at all lodges following the constraints on capital and activities during the lockdowns of 2020-2021. There wassomesnow and water damage inparts of Buller in 2022, bathrooms need repair or replacement at Falls Creek and the remaining weatherboards atHothamaretobeupgradedtocolourbond.Procuringtradesandobtainingquotestocompletethese works remains challenging andthe Committee willcontinue to pursue thesetasks in 2023.
Work at Falls Creek has also beenstalled by thelandslide blockingthe road. Removal androad repair is now being managed by Major Projects Victoria withmining equipmentbrought in from WAin a committed effort toget the issueresolved before the winter season.
Racing
This year the Club wasable to run both Cross Country and Alpine races. Cross Country continues to run in conjunction withthe Hoppett making this the most popular weekend across all lodges and greater participation in racing overall.
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Winterbednightsbylodge Lodge 2022 2021 2020 2019 MtBuller 4198 1242 0 4641 Falls Creek 2976 970 0 1557 MtHotham 1927 764 0 1660 LodgeManagement
TheAlpineweekendhadlowerthanusualnumbersbutthereappearstobeachangingoftheguard from theolder generationtotheyoungergeneration witha significant number of younger racers taking part. In bothslalom and giantslalom,8 out of thetopten overallresults were under21which is wonderful tosee. Unfortunately bumps andjumpsdidn't takeplace due to lack ofparticipants which may say somethingaboutthe celebrations the night before. The Clubhassome significant perpetual trophies which reflect our Clubhistory and we will befocusing on racing this year and encouragingmore Members to participate.
Social
The inaugural USCSunday Session washeld on the terrace at Royal South YarraLawn Tennis Club on23October with beautiful spring weather. This replacedourtraditionalseated dinner andprovided amore flexibleand informal format which allowed Membersto socialise. About 100 people across a variety of ages enjoyedminglingtogetherwith a gourmet BBQ, racing trophies beingawarded and speecheskept to a minimum. The new venue andflexible format has been favourablyreceived and we’ll look to repeat the function again in 2023.
Membership
The Club currently has 696Membersmadeup of 534 full Members, 6 Members Children, 51 Associate Members, 12 Life Members and 93 Provisional Members. There areover 200 people on the waiting list forfull membership (notingthis listincludes bothMembers Children andanumber of ProvisionalMembers).
I would like to thankMelissa whodoes an extraordinaryamountof workon all fronts to keep the Club running. Sadlyshewillbe leaving theClub after the ski season andfinding a replacementwith herskillsandexperiencewillbedifficultifnotimpossible!I’dalsoliketothanktheCommittee, theirpartners and our extraordinary lodgemanagers. Thanksalsoto thosewho assistedthe Club through 2022whether asalodge manager, partyleader, workparty volunteer or sub-committee member. Special thanks to Kirsty forhersupport and assistancewith the providoring managementat Mt Hotham.
David Cleland President
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UNIVERSITYSKI CLUB
ABNI33 004:276 260
Minutesof92ndAnnual General Meeting
Held via weblnar at 7.05pm on Wednesday 30th March2022
Page iof 5
David Cleland (Chair) Fiona Hellier Felicity Koch
Judy Barneby Rob Walker Graham Scott
AdrienneSkarbek Helen Lukis Rowland Ball
David Stamp
Mary Kinch
Lofty Lofven
Present l
Lisa Osborn
Kaye Gall
Chris Macpherson
DanielleWruck
Nick Economos
NataliePitt
Geoff Simmons
Sandy Clayton
AnnabelRichards
Jess Hill
Woody Macpherson
Mackinley Barnesby
PeterGraham
HollyGraham
Helen Kelsall
Kirsty Cleland
Andrew Adams
Andrea Macdonald
Edward Eve
MurrayBurnsLukeMaslen
Barbara Angus
Penny Rogers
Adrian O’Shaughnessy Elspeth Brinsmead
Dennis Rigoni
DellieMcKenzieMichaelForbes
Ken Donovan
TonyRogers
Karen Cruickshank
Apologies:
Maureen Schuyt Julia Trenchard-Smith
Wilf Sweetland Charles Derham
RobynBainbridge
Andrew Shaw
MelanieDavey
Kate Abel
Helen Wirtz
Robyn Wood
DavidBaguley GwynWilliams
Tom Brewster Steve Mc Sweeney
David Scott Graham Mulhall
1.StartofMeeting
Helen Bainbridge
John Lockie
There being a quorum of members present, the Chairman declared themeetingopen at 7.00pm
Presidentwelcomedmembertothemeeting,acknowledgingourLifeMembers. Chat and Q&A functions brough to theattention of members for useduring the meeting.
2. Minutes
Theminutesof the 92nd AGM held via Webinar at 7.05pm on Wednesday 24th March 2021 were confirmed.
Moved: FelicityKoch
Seconded:ChrisMacpherson
3. PresidentsReport
Thepresidentpresented hisreport for the year, noting;
• COVID-19Pandemic
• Acknowledgedmemberswho had passed thisyear
• Many of theannual events were again missed in 2022
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• Insurance costs continue to escalate with insurance becoming more difficult to obtain
• 2021wewereabletorunworkpartiesandanumberofCOVIDrequirementsweretrialledpriorto introduction for 2021 season.
• Preseasonsocialwasheldin2021,howeverothereventswereimpactedbyCOVID
• 2021 saw changesto the booking arrangements
• Early snow saw someskiing but by mid July COVID restrictions impacted
• Summer utilization has been very strongover 2021/22 Summer
• Good season in 2022 is crucial forclub tocommence torebuild ourfinances
• Introductionof newbooking system “ Clubman” hasbeenstarted with is a more fitfor purpose systemdesignedforskiclubs.
• More communicationswill follow butwill return to booking ona bed basis
• Priority points willonly be spent whenneeded (use minimum) with points to be reinstated for the lastfewseasons
• Thankyou to Michael Forbesand Mel for effortsin transition to Clubman
• Thankyouto Mel andthe committee/sub-committee for efforts
• ThankyoutoJamesMillarforeffortssince2014inrolesonthecommittee
• Thankyouto DanielleWruck for herworkasTreasurer in2021.
4. TreasurersReport TreasurersReportprovidebyDanielleWruck
Notes from Annual Report
• Financialsbetterthan2020butstillsignificantlyimpactedbyCOVID19pandemic
• Summerincome has strengthened this year(33%increase on 2019)
• Expenseshavebeen managedwell
• Strongcash balance mainlydue to members buying 5 or10year memberships
• 2021 loss – 117k ($239k improvement on 2020)
• Lodge costs have been managed well
• Ongoingrisk around insuranceremains
• Balance sheet remains strong, equity decrease due to loss incurred in 2021
• ReportnotespotentialrisksarisingthroughCOVID
• Sufficientfundstoenablefinancingofongoingoperations,ourkeyratio’sarestableand strong
• Strongmembershipwaitlist
• No foreseeable materialimpacts on operations inthe short tomedium term
BullerLodgeReport
• Well attendedwork party in May
• Numberofnotableissuesduetothelodgenotbeingused
• Newlodgemanagers-Sally&Cha
• Goodsnowfall
• Change to dinner arrangements
• Supplychain challenges were experienced
• COVIDimpactsfeltfrommid-Julywhenrestrictionsstartedtoreappear
• Lodgeclosedbysecondweekofschoolholidays
• Summerutilization has been strongandmountainhad focus on summeractivities
• 2022 season keyevents overWinter
Falls Creek Report
• Thankyou tomembers who have contributed to FallsCreekin 2021
• New bike cage wellreceived and more work tobedone
• Smallmaintenanceisstilloccurring
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5. LodgeUpdate
• First work partyis April is fully subscribed
• ThankyoutoLizWhiteandRosKelsallfor2021season
• Liz White will be managinglodge for 2021
• Callout for volunteers fora lodge sub committee
Mount Hotham
• New 35 yearlease has been signed forMtHotham
• Lease has an undertaking forcommenceto main sewer and wewill bemanaging costs of process
• Workingparties remain well subscribed
• Acknowledgement ofGraham Scott for theirfamily working party
• Future lodgedevelopments – will be lookingintooptionsover next few years following signingofthelongtermlease.
6. Formalresolutions
a. Adoption of 2021 Accounts
The Financial Statements presented in the 2021 Annual Report be adopted by this meeting on a show ofhands.
Moved:DanielleWruck
Seconded: WoodyMacpherson
MotionCarried
b. Confirmation of Auditor
That Mr WJ Griffin confirmed asAuditor of theClub on a show ofhands
Moved: DanielleWruck
Seconded: Felicity Koch
MotionCarried
c. 2022Annual Subscriptions
Motion:
1. ThatAnnual Subscriptions for 2023increasefrom1 January 2023to$365 for members and $182.50for Associate and ProvisionalMembers
2. Thatmulti-year subscriptions for Members beset at $1555 for5 yearsand $2920 for 10years
3. Thatthe Entrance Feefor New Members beset at $3300 from 1st January of 2023
Proposer: DanielleWruck
Seconded:JudyBarnesby
MotionCarried
d. Election of Office Bearers
Nominationsfor President: David Cleland
Proposed : Graham Mulhall
Seconded: Rob Walker
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Therebeingnofurthernominations,DavidClelandwasdeclaredelected
Nominationsfor Treasurer: Andrew Adams
Proposed : David Cleland
Seconded: Graham Mulhall
There being nofurthernominations, Danielle Wruckwasdeclared elected
Nominationsfor Secretary: JudyBarnesby
Proposed : DavidCleland
Seconded: DennisRigoni
There being nofurthernominations, Judy Barnesby was declared elected
e. Election of Committee:
Thefollowingnominationswerereceivedforpositionsonthecommittee:
Nomination
Felicity Koch
Kate Abel
Steve McSweeney
Jessica Hill
Rob Walker
DennisRigoni
FionaHellier
ChrisMacpherson
GrahamMulhall
Michael Forbes
Committeedeclared elected
7. General Business
Issuesrelatedtocommunicationchannels withmembers. Following feedback wewill bereviewing communicationwithclub and will start with a survey of members this year.
Keyfocusfor2022willremainfocusingonfinancestoensurerecoveryremainsasourunderlyingfocus. FridayMay6 – pre-seasonsocialatTheBotanicalHotel.
MeetingClosed8.00pm
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UNIVERSITYSKI CLUB (Company Limitedby Guarantee) A.B.N.33004276260
ANNUAL REPORT
31DECEMBER2022
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REPORT OFTHE COMMITTEE- 31DECEMBER 2022
The Committee presentstheirReporton the Company forthe year ended 31 December 2022.
Directors&Officers
ThefollowingpersonswereDirectorsoftheCompanyduringthewholeofthefinancialyearanduptothedateof thisReport:
CMacphersonJBarnesby JHill
SMcSweeneyDCleland RWalker
FKochKAbel DennisRigoni
FionaHellier
GrahamMulhallisnotaDirector,butremainedongeneralcommitteethroughthe2022year.
James Millar andDanielle Wruck did not standforre-election at the AGM.
Andrew Adams andMichael Forbes were elected asdirectors at the AGM.
The qualifications and responsibilities ofthe Directorsin officeare:
Kate AbelBVSc(Hons)(Melb) MD(Distinct)(Melb)
MedicalSub Committee Chair
Andrew Adams Capt. retd., B. Sci., Grad Dip Eco., FCPA. Treasurer
Judy Barnesby BBusGrad Diploma HR & IR Secretary
David Cleland LLB BSc President& MtHotham Manager
Michael Forbes Bachelor of Commerce and Science IT
Fiona Hellier RN, BN, Masters of Applied Gerontology (MAppGeront)
Falls Creek
JessicaHill Bachelor of Lawsand Bachelor of Commerce Summer, Compliance
Felicity Koch B.Sci (Agri) Uni. Melb., Grad. Dip.Bus. (Marketing) RMIT,.Grad.Cert. Sustainabilty (Agri.) IMD,
Stephen McSweeney AssocDiploma of Applied ScienceBld & Construction
Buller, Social
Buller, Building developments
Chris Macpherson B App Sc General committee
Dennis Rigoni Electrical Mechanics, Dip Project Management Buller
Robert Walker LLB (Hons) Racing
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Directors Meetings
The number of meetingsof the committee and the number ofmeetings attendedby each of the directors during the financial yearare:
PrincipalActivities
The principal continuing activities oftheClubare to organise and promotethesport ofsnow skiing for the benefit of club members.The cluboperates three lodgesin Australia.
Results
The net resultof the Club's activities was aProfit of $198,937(2021Loss $116,952). Thereis noIncome Tax applicable.
Review ofOperations
OperationsoftheClubwerestillimpactedbyCOVID-19,mainlythroughoutbreaksateachofthe3 lodgesthroughthe2022season.Winterrefundsofapproximated$65,000wepaidtomembersand theirguestsaffected.
The Clubmaintains insurancecoverage upon its Buildings andContents, albeit that insurance premiums haveincreased substantially. There are few Insurersoffering coveragefor alpine facilities in Australia.
TheProfitfromactivitieswas$198,937,whichincludedexpensingof$157,360indepreciation(2021 Depreciation$167,599)
Significant Changesin the state of affairs
Oneof the largest landslipsin Victoriaoccurred in October 2022 on the BogongHigh Plains Road, restrictingaccess tothe Falls Creekresort. The landslip isestimated tobe70m high and 100m wide and at thetime of preparing this report,was still active. It isunknown when the road to Falls Creek will reopen.AllFalls Creek Summerincomehasbeen lost for 2022/23 andthereis the possibility that Winter2023incomewillalsobeaffected.
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Director Eligible to attend Committee Meetings K Abel 9 7 A Adams 7 7 J Barnesby 9 9 D Cleland 9 9 M Forbes 7 6 F Hellier 9 9 J Hill 9 7 F Koch 9 8 S McSweeney 9 6 C Macpherson 9 9 JMillar 2 2 D Rigoni 9 5 R Walker 9 6 D Wruck 2 2
Site Leases
Asat31 December 2022, Sitelease details foreach site inAustraliaare as follows;
MattersSubsequenttotheendoftheFinancialYear
TheFinancialStatementsandnotessetoutonpages6to21oftheAnnualReport:
(a)complywithAccountingStandardsandthe CorporationsLawAct2001;and
(b)giveatrueandfairviewoftheCompany’sfinancialpositionasat31December2022andofits performance,asrepresentedbytheresultsofitsoperationsanditscashflows,forthefinancialyear endedonthatdate.
Insurance ofOfficers
During the financialyear, the Company paid apremium to insure the Directors and Officers of the Company. Inaccordancewiththe confidentialityconditions of the Policy, we are unable to disclose the natureof the liabilities covered,nor the premiumpaid.
Directors'Benefits
Since 31 December 2022 no Director of the Company hasreceived or becomeentitledto receive a benefit.
Signedat Melbournethis March 2023, in accordance with a Resolution ofthe committee.
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Lodge Date Lease Entered into Termof Lease Date Lease Expires TermRemaining Mt Buller 01/11/1990 36 years 31/10/2026 3 years10 months FallsCreek 01/11/1993 40 years 31/10/2033 10 years 10 months MtHotham 1/11/2022 35 years 31/10/2056 33 years10months
JBarnesby–Director/Secretary
JudithBarnesby(Mar7,202315:49GMT+11)
D Cleland – Director/President
DavidCleland(Mar7,202313:14GMT+11) DavidCleland
JudithBarnesby
11| Page UNIVERSITYSKI CLUB (Company Limited by Guarantee) A.B.N. 33 004 276 260 FINANCIALREPORT 31 DECEMBER 2022 CONTENTS Statement of Profit or Loss 12 Statement of Financial Position 13 Statement of Changes in Equity 14 Statement of Cash Flows 15 NotestotheFinancialStatements 16 Director's Declaration 25 Independent Audit Report to the Members 26
(Company Limited by Guarantee)
A.B.N. 33 004 276 260 STATEMENT OF PROFIT OR LOSS FOR THEYEARENDED 31 DECEMBER 2022
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UNIVERSITY SKI CLUB
Notes 2022 2021 $ $ Revenue 2 991,879 538,354 Otherincome 2 2,645 1,082 Revenue fromOrdinary Activities 994,524 539,436 Lodge Expenses (448,168)(301,703) Insurance (130,943)(125,550) AdministrationExpenses (59,112)(59,673) Depreciation (157,363)(167,599) Interest Expense 0 (1,864) (795,586)(656,389) Current yearsurplusbeforeincometax 3 198,937 (116,953) Incometaxexpenses 00 Net current yearsurplus/(loss) 198,937 (116,953) Surplus/(loss) attributed to members equity 198,937 (116,953)
The accompanying notes formpartof these financial statements
UNIVERSITYSKICLUB
(Company Limited by Guarantee)
A.B.N.33 004 276 260 STATEMENT OF FINANCIAL POSITION AS AT31ST DECEMBER 2022
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Note 2022 2021 $ $ CurrentAssets Cashand cashEquivalents 4 598,225 329,939 Accountsreceivable and otherdebtors 5 -Inventories 6 3,544 3,544 Other 7 90,989 76,156 Total Current Assets 692,758 409,639 Non Current Assets Property,plant andequipment 8 1,839,716 1,978,749 Total Non CurrentAssets 1,839,716 1,978,749 TOTAL ASSETS 2,532,474 2,388,388 CurrentLiabilities AccountsPayableand Other Payables 9 51,194 88,104 Total Current Liabilities 51,194 88,104 Non-current Liabilities Other 9 74,747 92,687 Total Non-Current Liabilities 74,747 92,687 TOTALLIABILITIES 125,941 180,791 NETASSETS 2,406,533 2,207,597 Members’ Equity Retained Surplus 10 2,406,533 2,207,597 TOTAL MEMBERS EQUITY 2,406,533 2,207,597
UNIVERSITY SKI CLUB
(Company Limited by Guarantee)
A.B.N. 33 004 276 260 STATEMENT OF CHANGESINEQUITY FOR THEYEARENDED 31 DECEMBER 2022
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Note 2022 2021 $ $ Total Equity at the beginning ofthe financialyear 10 2,207,596 2,324,548 Total changesin Members' Equity recognised in Profit and Loss Statement 10 198,937 (116,952) Total Members' Equity at the end of thefinancial year 10 2,406,533 2,207,596
The accompanying notes formpartof these financial statements
(Company Limitedby Guarantee)
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A.B.N. 33004276 260 STATEMENT OF CASH FLOW FORTHE YEAR ENDED31 DECEMBER2022 Notes 2022 2021 $ $ Cash flows from operating activities Receipts from Members andgrants 976,787 538,354 Paymentsto Supliersand Members (692,810) (453,840) Interest received 2,645 1,082 Interest paid 0 (1,864) Net cash from operating activities 14 286,622 83,732 Cash flows from investing activities PaymentsforpurchaseofProperty,Plant&Equipment (18,331) (14,667) Netcash(usedin)investing activities (18,331) (14,667) Cash flows from financing activities 0 Net cash (used in) financing activities 0 0 Net change in cash and cash equivalents held 268,290 69,065 Cash andcashequivalents at the beginning ofthe financial year 329,935 260,870 Cash andcashequivalents at the end of the financial year 4 598,225 329,935
UNIVERSITYSKICLUB
(CompanyLimitedbyGuarantee)
A.B.N.33004276260
NOTESTOTHEFINANCIALSTATEMENTS
ASAT30THJUNE2022
1.STATEMENTOFSIGNIFICANTACCOUNTINGPOLICIES
(a)BasisofPreparation
ThesegeneralpurposeFinancialReportshavebeenpreparedinaccordancewiththerequirementsofthe CorporationsAct2001andAustralianAccountingStandards.Thefinancialstatements,exceptforthe CashFlowinformation,havebeenpreparedonanaccrualsbasisandarebasedonhistoricalcostsunless otherwisestatedinthenotes.Suchaccountingpoliciesareconsistentwiththoseofpreviousperiods.
(b)Statementofcompliance
TheFinancialReportcomplieswithAustralianAccountingStandards,whichincludeAustralian equivalentstoInternationalFinancialReportingStandards(“AIFRS”).CompliancewithAIFRSensures thattheFinancialReport,comprisingtheFinancialStatementandNotesthereto,complieswith InternationalFinancialReportingStandards(“IFRS”).
(c)Revenue/Subscription
MultipleyearsubscriptionrevenueisdeferredandisbroughttoaccountasIncomeintherelevantyear. Allrevenueisstatednetoftheamountofgoodsandservicestax(GST).
(d)Inventories
Inventoriesaremeasuredatthelowerofcostandcurrentreplacementcost.
(e)Property,plantandequipment
Eachclassofproperty,plantandequipmentiscarriedatcostorfairvalueasindicated,lesswhere applicable,accumulateddepreciationandanyimpairmentlosses.
Buildings
Buildingsareshownatcostwithintheseaccounts.
Valuationsofreienstatementcostswhereperformedbyanindependentvaluerforinsurancespurposes inJune2020.ThereinstatementvaluesexcludingGSTareasfollows:
MtBullerLodge$9,452,636
MtHothamLodge$4,579,696
FallsCreekLodge$4,094,802
Subtotal$18,127,134
(f)Depreciation
DepreciationiscalculatedonastraightlinebasissoastowriteoffthenetcostofeachitemofProperty, PlantandEquipment(excludingland)overitsexpectedusefullifetotheClub.Estimatesofremaining usefullivesaremadeonaregularbasisforallassetswithannualreassessmentsformajoritems.The expectedusefullivesareasfollows:
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(g)Inventories
Allinventoriesarevaluedatthelowerofcostandcurrentreplacementcost.
(h)IncomeTax
TheClubisexemptfromincometaxunderSection50-5oftheIncomeTaxAssessmentAct1997.
(i)Expenditure
Allexpenditureisaccountedonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate allcostsrelatedtothecategory.Wherecostscannotbedirectlyattributedtoaparticularcategorythey havebeenallocatedonabasisconsistentwithuseoftheresources.
(j)CriticalaccountingEstimatesandJudgements
Thedirectorsevaluateestimatesandjudgementsincorporatedintothefinancialstatementasbasedon historicalknowledgeandbestavailablecurrentinformation.Estimatesassumeareasonableexpectation forfutureeventsandarebasedoncurrenttrendsandeconomicdate,obtainedbothexternallyand withinthegroup.
(k)Comparatives
Comparativefigureshavebeenadjustedtoconformtothechangesinpresentationforthecurrent financialyearwhererequiredbyaccountingstandardsorasaresulttochangesinaccountingpolicy.
(l)SubsequentEvents
COVID-19anditsassociatedeconomicimpactsremainuncertain.TheClubcontinuestocloselymonitor developmentswithafocusonpotentialfinancialandoperationalimpacts.TheDirectorsoftheClub,on thedateofapprovingthesefinancialstatements,areoftheviewtheeffectsofCOVID-19donotchange thesignificantestimates,judgementsandassumptionsinthepreparationoffinancialstatements, howevernotethatthesituationiscontinuingtoevolve.
17| Page Buildings25years Furnishingsandequipment5years Officeequipment5years
UNIVERSITYSKICLUB
(Company Limited by Guarantee)
A.B.N. 33 004 276260
NOTES TOTHE FINANCIAL STATEMENTS AS AT 31STDECEMBER 2022
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2022 2021 $ $
RevenuefromOrdinaryActivitieshasbeen determinedafter: RevenueandOtherIncome ClubMembershipRevenue EntranceFees 17,89524,558 Membership Fees 182,585 160,161 MiscellaneousRevenue 15,54746,691 Lodge Income Hotham 151,690 71,102 Buller 395,247131,718 Falls Creek 228,916 104,124 Other Income Interest 2,645 1,082 994,524 539,436
2 PROFITFROMORDINARYACTIVITIES
Surplus from ordinary activities beforeincome
expenses includes: Net gains Interest received/receivable 2,645 1,082 Club Revenue Subscriptions/Lodge Income 991,880 538,355 Expenses Lodge Expenses (448,168) (301,703) Administration (59,112) (59,673) Insurance (130,943)(125,550) Depreciation of Property,Plant& Equipment (157,363) (167,599) Interest paid (1,864) Currentyearsurplus/(loss)beforeincometax 198,937 (116,952) 4 CASHANDCASHEQUIVALENTS CashatBank 298,184122,413 Cash Management Account 41 207,526 CashonTermDeposits 300,000598,225 329,939
3
SURPLUSFOR
THE YEAR
tax
19| Page 5 Accounts R ecievableandOtherDebtors Sundry Receivables --6 Inventories Club merchandise 3,544 3,544 3,544 3,544 7 Other Prepayments 90,989 76,156 90,989 76,156 8 PROPERTY, PLANT & EQUIPMENT LeaseholdLandandBuildings Hotham -Atcost 904,286 904,286 Less: Accumulated depreciation (620,912) (595,405) 283,374 308,881 Buller -Atcost 3,183,522 3,183,522 Less:Accumulateddepreciation (2,032,697) (1,946,954) 1,150,825 1,236,568
20| Page Falls Creek Leashold land - Atcost 154,000 154,000 Building -At cost 1,232,738 1,232,739 Less: Accumulated depreciation (1,017,520)(996,244) 369,218 390,495 Total Land and Buildings 1,803,417 1,935,944 Furnishings and Equipment Hotham -At cost 121,601 116,229 Less: Accumulated depreciation (113,212) (110,456) 8,389 5,773 Buller -At cost 538,014 529,054 Less: Accumulated depreciation (523,513) (513,883) 14,501 15,171 Falls Creek -At cost 335,608 331,608 Less: Accumulated depreciation (324,228) (315,632) 11,380 15,976 Total Furnishings andEquipment 34,269 36,920 OfficeEquipment -Atcost 28,387 28,387 Less: Accumulated depreciation (26,357) (25,642) 2,030 2,745
21| Page ITSystem -Atcost 11,567 11,567 Less:Accumulateddepreciation (11,567) (8,427) - 3,140 Total Property, Plant and Equipment 1,839,716 1,978,749
UNIVERSITY SKI CLUB (Company Limited by Guarantee)
A.B.N. 33 004 276 260 NOTES TOTHE FINANCIAL STATEMENTS ASAT 31STDECEMBER 2022
8.Property,Plant&Equipment (continued)
The accompanying notes formpartof these financial statements
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Land& Furnishing & Office IT Total Buildings Equipment Equipment System $ $ $ $ $ Carrrying amount 1 January 2022 1,935,944 36,919 2,745 3,140 1,978,748 Additions 18,331 18,331 Depreciation expenses 132,526 20,982 715 3,140 157,363 Carryingamount at 31 December 2022 1,803,418 34,268 2,030 (0) 1,839,716
During the yearthe entitysoldclub merchandise and lodge accommodation toDirectorsand Directorrelated partieswithin thenormal member relationship on termsand conditions no more favourable than those available to other members.
23| Page 9 Accounts Payable and Other Payables CURRENT NAB CreditCard 817 710 Payables 41,056 38,006 Goods and Services Tax (GST) (12,539)(4,242) Membership subscription in advance 20,845 21,349 Superannuation Payable 1,015 774 Global Funding(InsuranceFunding) 0 31,507 51,194 88,104 NON - CURRENT Other-Membershipsubscriptionsin advance 74,747 92,687 74,747 92,687 125,941 180,791 10 Retained Surplus and Reserves Retained profits atthe beginningof the year 2,207,596 2,324,549 Net Surplus (Loss) 198,937 (116,952) Retained profits atthe endof the year 2,406,533 2,207,597 11 Renumeration of Directors
are reimbursed asincurred. 12 Auditor's Remuneration Audit Fees 2,900 2,900 2,900 2,900 13 Related Party Transactions
TheDirectorsreceivenorenumerationorbenefits.Expenditureinthecourseofcarryingouttheir responsibilities
15 MembersGuarantee
The Entity is Incorporated under the CorporationsAct 2001 and is an Entity, Limitedby Guarantee. The the Entityis wound up, the Constitution states that each Member is required to contribute a maximum of $1 each, towards meeting any outstandingsandobligations ofthe Entity. At 31 December 2022, the number ofMembers was 695,including 92Provisional members.
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Cash
Reconciliationof CashFlow from Operations with Net Current YearSurplus/(Deficiency) Net Surplus/(Loss) for year after Income Tax 198,937 (116,953) Adjustments for: Depreciation 157,363 167,599 Decrease (Increase) inReceivables - 3,139 Decrease (Increase) inStock on Hand -Decrease (Increase) inPrepayments (14,831) (6,974) (Decrease)Increase inAccruals (SundryCreditors) 13,034 (5,566) Increase(Decrease) inOperating TradeCreditors (9,983) 14,329 Increase(Decrease) inSubscriptions in Advance (18,444) 47,421 Funding Costs (31,507) (19,509) Credit CardIncrease (Decrease) 107 (1,676) Superannuation Increase(Decrease) 241 266 Tax Obligations (GST) (8,296) 1,655 Net cash fromoperatingactivities 286,622 83,731
14
flow Information
UNIVERSITY SKI CLUB
(Company Limitedby Guarantee)
A.B.N. 33004 276 260 DIRECTORS' DECLARATION
InaccordancewitharesolutionofthedirectorsoftheUniversitySkiClubLtd,the directors declarethat:
1.ThefinancialstatementsandNotes,assetoutonpages2to13,arein accordance with the CorporationsAct 2001
(a) comply with the AustralianAccounting Standards; and
(b)giveatrueandfairviewofthefinancialpositionofthecompanyasat31st December 2022 and of its performance for the year ended on that date.
2. In thedirectors' opinionthereare reasonablegrounds tobelieve that the company will be abletopayitsdebts as and when they become due and payable.
DavidCleland
DavidCleland(Mar7,202313:14GMT+11)
D.Cleland Director/President
JudithBarnesby
JudithBarnesby(Mar7,202315:49GMT+11)
Mar7,2023
J.Barnesby Director/Secretary Melbourne
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