2019...clements, eliza cook, anya cox, ariana cresswell, michaela cullen, morgan cumberlege, annie...

Annual Report

2019

b University College

Members of the College Council 1

Report of the Council President 2

Resident Tutors 4

Staff 5

Resident Students 6

Scholarship Recipients 8

2019 Donors 10

Report of the College Council 11

Auditor Independence Declaration 13

Councillors’ Declaration 14

Statement of Comprehensive Income 15

Statement of Financial Position 16

Statement of Changes in Equity 17

Statement of Cash Flows 18

Notes to the Financial Statements 19

Independent Auditor’s Report 38

2019 Student Cohort 40

CONTENTS

Mollie Farrell, Georgia Taylor, Erica Roche, Div Pillay, Drew Ireland-Shead, Jane Peck and Dr Jennifer McDonald

Dr Jennifer McDonald, Jack Woods and Oliver Adler

Mallory Evans and Dr Alison Harcourt AOGeorgina Sweet Society at the Grainger Museum

Annual Report 2019 1

Office Bearers

President: K. Jane Peck, BA Melb. GAICD

Deputy President and Co-opted: Ms Kathryn Bellion, BA LLB Monash GradDip IR/HRM MBus VU MCom RMIT

Treasurer: Ms Jay Bonnington, BCom MBA Monash FCPA FAICD

Secretary to Council: Dr J McDonald, BA(Hons) DipEd MEd(Stud Well) PhD Melb. MACE

Appointed by the University of Melbourne Academic Board

Professor Anne Lillis, BCom MCom PhD Melb.

Elected by the Members of the College

Mr James Black, BCom(Hons) MAppFin Melb. GradDipAppFin SIA

Mr John Mathieson, BCom Melb. MAICD

Mr Richard Sweetnam, BCom Melb. CA ANZ

Ms Rebecca Lobb, BCom JD Melb.

Co-opted to the Council

Ms Anna Crameri, BA GradDip(Mgt) Melb. PD(Marketing) CIM(UK) Cert(Leadership) UToronto

Ms Monique MacRitchie, BA Monash MA Paris MIB JD Melb.

Ms Karyn Sobels, BA UniSA MComLaw Deakin FAICD

Dr Zita Unger, PhD Sociology Melb. BEdSt UQ BA Melb. GAICD FAES

MEMBERS OF THE COLLEGE COUNCILas at 31 December 2019

Dr Zita Unger

Jane Peck and Jay Bonnington

Dr Jennifer McDonald and John MathiesonMonique MacRitchie

2 University College

REPORT OF THE COUNCIL PRESIDENTYear ended 31 December 2019

The 2019 academic year started with a fresh cohort of students filling our new ensuite rooms on the top two floors of the Roper and Sweet wings. There was great feedback from both students and parents about the different sizes and configurations of the new rooms.

The remaining lower floors, consisting of offices, new study and tutorials spaces and conference facilities, were completed for the start of the second semester. The new seminar centre, with a dedicated entrance and break-out areas, permitted us to keep conference guests completely

separate from our students – a positive outcome for all.

The new building was officially opened by the Chancellor of the University of Melbourne, Mr Alan Myers AC QC, on 7 August at a gathering of students, friends, alumni, stakeholders and other interested parties. Also present to celebrate the opening were our consultants, who had seen us through the lengthy, and sometimes challenging, project.

Another highlight of the redevelopment project was the restoration and new placement of the “Legend of Being” mural by Erica McGilchrist, which now takes pride of place in the Mural Room. It is truly an outstanding piece of work and those of you who recall it in the shadows at the end of the old dining room will be delighted to see it so magnificently displayed now.

Our students achieved strong academic results throughout 2019, bolstering our belief in the positive advantages that College life provides for young adults. For this reason, we continue to award as many scholarships to as many students in need as possible. Scholarships can be life-changing for some and this is an

Everything we do at UC is directed towards enabling students to have an enriching and transformative residential college experience at a pivotal stage of their lives. From our fantastic new buildings and developing scholarship program, to our positive pastoral care, our excellent academic support and our extra-curricular activities; we know this approach works by the high regard that past students hold for the College.

Jane Peck and Chancellor, Mr Allan Myers AC QC

area that we intend to focus upon now our attention can be turned away from construction. I whole heartedly thank all our current donors and hope you realise how grateful we all are for your generosity. We are working closely with our financiers to ensure that our scholarship funds are able to grow and be directed to the best use.

Also under development is the new Frappe Fort Society, designed to engage alumni and other interested parties in fundraising for scholarships at UC.

After the departure of so many councillors due to changes in the constitution, we welcomed a new body of members, who bring great experience and knowledge to our Council.

Council member Kathryn Bellion has taken up the role of Deputy President and will chair the Scholarships Committee.

We welcomed Mr Richard Sweetnam and Jamie Black, who both joined the Finance Committee, and Anna Crameri, who will bring her experience to Audit and Risk and Governance. Martine Botha has accepted an exciting new position in Hong Kong

and Rebecca Lobb filled her vacancy on Council and the Governance Committee. We welcomed Karyn Sobels to our Advancement Committee, she brings with her diverse industry knowledge and strong board experience.

This year we farewelled Matthew O’Keefe, who was on Council for eight years. He will continue as an independent member of the Finance committee.

The end of the year also saw the departure of our Treasurer, Jay Bonnington. She has given us two years of exceptional input that has seen the finances of the College move into a stronger position, with the build finished and the long term finances in place. I personally thank her for her time and Council will miss her wise guidance. Jay is stepping back from many of her commitments.

Also, many thanks to alumnus Patrick Farrell for kindly donating his time to assist the working group that has been updating the College’s Risk Register. His input has been invaluable.

Our newly appointed College Secretary, Lizanne Kleyn-De Villiers, has been compiling all our policies

and procedures and ensuring they are up to date and compliant. College members will be pleased to see the streamlined approach taken to policies such as our Codes of Conduct.

We are always proud of our alumni who are acknowledged for their hard work and inspirational achievements. Congratulations to alumna Dr Faye Bendrups (UWC 1974) for being recognised in the Australian Financial Review 100 Women of Influence Awards in 2019, for her tireless work within the community. She is truly an inspiration for our students. Congratulations also to Victorian Senior Citizen of the Year and Fellow of the College, one of our most distinguished alumna, Dr Alison Harcourt AO (UWC 1947, Governor, Fellow). Dr Harcourt was made an Officer of the Order of Australia in a Queen’s Birthday Honours list marked by female trailblazers.

And of course I thank our Head of College, Dr Jennifer McDonald, and all her staff who continue working hard to maximise College applications for 2020 while ensuring a smooth transition to a larger cohort.

K. Jane PeckPresident of Council



RESIDENT TUTORS

Ms Mollie Farrell, BA Melb. Master of Arts and Cultural Management Melb.

Mr Zak Kapakoulakis, BSci (Pathology) Melb. Master of Teaching Melb. Semester 1 only

Ms Sher Maine Tan BSci (Medical Bioscience) Monash University Malaysia, Master of Biomedical Science Melb.

Ms Emily Webb-Ware BAgr Melb.

Mr James Hutcheon, BCom (Economics), Master of Engineering (Electrical) Melb.

Mr Ayush Srinet, BEng (Chemical and Materials) Auckland. Master in Management with Finance Melb.

Ms Lauren Powell, BA Melb.

Ms Lucinda Harrison, BSci Melb. Currently studying: Master of Computational Biology Melb. Semester 2 only

Ms Linda Eitelberg, BMath Newcastle. Master of Data Science Melb. Semester 1 only

Mr Nicholas Langdon, BA (Honours) Melb. Master of International Relations Melb. Semester 2 only

Mr Vincent Liu, BSci (Mechatronics Systems) Melb. Currently studying: Master of Engineering (Mechatronics) Melb.

Ms Mallory Evans, BA (Honours) W.Aust. Master of Publishing and Communications Melb.

Mr On Zhi Xiang, BA Melb. Master in Clinical Neuropsychology candidate La Trobe

On Zhi Xiang, Mallory Evans and Mollie Farrell

Emily Webb-Ware and Ayush Srinet


Head of CollegeDr J McDonald, BA(Hons) DipEd MEd(Stud Well) PhD Melb.

Dean of StudentsMrs Liz Agostino, BA(Hons) PostGrad Dip (Psych) Melb.

Dean of StudiesMr Andre Louhanapessy, BEng Trisakti MDevSt Melb.

Commercial Manager Ms Kelly Reed, BA Acc Swinburne DipEd Monash

Finance ManagerMs Kelly Fung, BCom La Trobe CPA

Accounts OfficerMs Pui Shan Kwok, BCom La Trobe CPA

Advancement ManagerMr Sam Hawkins, BCom Monash MBus Deakin

Marketing and Communications Coordinator Ms Rachel Unicomb, BComn Newcastle

Marketing and Communications AdvisorMs Quyen Do, BBus W.Syd

House, Events and Conference ManagerMr Tim McBain, BCom Griffith

Guest Services OfficerMs Gina Cahayagan Ms Joanna Stalker

Registrar Ms Zoey Maiden, DipBus DipMan Navitas

Wellbeing CoordinatorMs Alexandra Ehrenberg, BBehavSc(Psych) PGDipPsych QUT, MBMSc Syd. MAPS

LibrarianMrs Carolyn Brown BEd (Librarianship) Melb. AALIA

ArchivistMr Ian Forster, BHA NSW MA (Archives & Records) Monash

Facilities ManagerMr Henri Seneque

Assistant Facilities ManagerMr Dane Pound

GardenerMr Ian Robertson, Assoc Dip Hort Melb. Burnley

Maintenance OfficerMr Sam Pilgrim

Executive ChefMr Philip Garrod

Head ChefMr Edward Reyes

Sous ChefMr Gagandeep Singh

Mr Andy Tran

Chef de PartieMr Marcin Betkowski

Trade CooksMr Komal Jhowrey

Apprentice ChefMs Jahvaan Quilter

Dining Hall SupervisorMr Greg Coutts

Kitchen StaffMs Lucy Saliba

Mr Kevin Williams

STAFF

Andre Louhanapessy

Ian Forster

Liz Agostino and Kelly Reed

Erica Roche and Zoey MaidenTim McBain


Graduate

Eitelberg, Linda*Gray, ChloeHargrove, Bailey*Harvey, RichieJaupi, Jona*Kibriya, ShayestaLiu, Kevin*Manson WilliamMadugalle, AneeshaSalem, Aiman*Solar, Ivana

Third yearEguizabal, RicardoForday, AnelieseGriffin, FinnianLarsen, JonasLee, Meg*Mitchell, Maya

Second yearAgnihotri, SwastiAnderson, EloiseBanerjee, AdrijaBarr Smith, XantheBenoit, CaraBevins, AmeliaBinks, DanielBlain, AlexBlakeley, CharlieBlakers, RainjanBolton, EmilyBrown, LachlanCollins, BenCoombes, ElizaCottrell, TomCowling, JamesCrussol, ChloeCurran, Charlie

Davies, KaylaDayananda, IshiraDhakshinamoorthy, HarishDigby, MaggieDolman, PipEdmunds, JamesElder-Hackford, GeorgiaElith, BridieFerluga, RachaelFinn, Alex*Foott, MorganForge, HamishFranco, LukeGaroni, JonathanGoldsack, ClaireHallam, LilyHancock, KaitlynHancock, CharlieHitchman, BenHodgman, LizHolloway, OliviaHumphry, CaraJensz, Mia*Jones, MitchellKeogh, IsabellaKors, AlecLagos, ZacLanyon, NedLee, TomLee, JessLejeune, LouisLoughnan, AmeliaMacLaren, HamishMarr, JessicaMarsh, KimmiMcBain, SamMcKenzie, LilliMills, CharlotteMorgan, DavidOmura, Miyu

Orlandi, MiaO’Sullivan, MollyParsons, WilliamPearce, MollyPerez, AngusPersson, SofiaPfeiffer, SoniaPruim, TessaRees, IssyRhodes, SophieRoche, EricaRochvarger, TzurRooke, JonicaScales, MaxSchucht, AlizeeSharp, JasperSharpe, JakamoSpencer, LaraStefanou, Madelene*Stephenson, WilburStewart, Katie*Stewart, LorettaStowman, RubySymons, CharlesTaylor, GeorgiaThomson, VictoriaTiffin, CatherineTolliday, MaxTravers, NikkiTunney, OliviaVelthuis, MontyVan Ammers, Zoe*von Stieglitz, ZoeWatson, PhoebeWells, SusannahWhitfeld, NinaWilliams, ArchieWilliams, HuwWinter-Irving, SarahWoodhouse, Millie

Yung, Lauren*Yung, Vanessa*

First yearAlcorso, IsabellaAmey, EmmaAndrews, LachlanAnzora, Anthony (SA)Arbanas, Laura (SA)Ayers, GeorgieBallesteros, SelenaBanerjee, AdrijaBarker, Zoe (NR*)Barnett, Reade*Bartholomeusz, BrandonBatiuk, Jill (SA)Beale, JamieBeattie, WillBlack, George (NR*)Bolger, Dougie*Boness, TaraBoreham, LucasBrown, FrancescaBrown, RubyByrne, ConnorCampbell, NatalieCastle, SarahChauhan, ManveerChen, JohnChesterman, Hannah*Clements, ElizaCook, AnyaCox, ArianaCresswell, MichaelaCullen, MorganCumberlege, AnnieDavid, Talon (SA)Deane, JackDevine, GeorgieDouglas, Fraser

RESIDENT STUDENTS

Aneliese Forday, Maya Mitchell and Loretta Stewart Alicia McGovern, Andy Nicholas and Ashley Kind


Doyle, Joseph (SA)

Droga, Lucia*

Edis, Liam*

Edwards, Tom

Eng, Tristan

Engelen, Alba

Epple, Evan (SA)

Evans, Olivia (NR*)

Fennessy, Liam

Ferns, Erin (SA)

Finnegan, Katya

Flahvin, Fearghas

Francis, Laura

Gazal, Alessandra

Gee, Lachie

Giles-Cook, Jemimah

Gill, Helena*

Goh, Renee

Gorman, Ellen

Gray, Hamilton

Greene, Georgia

Griff, Teya

Grundy, Matthew

Gunawardena, Jerod*

Haddock, Khyla (SA)

Hardy, Anna

Harrison, Kylie (SA)

Harte, James (NR*)

Hay, Tyron

Hemmings, Karl

Heng-Chin, Ashleigh

Henwood, Grace

Hilson, Sam

Hitchman, Alex

Hobden, Sally

Horton, Imogen

Hourani, Ali

Humphris, Oliver

Hutchins, Kathryn

Ireland-Shead, Drew

Irwin, Charlie

Jackel, Gracie

Jones, Steph

Karunaratne, Sharaan

Kelly, Piper*

Kelsey-Shueard, Taylor

Kenderova, Georgia (SA)

Kershaw, Ysabel

Kind, Ashley

Kohno, Angela

Koo, Constance*

Lansell, Giselle*

Lam, Pinky*

Li, Amy

Li, Emily

Lim, Estella*

Lin, Nathan*

Longden, Sadie

Lowe, Nina

Mackie, Clare (SA)

MacLaren, Lachlan

Madden, Rani

Malouf, Jessie

Maruff, Bronte

Maxwell, Amelia

McConney, Niamh

McGovern, Alicia

McKay, Tom

McKay, Emily

McMurtrie, Tess

Measday, Elsie

Mercer, Ellie

Millen, Ally (NR*)

Mitchell-Innes, Skye

Morgado, Wilker

Morling, Bec

Motley, Cooper

Mueller, Audrey*

Nanphakdi, AphisitNguyen, HienNicholas, AndrewNolen, LexieNoonan, LucaOldham, PhoebeOppy, HamishPalmberger, Eric (SA)Pan, SophiaPanjkov, SimonParkyn, SamanthaPatterson, GabyPayne, GeorgePearce, ElizabethPearson, MareePhillips, PhoebePhilpotts, ElliotPicart, JoaquinPodiono, Shawn*Porter, HannahPowell, AnnabellePurbrick, CooperQuarm, MaddisonRamchandani, Shanaya*Rao, Raisa*Rensen, NicRix, AnnabelleRowan, Eden*Russell-Thomas, Anthony*Saines, BenSait, EricaSalveson, Maddie (NR*)Scanlon, TullySchmidt, JerrySenthamilselvan, Easwari SnehaaShepherd, SamSlobom, LucySpencer, ClemSummerhayes, Olivia (NR*)

Szallasi, TimSze, SophiaTeh, VivienTehan, Issy*Tennant, MegTeodoro, Agustin*Thompson, JoshThorne, James Trotter, JontyTuggle, Austin (SA)Unthank, Amelia (NR*)Vernon-Elliot, JakeVon Bardeleben, EmmaWade, JessWang, TimWatson, ArtyWatts, EllieWebster, HugoWettenhall, JemimaWheeler, Gwen (SA)Whitaker, KatieWhitfield, AftynWong, Giona*Wong, SharonWong, WhitneyWoods, BenWyrill, SamZamora Galland Ruiz, Emily (SA)

*NR denotes Non Resident for first semester

NR* denotes Non Resident for first semester, resident for second semester

NR denotes Non Resident for the full year

* denotes one semester (or less) only

SA denotes Study Abroad

International Day of Happiness at UCChampion cricket team

FIRST YEAR STUDENTS

Isabella Alcorso UC Tasmania Scholarship

Brandon Bartholomeusz YMF Kathy Avdiev Memorial Award

Hannah Chesterman Dr Paul Lee Scholarship

Tyron Hay UC New South Wales Scholarship

Grace Henwood Jill Williams Scholarship

Samuel Hilson DMW Industries Doyle Family Scholarship

Alex Hitchman Corbett Family Scholarship

Oliver Humphris Binding Scholarship

Kathryn Hutchins Jill Williams Scholarship

Drew Ireland-Shead Dr Angela Milne Scholarship

Taylor Kelsey-Shueard UC Victoria Scholarship

Amy Li Myra Roper Scholarship

Emily Li Myra Roper Scholarship

Lachlan MacLaren Gates Buchanan Scholarship

Amelia Maxwell Ros Terry Scholarship

Alicia McGovern UC Victoria Scholarship

Ellie-Jade Mercer Broughton Scholarship

Aphisit Nanphakdi Dr Elizabeth Shaw Medicine Scholarship, Margaret Garson Medicine Scholarship and Tweddle Family Scholarship

Hannah Porter UC Western Australia Scholarship

Erica Sait Triggs Scholarship

Jerry Schmidt UC Queensland Scholarship

Sam Shepherd Botha Family Scholarship

Jonty Trotter McGregor Family Fund Scholarship

Aftyn Whitfield Irene Mary Murray Scholarship

Whitney Wong Lena McEwan Soroptomist International Scholarship and UC Queensland Scholarship

SCHOLARSHIP RECIPIENTS

55 individuals were awarded scholarships in 2019.


Sam Shepherd with Michael Botha (UC 2012) and Martine Botha (UC 2008)

Reg and Norma Binding

Meg Lee, Jill Williams (UWC 1954, Governor), Kathryn Hutchins and Grace Henwood


RETURNING STUDENTS

Andrija Banerjee Wheeler Scholarship

Emily Bolton Captain Walter Joseph Grubb Scholarship

Tom Cottrell Binding Scholarship

James Cowling YMF Kathy Avdiev Memorial Award

Maggie Digby Jill Eastwood Scholarship

Rachael Ferluga QLS Group Wimmera-Mallee Scholarship

Luke Franco Stewardson-Walpole Scholarship

Jonathan Garoni UniLodge Scholarship

Finn Griffin UC Frappe Fort Leadership Scholarship

Olivia Holloway David Syme Charitable Foundation Media Scholarship

Meg Lee Jill Williams Scholarship

Louis Lejeune Daryl Grubb and Louise Joy Scholarship

Hamish MacLaren Dr Deborah Seifert Scholarship

Angus Perez Nelson Alexander Foundation Scholarship

Sofia Persson Barbara and Max Murray Scholarship

Sophie Rhodes UC Staff Scholarship

Erica Roche UC Leadership Scholarship

Jonica Rooke University College Scholarship

Ivana Solar Dr Adelaide Gertrude Gault Scholarship

Madelene Stefanou McGregor Family Fund Scholarship

Ruby Stowman David Syme Charitable Foundation Scholarship

Katie Stewart UniLodge Scholarship

Georgia Taylor UC Leadership Scholarship

Olivia Tunney Meredith McComas Scholarship

Montague Velthuis Dr Anne G Jabara Scholarship

Zoe von Stieglitz Ursula Hoff Scholarship

Phoebe Watson The Ray and Joyce Uebergang Foundation Scholarship

Sarah Winter-Irving Kathy Skelton Scholarship

GRADUATES

Chloe Gray McGregor Family Fund Scholarship

Richie Harvey Hurrell Family Scholarship

Scholarship recipients Alicia McGovern, Taylor Kelsey-Shueard, Hannah Porter, Jerry Schmidt, Isabella Alcorso and Tyron Hay with President of Council, Ms K. Jane Peck (UWC 1969)


Kerry Yu (UC 1995), Hannah Chesterman and Kevin Ng (UC 1995)

Mrs A & Mr I Ada

Mr D Adams

Mrs S & Mr G Addison

Prof D Bartholomeusz

Ms S Bhullar

Mr A Bibby

Mrs N & Mr R Binding

Mrs S Blacklaws

Mrs J Blencowe

Mrs J & Mr S Bonnington

Botha Family

Dr D Bresciani OAM & Mr L Bresciani

Dr L Broughton

Mrs B Buchanan

Dr M Bullen

Mrs N Burns

Dr A Carrucan

Chambers Family

Dr C Cheers

Ms M Citroen

Corbett Family

Cox Family

Mrs A Cronin OAM

Mrs D Demack

Ms A Duncan

Mrs S & Mr B Elton

Dr R Evans

Mrs A & Mr P Farrell

Mrs P Ford

Mrs B Gregory OAM & Dr A Gregory AM

Mr S Guerrini

Hawkins Family

Mrs J & Prof A Holmes

Mrs J & Mr R Horseman

Hughes Family

Hurrel Family

Dr A Jabara

Dr C Johnston

Mrs L Joy & Mr D Grubb

Ms M Kelso

Mr A Kensit

Dr R Kiss & Mr C O’Donohue

Mrs F Koch

Mrs D Lang & Mr E Lang

Mrs K Lovering OAM & Prof J Lovering AO

Mr R Macdonald

Mr W Mackie

Ms M MacRitchie

Mr J Mathieson

Mrs J & Mr C McCraith

Dr J McDonald & the Hon P Honeywood

Mrs C & Mr M McGain

McGregor Family

Mrs O Milne

Dr J Mitchell

Dr A Moffatt

Prof M Monk

Dr E Morrison

Ms H Murray & Prof B Lagay

Dr B & Mr M Murray

Ms S Nixon OAM

Mrs D Norton

Mrs A Oppenheim

Mr J Parsons

Dr S Pearce

Mrs S Pearce & Mr M Pearce

Ms J Peck

Ms A Pipkorn

Mr A Plunkett

Mrs C & Mr B Power

Mrs A Robertson & Mr R Cross

Mrs J Ryles OAM & Mr G Ryles OAM KSJ

Dr E Shaw

Mr G Stevens

Mrs J Stewardson

Dr R Terry

Mrs G & Mr R Tolliday

Miss Y Turner

Mrs J Walstab

Dr B & Dr N Wambeek

Mrs M Webster

Ms A Weir

Rev R Wheeler

Dr B Williams

Ms J Williams

Mrs V Wilson

Mrs P Wood

Prof R Yi

Ms K Yu & Mr K Ng

Mr T Zhu

Australian Communities

Foundation

David Syme Charitable

Trust

DMW Industries Pty Ltd

Ecycle Solutions Pty Ltd

Estate of Margaret Joyce

Boston

Nelson Alexander

Foundation

Perpetual Trustee

Company Limited

The University College

Association

The Ray and Joyce

Uebergang Foundation

Youth Music Foundation

of Australia

As well as donors

who chose to remain

anonymous.

Oliver Humphris and Tom Cottrell with Reg and Norma Binding (Governors)

Bill and Liz Corbett (Governors)Dr Di Bresciani OAM (UWC 1960, Fellow), Amelia Maxwell and Dr Ros Terry (UWC 1958, Fellow)

Mollie Farrell and Dr Lynne Broughton (UWC 1964, Fellow)

2019 DONORS


Financial Report for the Year Ended 31 December 2019

REPORT OF THE COLLEGE COUNCIL

COUNCILLORS’ REPORTIn accordance with a resolution of the Council, the financial report for the year ended 31 December 2019 is submitted to members of the College. In accordance with the provisions of the Australian Charities and Not-for-profits Commission Act 2012, the Council reports that:

Principal ActivityThe principal activity of the College in the course of the financial year was the provision of residential and associated educational facilities for undergraduates and graduates attending the University of Melbourne. During the year there have been no significant changes in the nature of this activity. The College also accepts residents from other nearby Universities in accordance with its Statute of Affiliation with the University of Melbourne.

Operating ResultsThe operating result was a surplus of $301,003 (2018: deficit $111,050). Due to the revaluation of the buildings and leased land in 2018, and recognition of cost to complete of the new building, the College recorded a surplus for the year of $2,174,860 (2018: $10,078,464).

Dividends Paid or RecommendedUniversity College is a company limited by guarantee. As such it has no share capital and no dividends are paid.

Review of OperationsOverall income for the year was an 18.34% increase from last year, including charitable operations due to an increase in room capacity. The College maintained 100% occupancy throughout the year for its graduate and undergraduate student accommodation. Conference income was a 16.5% increase from last year as a consequence of greater bookings. Apartment revenue was $208,871 (2018: $33,760) as in the prior year the Hewitt and Graduate apartments were mostly occupied by students.

In 2019 Case Meallin provided an estimate of $500,000 to complete

the MPS1 building project. In November 2019 the construction loan facility was refinanced as a $47,000,000 3 year facility with an overdraft facility of $1,000,000 available for operational needs.

Significant Changes in State of AffairsNo significant changes in the College’s state of affairs occurred during the financial year, except for the above mentioned matters.

After Balance Date EventsThe outbreak of COVID-19 and the subsequent quarantine measures imposed by Australia and other governments as well as the travel and trade restrictions imposed by Australia and other countries throughout 2020 have caused disruption to businesses and economic activity. The College considers this to be a non-adjusting post balance sheet event and accordingly the financial effects of COVID-19 have not been reflected in the College’s financial statements as at 31 December 2019.

This has had a negative impact on the operations of the College. The operations of the College are directly linked to the operations of The University of Melbourne, which has also been significantly impacted by the pandemic and associated mandatory government quarantine measures in an effort to contain the spread of the epidemic.

The College has not yet been able to resume normal operating levels as at the date these financial statements are authorised for issue.

In light of these circumstances, the College has renegotiated a variation to its existing facility agreement with National Australia Bank (“NAB”) to defer $850,000 that was due for payment in financial year 2020 and to vary financial covenant compliance for the 2020 year. The College is currently negotiating a new financing arrangement with NAB to provide sufficient cash for the College to work through the financial impact of COVID-19.

As the situation remains fluid (due to continuing changes in government policy and evolving business and student reactions thereto) as at the date these financial statements were authorised for issue, the College Council Members considered that the financial effects of COVID-19 on the College’s financial statements cannot be reasonably estimated. Nevertheless, the economic effects arising from the COVID-19 outbreak are expected to materially affect the financial results of the College for the full year of 2020.

No other matter or circumstance has occurred subsequent to year end that has significantly affected, or may significantly affect, the operations of the College, the results of those operations or the state of affairs of the entity in subsequent financial years.

Future DevelopmentsThe College has no plans for future developments.

Environmental IssuesThe College’s operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a state or territory.

Indemnifying Officers The Councillors in their capacity as officers of the College are covered under the College’s Directors and Officers Liability Policy which covers past, present and future Councillors for claims alleging a wrongful act including pecuniary penalties, costs and expenses that may be incurred in defending a claim. Coverage is also available under the Statutory Liability Policy for fines and penalties from operating the business, including fines related to workers compensation and occupational health and safety. The policy excludes any deliberately fraudulent act or omission or any wilful violation or breach of any law.

Proceedings on Behalf of the CollegeNo person has applied for leave of Court to bring proceedings on behalf of the College or intervene in any proceedings to which the



REPORT OF THE COLLEGE COUNCIL (CONTINUED)

Council Meetings Finance Committee Governance Committee Scholarship Committee

Number eligible to

attend

Number attended

Number eligible to

attend

Number attended

Number eligible to

attend

Number attended

Number eligible to

attend

Number attended

Kathryn Bellion 7 3 4 2 2 2

James Black 6 4 7 4

Jay Bonnington 7 6 8 8 4 2

Martine Botha 4 3

Anna Crameri 5 4 3 2

Anne Lillis 7 6 8 7

Rebecca Lobb 3 3 3 3

Monique MacRitchie 7 6

John Mathieson 7 7 8 8

Jennifer McDonald 7 7 8 7 4 3 2 2

Matthew O'Keefe 5 3 8 1

Jane Peck 7 7 8 8 4 4 2 2

Karyn Sobels 1 0

Richard Sweetnam 7 5 7 4

Zita Unger 7 7 8 7 4 4

Councillor absences from any Council meetings held during the financial year occurred with the requisite knowledge and agreement of Council.

College is a party for the purpose of taking responsibility on behalf of the College for all or any part of those proceedings. The College was not a party to any such proceedings during the year.

Meetings of CouncillorsDuring the financial year, 20 meetings of Councillors (including committee meetings) were held. Attendances by each Councillor were as follows:



Auditor Independence DeclarationThe lead auditor’s independence declaration for the year ended 31 December 2019 has been received and can be found above.Signed in accordance with a resolution of the Councillors.

JANE PECK JAMES BLACKDirector DirectorDated: 06/08/2020 Melbourne

COUNCILLORS’ DECLARATIONFor the financial year ended 31 December 2019

The Councillors declare that the financial statements and notes as set out on pages 15 to 37 are in accordance with Division 60 of the Australian Charities and Not-for-profits Commission Act 2012 and:

a) comply with Australian Accounting Standards – Reduced Disclosure Requirements, Division 60 of the Australian Charities and Not-for-profits Commission Regulation 2013 and other mandatory professional reporting requirements in Australia; and

b) give a true and fair view of the College’s financial position as at 31 December 2019 and of the performance for the year ended on that date of the entity.

In the Councillors’ opinion, there are reasonable grounds to believe that the College will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Councillors.

JANE PECK JAMES BLACKDirector DirectorDated: 06/08/2020Melbourne

REPORT OF THE COLLEGE COUNCIL (CONTINUED)


STATEMENT OF COMPREHENSIVE INCOMEFor the year ended 31 December 2019

2019 2018 Note $ $

Revenue 2 10,163,404 8,663,751

Other income 2 372,628 239,145

Total Income 10,536,032 8,902,896

Employee benefits expense (3,648,596) (3,166,268)

Depreciation and amortisation expense 3a (2,380,100) (932,405)

Finance costs 3b (594,771) (422,606)

Other operating expenses 3c (3,459,971) (4,371,159)

Auditor’s remuneration 3d (24,700) (24,500)

Asset impairment write-off – (34,376)

Temporary facilities (126,891) (62,632)

Total Operating Expenditure (10,235,029) (9,013,946)

Surplus/Deficit from Operations 301,003 (111,050)

Net Non Operating Surplus 3e 1,873,857 10,189,514

Surplus for the year 2,174,860 10,078,464

Other comprehensive income for the year, net of tax – –

Total comprehensive surplus/(deficit) attributable to members of the College 2,174,860 10,078,464

The accompanying notes form part of these financial statements.


STATEMENT OF FINANCIAL POSITIONFor the year ended 31 December 2019

2019 2018 Note $ $

ASSETS

CURRENT ASSETS

Cash and cash equivalents 4 2,397,783 556,842

Trade and other receivables 5 47,326 823,643

Inventories 6 31,445 15,651

Other assets 7 124,308 116,347

TOTAL CURRENT ASSETS 2,600,862 1,512,483

NON-CURRENT ASSETS

Property, plant and equipment 8 66,019,868 58,042,716

Intangible assets 9 23,695 6,817

TOTAL NON-CURRENT ASSETS 66,043,563 58,049,533

TOTAL ASSETS 68,644,425 59,562,016

LIABILITIES

CURRENT LIABILITIES

Trade and other payables 10 1,843,104 3,389,532

Borrowings 11 1,230,954 38,116,131

Short-term provisions 12 395,965 383,793

TOTAL CURRENT LIABILITIES 3,470,023 41,889,456

NON-CURRENT LIABILITIES

Borrowings 11 45,299,270 61,642

Long-term provisions 12 23,665 36,311

TOTAL NON-CURRENT LIABILITIES 45,322,935 97,953

TOTAL LIABILITIES 48,792,958 41,987,409

NET ASSETS 19,851,467 17,574,607

EQUITY

Retained Earnings 18,354,939 16,312,309

Reserves 21a 1,496,528 1,262,298

TOTAL EQUITY 19,851,467 17,574,607



STATEMENT OF CHANGES IN EQUITY For the year ended 31 December 2019

Financial Retained Funds and Revaluation Assets Earnings Reserves Surplus Reserve Total $ $ $ $ $

Balance at 1 January 2018 6,178,283 1,315,860 – – 7,494,143

Loss attributable to the entity 10,078,464 – – – 10,078,464

Transfer to retained earnings from funds and reserves 55,562 (55,562) – – –

Transfer to revaluation surplus – – 2,000 – 2,000

Balance at 31 December 2018 16,312,309 1,260,298 2,000 – 17,574,607

Profit attributable to the entity 2,174,860 – – – 2,174,860

Transfer from retained earnings to funds and reserves (132,230) 132,230 – – –

Transfer to revaluation surplus – – 102,000 – 102,000

Balance at 31 December 2019 18,354,939 1,392,528 104,000 – 19,851,467

For a list of each reserve, refer to Note 21.



STATEMENT OF CASH FLOWSFor the year ended 31 December 2019

2019 2018 Note $ $

CASH FLOW FROM OPERATING ACTIVITIES

Receipts from operations 11,127,873 8,313,843

Payments to suppliers (5,013,558) (4,469,688)

Payments to employees (3,648,596) (3,186,408)

Interest received 15,817 1,664

Finance costs (594,771) (447,722)

Net cash generated from operating activities 18b 1,886,765 211,689

CASH FLOW FROM INVESTING ACTIVITIES

Payment for property, plant and equipment (8,411,586) (14,860,948)

Net cash used in investing activities (8,411,586) (14,860,948)

CASH FLOW FROM FINANCING ACTIVITIES

(Repayment) / Receipts of finance lease commitments (22,020) (34,005)

(Repayment) / Receipt of proceeds from bills of exchange 9,629,116 22,228,808

Net cash generated from financing activities 9,607,096 22,194,803

Net increase in cash held 3,082,275 7,545,544

Cash and cash equivalents at beginning of the financial year (684,492) (8,230,036)

Cash and cash equivalents at the end of the financial year 4 & 11 2,397,783 (684,492)



NOTES TO THE FINANCIAL STATEMENTSFor the year ended 31 December 2019

Basis of Preparation

The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards Reduced Disclosure Requirements and the Australian Charities and Not-for-profits Commission Act 2012.

Australian Accounting Standards set out accounting policies that the AASB has concluded would result in financial statements containing relevant and reliable information about transactions, events and conditions. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless otherwise stated.

For the purposes of preparing the financial report, the College is a not-for-profit entity. The financial statements have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non-current assets, financial assets and financial liabilities. The financial report is presented in Australian dollars.

Going concern

The College is expected to experience significant financial impact as a result of the COVID-19 global pandemic. The College is forecasting a material decline in cash flows for the next 12 months due an expected reduction in student occupancy as a result of the pandemic. The College has an external banking facility with National Australia Bank (“NAB”) of $46,468,582 with a maturity date of 29 November 2022. Under the finance facility, $1,200,000 is repayable each financial year with the balance payable on the maturity date. The College is reliant on a favourable renegotiation of this banking facility to extend the maturity date and provide additional working capital funds to see the College through the financial downturn of COVID-19. To date, the College has successfully paid $350,000 and secured a variation of

the agreement that defers $850,000 of the repayable amount for financial year 2020. Further, the covenants associated with the debt facility have been amended for 2020 to support the College during the pandemic. The College believe it is the banks intention to provide additional funding and financial relief for the College to work through the current financial downturn.

However, in the event that the College is unable to secure an extension to existing finance facilities, or arrange alternative means of finance, such events would create a material uncertainty which may cast significant doubt on the ability of the College to continue as a going concern and, therefore, whether it will realise its assets and extinguish its liabilities in the normal course of business.

The financial report does not include adjustments relating to the recoverability and classification of recorded asset amounts nor to the amounts and classification of liabilities that might be necessary should the College not continue as a going concern.

Accounting Policies

a. Revenue

Residential revenue

The College provides supported university accommodation to undergraduate, graduate and College staff. The first instalment is due prior to the student moving into College. Fees are then billed each semester in advance. Alternative fee payment arrangements may be made by exception. A receivable is recognised on invoicing. Revenue is recognised over time as the College fulfils its contractual obligations to its residents.

Conference revenue

The College provides conference facilities, generally outside academic semesters. A deposit is received in advance of the conference but revenue is not recognised until the conference has been completed.

Donations and bequests

Donations and bequests are recognised when received.

b. Inventories

Inventories are measured at the lower of cost and current replacement cost. Costs are assigned to individual items of inventory on the basis of the first in first out method.

c. Property, Plant and Equipment

Property

Land and Buildings are measured at fair value less accumulated depreciation on buildings and impairment losses recognised at the date of revaluation. Valuations are performed with sufficient frequency to ensure that the fair value of a revalued asset does not differ materially from its carrying amount.

A revaluation surplus is recorded in other comprehensive income and credited to the asset revaluation reserve in equity. However, to the extent that it reverses a revaluation deficit of the same asset previously recognised in profit or loss, the increase is recognised in profit and loss. A revaluation deficit is recognised in the income statement, except to the extent that it offsets an existing surplus on the same asset recognised in the asset revaluation reserve.

Furniture and Equipment

Furniture and equipment are measured on the cost basis less depreciation and impairment losses, except for antique furniture and paintings which are measured at fair value less accumulated depreciation and impairment losses.

Depreciation

The depreciable amount of all fixed assets including buildings and capitalised lease assets, but excluding freehold land, is depreciated on a straight line basis over the asset’s useful life to the College

The financial statements are for University College as an individual entity. University College is a company limited by guarantee incorporated and domiciled in Australia.

Note 1: Summary of Significant Accounting Policies


NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the year ended 31 December 2019

commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.

The depreciation rates used for each class of depreciable assets are:

Class of Depreciation Fixed Asset Rate

Buildings 2.5%

Land Improvements 7.5%

General Equipment 15%

Furniture, Fixtures and Fittings 10%

Computer Equipment 25%

Computer Infrastructure 10%

Library Books 10%

Motor Vehicle 15%

Gym Equipment 16.67%

Plant and Equipment 6.67%-10%

Leased Land 4.7%

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

Asset classes carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are included in the statement of comprehensive income. When revalued assets are sold, amounts included in the revaluation reserve relating to that asset are transferred to retained earnings.

d. Leases

The College recognises a right of use lease asset and a lease liability at the commencement of the lease. The lease liability is initially measured in accordance with AASB 16, based on the present value of lease payments, plus initial direct costs and the cost of obligations to refurbish the asset, less any incentives received.

The leased asset is initially recognised at cost, or where applicable, at fair value through the income statement in accordance with AASB 1058. The leased asset is depreciated over the shorter of the

lease term or the useful life of the underlying asset. The leased asset is subject to testing for impairment if there is any indicator for impairment.

Lease payments generally include fixed lease payments and variable payments that depend on an index (such as an inflation index). When the lease contains an extension or purchase option that the College considers reasonably certain to be exercised, the cost of the option is included in the lease payments.

Leased assets are included in the heading Property, plant and equipment and the lease liability is included in the headings current and non-current liabilities.

The College has elected not to recognise leased assets and liabilities for leases where the total lease term is less than 12 months or leases are for low value IT equipment. The payment for such leases are recognised in the income statement on a straight line basis.

e. Financial Instruments

Recognition, initial measurement and derecognition

Financial assets and financial liabilities are recognised when the College becomes a party to the contractual provisions of the financial instrument, and are measured initially at fair value adjusted by transactions costs, except for those carried at fair value through profit or loss, which are measured initially at fair value. Subsequent measurement of financial assets and financial liabilities are described below.

Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and all substantial risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.

Classification and subsequent measurement of financial assets

Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price, all financial assets are initially measured

at fair value adjusted for transaction costs (where applicable).

For the purpose of subsequent measurement, financial assets other than those designated and effective as hedging instruments are classified into the following categories upon initial recognition:

• amortised cost

• fair value through profit or loss (FVPL)

• equity instruments at fair value through other comprehensive income (FVOCI)

All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within other expenses.

Classifications are determined by both:

• The entity’s business model for managing the financial asset

• The contractual cash flow characteristics of the financial assets

Subsequent measurement financial assets

Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVPL):

• they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows

• the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding

After initial recognition, these are measured at amortised cost using the effective interest method.

Discounting is omitted where the effect of discounting is immaterial. The College’s cash and cash equivalents, trade and most other receivables fall into this category of financial instruments as well as long-term deposit that were previously classified as held-to-maturity under AASB 139.

The College does not have financial assets at fair value through profit


or loss (FVPL) or equity instruments at fair value through other comprehensive income (Equity FVOCI).

Impairment of Financial assets

AASB 9’s impairment requirements use more forward-looking information to recognize expected credit losses – the ‘expected credit losses (ECL) model’. Instruments within the scope of the new requirements included loans and other debt-type financial assets measured at amortised cost and FVOCI, trade receivables and loan commitments and some financial guarantee contracts (for the issuer) that are not measured at fair value through profit or loss.

The College considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

In applying this forward-looking approach, a distinction is made between:

• financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (‘Stage 1’) and

• financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (‘Stage 2’).

‘Stage 3’ would cover financial assets that have objective evidence of impairment at the reporting date.

‘12-month expected credit losses’ are recognised for the first category while ‘lifetime expected credit losses’ are recognised for the second category.

Trade and other receivables

The College makes use of a simplified approach in accounting for trade and other receivables and records the loss allowance at the amount equal to the expected lifetime credit losses. In using this practical expedient, the College uses its historical experience, external indicators and forward-looking information to calculate

the expected credit losses using a provision matrix.

The College assesses impairment of trade receivables on a collective basis as they possess credit risk characteristics based on the days past due. The College allows 1% for amounts that are 30 to 60 days past due, 1.5% for amounts that are between 60 and 90 days past due and writes off fully any amounts that are more than 90 days past due.

Classification and measurement of financial liabilities

The College’s financial liabilities include borrowings and trade and other payables.

Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the College designated a financial liability at fair value through profit or loss.

Subsequently, financial liabilities are measured at amortised cost using the effective interest method.

All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in profit or loss are included within finance costs or finance income.

f. Impairment of Assets

At the end of each reporting period, the College reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the statement of comprehensive income.

Where the future economic benefits of the asset are not primarily dependent upon the asset’s ability to generate net cash inflows and when the College would, if deprived of the asset, replace its remaining future economic benefits, value in use is determined as the depreciated replacement cost of an asset.

Where it is not possible to estimate

the recoverable amount of an asset’s class, the College estimates the recoverable amount of the cash-generating unit to which the class of assets belong.

Where an impairment loss on a revalued asset is identified, this is debited against the revaluation reserve in respect of the same class of asset to the extent that the impairment loss does not exceed the amount in the revaluation reserve for that same class of asset.

g. Employee Benefits

Provision is made for the College’s liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits. In determining the liability, consideration is given to employee wage increases and the probability that the employee may not satisfy vesting requirements. Those cash outflows are discounted using market yields on corporate bonds with terms to maturity that match the expected timing of cash flows.

Contributions are made by the College to an employee superannuation fund and are charged as expenses when incurred.

h. Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, deposits held at-call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the statement of financial position.

i. Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised as part of the cost of




acquisition of the asset or as part of an item of expense. Receivables and payables in the statement of financial position are shown inclusive of GST. Cash flows are presented in the statement of cash flows on a gross basis, except for the GST component of investing and financing activities, which are disclosed as operating cash flows.

j. Income Tax

No provision for income tax has been raised as the College is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997.

k. Intangibles

Software is recorded at cost. Software has a finite life and is carried at cost less any accumulated amortisation and impairment losses. It has an estimated useful life of between one and three years. It is assessed annually for impairment.

l. Provisions

Provisions are recognised when the College has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of the reporting period.

m. Payables

Payables represent the liability outstanding at the end of the reporting period for goods and services received by the College during the reporting period which remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.

n. Critical Accounting Estimates and Judgments

The Council evaluates estimates and judgments incorporated into the financial statements based on historical knowledge and best available current information.

Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the College.

Key Estimates – Impairment

The College assesses impairment at each reporting date by evaluating conditions specific to the College that may lead to impairment of assets. Where an impairment trigger exists the recoverable amount of the asset is determined. Value-in-use calculations performed in assessing recoverable amounts incorporate a number of key estimates.

Key Judgments

Provision for impairment of receivables

Total receivables at 31 December 2019 amount to $47,326. There is a $7,472 provision for doubtful debts.

o. Comparative Figures

Where required by Accounting Standards comparative figures have been adjusted to conform with changes in presentation for the current financial year.



2019 2018 $ $

Revenue

Student fees 8,208,935 7,156,540

Resident tutors 175,976 146,256

Academic apartments 208,871 33,760

Conference income 1,406,846 1,207,384

Sundry income 146,959 118,147

10,147,587 8,662,087

Other Revenue

Interest received on financial assets not at fair value through profit or loss 15,817 1,664

15,817 1,664

Total Revenue 10,163,404 8,663,751

Other Income

Charitable income and fundraising 247,628 239,145

Bequests received 125,000 –

Total Other Income 372,628 239,145

Total Revenue and Other Income 10,536,032 8,902,896

Note 2: Revenue and Other Income



2019 2018 $ $

a. Expenses

Depreciation and Amortisation

Leased land 947,716 246,764

Buildings and improvements 1,203,711 493,949

Furniture, equipment and library books 208,231 175,307

Leased equipment 13,310 11,110

Software 7,132 5,275

Total Depreciation and Amortisation 2,380,100 932,405

b. Finance Costs

Finance Lease 4,313 5,639

Bills of Exchange 590,458 416,967

Total Finance Costs 594,771 422,606

c. Other Operating Expenses

Bad and doubtful debts 5,521 3,061

Catering 820,414 799,254

Computer costs 193,065 190,446

Household expenses and utilities 1,025,907 2,291,432

Insurance expenses 89,140 78,463

Office running costs / general operating costs 680,524 341,737

Repairs, maintenance and grounds 425,500 383,766

Scholarships and bursaries 219,900 283,000

3,459,971 4,371,159

d. Auditor’s Remuneration

Auditing the Financial Statements 24,700 24,500

e. Net Non-operating income

Gain on recognition of Right to Use Asset 3e (i) – 19,910,000

Increment on revaluation of old buildings – 2,038,616

Building rectification and redesign costs – (2,372,788)

Increment/(Decrement) on revaluation of new buildings 1,873,857 (9,386,314)

1,873,857 10,189,514

Note 3: Profit for the Year



2019 2018 $ $

CURRENT

Cash at bank 2,292,224 138,888

Cash on hand 1,000 1,000

Bank Guarantees 104,559 416,954

19 2,397,783 556,842

At 31 December 2019, the College had available $498,748 of undrawn committed current borrowing facilities.

Note 5: Trade and Other Receivables

2019 2018 Note $ $

CURRENT

Receivables 32,341 242,736

Provision for impairment 5 (i) (7,472) (1,951)

24,869 240,785

Other receivables 22,457 582,858

Total current receivables 47,326 823,643

(i) Provision for Impairment of Receivables

Current trade receivables are generally on 30-60 day terms. These receivables are assessed for recoverability and a provision for impairment is recognised when there is objective evidence that an individual trade receivable is impaired.

These amounts have been assessed as a provision for impairment of $7,472.

(ii) Credit Risk — Trade and Other Receivables

The College does not have any material credit risk exposure to any single receivable or group of receivables.

The following table details the College’s receivables exposed to credit risk (prior to collateral and other credit enhancements) with ageing analysis and impairment provided for thereon. Amounts are considered as ‘past due’ when the debt has not been settled within the terms and conditions agreed between the College and the customer or counter party to the transaction. Receivables that are past due are assessed for impairment by ascertaining solvency of the debtors and are provided for where there are specific circumstances indicating that the debt may not be fully repaid to the College.

The balances of receivables that remain within initial trade terms (as detailed in the table) are considered to be of high credit quality.

Note 4: Cash and Cash Equivalents

3e (i) Gain on recognition of Right to Use Asset

On 27 September 2018, the College entered into a ‘Right of use’ lease in relation to the Crown Land on which the College is located. Under the lease agreement, the College will lease the land for 21 years at a peppercorn rent.

The value of the ‘Right of Use’ leased land was independently valued by Nicholas Moore and Alex Nunn, Certified Practising Valuers, Urbis at $19,910,000. The valuation was completed as at 31 December 2018 at fair value using the ‘cost model’ less a discount for community service obligation (70%) associated with the restricted use of the land.

The College has adopted this value as the benefit from the use of the land.

This ‘Right of Use’ asset will be amortised over the period of the lease.



Note 5: Trade and Other Receivables (continued)

Gross Past due Past due but not impaired (days overdue) Within initial

amount and impaired < 30 31–60 61–90 > 90 trade terms

$ $ $ $ $ $ $

2019

Trade receivables 32,341 7,472 15,366 6,024 60 10,891 15,366

Other receivables 22,457 – 22,457 – – – 22,457

Total 54,798 7,472 37,823 6,024 60 10,891 37,823

2018

Trade receivables 242,736 1,951 206,900 8,159 975 26,702 206,900

Other receivables 582,858 – 582,858 – – – 582,858

Total 825,594 1,951 789,758 8,159 975 26,702 789,758

There is one balance of $7,472 within trade receivables that contains an asset that is impaired and is past due.

With that exception it is expected that these balances will be received when due.

2019 2018 Note $ $

Trade and other receivables:

Total current 47,326 823,643

Financial assets 19 47,326 823,643

Note 6: Inventories

2019 2018 $ $

CURRENT

At cost Inventory 31,445 15,651

Total Inventories 31,445 15,651

Note 7: Other Assets

2019 2018 $ $

CURRENT

Prepayments 124,308 116,347

Total Prepayments 124,308 116,347



2019 2018 $ $

BUILDINGS AND IMPROVEMENTS

Buildings and improvements at fair value 48,075,985 15,146,987

Work in progress 30,264 23,585,045

Less accumulated depreciation (3,175,592) (1,971,881)

44,930,657 36,760,151

FURNITURE AND EQUIPMENT

Furniture and equipment at cost 4,189,785 3,315,880

Furniture and equipment at fair value 421,176 319,176

Less accumulated depreciation (2,237,270) (2,015,727)

2,373,691 1,619,329

MOTOR VEHICLES

Motor vehicles at cost 23,291 23,291

Less accumulated depreciation (23,291) (23,291)

– –

LEASED LAND

Leased land at fair value 19,910,000 19,910,000

Less accumulated amortisation (1,194,480) (246,764)

18,715,520 19,663,236

Total property, plant and equipment 66,019,868 58,042,716

Note 8: Property, Plant and Equipment



Asset RevaluationsRevaluation of land and buildings The valuation of the College’s land and buildings was performed by Urbis Valuations & Advisory, independent valuers not related to the College, to determine the fair value of the land and buildings on an “as complete” basis.

The College determined fair value by reference to market-based evidence. This means that valuations performed by the valuer are based on active market prices, adjusted for any difference in the nature, location or condition of the specific property. The date of the revaluation was 12 February 2019. The “as complete” value of the buildings and the right to use the land is $66,280,000. This has been reduced by the estimated cost to complete the new buildling to reach a fair value as at 31 December 2019.

BI & FF&E Furniture Buildings and Work in and Leased Improvements Progress Equipment Land Total $ $ $ $ $

2019

Balance at the beginning of the year 13,140,731 23,619,420 1,619,329 19,663,236 58,042,716

Reallocation 44,270 (44,270) – – –

Additions at cost 7,600,700 30,264 743,299 – 8,374,263

Additions at fair value – – – – –

Capitalisation 23,444,546 (23,575,150) 130,604 – –

Reclassification – – – – –

Disposals – – – – –

Depreciation written back re: disposals – – – – –

Increment/(decrement) on revaluation 1,873,857 – 102,000 – 1,975,857

Depreciation written back re impairment – – – – –

Depreciation expense (1,203,711) – (221,541) (947,716) (2,372,968)

Work in progress completed – – – – –

Carrying amount at end of year 44,900,393 30,264 2,373,691 18,715,520 66,019,868

2018

Balance at the beginning of the year 11,629,260 18,812,670 1, 752,505 – 32,194,435

Additions at cost – 14,193,064 16,523 – 14,209,587

Additions at fair value – – – 19,910,000 19,910,000

Capitalisation – – – – –

Reclassification – – 35,898 – 35,898

Disposals – – – – –

Depreciation written back re: disposals – – – – –

Increment/(decrement) on revaluation 2,005,420 (9,386,314) 820 – (7,380,074)

Depreciation written back re impairment – – – – –

Depreciation expense (493,949) – (186,417) (246,764) (927,130)

Work in progress completed – – – – –

Carrying amount at end of year 13,140,731 23,619,420 1,619,329 19,663,236 58,042,716

Note 8: Property, Plant and Equipment (continued)

Movements in Carrying AmountsMovement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year:


Note 8: Property, Plant and Equipment (continued)


Note 9: Intangible Assets

2019 2018 $ $

Computer software – at cost 276,298 265,418

Additions-Work in progress 13,130 –

Accumulated amortisation (265,733) (258,601)

Net carrying value 23,695 6,817

Computer Computer Software Software 2019 2018 $ $

Balance at the beginning of the year 6,817 12,092

Additions 10,880 –

Additions-Work in progress 13,130 –

Amortisation charge (7,132) (5,275)

Carrying amount at end of year 23,695 6,817

Revaluation of paintings The valuation of the paintings was performed by E.J. Ainger Pty Ltd, independent valuers not related to the College, to determine the fair value of the paintings as at 31 December 2014. The date of valuation was 6 October 2014. Subsequently the College undertook an extensive restoration of the Mural “Legend of Being” by Erica McGilchrist. Leonard Joel, an independent valuer, revalued the Mural in March 2019 at a value of $120,000. Given the low individual value of other pieces in the art collection the College believes there have been no other material changes in the market value of any other paintings since 2014.

Revaluation of antique furnitureThe valuation of the antique furniture was performed by E.J. Ainger Pty Ltd, independent valuers not related to the College, to determine the fair value of the antique furniture as at 31 December 2015. The date of valuation was 4 September 2015. The College does not believe that the value of the antique furniture has changed materially since 2015.


Note 10: Trade and Other Payables

2019 2018 Note $ $

CURRENT

Payables 444,062 1,924,159

Deferred income 692,514 301,068

Other payables 706,528 1,164,305

1,843,104 3,389,532

a. Financial liabilities at amortised cost classified as trade and other payables

Total current 1,843,104 3,389,532

1,843,104 3,389,532

Less deferred income (692,514) (301,068)

Less accrued expense (220,531) (1,829,658)

Financial liabilities as trade and other payables 19 930,059 1,258,806


Note 11: Borrowings

2019 2018 Note $ $

CURRENT

Bills of exchange 13a 1,200,000 36,839,466

Lease liabilities 13b 30,954 35,331

Bank overdraft 13c – 1,241,334

1,230,954 38,116,131

NON-CURRENT

Bills of exchange 13a 45,268,582 –

Lease liabilities 13b 30,688 61,642

45,299,270 61,642

TOTAL BORROWINGS 19 46,530,224 38,177,773

Leased liabilities are secured by the underlying assets of the College.



Note 12: Provisions

Employee Benefits Total $ $

Opening balance at 1 January 2019 420,104 420,104

Additional provisions raised during year 16,502 16,502

Amounts used (16,976) (16,976)

Balance at 31 December 2019 419,630 419,630

2019 2018 $ $

Analysis of Total Provisions

Current 395,965 383,793

Non-Current 23,665 36,311

419,630 420,104

Provision for Employee Benefits

A provision has been recognised for employee entitlements relating to long service leave and annual leave. In calculating the present value of future cash flows in respect of long service leave, the probability of long service leave being taken is based on historical data. The measurement and recognition criteria relating to employee benefits have been included in Note 1 of the financial statements.



Note 13: Bills of Exchange, Capital, Leasing and Other Commitments

2019 2018 Note $ $

a. Bills of Exchange Commitments

not later than 12 months 1,200,000 36,839,466

later than 12 months but not later than 5 years 45,268,582 –

greater than 5 years – –

46,468,582 36,839,466

The College’s Facility Agreement with the NAB was varied on 29 November 2019 with Facility A amended to $47m for 3 years.

b. Lease Commitments

Payable – minimum lease payments

not later than 12 months 33,855 39,644

later than 12 months but not later than 5 years 32,185 66,040


Minimum lease payments 66,040 105,684

Less future finance charges (4,398) (8,711)

Present value of minimum lease payments 61,642 96,973

c. Bank Overdraft

not later than 12 months – 1,241,334

later than 12 months but not later than 5 years – –


– 1,241,334

On 29 November 2019, the College amended the Facility Agreement varying the overdraft facility to $1,000,000 which will expire on 30 September 2020 with an overdraft interest rate of BBSY rate plus 1.35% per annum.

Note 14: Contingent Liabilities and Assets

As at the end of the reporting date, there were no other contingent liabilities and assets.

Note 15: Events after the Reporting Period

The outbreak of COVID-19 and the subsequent quarantine measures imposed by Australia and other governments as well as the travel and trade restrictions imposed by Australia and other countries throughout 2020 have caused disruption to businesses and economic activity. The College considers this to be a non-adjusting post balance sheet event and accordingly the financial effects of COVID-19 have not been reflected in the College’s financial statements as at 31 December 2019.

This has had a negative impact on the operations of the College. The operations of the College are directly linked to the operations of The University of Melbourne, which has also been significantly impacted by the pandemic and associated mandatory government quarantine measures in an effort to contain the spread of the epidemic.

The College has not yet been able to resume normal operating levels as at the date these financial statements are authorised for issue.



Note 16: Key Management Personnel Compensation

Short-term Post- employ- Other Long- Benefits ment Benefits term Benefits Total $ $ $ $

2019

Total compensation 643,548 69,361 9,764 722,673

2018

Total compensation 660,326 65,391 7,482 733,199

Note 17: Related Party Transactions

The following transactions occurred with related parties during the financial year:

2019 2018 $ $

Donations received from Councillors 12,800 1,800

All transactions were made on normal commercial terms and conditions

Note 18: Cash Flow Information 2019 2018 Note $ $

a. Reconciliation of Cash

Cash at bank 4 2,292,224 138,888

Bank guarantees 4 104,559 416,954

Bank overdraft 13c – (1,241,334)

Other cash 4 1,000 1,000

2,397,783 (684,492)

Note 15: Events after the Reporting Period (continued)

In light of these circumstances, the College has renegotiated a variation to its existing facility agreement with National Australia Bank (“NAB”) to defer $850,000 that was due for payment in financial year 2020 and to vary financial covenant compliance for the 2020 year. The College is currently negotiating a new financing arrangement with NAB to provide sufficient cash for the College to work through the financial impact of COVID-19.

As the situation remains fluid (due to continuing changes in government policy and evolving business and student reactions thereto) as at the date these financial statements were authorised for issue, the College Council Members considered that the financial effects of COVID-19 on the College’s financial statements cannot be reasonably estimated. Nevertheless, the economic effects arising from the COVID-19 outbreak are expected to materially affect the financial results of the College for the full year of 2020.

No other matter or circumstance has occurred subsequent to year end that has significantly affected, or may significantly affect, the operations of the College, the results of those operations or the state of affairs of the entity in subsequent financial years.



Note 19: Financial Risk Management

The College’s financial instruments consist mainly of deposits with banks, accounts receivable and payable and borrowings by way of a Cash Advance term facility and overdraft facility with National Australia Bank.

The totals for each category of financial instruments, measured in accordance with AASB 9 as detailed in the accounting policies to these financial statements, are as follows:

2019 2018 Note $ $

Financial Assets

Cash and cash equivalents 4 2,397,783 556,842

Trade and other receivables 5 47,326 823,643

Total Financial Assets 2,445,109 1,380,485

Financial Liabilities

Financial liabilities at amortised cost

Trade and other payables 10 930,059 1,258,806

Borrowings 11 46,530,224 38,177,773

Total Financial Liabilities 47,460,283 39,436,579

Note 18: Cash Flow Information (continued) 2019 2018 Note $ $

b. Reconciliation of Cash Flows from Operations

Surplus after income tax 2,174,860 10,078,464

Non cash flows

Depreciation and amortisation 2,380,100 932,405

Asset (Incrememt)/Impairment through profit and loss on property, plant & equipment (1,873,857) 7,382,074

Bad debt 5,522 –

Right to use – leased land – (19,910,000)

Changes in assets and liabilities

Decrease / (Increase) in trade and other receivables 765,521 (587,389)

(Decrease) in trade and other payables (1,541,151) (10,210)

(Decrease) In provisions (474) (20,140)

(Increase) in inventories (15,794) (1,187)

(Increase) in prepayments (7,962) (25,116)

Building rectification and redesign – 2,372,788

Net cash generated from operating activities 1,886,765 211,689



Note 21: Reserves 2019 2018 $ $

(a) Funds and reserves comprise: Special Purpose Funds Scholarships:

Perpetual:

Angela Milne Scholarship 10,287 10,004

Ann Miller Scholarship 50,239 49,782

Anne G Jabara Scholarship 2,069 1,516

Archie Seymour Gates Scholarship 28,488 28,292

Buchanan Scholarship 65,118 64,667

Deborah Seifert Scholarship 19,930 21,264

Fanny & Elizabeth Sweet Scholarship 13,648 13,538

Georgina Sweet Estate Scholarship 18,432 18,282

Greta Hort Scholarship 70,954 69,883

Hurrell Family Scholarship 4,129 2,545

In Memoriam of Betty Marginson AM 1,011 1,003

Jill Eastwood Memorial Scholarship 24,632 24,462

Kathy Skelton Scholarship 44,809 41,505

Lena McEwan Memorial Fund 2,578 1,463

Lynne Broughton Scholarship 2,982 3,109

Margaret Boston Scholarship 133,664 –

Margaret Garson Scholarship 86,442 85,847

Meredith McComas Fund & Estate 46,252 45,933

Muriel Crabtree Estate & Memorial Fund 15,315 15,191

Myra Ellen Roper Scholarship 239,738 238,087

N. Boyd-Clark Scholarship 11,362 11,270

Perpetual General Scholarship 4 764 950

Ros Terry Scholarship 4,609 4,556

Soroptimist Scholarship 58,173 57,772

Stewardson Walpole Scholarship 98,927 98,196

Syme Scholarship 12,383 12,329

UC Association Fund 32,576 –

Wheeler Bursary Scholarship 6,360 6,316

Note 20: Capital Management 2019 2018 Note $ $

Total borrowings 11 46,530,224 38,177,773

Less cash and cash equivalents 4 (2,397,783) (556,842)

Net debt 44,132,441 37,620,931

Total equity (reserves + retained earnings) 19,851,467 17,574,607

Total capital 63,983,908 55,195,538

Gearing ratio 222.31% 214.06%



Note 21: Reserves (continued)

2019 2018 $ $

Annual: Botha Family Scholarship – 5,002

Corbett Family Scholarship 5,082 5,041

Elizabeth Shaw Legacy Fund 924 923

Framing of Hogarth prints 3,400 3,372

Graduate Scholarship – 137

Head’s Discretionary Fund – 1,022

Henry Botha 749 743

Indigenous Scholarship 9,730 9,651

Joseph Tweddle Trust 13,878 12,477

Mural Restoration – 1,640

Music Resource Fund 85 84

Music Scholarship 839 832

N & R Binding – 39,076

Pathways & Mentoring Program 122 121

Rural Scholarship 1,014 1,202

Scholarship Annual Appeal 23,118 10,993

Staff Scholarship 1,011 1,172

Pledges: Australian Communities Foundation 37,735 37,519

Connellan Airways Trust Scholarship – 2,679

D Grubb & L Joy Scholarship – 2,420

Eve Vorrath Scholarship (rural) – 2,054

General Art Fund – 100

Lynne Broughton Art Fund 1,740 6,354

Paul Lee Scholarship 658 1,302

QLS Group Wimmera Mallee Scholarship 10,008 10,004

Seavic Lodge No.8 Scholarship – 1,002

UniLodge Scholarship 10,121 16,025

1,230,085 1,100,709

Building and Development Fund:

Estate of Dr Lena McEwan 109,819 108,846

Lorrie Lawrence Memorial Fund 6,933 6,872

General 7,239 5,760

123,991 121,478

Library Fund:

Resource 1,060 1,050

General 37,392 37,061

38,452 38,111

Total Special Purpose Funds 1,392,528 1,260,298

General Purpose Fund – –

Available-for-sale Financial Assets Revaluation Reserve – –

Asset Revaluation Reserve 104,000 2,000

1,496,528 1,262,298



Note 21: Reserves (continued)

2019 2018 $ $

(b) Movements Special Purpose Funds

Opening balance 1,260,298 1,315,860

Transfer from operating surplus for the year 372,097 228,954

Transfer to operating surplus for the year (239,867) (284,516)

Closing balance 1,392,528 1,260,298

Asset Revaluation Reserve

Opening balance 2,000 –

Revaluation /(Impairment) 102,000 2,000

Closing balance 104,000 2,000

(c) Summary of net transfers from / (to) retained surplus

Special Purpose Funds 132,230 (55,562)

Asset Revaluation Reserve 102,000 2,000

234,230 (53,562)

Council is working with our financiers to replenish the Special Purpose Funds according to a plan agreed with the ACNC commencing in 2020.

Note 22: College Details

The registered office of the College is: University College, 40 College Crescent, Parkville Victoria 3052The principal place of business is: University College, 40 College Crescent, Parkville Victoria 3052

Note 23: Members’ Guarantee

The College is incorporated under the Corporations Act 2001 and is a college limited by guarantee. If the College is wound up, the constitution states that each member is required to contribute a maximum of $2.10 each towards meeting any outstandings and obligations of the College. At 31 December 2019 the number of members was 1,878.


INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF UNIVERSITY COLLEGE (CONTINUED)


LOCALITY OF STUDENTS’ ORIGIN:

FEMALE: 60%

MALE: 40%280STUDENTS

2019 UC STUDENT COHORT

Interstate 49%

Regional Victoria 31%

International 12%

Metropolitan 5%

Expat (Aust citizens living overseas) 3%

Students from over

164 different schools.Girton Grammar, Goulburn Valley Grammar School, Ballarat Grammar School, Canberra Girls Grammar School, Scotch Oakburn College and SCEGGs Darlinghurst were the schools with the highest representation of students.

STUDENTS ENROLLED ACROSS FOUR INSTITUTIONS:

RMITUNIVERSITY OF MELBOURNE

MONASH PHARMACY

ACU

University College

40 College Crescent Parkville Victoria 3052 Australia

telephone: +61 3 9347 3533 email: [email protected]

www.unicol.unimelb.edu.au

formerly University Women’s College

ABN 91 004 224 211

2019...clements, eliza cook, anya cox, ariana cresswell, michaela cullen, morgan cumberlege, annie...

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