ssu financial report 2015 - swinburne student union

SWINBURNE STUDENT UNION INCORPORATED

A.B.N. 39 774 574 866

SPECIAL PURPOSE FINANCIAL REPORTFOR THE YEAR ENDED 31 DECEMBER 2015

CONTENTS PAGE

COMMITTEE'S REPORT 1

INCOME AND EXPENDITURE STATEMENT 3

STATEMENT OF FINANCIAL POSITION 4

STATEMENT OF CHANGES IN EQUITY 5

STATEMENT OF CASH FLOWS 6

NOTES TO THE FINANCIAL STATEMENTS 7

STATEMENT BY MEMBERS OF THE COMMITTEE 9

INDEPENDENT AUDITOR'S REPORT 10

CERTIFICATE BY MEMBERS OF THE COMMITTEE 12

SWINBURNE STUDENT UNION INCORPORATEDA.B.N. 39 774 574 866

Committee of Management Members

The names of committee of management members throughout the year and at the date of this report are:

1 Jan 2015 to 31 Dec 2015

President Brendan Spackman-WilliamsGeneral Secretary Scott MorganEducation Officer Anthony OsborneWelfare Officer Joshua BriersHawthorn Campus Chair (until March 2015) Luke BunworthHawthorn Campus Chair (from March 2015) Benjamin JacksonDisability Support Representative Michael SamarinEnvironment & Sustainability Officer Cliff WarrenIndigenous Representative Christopher JakobiQueer Representative Lee TaubeWomen’s Representative Victoria PearcePostgraduate Representative Caitlin BrutyInternational Representative (until May 2015) Pavithra RamamurthyInternational Representative (from May 2015) Prakash Kumar SinghEducation – Public Affairs (until March 2015) Shaun RuigrokEducation – Public Affairs (from March 2015) Tanja SchindlerEducation – Academic Affairs Suzanne ByronTAFE/Apprentices & Traineeships Rep (until May 2015) Angus LangfordClubs & Activities Officer Tohiora KuruGeneral Representative (until May 2015) Emily MineoGeneral Representative (until May 2015) Joshua FernandezGeneral Representative (until May 2015) Hayley RuddGeneral Representative (from May 2015) David UberGeneral Representative (from May 2015) Jonathan SaccoGeneral Representative (from May 2015) Karuna Santosa

1 Jan 2016 - present

President Caitlin BrutyGeneral Secretary Brendan Spackman-WilliamsEducation Officer Anthony OsborneWelfare Officer Victoria PearceHawthorn Campus Chair (until March 2016) Tohiora KuruHawthorn Campus Chair (from April 2016) Krisnamurthy KosalramWantirna Campus Chair Will JosephHealth/Disability Representative (until March 2016) Karuna SantosaHealth/Disability Representative (from April 2016) Callum BorthwickEnvironment & Sustainability Officer Ana TincIndigenous Representative Christopher JakobiQueer Representative Zane ClarkWomen’s Representative Abigail MichellPostgraduate Representative Ryan ChenInternational Representative Adnan IslamEducation – Public Affairs (until March 2016) Asha KhalifaEducation – Public Affairs (from April 2016) Xzavier KellyEducation – Academic Affairs Suzanne Walker (nee Byron)PAVE Representative (until February 2016) Michael SamarinPAVE Representative (from February 2016) Daniel ScammellClubs Officer (until March 2016) Thomas FilippouClubs Officer (from May 2016) Ly MuyGeneral Representative Jared BermanGeneral Representative Joshua BriersGeneral Representative (until March 2016) Linda KenyonGeneral Representative (from April 2016) Joe Cullinan


COMMITTEE'S REPORT

Your committee members present the special purpose financial report on the entity for the financial year ended 31 December 2015.

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2015 2014$ $

INCOMEUniversity Funding 313,278 302,487 Membership Fees Received 26,058 29,955 Fundraising: Bar 25,953 36,159 Fundraising: BBQ 1,598 514 Fundraising: Merchandise 1,266 1,714 Fundraising: Events 3,144 3,851 Hire of Lockers & Equipment 4,250 3,100 Grant - 1,000 Interest Received 1,058 13 Other Income 10,351 4,389

TOTAL INCOME 386,955 383,182

EXPENDITUREActivities & Welfare 23,417 24,695 Administration Expenses 21,881 45,834 Committees & Associations 741 1,753 Depreciation 9,894 1,732 Employee Benefits 156,028 128,821 Events 73,363 97,676 Honoraria 50,575 43,536 Office Expenses 19,202 25,178 Student Media 16,194 27,251

371,293 396,475

TOTAL EXPENDITURE 371,293 396,475

NET SURPLUS/ (DEFICIT) ATTRIBUTABLE TO THE ASSOCIATION 15,662 (13,293)


INCOME AND EXPENDITURE STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2015

The Income and Expenditure Statement is to be read in conjunction with the independent audit report

and the notes to the financial statements.

3

2015 2014$ $

CURRENT ASSETS

Cash and Cash EquivalentsCash at Bank 14,229 57,711 Term Deposit 50,000 - Petty Cash 68 -

64,297 57,711

Trade and Other ReceivablesAccounts Receivable: Swinburne University 815 17,957 GST Refundable 6,333 15,166 Prepayments 15,277 -

22,425 33,122

TOTAL CURRENT ASSETS 86,722 90,833

NON-CURRENT ASSETS

Property, Plant and EquipmentOffice Equipment - at Cost 445 843,354 Less: Provision for Depreciation (443) (836,426)

2 6,928

Bar Equipment - at Cost 7,913 - Less: Provision for Depreciation (2,523) -

5,390 -

Building Improvement - at Cost 5,700 1,490,670 Less: Provision for Depreciation - (1,490,670)

5,700 0

TOTAL NON-CURRENT ASSETS 11,092 6,928

TOTAL ASSETS 97,814 97,761

CURRENT LIABILITIES

Trade and Other PayableAccounts Payable - 6,603 Accrued Expenses 5,700 - Electronic Clearing Account - 2,997 GST Payable - - PAYG Withholding Tax Payable 9,426 30,456 Superannuation Payable 5,958 8,358 Unearned Revenue 3,455 -

24,539 48,414

Employment Entitlement ProvisionsProvision for Annual Leave 8,266 - Provision for Long Service Leave - -

8,266 -

TOTAL CURRENT LIABILITIES 32,805 48,414

NON-CURRENT LIABILITIES

Employment Entitlement ProvisionsProvision for Long Service Leave -

TOTAL NON-CURRENT LIABILITIES - -

TOTAL LIABILITIES 32,805 48,414

NET ASSETS 65,009 49,347

EQUITYAccumulated Members Funds 65,009 49,347

65,009 49,347


STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2015

The Statement of Financial Position is to be read in conjunction with the independent audit report

and the notes to the financial statements. 4

AccumulatedMembers

Funds Total$ $

Balance as at 1 January 2014 62,640 62,640

Deficit attributable to the Association (13,293) (13,293)

Balance as at 31 December 2014 49,347 49,347

Surplus attributable to the Association 15,662 15,662

Balance as at 31 December 2015 65,009 65,009


STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2015

The Statement of Changes in Equity is to be read in conjunction with the independent audit report


5

2015 2014Note $ $

CASH FLOWS FROM OPERATING ACTIVITIESReceipts from University Funding 333,874 325,054 Receipts from Membership Fees 26,058 29,955 Receipts from Other Sources 46,562 50,727 Payments to Suppliers and Employees (386,908) (362,814) Interest Received 1,058 13

Net Cash Generated From/ (Used in) Operating Activities 1 20,643 42,935

CASH FLOWS FROM INVESTING ACTIVITIESPayments for Property, Plant and Equipment (14,058) -

Net Cash (Used in)/ Provided by Investing Activities (14,058) -

Net Increase/ (Decrease) in Cash Held 6,586 42,935

Cash and Cash Equivalents at Beginning of Financial Year 57,711 14,776

Cash and Cash Equivalents at End of Financial Year 2 64,297 57,711

2015 2014$ $

Note 1 - Net cash generated from/ (used in) operating activities

Net Deficit for the Year 15,662 (13,293)

Non-Cash Flow Item: Depreciation 9,894 1,732

(Increase)/ Decrease in Accounts & Other Receivables 17,142 22,567 (Increase)/ Decrease in Prepayments (15,277) 8,424 Increase/ (decrease) in Trade and Other Payables (18,497) 23,505 Increase/ (Decrease) in Income Received in Advance 3,455 - Increase/ (Decrease) in Provisions 8,266 -

20,643 42,935

Note 2 - Cash and cash equivalents at end of financial year

Cash at Bank 14,229 57,711 Term Deposit 50,000 - Petty Cash 68 -

64,297 57,711

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2015


STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2015


The Statement of Cash Flows is to be read in conjunction with the independent audit report


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Note 1 - Statement of Significant Accounting Policies

Policies Basis of preparation

Accounting Policies

a. Property, Plant and Equipment

Plant and Equipment

Plant and Equipment are measured on the cost basis less depreciation and impairment losses.

Depreciation

The asset's residual values and useful lives are reviewed and adjusted, if appropriate, at each balance date.

b. Cash and Cash Equivalents

This financial report is a special purpose financial report prepared in order to satisfy the financial reporting requirements of theAssociations Incorporation Reform Act (Victoria 2012). The committee has determined that the association is not a reporting entity.


NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2015

This financial report includes the financial statements and notes of Swinburne Student Union Incorporated, a incorporated association,which is incorporated in Victoria under the Associations Incorporation Reform Act 2012.

An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater thanits estimated recoverable amount.

The financial report has been prepared on an accruals basis and is based on historical costs, modified, where applicable, by themeasurement at fair value of selected non-current assets, financial assets and financial liabilities.

The following is a summary of the material accounting policies adopted by the company in the preparation of the general purposefinancial report. The accounting policies have been consistently applied, unless otherwise stated.

Each class of property, plant and equipment is carried at cost or fair value less, where applicable, any accumulateddepreciation and impairment losses.

The carrying amount of plant and equipment is reviewed annually by directors to ensure it is not in excess of the recoverableamount from these assets. The recoverable amount is assessed on the basis of the expected net cash flows that will bereceived from the assets' employment and subsequent disposal. The expected net cash flows have been discounted to theirpresent values in determining recoverable amounts.

Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when itis probable that future economic benefits associated with the item will flow to the company and the cost of the item can bemeasured reliably. All other repairs and maintenance are charged to the income statement during the financial period in whichthey are incurred.

The depreciable amount of all fixed assets are depreciated over the useful lives of the assets to the Committee commencingfrom the time the asset is held ready for use.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses areincluded in the income statement.

Cash and cash equivalents include cash on hand, deposits held at-call with banks, other short-term highly liquid investmentswith original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in currentliabilities on the balance sheet.

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NOTES TO THE FINANCIAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2015

c. Revenue

d. Income Tax

e. Goods and Services Tax (GST)

f. Employment Entitlements

g. Provisions

Provisions are recognised when the Association has a legal or constructive obligation, as a result of past events, for which it isprobable that an outflow of economic benefits will result and that outflow can be reliably measured.

Revenue from the sale of goods is recognised at the point of delivery as this corresponds to the transfer of significant risks andrewards of ownership of the goods and the cessation of all involvement in those goods.

Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.

Revenue from the rendering of a service is recognised upon the delivery of the service to the customers.

All revenue is stated net of the amount of goods and services tax (GST).

By virtue of its aims as set out in the constitution, the Association qualifies as an organisation specifically exempt from incometax under Section 50-45 of the Income Tax Assessment Act, 1997.

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is notrecoverable from the Australian Taxation Office. In these circumstances the GST is recognised as part of the cost ofacquisition of the asset or as part of an item of expense. Receivables and payables in the Balance Sheet are shown inclusiveof GST.

Provision is made for the Association's liability for employee benefits arising from services rendered by employees to balancedate. Employee benefits that are expected to be settled within one year have been measured at the amount expected to bepaid when the liability is settled.

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

Grants are recognised at fair value where there is reasonable assurance that the grant will be received and allgrant conditions will be met. Grants relating to expense items are recognised as income over the periodsnecessary to match the grant to the costs they are compensating.

Grants received for specific programs are recognised as income only to the extent of work completed on thoseprojects when the terms of the grants stipulate that any unexpended funds are to be returned to the sponsor if theprogram is not completed. In those circumstances the funds attributable to work still to be completed are carriedforward as grants income deferred.

Revenue is measured at the fair value of the consideration received or receivable.

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To ARDS A VISION SHARED

Report on the Financial ReportI have audited the accompanying financial report of Swinburne Student Union Incorporated, which comprises the balance sheet as at 31December 2015, and the income statement, statement of changes in equity and cash flow statement for the ear ended on that datesummary of significant accounting policies and other explanatory notes and the statement by the members of the Committee.

Committee!s Responsibility for the Financial ReportThe Committee of the Association are responsible for the preparation and fair presentation of the financial report in accordance with A str IAccounting Standards and the Associations Incorporation Reform Act (Victoria 2012). This responsibility includes establishing and maintaininInternal control relevant to the preparation and fair presentation of the financial report that Is free from material misstatement, whether due tfraud or error, selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in thecircumstances.

SWINBURNESTUDENT UNION INCORPORATEDA. B. N. 39 774 574 866

INDEPENDENTAUDiTOR's REPORT To THE MEMBERS

Auditor's ResponsibMtyMy responsibility is to express an opinion on the financial report based on my audit. I conducted our audit in accordance with Australian AuditinStandards. These Auditing Standards require that I comply with relevant ethical requirements relatin to audit en a ements d I dperform the audit to obtain reasonable assurance whether the financial report is free from material misstatement.

An audit Involves performing procedures to obtain audit evidence aboutthe amounts and disclosures in the financial re on. The r dselected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial re on, wh th dto fraud or error. In making those risk assessments. the auditor considers internal control relevant to the entit 's re aration and fpresentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but riot forthe ur o fexpressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appro nateness of accountpolicies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall resentation of thfinancial report.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for in audit o in ion

Independence

In conducting my audit I have complied with the independence requirements of the Australian professional ethical ronouncements

Qualification

^^^^,,.CERTIFIED PRACTISING ACCOUNTANTS

ABN 15 893 818 045

Coll^ns^^.,"Co

127 Paisley StreetFootscray VIC 3011Australia

Phone (03) 9680 1000Fax (03) 9689 6605

WWWCollinSCO. Comau

Cash receipts are a significant part of the revenue collected by the Association. Due to the lack of Internal controls and other in't' t'procedures in this area, it was not practicable to verify cash revenue prior to its Initial entry in the accounting records. Accordingly, as theevidence available regarding revenue from cash sources was limited, my audit procedures in regard to these activities had to be restr' t d tthe amounts recorded in the financial records. I am therefore unable to express an opinion as to whether the cash related reven thAssociation obtained was complete.

Liability Iiimted by a scheme approved under Professional Standards Legislation

Qua"fledAuditor's OpinionIn my opinion, the financial report of Swinburne Student Union Incorporated (the Association) Is in a cordance with the A tIncorporation Reform Act (Victoria 2012), including:

I. giving a true and fairview of the Association's financial position as at 31 December 2015 and of its erformance forthe d d; d

11. complying with Australian Accounting Standards as per Note I and the Associations Incorporation Reform Act 01ictoria 2012)

Basis of Accounting and Restriction on DistributionWithout modifying my opinion, we draw attention to Note I to the financial report, which describes the basis of accountin . Th f' ' Ihas been prepared to assist Swinburne Student Union Incorporated to meetthe requirements of the Associati n I t' R(Victoria 2012). As a result, the financial report may riot be suitable for another purpose.

,

Name of Auditor

Address

Date

Frederik R. L. Eksteen

Collins & Co

127 Palsley StreetFootscray VIC 3011

18 May 2016

o

CA

2015 2014$ $

INCOME

University Funding 313,278 302,487

Membership Fees Received 26,058 29,955

Fundraising IncomeMerchandise Sales 1,266 1,714BBQ Revenue 1,598 514Bar Takings 25,953 35,801Welfare Events - 146Joint Events 305 2,604Ticket Sales 2,839 1,460

31,961 42,238

Hire IncomeLocker Hire 4,023 3,100Equipment Hire 227 -

4,250 3,100

Grant - 1,000

Interest Received 1,058 13

Other IncomeEFTPOS Surcharge 1,411 1,289Postage Income 91 - Printing Revenue 2,652 1,687Sponsorship - 200Advertising Income 400 630Miscellaneous 5,493 358Arcade Machine 95 - Donations - 225Returned Monies 182 - Bank Fee Refund 27 -

10,351 4,389

TOTAL INCOME 386,955 383,182

EXPENDITURE

Activities & WelfareConferences 8,660 4,267Executive 318 - Welfare Events - 4,069Welfare Resources - 5,479Welfare Initiatives 1,951 - Queer Collective 2,992 2,616Sustainability Collective 1,311 182Women's Network 2,451 2,186Disability Collective 1,883 1,514Education Collectives 3,850 4,382

23,417 24,695





13

2015 2014$ $



Administration ExpensesAudit Fees 3,624 2,106Bad Debts Written off 980 - Bank Fees 1,927 1,927Business Cards 225 395Computing - 1,800Donations - 150Equipment 17 1,109Freedom of Information 268 - Insurance - Association 490 8,039KM reimbursement 150 - Legal Advice 1,390 - Membership Card Supplies 445 17,230Office Equipment 232 - Office Supplies 1,061 - Photocopy Lease Expense - - Postage 153 143Previously Paid Invoices (1,254) - Printing 2,350 2,870Rent & Outgoings - - Repairs & Maintenance 184 3,603Software and Support 286 2,079Stationery - 404Sundry Expenses 349 - Toner 4,057 2,422Travel Expenses 18 89Vehicle Rental - 154Website Costs 1,850 968WorkCover Insurance 3,079 344

21,881 45,834

Committee & AssociationsSwinburne International Student Association 250 1,753Swinburne University Postgrad Association 491 -

741 1,753

Depreciation and Amortisation Expenses 9,894 1,732

EventsBar Supplies 22,327 33,722Bar Equipment - 4,709Bar Improvement (1,699) - Compliance 708 483Event Security 12,381 17,470Event Entertainment 5,356 9,356Bar Decorations - 1,095Bar Wages 5,742 - BBQ Supplies 4,660 3,281BBQ Equipment 25 - Printing Improvements 2,740 - Breakfast Supplies 10,432 10,347Breakfast Equipment (58) 117Non-Bar Events 7,750 - Exam Help Stall 3,000 5,401



14

2015 2014$ $



Equipment Hire Expense (13) - Clubs Office 12 - Event Promotion- Internal - 3,026Event Promotion- External - 697Stock for Events - 7,719Joint Events - 254

73,363 97,676

Employee BenefitsSalaries & Wages 122,123 107,111Superannuation Contributions 24,465 20,697Employee Leave Entitlements - Annual Leave 8,266 - Employee Leave Entitlements - Long Service Leave - - Staff Recruitment 373 595Staff Training 801 418

156,028 128,821

Honoraria 50,575 43,536

Office ExpensesMerchandise purchase - 8,113Affiliation Fees 2,955 2,273Elections 16,247 14,792

19,202 25,178

Student MediaSwine Printing 14,827 13,262Media Publishing 239 13,989Swine Publishing 1,127 -

16,194 27,251

TOTAL EXPENDITURE 371,293 396,475

NET SURPLUS/ (DEFICIT) ATTRIBUTABLE TO THE ASSOCIATION 15,662 (13,293)



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ssu financial report 2015 - swinburne student union

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