SUSF 2008 Financial Report

SYDNEY UNI SPORT & FITNESS 2008 FINANCIAL REPORT

PRODUCED BY: SYDNEY UNI SPORT & FITNESS

ADDRESS:CNR OF CODRINGTON STREET AND DARLINGTON ROAD DARLINGTON NSW 2006

POSTAL ADDRESS:UNIVERSITY SPORTS & AQUATIC CENTREBUILDING G09UNIVERSITY OF SYDNEY NSW 2006

TELEPHONE:+61 2 9351 4960

FAX:+61 2 9351 4962

EMAIL:[email protected]

WEB:www.susf.com.au

01 WELCOME

02 FINANCE & AUDIT COMMITTEE

03 STATEMENT BY MEMBERS OF THE COMMITTEE

04 INDEPENDENT AUDIT REPORT

06 BALANCE SHEET

08 CONSOLIDATED INCOME & EXPENDITURE STATEMENT

DETAILED INCOME & EXPENDITURE STATEMENTS

09 NOEL MARTIN SPORTS & AQUATIC CENTRE

10 ARENA SPORTS CENTRE AND HK WARD GYMNASIUM

11 GRANDSTAND SPORTS BAR & CAFE

12 BOATSHEDS

13 GROUNDS

14 ROBYN WEBSTER SPORTS CENTRE

15 CORPORATE & ALUMNI RELATIONS

16 SPORT & RECREATION - CLUBS

17 SPORT & RECREATION - PROGRAMS

18 ELITE ATHLETE PROGRAM - HIGH PERFORMANCE

19 ADMINISTRATION

20 STATEMENT OF CASH FLOWS

21 NOTES TO FINANCIAL STATEMENTS

28 SYDNEY UNIVERSITY SPORT FOUNDATION

32 NOTES

IBC OUR SPONSORS

This work is copyright. Apart from any use as permitted under the Copyright Act 1968, no part may be reproduced by any process without prior permission from Sydney Uni Sport & Fitness.Requests and enquiries concerning reproduction and rights should be addressed to Sydney Uni Sport & Fitness.

COPIES OF THIS REPORT: Requests for copies of this report can be made to the Marketing Department ([email protected]) or online www.susf.com.au.

CONTENTSCONTENTS 2008 FINANCIAL REPORT

It gIves me great pleasure ..................... to present to the Members .................... and Stakeholders the 2008 .................... Annual Financial Report for ..................... Sydney University Sport t/a ................ Sydney Uni Sport & Fitness.

The Management of Sydney University Sport has once again continued to strengthen the financial growth of the organisation, being debt free and producing a surplus from operating activities that continues to build the cash reserves, all the while returning a larger amount than ever back to the constituent clubs.

The key financial highlights for the 2008 operating year were: - Totally equity grew to $7.3 million. - Overall revenue from operating activities grew to over $10 million. - Operating surplus to retained earnings of $311 thousand. - Cash on deposit of $1.9 million with a further $1 million in receivables due from the University of Sydney that was received in February 2009. - Overall expenditure grew in line with operating activities and budget forecast while remaining under $10 million. - Reserves and provisions for future infrastructure and capital projects totalling $3 million. - Funds allocated and provided to constituent clubs totalling $1.4 million.

This annual financial report also includes the report from the Sydney University Sports Foundation on its 2008 activities. After the

foundation has been operating under the security and compliance of the University of Sydney I am please to report that its financial position is extremely healthy currently holding $500 thousand in trust for the constituent clubs that have formed divisions of the foundation. These funds are invested through the University of Sydney’s Capital and Investment management team.

I wish to extend my sincere thanks and gratitude to the Finance & Administration team Greg Taylor, Jenny Lawler, Dean Jones and Stephen King for all their hard work and commitment to the quality of the work in the finance team. I would also like to extend my appreciation of thanks to my colleagues, the Senior Managers of Sydney University Sport and in particular the leadership of Robert Smithies our Executive Director. In addition I would like to acknowledge the direction and guidance of the organisations Honorary Treasurer, Patrick Cunningham and President, Bruce Ross who form the Finance & Audit team.

The organisations continued financial strength and confidence is provided with no question from the generous contributions from the University of Sydney’s Senior Administration. I would like to formally acknowledge in particular the assistance and support of Deputy Chief Financial Officer, Paul Slater and his Corporate Finance team, as well as the Chief Accountant, Piyush Bhatt and his team. Mostly the organisation owes an enormous debt of gratitude to DVC, Professor Andrew Coats and the team of the External Relations portfolio.

tony JacksonFinance and Administration Manager

WELCOMEFINANCe & ADMINIstRAtION YEAR IN REVIEW

sYDNeY UNI sPORt & FItNess FINANCIAL REPORT 2008 1

Chairperson

Mr Patrick Cunningham Honorary Treasurer

Committee Members

Mr Bruce Ross President

Sydney Uni Sport & Fitness Officers

Mr Robert Smithies Executive DirectorMr Tony Jackson Finance & Administration Manager

FINANCE & AUDITCOMMITTEE 2008

2 sYDNeY UNI sPORt & FItNess FINANCIAL REPORT 2008

STATEMENT BY MEMBERSOF THE COMMITTEE


2

INDEPENDENTAUDIT REPORT


3

INDEPENDENTAUDIT REPORT


4

Note 2008 2007$ $

CURRENT ASSETS

Cash Cash on hand 7,555 7,000 Cash at Bank 1,532,123 2,216,477 Cash at Bank - Trust 327,394 0

1,867,072 2,223,477

Short Term Investment 30,000 150,000

Receivables Account Receivables 1,153,976 837,903 Constituent Clubs and Miscellaneous 932,219 201,189 Prepayments 15,909 61,526 Provision for Doubtful Debts (30,685) (33,776)

Inventories Stock on Hand 1(c) 63,999 41,463

TOTAL CURRENT ASSETS 4,032,490 3,481,782

NON CURRENT ASSETS

Property,Plant &Equipment 1(b), 4 8,081,345 8,231,776

TOTAL NON CURRENT ASSETS 8,081,345 8,231,776

TOTAL ASSETS 12,113,835 11,713,558

SYDNEY UNIVERSITY SPORT

BALANCE SHEETAS AT 31st DECEMBER 2008

BALANCE SHEET


5

Note 2008 2007$ $

CURRENT LIABILITIES

Creditors and Borrowings Bank Overdraft - Current 13,198 345,207 Trade Creditors & Accruals 1,765,042 1,574,320 Income in Advance 477,960 478,669 Trust Funds held for Constituent Clubs (74,859) (125,904) University loan - NMRC 0 0

Provisions Provision for Building Insurance 190,558 70,837 Provision for Coaching 36,500 0 Provision for USYD 73,700 103,650

TOTAL CURRENT LIABILITIES 2,482,099 2,446,779

NON-CURRENT LIABILITIES

Creditors and Borrowings Non-current accruals 54,842 34,839 Income in Advance (77,994) (88,045) University loan - NMRC 0 0 Provisions Provision for Long Service Leave 1(d) 143,494 178,858 Provision for Building Maintenance 2,177,232 2,152,232

TOTAL NON-CURRENT LIABILITIES 2,297,574 2,277,884

TOTAL LIABILITIES 4,779,673 4,724,663

NET ASSETS 7,334,162 6,988,895

EQUITY Accumulated Funds 5 6,762,880 6,601,272

Reserves Boat Shed Replacement 6(a) 450,000 300,000 Club Asset Replacement 6(c) 121,281 87,623

TOTAL RESERVES 571,281 387,623

TOTAL EQUITY 7,334,162 6,988,895


BALANCE SHEETAS AT 31st DECEMBER 2008

BALANCE SHEET


6

2008 2007$ $

INCOME

Annual & Life Membership 639,090 545,214USYD Recurrent Funding 2,076,585 1,240,859Investment Income 124,020 147,179

Sporting Activities/FacilitiesNoel Martin Sports & Aquatic Centre 1,194,327 693,218Arena & HK Ward Gymnasium (193,045) (265,281)Grandstand Sports Bar & Café 17,765 2,948Boatsheds 61,808 (147,231)Grounds (260,574) (273,396)Robyn Webster Sports Centre 27,195 18,973Corporate & Alumni Relations (20,425) (29,236)Sport & Recreation - Clubs (1,444,645) (1,288,344)Sport & Recreation - Programs 84,812 107,256Elite Athlete Program (502,387) (222,436)

1,804,526 529,723Less:EXPENDITUREAdministration 1,436,159 1,196,436

OPERATING SURPLUS/(DEFICIT) FOR THE YEAR 368,367 (666,713)

Non-Operating Items Profit on sale of Motor Vehicles 8,254 10,285 USYD NMRC Loan Writedown 0 3,507,289Provision for Taxation Liability (65,000)

SURPLUS BEFORE PRIOR YEAR ADJUSTMENT 311,621 2,850,861

Less: Prior year adjustment 0

SURPLUS FOR THE YEAR 311,621 2,850,861


CONSOLIDATED INCOME AND EXPENDITURE STATEMENTFOR THE YEAR ENDED 31ST DECEMBER 2008

CONSOLIDATED INCOME & EXPENDITURE STATEMENT


7

2008 2007$ $

INCOME 3,314,889 3,092,958

Less: EXPENDITUREAdministration 2,027 1,542Advertising - Marketing incl. 11,231 8,257Credit Card/EFT Charges 18,837 20,138Chemicals 22,819 7,883Cleaning 117,260 139,222Computer Maintenance 7,340 4,955Depreciation 42,968 292,986Equipment Purchases 16,287 25,676Insurance 7,164 7,168Leased Equipment 90,747 126,691Long Service Leave 5,458 2,072Maintenance 119,473 69,210Power 160,525 153,152Salaries 963,229 1,039,199Staff Uniforms 20,719 1,555Stationery & Printing 4,792 3,013Sundry - Centre 13,372 13,991Sundry - Member Services 33,422 33,601Superannuation 83,714 94,776Swim Program 293,167 281,381Telephone & Postage 11,683 13,848Water 44,724 44,724Workers Compensation Insurance 29,604 14,699

2,120,562 2,399,739

SURPLUS FOR THE YEAR 1,194,327 693,219


NOEL MARTIN SPORTS & AQUATIC CENTREINCOME AND EXPENDITURE STATEMENT

FOR THE YEAR ENDED 31ST DECEMBER 2008

DETAILED INCOME &EXPENDITURE STATEMENTS


8

2008 2007$ $

INCOME 878,360 969,176

Less: EXPENDITURE ARENA SPORTS CENTREAdvertising 0 1,807Cleaning 75,190 82,041Credit Card/EFT Charges 5,614 5,054Computer Expenses 2,022 3,333Depreciation 8,262 113,762Equipment Purchases 3,452 8,287Expenses - Ledge 7,174 7,252Insurance 5,064 5,064Leased Equipment 63,425 87,214Long Service Leave 3,292 1,436Maintenance 52,548 73,913Power 24,840 24,840Salaries - Ledge 88,734 90,541Salaries - Arena 416,618 412,704Staff Uniforms 633 1,150Stationery & Printing 7,384 8,026Sundry 19,531 19,549Superannuation 41,800 42,527Telephone & Postage 4,686 4,879Water 14,712 14,712Workers Compensation Insurance 16,596 9,652

861,577 1,017,743

Less: EXPENDITURE HK WARD GYMNASIUMCredit Card/EFT Charges 731 553Cleaning 25,352 26,075Computer Maintenance 816 1,500Depreciation 20,373 39,724Equipment Purchases 2,530 3,744Insurance 2,556 2,556Maintenance 21,937 12,079Power 12,516 12,516Salaries 101,507 98,364Staff Uniforms 0 0Sundry 2,310 1,760Superannuation 7,819 8,564Telephone & postage 3,725 3,529Water 3,828 3,828Workers Compensation Insurance 3,828 1,923

209,828 216,715

Total Expenses 1,071,405 1,234,458

(DEFICIT) FOR THE YEAR (193,045) (265,282)

ARENA SPORTS CENTRE & HK WARD GYMNASIUMINCOME AND EXPENDITURE STATEMENT





9

2008 2007$ $

INCOME 59,666 62,798

Less: EXPENDITUREDepreciation 29,592 47,190Insurance 1,236 1,236Maintenance 4,309 4,634Power 6,180 6,180Provision Building Maintenance 584 0Sundry 0 611

Total Expenses 41,901 59,851

SURPLUS/(DEFICIT) FOR THE YEAR 17,765 2,948



GRANDSTAND SPORTS BAR & CAFÉINCOME AND EXPENDITURE STATEMENT



10

2008 2007$ $

INCOME 141,775 138,699

Less: EXPENDITUREBuilding Maintenance Provision 24,996 150,000

Glebe BoatshedDepreciation 2,604 28,604Maintenance 9,512 2,682Power 4,691 3,505Rent 33,172 47,388Sundry 4,001 3,381

78,976 235,560Linley Point BoatshedDepreciation 0 0Maintenance 0 (355)Power 4,648 1,676Rent 888 40,350Sundry (4,545) 8,699

991 50,370

Total Expenditure 79,967 285,930

(DEFICIT) FOR THE YEAR 61,808 (147,231)


BOATSHEDSINCOME AND EXPENDITURE STATEMENT




11

2008 2007$ $

INCOME 698,887 545,560

Less: EXPENDITURECleaning 2,965 8,556Depreciation 50,745 64,914Fuels & Equipment 12,607 15,371Insurance 47,304 47,304Long Service Leave 3,384 4,112Maintenance 233,018 163,070Motor Vehicles 5,571 6,574Power 7,224 7,181Salaries & Wages 441,446 384,383Soils and Fertilisers 96,454 68,002Staff Uniforms 5,814 4,333Sundry 257 2,270Superannuation 39,424 34,893Workers Compensation Insurance 13,248 7,994

959,461 818,957


GROUNDSINCOME AND EXPENDITURE STATEMENT





12

2008 2007$ $

INCOME 106,573 82,670

Less: EXPENDITURECleaning 0 0Depreciation 564 560Equipment Purchases 505 149Insurance 948 948Power - Electricity 0 0Rent 29,770 27,400Salaries 43,448 32,034Staff Uniforms 0 0Stationery & Printing 0 0Sundry 0 0Superannuation 2,369 1,830Telephone 1,426 1,752Workers Compensation Insurance 348 (977)

79,378 63,696

SURPLUS/(DEFICIT) FOR THE YEAR 27,195 18,974

ROBYN WEBSTER SPORTS CENTREINCOME AND EXPENDITURE STATEMENT





13

2008 2007$ $

INCOME

Memberships 4,785 10,494Annual Sports Function 11,793 8,284Cricket Luncheon 14,986 22,825Rugby Function 11,225 15,621Xmas Hamper Golf Day 9,817 11,393Barassi Cup AFL Luncheon 12,729 18,804Alumni Sport Scholarships 33,020 (5,425)Sydney Uni Sport Sponsorships 179,896 176,185

278,251 258,181Less: EXPENDITUREAdministration / Management 120,536 116,084Club Disbursements 178,140 171,333


CORPORATE & ALUMNI RELATIONSINCOME AND EXPENDITURE STATEMENT





14

2008 2007$ $

INCOME 36,000 24,000

Less: EXPENDITUREAUS Games 27,288 20,094NSWIS 4,236 0Blues Dinner 14,735 17,847Club Allotments/Grants 1,205,999 1,035,798Club Asset Replacement 39,930 24,740Insurance (Equipment) 18,808 16,981Motor Vehicle 16,997 11,676Salaries 82,305 114,725Sports Awards Dinner 25,037 27,739Sundry 9,635 10,968Superannuation 9,263 14,299Workers Compensation Insurance 26,412 17,478

Total Expenses 1,480,645 1,312,345

(DEFICIT) FOR THE YEAR (1,444,645) (1,288,345)

INCOME AND EXPENDITURE STATEMENTFOR THE YEAR ENDED 31ST DECEMBER 2008


SPORT & RECREATION - CLUBS



15

2008 2007$ $

INCOME 647,176 685,803

Less: EXPENDITUREHealthworks Expenses 29,043 41,240Healthworks Salaries 58,143 8,723

Recreation Program Expenses 3,670 5,082Recreation Program Salaries 46,861 42,061

Schools Program Expenses 68,096 85,977Schools Program Salaries 237,503 178,291

Social Sport Expenses 6,302 11,413Social Sport Salaries 6,046 5,006

Affiliated Campuses 6,207 6,944Equipment Purchases 401 419Insurance 624 624Inter Faculty (547) 5,279Motor Vehicle 15,110 11,095Promotional Activities 405 876Publications 0 1,131Salaries - Coordinators 50,282 143,317Staff Uniforms 0 82Sundry 1,388 982Superannuation 22,414 24,387Workers Compensation Insurance 10,416 5,618

562,364 578,547

SURPLUS FOR THE YEAR 84,812 107,256


SPORT & RECREATION - PROGRAMSINCOME AND EXPENDITURE STATEMENT




16

2008 2007$ $

INCOME 1,027,731 787,226

Less: EXPENDITUREInternational Travel Grants 134,450 68,420Motor Vehicles 17,167 16,161Scholarships 1,064,079 694,444Salaries 285,620 209,242Superannuation Guarantee 22,382 17,477Workers Compensation 6,420 3,918

1,530,118 1,009,662



ELITE ATHLETE PROGRAM - HIGH PERFORMANCEINCOME AND EXPENDITURE STATEMENT




17

2008 2007$ $

EXPENDITURE

Administration & Representation 38,257 26,978Admin FBT Component 15,295 600Marketing 239,250 102,122Audit & Consulting 33,898 34,756Provision for Bad Debts 14,188 37,799Bank Charges 12,606 11,237Computer Expenses 147,126 164,339Depreciation - Office Equipmen 5,524 10,396Insurance - Office Equipment 7,968 7,968Insurance - Students 87,698 85,719Long Service Leave 2,159 2,009Maintenance & Equipment 8,265 3,643Motor Vehicles 26,025 22,497Salaries 568,191 491,109Security 24,283 16,391Staff Development 49,134 53,410Stationery & Printing 57,412 44,917Sundry 10,004 11,259Superannuation 40,955 30,517Telephone & Postage 35,249 32,299Workers Compensation Insurance 12,672 6,470

DEFICIT FOR THE YEAR 1,436,159 1,196,435

ADMINISTRATIONINCOME AND EXPENDITURE STATEMENT





18

Note 2008 2007$ $

Cash Flow from Operating Activities

Sales Revenue 3,028,486 2,386,289Other Revenue Interest 123,089 141,131 Subscriptions 4,253,966 2,598,543 Lease Income 993,036 894,594 Other 1,564,703 2,746,401Outflow of Funds from Operations (10,111,789) (5,640,858)

NET CASH PROVIDED BY OPERATING ACTIVITIES 7(b) (148,509) 3,126,100

Cash Flow from Investing Activities

Payments for property, plant and equipment (3,771) 185,756Proceeds from sale of property, plant and equipment 24,799 10,285

NET CASH USED IN INVESTING ACTIVITIES 21,028 196,041

Cash Flow from Financing Activities

Transfer to Short Term investment (16,915) 9,807University Loan 0 (3,507,289)

NET CASH USED IN FINANCING ACTIVITIES (16,915) (3,497,482)

Net Increase/(Decrease) in Cash Held (144,396) (175,341)

Cash at the Beginning of the Year 2,028,270 2,203,611

CASH AT THE END OF THE YEAR 7(a) 1,883,874 2,028,270


STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31st DECEMBER 2008


STATEMENT OFCASH FLOWS

19


NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2008

NOTE 1 – STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies adopted by Sydney University Sport is set out in this note. The policies adopted are in accordance with accounting principles generally accepted in Australia and the financial requirements of Sydney University Sport’s Constitution. Unless stated otherwise, the policies adopted are consistent with those applied in previous years. (a) Basis of Accounting

(i) Sydney University Sport is not a reporting entity because in the Management Committees’ opinion, there is unlikely to exist users who are unable to command the preparations of reports tailored so as to satisfy specifically all of their information needs. The financial statements have therefore been prepared as a special purpose finance report, and there is no requirement to apply the Corporations Law, Australian Account Standards, Australian equivalent to International Reporting Standards and Urgent Issues Group Consensus Views.

The financial statements have been prepared in accordance with all applicable Australian Accounting Standards and Urgent Issues Group Consensus except for the following: AASB 101 - First-time Adoption of IFRS AASB 1017 - Related Party Disclosures AASB 1028 - Accounting for Employee Entitlements AASB 1033 - Presentation and Disclosure of Financial Instruments AASB 1036 - Borrowing Costs UIG 14 - Director’s Remuneration

(ii) The financial statements have also been prepared in accordance with the historical cost convention.

(b) Property, Plant & Equipment

Sydney University Sport’s policy regarding depreciation is as follows: (i) Capital expenses of a minor nature, less than $2,000, or at the committee’s

discretion, are written off against operations in the year in which the expenditure is incurred.

(ii) Property, plant and equipment are depreciated over their useful economic lives using the straight line depreciation method.

NOTES TO FINANCIAL STATEMENTS


20



NOTE 1 – STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

(iii) The University of Sydney, under the provisions of the Service Level

Agreement have guaranteed to fund all future major capital and building projects whether new buildings or renovations and improvements to existing buildings. Therefore under advice from the Office of the Chief Operating Officer, University of Sydney, Sydney University Sport has not depreciated the building asset in 2008 and the written down value of these assets is unchanged.

(c) Inventories

Inventories are valued at the lower of cost and net realizable value. Cost is assigned on a first-in first-out basis.

(d) Provision for Employee Entitlements

Provision has been made in the financial statements for benefits accruing to employees in relation to annual leave and long service leave. All provisions are measured at their nominal amounts. No provision has been made for on-costs in these provisions for employee entitlements.

(e) Leased Assets

Sydney University Sport held an operating lease on land at Linley Point, Sydney, where the University boatshed is located. This property was destroyed by fire in March 2006. The entire value of the property was written off in the operating year. The Treasurer has seen fit to make a reserve in the Financial Accounts for future liability to rebuild the boatshed.

(f) Prior Year Comparatives

Where necessary the figures for the previous year have been reclassified to facilitate comparison.

(g) Capital Commitments As at 31st December 2007 there were no contracts entered into that have not been disclosed in these Financial Statements.



21



NOTE 2 – AFTER BALANCE DATE EVENT (a) The Federal Government’s voluntary student unionism legislation passed on

December 8 2005 came into effect on July 1 2006, no compulsory student fees were received in 2008. The University of Sydney has agreed with the management of Sydney University Sport to replace the compulsory fees previously received in the form of recurrent funding from the University Deputy Vice Chancellor’s Community portfolio to the value of $2.8M in direct funding indexed for the years 2007, 2008 and 2009.

CONTROLLED ENTITIES The consolidated financial report comprises the accounts of Sydney University Sport, its affiliated constituent clubs and the following entities; (a) NMRC (Building) Pty Ltd The Company NMRC (Building) Pty Ltd was incorporated in 1998 and is limited by shares. Its main activity it to undertake the administration of building projects associated with the Sydney University Sport All costs of the company are reimbursed by Sydney University Sport.



22

2008 2007$ $

NOTE 3 - REVENUE & EXPENSES

Profit for the year has been arrived at after including

Operating Revenue1 Sales 3,028,486 2,386,289

2 Other Operating Revenue- Interest 123,089 141,131- Subscription 710,872 738,778- University Recurrent Funding 3,543,094 1,859,765- Lease income 993,036 894,594- Other 1,564,703 2,746,401

Total Operating Revenue 9,963,280 8,766,959

Less: Expenses- Depreciation on Fixed Assets 133,510 475,859- Interest Expenses 37,788 36,982- Provision for Long Service Leave (35,364) 10,583- Rental Expense on Operating Leases 63,830 120,534- Expense on Finance Leases 170,784 131,026- Provision for Bad Debts 14,188 37,799


NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31st DECEMBER 2008



23

2008 2007$ $

NOTE 4 - PROPERTY, PLANT & EQUIPMENT

Leased Property (0) (0)Less: Accumulated Depreciation (0) (0)

(0) (0)

Property & Gymnasium Equipment 13,430,733 13,405,726Less: Accumulated Depreciation 5,735,232 5,649,778

7,695,501 7,755,948

Motor Vehicles & Rolling Plant 169,601 210,536Less: Accumulated Depreciation 122,703 128,945

46,898 81,591

Plant & Equipment 1,444,486 1,444,480Less: Accumulated Depreciation 1,104,541 1,050,243

339,945 394,237

TOTAL PROPERTY, PLANT & EQUIPMENT 8,082,344 8,231,776

NOTE 5 - ACCUMULATED FUNDS

Balance at the Beginning of the Year 6,356,708 3,805,855

Less: Amounts Transferred to/(from) Reserves

Boat Shed Replacement Reserve 450,000 300,000 Building Maintenance Reserve 0 - Coaching Reserve 0 -

5,906,708 3,505,855

Add: Surplus/(Deficit) for the Year 311,621 2,850,853

ACCUMULATED FUNDS AT END OF THE YEAR 6,218,329 6,356,708





24

2008 2007$ $

NOTE 6 - MOVEMENTS IN RESERVES

(a) Boat Shed Replacement FundBalance 1 January 300,000 150,000 Add: Contribution for Year 150,000 150,000 Less: Expenditure for Year - -

Less: Transfer to Accumulated Funds - - Closing Balance 31st December 450,000 300,000

(b) Building Maintenance FundBalance 1 January - Add: Contribution for Year - Less: Expenditure for Year -

- Less: Transfer to Accumulated Funds - Closing Balance 31st December -

© Club Asset Replacement FundBalance 1 January 87,622 73,912 Add: Contribution for Year 37,430 22,429 Add: Asset sales/prior yr adjustments - - Less: Expenditure for Year (3,771) (8,719)Balance 31 December 121,281 87,622

(d) Coaching Grant FundBalance 1 January - - Add: Contribution for Year - - Less: Expenditure for Year - -

- - Less: Transfer to Accumulated Funds - - Closing Balance 31st December - -





25

2008 2007$ $

NOTE 7 - CASH FLOW INFORMATION

(a) Reconciliation of Cash

Cash at bank at the end of the financial year as shown in thestatements of cash flows is reconciled to the related items inthe balance sheet as follows:

Cash on Hand 7,555 7,000Cash at Bank 1,889,517 2,366,477Cash at Bank/(Bank Overdraft) - Current (13,198) (345,207)

1,883,874 2,028,270

(b) Reconciliation of cash flow from operations with surplusfrom ordinary activities and extraordinary items

Surplus after extraordinary items 311,621 2,850,853Non-cash flows in surplus- Depreciation 133,510 475,859- Amounts charged to employee entitlements (35,364) 10,583- (Profit)/Loss on sale of property (8,254) 10,285- Provision for doubtful debts 14,188 37,799- Club Asset Replacement 37,430 22,429

Changes in assets and liabilities- (Increase)/decrease in receivables (1,047,103) (341,834)- (Increase)/decrease in prepayments 45,617 60,752- (Increase)/decrease in inventory (22,536) (15,146)- Increase/(decrease) in payables 261,770 (119,317)- Increase/(decrease) in income in advance 9,342 (49,907)- Increase/(decrease) in provision for scholarships 6,550 33,745- Increase/(decrease) in provision for building maintenanc 144,721 150,000

Net cash provided by operating activities (148,509) 3,126,100





26

Annual Report 2008

The Foundation submits the following Annual Report for 2008

The establishment of the Foundation was approved by Senate in June 2005, with its prime responsibility being for fundraising for sports in the University, including for Sydney University Sport and its constituent clubs, and to ensure compliance with relevant tax and fundraising laws.

At the time there was already an established Sydney University Cricket Club Foundation in place, and a Rugby Foundation established outside of the University, and managed by the Australian Sports Foundation. Pressure to fundraise by other clubs within the University, and a desire to raise funds for capital projects and scholarships resulted in applications being prepared to create a number of new foundations, with more in the pipeline.

It was considered more appropriate to establish one Foundation, namely the University of Sydney Sport Foundation, with the capability of creating Divisions within that Foundation.

In August 2006 four Divisions were created, namely; Rowing Division Sporting Scholarships Division Blue and Gold Division (for capital projects) Women in Sport DivisionIn October 2007, two more Divisions were approved, namely; Hockey Division Soccer DivisionIn July 2008 a further two Divisions were approved, namely; Athletics Division Aussie Rules Division

As can be seen from the Income Statement and Balance Sheet, at the end of 2008, the total of accumulated funds in the Foundation were in excess of $490k, an increase of $165k over 2007. In a fundraising sense, the most successful Divisions to date would be Rowing, Hockey, and Scholarships.

Since 2006 the University has conducted a review of the operation of its numerous Foundations and Institutes, with a focus on their compliance with its taxation and fundraising obligations. As a result, the University of Sydney Sport Foundation with its intended Divisional Structure is not fully compliant with the newly created Rules for Foundations and definitions as they apply to Divisions.

A staff resource has been dedicated since March 2009 on a part-time basis to the Foundation, and a project is underway to ensure that the Foundation is compliant with the Rules. This involves the re-constitution of the Foundation, establishment of sub-committees (called Divisions), and establishing clear guidelines for clubs, associations and services as to their obligations pertaining to fundraising through the Foundation. This project is expected to be completed in the third quarter of 2009.

David Collins SUSF Foundation OfficerMarch 2009

SYDNEY UNIVERSITYSPORT FOUNDATION


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NOTES


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Documents

SUSF 2008 Financial Report