THE GRADUATE UNION OF THE UNIVERSITY OF MELBOURNE INCORPORATED
ANNUAL REPORT
The Graduate Union of The University of Melbourne Incorporated BALANCE SHEET AS AT 31ST DE CEMBER, 1992
- Term expiring 1995 Miss O.M. Battersby (re-elected 28.5.92) Mr L.N. Johnson (elected 28.5.92) Mr J.A. Sayers (elected 28.5.92) Mr J.P. Ryan (re-elected 28.5.92) Ms J.L. Lee (elected 28.5.92)
Your Council presents its report on the association for the financial year ended 31st December, 1992. The names of Graduate Council members in office during any part of 1991 are as follows: President
Notes
1992 $
1991 $
7
260,049 18,189 747 6,148
236,877 23,629 967 4,304
285,133
265,777 3,019,421
Total Non-Current Assets ............................................................. .
2,970,359 6,105 2,976,464
3,019,421
Total Assets ...............................................................................
3,261,597
3,285,198
22,632 75,069 7,344 105,045
67,625 86,396 5,142 159,163
11
871,629 871,629 976,674 2,284,923
887,669 887,669 1,046,832 2,238,366
12, 13
2,611,827 (326,904) 2,284,923
2,588,655 (350,289) 2,238,366
Current Assets:
Cash ...................................................................................... Receivables .............................................................................. Inventories ............................................................................... Prepayments ............................................................................
Emeritus Professor K.H. Hunt Vice-President
Professor Emeritus P.C. Reade
Chairman
Dr O.W. Parnaby Vice-Chairman
Mr G.B. Deacon (resigned 6.4.92) Miss O.M. Battersby (appointed 4.6.92)
Ex-officio and nominees of Vice-Chancellor
Professor D.G. Penington (Vice-Chancellor) Mrs B.M. Hamer (nominee of Vice-Chancellor - resigned 28.5.92) Professor W.W.S. Charters (nominee of Vice-Chancellor) Mr J.M. Clark (nominee Vice-Chancellor - appointed 9.7.92) Fifteen Elected Members
- Term expired 28.5.92 Mrs A. Cassidy Mr J.P. Ryan Miss O.M. Battersby Mrs E.A. Cordner Mrs S.B. Horne - Term expiring 27.5.93 Ms M.I. Burke (resigned 15.1.92) Mrs P.F.M. Boaden Dr O.W. Parnaby Dr L.R. Allen Ms A. Stressac Ms P. Andressen (elected 28.5.92) Professor Emeritus L.K. Stevens (co-opted 4.6.92)
- Term expiring 1994 Mr D.J. Berry Mr G.B. Deacon (resigned 6.4.92) MrP.F. Adam DrJ.J. Ryan Mr D.A. Prest
The Graduate Union is a post-graduate college within and affiliated with the University of Melbourne. It has two aspects: a residential membership mainly of post-graduate students, and a large non-residential membership of graduates as annual subscribers or life members. The residential finances are dealt with under the Graduate House Account. Subscriptions, donations and other recurrent operations are dealt with under the Graduate Union Account. The results of operations of properties owned but not presently utilized by The Graduate Union are dealt with under the Property Account. There has been no significant change in the nature of the activities of the association during the financial year. Owen Parnaby, 25 March 1993 Chairman of Graduate Council
Total Current Assets .................................................................... . Non-Current Assets:
8 8
Property, plant and equipment Project Development - at cost
Current Liabilities
Bank overdraft - secured ............................................................. Creditors and borrowings ............................................................ Provisions ...............................................................................
Total Current Liabilities ............................................................... . Non-Current Liabilities
FINANCIAL STATEMENTS FOR THE YEAR ENDE D 31ST DE CEMBER, 1992
Creditors and borrowings ............................................................
Total Non-Current Liabilities ......................................................... Total Liabilities ........................................................................... Net Assets .................................................................................
Contents
Profit and Loss Statement
Members' Equity
Balance Sheet
Reserves .................................................................................. Accumulated losses ....................................................................
Notes to the Accounts
Total Members' Funds ..................................................................
Detailed Statement of Income and Expenditure
The accompanying notes form part of these financial statements.
Statement by Directors Auditor's Report
Notes to the Financial Statements at 31st December, 1992. 1.a) Statement of Accounting Policy
PROFIT AND LOSS ST ATEMENT FOR THE YEAR ENDE D 31/12/92. Notes
1992
1991
Operating Revenue:
2
$746,975
$653,215
Operating Profit/(Loss) .............................................................. Income Tax Attributable to Operating Profit/(Loss) ..........................
3 6
47,654
(62,667)
47,654 (1,097) 46,557 (350,289) (23,172) (326,904)
(62,667) (26,054) (88,721) (229,656) (31,912) (350,289)
Operating Profit/(Loss) After Income T ax ........................................
Abnormal Items ........................................................................ Net Profit/(Loss) After Income Tax and Abnormal Items ...................
Accumulated Losses at the Beginning ofth·e Financial Year ..... ; : ............
Aggregate of Amounts Transferred to Reserves ................................ Accumulated Losses at the End of the Financial Y ear ........................... The accompanying notes form part of these financial statements.
6 - T he Melbourne Graduate April 1993
9 10
4
12
The accounts have been prepared on the basis of historical cost and therefore do not reflect changes in the purchai5ing power of money or current valuations of non-monetary assets, except where otherwise stated. The accounting policies adopted are consistent with those of the previous year.
!
b) Depreciation of Fixed Assets
Depreciation is calculated on the straight line basis for building structures and for plant and equipment. Depreciation of building structures is not charged on properties held for investment purposes (refer note 8(b) ). The value of buildings for depreciation purposes is that adopted by Directors on February 1 1990 after receiving independent advice.
2.
Operating Revenue
Details of operating revenue are fully set out on page 8. Consistent with the previous year, life subscriptions annual subscriptions and donations have been brought to account as income on a cash-received basis. This policy is considered appropriate by the Council. In regard to life subscriptions,
3.
the Council believes that as income from life subscriptions in previous years contributed to the purchase of property, the income receivable from such property is adequate to service existing and future life members. Monies donated by members and other donors designated for the Graduate Union Building Fund totalled $6,179 and are accounted for as general income in the period in which they are received. Expenditure on buildings and property amounted to $11,599 for the year ended 31st December, 1992. Operating Profit/(Loss) Operating profit/(Ioss) is arrived at after changing as expenses/(crediting) as income:
Auditor's remuneration - for audit of accounts - for other services (no other benefits were received by the auditor) Depreciation of buildings Depreciation of fixed assets Interest paid or payable to other persons Provision for employee entitlements
1992
1991
3,000 2,319
5,000 1,000
37,350 13,649
37,350 14,522
$
$
105,860 136,439 152 2,202 (continued on page 9)
The Melbourne Graduate April 1993 - 7