ELECTION OF FOUR COUNCIL MEMBERS

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OTHER BUSINESS

2001 2000 $ $ 2. AUDITOR’S REMUNERATION

For audit of accounts 4,000 4,000 For other services Nil Nil (no other benefits were received by the auditor)

3. COUNCIL MEMBERS’ EMOLUMENTS

The Council members of the Graduate Union of the University of Melbourne Inc have not received and do not receive any remuneration for their services.

4. CASH

Term Deposit 51,753 170,838 Unbanked Deposits 1,983 Nil Melbourne University Cash Float 1,000 1,000 Cash at Bank 162,662 Nil ___________ ___________ 217,398 171,838 ___________ ___________

5. PROPERTY, PLANT AND EQUIPMENT (a) Owner-Occupied Properties

Nos 210-214 Leicester Street, Carlton Freehold land and buildings at Council’s valuation November 2001 1,950,000 625,000 ___________ ___________ 1,950,000 625,000 ___________ ___________ Nos 222-228 Leicester Street, Carlton Freehold land and buildings at Council’s valuation November 2001 2,600,000 550,000 Improvements at cost Nil 47,873 ___________ ___________ 2,600,000 597,873 ___________ ___________ Nos 230-234 Leicester Street, Carlton Freehold land and buildings at Council’s valuation November 2001 1,950,000 600,000 Improvements at cost Nil 1,303 ___________ ___________ 1,950,000 601,303 ___________ ___________ Provision for depreciation Nil (177,625) ___________ ___________ 6,500,000 1,646,551 ___________ ___________

(b) Rental Properties

Nos 216-220 Leicester Street, Carlton and No 233 Bouverie Street, Carlton Freehold land and buildings at contract price (see (f)) 5,150,000 1,500,000 ___________ ___________ 5,150,000 1,500,000 Provision for depreciation on rented properties Nil (37,500) ___________ ___________ 5,150,000 1,462,500 ___________ ___________ (a) + (b) 11,650,000 3,109,051 ___________ ___________

2001 2000 $ $ (c) Plant and Equipment

Plant and equipment at cost 303,087 294,973 Provision for depreciation (247,834) (236,350) ___________ ___________ 55,253 58,623 ___________ ___________

(d) Motor Vehicles

Motor vehicle at cost 28,490 Nil Provision for depreciation (2,671) Nil ___________ ___________ 25,819 Nil ___________ ___________ Total Property, Plant & Equipment 11,731,072 3,167,674 ___________ ___________

(e) Consulting Fees re Re-development

The Graduate Union has incurred the following preliminary costs of re-development including consulting fees, legal fees, architects and engineers fees. Incurred to 31 December 1999 capitalised $152,595 Incurred to 31 December 1999 not capitalised 8,086 Incurred to 31 December 2000 124,157 Incurred to 31 December 2001 97,836 ___________ 382,674 ___________ Reimbursed 18 January 2001 274,453 Reimbursed 18 December 2001 60,250 To be reimbursed by the University of Melbourne 47,971 ___________ $382,674 ___________

(f) Commitments and Contingent Liabilities

(i) The Graduate Council authorised the Chairman to sign a contract with the University of Melbourne to sell certain property and this transaction was approved in accordance with Rule 90 of the registered rules of the Graduate Union, at a general meeting of members on 14 December 2000. This sale will cover 233 Bouverie St, being the land in certificate of title volume 9611 folio 364 and part of 216-220 Leicester Street, being part of certificate of title volume 9767 folio 292 which lies below ground level and certain other rights including the right to demolish the Kidd’s Warehouse Building. The total consideration is $5,150,000. Finalisation of the sale contract depends on agreement covering engineering aspects of the proposed tunnel to be constructed on the site and the processing of a title. Matters relating to the engineering design of the proposed tunnel have been resolved and the process of securing the registration of the strata title is in progress. (ii) Graduate Council invited proposals from a number of architectural firms. After evaluating these proposals Graduate Council engaged Perrott Lyon Mathieson. Initially it was necessary to secure advice to resolve the engineering aspects of the design of the proposed tunnel. The professional costs to this stage have all been reimbursed by the University of Melbourne. Perrott Lyon Mathieson have continued their work with the process of securing necessary planning permits. When settlement has been made by the University of Melbourne, decisions will be made on more specific details of a proposed building and the necessary work done to proceed towards calling tenders for the building.