Ski & Snowboard Australia Limited 31 October 2014

Ski & Snowboard Australia Limited

31 October 2014


Contents

Page

Directors' Report 3-6

Auditor's Independence Declaration 7

Statement of Profit or Loss and Other Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Financial Statements 12-19

Directors' Declaration 20

Auditor's Report 21-22

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ACN 063 859 423

Directors' Report

Your Directors present their report on Ski and Snowboard Australia Limited for the financial

year ended 31 October 2014.

Directors

The names of the directors in office at any time during or since the end of the year are:

Dean Gosper

Nicholas Kennedy

Kim Clifford

Suzie Warwick

Hugh Whan

Manuela Berchtold

Richie Biggins

Steve Cooper

Directors have been in office since the start of the financial year to the date of this report unless

otherwise stated.

Principal activities

The principal activities of the company during the year were the administration of the sports of skiing

and snowboarding in Australia. No significant changes in the nature of these activities occurred during

the financial year.

The entity's short-term objectives are to:

- Ensure Australia remains a successful nation at World Cup, World Championships and Olympic Games.

- Increase participation and community interest in competitive Snow Sports at all levels.

- Strengthen network of coaches, volunteers, technical officials and administrators who provide support of

competitive Snow Sports in Australia.

- Generate financial resources and provide effective administration, and communication.

The entity's long-term objectives are to:

- Create Snow Sports champions by providing clear and supported athlete pathways.

To achieve these objectives, the entity has adopted the following strategic priorities:

- High Performance

- Sport Development & Participation

- People Development

- Business Development

Key Performance Measures

The company measures its own performance through the use of both qualitative and quantitative

benchmarks. The benchmarks are used by the directors to assess the financial sustainability of the

company and whether the company's short term and long-term objectives are being achieved.

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ACN 063 859 423

Directors' ReportInformation on Directors

Dean Gosper

Qualifications Degree in Law and Bachelor of Economics.

Experience

Nicholas Kennedy

Qualifications Graduate Management Program UNSW.

Experience

Kim Clifford

Qualifications Associated Degree in Applied Science, JP NSW.

Experience

Suzie Warwick

Qualifications

Experience

Hugh Whan

Qualifications Fellow of Recruitment Consulting Services Association.

Experience

Manuela Berchtold

Qualifications

Experience

Director of SSA since 1997.

Chairman 97-2003.

Chair Audit Committee and Finance Committee of SSA.

SSA Remuneration Committee.

Served on the SSA Board since 1997.

President of SSA since 2004.

Member of International Ski Federation Council.

Director SSA since 2009.

Skills based board member Tourism Snowy Mountains since 2009.

Board of Marketing Snow Australia since 2011.

40 Years of experience in the Australian Tourism.

Ski Resort business.

1976 Olympian - Alpine Skiing.

BA Communications, Member of Women In Sport.

Board Member SSA since 2009.

Director, Wow Factor Productions – 10 years.

CEO OvCa (Ovarian Cancer Australia) 2 years.

Media/Marketing Sport, SOCOG (Sydney Organising Committee Olympic

Games) – 2 years.

Account Director, Sports Marketing & Management/Javelin Communications –

5 years.

Advanced Diploma in Medial Massage.

Cert 3 + 4 Fitness Instructor.

Director of SSA since 2009.

Olympian 2002 and 2006.

Director and Founder of Future Olympian Scholarship Program since 2002.

Owner and Founder of High Country Fitness.

Campus Director for Aust Institute of Personal Trainers.

SSA Athlete Commission representative.

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ACN 063 859 423

Directors' ReportRichie Biggins

Qualifications Advertising and Marketing.

Experience

Steve Cooper

Qualifications Diploma Visual Arts Education.

Experience

Meeting of Directors

During the financial year, 5 meetings of directors were held.

Attendances by each director were as follows:

Number

eligible to

attend Number attended

Dean Gosper 5 5

Nicholas Kennedy 5 4

Kim Clifford 5 5

Suzie Warwick 5 4

Hugh Whan 5 5

Manuela Berchtold 5 5

Richie Biggins 5 5

Steve Cooper 5 3

Members guarantee:

The entity is incorporated under the Corporations Act 2001 and is an entity limited by guarantee.

If the entity is wound up, the constitution states that each member is required to contribute a maximum

of $1 each towards meeting any outstanding obligations of the entity.

At 31 October 2014, the total amount that members of the company are liable to contribute

if the company is wound up is $365 (2013: $395)

Directors' Meetings

1988 Olympian - Alpine Skiing.

More than 20 years in the Media and Advertising industry working in Radio,

Digital and Mobile.

Expertise in Commercial Sales and Sponsorship, change management, sales

management and product management.

Board Member of SSA since 2010.

Board Member of NSW Snowsports since 2005.

Chair of NSW Interschool's Snowsports since 2003.

Chair of NSW Freestyle Snowsports since 2005.

National SSA Freestyle Committee member since 2005.

Currently employed as the Deputy Principal of Jindabyne Central School - NSW.

Member of SSA Freestyle Committee.

National Participation & Development involvement through position as Chair of

NSW Interschool's Snowsports.

Chair of Interschool's Australia.

8

for the year ended 31 October 2014

Note 2014 2013

$ $

Revenue 2 2,777,175 2,659,369

SSA - Program Operation and Grants (1,504,363) (1,272,088)

Employee benefits expenses 3 (533,189) (466,316)

OWI - Program Operation (241,000) (241,000)

NSWIS/VIS - Program Operation (215,000) (277,113)

SSA - Other Discipline Expenses (154,682) (103,554)

Depreciation and amortisation expenses 3 (11,430) (12,873)

Other expenses 3 (140,991) (200,945)

Profit (Loss) before income tax (23,479) 85,480

Income tax expense 1 - -

Profit (Loss) for the year (23,479) 85,480

Other comprehensive income for the year, net of

income tax - -

Total comprehensive income (loss) for the year (23,479) 85,480


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Statement of Profit or Loss and Other

Comprehensive Income

The accompanying notes form part of these financial statements.

9

Statement of Financial Positionas at 31 October 2014

Note 2014 2013

$ $

Current assets

Cash 5 846,301 640,451

Trade and other receivables 6 138,452 701,851

Other current assets 7 41,799 77,403

Total current assets 1,026,552 1,419,705

Non-current assets

Property, plant and equipment 8 86,632 88,809

Total non-current assets 86,632 88,809

Total assets 1,113,184 1,508,514

Current liabilities

Trade and other payables 9 674,120 1,061,327

Provisions 10 29,149 19,867

Total current liabilities 703,269 1,081,194

Non-current liabilities

Provisions 10 20,741 14,667

Total non-current liabilities 20,741 14,667

Total liabilities 724,010 1,095,861

Net assets 389,174 412,653

Equity

Retained earnings 389,174 412,653

Total equity 389,174 412,653


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10

Statement of Changes in Equityfor the year ended 31 October 2014

Retained

Earnings Total

$ $

Balance at 1 November 2012 327,173 327,173

Total comprehensive income for the year 85,480 85,480

Balance at 31 October 2013 412,653 412,653

Balance at 1 November 2013 412,653 412,653

Total comprehensive income for the year (23,479) (23,479)

Balance at 31 October 2014 389,174 389,174


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11

Statement of Cash Flowsfor the year ended 31 October 2014

Note 2014 2013

$ $

Cash flows from operating activities

Receipts from operations 3,321,983 2,166,064

Payments to suppliers and employees (3,115,206) (2,596,028)

Interest received 18,592 22,800

Finance costs (10,266) (9,074)

Net cash provided by (used in) operating

activities 215,103 (416,238)

Cash flows from investing activities

Purchase of property, plant and equipment (9,253) (3,464)

Net cash used in investing activities (9,253) (3,464)

Net change in cash and cash equivalents held 205,850 (419,702)

Cash at beginning of financial year 640,451 1,060,153

Cash at end of financial year 5 846,301 640,451


ACN 063 859 423


12

Notes to the financial statementsfor the year ended 31 October 2014

1 Statement of significant accounting policies

Basis of preparation

Ski and Snowboard Australia Limited applies Australian Accounting Standards - Reduced Disclosure

Requirements as set out in AASB 1053: Application of Tiers of Australian Accounting Standards and

AASB 2010-2: Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements.

The financial statements are general purpose financial statements that have been prepared in accordance

with Australian Accounting Standards - Reduced Disclosure Requirements of the Australian Accounting

Standards Board (AASB) and the Corporations Act 2001. The company is a not-for-profit entity for

financial reporting purposes under the Australian Accounting Standards.

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

are presented below and have been consistently applied unless otherwise stated.

The financial statements, except for the cash flow information, 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 amounts presented in the financial

statements have been rounded to the nearest dollar.

Accounting policies

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the

company and the revenue can be reliably measured. The following specific recognition criteria must

also be met before revenue is recognised:

Grant Revenue

Generally, grant revenue is recognised as income over the periods necessary to match them with

related costs which they are intended to compensate, on a systematic basis. For any grants that have

been received in the current year and related costs are likely to incur in the future accounting period, they

are recognised as deferred income.

Interest

Revenue is recognised when the company's right to receive payment is established.

Income Tax

Div 50 of the Income Tax Assessment Act 1997.


ACN 063 859 423

and conditions. Material accounting policies adopted in the preparation of the financial statements

The Company is classified as a sports association and is therefore exempt from Income Tax under

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ACN 063 859 423

Cash and Cash Equivalents

Cash comprises cash on hand, deposits held at-call with banks and other short-term deposits.

For the purposes of the Statement of Cash Flows, cash includes cash on hand and in banks, and money

market investments readily convertible to cash within two working days, net of outstanding bank

overdrafts. Bank overdrafts are carried at the principal amount. Interest is charged as an expense as

it accrues.

Property, Plant and Equipment

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

accumulated depreciation and impairment losses.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as

appropriate, only when it is probable that future economic benefits associated with the item will flow

to the Company and the cost of the item can be measured reliably. All other repairs and maintenance

are charged to profit or loss during the financial period in which they are incurred.

Depreciation

Depreciation is provided using the straight line method on all plant and equipment and buildings, and on a

reducing balance basis for motor vehicles.

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

Asset Class Depreciation Rate

Buildings 10%

Office furniture and equipment 40 - 50%

Motor Vehicles 23%

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting

period date. An asset’s 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 profit or loss and other comprehensive income.

Trade and Other Payables

Trade and other payables represent the liability outstanding at the end of the reporting period for

goods and services received by the Company during the reporting period, which remain unpaid.

Employee Benefits

Liabilities for employee benefits arising from services rendered by employees to reporting date,

which are expected to be settled within one year have been measured at the amounts

expected to be paid when the liability is settled, plus related on-costs.

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.

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Provisions

Provisions are recognised when the Company 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 are measured using the best estimate of amounts required to settle the obligation at the end

of the reporting period.

Impairment of assets

comprehensive income.

Financial Instruments

Initial recognition and measurement

Financial assets and financial liabilities are recognised when the entity becomes a party to

the contractual provisions of the instrument. For financial assets, this is equivalent to the date that

the Company commits itself to either purchase or sell the asset.

Financial instruments are initially measured at fair value plus transaction costs where the instrument is

not classified as at fair value through profit or loss. Transaction costs related to instruments classified

as at fair value through profit or loss are expensed to profit or loss immediately. Financial

instruments are classified and measured as set out below.

Classification and subsequent measurement

Receivables

Receivables are financial assets with fixed or determinable payments that are not quoted in an

active market and are stated at amortised cost.

Financial liabilities

Non-derivative financial liabilities are subsequently measured at amortised cost.

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 the 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.

Comparative Figures

When required by Accounting Standards, comparative figures have been adjusted to conform to

changes in presentation for the current financial year.

value over its recoverable amount is expensed to the statement of profit or loss and other

At each reporting date, the Company reviews the carrying values of its tangible 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

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ACN 063 859 423

Critical accounting estimates and judgments

The Company 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 Company. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised if the revision affects only that

period or in the period of the revision and future periods if the revision affects both current and future

periods.

Key estimates — Impairment of non-financial assets

The Company assesses impairment at each reporting date by evaluating conditions and events specific

to the Company that may be indicative of impairment triggers. Recoverable amounts of relevant assets

are reassessed using value-in-use calculations which incorporate various key assumptions.

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2014 2013

$ $

2 Revenue

Government Grants 926,124 1,051,820

Programme Fees 962,056 838,002

Other Grants 344,463 234,116

Corporate Sponsorship 136,750 129,500

Subscriptions and Affiliation Fees 36,718 46,184

Interest received 18,592 22,800

Other Income 352,473 336,947

Total revenue 2,777,175 2,659,369

3 Expenses

Employee benefits expense includes:

Administration staff salary related costs 492,329 428,996

Contributions to employee superannuation funds 40,860 37,320

533,189 466,316

Depreciation and amortisation expense

Office furniture and equipment 9,123 9,896

Motor Vehicles 2,307 2,977

Total depreciation and amortisation expense 11,430 12,873

Other expenses include:

Finance costs paid 10,266 9,074

4 Key management personnel compensation

Total remuneration paid to key management and

discipline coordination personnel of the Company.

Included amounts drawn from administration staff salary

related costs and discipline program staff costs 393,912 365,390


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2014 2013

$ $


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5 Cash

Cash at bank 846,301 640,451

846,301 640,451

Bank Overdraft Facility

At balance date and prior year, the company had unused,

unsecured overdraft facility amounting to $75,000.

6 Trade and other receivables

Current

Trade receivables 141,958 714,304

Provision for doubtful debts (3,506) (12,453)

138,452 701,851

7 Other assets

Current

Prepayments 41,799 77,403

41,799 77,403

8 Property, plant and equipment

Land and buildings

Land - at cost (a) 70,000 70,000

Buildings - at cost (a) 30,000 30,000

Less: accumulated depreciation (30,000) (30,000)

70,000 70,000

Office furniture and equipment

At cost 31,539 22,286


8,685 8,555

Motor Vehicles

At cost 31,364 31,364


7,947 10,254

Total property, plant and equipment 86,632 88,809

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2014 2013

$ $


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(a) These amounts relate to land and buildings at Lilydale (Vic) purchased for a training facility.

Title is subject to subdivision. Should clear title not be available and the property is sold to a

third party, the consideration paid will be refunded.

(b) Movements in carrying amounts

9 Trade and other payables

Current

Deferred income 167,947 412,071

Other creditors and accrued expenses 306,173 499,256

Ski and Snowboard Foundation (a) 200,000 150,000

674,120 1,061,327

(a)

Snowboard Foundation) with the objective of obtaining sponsorship, funding, and providing

support to maintain ski and snowboard activities to current and future Ski and Snowboard

Australia athletes.

Movements in the carrying amounts for each class of property, plant and equipment between the

beginning and end of the current financial year:

Contribution obligations in respect of the establishment of a charitable foundation (Ski and

Land &

Buildings

Office furniture & equipment

Motor Vehicles

Total

$ $ $ $

Balance at the beginning of the year

70,000 8,555 10,254 88,809

Additions/ - 9,253 - 9,253

Disposals

Depreciation expense - (9,123) (2,307) (11,430)

Balance at the end of the year

70,000 8,685 7,947 86,632

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2014 2013

$ $


ACN 063 859 423

10 Provisions

Current

Annual leave 23,539 15,915

Long-service leave 5,610 3,952

29,149 19,867

Non-current

Long-service leave 20,741 14,667

20,741 14,667

11 Contingent assets and liabilities

The Company has no contingent assets or liabilities as at year end (2013: Nil).

12 Events after the reporting date

No matters or circumstances have arisen since the end of the financial year which significantly

affected or may significantly affect the operations of the Company, the results of those operations,

or the state of affairs of the Company in future financial years (2013: Nil)

13 Related party transactions

There were no transactions with directors or director related parties during the year ended

31 October 2014 (2013: Nil).

14 Financial risk management

The Company's financial instruments consist mainly of deposits with banks, local money market

instruments, short-term investments, accounts receivable and payable.

The totals for each category of financial instruments, measured in accordance with AASB 139

as detailed in the accounting policies in Note 1 to these financial statements, are as follows:

Note

Financial Assets

Cash 5 846,301 640,451

Trade and other receivables 6 129,584 701,851

Total Financial Assets 975,884 1,342,302

Financial Liabilities

Trade and other payables 9 306,173 457,134

Total Financial Liabilities 306,173 457,134

Documents

Ski & Snowboard Australia Limited 31 October 2014