STUDY GOLD COAST 2021 ANNUAL REPORT

studygoldcoast.org.au

STUDY GOLD COAST

2021 ANNUAL REPORTThursday, 4 November 2021, 5:00pm

Barrington College 59-73 Meron Street, Southport, QLD 4215

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Study Gold Coast ABN 35 036 042 60643 Nerang St, Southport QLD 4215p 07 5556 6102 | www.studygoldcoast.org.au

CONTENTSAnnual General Meeting 2021 - Agenda

Annual General Meeting 2020 - Minutes

Chief Executive Officer Report

2020/21 Financial Report

2020/21 Auditor Report

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AGENDA

1 Call to order and welcome address by Chair Chair

2 Apologies Chair

3 Proxies Chair

4 Quorum Chair

5 Confirmation of Minutes of Annual General Meeting held 23 November 2020 Chair

6 Chief Executive Officer Report CEO

7 Financial Report Treasurer

8 Auditor Report Treasurer

9 Appointment of Auditor Treasurer

10 Election of Committee Positions

• Introduction of Nominees

• Election of Committee

11 New Business Chair

12 Close Chair

Date: Thursday, 4 November 2021

Time: 5:00pm – 5:30pm

Venue: Barrington College, 59-73 Meron Street, Southport, QLD 4215

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MINUTESDate: Monday, 23rd November 2020

Time: 5:00pm - 5:35pm

Venue: The Island, Level 12, Penthouse, Ocean View Room, 3128 Surfers Paradise Blvd, Surfers Paradise, QLD 4217

Attendees:

The Hon Rob Borbidge AO (Chair)Dean Gould (Southern Cross University)Karen Dickinson (TAFE QLD Gold Coast) Prof. Sarah Todd (Griffith University)Bill Adler (Imagine Education Australia)Paul Salter (St Hilda’s School) Cheryl Jolliffe (Bond University)Cr Brooke Patterson (Council of the City of Gold Coast)Alfred Slogrove (Study Gold Coast) Lynda White (Study Gold Coast) Jennine Tax (Study Gold Coast)Melissa Kitanobo (Study Gold Coast) Natalie Hanau (Study Gold Coast)Megan Connors (Study Gold Coast)Donna Naylor (Study Gold Coast)Mohit Trivedi (Study Gold Coast)Trevor Jackson (Study Gold Coast)Anya Olympia (Study Gold Coast)Joseph Prospere (Study Gold Coast)John Mason (ACS Distance Education) Peter Long (Air Gold Coast)Michael Bartlett (All Saints Anglican College)

Stuart Love (Aurora Training Institute) Tanya Ferguson (Australian International Student Tours)Rachel Hawkins (Australian Pacific College)Colleen Gauder (Barrington College)Nathan Burns (Blockchain Collective)Gordon Johnstone (Emmanuel College)Andrew Pevats (Gimbal Training)Jacqueline Clayton (Grayclay)Lisa Campbell (Helensvale State High School)Elle Bailey (New York Film Academy)Sam Holmes (Saint Stephen’s College)Ian Cragg (SendFX)So Young Kwon (Sero Institute)Matt Taplin (Smith Collective)Angela Jankovic-Del Bianco (Spirit of the Gold Coast Whale Watching)Melanie Duff (Study Match)James Kennett (Eagle Academy)Brenton Myatt (The Pet Stylist Academy)David Loft (Tyler International) Ian Grace (Youth Music Venture)

Apologies:

Cr Cameron Caldwell (Council of the City of Gold Coast)Prof. Adam Shoemaker (ex-Southern Cross University)Richard Petherbridge (Australian Industry Trade College)Dale Dickson (Council of the City of Gold Coast)David Dobbie (Coomera Anglican College)Alison Fahlbusch (Elanora State High School)Daryl Earl (Education Queensland International)

Christopher Tobin (Merrimac State High School)Scott Ison (Nerang State High School)Philip Kilic (Pacific Training Group)Tracy Kearney (Prestige Service Training)Julie Warwick (Robina State High School)Paul Miles (The Busy Group)

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# Subject Details Resolution

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Call to order & welcome address by Chair

The Study Gold Coast Chair opened the meeting, welcomed members and thanked them for their support.

The Chair commented on the difference from the previous year’s celebration of the Regional Visa Business Case and this year’s impact of the COVID-19 pandemic on the Education Sector. The Chair acknowledged the Study Gold Coast team for their outstanding work and the provisions to date to directly assist international students, assisting member organisations facilitating critical support to continue the ongoing operations of their business, providing student meals and grocery packs; counselling and financial assistance to students and developing the safe corridor plan for the return of International Students in 2021.

The Chair also acknowledged the support of Angie Bell MP and State Government during this period, also noting that none of this would have been achieved without the continuing support of the Council of the City of Gold Coast.

The Chair thanked retiring Directors Cr Cameron Caldwell and Prof. Adam Shoemaker for their contribution to the Study Gold Coast Management Committee and welcomed Dean Gould as the member representative of Southern Cross University.

Noted

2 Apologies Apologies noted Noted

3 Proxies

Proxy list was noted and recorded: Peter Long for Joy Ydeo (Air Gold Coast) Richard Hawkins for David Yoo (Australian Pacific College) Nicholas Read for Robyn Bloomfield (Capital College) Andrew Pevats for Shaun Fearon (Gimbal Training) Lisa Campbell for Karen Lindsay (Helensvale State High School) Elle Bailey for Tasha Cooper (New York Film Academy)| So Young Kwon for Adam Chandel (Sero Institute) The Hon. Rob Borbidge AO (Study Gold Coast Chairman) for Sharon Hunneybell (Gold Coast Innovation Hub)

Noted

4 QuorumThe required quorum for the AGM was achieved (double the number of persons elected or appointed to the Management Committee at the close of the Network’s last general meeting plus one).

Noted

5Previous Minutes

The minutes of the previous meeting held 7 November 2019 were adopted.

Resolved

Moved: ST

Seconded: BA

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# Subject Details Resolution

6 CEO Report

The Study Gold Coast CEO acknowledged and thanked the Chair, Councillors, Study Gold Coast Management Committee, Members and Study Gold Coast staff for their continuing support during a very challenging year and their continuing contribution to the Education Sector to ultimately become the leading destination of choice worldwide.

The CEO presented on the successes and achievements over the past financial year and the impact of COVID-19 on the education industry overall, noting 80% of International students have remained in Australia.

Currently Study Gold Coast has 79 Members of which an additional 24 members have joined Study Gold Coast since July 2019. The 2020 Membership Survey recorded an overall 97% member satisfaction rate from the services and support given by Study Gold Coast.

The CEO also provided members with an insight into the planned opportunities and the way forward for the financial year 2020/2021: attracting students to commence studies online; the student accommodation grant; and back to business with in-language campaigns – ‘safe student corridor’ roadmap.

The CEO also presented a video highlighting the new Gold Coast Student Jobs Platform.

Noted

Moved: MB

Seconded: DG

7Financial Report

The financial statements for the year ending 30 June 2020 were provided.

Resolved

Moved: PS

Seconded: CJ

8Auditor Report

The auditor’s report for the year ending 30 June 2020 was presented.

Resolved

Moved: PS

Seconded: BA

9Appointment of Auditor

Study Gold Coast confirmed that WPIAS were the auditors for 2019/20. A vote was taken for Connect Audit and Assurance Services Pty Ltd (WPIAS) to remain as auditors for the 2020/21 financial year.

Resolved

Moved: PS

Seconded: BA

10Election of Committee Positions

The Chair noted the following nominations for election to the Management Committee:

Ordinary Members’ Representative: Bill Adler (Imagine Education)

Ordinary Members’ Representative: Paul Salter (St Hilda’s School)

Deputy Chair: Prof. Sarah Todd (Griffith University)

Treasurer: Paul Salter (St Hilda’s School)

Secretary: Lynda White (Study Gold Coast)

The positions of the Management Committee are to be confirmed at the next Study Gold Coast Management Committee meeting, Friday 4th December 2020.

Resolved

Moved: ST

Seconded: James Kennett

Resolved

Moved: Tanya Ferguson

Seconded: David Loft

11New Business

Cr Brooke Patterson addressed the members acknowledging Council’s continuing support of Study Gold Coast and expressing sentiment that Council was extremely impressed with Study Gold Coast’s presentation to Council earlier in the year and their continuing commitment to promote the Gold Coast as a leading Education City.

Noted

12 Close With no further matters for discussion, the Chair declared the meeting closed 5.35pm. Noted

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CEO REPORT

International student numbers in Australia were 529,580 in June 2021, down by 17% (June 2020). Top countries account for 61%: China (29%), India (18%), Nepal (8%), Vietnam (4%) and Malaysia (3%).

International student enrolments on the Gold Coast were 17,231 (June 2021), down from: 21,958 (June 2020), 22,243 (June 2019), 19,885 (June 2018). Brazil (2,757), India (2,327), China (2,220), Colombia (950) and Japan (876) are the top enrolments by nationality for the Gold Coast.

The Department of Education Skills and Employment Research Snapshot of May 2021 shows 69% of enrolled international students are in Australia, with 25% outside Australia and 6% unknown. Based on a total of 449,742 international students in March 2021.

The Department of Immigration announced that post-study visa arrangements have been extended for international graduates who graduated from a regional educational institution and lived in a regional area on their first Temporary Graduate Visa (TGV), post-study work stream.

The Federal Government has extended its wage subsidy scheme for apprentices and trainees for another year, in a move it expects will generate 70,000 new positions.

Attraction

International trade activities were held virtually during the year and included: participation in ICEF’s ANZA Virtual Fair (4-6 August); worked with Global Study Partners (GSP) to host Study Gold Coast Week (1-4 September) presenting to over 2,000 students and education agents; participated in the Study Orbis Virtual Recruitment Fair (13-15 October) for Chinese students (150 participants); launched the Online International Exchange Program which was devised by Tyler International; collaborated with TIQ for the Queensland Chengdu Shanghai Cloud Principal Forum (11 March); presented at the AMET SIRA Online Expo (16 March); connected with 23 international education agents at the 2021 APAIE Virtual conference (23 March); in partnership with TIQ presented to 47 agents at The Queensland Hour for LATAM (8 April); and in partnership with Study Queensland delivered a Queensland Hour for the Chongqing Centre for International Educational Exchange six vocational education and training institutions (22 April).

Study Gold Coast adapted during 2020-2021 in light of the COVID-19 pandemic and the impacts it had on the Education and Training sector. We provided support, guidance and advocacy for all members managing the ongoing effects of COVID-19 on the industry. A three-stage plan was implemented:

• Start remotely and join us face to face when possible

• Onshore opportunity to attract high quality students

• Back to business as usual, with in-language campaigns

The impact of COVID-19 on the sector continues to be

challenging but we have welcomed an influx of interstate

students and an unforeseen pathway movement with VET

enrolments up 7.52% (2020).

Over and above our adapted initiatives and campaigns the standouts are the collaborations, vocational enrolments, and positive student sentiment regarding support and employment. This is purely due to the hard work and commitment of the sector and providers by offering diverse opportunities for students to enrol, whether it is online, or starting remotely and then joining face-to-face when they can.

Adaptation

• Student attraction marketing and international relations -> Gold Coast Student Accommodation Grant

• Increased student support -> with assistance from TIQ

• 2021 Gold Coast Careers Festival -> increased to three days

• Business engagement, student engagement and careers marketing -> Gold Coast Student Jobs

• International trade engagements -> online international exchange programs

The Study Gold Coast team have worked tirelessly to be the voice of the sector on the Gold Coast, advocating for the safe return of international students; highlighting the need for additional support for the ELICOS and Higher Education sectors; seeking resolution regarding the Certificate III in Marine Craft Construction issue regarding the eligibility for international students ($10m economy impact); and responding to the Federal Government International Education Strategy.

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We were lucky enough to be able to hold two trade events in-person in 2021. We hosted a South-East Queensland Agent Briefing (21 April); and we welcomed onshore agents to the Gold Coast for a three-day Familiarisation Tour on 14-16 June.

The first round of the Gold Coast Student Accommodation Grant ‘Your Next Move’ ended on 30 June 2021 and was a very successful program attracting domestic and international enrolments on the Gold Coast with 250 students approved for 10 weeks’ accommodation to provide a secure and safe landing pad, reducing the financial burden of moving to a new city as they commenced their studies on the Gold Coast. These offers represent $15.9m in course fees and $17.4m in annual economic impact.

Employability

Mobile Gold Coast Student Hub and Careers Outreach held 96 events with 6,762 student interactions, offering career support services to the students of the Gold Coast in order to enhance their career choices, promote staying on the Gold Coast for further study or career opportunities and awareness of initiatives run by Study Gold Coast.

The Careers Alliance Network continues to engage with our member representatives that support career education, holding four events during the year.

The Gold Coast Student Jobs platform was launched on 5 November connecting Gold Coast students and graduates to opportunities. With almost 2,000 registered users and approximately 1,000 opportunities, this new site is proving to be very valuable to Gold Coast student job seekers.

14 graduates completed the pilot Kickstart Graduation program in August. A final evaluation report of the pilot program for 2020 was delivered in September, demonstrating the value of the program.

The 2021 Kickstart program features a half-day session every three weeks for 27 participants. There are 11 sessions in total with graduation scheduled for 27 October 2021.

Experience

The Gold Coast Student Hub welcomed 9,389 visits during 2020-2021 with 24,357 visits to date. 689 students accessed support appointments with our major support effort distributing 7,359 grocery packs, gift cards and food hampers plus 30,000 frozen meals to students in need.

On 27 November, Study Gold Coast hosted the second annual Gold Coast Student Excellence Awards. We received double the nominations compared to the previous year, with five students awarded at a gala event at Movie World, attended by the Gold Coast Mayor, sector representatives and over 200 students.

The Mayor’s Student Ambassador Program was successfully

delivered despite the challenges presented by COVID-19. The team adjusted the program to ensure that the Ambassadors remained engaged while lockdowns and social restrictions were in place, returning to face-to-face activities in the latter part of the year. 2021’s Program has 16 outstanding Ambassadors representing the city and hail from 11 different nationalities and represent 9 different institutions.

Retention

Thankfully, the 2021 Gold Coast Careers Festival was able to be held as an in-person event after last year’s virtual festival. The three-day Festival included a Saturday this year (6-8 May) to engage a wider audience and attracted 9,613 attendees. To facilitate lead generation for exhibitors, schools were given personalised student event passes with a unique QR code (linking to their contact details). Non-school attendees were able to complete an online form upon arrival to receive a digital event pass. Each scan at exhibitor booths constituted an entry into the $5,000 Career Support Grant competition and provided the passholder’s details to the exhibitor for communication and marketing purposes. 57 exhibitors collected a total of 11,823 leads, with an average of 3.7 scans per user.

Marketing

Study Gold Coast delivered five major marketing campaigns in 2020-2021 with 17.3m people reached from campaigns. Digital marketing campaigns were delivered in Japan, Brazil, India, Colombia, Sri Lanka, Korea, Vietnam, Taiwan, Nepal, Philippines, Indonesia and Australia (onshore international and domestic). 610,235 website views; and 47% growth was achieved in social media followers.

Membership

Our team focused on supporting members through communication (26 eDMs); access to resources and information; member networking events and new member onboarding sessions; and a 50% reduction in membership fees especially helping those institutions severely impacted by the pandemic.

We were proud to record a member satisfaction rate of 96% and a member engagement of 93% for July 2020-June 2021. Our membership has continued to grow to 79 members (15 new members onboarded during the year).

Summary

Study Gold Coast has had a productive, adaptive year, pivoting in many areas to provide increased levels of support, guidance and advocacy for our members and stakeholders. We are proud of our team’s commitment in working together at a difficult time for the sector to provide an enhanced level of servicing and camaraderie.

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Overall economic contribution of the education and training sector $1.7 billion (pa).

28,871 people are now employed by the sector.

230,000 people enrolled in education on the Gold Coast.

17,231 international student students studying on the Gold Coast (down from 21,958 June 2020).

11% increase in domestic enrolments with 63% student retention rate.

529,580 international students in Australia (down 17% on June 2020).

69% international students in Australia.

89th QS Best Student Cities ranking.

25,981 influencers hosted by Study Gold Coast, 30 trade events.

69 people attended the SE Queensland Agent Briefing on 21 April.Talent for Business Growth – 37 businesses joined.

Held 3-day Gold Coast Familiarisation Tour for onshore agents.

Inaugural online exchange program held with further programs scheduled in 2021-2022.

176 Gold Coast Student Accommodation Grant students placed in 10 weeks’ accommodation – Round 1 (73% of students have been placed in private accommodation, 27% have been placed in homestay).

120,197 course finder webpage views. 95 providers listed on the course finder with 4,523 referrals to providers.

150 careers on the Careers Explorer.

199,727 Gold Coast Student Jobs page views since launch (November 2020-June 2021). Approximately 1,000 jobs available for students and graduates with 1,930 registered users on the site.

27 participants in the Kickstart Graduate Program. Eleven sessions with graduation on 27 October 2021.

96 Mobile Gold Coast Student Hub and Careers Outreach Presentations, with 6,762 student interactions.

KEY SUCCESSES:

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4 Careers Alliance Network events held.

689 student support appointments fulfilled.

9,389 visits to the Gold Coast Student Hub with 24,357 visits since opening to 30 June.

7,359 grocery packs (value $228,887 funded by Study Queensland), gift cards and food hampers plus 30,000 frozen meals distributed.

200 plus students, sector representatives and the Gold Coast Mayor attended the Gold Coast Student Excellence Awards with five winners awarded.

16 Mayor’s Student Ambassadors 2021 from 11 different nationalities representing 9 different institutions.

9,613 attendees (physical and virtual) at the 2021 Gold Coast Careers Festival; 57 exhibitors; 41 schools attended; and 11,823 leads generated.

1,500 tokens of appreciation to teaching and support staff for World Teachers’ Day.

12 Education Vision Project Fund initiatives support ($258,600 funding).

Membership grew to 79 members with a membership satisfaction of 96% and member engagement 93%.

5 major marketing campaigns delivered.

610,235 website views (Study Gold Coast & Gold Coast Student Hub).

17.3m people reached, 182,748 clicks to site from campaigns with 47% growth in social media followers.

47 Gold Coast students were profiled in the Study Gold Coast podcast.

All KPIs met and exceeded.

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Gold Coast Education & Training Network Inc. A.B.N 35 036 042 606 Financial Statements For the Year ended 30 June 2021

Gold Coast Education & Training Network Inc. A.B.N 35 036 042 606 Income and Expenditure Statement For the Year ended 30 June 2021 Note 2021 2020 $ $ Income Other Income 2 3,755,298 3,713,459 Expenditure Expenses 3 3,823,969 3,330,649 Current year surplus/ (deficit) before income tax (68,671) 382,810 Income Tax Expense 1(i) - - Net current year surplus/ (deficit) after income tax (68,671) 382,810 Retained Surplus at the beginning of the financial year 1,462,124 1,079,314 Retained Surplus at the end of the financial year 1,393,453 1,462,124

The accompanying notes form part of these financial statements.

Gold Coast Education & Training Network Inc. A.B.N 35 036 042 606 Assets and Liabilities Statement As at 30 June 2021 Note 2021 2020 $ $ Current Assets Cash and Cash Equivalents 4 1,281,109 1,518,619 Trade and Other Receivables 5 (480) (480) Other Current Assets 6 159,757 49,591 Total Current Assets 1,440,386 1,567,730 Non-Current Assets Property, Plant and Equipment 7 138,984 112,196 Total Non-Current Assets 138,984 112,196 Total Assets 1,579,370 1,679,926 Current Liabilities Trade and Other Payables 8 95,694 70,801 Revenue in Advance 9 29,624 101,779 Employee Provisions 10 54,315 45,222 Total Current Liabilities 179,633 217,802 Non-Current Liabilities Employee Provisions 10 6,284 - Total Non-Current Liabilities 6,284 - Total Liabilities 185,917 217,802 Net Assets 1,393,453 1,462,124

Members Funds Retained Surplus 1(k) 1,393,453 1,462,124 Members Funds 1,393,453 1,462,124

The accompanying notes form part of these financial statements.

Gold Coast Education & Training Network Inc. A.B.N 35 036 042 606 Notes to the Financial Statements For the Year ended 30 June 2021 1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

The financial report is a special purpose financial report prepared in order to satisfy the financial reporting requirements of the Associations Incorporation Act 1981 (QLD). The committee has determined that the association is not a reporting entity.

The financial statements have been prepared in accordance with the significant accounting policies disclosed below. Such accounting policies are consistent with the previous period unless stated otherwise.

The financial statements have been prepared on an accruals basis and are based on historical costs unless stated otherwise in the notes. The accounting policies that have been adopted in the preparation of the statements are as follows:

(a) Cash and Cash Equivalents

Cash and cash equivalents includes cash on hand, deposits held at call with banks and other short-term highly liquid investments.

(b) 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 (ATO). Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the ATO is included with other receivables or payables in the assets and liabilities statement.

(c) Short-term Employee Provisions

The Association’s obligations for short term employee provisions, other than annual leave and long service leave, such as wages and salaries are recognised as part of Accounts Payable and Other Payables. The Association classifies annual leave entitlements as current employee provisions as they are expected to be settled within 12 months after the end of the annual reporting period in which the employees render the related service and have been measured at their current value. The Association classifies long service leave as current employee provisions for amounts applicable to employees with 10 or more years of service and is measured at the current value. Employee benefits that are not expected to be settled wholly within 12 months are accounted for as other long term employee benefits and have been measured at their current value.

Other Long-term Employee Provisions

The Association classifies long service leave as non-current provisions for amounts applicable to employees with 5-10 years of service as the liability is not expected to be settled wholly within 12 months after the end of the annual reporting period in which the employees render the related service. The Association’s obligations for long term employee benefits are presented as non-current liabilities in its Assets and Liabilities Statement except when the Association does not have an unconditional right to defer settlement for at least 12 months after the end of the reporting period, in which case the obligations are reported as current liabilities.

Gold Coast Education & Training Network Inc. A.B.N 35 036 042 606 Notes to the Financial Statements For the Year ended 30 June 2021 (d) Plant and Equipment

All plant and equipment are initially measured at cost and are depreciated over their useful lives to the association.

The depreciation method and useful life used for items of plant and equipment reflects the pattern in which their future economic benefits are expected to be consumed by the association. Depreciation commences from the time the asset is available for its intended use.

(e) Trade and Other Receivables

Accounts receivable and other debtors include amounts due from members and are recognised initially at the transaction price (i.e. cost) and are subsequently measured at cost less provision for impairment. Receivables expected to be collected within 12 months of the end of the reporting period are classified as current assets. All other receivables are classified as non-current assets.

(f) Revenue and Other Income

Council Core Funding and Tourism Component of the Differential General Rate (TCDGR) Funding are allocated across the period to which the funding relates.

Interest revenue is recognised using the effective interest rate method, which for floating rate financial assets is the rate inherent in the instrument.

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

Grant income is recognised when the Association obtains control over the funds, which is generally at the time of receipt.

If conditions are attached to the grant that must be satisfied before the association is eligible to receive the contribution, recognition of the grant as revenue will be deferred until those conditions are satisfied.

(g) Trade and Other Payables

Accounts payable and other payables represent the liabilities at the end of the reporting period for goods and services received by the association during the reporting period that remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.

Trade payables are recognised at their transaction price. Trade payables are obligations on the basis of normal credit terms.

(h) Impairment of Assets

At the end of each reporting period, the Committee assesses whether there is any indication that an asset may be impaired. The assessment will consider both external and internal sources of information. If such an indication exists, an impairment test is carried out on the asset by comparing the recoverable amount of that asset, being the higher of the asset’s fair value less costs to sell and its value-in–use, to the assets carrying amount. Any excess of the asset’s carrying amount over its recoverable amount is immediately recognised in the income and expenditure statement.

Gold Coast Education & Training Network Inc.

A.B.N 35 036 042 606 Notes to the Financial Statements For the Year ended 30 June 2021 (i) Income Tax

The income of the association is currently exempt from income tax under the provisions of Provisions of section 50 – 10 of the Income Tax Assessment Act. Annually the committee undertakes an assessment as to its income status. The committee has determined that the association is exempt from income tax for the year ended 30 June 2021.

(j) Value-In-Kind Contributions

The association may receive value-in-kind contributions for zero or nominal value. These contributions are not recognised as income or expenditure in the Income and Expenditure Statement.

(k) International Student Hardship Reserve A new reserve has been established due to the current COVID-19 pandemic. The reserve is for International Students who are in extreme cases of hardship and have exhausted all other avenues of cash funding. 1% of the previous annual year’s revenue, $37,134 has been allocated to this fund and any payments made to eligible students are via a grant application. Each application is assessed initially by the Student Support Counsellors and then approved internally prior to the final decision for payment which is at the sole discretion of the Study Gold Coast Management Committee to a maximum of $3,000.

(l) Bank Guarantee

The previous security deposit which was included in cash and cash equivalents for the amount of $16,500 in a term deposit (refer note 4) which was held as a requirement of the Sub Lease for the rental of the premises 43 Nerang Street, Southport, Gold Coast that Gold Coast Education and Training Network is no longer required.

(m) Mortgages, Charges and Securities There are no mortgages, charges and securities affecting the Association’s assets at the end of the

financial year.

Gold Coast Education & Training Network Inc. A.B.N 35 036 042 606 Notes to the Financial Statements For the Year ended 30 June 2021 Note 2021 2020 $ $ 2. Revenue Other Income

Interest Received 8,415 14,247 Careers Festival 11 201,244 - Memberships 11 44,280 70,791 Universities/ TAFE Contributions 11 100,000 200,000 Council Core Funding & TCDGR 3,275,000 3,275,000 Miscellaneous Income/ (Expense) (8,287) 900 Event and Student Hub Sponsorship/ Grant 84,646 102,521 Government Cash Flow Stimulus 11 50,000 50,000

3,755,298 3,713,459 3,755,298 3,713,459 3. Expenses Accounting 8,660 8,280 Careers Festival 11 219,449 45,182 Depreciation and Amortisation Expenses 26,779 29,749 Employee Benefits Expense 1,260,595 1,180,521 Marketing Expenses 350 848 Member Services 25,606 18,370 Project Initiatives – Student Employability 453,683 414,086 Project Initiatives – Student Experience 11 441,801 557,179 Project Initiatives – Student Attraction 11 1,035,391 702,564 Project Initiatives – Student Retention 62,082 134,286 Rent & Electricity 27,000 22,104 Other Expenses 262,573 217,480 3,823,969 3,330,649 3,823,969 3,330,649 4. Cash and Cash Equivalents Bendigo Bank Hardship Fund Account 1 (k) 37,144 - Bendigo Bank SGC Cash Account 35,345 - Bendigo Bank SGC Cash Reserve Account 708,605 - Bendigo Bank Term Deposit 500,000 - Westpac General Account - 30,972 Westpac Interest Account - 971,132 Westpac Term Deposit - 500,000 SGC Bank Guarantee 1 (l) - 16,500 Petty Cash 15 15 1,281,109 1,518,619

Gold Coast Education & Training Network Inc. A.B.N 35 036 042 606 Notes to the Financial Statements For the Year ended 30 June 2021 Note 2021 2020 $ $ 5. Trade and Other Receivables Current Accounts Receivable (480) (480) (480) (480) Total Trade and Other Receivables (480) (480) 6. Other Current Assets Prepayments 159,757 49,591 159,757 49,591 Total Other Current Assets 159,757 49,591 7. Plant and Equipment Plant and Equipment Office Equipment - at Cost 70,839 84,662 Less Accumulated Depreciation 41,734 49,422 29,105 35,457 Furniture & Fittings - at Cost 98,180 82,546 Less Accumulated Depreciation 43,559 31,760 54,621 50,786 Motor Vehicle - at Cost 74,215 38,535 Less Accumulated Depreciation 18,957 12,365 55,258 26,170 Total Plant and Equipment 138,984 112,196

Gold Coast Education & Training Network Inc. A.B.N 35 036 042 606 Notes to the Financial Statements For the Year ended 30 June 2021 Note 2021 2020 $ $

8. Trade and Other Payables

Current Payroll Tax Liability (4,273) (3,400) Accounts Payable 65,369 8,929 GST Payable (3,193) 40,002 PAYG Withholding Tax Payable 19,401 24,150 Fringe Benefits Tax Payable (147) (5,664) Sundry Creditors and Accruals 18,537 6,784 95,694 70,801

Total Trade and Other Payables 95,694 70,801 9. Revenue in Advance Current Income in Advance 29,624 101,779 29,624 101,779 Total Revenue in Advance 29,624 101,799 10. Employee Provisions Current Provision for Holiday Pay 54,315 45,222 54,315 45,222 Non-Current Provision for Long Service Leave 6,284 - 6,284 - Total Employee Provisions 60,599 45,222 11. Impact of COVID-19 Pandemic; Economic Dependence and Going Concern

The association was impacted by the effects of the COVID-19 pandemic with some initiatives unable to be delivered. This included the 2021 Gold Coast Employability Symposium and some Vision

Gold Coast Education & Training Network Inc. A.B.N 35 036 042 606 Notes to the Financial Statements For the Year ended 30 June 2021

2020 projects remained deferred due to travel restrictions. All membership fees for the financial year received a 50% discount and expenditure on the initiatives was decreased to cover the loss of revenue. The association received income of $50,000 as part of the government cash stimulus package.

The Careers Festival 2021 was held over three consecutive days. Revenue was lower due to the reduced number of booths to comply with COVID-19 regulations and expenditure was increased due to the additional day, increased security measures and student bus transportation. The resulting financial impacts were that the 2021 Careers Festival made a significant loss, however the event was successful and attracted nearly 10,000 attendees.

There has been several lockdown periods throughout the financial year and during this period, staff worked from home. Weekly team meetings were held and measures implemented to ensure the well-being of staff. Staff remain working between home and office in accordance with COVID-19 guidelines and social distancing protocols. The Gold Coast Student Hub transitioned to online platforms for student support, content delivery and a virtual social meeting-place as required. Student support has continued to be offered on a daily basis throughout the financial year. International Student numbers have decreased by 22% from the previous financial year, with currently 17,231 remaining on the Gold Coast amidst the global pandemic.

As at 30 June 2021 all current members were still trading.

The operations of the association are dependent on the continued support of government funding and grants. As at the date of this report the association has received confirmation that it will receive such funding and grants for the year ending 30 June 2022. Accordingly the committee members of the association have no reason to believe the association will not continue as a going concern.

12. Events After the Reporting Date

The impact of the Covid-19 pandemic is ongoing and whilst it has had an impact on the association to 30 June 2021 (refer note 11) it is not practical to estimate the potential impact, if any, after the reporting date.

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GOLD COAST EDUCATION & TRAINING NETWORK INC. ABN 35 036 042 606

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF GOLD COAST EDUCATION AND TRAINING NETWORK INC.

(Page 1 of 3) Report on the Audit of the Financial Report We have audited the financial report of Gold Coast Education & Training Network Inc. (the association), which comprises the assets and liabilities statement as at 30 June 2021, the income and expenditure statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information, and the declaration by members of the committee. In our opinion, the accompanying financial report presents fairly, in all material respects, the financial position of the association as at 30 June 2021 and its financial performance for the year then ended in accordance with the accounting policies described in Note 1 to the financial statements and the requirements of the Associations Incorporation Act 1981 (QLD). Basis for Opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the association in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis of Matter – Impact of Covid‐19 Attention is drawn to Notes 11 and 12 of the financial report which describes that the impact of the covid‐19 pandemic is ongoing and whilst it had an impact on the association to 30 June 2021, it is not practical to estimate the potential impact, if any, after reporting date. Our opinion is not modified in respect of this matter. Emphasis of Matter ‐ Basis of Accounting We draw attention to Note 1 of the financial report, which describes the basis of accounting. The financial report has been prepared to assist the association to meet the requirements of the Associations Incorporation Act 1981 (QLD). As a result, the financial report may not be suitable for another purpose. Our opinion is not modified in respect of this matter.

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Page 2 of 3

GOLD COAST EDUCATION & TRAINING NETWORK INC. ABN 35 036 042 606

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF GOLD COAST EDUCATION AND TRAINING NETWORK INC.

(Page 2 of 3) Information Other Than the Financial Report and Auditor’s Report Thereon The committee of the association is responsible for the other information. The other information comprises the information included in the association’s bi‐annual report for the year ended 30 June 2021, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters Relating to the Electronic Presentation of the Audited Financial Report This auditor’s report relates to the financial report of Gold Coast Education & Training Network Inc. for the year ended 30 June 2021, intended to be included on the association’s or other websites. The committee of the association is responsible for the integrity of the association’s or other websites. We have not been engaged to report on the integrity of the association’s or other websites. The auditor’s report refers only to the statements named above. It does not provide an opinion on any other information which may have been hyperlinked to/from these statements. If users of this report are concerned with the inherent risks arising from electronic data communications they are advised to refer to the hard copy of the audited financial report to confirm the information included in the audited financial report presented on the websites. Responsibility of the Committee for the Financial Report The committee of the association is responsible for the preparation of the financial report that gives a true and fair view and has determined that the basis of preparation described in Note 1 to the financial report is appropriate to meet the requirements of the Associations Incorporation Act 1981 (QLD) and for such internal control as the committee determines is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the committee is responsible for assessing the association’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the committee either intends to liquidate the association or to cease operations, or has no realistic alternative but to do so. Auditor's Responsibilities for the Audit of the Financial Report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, omitting, misstating or obscuring them, could reasonably be expected to influence the decisions of primary users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit.

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STUDY GOLD COAST 2021 ANNUAL REPORT