Annual Report 2009
MMessageessage ffromrom tthehe 5 AAustralianustralian SSportsports CCommissionommission
CCEOEO RReporteport 8
PProgramrogram PartnersPartners 1122
22009009 SSkiki & 1166 SSnowboardnowboard AAustraliaustralia AAwardswards
22009009 NNationalational 2200 TTeamseams
FFinancialsinancials 2244
CONTENTS Ski & Snowboard Australia wishes to thank our Program Partners and Corporate Supporters
Principal Partner
Key Supporter
Institute Program Partners
Resort Program Partners
4
International Resort Program Partner Message from the Australian Sports Commission
The power of a successful sports system like Australia’s lies within the many cooperative partner- ships and relationships between its system partners.
As our sports system has diversifi ed and increased in complexity over the years, so too has the nature of these relationships. Now, as ever, a critical ingredient for our system’s continued success and sustainability is to ensure that we all remain on the same page—that our links between each other, our leading programs, our roles and relationships are clearly defi ned and understood by all.
Sport operates in a dynamic, demanding and rapidly changing environment. The sources of change include advancing technologies, new structures and systems, products and services, people concerns and rising international competition and benchmarks. The Australian Government has fl agged the need to address this change by reforming our sports system and has outlined its approach in the paper Australian Sport: Emerging Challenges, New Directions.
The Government has also appointed an independent expert panel headed by lawyer David Craw- ford to investigate ways to ensure both high performance and community level sport is prepared for those challenges.
The Australian Sports Commission has already taken steps to review and evaluate our strategic po- sition and intent in active consultation with national sporting organisations and other stakeholders. These system improvements will provide a foundation for any changes emerging from the Govern- ment process.
Already we have identifi ed a number of priorities. These include: the need to better align our high performance sport efforts with our partners; to work more collaboratively with state departments of sport and recreation in strategic approaches to growing participation in sport; to re-communicate the value of sport to the Australian community; and to retain and develop our best coaches.
Our efforts to act on these priorities are inherently intertwined with our partners. These partner- ships represent a powerful tool in our ability to adapt to a changing environment, to share respon- sibilities, effectively communicate and continue to expand and strengthen sport.
Our work together will ensure that the Australian sports system is progressive, robust and sustain- able for decades to come.
5
Matt Miller Chief Executive Offi cer Australian Sports Commission
Ski & Snowboard Australia Annual Report 2008-09
CEO REPORT Michael Kennedy Chief Executive Offi cer
Skiing and Snowboarding are among Australia’s largest and most popular participation sports. The numbers involved are staggering; particularly when you consider much of the activity is under- taken in the Eastern states.
According to industry fi gures, approx 6% of the population or over 1.2 million individuals partici- pate in the sport of ski and snowboarding on a regular basis, a number that is on par with some of Australia’s largest participation sports namely Tennis, Golf and Cycling. The participation rate is even higher when you consider that the bulk of the 1.2 million comes from Victoria, NSW and ACT representing approximately 9% of population from those States.
Of particular note, unlike many of the mass participation sports, the snowboard discipline and many aspects of the freestyle skiing disciplines have particularly strong youth appeal. This is espe- cially signifi cant when you consider the push from the Olympic movement and from Government to better engage with the younger generation and encourage them to participate in sport.
It is little wonder then that we are able to continue to achieve success at the highest level of winter sport, particularly in those events that are facility driven and with great support from the State and National institute network.
The resorts too are key players in the growth and success of skiing and snowboarding from a competition perspective. There is little doubt that the growth of competition based clubs and pro- grams increases visitation and fi nancial commitment from families, and we look forward to working with the Australian resorts to grow and promote the virtues of Skiing and Snowboarding in Austra- lia. We in turn look forward to their continued and increased support over time.
The 2010 Olympic Winter Games in Vancouver will provide over 1700 hours of coverage of Win- tersport to Australian lounge rooms via the Nine Network and four dedicated channels on Foxtel. This increased coverage is due in no small part to the relevance and competitiveness of Australian athletes across a broad range of Wintersport events. This increase in coverage (comparable to 700+ AFL/NRL games) leads to increased awareness, which in turn leads to increased participa- tion and patronage at Australian ski resorts, not to mention the fl ow on effect to the snow industry retail sector. The value of sport, though not easily quantifi able, is undeniable.
The fact that skiing and snowboarding is a mass participation, lifetime sport and one which has enjoyed sustained success at the Olympic and World Cup level, ensures we remain a meaningful player in whatever direction Government takes with sport policy in the future.
The 2008 – 2009 reporting period again provided many on snow highlights and fi rst for Australian winter sport.
The major highlights of the year include aerial skier Lydia Lassila breaking through to claim her fi rst World Cup title after fi nishing second on four previous occasions. Lydia Lassila secured the World Cup Title with a bronze medal in the fi nal event of the season in Moscow, to take her season tally to two gold and two bronze and her career medal victories to nine gold and 18 minor medals. Team mate Jacqui Cooper became the fi rst Australian winter sports athlete to win three World Championship medals, collecting bronze in Inawashiro at the end of the season.
On the snowboard front 19 year old snowboard halfpipe rider Nate Johnstone fi nished the season ranked second in the world, while Holly Crawford rode to Silver at the World Champion- ships in Korea. Damon Hayler secured his fi rst ever world cup victory with a win in the SBX in Bad Gastein, Austria. Torah Bright continued to show her world dominance by winning the X Games 8 gold medal along with several other events on the US Pro Tour. The SSA board upon its formation set as one of its main priorities, a review and restructuring of the four Discipline Committees. This was necessary to provide a clearer level of accountability to the Board under the new Constitution which established a “top to bottom” responsibility for competitive sport in SSA.
Earlier in 2008, the Board undertook a process of calling for nominations for the SSA Discipline Committees based on a structural overview paper published as part of the nomination process.
The Board set out to complete the process and announce the makeup of the Discipline Commit- tees in July 2008. This was delayed pending the release of the Mark Sharp Alpine Report which was likely to contain some structural recommendations in its fi ndings potentially relevant across all disciplines. The fi nal report did contain such structural recommendations which resulted in a re- nomination opportunity specifi cally for Alpine.
The process was completed and after a comprehensive review, the new SSA discipline committees were formed and announced in November 2008 which coincides with the reporting period. A huge amount of work has been undertaken by the discipline committees, and while they remain largely volunteer positions the increase in expertise and skills based nominations is noticeable.
The Ice House at Docklands, Melbourne, is in its fi nal stages of construction and is scheduled to open to the public in early 2010. SSA will relocate to the facility together with the Olympic Winter Institute in early 2010. The facility has been developed by ING Real Estate as part of the waterfront city development and the sport is incredibly fortunate to be given the opportunity to move to a world class, permanent base for Wintersport in Australia. The facility including meeting rooms, gymnasium and hospitality areas will be available to the wider Snowsport community to utilize in time.
The Australian Olympic Committee delivered its High Performance Plan in March 2009. A copy of the report is available on the AOC website (www.olympics.com.au). The HPP process was thorough, comprehensive and marked the biggest High Performance review of sport since Australia won the rights to host the Sydney Olympics in the early 1990’s.
Wintersport was well represented in the plan, and was identifi ed as being capable of delivering the largest increase in medal performances across all sports given an increase in funding. This is a testament to the leadership, structure, effi ciency and the National approach taken by Wintersport and SSA in particular. The increase in funding will be one of the many issues the government will need to address as part of its response to the Crawford Report in early 2010. Given our history of sustained high performance success, effi ciency of delivery and the mass participation and relevance of Wintersport we remain confi dent of a favourable outcome.
The Ski & Snowboard Awards proved another highlight of the 2008-2009 period, with many of Australians leading Wintersport athletes and industry fi gures coming together in Melbourne on 30 April 2009.
Aerial skiing World Cup champion Lydia Lassila was named the Ski and Snowboard Australia Ath- lete of the Year, taking the honor ahead of team-mate Jacqui Cooper and snowboard halfpipe star Torah Bright.
The Coach of the Year award went to Olympic Winter Institute Head Snowboard Coach Ben Word- sworth, while the title of Junior Athlete of the Year was picked up by Nathan Johnstone, number two on the snowboard halfpipe World Cup standings this season.
15 year old Alpine Skier Callum Brown won the inaugural rising star award following his podium result at Topolino in Italy, the fi rst time and Australian has achieved such a performance.
The full list of awards is detailed separately in Ski & Snowboard Awards section of the Annual Re- port.
Finally I would like to once again thank the hard working administration team at SSA.
SSA remains committed to maintaining its effi ciency and maximising every available dollar for athletes and coaches. This becomes more of a challenge each year, with increasing numbers of programs across all disciplines.
As always I would like to acknowledge Ryan Taylor for his continued dedication and hard work on behalf of SSA athletes and programs. 9
To Dean Gosper, who as President continues to demonstrate exceptional leadership and patience in all areas.
I look forward to another fantastic year ahead, and to hopefully celebrating success in Vancouver 2010.
Michael Kennedy Chief Executive Offi cer Ski & Snowboard Australia Annual Report 2008-09
PROGRAM PARTNERS The Olympic Winter Institute (OWI) is Ski & Snowboard Australia’s major high performance program partner, operating elite level pro- grams in Mogul Skiing, Snowboard Half Pipe, and Aerial Skiing.
The Australian Olympic Committee formed the Olympic Winter Institute after the Nagano Winter Olympics in 1998, to enable the development of elite per- formances in winter sports by Australian athletes, through the provision of adequate funding, world-class sports programming and technical coaching.
The Australian Olympic Committee provides over 50% of the total funds for the operation of the OWI. The AOC also provide International Competition Grants directly to SSA for non-OWI program sports.
The OWI is a partnership program of the Australian Institute of Sport (AIS) and receives consid- erable support from the Australian Sports Commission and benefi ts from the sport programs and from the many experts based at the AIS in Canberra.
At present, the OWI employs ten coaching staff and provides sport program opportunities for up to 37 athletes across seven snow sport disciplines: alpine skiing, mogul skiing, aerial skiing, half pipe snowboarding, snowboard cross, PGS snowboard and Ski Cross. OWI also provide sup- port to short track speed skating, fi gure skating and skeleton.
The OWI also works closely with Ski & Snowboard Australia and the State Institutes of Sport, to supply an overall National technical direction for the individual sport throughout the athlete pathway in Australia.
While it is clearly the role of the OWI to operate elite programming, the OWI will provide techni- cal assistance to SSA for the task of developing the elite athletes of tomorrow with the very best technical assistance possible.
The Australian Olympic Committee (AOC) has the exclusive responsi- bility for the representation of Australia at the Olympic Winter Games.
To help achieve Australian Olympic Winter Team objectives, the AOC provides funding (AOC Funding) to its member National Federations (NFs), athletes and coaches.
AOC Funding is derived from income distributions from the Australian Olympic Foundation, grants from the International Olympic Committee (IOC), the licensing and sponsorship activities of the AOC and fundraising by the AOC, State Olympic Councils and their Corporate Appeal Committees.
AOC Funding for the 2010 Olympic Winter Team preparation is determined in accordance with its Program and Funding Guidelines for the 2010 Olympic Winter Games, Vancouver (Guide- lines). Specifi cally, AOC Funding is provided through one of three programs:
- AOC Funding for International Competition - adidas Medal Incentive Funding - Olympic Winter Institute of Australia (OWIA) support
For the calendar year 2009, the AOC allocated the following support to Ski and Snowboard Aus- 12 tralia, its athletes and coaches: AOC Funding for International Competition $108,000 adidas Medal Incentive Funding $29,250
In addition, the AOC has allocated support to the OWIA to the extent of $1 million during 2009. The scholarship holders from the disciplines of Alpine Skiing, Freestyle Skiing and Snowboard will enjoy some of the benefi t of this support.
The AOC’s current budgeting for the 2010 Olympic Winter Team to Vancouver is $1.85 million. The National Alpine Team program is operated by NSWIS under a joint agreement between SSA, NSWIS & the OWI.
SSA, together with the OWI, contributes in excess of $170,000 in cash and kind to the National Alpine Team program, with a further $50,000 contributed by SSA for Mogul Development and Snowboard Half Pipe development each year.
SSA is also in partnership with the NSW Institute of Sport (NSWIS) to operate National High Performance development programs in Mogul Skiing and Snowboard. NSWIS in consultation with SSA also provide individual support to Cross Country, Ski Cross and Snowboard
NSWIS contributes over $180,000 in cash and kind per annum to operate and manage the devel- opment and elite level programs on behalf of SSA.
The sport program operations are managed by Peter Topalovic and based out of Jindabyne Sport & Rec. The southern hemisphere on-snow training is conducted at Kosciusko Thredbo and Per- isher ski resorts.
The Victorian Institute of Sport (VIS) is a program partner of SSA for the delivery of the highly successful Aerial Development & Transition Pro- gram. The Aerial program is a Tier 1 program of the VIS.
The VIS/SSA Aerial development program is a world leading acrobatic transitional program that continues to produce a talented stream of elite level athletes to the OWI aerial program. The program is funded by the VIS and SSA, and is based at Mt.Buller during the domestic season and in Snowbasin Resort in Utah during the Northern Winter. Snowbasin is an important partner in the Aerial Program. For more information on Snowbasin and the key support- ers of the program click here
The VIS provides $130,000 in cash support to the Aerial Development program along with use of the facility at Olympic Park. SSA contributes in excess of $100,000 to the operation of the program
Falls Creek is the National Training Centre for the SSA Cross Country Program.
SSA Southern Winter Cross country activities take place largely at Falls Creek, and in return the re- sort has agreed to contribute $25,000 per annum to the National Team program. SSA contributes a further $45,000 to the National Team program which will qualify at least 3 athletes to the Vancou- ver Olympic Games.
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Ski & Snowboard Australia Annual Report 2008-09
SSA AWARDS 2009 Ski & Snowboard Australia Awards
Athlete of the Year Lydia Lassila Alpine Jono Brauer Cross Country Ben Sim Freestyle Lydia Lassila Snowboard Torah Bright
Junior Athlete of the Year Nathan Johnstone Sponsored by XTM/Rizen Alpine Luke Laidlaw Cross Country Callum Watson Freestyle Roanna Humphries Snowboard Nathan Johnstone
Coach Awards Coach of the Year Ben Wordsworth Development Coach of the Year Peter McNiel
Outstanding Achievement Jacqui Cooper Alpine Callum Brown Cross Country Paul Murray Freestyle Jacqui Cooper Snowboard Damon Hayler
Rising Star Callum Brown
School Club Awards School Club of the Year Peninsula School School Club Outstanding Achieve- Presbyterian Ladies College ment
16 Craig Phillips (AOC) with Athlete of the Year Lydia Lassila
Peter Forras (XTM/Rizen)) with Junior Athlete of the Year Nate Johnstone
Coach of the Year Ben Wordsworth
Team Buller (L-R) Development Coach of the Year, Pete McNiel, Andrew Pattison, Zoe Jaboor, Nick Franklin-Jones 17
Rising Star Callum Brown
Ski & Snowboard Australia Annual Report 2008-09
NATIONAL TEAMS 2009 National Teams Alpine Cross Country Freestyle Snowboard Craig Branch Ben Sim Aerials Halfpipe Jono Brauer Esther Bottomley Jacqui Cooper Torah Bright Ski Cross Andrew Mock Liz Gardner Holly Crawford Katya Crema Paul Murray Lydia Lassila Nate Johnstone Scott Kneller Aimee Watson David Morris Hannah Trigger Jenny Owens Denita Mudge Boardercross Bree Munro Damon Hayler Moguls Stephanie Hickey Dale Begg-Smith Alex Pullin Ramone Cooper PGS Sam Hall Johanna Shaw
Development/CoC Teams Alpine Cross Country Freestyle Snowboard Emily Bamford Chris Darlington Aerials Halfpipe Lavinia Chrystal Nick Grimmer Jiss McIlwraith Patrick Davis-Meehan Luke Laidlaw Chloe McConville Laura Peel Jason Maxfi eld Elizabeth Pilat Mark van der Ploeg Amie Milkins Sam Murphy Mike Rishworth Neil van der Ploeg Charlie Steinbacher Renee McElduff Caitlin Robb Mark Raymond Jarryd Williams Matt Robertson Andrew Wynd Danielle Scott Boardercross Bryce Stevens Leon Spiller Kendle Richards Kieren Alkemade Hugh Stevens Moguls Cameron Bolton Rohan Chapman-Davies Belle Brockhoff David Graham Julia De Campo Matthew Graham Andy Fischer Hugh Norton Will Laister Nicole Parks Daniel Morrissy Mac Sheppard Juztin Tyler PGS Alex Harper Julia Harper Spencer Davis Andrew Gibson Kath Shaw Atlanta Mutimer
Sub-Development/Jnr Teams Alpine Cross Country Freestyle Snowboard Adam Brown Junior A Team Moguls Halfpipe Jackson Coull Alex Almoukov Britteny Cox Emily Arthur 20 Dominic Demscher d’Arcy Baxter Rohanna Humphries Michaela Davis-Meehan Sam Robertson Georgia Merritt Sarah Melville Stephanie Magiros Toni Hodkinson Callum Watson Taylah-Paige O’Neill Cameron Staveley Elyse Timoshenko Mark Pollock Nick Payne Lauren Stavelely Junior Team Brodie Summers Luke Staveley Imogen Blanch Karinya Turnbull Tommy Steinbacher Juliette Booth Robert Jones Aisinn Kildea National Cross Country Team
Freestyle Mogul Team
Development Aerial Team
Sub-Development Snowboard Team 21
Ski & Snowboard Australia Annual Report 2008-09
Financials Ski & Snowboard Australia Limited
ACN 063 859 423
Annual Financial Report for the year ended 31 October 2009
24 Ski & Snowboard Australia Limited
Directors Report
Year ended 31 October 2009
Your directors submit their report for the year ended 31 October 2009.
DIRECTORS The names of the directors of the company in office during the financial period and until the date of this report are:
Dean Gosper Greg McCormack Jacqueline Cooper (resigned 30 March 2009) Nicholas Kennedy Peter Cunningham Kim Clifford Rodney Payne Suzie Warwick Hugh Whan Manuela Berchtold (appointed 30 March 2009)
All directors were in office from the beginning of the financial period until the date of this report, unless otherwise stated.
PRINCIPAL ACTIVITIES The principal activities of the company during the accounting period were the administering of the sports of skiing and snowboarding in Australia. No significant changes in the nature of these activities occurred during the financial year.
REVIEW AND RESULTS OF OPERATIONS The profit from operating activities for the year ended 31 October 2009 amounted to $51,786 (2008:$15,900). No provision for income tax has been made, as the entity is exempt from income tax. Revenue increased during the year due largely to an increase in funding from the Australian Sports Commission.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS There are no changes in the state of affairs to note.
SIGNIFICANT EVENTS AFTER THE BALANCE DATE No significant events have occurred after 31 October 2009 that require disclosure in the 2009 accounts.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS The company is expecting to achieve profit results in the coming year, as a result of stable revenues and costs. The company also expects to maintain funding levels from the Australian Sports Commission.
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS During the accounting period, Ski & Snowboard Australia Limited has paid premiums to insure each of the Directors and Officers of the company against liabilities for costs and expenses incurred by them in defending any legal proceedings arising out of their conduct while acting in the capacity of Director or Officer of the company, other than conduct involving a willful breach of duty.
Directors have not included details of the nature of the liabilities covered or the amount of the premium paid as such disclosure is prohibited under the terms of the contract.
1 25
Ski & Snowboard Australia Annual Report 2008-09 Ski & Snowboard Australia Limited
Directors Report
Year ended 31 October 2009
AUDITOR'S INDEPENDENCE DECLARATION
The auditor's independence declaration is included on page 3 of the financial report.
Signed in accordance with a resolution of the Directors:
Dean Gosper
Director
25 February 2010
2 26 27
Ski & Snowboard Australia Annual Report 2008-09 Ski & Snowboard Australia Limited Income Statement
Year ended 31 October 2009
Notes 2009 2008 $$
Revenue from Ordinary Activities 2 2,282,674 1,502,426
Athlete Programme Expenses 3 (1,853,435) (1,137,319) Borrowing costs expensed 3 (6,231) (4,507) Administration expenses 3 (361,847) (329,845) Other expenses from ordinary activities (9,375) (14,855)
Profit from Ordinary Activities before Income Tax 51,786 15,900
Income Tax Expense relating to Ordinary Activities 1 (h) - -
Profit attributable to members of Ski & Snowboard Australia Ltd 51,786 15,900
28 The accompanying Notes form part of these financial statements. This statement is to be read in conjunction with the Auditor's Report.
4 Ski & Snowboard Australia Limited
Balance Sheet
Year ended 31 October 2009
Notes 2009 2008 $$
CURRENT ASSETS Cash assets 514,965 403,457 Receivables 4 203,427 145,358 Other 5 24,482 38,137 TOTAL CURRENT ASSETS 742,874 586,952
NON-CURRENT ASSETS Property, plant and equipment 6 111,169 96,621 TOTAL NON-CURRENT ASSETS 111,169 96,621 TOTAL ASSETS 854,043 683,573
CURRENT LIABILITIES Payables 7 600,677 490,984 Provisions 8 23,064 16,903 TOTAL CURRENT LIABILITIES 623,741 507,887
NON-CURRENT LIABILITIES Provisions 8 19,741 16,911 TOTAL NON-CURRENT LIABILITIES 19,741 16,911 TOTAL LIABILITIES 643,482 524,798 NET ASSETS 210,561 158,775
Retained profits 10 210,561 158,775 TOTAL EQUITY 210,561 158,775
29 The accompanying Notes form part of these financial statements. This statement is to be read in conjunction with the Auditor's Report.
5
Ski & Snowboard Australia Annual Report 2008-09 Ski & Snowboard Australia Limited Cash Flow Statement
Year ended 31 October 2009
Note 2009 2008 $$
CASH FLOWS FROM OPERATING ACTIVITIES Receipts from operations 2,334,135 1,447,304 Interest received 18,572 27,658 Borrowing costs (6,231) (4,507) Payments to suppliers and employees (2,210,822) (1,675,987) NET CASH FLOWS (USED IN)/FROM OPERATING ACTIVITIES 11 135,654 (205,530)
CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of property, plant and equipment (24,146) (1,744) NET CASH FLOWS USED IN INVESTING ACTIVITIES (24,146) (1,744)
NET (DECREASE)/INCREASE IN CASH HELD 111,508 (207,274) Add opening cash brought forward 403,457 610,731 CLOSING CASH CARRIED FORWARD 11 514,965 403,457
The accompanying Notes form part of these financial statements. This statement is to be read in conjunction with the Auditor's Report.
30 6 Ski & Snowboard Australia Limited
Statement of Changes in Equity
Retained Earnings Total FOR THE YEAR ENDED 31 OCTOBER 2009
At 1 November 2007 142,875 142,875
Profit for the year 15,900 15,900
At 31 October 2008 158,775 158,775
At 1 November 2008 158,775 158,775
Profit for the year 51,786 51,786
At 31 October 2009 210,561 210,561
31 The accompanying Notes form part of these financial statements. This statement is to be read in conjunction with the Auditor's Report.
7
Ski & Snowboard Australia Annual Report 2008-09 Ski & Snowboard Australia Limited Notes to the Financial Statements
Year ended 31 October 2009
1 Summary of Significant Accounting Policies 1(a) Basis of Preparation The financial report is a general-purpose financial report, which has been prepared in accordance the requirements of the Corporations Act 2001 and with Australian Accounting Standards including Australian equivalents to International Financial Reporting Standards (AIFRS).
The financial report which covers the Ski & Snowboard Australia Limited (“SSA”) as an individual entity, has been prepared on an historical cost basis, except for land and buildings, which have been measured at fair value.
The accounting policies adopted are consistent with those of the previous year.
1 (b) Significant accounting judgements, estimates and assumptions
The company’s accounting policies do not contain significant accounting judgements or significant accounting estimates and assumptions that would have a significant risk of causing a material adjustment to the carrying amounts of certain assets and liabilities within the next annual reporting period.
1 (c) Cash and cash equivalents Cash on hand and in banks and short-term deposits are stated at nominal value 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
1 (d) Trade and other receivables Trade receivables are recognised and carried at original invoice amount less a provision for any uncollectible debts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written-off as indentified.
1 (e) Property, plant and equipment Acquisition Items of plant and equipment are recorded at cost or, in the case of donations and sponsorship contributions in kind, at fair value at the time of donation or contribution less accumulated depreciation and any impaired value. Depreciation Depreciation is provided using the reducing balance method on all plant and equipment & motor vehicle, and the straight line method on buildings, at the following depreciation rates 2009 2008 Motor Vehicle 23% 23% Furniture & equipment 40% 40% Buildings 10% 10% Derecognition and disposal
An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the year the asset is derecognised.
Impairment The carrying values of plant and equipment are reviewed for impairment at each reporting date, with recoverable amount being estimated when events or changes in circumstances indicate that the carrying value may be impaired. The recoverable amount of plant and equipment is the higher of fair value less costs to sell, and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, recoverable amount is determined for the cash- generating unit to which the asset belongs, unless the asset's value in use can be estimated to be close to its fair value. An impairment exists when the carrying value of an asset or cash-generating units exceeds its estimated recoverable amount. The asset or cash-generating unit is then written down to its recoverable amount. 32 For plant and equipment, impairment losses are recognised in the income statement in the cost of sales line item.
8 Ski & Snowboard Australia Limited Notes to the Financial Statements
Year ended 31 October 2009
1 Summary of Significant Accounting Policies 1 (f) Employee Benefits (i) Wages, salaries and annual leave Liabilities for wages and salaries, including non-monetary benefits, and annual leave expected to be settled within 12 months of the reporting date are provided for in respect of employees' services up to the reporting date. They are measured at the amounts expected to be paid when the liabilities are settled. (ii) Long service leave The liability for long service leave is recognised in the provision for employee benefits and measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures, and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currencies that match, as closely as possible, the estimated future cash outflows.
1 (g) Trade and other payables Liabilities for trade creditors and other amounts are carried at cost which is the fair value of the consideration to be paid in the future for goods and services received, whether or not billed to the entity.
1 (h) Income Tax SSA is classified as a sports association under ITAA 1997 section 50-45 and is therefore exempt from income tax.
1 (i) Borrowing Costs Borrowing costs are recognised as an expense when incurred.
1 (j) Revenue recognition 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 when received. When a grant relates to an expense item, it is recognised as income over the periods necessary to match the grant on a systematic basis to the costs that it is intended to compensate. Interest Revenue is recognised when the company's right to receive payment is established.
1 (k) Leases Operating lease payments by the company as lessee are recognised as an expense in the income statement on a straight- line basis over the lease term.
1 (l) Foreign currencies Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange rates ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All exchange differences are taken to the income statement.
1 (m) Goods and Services Tax Revenues, expenses and assets are recognised net of the amount of GST except:
- when the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and - receivables and payables, which are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the balance sheet. Cash flows are included in the Cash Flow Statement on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to , the taxation authority are classified as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority. 33
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Ski & Snowboard Australia Annual Report 2008-09 Ski & Snowboard Australia Limited Notes to the Financial Statements
Year ended 31 October 2009
2009 2008 $$
2 REVENUES FROM ORDINARY ACTIVITIES
Revenues from operating activities Revenue from Corporate Sponsorship 25,000 25,000 Revenue for Government Grants 1,314,193 789,940 Revenues from Subscriptions + Affiliation Fees 49,705 55,371 Revenue from Other Grants 181,594 199,794 Revenue from Programme Fees 529,636 270,461 Revenue from Other Income 163,974 134,202 Total revenues from operating activities 2,264,102 1,474,768
Revenues from non-operating activities Interest 18,572 27,658 Total revenues from non-operating activities 18,572 27,658
Total revenues from ordinary activities 2,282,674 1,502,426
3 EXPENSES AND LOSSES
Athlete Program and Discipline Expenses OWI - Program Operation 929,179 581,000 NSWIS - Program Operation 167,272 90,000 SSA - Program Operation and Grants 694,111 399,052 SSA - Other Discipline Expenses 62,873 67,267 1,853,435 1,137,319
Borrowing costs expensed Bank fees & charges 6,231 4,507 6,231 4,507
Administration expenses Depreciation of non-current assets Buildings 3,000 3,000 Furniture & equipment 2,323 1,742 Motor Vehicle 4,274 2,952 Total depreciation expenses 9,597 7,694
Bad and doubtful debts - trade debtors 1,325 18,156 Administration staff salary related costs 228,889 208,140 Other administration expenses 122,036 95,855 34 361,847 329,845
10 Ski & Snowboard Australia Limited Notes to the Financial Statements
Year ended 31 October 2009
2009 2008 $$ 4 RECEIVABLES (CURRENT)
Trade debtors 229,727 203,408 Provision for doubtful debts (26,300) (58,050) 203,427 145,358
5 OTHER ASSETS (CURRENT)
Prepayments and Inventory 24,482 38,137
6 PROPERTY, PLANT AND EQUIPMENT
Land (a) At cost 70,000 70,000
Buildings (a) At cost 30,000 30,000 Accumulated depreciation (21,000) (18,000) 9,000 12,000
Furniture & equipment At cost 34,729 33,142 Accumulated depreciation (30,984) (28,668) 3,745 4,474
Motor Vehicle At cost 31,364 21,809 Accumulated depreciation (2,940) (11,662) 28,424 10,147
Total property, plant and equipment 111,169 96,621
(a) These amounts relate to land and buildings at Lilydale (Vic) purchased for a training facility. Title is expected to pass after the approval of subdivision of titles. Should clear title not be available and the property is sold to a third party, the consideration paid will be refunded.
35
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Ski & Snowboard Australia Annual Report 2008-09 Ski & Snowboard Australia Limited Notes to the Financial Statements
Year ended 31 October 2009
2009 2008 $$ 6 PROPERTY, PLANT AND EQUIPMENT - continued (b) Reconciliations Reconciliations of the carrying amounts of plant and equipment at the beginning and end of the current financial year.
Land Opening Carrying value 70,000 70,000 Additions - - Disposals - - Closing Carrying Value 70,000 70,000
Buildings Opening Carrying value 12,000 15,000 Additions - - Disposals - - Depreciation expense (3,000) (3,000) Closing Carrying Value 9,000 12,000
Furniture & equipment Opening Carrying value 4,474 4,472 Additions 1,587 2,040 Disposals - (296) DepreciationDepreciation expense (2,323) (1,742) Closing Carrying Value 3,738 4,474
Motor Vehicle Opening Carrying value 10,147 13,099 Additions 31,364 - Disposals (8,813) - Depreciation expense (4,274) (2,952) Closing Carrying Value 28,424 10,147
7 PAYABLES (CURRENT)
Trade creditors - 40,917 Other creditors 34,614 29,537 Accrued expenses 16,059 7,873 Goods and Services tax 12,560 4,639 Deferred Income 537,444 408,018 600,677 490,984
8 PROVISIONS Current 36 Annual Leave 23,064 16,903 Non-Current Long Service Leave 19,741 16,911
12 Ski & Snowboard Australia Limited Notes to the Financial Statements
Year ended 31 October 2009
2009 2008 $$ 9 MEMBERS' GUARANTEE The company is incorporated in Victoria and is limited by guarantee. If the company is wound up, the Articles of Association state that each member is required to contribute a maximum of $50 each towards meeting any outstanding obligations of the company.
10 RETAINED PROFITS
Balance at the beginning of year 158,775 142,875 Net profit for the year 51,786 15,900 Balance at the end of year 210,561 158,775
11 STATEMENT OF CASH FLOWS
a) Reconciliation of the operating profit to the cash flows from operations Profit from ordinary activities 51,786 15,900
Non-Cash Items Depreciation of non-current assets 9,597 7,694 Bad debts written off and provision for doubtful debts 1,325 18,156
Changes in assets and liabilities (Increase)/Decrease in Trade receivables (59,393) (31,636) (Increase)/Decrease in Prepayments 13,655 4,735 Increase/(Decrease) in Employee entitlements 8,991 9,238 Increase/ (Decrease) in goods and services tax 7,921 (18,183) payable Increase/(decrease) in trade and other creditors 101,772 (211,435) Net cash flow (used in)/from operating activities 135,654 (205,530)
b) Reconciliation of cash Cash balance comprises: - cash assets 514,965 403,457 514,965 403,457
c) Bank Overdraft Facility At balance date, the following financing facilities had been negotiated and were available; Total facilities - bank overdraft 75,000 75,000 37
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Ski & Snowboard Australia Annual Report 2008-09 Ski & Snowboard Australia Limited Notes to the Financial Statements
Year ended 31 October 2009
2009 2008 $$ 12 AUDITORS’ REMUNERATION
Amounts received or due and receivable by auditors of Ski & Snowboard Australia Limited for: - an audit or review of the financial report of the entity 11,188 8,330.00 - other services in relation to the entity - 1,560.00 11,188 9,890.00
13 INDUSTRY & GEOGRAPHICAL SEGMENT REPORTING
The company's activities were the administration of the sports of skiing and snowboarding in Australia.
14 RELATED PARTY DISCLOSURES
Director transactions There were no transactions with directors during the course of the year, other than reimbursement of directors for expenses incurred and paid by directors, whilst they fulfilled their duties as directors.
Director-related entity transactions There were no transactions with director-related entities during the course of the year.
15 REMUNERATION OF DIRECTORS
All Directors are appointed on an honorary basis and do not receive remuneration for the performance of their duties.
38
14 Ski & Snowboard Australia Limited Notes to the Financial Statements
Year ended 31 October 2009
16. FINANCIAL INSTRUMENTS
16(a) Terms, conditions and accounting policies
The company’s accounting policies, including the terms and conditions of each class of financial asset, financial liability at the balance date, are as follows:
Recognised Financial Accounting Policies Terms and Conditions Instruments Balance Sheet Notes (i) Financial assets Trade receivables 4 Trade receivables are carried at nominal amounts due less any provision for Credit sales are generally on 30 day terms and are non interest doubtful debts. A provision for doubtful debts is recognised when collection bearing. of the full nominal amount is no longer probable.
Ski & Snowboard Australia Annual Report 2008-09 (ii) Financial liabilities Trade and other payables 7 Liabilities are recognised for amounts to be paid in the future for goods and Trade liabilities are normally settled on 30 day terms and are not services received, whether or not billed to the company. interest bearing.
16(b) Interest Rate Risk
The entity’s exposure to interest rate risks and the effective interest rates of financial assets and financial liabilities at the balance date, are as follows:
Fixed interest rate maturing in: Total carrying amount Weighted average Financial instruments Floating interest rate Less than one year Over 1 to 5 years More than 5 years Non-interest bearing per the balance sheet effective interest rate 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008 (i) Financial assets Cash 514,965 403,457 ------514,965 403,457 4.04% 5.45% Trade receivables ------203,427 145,358 203,427 145,358 N/A N/A Total financial assets 514,965 403,457 ------203,427 145,358 718,392 548,815 N/A N/A (ii) Financial liabilities Trade and other payables ------600,677 490,984 600,677 490,984 N/A N/A Total financial liabilities ------600,677 490,984 600,677 490,984 N/A N/A
15 39 Ski & Snowboard Australia Limited Notes to the Financial Statements
Year ended 31 October 2009
16. FINANCIAL INSTRUMENTS - Continued
16(c) Net fair values
The aggregate net fair values of financial assets and financial liabilities at balance date are as follows:
Total carrying amount as per Aggregate net fair value the balance sheet (i) 2009 2008 2009 2008 $'000 $'000 $'000 $'000 Financial assets Cash 514,965 403,457 514,965 403,457 Trade receivables 203,427 145,358 203,427 145,358 Total financial assets 718,392 548,815 718,392 548,815 Financial liabilities Trade and other payables 600,677 490,984 600,677 490,984 Total financial liabilities 600,677 490,984 600,677 490,984
(i) The following methods and assumptions are used to determine the net fair values of financial assets and liabilities:
Recognised financial instruments Cash and cash equivalents: The carrying amount approximates fair value because of their short-term nature to maturity. Trade and other receivables and payables: The carrying amount approximates fair value.
16(d) Credit risk exposure The company’s maximum exposures to credit risk at balance date in relation to each class of recognised financial asset is the carrying amount of those assets as indicated in the balance sheet. The company minimises concentrations of credit risk in relation to trade accounts receivable by undertaking transactions with various entities.
17 Corporate information Ski & Snowboard Australia Limited is a company that is incorporated and domiciled in Australia.
The registered office of Ski & Snowboard Australia Limited is: Level 1 1 Cobden Street South Melbourne Vic 3205
Ph: 03 9696 2344 Fax: 03 9696 2399
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16 Ski & Snowboard Australia Limited
Directors' Declaration
Year ended 31 October 2009
In accordance with a resolution of the directors of Ski & Snowboard Australia, the Directors declare that:
a) the financial statements and notes of the company are in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the company's financial position as at 31 October 2009 and of its performance for the year ended on that date; and (ii) complying with Accounting Standards ; and
b) there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.
This declaration has been made after receiving the declarations required to be made to the directors in accordance with Section 295A of the Corporations Act 2001 for the financial year ended 31 October 2009.
Signed on behalf of the Board
Dean Gosper Director
25 February 2010
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Ski & Snowboard Australia Annual Report 2008-09 42 43
Ski & Snowboard Australia Annual Report 2008-09