2019...Clements, Eliza Cook, Anya Cox, Ariana Cresswell, Michaela Cullen, Morgan Cumberlege, Annie...
Transcript of 2019...Clements, Eliza Cook, Anya Cox, Ariana Cresswell, Michaela Cullen, Morgan Cumberlege, Annie...
Annual Report
2019
b University College
Members of the College Council 1
Report of the Council President 2
Resident Tutors 4
Staff 5
Resident Students 6
Scholarship Recipients 8
2019 Donors 10
Report of the College Council 11
Auditor Independence Declaration 13
Councillors’ Declaration 14
Statement of Comprehensive Income 15
Statement of Financial Position 16
Statement of Changes in Equity 17
Statement of Cash Flows 18
Notes to the Financial Statements 19
Independent Auditor’s Report 38
2019 Student Cohort 40
CONTENTS
Mollie Farrell, Georgia Taylor, Erica Roche, Div Pillay, Drew Ireland-Shead, Jane Peck and Dr Jennifer McDonald
Dr Jennifer McDonald, Jack Woods and Oliver Adler
Mallory Evans and Dr Alison Harcourt AOGeorgina Sweet Society at the Grainger Museum
Annual Report 2019 1
Office Bearers
President: K. Jane Peck, BA Melb. GAICD
Deputy President and Co-opted: Ms Kathryn Bellion, BA LLB Monash GradDip IR/HRM MBus VU MCom RMIT
Treasurer: Ms Jay Bonnington, BCom MBA Monash FCPA FAICD
Secretary to Council: Dr J McDonald, BA(Hons) DipEd MEd(Stud Well) PhD Melb. MACE
Appointed by the University of Melbourne Academic Board
Professor Anne Lillis, BCom MCom PhD Melb.
Elected by the Members of the College
Mr James Black, BCom(Hons) MAppFin Melb. GradDipAppFin SIA
Mr John Mathieson, BCom Melb. MAICD
Mr Richard Sweetnam, BCom Melb. CA ANZ
Ms Rebecca Lobb, BCom JD Melb.
Co-opted to the Council
Ms Anna Crameri, BA GradDip(Mgt) Melb. PD(Marketing) CIM(UK) Cert(Leadership) UToronto
Ms Monique MacRitchie, BA Monash MA Paris MIB JD Melb.
Ms Karyn Sobels, BA UniSA MComLaw Deakin FAICD
Dr Zita Unger, PhD Sociology Melb. BEdSt UQ BA Melb. GAICD FAES
MEMBERS OF THE COLLEGE COUNCILas at 31 December 2019
Dr Zita Unger
Jane Peck and Jay Bonnington
Dr Jennifer McDonald and John MathiesonMonique MacRitchie
2 University College
REPORT OF THE COUNCIL PRESIDENTYear ended 31 December 2019
The 2019 academic year started with a fresh cohort of students filling our new ensuite rooms on the top two floors of the Roper and Sweet wings. There was great feedback from both students and parents about the different sizes and configurations of the new rooms.
The remaining lower floors, consisting of offices, new study and tutorials spaces and conference facilities, were completed for the start of the second semester. The new seminar centre, with a dedicated entrance and break-out areas, permitted us to keep conference guests completely
separate from our students – a positive outcome for all.
The new building was officially opened by the Chancellor of the University of Melbourne, Mr Alan Myers AC QC, on 7 August at a gathering of students, friends, alumni, stakeholders and other interested parties. Also present to celebrate the opening were our consultants, who had seen us through the lengthy, and sometimes challenging, project.
Another highlight of the redevelopment project was the restoration and new placement of the “Legend of Being” mural by Erica McGilchrist, which now takes pride of place in the Mural Room. It is truly an outstanding piece of work and those of you who recall it in the shadows at the end of the old dining room will be delighted to see it so magnificently displayed now.
Our students achieved strong academic results throughout 2019, bolstering our belief in the positive advantages that College life provides for young adults. For this reason, we continue to award as many scholarships to as many students in need as possible. Scholarships can be life-changing for some and this is an
Everything we do at UC is directed towards enabling students to have an enriching and transformative residential college experience at a pivotal stage of their lives. From our fantastic new buildings and developing scholarship program, to our positive pastoral care, our excellent academic support and our extra-curricular activities; we know this approach works by the high regard that past students hold for the College.
Jane Peck and Chancellor, Mr Allan Myers AC QC
area that we intend to focus upon now our attention can be turned away from construction. I whole heartedly thank all our current donors and hope you realise how grateful we all are for your generosity. We are working closely with our financiers to ensure that our scholarship funds are able to grow and be directed to the best use.
Also under development is the new Frappe Fort Society, designed to engage alumni and other interested parties in fundraising for scholarships at UC.
After the departure of so many councillors due to changes in the constitution, we welcomed a new body of members, who bring great experience and knowledge to our Council.
Council member Kathryn Bellion has taken up the role of Deputy President and will chair the Scholarships Committee.
We welcomed Mr Richard Sweetnam and Jamie Black, who both joined the Finance Committee, and Anna Crameri, who will bring her experience to Audit and Risk and Governance. Martine Botha has accepted an exciting new position in Hong Kong
and Rebecca Lobb filled her vacancy on Council and the Governance Committee. We welcomed Karyn Sobels to our Advancement Committee, she brings with her diverse industry knowledge and strong board experience.
This year we farewelled Matthew O’Keefe, who was on Council for eight years. He will continue as an independent member of the Finance committee.
The end of the year also saw the departure of our Treasurer, Jay Bonnington. She has given us two years of exceptional input that has seen the finances of the College move into a stronger position, with the build finished and the long term finances in place. I personally thank her for her time and Council will miss her wise guidance. Jay is stepping back from many of her commitments.
Also, many thanks to alumnus Patrick Farrell for kindly donating his time to assist the working group that has been updating the College’s Risk Register. His input has been invaluable.
Our newly appointed College Secretary, Lizanne Kleyn-De Villiers, has been compiling all our policies
and procedures and ensuring they are up to date and compliant. College members will be pleased to see the streamlined approach taken to policies such as our Codes of Conduct.
We are always proud of our alumni who are acknowledged for their hard work and inspirational achievements. Congratulations to alumna Dr Faye Bendrups (UWC 1974) for being recognised in the Australian Financial Review 100 Women of Influence Awards in 2019, for her tireless work within the community. She is truly an inspiration for our students. Congratulations also to Victorian Senior Citizen of the Year and Fellow of the College, one of our most distinguished alumna, Dr Alison Harcourt AO (UWC 1947, Governor, Fellow). Dr Harcourt was made an Officer of the Order of Australia in a Queen’s Birthday Honours list marked by female trailblazers.
And of course I thank our Head of College, Dr Jennifer McDonald, and all her staff who continue working hard to maximise College applications for 2020 while ensuring a smooth transition to a larger cohort.
K. Jane PeckPresident of Council
Annual Report 2019 3
4 University College
RESIDENT TUTORS
Ms Mollie Farrell, BA Melb. Master of Arts and Cultural Management Melb.
Mr Zak Kapakoulakis, BSci (Pathology) Melb. Master of Teaching Melb. Semester 1 only
Ms Sher Maine Tan BSci (Medical Bioscience) Monash University Malaysia, Master of Biomedical Science Melb.
Ms Emily Webb-Ware BAgr Melb.
Mr James Hutcheon, BCom (Economics), Master of Engineering (Electrical) Melb.
Mr Ayush Srinet, BEng (Chemical and Materials) Auckland. Master in Management with Finance Melb.
Ms Lauren Powell, BA Melb.
Ms Lucinda Harrison, BSci Melb. Currently studying: Master of Computational Biology Melb. Semester 2 only
Ms Linda Eitelberg, BMath Newcastle. Master of Data Science Melb. Semester 1 only
Mr Nicholas Langdon, BA (Honours) Melb. Master of International Relations Melb. Semester 2 only
Mr Vincent Liu, BSci (Mechatronics Systems) Melb. Currently studying: Master of Engineering (Mechatronics) Melb.
Ms Mallory Evans, BA (Honours) W.Aust. Master of Publishing and Communications Melb.
Mr On Zhi Xiang, BA Melb. Master in Clinical Neuropsychology candidate La Trobe
On Zhi Xiang, Mallory Evans and Mollie Farrell
Emily Webb-Ware and Ayush Srinet
Annual Report 2019 5
Head of CollegeDr J McDonald, BA(Hons) DipEd MEd(Stud Well) PhD Melb.
Dean of StudentsMrs Liz Agostino, BA(Hons) PostGrad Dip (Psych) Melb.
Dean of StudiesMr Andre Louhanapessy, BEng Trisakti MDevSt Melb.
Commercial Manager Ms Kelly Reed, BA Acc Swinburne DipEd Monash
Finance ManagerMs Kelly Fung, BCom La Trobe CPA
Accounts OfficerMs Pui Shan Kwok, BCom La Trobe CPA
Advancement ManagerMr Sam Hawkins, BCom Monash MBus Deakin
Marketing and Communications Coordinator Ms Rachel Unicomb, BComn Newcastle
Marketing and Communications AdvisorMs Quyen Do, BBus W.Syd
House, Events and Conference ManagerMr Tim McBain, BCom Griffith
Guest Services OfficerMs Gina Cahayagan Ms Joanna Stalker
Registrar Ms Zoey Maiden, DipBus DipMan Navitas
Wellbeing CoordinatorMs Alexandra Ehrenberg, BBehavSc(Psych) PGDipPsych QUT, MBMSc Syd. MAPS
LibrarianMrs Carolyn Brown BEd (Librarianship) Melb. AALIA
ArchivistMr Ian Forster, BHA NSW MA (Archives & Records) Monash
Facilities ManagerMr Henri Seneque
Assistant Facilities ManagerMr Dane Pound
GardenerMr Ian Robertson, Assoc Dip Hort Melb. Burnley
Maintenance OfficerMr Sam Pilgrim
Executive ChefMr Philip Garrod
Head ChefMr Edward Reyes
Sous ChefMr Gagandeep Singh
Mr Andy Tran
Chef de PartieMr Marcin Betkowski
Trade CooksMr Komal Jhowrey
Apprentice ChefMs Jahvaan Quilter
Dining Hall SupervisorMr Greg Coutts
Kitchen StaffMs Lucy Saliba
Mr Kevin Williams
STAFF
Andre Louhanapessy
Ian Forster
Liz Agostino and Kelly Reed
Erica Roche and Zoey MaidenTim McBain
6 University College
Graduate
Eitelberg, Linda*Gray, ChloeHargrove, Bailey*Harvey, RichieJaupi, Jona*Kibriya, ShayestaLiu, Kevin*Manson WilliamMadugalle, AneeshaSalem, Aiman*Solar, Ivana
Third yearEguizabal, RicardoForday, AnelieseGriffin, FinnianLarsen, JonasLee, Meg*Mitchell, Maya
Second yearAgnihotri, SwastiAnderson, EloiseBanerjee, AdrijaBarr Smith, XantheBenoit, CaraBevins, AmeliaBinks, DanielBlain, AlexBlakeley, CharlieBlakers, RainjanBolton, EmilyBrown, LachlanCollins, BenCoombes, ElizaCottrell, TomCowling, JamesCrussol, ChloeCurran, Charlie
Davies, KaylaDayananda, IshiraDhakshinamoorthy, HarishDigby, MaggieDolman, PipEdmunds, JamesElder-Hackford, GeorgiaElith, BridieFerluga, RachaelFinn, Alex*Foott, MorganForge, HamishFranco, LukeGaroni, JonathanGoldsack, ClaireHallam, LilyHancock, KaitlynHancock, CharlieHitchman, BenHodgman, LizHolloway, OliviaHumphry, CaraJensz, Mia*Jones, MitchellKeogh, IsabellaKors, AlecLagos, ZacLanyon, NedLee, TomLee, JessLejeune, LouisLoughnan, AmeliaMacLaren, HamishMarr, JessicaMarsh, KimmiMcBain, SamMcKenzie, LilliMills, CharlotteMorgan, DavidOmura, Miyu
Orlandi, MiaO’Sullivan, MollyParsons, WilliamPearce, MollyPerez, AngusPersson, SofiaPfeiffer, SoniaPruim, TessaRees, IssyRhodes, SophieRoche, EricaRochvarger, TzurRooke, JonicaScales, MaxSchucht, AlizeeSharp, JasperSharpe, JakamoSpencer, LaraStefanou, Madelene*Stephenson, WilburStewart, Katie*Stewart, LorettaStowman, RubySymons, CharlesTaylor, GeorgiaThomson, VictoriaTiffin, CatherineTolliday, MaxTravers, NikkiTunney, OliviaVelthuis, MontyVan Ammers, Zoe*von Stieglitz, ZoeWatson, PhoebeWells, SusannahWhitfeld, NinaWilliams, ArchieWilliams, HuwWinter-Irving, SarahWoodhouse, Millie
Yung, Lauren*Yung, Vanessa*
First yearAlcorso, IsabellaAmey, EmmaAndrews, LachlanAnzora, Anthony (SA)Arbanas, Laura (SA)Ayers, GeorgieBallesteros, SelenaBanerjee, AdrijaBarker, Zoe (NR*)Barnett, Reade*Bartholomeusz, BrandonBatiuk, Jill (SA)Beale, JamieBeattie, WillBlack, George (NR*)Bolger, Dougie*Boness, TaraBoreham, LucasBrown, FrancescaBrown, RubyByrne, ConnorCampbell, NatalieCastle, SarahChauhan, ManveerChen, JohnChesterman, Hannah*Clements, ElizaCook, AnyaCox, ArianaCresswell, MichaelaCullen, MorganCumberlege, AnnieDavid, Talon (SA)Deane, JackDevine, GeorgieDouglas, Fraser
RESIDENT STUDENTS
Aneliese Forday, Maya Mitchell and Loretta Stewart Alicia McGovern, Andy Nicholas and Ashley Kind
Annual Report 2019 7
Doyle, Joseph (SA)
Droga, Lucia*
Edis, Liam*
Edwards, Tom
Eng, Tristan
Engelen, Alba
Epple, Evan (SA)
Evans, Olivia (NR*)
Fennessy, Liam
Ferns, Erin (SA)
Finnegan, Katya
Flahvin, Fearghas
Francis, Laura
Gazal, Alessandra
Gee, Lachie
Giles-Cook, Jemimah
Gill, Helena*
Goh, Renee
Gorman, Ellen
Gray, Hamilton
Greene, Georgia
Griff, Teya
Grundy, Matthew
Gunawardena, Jerod*
Haddock, Khyla (SA)
Hardy, Anna
Harrison, Kylie (SA)
Harte, James (NR*)
Hay, Tyron
Hemmings, Karl
Heng-Chin, Ashleigh
Henwood, Grace
Hilson, Sam
Hitchman, Alex
Hobden, Sally
Horton, Imogen
Hourani, Ali
Humphris, Oliver
Hutchins, Kathryn
Ireland-Shead, Drew
Irwin, Charlie
Jackel, Gracie
Jones, Steph
Karunaratne, Sharaan
Kelly, Piper*
Kelsey-Shueard, Taylor
Kenderova, Georgia (SA)
Kershaw, Ysabel
Kind, Ashley
Kohno, Angela
Koo, Constance*
Lansell, Giselle*
Lam, Pinky*
Li, Amy
Li, Emily
Lim, Estella*
Lin, Nathan*
Longden, Sadie
Lowe, Nina
Mackie, Clare (SA)
MacLaren, Lachlan
Madden, Rani
Malouf, Jessie
Maruff, Bronte
Maxwell, Amelia
McConney, Niamh
McGovern, Alicia
McKay, Tom
McKay, Emily
McMurtrie, Tess
Measday, Elsie
Mercer, Ellie
Millen, Ally (NR*)
Mitchell-Innes, Skye
Morgado, Wilker
Morling, Bec
Motley, Cooper
Mueller, Audrey*
Nanphakdi, AphisitNguyen, HienNicholas, AndrewNolen, LexieNoonan, LucaOldham, PhoebeOppy, HamishPalmberger, Eric (SA)Pan, SophiaPanjkov, SimonParkyn, SamanthaPatterson, GabyPayne, GeorgePearce, ElizabethPearson, MareePhillips, PhoebePhilpotts, ElliotPicart, JoaquinPodiono, Shawn*Porter, HannahPowell, AnnabellePurbrick, CooperQuarm, MaddisonRamchandani, Shanaya*Rao, Raisa*Rensen, NicRix, AnnabelleRowan, Eden*Russell-Thomas, Anthony*Saines, BenSait, EricaSalveson, Maddie (NR*)Scanlon, TullySchmidt, JerrySenthamilselvan, Easwari SnehaaShepherd, SamSlobom, LucySpencer, ClemSummerhayes, Olivia (NR*)
Szallasi, TimSze, SophiaTeh, VivienTehan, Issy*Tennant, MegTeodoro, Agustin*Thompson, JoshThorne, James Trotter, JontyTuggle, Austin (SA)Unthank, Amelia (NR*)Vernon-Elliot, JakeVon Bardeleben, EmmaWade, JessWang, TimWatson, ArtyWatts, EllieWebster, HugoWettenhall, JemimaWheeler, Gwen (SA)Whitaker, KatieWhitfield, AftynWong, Giona*Wong, SharonWong, WhitneyWoods, BenWyrill, SamZamora Galland Ruiz, Emily (SA)
*NR denotes Non Resident for first semester
NR* denotes Non Resident for first semester, resident for second semester
NR denotes Non Resident for the full year
* denotes one semester (or less) only
SA denotes Study Abroad
International Day of Happiness at UCChampion cricket team
FIRST YEAR STUDENTS
Isabella Alcorso UC Tasmania Scholarship
Brandon Bartholomeusz YMF Kathy Avdiev Memorial Award
Hannah Chesterman Dr Paul Lee Scholarship
Tyron Hay UC New South Wales Scholarship
Grace Henwood Jill Williams Scholarship
Samuel Hilson DMW Industries Doyle Family Scholarship
Alex Hitchman Corbett Family Scholarship
Oliver Humphris Binding Scholarship
Kathryn Hutchins Jill Williams Scholarship
Drew Ireland-Shead Dr Angela Milne Scholarship
Taylor Kelsey-Shueard UC Victoria Scholarship
Amy Li Myra Roper Scholarship
Emily Li Myra Roper Scholarship
Lachlan MacLaren Gates Buchanan Scholarship
Amelia Maxwell Ros Terry Scholarship
Alicia McGovern UC Victoria Scholarship
Ellie-Jade Mercer Broughton Scholarship
Aphisit Nanphakdi Dr Elizabeth Shaw Medicine Scholarship, Margaret Garson Medicine Scholarship and Tweddle Family Scholarship
Hannah Porter UC Western Australia Scholarship
Erica Sait Triggs Scholarship
Jerry Schmidt UC Queensland Scholarship
Sam Shepherd Botha Family Scholarship
Jonty Trotter McGregor Family Fund Scholarship
Aftyn Whitfield Irene Mary Murray Scholarship
Whitney Wong Lena McEwan Soroptomist International Scholarship and UC Queensland Scholarship
SCHOLARSHIP RECIPIENTS
55 individuals were awarded scholarships in 2019.
8 University College
Sam Shepherd with Michael Botha (UC 2012) and Martine Botha (UC 2008)
Reg and Norma Binding
Meg Lee, Jill Williams (UWC 1954, Governor), Kathryn Hutchins and Grace Henwood
Annual Report 2019 9
RETURNING STUDENTS
Andrija Banerjee Wheeler Scholarship
Emily Bolton Captain Walter Joseph Grubb Scholarship
Tom Cottrell Binding Scholarship
James Cowling YMF Kathy Avdiev Memorial Award
Maggie Digby Jill Eastwood Scholarship
Rachael Ferluga QLS Group Wimmera-Mallee Scholarship
Luke Franco Stewardson-Walpole Scholarship
Jonathan Garoni UniLodge Scholarship
Finn Griffin UC Frappe Fort Leadership Scholarship
Olivia Holloway David Syme Charitable Foundation Media Scholarship
Meg Lee Jill Williams Scholarship
Louis Lejeune Daryl Grubb and Louise Joy Scholarship
Hamish MacLaren Dr Deborah Seifert Scholarship
Angus Perez Nelson Alexander Foundation Scholarship
Sofia Persson Barbara and Max Murray Scholarship
Sophie Rhodes UC Staff Scholarship
Erica Roche UC Leadership Scholarship
Jonica Rooke University College Scholarship
Ivana Solar Dr Adelaide Gertrude Gault Scholarship
Madelene Stefanou McGregor Family Fund Scholarship
Ruby Stowman David Syme Charitable Foundation Scholarship
Katie Stewart UniLodge Scholarship
Georgia Taylor UC Leadership Scholarship
Olivia Tunney Meredith McComas Scholarship
Montague Velthuis Dr Anne G Jabara Scholarship
Zoe von Stieglitz Ursula Hoff Scholarship
Phoebe Watson The Ray and Joyce Uebergang Foundation Scholarship
Sarah Winter-Irving Kathy Skelton Scholarship
GRADUATES
Chloe Gray McGregor Family Fund Scholarship
Richie Harvey Hurrell Family Scholarship
Scholarship recipients Alicia McGovern, Taylor Kelsey-Shueard, Hannah Porter, Jerry Schmidt, Isabella Alcorso and Tyron Hay with President of Council, Ms K. Jane Peck (UWC 1969)
10 University College
Kerry Yu (UC 1995), Hannah Chesterman and Kevin Ng (UC 1995)
Mrs A & Mr I Ada
Mr D Adams
Mrs S & Mr G Addison
Prof D Bartholomeusz
Ms S Bhullar
Mr A Bibby
Mrs N & Mr R Binding
Mrs S Blacklaws
Mrs J Blencowe
Mrs J & Mr S Bonnington
Botha Family
Dr D Bresciani OAM & Mr L Bresciani
Dr L Broughton
Mrs B Buchanan
Dr M Bullen
Mrs N Burns
Dr A Carrucan
Chambers Family
Dr C Cheers
Ms M Citroen
Corbett Family
Cox Family
Mrs A Cronin OAM
Mrs D Demack
Ms A Duncan
Mrs S & Mr B Elton
Dr R Evans
Mrs A & Mr P Farrell
Mrs P Ford
Mrs B Gregory OAM & Dr A Gregory AM
Mr S Guerrini
Hawkins Family
Mrs J & Prof A Holmes
Mrs J & Mr R Horseman
Hughes Family
Hurrel Family
Dr A Jabara
Dr C Johnston
Mrs L Joy & Mr D Grubb
Ms M Kelso
Mr A Kensit
Dr R Kiss & Mr C O’Donohue
Mrs F Koch
Mrs D Lang & Mr E Lang
Mrs K Lovering OAM & Prof J Lovering AO
Mr R Macdonald
Mr W Mackie
Ms M MacRitchie
Mr J Mathieson
Mrs J & Mr C McCraith
Dr J McDonald & the Hon P Honeywood
Mrs C & Mr M McGain
McGregor Family
Mrs O Milne
Dr J Mitchell
Dr A Moffatt
Prof M Monk
Dr E Morrison
Ms H Murray & Prof B Lagay
Dr B & Mr M Murray
Ms S Nixon OAM
Mrs D Norton
Mrs A Oppenheim
Mr J Parsons
Dr S Pearce
Mrs S Pearce & Mr M Pearce
Ms J Peck
Ms A Pipkorn
Mr A Plunkett
Mrs C & Mr B Power
Mrs A Robertson & Mr R Cross
Mrs J Ryles OAM & Mr G Ryles OAM KSJ
Dr E Shaw
Mr G Stevens
Mrs J Stewardson
Dr R Terry
Mrs G & Mr R Tolliday
Miss Y Turner
Mrs J Walstab
Dr B & Dr N Wambeek
Mrs M Webster
Ms A Weir
Rev R Wheeler
Dr B Williams
Ms J Williams
Mrs V Wilson
Mrs P Wood
Prof R Yi
Ms K Yu & Mr K Ng
Mr T Zhu
Australian Communities
Foundation
David Syme Charitable
Trust
DMW Industries Pty Ltd
Ecycle Solutions Pty Ltd
Estate of Margaret Joyce
Boston
Nelson Alexander
Foundation
Perpetual Trustee
Company Limited
The University College
Association
The Ray and Joyce
Uebergang Foundation
Youth Music Foundation
of Australia
As well as donors
who chose to remain
anonymous.
Oliver Humphris and Tom Cottrell with Reg and Norma Binding (Governors)
Bill and Liz Corbett (Governors)Dr Di Bresciani OAM (UWC 1960, Fellow), Amelia Maxwell and Dr Ros Terry (UWC 1958, Fellow)
Mollie Farrell and Dr Lynne Broughton (UWC 1964, Fellow)
2019 DONORS
Annual Report 2019 11
Financial Report for the Year Ended 31 December 2019
REPORT OF THE COLLEGE COUNCIL
COUNCILLORS’ REPORTIn accordance with a resolution of the Council, the financial report for the year ended 31 December 2019 is submitted to members of the College. In accordance with the provisions of the Australian Charities and Not-for-profits Commission Act 2012, the Council reports that:
Principal ActivityThe principal activity of the College in the course of the financial year was the provision of residential and associated educational facilities for undergraduates and graduates attending the University of Melbourne. During the year there have been no significant changes in the nature of this activity. The College also accepts residents from other nearby Universities in accordance with its Statute of Affiliation with the University of Melbourne.
Operating ResultsThe operating result was a surplus of $301,003 (2018: deficit $111,050). Due to the revaluation of the buildings and leased land in 2018, and recognition of cost to complete of the new building, the College recorded a surplus for the year of $2,174,860 (2018: $10,078,464).
Dividends Paid or RecommendedUniversity College is a company limited by guarantee. As such it has no share capital and no dividends are paid.
Review of OperationsOverall income for the year was an 18.34% increase from last year, including charitable operations due to an increase in room capacity. The College maintained 100% occupancy throughout the year for its graduate and undergraduate student accommodation. Conference income was a 16.5% increase from last year as a consequence of greater bookings. Apartment revenue was $208,871 (2018: $33,760) as in the prior year the Hewitt and Graduate apartments were mostly occupied by students.
In 2019 Case Meallin provided an estimate of $500,000 to complete
the MPS1 building project. In November 2019 the construction loan facility was refinanced as a $47,000,000 3 year facility with an overdraft facility of $1,000,000 available for operational needs.
Significant Changes in State of AffairsNo significant changes in the College’s state of affairs occurred during the financial year, except for the above mentioned matters.
After Balance Date EventsThe outbreak of COVID-19 and the subsequent quarantine measures imposed by Australia and other governments as well as the travel and trade restrictions imposed by Australia and other countries throughout 2020 have caused disruption to businesses and economic activity. The College considers this to be a non-adjusting post balance sheet event and accordingly the financial effects of COVID-19 have not been reflected in the College’s financial statements as at 31 December 2019.
This has had a negative impact on the operations of the College. The operations of the College are directly linked to the operations of The University of Melbourne, which has also been significantly impacted by the pandemic and associated mandatory government quarantine measures in an effort to contain the spread of the epidemic.
The College has not yet been able to resume normal operating levels as at the date these financial statements are authorised for issue.
In light of these circumstances, the College has renegotiated a variation to its existing facility agreement with National Australia Bank (“NAB”) to defer $850,000 that was due for payment in financial year 2020 and to vary financial covenant compliance for the 2020 year. The College is currently negotiating a new financing arrangement with NAB to provide sufficient cash for the College to work through the financial impact of COVID-19.
As the situation remains fluid (due to continuing changes in government policy and evolving business and student reactions thereto) as at the date these financial statements were authorised for issue, the College Council Members considered that the financial effects of COVID-19 on the College’s financial statements cannot be reasonably estimated. Nevertheless, the economic effects arising from the COVID-19 outbreak are expected to materially affect the financial results of the College for the full year of 2020.
No other matter or circumstance has occurred subsequent to year end that has significantly affected, or may significantly affect, the operations of the College, the results of those operations or the state of affairs of the entity in subsequent financial years.
Future DevelopmentsThe College has no plans for future developments.
Environmental IssuesThe College’s operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a state or territory.
Indemnifying Officers The Councillors in their capacity as officers of the College are covered under the College’s Directors and Officers Liability Policy which covers past, present and future Councillors for claims alleging a wrongful act including pecuniary penalties, costs and expenses that may be incurred in defending a claim. Coverage is also available under the Statutory Liability Policy for fines and penalties from operating the business, including fines related to workers compensation and occupational health and safety. The policy excludes any deliberately fraudulent act or omission or any wilful violation or breach of any law.
Proceedings on Behalf of the CollegeNo person has applied for leave of Court to bring proceedings on behalf of the College or intervene in any proceedings to which the
12 University College
Financial Report for the Year Ended 31 December 2019
REPORT OF THE COLLEGE COUNCIL (CONTINUED)
Council Meetings Finance Committee Governance Committee Scholarship Committee
Number eligible to
attend
Number attended
Number eligible to
attend
Number attended
Number eligible to
attend
Number attended
Number eligible to
attend
Number attended
Kathryn Bellion 7 3 4 2 2 2
James Black 6 4 7 4
Jay Bonnington 7 6 8 8 4 2
Martine Botha 4 3
Anna Crameri 5 4 3 2
Anne Lillis 7 6 8 7
Rebecca Lobb 3 3 3 3
Monique MacRitchie 7 6
John Mathieson 7 7 8 8
Jennifer McDonald 7 7 8 7 4 3 2 2
Matthew O'Keefe 5 3 8 1
Jane Peck 7 7 8 8 4 4 2 2
Karyn Sobels 1 0
Richard Sweetnam 7 5 7 4
Zita Unger 7 7 8 7 4 4
Councillor absences from any Council meetings held during the financial year occurred with the requisite knowledge and agreement of Council.
College is a party for the purpose of taking responsibility on behalf of the College for all or any part of those proceedings. The College was not a party to any such proceedings during the year.
Meetings of CouncillorsDuring the financial year, 20 meetings of Councillors (including committee meetings) were held. Attendances by each Councillor were as follows:
Annual Report 2019 13
Financial Report for the Year Ended 31 December 2019
14 University College
Financial Report for the Year Ended 31 December 2019
Auditor Independence DeclarationThe lead auditor’s independence declaration for the year ended 31 December 2019 has been received and can be found above.Signed in accordance with a resolution of the Councillors.
JANE PECK JAMES BLACKDirector DirectorDated: 06/08/2020 Melbourne
COUNCILLORS’ DECLARATIONFor the financial year ended 31 December 2019
The Councillors declare that the financial statements and notes as set out on pages 15 to 37 are in accordance with Division 60 of the Australian Charities and Not-for-profits Commission Act 2012 and:
a) comply with Australian Accounting Standards – Reduced Disclosure Requirements, Division 60 of the Australian Charities and Not-for-profits Commission Regulation 2013 and other mandatory professional reporting requirements in Australia; and
b) give a true and fair view of the College’s financial position as at 31 December 2019 and of the performance for the year ended on that date of the entity.
In the Councillors’ opinion, there are reasonable grounds to believe that the College will be able to pay its debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the Councillors.
JANE PECK JAMES BLACKDirector DirectorDated: 06/08/2020Melbourne
REPORT OF THE COLLEGE COUNCIL (CONTINUED)
Annual Report 2019 15
STATEMENT OF COMPREHENSIVE INCOMEFor the year ended 31 December 2019
2019 2018 Note $ $
Revenue 2 10,163,404 8,663,751
Other income 2 372,628 239,145
Total Income 10,536,032 8,902,896
Employee benefits expense (3,648,596) (3,166,268)
Depreciation and amortisation expense 3a (2,380,100) (932,405)
Finance costs 3b (594,771) (422,606)
Other operating expenses 3c (3,459,971) (4,371,159)
Auditor’s remuneration 3d (24,700) (24,500)
Asset impairment write-off – (34,376)
Temporary facilities (126,891) (62,632)
Total Operating Expenditure (10,235,029) (9,013,946)
Surplus/Deficit from Operations 301,003 (111,050)
Net Non Operating Surplus 3e 1,873,857 10,189,514
Surplus for the year 2,174,860 10,078,464
Other comprehensive income for the year, net of tax – –
Total comprehensive surplus/(deficit) attributable to members of the College 2,174,860 10,078,464
The accompanying notes form part of these financial statements.
16 University College
STATEMENT OF FINANCIAL POSITIONFor the year ended 31 December 2019
2019 2018 Note $ $
ASSETS
CURRENT ASSETS
Cash and cash equivalents 4 2,397,783 556,842
Trade and other receivables 5 47,326 823,643
Inventories 6 31,445 15,651
Other assets 7 124,308 116,347
TOTAL CURRENT ASSETS 2,600,862 1,512,483
NON-CURRENT ASSETS
Property, plant and equipment 8 66,019,868 58,042,716
Intangible assets 9 23,695 6,817
TOTAL NON-CURRENT ASSETS 66,043,563 58,049,533
TOTAL ASSETS 68,644,425 59,562,016
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 10 1,843,104 3,389,532
Borrowings 11 1,230,954 38,116,131
Short-term provisions 12 395,965 383,793
TOTAL CURRENT LIABILITIES 3,470,023 41,889,456
NON-CURRENT LIABILITIES
Borrowings 11 45,299,270 61,642
Long-term provisions 12 23,665 36,311
TOTAL NON-CURRENT LIABILITIES 45,322,935 97,953
TOTAL LIABILITIES 48,792,958 41,987,409
NET ASSETS 19,851,467 17,574,607
EQUITY
Retained Earnings 18,354,939 16,312,309
Reserves 21a 1,496,528 1,262,298
TOTAL EQUITY 19,851,467 17,574,607
The accompanying notes form part of these financial statements.
Annual Report 2019 17
STATEMENT OF CHANGES IN EQUITY For the year ended 31 December 2019
Financial Retained Funds and Revaluation Assets Earnings Reserves Surplus Reserve Total $ $ $ $ $
Balance at 1 January 2018 6,178,283 1,315,860 – – 7,494,143
Loss attributable to the entity 10,078,464 – – – 10,078,464
Transfer to retained earnings from funds and reserves 55,562 (55,562) – – –
Transfer to revaluation surplus – – 2,000 – 2,000
Balance at 31 December 2018 16,312,309 1,260,298 2,000 – 17,574,607
Profit attributable to the entity 2,174,860 – – – 2,174,860
Transfer from retained earnings to funds and reserves (132,230) 132,230 – – –
Transfer to revaluation surplus – – 102,000 – 102,000
Balance at 31 December 2019 18,354,939 1,392,528 104,000 – 19,851,467
For a list of each reserve, refer to Note 21.
The accompanying notes form part of these financial statements.
18 University College
STATEMENT OF CASH FLOWSFor the year ended 31 December 2019
2019 2018 Note $ $
CASH FLOW FROM OPERATING ACTIVITIES
Receipts from operations 11,127,873 8,313,843
Payments to suppliers (5,013,558) (4,469,688)
Payments to employees (3,648,596) (3,186,408)
Interest received 15,817 1,664
Finance costs (594,771) (447,722)
Net cash generated from operating activities 18b 1,886,765 211,689
CASH FLOW FROM INVESTING ACTIVITIES
Payment for property, plant and equipment (8,411,586) (14,860,948)
Net cash used in investing activities (8,411,586) (14,860,948)
CASH FLOW FROM FINANCING ACTIVITIES
(Repayment) / Receipts of finance lease commitments (22,020) (34,005)
(Repayment) / Receipt of proceeds from bills of exchange 9,629,116 22,228,808
Net cash generated from financing activities 9,607,096 22,194,803
Net increase in cash held 3,082,275 7,545,544
Cash and cash equivalents at beginning of the financial year (684,492) (8,230,036)
Cash and cash equivalents at the end of the financial year 4 & 11 2,397,783 (684,492)
The accompanying notes form part of these financial statements.
Annual Report 2019 19
NOTES TO THE FINANCIAL STATEMENTSFor the year ended 31 December 2019
Basis of Preparation
The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards Reduced Disclosure Requirements and the Australian Charities and Not-for-profits Commission Act 2012.
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 and conditions. Material accounting policies adopted in the preparation of these financial statements are presented below and have been consistently applied unless otherwise stated.
For the purposes of preparing the financial report, the College is a not-for-profit entity. The financial statements 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 financial report is presented in Australian dollars.
Going concern
The College is expected to experience significant financial impact as a result of the COVID-19 global pandemic. The College is forecasting a material decline in cash flows for the next 12 months due an expected reduction in student occupancy as a result of the pandemic. The College has an external banking facility with National Australia Bank (“NAB”) of $46,468,582 with a maturity date of 29 November 2022. Under the finance facility, $1,200,000 is repayable each financial year with the balance payable on the maturity date. The College is reliant on a favourable renegotiation of this banking facility to extend the maturity date and provide additional working capital funds to see the College through the financial downturn of COVID-19. To date, the College has successfully paid $350,000 and secured a variation of
the agreement that defers $850,000 of the repayable amount for financial year 2020. Further, the covenants associated with the debt facility have been amended for 2020 to support the College during the pandemic. The College believe it is the banks intention to provide additional funding and financial relief for the College to work through the current financial downturn.
However, in the event that the College is unable to secure an extension to existing finance facilities, or arrange alternative means of finance, such events would create a material uncertainty which may cast significant doubt on the ability of the College to continue as a going concern and, therefore, whether it will realise its assets and extinguish its liabilities in the normal course of business.
The financial report does not include adjustments relating to the recoverability and classification of recorded asset amounts nor to the amounts and classification of liabilities that might be necessary should the College not continue as a going concern.
Accounting Policies
a. Revenue
Residential revenue
The College provides supported university accommodation to undergraduate, graduate and College staff. The first instalment is due prior to the student moving into College. Fees are then billed each semester in advance. Alternative fee payment arrangements may be made by exception. A receivable is recognised on invoicing. Revenue is recognised over time as the College fulfils its contractual obligations to its residents.
Conference revenue
The College provides conference facilities, generally outside academic semesters. A deposit is received in advance of the conference but revenue is not recognised until the conference has been completed.
Donations and bequests
Donations and bequests are recognised when received.
b. Inventories
Inventories are measured at the lower of cost and current replacement cost. Costs are assigned to individual items of inventory on the basis of the first in first out method.
c. Property, Plant and Equipment
Property
Land and Buildings are measured at fair value less accumulated depreciation on buildings and impairment losses recognised at the date of revaluation. Valuations are performed with sufficient frequency to ensure that the fair value of a revalued asset does not differ materially from its carrying amount.
A revaluation surplus is recorded in other comprehensive income and credited to the asset revaluation reserve in equity. However, to the extent that it reverses a revaluation deficit of the same asset previously recognised in profit or loss, the increase is recognised in profit and loss. A revaluation deficit is recognised in the income statement, except to the extent that it offsets an existing surplus on the same asset recognised in the asset revaluation reserve.
Furniture and Equipment
Furniture and equipment are measured on the cost basis less depreciation and impairment losses, except for antique furniture and paintings which are measured at fair value less accumulated depreciation and impairment losses.
Depreciation
The depreciable amount of all fixed assets including buildings and capitalised lease assets, but excluding freehold land, is depreciated on a straight line basis over the asset’s useful life to the College
The financial statements are for University College as an individual entity. University College is a company limited by guarantee incorporated and domiciled in Australia.
Note 1: Summary of Significant Accounting Policies
20 University College
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the year ended 31 December 2019
commencing from the time the asset is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated useful lives of the improvements.
The depreciation rates used for each class of depreciable assets are:
Class of Depreciation Fixed Asset Rate
Buildings 2.5%
Land Improvements 7.5%
General Equipment 15%
Furniture, Fixtures and Fittings 10%
Computer Equipment 25%
Computer Infrastructure 10%
Library Books 10%
Motor Vehicle 15%
Gym Equipment 16.67%
Plant and Equipment 6.67%-10%
Leased Land 4.7%
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
Asset classes 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 comprehensive income. When revalued assets are sold, amounts included in the revaluation reserve relating to that asset are transferred to retained earnings.
d. Leases
The College recognises a right of use lease asset and a lease liability at the commencement of the lease. The lease liability is initially measured in accordance with AASB 16, based on the present value of lease payments, plus initial direct costs and the cost of obligations to refurbish the asset, less any incentives received.
The leased asset is initially recognised at cost, or where applicable, at fair value through the income statement in accordance with AASB 1058. The leased asset is depreciated over the shorter of the
lease term or the useful life of the underlying asset. The leased asset is subject to testing for impairment if there is any indicator for impairment.
Lease payments generally include fixed lease payments and variable payments that depend on an index (such as an inflation index). When the lease contains an extension or purchase option that the College considers reasonably certain to be exercised, the cost of the option is included in the lease payments.
Leased assets are included in the heading Property, plant and equipment and the lease liability is included in the headings current and non-current liabilities.
The College has elected not to recognise leased assets and liabilities for leases where the total lease term is less than 12 months or leases are for low value IT equipment. The payment for such leases are recognised in the income statement on a straight line basis.
e. Financial Instruments
Recognition, initial measurement and derecognition
Financial assets and financial liabilities are recognised when the College becomes a party to the contractual provisions of the financial instrument, and are measured initially at fair value adjusted by transactions costs, except for those carried at fair value through profit or loss, which are measured initially at fair value. Subsequent measurement of financial assets and financial liabilities are described below.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and all substantial risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.
Classification and subsequent measurement of financial assets
Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price, all financial assets are initially measured
at fair value adjusted for transaction costs (where applicable).
For the purpose of subsequent measurement, financial assets other than those designated and effective as hedging instruments are classified into the following categories upon initial recognition:
• amortised cost
• fair value through profit or loss (FVPL)
• equity instruments at fair value through other comprehensive income (FVOCI)
All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within other expenses.
Classifications are determined by both:
• The entity’s business model for managing the financial asset
• The contractual cash flow characteristics of the financial assets
Subsequent measurement financial assets
Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVPL):
• they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows
• the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding
After initial recognition, these are measured at amortised cost using the effective interest method.
Discounting is omitted where the effect of discounting is immaterial. The College’s cash and cash equivalents, trade and most other receivables fall into this category of financial instruments as well as long-term deposit that were previously classified as held-to-maturity under AASB 139.
The College does not have financial assets at fair value through profit
Annual Report 2019 21
or loss (FVPL) or equity instruments at fair value through other comprehensive income (Equity FVOCI).
Impairment of Financial assets
AASB 9’s impairment requirements use more forward-looking information to recognize expected credit losses – the ‘expected credit losses (ECL) model’. Instruments within the scope of the new requirements included loans and other debt-type financial assets measured at amortised cost and FVOCI, trade receivables and loan commitments and some financial guarantee contracts (for the issuer) that are not measured at fair value through profit or loss.
The College considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.
In applying this forward-looking approach, a distinction is made between:
• financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (‘Stage 1’) and
• financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (‘Stage 2’).
‘Stage 3’ would cover financial assets that have objective evidence of impairment at the reporting date.
‘12-month expected credit losses’ are recognised for the first category while ‘lifetime expected credit losses’ are recognised for the second category.
Trade and other receivables
The College makes use of a simplified approach in accounting for trade and other receivables and records the loss allowance at the amount equal to the expected lifetime credit losses. In using this practical expedient, the College uses its historical experience, external indicators and forward-looking information to calculate
the expected credit losses using a provision matrix.
The College assesses impairment of trade receivables on a collective basis as they possess credit risk characteristics based on the days past due. The College allows 1% for amounts that are 30 to 60 days past due, 1.5% for amounts that are between 60 and 90 days past due and writes off fully any amounts that are more than 90 days past due.
Classification and measurement of financial liabilities
The College’s financial liabilities include borrowings and trade and other payables.
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the College designated a financial liability at fair value through profit or loss.
Subsequently, financial liabilities are measured at amortised cost using the effective interest method.
All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in profit or loss are included within finance costs or finance income.
f. Impairment of Assets
At the end of each reporting period, the College reviews the carrying values of its tangible and intangible 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 value over its recoverable amount is expensed to the statement of comprehensive income.
Where the future economic benefits of the asset are not primarily dependent upon the asset’s ability to generate net cash inflows and when the College would, if deprived of the asset, replace its remaining future economic benefits, value in use is determined as the depreciated replacement cost of an asset.
Where it is not possible to estimate
the recoverable amount of an asset’s class, the College estimates the recoverable amount of the cash-generating unit to which the class of assets belong.
Where an impairment loss on a revalued asset is identified, this is debited against the revaluation reserve in respect of the same class of asset to the extent that the impairment loss does not exceed the amount in the revaluation reserve for that same class of asset.
g. Employee Benefits
Provision is made for the College’s liability for employee benefits arising from services rendered by employees to the end of the reporting period. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled. 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. In determining the liability, consideration is given to employee wage increases and the probability that the employee may not satisfy vesting requirements. Those cash outflows are discounted using market yields on corporate bonds with terms to maturity that match the expected timing of cash flows.
Contributions are made by the College to an employee superannuation fund and are charged as expenses when incurred.
h. Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at-call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short-term borrowings in current liabilities on the statement of financial position.
i. 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
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the year ended 31 December 2019
22 University College
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the year ended 31 December 2019
acquisition of the asset or as part of an item of 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.
j. Income Tax
No provision for income tax has been raised as the College is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997.
k. Intangibles
Software is recorded at cost. Software has a finite life and is carried at cost less any accumulated amortisation and impairment losses. It has an estimated useful life of between one and three years. It is assessed annually for impairment.
l. Provisions
Provisions are recognised when the College 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 recognised represent the best estimate of the amounts required to settle the obligation at the end of the reporting period.
m. Payables
Payables represent the liability outstanding at the end of the reporting period for goods and services received by the College during the reporting period which remain unpaid. The balance is recognised as a current liability with the amounts normally paid within 30 days of recognition of the liability.
n. Critical Accounting Estimates and Judgments
The Council 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 College.
Key Estimates – Impairment
The College assesses impairment at each reporting date by evaluating conditions specific to the College that may lead to impairment of assets. Where an impairment trigger exists the recoverable amount of the asset is determined. Value-in-use calculations performed in assessing recoverable amounts incorporate a number of key estimates.
Key Judgments
Provision for impairment of receivables
Total receivables at 31 December 2019 amount to $47,326. There is a $7,472 provision for doubtful debts.
o. Comparative Figures
Where required by Accounting Standards comparative figures have been adjusted to conform with changes in presentation for the current financial year.
Annual Report 2019 23
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the year ended 31 December 2019
2019 2018 $ $
Revenue
Student fees 8,208,935 7,156,540
Resident tutors 175,976 146,256
Academic apartments 208,871 33,760
Conference income 1,406,846 1,207,384
Sundry income 146,959 118,147
10,147,587 8,662,087
Other Revenue
Interest received on financial assets not at fair value through profit or loss 15,817 1,664
15,817 1,664
Total Revenue 10,163,404 8,663,751
Other Income
Charitable income and fundraising 247,628 239,145
Bequests received 125,000 –
Total Other Income 372,628 239,145
Total Revenue and Other Income 10,536,032 8,902,896
Note 2: Revenue and Other Income
24 University College
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the year ended 31 December 2019
2019 2018 $ $
a. Expenses
Depreciation and Amortisation
Leased land 947,716 246,764
Buildings and improvements 1,203,711 493,949
Furniture, equipment and library books 208,231 175,307
Leased equipment 13,310 11,110
Software 7,132 5,275
Total Depreciation and Amortisation 2,380,100 932,405
b. Finance Costs
Finance Lease 4,313 5,639
Bills of Exchange 590,458 416,967
Total Finance Costs 594,771 422,606
c. Other Operating Expenses
Bad and doubtful debts 5,521 3,061
Catering 820,414 799,254
Computer costs 193,065 190,446
Household expenses and utilities 1,025,907 2,291,432
Insurance expenses 89,140 78,463
Office running costs / general operating costs 680,524 341,737
Repairs, maintenance and grounds 425,500 383,766
Scholarships and bursaries 219,900 283,000
3,459,971 4,371,159
d. Auditor’s Remuneration
Auditing the Financial Statements 24,700 24,500
e. Net Non-operating income
Gain on recognition of Right to Use Asset 3e (i) – 19,910,000
Increment on revaluation of old buildings – 2,038,616
Building rectification and redesign costs – (2,372,788)
Increment/(Decrement) on revaluation of new buildings 1,873,857 (9,386,314)
1,873,857 10,189,514
Note 3: Profit for the Year
Annual Report 2019 25
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the year ended 31 December 2019
2019 2018 $ $
CURRENT
Cash at bank 2,292,224 138,888
Cash on hand 1,000 1,000
Bank Guarantees 104,559 416,954
19 2,397,783 556,842
At 31 December 2019, the College had available $498,748 of undrawn committed current borrowing facilities.
Note 5: Trade and Other Receivables
2019 2018 Note $ $
CURRENT
Receivables 32,341 242,736
Provision for impairment 5 (i) (7,472) (1,951)
24,869 240,785
Other receivables 22,457 582,858
Total current receivables 47,326 823,643
(i) Provision for Impairment of Receivables
Current trade receivables are generally on 30-60 day terms. These receivables are assessed for recoverability and a provision for impairment is recognised when there is objective evidence that an individual trade receivable is impaired.
These amounts have been assessed as a provision for impairment of $7,472.
(ii) Credit Risk — Trade and Other Receivables
The College does not have any material credit risk exposure to any single receivable or group of receivables.
The following table details the College’s receivables exposed to credit risk (prior to collateral and other credit enhancements) with ageing analysis and impairment provided for thereon. Amounts are considered as ‘past due’ when the debt has not been settled within the terms and conditions agreed between the College and the customer or counter party to the transaction. Receivables that are past due are assessed for impairment by ascertaining solvency of the debtors and are provided for where there are specific circumstances indicating that the debt may not be fully repaid to the College.
The balances of receivables that remain within initial trade terms (as detailed in the table) are considered to be of high credit quality.
Note 4: Cash and Cash Equivalents
3e (i) Gain on recognition of Right to Use Asset
On 27 September 2018, the College entered into a ‘Right of use’ lease in relation to the Crown Land on which the College is located. Under the lease agreement, the College will lease the land for 21 years at a peppercorn rent.
The value of the ‘Right of Use’ leased land was independently valued by Nicholas Moore and Alex Nunn, Certified Practising Valuers, Urbis at $19,910,000. The valuation was completed as at 31 December 2018 at fair value using the ‘cost model’ less a discount for community service obligation (70%) associated with the restricted use of the land.
The College has adopted this value as the benefit from the use of the land.
This ‘Right of Use’ asset will be amortised over the period of the lease.
26 University College
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the year ended 31 December 2019
Note 5: Trade and Other Receivables (continued)
Gross Past due Past due but not impaired (days overdue) Within initial
amount and impaired < 30 31–60 61–90 > 90 trade terms
$ $ $ $ $ $ $
2019
Trade receivables 32,341 7,472 15,366 6,024 60 10,891 15,366
Other receivables 22,457 – 22,457 – – – 22,457
Total 54,798 7,472 37,823 6,024 60 10,891 37,823
2018
Trade receivables 242,736 1,951 206,900 8,159 975 26,702 206,900
Other receivables 582,858 – 582,858 – – – 582,858
Total 825,594 1,951 789,758 8,159 975 26,702 789,758
There is one balance of $7,472 within trade receivables that contains an asset that is impaired and is past due.
With that exception it is expected that these balances will be received when due.
2019 2018 Note $ $
Trade and other receivables:
Total current 47,326 823,643
Financial assets 19 47,326 823,643
Note 6: Inventories
2019 2018 $ $
CURRENT
At cost Inventory 31,445 15,651
Total Inventories 31,445 15,651
Note 7: Other Assets
2019 2018 $ $
CURRENT
Prepayments 124,308 116,347
Total Prepayments 124,308 116,347
Annual Report 2019 27
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the year ended 31 December 2019
2019 2018 $ $
BUILDINGS AND IMPROVEMENTS
Buildings and improvements at fair value 48,075,985 15,146,987
Work in progress 30,264 23,585,045
Less accumulated depreciation (3,175,592) (1,971,881)
44,930,657 36,760,151
FURNITURE AND EQUIPMENT
Furniture and equipment at cost 4,189,785 3,315,880
Furniture and equipment at fair value 421,176 319,176
Less accumulated depreciation (2,237,270) (2,015,727)
2,373,691 1,619,329
MOTOR VEHICLES
Motor vehicles at cost 23,291 23,291
Less accumulated depreciation (23,291) (23,291)
– –
LEASED LAND
Leased land at fair value 19,910,000 19,910,000
Less accumulated amortisation (1,194,480) (246,764)
18,715,520 19,663,236
Total property, plant and equipment 66,019,868 58,042,716
Note 8: Property, Plant and Equipment
28 University College
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the year ended 31 December 2019
Asset RevaluationsRevaluation of land and buildings The valuation of the College’s land and buildings was performed by Urbis Valuations & Advisory, independent valuers not related to the College, to determine the fair value of the land and buildings on an “as complete” basis.
The College determined fair value by reference to market-based evidence. This means that valuations performed by the valuer are based on active market prices, adjusted for any difference in the nature, location or condition of the specific property. The date of the revaluation was 12 February 2019. The “as complete” value of the buildings and the right to use the land is $66,280,000. This has been reduced by the estimated cost to complete the new buildling to reach a fair value as at 31 December 2019.
BI & FF&E Furniture Buildings and Work in and Leased Improvements Progress Equipment Land Total $ $ $ $ $
2019
Balance at the beginning of the year 13,140,731 23,619,420 1,619,329 19,663,236 58,042,716
Reallocation 44,270 (44,270) – – –
Additions at cost 7,600,700 30,264 743,299 – 8,374,263
Additions at fair value – – – – –
Capitalisation 23,444,546 (23,575,150) 130,604 – –
Reclassification – – – – –
Disposals – – – – –
Depreciation written back re: disposals – – – – –
Increment/(decrement) on revaluation 1,873,857 – 102,000 – 1,975,857
Depreciation written back re impairment – – – – –
Depreciation expense (1,203,711) – (221,541) (947,716) (2,372,968)
Work in progress completed – – – – –
Carrying amount at end of year 44,900,393 30,264 2,373,691 18,715,520 66,019,868
2018
Balance at the beginning of the year 11,629,260 18,812,670 1, 752,505 – 32,194,435
Additions at cost – 14,193,064 16,523 – 14,209,587
Additions at fair value – – – 19,910,000 19,910,000
Capitalisation – – – – –
Reclassification – – 35,898 – 35,898
Disposals – – – – –
Depreciation written back re: disposals – – – – –
Increment/(decrement) on revaluation 2,005,420 (9,386,314) 820 – (7,380,074)
Depreciation written back re impairment – – – – –
Depreciation expense (493,949) – (186,417) (246,764) (927,130)
Work in progress completed – – – – –
Carrying amount at end of year 13,140,731 23,619,420 1,619,329 19,663,236 58,042,716
Note 8: Property, Plant and Equipment (continued)
Movements in Carrying AmountsMovement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial year:
Annual Report 2019 29
Note 8: Property, Plant and Equipment (continued)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the year ended 31 December 2019
Note 9: Intangible Assets
2019 2018 $ $
Computer software – at cost 276,298 265,418
Additions-Work in progress 13,130 –
Accumulated amortisation (265,733) (258,601)
Net carrying value 23,695 6,817
Computer Computer Software Software 2019 2018 $ $
Balance at the beginning of the year 6,817 12,092
Additions 10,880 –
Additions-Work in progress 13,130 –
Amortisation charge (7,132) (5,275)
Carrying amount at end of year 23,695 6,817
Revaluation of paintings The valuation of the paintings was performed by E.J. Ainger Pty Ltd, independent valuers not related to the College, to determine the fair value of the paintings as at 31 December 2014. The date of valuation was 6 October 2014. Subsequently the College undertook an extensive restoration of the Mural “Legend of Being” by Erica McGilchrist. Leonard Joel, an independent valuer, revalued the Mural in March 2019 at a value of $120,000. Given the low individual value of other pieces in the art collection the College believes there have been no other material changes in the market value of any other paintings since 2014.
Revaluation of antique furnitureThe valuation of the antique furniture was performed by E.J. Ainger Pty Ltd, independent valuers not related to the College, to determine the fair value of the antique furniture as at 31 December 2015. The date of valuation was 4 September 2015. The College does not believe that the value of the antique furniture has changed materially since 2015.
30 University College
Note 10: Trade and Other Payables
2019 2018 Note $ $
CURRENT
Payables 444,062 1,924,159
Deferred income 692,514 301,068
Other payables 706,528 1,164,305
1,843,104 3,389,532
a. Financial liabilities at amortised cost classified as trade and other payables
Total current 1,843,104 3,389,532
1,843,104 3,389,532
Less deferred income (692,514) (301,068)
Less accrued expense (220,531) (1,829,658)
Financial liabilities as trade and other payables 19 930,059 1,258,806
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the year ended 31 December 2019
Note 11: Borrowings
2019 2018 Note $ $
CURRENT
Bills of exchange 13a 1,200,000 36,839,466
Lease liabilities 13b 30,954 35,331
Bank overdraft 13c – 1,241,334
1,230,954 38,116,131
NON-CURRENT
Bills of exchange 13a 45,268,582 –
Lease liabilities 13b 30,688 61,642
45,299,270 61,642
TOTAL BORROWINGS 19 46,530,224 38,177,773
Leased liabilities are secured by the underlying assets of the College.
Annual Report 2019 31
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the year ended 31 December 2019
Note 12: Provisions
Employee Benefits Total $ $
Opening balance at 1 January 2019 420,104 420,104
Additional provisions raised during year 16,502 16,502
Amounts used (16,976) (16,976)
Balance at 31 December 2019 419,630 419,630
2019 2018 $ $
Analysis of Total Provisions
Current 395,965 383,793
Non-Current 23,665 36,311
419,630 420,104
Provision for Employee Benefits
A provision has been recognised for employee entitlements relating to long service leave and annual leave. In calculating the present value of future cash flows in respect of long service leave, the probability of long service leave being taken is based on historical data. The measurement and recognition criteria relating to employee benefits have been included in Note 1 of the financial statements.
32 University College
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the year ended 31 December 2019
Note 13: Bills of Exchange, Capital, Leasing and Other Commitments
2019 2018 Note $ $
a. Bills of Exchange Commitments
not later than 12 months 1,200,000 36,839,466
later than 12 months but not later than 5 years 45,268,582 –
greater than 5 years – –
46,468,582 36,839,466
The College’s Facility Agreement with the NAB was varied on 29 November 2019 with Facility A amended to $47m for 3 years.
b. Lease Commitments
Payable – minimum lease payments
not later than 12 months 33,855 39,644
later than 12 months but not later than 5 years 32,185 66,040
greater than 5 years – –
Minimum lease payments 66,040 105,684
Less future finance charges (4,398) (8,711)
Present value of minimum lease payments 61,642 96,973
c. Bank Overdraft
not later than 12 months – 1,241,334
later than 12 months but not later than 5 years – –
greater than 5 years – –
– 1,241,334
On 29 November 2019, the College amended the Facility Agreement varying the overdraft facility to $1,000,000 which will expire on 30 September 2020 with an overdraft interest rate of BBSY rate plus 1.35% per annum.
Note 14: Contingent Liabilities and Assets
As at the end of the reporting date, there were no other contingent liabilities and assets.
Note 15: Events after the Reporting Period
The outbreak of COVID-19 and the subsequent quarantine measures imposed by Australia and other governments as well as the travel and trade restrictions imposed by Australia and other countries throughout 2020 have caused disruption to businesses and economic activity. The College considers this to be a non-adjusting post balance sheet event and accordingly the financial effects of COVID-19 have not been reflected in the College’s financial statements as at 31 December 2019.
This has had a negative impact on the operations of the College. The operations of the College are directly linked to the operations of The University of Melbourne, which has also been significantly impacted by the pandemic and associated mandatory government quarantine measures in an effort to contain the spread of the epidemic.
The College has not yet been able to resume normal operating levels as at the date these financial statements are authorised for issue.
Annual Report 2019 33
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the year ended 31 December 2019
Note 16: Key Management Personnel Compensation
Short-term Post- employ- Other Long- Benefits ment Benefits term Benefits Total $ $ $ $
2019
Total compensation 643,548 69,361 9,764 722,673
2018
Total compensation 660,326 65,391 7,482 733,199
Note 17: Related Party Transactions
The following transactions occurred with related parties during the financial year:
2019 2018 $ $
Donations received from Councillors 12,800 1,800
All transactions were made on normal commercial terms and conditions
Note 18: Cash Flow Information 2019 2018 Note $ $
a. Reconciliation of Cash
Cash at bank 4 2,292,224 138,888
Bank guarantees 4 104,559 416,954
Bank overdraft 13c – (1,241,334)
Other cash 4 1,000 1,000
2,397,783 (684,492)
Note 15: Events after the Reporting Period (continued)
In light of these circumstances, the College has renegotiated a variation to its existing facility agreement with National Australia Bank (“NAB”) to defer $850,000 that was due for payment in financial year 2020 and to vary financial covenant compliance for the 2020 year. The College is currently negotiating a new financing arrangement with NAB to provide sufficient cash for the College to work through the financial impact of COVID-19.
As the situation remains fluid (due to continuing changes in government policy and evolving business and student reactions thereto) as at the date these financial statements were authorised for issue, the College Council Members considered that the financial effects of COVID-19 on the College’s financial statements cannot be reasonably estimated. Nevertheless, the economic effects arising from the COVID-19 outbreak are expected to materially affect the financial results of the College for the full year of 2020.
No other matter or circumstance has occurred subsequent to year end that has significantly affected, or may significantly affect, the operations of the College, the results of those operations or the state of affairs of the entity in subsequent financial years.
34 University College
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the year ended 31 December 2019
Note 19: Financial Risk Management
The College’s financial instruments consist mainly of deposits with banks, accounts receivable and payable and borrowings by way of a Cash Advance term facility and overdraft facility with National Australia Bank.
The totals for each category of financial instruments, measured in accordance with AASB 9 as detailed in the accounting policies to these financial statements, are as follows:
2019 2018 Note $ $
Financial Assets
Cash and cash equivalents 4 2,397,783 556,842
Trade and other receivables 5 47,326 823,643
Total Financial Assets 2,445,109 1,380,485
Financial Liabilities
Financial liabilities at amortised cost
Trade and other payables 10 930,059 1,258,806
Borrowings 11 46,530,224 38,177,773
Total Financial Liabilities 47,460,283 39,436,579
Note 18: Cash Flow Information (continued) 2019 2018 Note $ $
b. Reconciliation of Cash Flows from Operations
Surplus after income tax 2,174,860 10,078,464
Non cash flows
Depreciation and amortisation 2,380,100 932,405
Asset (Incrememt)/Impairment through profit and loss on property, plant & equipment (1,873,857) 7,382,074
Bad debt 5,522 –
Right to use – leased land – (19,910,000)
Changes in assets and liabilities
Decrease / (Increase) in trade and other receivables 765,521 (587,389)
(Decrease) in trade and other payables (1,541,151) (10,210)
(Decrease) In provisions (474) (20,140)
(Increase) in inventories (15,794) (1,187)
(Increase) in prepayments (7,962) (25,116)
Building rectification and redesign – 2,372,788
Net cash generated from operating activities 1,886,765 211,689
Annual Report 2019 35
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the year ended 31 December 2019
Note 21: Reserves 2019 2018 $ $
(a) Funds and reserves comprise: Special Purpose Funds Scholarships:
Perpetual:
Angela Milne Scholarship 10,287 10,004
Ann Miller Scholarship 50,239 49,782
Anne G Jabara Scholarship 2,069 1,516
Archie Seymour Gates Scholarship 28,488 28,292
Buchanan Scholarship 65,118 64,667
Deborah Seifert Scholarship 19,930 21,264
Fanny & Elizabeth Sweet Scholarship 13,648 13,538
Georgina Sweet Estate Scholarship 18,432 18,282
Greta Hort Scholarship 70,954 69,883
Hurrell Family Scholarship 4,129 2,545
In Memoriam of Betty Marginson AM 1,011 1,003
Jill Eastwood Memorial Scholarship 24,632 24,462
Kathy Skelton Scholarship 44,809 41,505
Lena McEwan Memorial Fund 2,578 1,463
Lynne Broughton Scholarship 2,982 3,109
Margaret Boston Scholarship 133,664 –
Margaret Garson Scholarship 86,442 85,847
Meredith McComas Fund & Estate 46,252 45,933
Muriel Crabtree Estate & Memorial Fund 15,315 15,191
Myra Ellen Roper Scholarship 239,738 238,087
N. Boyd-Clark Scholarship 11,362 11,270
Perpetual General Scholarship 4 764 950
Ros Terry Scholarship 4,609 4,556
Soroptimist Scholarship 58,173 57,772
Stewardson Walpole Scholarship 98,927 98,196
Syme Scholarship 12,383 12,329
UC Association Fund 32,576 –
Wheeler Bursary Scholarship 6,360 6,316
Note 20: Capital Management 2019 2018 Note $ $
Total borrowings 11 46,530,224 38,177,773
Less cash and cash equivalents 4 (2,397,783) (556,842)
Net debt 44,132,441 37,620,931
Total equity (reserves + retained earnings) 19,851,467 17,574,607
Total capital 63,983,908 55,195,538
Gearing ratio 222.31% 214.06%
36 University College
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the year ended 31 December 2019
Note 21: Reserves (continued)
2019 2018 $ $
Annual: Botha Family Scholarship – 5,002
Corbett Family Scholarship 5,082 5,041
Elizabeth Shaw Legacy Fund 924 923
Framing of Hogarth prints 3,400 3,372
Graduate Scholarship – 137
Head’s Discretionary Fund – 1,022
Henry Botha 749 743
Indigenous Scholarship 9,730 9,651
Joseph Tweddle Trust 13,878 12,477
Mural Restoration – 1,640
Music Resource Fund 85 84
Music Scholarship 839 832
N & R Binding – 39,076
Pathways & Mentoring Program 122 121
Rural Scholarship 1,014 1,202
Scholarship Annual Appeal 23,118 10,993
Staff Scholarship 1,011 1,172
Pledges: Australian Communities Foundation 37,735 37,519
Connellan Airways Trust Scholarship – 2,679
D Grubb & L Joy Scholarship – 2,420
Eve Vorrath Scholarship (rural) – 2,054
General Art Fund – 100
Lynne Broughton Art Fund 1,740 6,354
Paul Lee Scholarship 658 1,302
QLS Group Wimmera Mallee Scholarship 10,008 10,004
Seavic Lodge No.8 Scholarship – 1,002
UniLodge Scholarship 10,121 16,025
1,230,085 1,100,709
Building and Development Fund:
Estate of Dr Lena McEwan 109,819 108,846
Lorrie Lawrence Memorial Fund 6,933 6,872
General 7,239 5,760
123,991 121,478
Library Fund:
Resource 1,060 1,050
General 37,392 37,061
38,452 38,111
Total Special Purpose Funds 1,392,528 1,260,298
General Purpose Fund – –
Available-for-sale Financial Assets Revaluation Reserve – –
Asset Revaluation Reserve 104,000 2,000
1,496,528 1,262,298
Annual Report 2019 37
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the year ended 31 December 2019
Note 21: Reserves (continued)
2019 2018 $ $
(b) Movements Special Purpose Funds
Opening balance 1,260,298 1,315,860
Transfer from operating surplus for the year 372,097 228,954
Transfer to operating surplus for the year (239,867) (284,516)
Closing balance 1,392,528 1,260,298
Asset Revaluation Reserve
Opening balance 2,000 –
Revaluation /(Impairment) 102,000 2,000
Closing balance 104,000 2,000
(c) Summary of net transfers from / (to) retained surplus
Special Purpose Funds 132,230 (55,562)
Asset Revaluation Reserve 102,000 2,000
234,230 (53,562)
Council is working with our financiers to replenish the Special Purpose Funds according to a plan agreed with the ACNC commencing in 2020.
Note 22: College Details
The registered office of the College is: University College, 40 College Crescent, Parkville Victoria 3052The principal place of business is: University College, 40 College Crescent, Parkville Victoria 3052
Note 23: Members’ Guarantee
The College is incorporated under the Corporations Act 2001 and is a college limited by guarantee. If the College is wound up, the constitution states that each member is required to contribute a maximum of $2.10 each towards meeting any outstandings and obligations of the College. At 31 December 2019 the number of members was 1,878.
38 University College
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the year ended 31 December 2019
Annual Report 2019 39
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF UNIVERSITY COLLEGE (CONTINUED)
40 University College
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF UNIVERSITY COLLEGE (CONTINUED)
Annual Report 2019 41
LOCALITY OF STUDENTS’ ORIGIN:
FEMALE: 60%
MALE: 40%280STUDENTS
2019 UC STUDENT COHORT
Interstate 49%
Regional Victoria 31%
International 12%
Metropolitan 5%
Expat (Aust citizens living overseas) 3%
Students from over
164 different schools.Girton Grammar, Goulburn Valley Grammar School, Ballarat Grammar School, Canberra Girls Grammar School, Scotch Oakburn College and SCEGGs Darlinghurst were the schools with the highest representation of students.
STUDENTS ENROLLED ACROSS FOUR INSTITUTIONS:
RMITUNIVERSITY OF MELBOURNE
MONASH PHARMACY
ACU
University College
40 College Crescent Parkville Victoria 3052 Australia
telephone: +61 3 9347 3533 email: [email protected]
www.unicol.unimelb.edu.au
formerly University Women’s College
ABN 91 004 224 211