Financial Report
Andrew Jans – Business Manager and Company Secretary
The 2010 financial year was a period of consolidation for the College, as well as a time to refocus on the best way to support and resource our student cohort given the College’s holistic perspective and the student’s many and varied needs.
In the latter part of the year, extensions and renovations to the boarding houses were commenced thanks to various Government funding packages. Once complete, this will serve a two-fold purpose; by increasing the amenity of the existing houses and allowing an increase in student numbers.
For 2010 the College posted an accounting surplus of $837,697. Once capital grants of $851,025 are excluded, the College posted an operating deficit of $13,328.
Profit and Loss Statement as at 31 December 2010 |
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| Recurrent Income | ||
| Commonwealth Grants 1 | 31.86% | $617,879 |
| Commonwealth Grants 2 | 35.85% | $695,170 |
| State Grants | 11.22% | $217,603 |
| Discrete Grant Funding | 11.48% | $222,572 |
| Other | 9.59% | $186,023 |
| 100.00% | $1,939,247 | |
| Recurrent Expenditure | ||
| Salaries & Staff Entitlements | 66.26% | $1,293,843 |
| Non Salary Expenses | 28.13% | $549,227 |
| Depreciation & Amortisation | 3.95% | $77,074 |
| Borrowing Expenses | 1.66% | $32,431 |
| 100.00% | $1,952,575 | |
| Operating Deficit | $13,328 | |
| Capital Income | ||
| Capital Grants | $851,026 | |
| Total Surplus | $837,698 | |
Balance Sheet as at 31 December 2010 |
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| Assets | ||
| Cash and cash equivalents | $387,626 | |
| Debtors | $27,174 | |
| Land and Buildings | $2,285,489 | |
| Motor Vehicles and Equipment | $307,346 | |
| Furniture, Fixtures, Fittings | $125,988 | |
| Capital Works in Progress | $744,076 | |
| Other | $1,100 | |
| Total Assets | $3,878,799 | |
| Liabilities | ||
| Trade payables | $95,819 | |
| Borrowings | $130,488 | |
| Other | $50,000 | |
| Provisions | $17,043 | |
| Total Liabilities | $293,350 | |
| Net Assets | $3,585,449 | |
Plans for 2011
The focus for 2011 is to complete the boarding house extensions by the commencement of Term 2. Grant applications are in process to secure funding for additional teaching space and amenities. Work is also underway to secure 2011 grant funding to replace the existing art, culture and music room, and replace the current computer system.
In terms of student mental health and wellbeing, additional resources will be made available in 2011 and coming years to increase the capacity of the College in meeting the challenges presented by the student body as a whole, and in meeting the particular needs of each student.
Our involvement with the Yarra Valley Polytechnic will result in significant plant and equipment being installed during the 2011 year. This will occur in our commercial kitchen, and in buildings and equipment required for the Rural Operations courses which are to commence in 2012.
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