2014 Mt Baw Baw Alpine Resort - Parliament of Victoria · Bay and Westernport Bay l A variety of...

ANNUAL REPORT2014 Mt Baw Baw

Alpine Resort Management Board

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Mt. Baw Baw Alpine ResortPO Box 117,Rawson, VIC, 3825P 03 5165 1136F 03 5165 1125E [email protected] www.mountbawbaw.com.au

ABN 30 402 472 781

© State of Victoria, Mount Baw Baw Alpine Resort Management Board 2015. This publication is copyright. No part may be reproduced by any process except in accordance with the provisions of the Copyright Act 1968.

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2 | P a g e D R A F T

ADDRESS TO THE MINISTER

[XX] February 2015

The Honourable Lisa Neville MP Minister for Environment, Climate Change and Water

Level 7, 8 Nicholson St EAST MELBOURNE VIC 3002

Dear Minister Neville

MT BAW BAW ALPINE RESORT MANAGEMENT BOARD – ANNUAL REPORT

We have much pleasure in submitting to you for presentation to Parliament, the Annual Report of the Mt Baw Baw Alpine Resort Management Board, covering the period 1 November 2013 to 31 October 2014.

The Annual Report has been prepared in accordance with the Financial Management Act 1994 and the

Alpine Resorts (Management) Act 1997.

On behalf of the Board, we extend our appreciation for your support and also the support and cooperation of the Department of Environment and Primary Industries throughout the year.

Yours sincerely,

Vicky Papachristos Craig Jensz

Chair Accountable Officer


27 April 2015

The Honourable Lisa Neville MPMinister for Environment, Climate Change and WaterLevel 7, 8 Nicholson StEAST MELBOURNE VIC 3002




Yours sincerely,

Vicky Papachristos Craig JenszChair Accountable Officer

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TABLE OF CONTENTS

About Mt Baw Baw ..........................................................................................................................4

Our Guiding Principles ...................................................................................................................5

Chair’s Report .................................................................................................................................6

Resort Manager’s Report...............................................................................................................7

2014 Operational Report ................................................................................................................8

StructuralchangestotheEntityduring2013-14�� 8

EnhancingthevisitorexperienceandgrowingtheResort ...................................................8

Whiteseasonvisitations�� 9

SkiPatroloperations��10

ArtsandCultureProgram�� 11

Greenseasonevents�� 11

Currentyearfinancialreview�� 12

Significantchangesorfactorsaffectingperformance��13

Capitalprojects��13

Disclosureofgrantsandtransferpayments��13

Disclosureofgovernmentadvertisingexpenditure��13

Subsequentevents��13

Fiveyearfinancialsummary��14

Operational and Budgetary Objectives and Performance Against Objectives�� 15

ObjectivesandprioritiesoftheCorporatePlan��15

ReportagainsttheCorporatePlanKPI’s��19

Governance & Organisational Structure�� 21

Organisationalstructure��21

Objectives,functions,powers&duties�� 22

GoverningBoard�� 23

BoardMemberprofiles�� 24

Natureandrangeofservicesprovided�� 27

Keystakeholders�� 27

Incidentmanagement�� 28

Department’sperformanceagainstOH&Smanagementmeasures�� 28

Employmentandconductprinciple�� 28

Workforcedata�� 28

ExecutiveOfficerdata�� 30

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Other Disclosures ............................................................................................................... 31

ImplementationoftheVictorianIndustryParticipationPolicy(VIPP)��31

Consultancyexpenditure��31

Disclosureofmajorcontracts�� 32

FreedomofInformation�� 32

CompliancewithBuildingAct1993�� 33

NationalCompetitionPolicy�� 33

CompliancewiththeProtectedDisclosureAct2012�� 33

Whatisa‘protecteddisclosure’?�� 33

Whatis‘improperorcorruptconduct’?�� 34

CompliancewithDataVicaccesspolicy�� 34

Summaryofenvironmentalperformance�� 35

Risk Management Attestation�� 36

Insurance Attestation�� 36

Gifts, Benefits and Hospitality Attestation�� 36

Auditor-General’s report�� 37

Financial Statements�� 39

Declaration�� 39

Comprehensiveoperatingstatement�� 40

BalanceSheet��41

Statementofchangesinequity�� 42

CashFlowStatement�� 43

Notestothefinancialstatements�� 44

DisclosureIndex�� 87

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INTRODUCTION

About Mt Baw Baw

MelbourneMt Baw Baw

TraralgonTraralgon

Mt Baw Baw is an all season alpine resort, open for summer and winter adventure. The Resort caters for snowboarders, skiers and snow enthusiasts during winter and outdoor adventurers, hikers and bike riders during the summer months.

QUICK FACTSl Victoria’s affordable, family friendly ‘learn

to ski’ destination

l Melbourne’s closest downhill ski Resort

l Only two and a half hours drive (177km) from Melbourne

l Three hour drive from the Mornington Peninsula

l One hour from the heart of Gippsland

l Variety of overnight accommodation offerings

l 12-15 week white season, 37-40 week green season

l 47,200 average white season visitor days

l Over 35 hectares of groomed runs

l Seven ski lifts, 15 runs

l 10km of groomed cross country ski trails

l Two snow play areas plus a terrain park

l Snow making facilities

l Terrain: beginners 25%, intermediate 64%, advanced 11%

l Unique picturesque sub-alpine environment with spring flowers over the summer months and views to Port Phillip Bay and Westernport Bay

l A variety of events during the green season catering to a wide range of visitors

l �National standard downhill mountain bike trail

l Restaurant for dining, conferences, special occasions and weddings

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Our Guiding PrinciplesThe guiding direction and principles adopted by the Mt Baw Baw Alpine Resort Board (the “Board”) and management are summarised in the following Mission and Vision statements:

Mission

To provide a vibrant alpine Resort service within a sustainable environmental, economic and social framework in Victoria.

Vision

The Mt Baw Baw Alpine Resort (“Mt Baw Baw or the Resort”) will offer a family friendly, environmentally sensitive, alpine experience.

Values

The Board and management will:

l Be accessible, available and will listen to all parties;

l Be honest, fair and transparent in its dealings;

l Give due consideration to the interests of all stakeholders;

l Value all Resort stakeholders and partners;

l Provide decisive leadership and governance;

l Ensure the effective and efficient delivery of quality; and

l Ensure that social, environmental and ethical responsibilities are met.

Manner of establishment & responsible MinisterThe Board is established under the Alpine Resorts (Management) Act 1997.

The responsible Minister for the period from 1 November 2013 to 31 October 2014 was the Hon Ryan Smith MP, Minister for Environment and Climate Change.

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CHAIR’S REPORT

2013-2014 was a year of positive and substantial change for the Mt Baw Baw Alpine Resort. In late 2013, the Board commenced a public tender process seeking a commercial manager and operator at the Resort. The goal of this initiative was to improve the viability and the long-term financial sustainability of the Resort.

Following a competitive process, the Board announced the appointment of Belgravia Leisure (“Belgravia”) as the successful new operator of Mt Baw Baw. Belgravia has a proven track record in the leisure and tourism industry, managing over seventy facilities throughout Australia. Belgravia Leisure also successfully manages the Lake Mountain Alpine Resort near Marysville, Victoria.

Belgravia commenced at the Resort in May 2014. Since then, it has executed a number of positive improvements to the visitor experience at Mt Baw Baw and generated operating efficiencies. Initiatives included the establishment of the guest information centre, a revitalised food and beverage offering and improvements to the snow offering.

Pleasingly, snow falls in the 2014 white season were above average. Mt Baw Baw recorded 93,000 visitor days, up 54% from 2013.

The results of the new initiatives and positive climatic conditions at Mt Baw Baw resulted in better performance in 2014. Operating revenue increased by 63% to $4.0 million and allowed a reduction in government contributions by 16% down to $3.8 million.

I would like to thank the previous management team, led by Stuart Ord as CEO, who made significant progress in improving the Resort and readying it for the public tender process. In particular in 2013-2014, significant momentum in the development of green season activities was achieved; including the Kids Adventure Festival, the state mountain bike championships, the Baw Baw sprint car rally and the Baw Baw Classic cycle race.

I also take this opportunity to thank the two departing Board members, Wally Tabensky and Jacqui Mcleod. Both Board members have made a valuable contribution to the Resort, with Wally being involved with Mt Baw Baw for over 20 years. Two new Board members, Grace La Vella and David Bates, joined the Board in November 2014 and we look forward to working with them.

Looking ahead, the Board is working with Belgravia to progress a number of initiatives during 2015. This includes additional improvements to the white season program and various green season events.

There is still a long way to go as Mt Baw Baw requires significant ongoing assistance from the Victorian Government. With the new operating structure now well established, we plan to further improve the Resort with the objective of long-term sustainable financial viability.

Vicky Papachristos Chair, Mt Baw Baw Alpine Resort Management Board

27 April 2015

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RESORT MANAGER’S REPORT

2013-2014 has been a year that has seen some great progress at the Resort. The appointment of Belgravia from 1 May 2014 resulted in a significant change to Resort operations just prior to commencement of the white season, with many functions moved to Belgravia’s Head Office central support services.

Management has focused on improving the guest experience at the Resort. The major initiative involved installing a guest services hub at the entrance to the Resort. The hub gave an improved warm and informed first impression for visitors and maximised the opportunity for the use of over snow vehicles to transport visitors around the Resort with ease.

An increased focus on marketing contributed to the success of the white season. A highlight of the year was the promotional video featuring Lochie Daddo, the Alpine Resorts Coordinating Council ambassador. The promotional footage was seen on mainstream TV and used extensively across social media with great success.

The green season’s events should be noted as a very positive step towards the development of the alpine experience at Mt Baw Baw outside of the white season. The 12 events and weddings recorded an impressive 2,340 visitors including the introduction of the very successful kids adventure weekend. The success of the events was directly linked to the range of activities on offer. This diverse approach resulted in visitations from an expansive cross section of the community. The success of the events in 2013/14 is a clear contributor to improving the sustainability of the Resort.

The management team continued its careful and conscientious management of the alpine environment. This included the continued development of the Environment Management Plan. A special area of focus is around protecting the rare and endangered species living within the Resort, including the Baw Baw Frog, the Blue-toothed Rat and the Leadbeaters Possum.

The Resort continued to focus on risk management throughout the year. This included a live practical evacuation exercise in accordance with the Resort’s Emergency Management Plan just prior to the start of the white season.

Alex Flint Resort Manager, Mt Baw Baw Alpine Resort Management Board

27 April 2015

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YEAR IN REVIEW

2014 Operational Report

Structural changes to the Entity during 2013-14

In 2013 and early 2014, the Board conducted a public tender process seeking a commercial operator for the Resort. The decision to run a tender process was in response to recommendations by the Alpine Resorts Co-ordinating Council in their Financial Sustainability of the Lake Mountain and Baw Baw Alpine Resorts, November 2011 report and the Victorian Auditor-General’s Tertiary Education and Other Entities: Results of 2011 Audits report, May 2012 that the Board investigate revised operating arrangements to improve the longer-term financial viability of the Resort.

Further, under the Alpine Resorts Strategic Plan 2012, key strategic objectives include the efficient delivery of Resort services and infrastructure, building partnerships and regulatory reform. To maximise prospects of successful outcomes, recommendations include commercial roles being given to the private sector, with the role of the Board focusing on land management functions.

In line with these report recommendations and the Alpine Resorts Strategic Plan 2012, the Board appointed Belgravia as the commercial operator of the Resort from 1 May 2014, following a competitive tender process.

Belgravia has a proven track record in the leisure industry, managing over seventy facilities throughout Australia, including successfully managing Lake Mountain.

Belgravia has been appointed to manage the Resort on a fee for service basis with the incentive to improve financial performance. The contract is for one-year with the option to extend this arrangement.

Belgravia reports to the Board and is subject to the same legislation and regulations already in place.

Enhancing the visitor experience and growing the Resort

The first point of contact with visitors was dramatically improved with the installation of a guest services hub at the Resort entry. The hub gave visitors a central and accessible information source and ensured they received information in an efficient and professional manner.

The Resort’s number plate recognition Alpine Easy Access system built on its success in 2013. The platform helped eliminate queuing at the old gateway.

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White season visitation

The graph below highlights the record visitation achieved during the 2014 white season. Resort visitor days are up 70% on the 10 year average and 54% up on 2013. Skier days increased 106% in 2014.

Chart 1: Mt Baw Baw visitor days and skier days

2009 2010 2011 2012 2013 2014Visitor days 53,000 67,068 52,438 74,790 60,872 93,441 Skier days 15,691 24,922 14,244 21,820 9,359 19,254

27% -22% 43% -19% 54%59% -43% 53% -57% 106%

Incidents 147 209 112 280Incidents per1000 visitor days 2.80 2.79 1.84 3.00 1000 skier days 10.32 9.58 11.97 14.54

53,000

67,000

52,000

74,000

60,872

93,441

15,691

24,922

14,244

21,820

9,359

19,254

2009 2010 2011 2012 2013 2014

Mt Baw Baw visitor days and skier days

Visitor days Skier days

Good snow falls just prior to the July school holidays provided a solid base of snow. Excellent snow making conditions in late July enabled the Resort to maintain good snow levels until late August, as shown in the chart below.

Chart 2: 2014 snowmaking and natural snow depths

Outside of the school holiday period, visitation was predominately during Friday-Sunday, with good snow conditions driving improved visitation as shown in the chart below.

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Chart 3: 2014 snow depth and visitor days

Ski Patrol Operations

Overall, the number of incidents the patrol was required to attend this year in comparison to previous years is higher and can be attributed to record visitation, demographic of visitors and the number of days the Resort was fully operational.

Chart 4: Reported safety incidents

2014 2013 2012 2011

Incidents 280 112 209 147

Skier days93,441 60,872 74,790 52,438

Incidents per 1,000 skier days

14.54 11.97 9.58 10.32

Air evacuations 2 0 2 3

Road evacuations

23 9 13 12

The patrol could not operate to its expected high standards without the small but committed team of volunteer patrollers who have again been a valuable asset during the season. The volunteer patrollers continue to provide an exceptional level of service in what are the busiest periods for the Resort and for this we are very grateful.

Co-operation between all operational Resort staff over the course of this season has been exceptional and assistance to the Ski Patrol from these staff during peak periods and time critical incidents was freely given. Of particular importance is the assistance of those staff who recently completed the Australian Ski Patrol Association (ASPA) Advanced Emergency Care Course. Their assistance provided an opportunity to put into practice theory learned during the course and it is hoped this process can be further developed in future years.

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The provision of an all-wheel drive ambulance and two Ambulance Community Officers (ACO’s), stationed within the Resort each weekend during the declared snow season was continued for the 2014 snow season. The provision of ACO coverage throughout the season has reduced patrol wait times for weekend ambulance transportation and assistance, allowing patrollers to focus upon their primary role of ski area risk management and guest education.

In addition to the above there were six career paramedics who volunteered their time throughout the season to provide midweek coverage to the Resort. The sourcing of volunteer doctors throughout the season greatly assisted the Ski Patrol in providing extended care and patient management to casualties. This season we were fortunate to have the services of six extremely skilled doctors with excellent coverage across the majority of weekends during the season. All of the doctors engaged have expressed an interest in returning to Mt Baw Baw in 2015 and we look forward to their continued support of the Resort.

The Ski Patrol training program was reviewed for the 2014 season to accommodate a growing number of summer events within the Resort. The requirement for a first aid presence within the Resort at these events allowed greater emphasis to be placed upon hands on learning and equipment training in a live environment.

Arts and Culture Program

The ongoing arts and culture program continued to grow. The location of the Resort offers a large amount of potential in this area. The Resort again hosted the ArchiBawBaw Portrait prize. The ArchiBawBaw project continues to grow the Resort’s collection of the pioneers and characters from the establishments of the Mt BawBaw Alpine Resort. The Resort has continued to support local arts and culture programs, by offering a major prize for the Tyers arts festival. Other future projects include photography tours and painting retreats.

Green season events

In accordance with the Alpine Resorts Strategic Plan 2012, a focus has been on developing and growing green season events that are economically viable into the future. The Resort’s green season capital works plan included investment into mountain bike trail building and construction of new sections of single track.

The green season Adventure Hub has continued to prove popular with guests, offering the following facilities:

l Bike hire

l Event entry and registration

l Sales of shuttle pass

l Trail guides and mapping

l The sale of refreshments and basic spares.

This central service facility offers a range of supporting information around the recreation facilities and events at the Resort. The Adventure Hub presents opportunities for guests and staff to interact and develop the customer centric approach at the Resort.

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Below is a summary of the green season events in 2013/2014:

Chart 5: Green season event summary

EVENT DESCRIPTION PARTICIPANTS

2013/14 2012/13

Fly Fish Baw Baw Festival of Fly Fishing 52 55

SoP Spring Trail running/mountain biking event 60 60

Downhill MTB Pin it to Win It 130 120

Mountain Bike Festival State MTB Champs 310 270

Mountain Bike Festival Mt Baw Baw Enduro 85 65

SoP Summer Trail running/mountain biking event 58 50

Baw Baw Sprint Car rally 45 cars 120 90

Conference GCLP 30 25

Trail Run Festival & Orienteering Weekend of trail running activities & Orienteering championship 340 250

Melbourne University Ski Jump Weekend 60 60

Kids Adventure Festival Festival of outdoor activities for kids 400 0

Baw Baw Classic Cycle race Warragul to Mt Baw Baw 270 255

4 Weddings Weddings held at Mt Baw Baw 425 0

Total Participation 2,340 1,300

Current year financial reviewIn 2013-2014 operating revenues increased 63% on 2012-2013 and 27% from the average over the past 4 years. The net result prior to Government contributions improved by 8% on 2012-2013, however was 14% below the average over the past 4 years. These results can be explained by the following:

l Excellent snow falls resulting in record white season visitations at 93,441 visitor days;

l Snow falls prior to and within school holidays assisted the record visitation;

l �Full year revenues were also assisted by the increased number of green season events and attendances;

l However, due to additional visitations the Resort saw an increase in operating expenditure of 20% on 2012-2013 and 22% on the past 4 year average

l A decrease in employees by 11 FTE towards the end of the financial year assisted in reducing employment costs; and

l A large contribution to the increase in expenses was due to a number of one off items, including public tender process costs, redundancy payments and an overlap of staff roles during the organisational restructure.

The Board’s cash position during 2013-2014 was supported by the Government.

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Significant changes or factors affecting performance

Belgravia appointment

The Board engaged Belgravia on 1 May 2014. As a result of this, the Board incurred additional costs to conduct the public tender process and incurred transitional costs, including some staff redundancy costs and overlap of staff roles for a brief period. These are one off expenditures that are not expected to be incurred in FY15 on the basis that Belgravia’s management contract extension options are exercised. Underlying results suggest improvements have been made to the more efficient operation of the Resort.

Significant changes in financial position during the year

There have been no significant changes in financial position during the year.

Capital projects

During 2013/14 the Board undertook a number of minor capital works projects as outlined below:

l Candle Heath Drive extension;

l Night Skiing development to Tower 4 on Hutt Run;

l Completion of the Big Hill (Poma) runs earth works and re-development to meet the planning permit requirements;

l Car Park 5 repairs and development;

l Road signage from No.1 chain bay to the day car park for Alpine Easy Access;

l �Fitted and erected new communications tower on Tank Hill;

l Extended summer slope development for improved drainage for ski runs; and

l Fitted and powered the new weather station at Central Summit area.

Disclosure of grants and transfer payments

Mt Baw Baw was the recipient of a State Government grant of $108,840 from the Alpine Risk Mitigation Program during the reporting period. This grant will be used to undertake the Tingaringy Drive/Candle Heath Road risk mitigation program project.

There were no transfer payments issued in 2013/14.

Disclosure of government advertising expenditure

Government policy requires disclosure of all Government Advertising Expenditure with a total media buy of $150,000 or greater (exclusive of GST). No Government Advertising Expenditure was incurred during the reporting period.

Subsequent events

The Victorian State election was held 29 November 2014. Consequently new Minister for Environment, Climate Change and Water, the Honourable Lisa Mary Neville MP, was appointed by the Governor of the State of Victoria on 4 December 2014.

The Governor in Council also made an order on the same date, under section 10 of the Public Administration Act 2004, to change the name of the portfolio department that Mt Baw Baw Alpine Resort Management Board fall under, from the Department of Environment and Primary Industries to the Department of Environment, Land, Water and Planning (DELWP).

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$850,000 of operational funding that related to the 2014 financial year was subsequently received from DELWP after the balance date, resulting in the higher than normal creditors balances at 31 October 2014. Financial obligations in excess of 30 days were paid once funding was received in November 2014.

Five year financial summary

Chart 6: Five year financial summary

2013/14 $

2012/13 $

2011/12 $

2010/11 $

2009/10 $

Operating revenue $3,963,404 $2,436,057 $3,680,655 $2,741,911 $3,577,503

Government contributions $3,822,099 $4,539,215 $1,423,857 $5,391,500 $2,874,000

Non-operational revenue $5,400 $5,050 $22,222 $28,991 $16,078

Total revenue $7,790,903 $6,980,322 $5,126,734 $8,162,402 $6,467,581

Operating expenses $7,491,245 $6,241,160 $6,352,705 $6,242,713 $5,803,318

Depreciation $1,050,868 $1,086,922 $1,118,317 $798,260 $785,170

Total expenditure $8,542,113 $7,328,082 $7,471,022 $7,040,973 $6,588,488

Net result from transactions -$751,210 -$347,760 -$2,344,288 $1,121,429 -$120,907

Net gain(loss) on non-financial assets, changes in asset valuation

-$1,793 -$54,886 -$7,481 $532 $3,010

Net result -$753,003 -$402,646 -$2,351,769 $1,121,961 -$117,897

Net result excl. Government contributions

-$4,575,102 -$4,941,861 -$3,775,626 -$4,269,539 -$2,991,897

Current assets $1,291,514 $942,313 $519,329 $1,950,590 $291,523

Non-current assets $17,551,769 $17,951,537 $18,608,348 $19,573,796 $14,377,790

Total assets $18,843,283 $18,893,850 $19,127,677 $21,524,386 $14,669,313

Current liabilities $1,397,132 $983,976 $806,569 $728,778 $592,939

Non-current liabilities $244,480 $340,860 $464,448 $587,179 $339,157

Total liabilities $1,641,612 $1,324,836 $1,271,017 $1,315,957 $932,096

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Operational and Budgetary Objectives and Performance Against ObjectivesObjectives and priorities of the Corporate Plan

The table below summarises the Resort’s performance against the objectives and priorities contained in the Resort’s 2013-2014 Corporate Plan.

Chart 7: Performance against 2013-2014 strategic objectives and priorities

STRATEGIC OBJECTIVES KEY ELEMENT OUTCOME MEASURES OF PERFORMANCE

1� Enhancing the visitor experience and developing resorts

Run public tender process to ascertain private operator interest in future management of and investment in the Resort

Belgravia appointed and started on 1 May 2014

Belgravia appointed and started on 1 May 2014

Develop minimum of 15 green season nature based activity events which return positive revenue

15 green season events conducted

$152k revenue generated and 4,454 active participants in the events (31% increase in participants relative to FY13)

Increase use of focused social media as a marketing tool

Growth of the Mt Baw Baw Facebook “likes” and increased levels of views for related posts on the page

27% increase in number of Facebook likes over the white season

Re-establish Big Hill Poma ski lift to full capacity

Big Hill Poma was re-established and operated throughout FY14 snow season

Skier days increased from 15% of total visitor days in 2013 to 21% in 2014. Satisfaction surveys highlighted the speed and efficiency score for the lifts had increased from 3.3 in FY13 to 3.6 out of 5

Establish and commission new toboggan run to cater for increasing snow play visitors and improve safety

New toboggan run was not developed but will be considered in 2014-2015

Not implemented

Construct new guest services hub reception area in main car park

New Guest Services hub installed in main car park. All guest services and lift tickets could be purchased from this point

Customer service score was consistent with the average over the past 4 years at 3.6 out of 5. Ski field revenue increased by 160% when compared to FY13 with the percentage of skier days compared to total visitor days increasing from 15% in FY13 to 21% in FY14

Enhance night skiing opportunities on Hut run

Night skiing conducted every Saturday night through white season

Overall net promoter score for skiing and boarding experience higher at 3.9 out of 5 (up 0.3 on FY13)

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1� Enhancing the visitor experience and developing resorts cont’d

Construct new innovative mountain biking terrain park

Due to the Belgravia transition this project was put on hold pending further investigation in 2014/15

Not implemented

Supply guest lockers at visitors centre top car park


Not implemented

Establish green season adventure obstacle course with resort


Not implemented

Refine and enhance resort snow season SMS advisory system

SMS Advisory system operated as per FY13 white season

Despite being in operation in FY13, in FY14 white season weekend based injuries decreased

2� Delivering Resort services and infrastructure efficiently and accountably

Implement a financial reporting application which integrates existing application for efficient reporting and tracking purposes

Due to timing of transition financial reporting application not implemented. Implementation to occur in FY15

Implemented an internal tracking system to monitor results

Develop online purchasing capability

Online purchasing of accommodation available

Online packaging worked well with the $100k target exceeded. Further online purchasing developments on the website will occur in 2014/15

Redefine the corporate risk management profile and framework

Board reviewed the corporate risk management profile and framework

Extensive work undertaken on development of risk management

Programmable, relocatable digital public information board

Not implemented as a result of transition to Belgravia Leisure. Further investigation required

Not implemented

Complete SnowCore software package for enhancement of ticketing and ski lesson management

SnowCore finalised and implemented

• Skier days as % of total visitor days increased from 15% in FY13 to 21%

• Lift ticket purchases increased 100% on FY13

• Snow sports revenue increased 300% on FY13

Satisfaction surveys indicated: • Ski and Snowboard

School experience up 0.3 to 3.9 out of 5

• Ease of ticketing transaction rated highly (3.8)

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2� Delivering Resort services and infrastructure efficiently and accountably cont’d

Provide public BBQ shelter in top car park


Not implemented

Construct new toilets in bowl area


Not implemented

Deliver Wi-Fi to all areas of resort

Wi-Fi introduced to all areas of the Resort

The accommodation net promoter score for accommodation services increased from 3.6 to 3.9 out of 5. The system worked well with minimal interruptions throughout peak periods

Develop partnership and sponsorship program with local primary school to encourage custodianship of the Resort

Due to the transition of Belgravia and very good snow conditions the resources were not able to be deployed to deliver this objective

Not implemented

3� Building partnerships Develop sponsored cultural program at resort based upon history and local culture

Cultural program implemented

Program included:• ArchiBawBaw/

Portraiture• Writer in Residence

Jindivick Sculpture Show

Partner with GippsTAFE to establish live in learning centre at Mt Baw Baw

Due to the Belgravia transition this project is currently being investigated

Not implemented

Establish improved resort access, programs and facilities for people with disabilities

Access and programs were considered and implemented during FY14

Ramp was added to the Guest Information Hub and ‘Access for All’ ski lessons were available

Be an active member of the Baw Baw Shire Business Development Board

Resort Manager attends meetings with the Baw Baw Shire Development team

Participated in meetings

Continue active membership of the Committee for Gippsland

Resort Manager/CEO is an active Committee member

Active participation in meetings

Realign Pudding Basin walking track to protect endangered Baw Baw Frog habitat

Funding could not be sort and project not completed

Not completed

4� Respecting the alpine environment

Establish Geographical Information System (GIS) layers for future environmental master planning

GIS is established and part of the Environmental Management Plan

Reviewed annually

Develop green energy initiatives to reduce greenhouse gases, reduce energy costs

Strategy focusing on 60% savings in energy developed for upcoming green season

Not implemented

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4� Respecting the alpine environment cont’d

Update Environmental Management Plan

Environmental Management Plan was reviewed and updated

Annual review completed and submitted to DELWP for approval

Implement “All Abilities” access initiatives within the resort

Meet contemporary standards for all inclusive access

Currently working with a number of disability agencies through Belgravia’s National Disability and Diversity Manager

5� Broadening access opportunities

Further develop the Arts and Culture project to include diverse range of opportunities and activities

Arts and Culture program delivered

Program included;• ArchiBawBaw/

Portraiture• Writer in Residence

Jindivick Sculpture Show

Update Resort Strategic Plan to reflect the intent of the Alpine Resorts Strategic Plan 2012

Deferred to FY15 On hold due to the transition of Belgravia and 1 year management agreement in place

6� Regulatory reform Develop a Master Plan for the resort

Completion date for the Master Plan was deferred to late 2015

On hold due to the transition of Belgravia and 1 year management agreement in place

Complete a fire management plan for the Resort and update annually

Fire Management Plan completed

Annual reviews. Submission to DELWP for approval

Complete an Emergency Management Plan for the Resort and update annually

Emergency Management Plan completed

Annual reviews. Submission to DELWP for approval

Purchase and commission Tencia integrated financial reporting and integration software

Commissioned and implemented

Reporting and integration has been a challenge for staff and further investigations ongoing.

7� Financial Framework Identify and value resort Community Service Obligations (CSOs)

Due to Belgravia’s transition this project has been delayed and will be completed in 2014/15

Not implemented

Provide financial reports to DELWP including quarterly financial reports

Quarterly reports provided Implemented

8� Governance Framework Corporate Plan to include 2012 Strategy Key Performance Indicators (KPI’s)

Corporate Plan including 2012 Strategy completed

Implemented

Report on implementation of 2012 Strategy

ARCC reporting requirements completed

Implemented

Report on compliance with Competitive Neutrality Policy Meet Government regulations

Discussed and reviewed at Board meetings and outlined in Annual Report

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Report against the Corporate Plan KPI’sThe table below summarises the Resort’s performance against the KPI’s contained in the 2013/2014 Corporate Plan.

Chart 8: 2013-2014 KPI performance

KEY PERFORMANCE INDICATOR MEASURE 2012/13 RESULT 2013/14 RESULT 2013/14 TARGET VARIANCE TO TARGET

FINANCIAL GOALS

Increase gross yield/visitor Gross yield/visitor $23 $35 $45 -$10

Decrease in Government financial support

Decrease in Govt. financial support – 5 year average

$3.3m $3.6m $3.2m -$0.4m

Increase in regional jobs EFT staff from Gippsland Region 10 EFT 12 EFT 12 EFT -

Develop investment program

Investment program finalised Completed Completed Complete -

Meet Corporate Plan financial targets Targets met Did not meet Did not meet To meet -

Increase in winter visitor numbers

Increase annual visitor and visitor days – 5 year average

58,063 93,441 46,200 +47,241

Increase winter occupancy rates

Winter occupancy – 5 year average 44% 64% 50% +14%

Identify and have funded CSOs

Identify and quantify CSOs nil nil 100% -

Wages as % of total expenditure

Decrease ratio total wages (on costs) / Total expenditure

35.4% 23.2% 45% -21.8%

ENVIRONMENTAL GOALS

Reduce energy consumption

Total KwH used in Resort 2% decrease To be assessed Reduce by 2% NA

Implement renewable energy generation Increase by 1%/annum 0% reduction Not achieved 1% reduction -

Decrease in solid waste to landfill

% decrease in waste to landfill 2.1% Not achieved 2.3% -

Implement habitat protection programs

Number of habitat protection programs implemented

Met Environmental

Management Plan

requirements

Study in place for Baw Baw Frog habitat

protection

Meet Environmental

Management Plan

requirements

-

Water Management Meet all DoH requirements

100% compliance

100% compliant

100% compliance 100%

PAGE | 2 0

KEY PERFORMANCE INDICATOR MEASURE 2012/13 RESULT 2013/14 RESULT 2013/14 TARGET VARIANCE TO TARGET

SOCIAL GOALS

Completion of visitor satisfaction surveys

% increase in number of surveys completed -63% -30% +5% -33%

Visitor ethnicity profile approaches State profile

State ethnicity profile met or bettered Met Met To meet -

Increase beds available through CABS

Number of available resort beds on CABS 9% increase No increase 5% increase -5%

On mountain services increases

Number of on mountain services

No result recorded 4 No target set +4

CULTURAL GOALS

Indigenous employment opportunities created

Number of positions available for indigenous

No indigenous employees

No indigenous employees

Employ minimum one

indigenous staff member

-1

Events celebrating resort heritage increase

Number of events recognising resort heritage

10 10 6 +4

OTHER GOALS

Improve Stakeholder consultation programs

New stakeholder forums attended 4 12 3 +9

Planning timelines meet Council norms

Time to facilitate planning application Met Met To meet -

Lease inequities removed

Number of leases containing inequities 0 0 0 -

Minimise ski field incidents

Ski field incidents per 1,000 visitor days 2.26 3.01 2.73 +0.28

PAGE | 2 1

GOVERNANCE & ORGANISATIONAL STRUCTURE

Prior to Belgravia’s appointment, the day-to-day running of the organisation was undertaken by the Chief Executive Officer, Stuart Ord and a year round workforce, supplemented by seasonal staff and volunteer ski patrollers.

Following Belgravia’s appointment as the commercial operator, the Board conducted an organisation restructure. The new staff structure was implemented throughout May and June as shown in the organisational chart above. With the aim of reducing overhead costs and improving Mt Baw Baw’s financial viability, functions including corporate services, human resource support, financial management, payroll and accounts receivable/payable were all transferred to Belgravia Head Office under a shared services model. As a part of this process a

number of staff were redeployed to other roles at the Resort where possible, however there were some redundancies. Alex Flint was employed as Resort Manager, replacing Stuart Ord who finished at the Resort in late August 2014.

Those staff employed by the Board that continued employment at the Resort after the restructure, remain employed by the Board. All new staff were employed by Belgravia with reference to the Mt Baw Baw Alpine Resort Management Enterprise Agreement. Belgravia is responsible for the management of staff employed by the Board, as well as Belgravia staff working at the Resort.

Organisational structure

Chart 9: Organisational chart

Audit & Risk CommitteeRandall Cohen – ChairpersonVicky Papachristos – Member

Simon Mahony – MemberWally Tabensky – Member

Guest ExperiencesManager

Kaye Hawkins

Outdoor OperationsManager

Mal Rowsell

Food & BeverageManager

Jason Lowe

Resort ManagerAlex Flint

Events & ExperiencesDevelopment Manager

Grant Seamer

Board of ManagementVicky Papachristos – Chairperson

Randall Cohen – Deputy ChairpersonBen Dunlop – Member

Wally Tabnesky – MemberJacqueline McLeod – Member

Commercial OperatorBelgravia Leisure Pty Ltd

Accountable OfficerCraig Jensz

Administrative and Board executive servicesLion Capital Advisory Pty Ltd

PAGE | 2 2

Objectives, functions, powers & duties

As the committee of management of Mt Baw Baw, the Board is focused on developing, promoting, managing and using Mt Baw Baw in an environmentally and financially sustainable way for alpine recreation and tourism in all seasons by persons from varied cultural and economic groups.

The Board’s functions are outlined in S38 of the Alpine Resorts (Management) Act 1997 (“Act”), whilst its powers are prescribed by S39 and 40 of the same Act.

The Alpine Resorts Strategic Plan 2012 also provides guidance for the long term planning and management of Victoria’s six alpine resorts, and has as its guiding vision that:

Victoria’s alpine resorts will be vibrant, growing and sustainable places, delivering alpine recreational and tourism experiences that are available to all.

Incorporating requirements under the Act and Alpine Resorts Strategic Plan 2012, the Board has developed and adopted a Corporate Plan (which it does annually) that outlines its objectives, and the actions that it commits to undertaking in order to fulfil it functions, exercise its powers, satisfy the Minister’s statement of expectations and fulfil its objectives.

In line with the six key objectives of the Alpine Resorts Strategic Plan 2012, the Board has outlined the following objectives in its Corporate Plan:

l Enhancing the visitor experience and developing resorts

l Delivering resort services and infrastructure efficiently and accountably

l Building partnerships

l Respecting the alpine environment

l Broadening access opportunities

l Regulatory reform

PAGE | 2 3

Governing Board

Board Functions

The functions of the Board as set out under Section 38 of the Alpine Resorts (Management) Act 1997 are:

aa) to plan for the development, promotion, management and use of the resort in accordance with the object of this Act;

ab) to: a) develop and promote; or b) facilitate the development or the

promotion by others of the use of the resort in accordance

with the object of this Act;

ac) to manage the Alpine Resort in accordance with the object of this Act;

ad) to contribute to the development of the Alpine Resorts Strategic Plan and other strategic planning for Alpine Resorts as a whole;

ae) to undertake research into Alpine Resort issues;

af) to contribute to and support the operation of the Alpine Resorts Co-ordinating Council;

ag) to prepare and implement a Strategic Management Plan for each such Resort;

ah) to expend or apply revenue of the Board in accordance with a direction of the Minister under section 36(1A);

a) to act as a committee of management of any Crown land deemed to be permanently reserved under the Crown Land (Reserves) Act 1978 in the resort;

b) to contribute, together with Tourism Victoria, established under the Tourism Victoria Act 1992, and the Council, to the overall promotion of Alpine Resorts;

c) to develop a tourism and marketing strategy for and to promote the resort and to collect and expend voluntary contributions from commercial undertakings in the resort for this purpose;

d) to provide services in the nature of – a. garbage disposal; b. water supply; c. gas; d. drainage; e. sewerage; f. electricity; g. roads; h. fire protection; i. snowmaking;

j. transport; for the resort and to charge contributions for the provision of those services;

e) repealed;

f) to collect fees prescribed by the regulations for the resort;

g) to attract investment for the improvement of the resort; and

h) to carry out any other function conferred on the Board by this or any other Act.

A Board must perform its functions in an environmentally sustainable way.

PAGE | 2 4

Board appointmentsMembers of the Board are appointed by the Minister for Environment and Climate Change.

Appointments to the Board during the reporting period November 1, 2013 to October 31, 2014 were:

Chart 10: Board members

BOARD MEMBER PERIOD OF APPOINTMENT

Vicky Papachristos

Chair April 2013 to 31 October 2014

Deputy Chair from 29 April 2010 to April 2013

Randall Cohen

Deputy Chair April 2013 to 31 October 2014

Board Member from 29 April 2010 to April 2013

Wally Tabensky Board Member from 29 April 2010 to 31 October 2014

Jacqueline McLeod Board Member from 28 October 2011 to 31 October 2014

Ben Dunlop Board Member from 21 June 2013 to 31 October 2014

Board Member profilesVicky Papachristos – Chair

Vicky has spent over 20 years as a management and marketing executive with major corporations in Australia and the USA. Vicky’s work has spanned Petrochemicals, Banking, Sport, IT & Retailing holding senior roles in Shell, Westpac, Visa, Myer, the Sydney Olympics and Paralympics as well as an IT start-up in the US.

Vicky’s expertise is in strategy and marketing responsible for the design, development and launch of several major customer facing business initiatives. Vicky also has extensive expertise in setting up new and enhancing existing business operations.

In 2006 Vicky formed Currant Marketing – an independent consultancy in the fields of marketing, loyalty and customer strategy specialising in retail and consumer products.

Vicky also serves on two other Boards. She is an Independent Director of EFTPOS Payments Australia Limited, Australia’s most widely used domestic debit card system. Vicky is also a Director of GMHBA Private Health Insurance – a leading regional private health insurer head-quartered in Geelong.

Vicky is a keen skier and road cyclist and holds a Chemical Engineering degree as well as an MBA from the AGSM. She is a member of the Australian Institute of Company Directors and the Alpine Resorts Coordinating Council.

PAGE | 2 5

Randall Cohen – Deputy Chair

Randall has a wealth of professional experience in commercial and legal project work for the public sector, the private sector and at the interface between the public and private sectors. Randall has assisted a broad array of Victorian Government Departments in delivery of major projects with emphasis on infrastructure, resources, energy, risk management, litigation, and dispute resolution. Randall also has extensive experience in leading projects for major private sector companies in Victoria’s energy industry. Since 1999, Randall has provided niche consulting services. Prior to that Randall worked as General Counsel and Regulatory Manager for APA GASNet Pty Ltd, as Corporate Solicitor for Alcoa of Australia Ltd, and as a solicitor with major law firm, Mallesons Stephen Jacques.

Wally Tabensky - Member

Wally holds professional engineering qualifications and has vast experience in engineering and local government. He has been employed with various local governments, commencing with the City of Springvale in 1968 and concluding his working career upon retiring from his position as Director, Infrastructure and Environment, at the Baw Baw Shire in 2008. Wally has studied overseas, and has been a member of the Board and previous Management Committee at Mt Baw Baw since 1989.

Jacqueline McLeod - Member

Jacqui is an environmental scientist and manager with over 25 years’ experience in environmental policy and strategy development, environmental impact assessment and regulatory and advisory

services in state and local government and the private sector in Victoria and New South Wales. Jacqui’s experience includes extensive stakeholder engagement and facilitation and a track record of influencing at a range of levels, through both formal statutory processes of community consultation and informal engagement at high levels of government and industry. As a manager, Jacqui has held a number of senior level positions over the last 15 years, involving leadership of staff and multi-disciplinary teams, business management, business improvement, organisational change and business development. Jacqui also has broad experience as a project manager, developing project plans and costings, assigning team roles, reviewing outputs and overseeing delivery to time and budget.

Jacqui is a long time downhill skier and has skied most of the resorts in Victoria and NSW since being a teenager.

Ben Dunlop - Member

Ben is a fully qualified Certified Practising Accountant (CPA), with in excess of seventeen years’ experience in the accounting / finance sector, including four years as Financial Accountant at Hawthorn Football Club.

Ben has experience in a range of industry sectors including taxation, business services, health sector, information technology and sport and leisure, along with experience in the United Kingdom.

PAGE | 2 6

Chart 11: Board meeting attendance register

#149 13/12/13

#150 21/02/14

#151 21/03/14

#152 22/04/14

#153 23/05/14

#154 28/07/14

#155 28/08/14

#156 26/09/14

#157 24/10/14

NUMBER OF MEETINGS ATTENDED

Vicky Papachristos 9/9

Wally Tabensky A A 7/9

Randall Cohen 9/9

Jacqueline McLeod A 8/9

Ben Dunlop A 8/9

(Tick = Attended) (A = Apology)

Audit committee membership and roles

The audit committee consists of three members and a chairman. All members and the chairman are independent members, as indicated below. Members are appointed by the Board, usually for a three year term, and are subject to the committee’s terms of reference.

The role of the audit committee is to oversee and advise the Board on matters of accountability and internal control affecting its operations.

The main responsibilities of the committee include the oversight of:

l �the financial performance of the Mt Baw Baw;

l the financial reporting process;

l �the scope of work and performance of the internal and external auditors;

l the operation and implementation of the risk management framework;

l matters of accountability and internal control affecting the operations of Mt Baw Baw; and

l �the effectiveness of management information systems and other systems of internal control.

Membership of the committee in 2013-14 comprised:

l Randall Cohen, Chairman (independent)

l Vicky Papachristos (independent) (term commenced 13 December 2013)

l Ben Dunlop (independent) (term ended 13 December 2013)

l Wally Tabensky (independent) (term ended 31 October 2014)

l Simon Mahony (independent).

Meetings are scheduled quarterly and at any other time on request of a committee member or the internal or external auditor. In 2013-14, the committee met three times. Attendance of committee members is detailed in the table below.

Chart 12: Audit & Risk Committee meeting attendance register

#40 12/12/2013

#42* 05/06/2014

#43 28/08/2014

NUMBER OF MEETINGS ATTENDED

Randall Cohen 3/3

Vicky Papachristos - 2/2

Ben Dunlop A - - 0/1

Wally Tabensky 3/3

Simon Mahony 3/3

(Tick = Attended) (A = Apology) *Meeting #41 scheduled for February was cancelled

PAGE | 2 7

Nature and range of services provided

The Board ensures that a number of services are provided in the Resort including;

l Water supply

l Sewerage and drainage

l Car park development and maintenance

l Garbage and waste disposal

l Electricity

Commercial operations including products associated with accommodation, snowboard hire, retail, ski school, lift ticketing, lifting, food and beverage;

l Snow clearance

l Traffic control and parking

l Trail grooming, construction and maintenance

l Ski patrolling

l Lease holder management

l Snow and weather reporting

l Tourism and education information

l Public shelters

l Toilets

Key stakeholders

The Board, together with management are focused on managing and improving the vibrancy and financial sustainability of the Resort for the benefit of all stakeholders listed in the table below.

Chart 13: Mt Baw Baw key stakeholders

MT BAW BAW KEY STAKEHOLDERS

1 Minister for Environment and Climate Change

2 Victorian Department of Environment and Primary Industries

3

Other National & State Government Departments/Agencies:

• Parks Australia

• Parks Victoria

• Vic Roads

• Vic Forests

• Tourism Vic

• DHS

• Sustainability Victoria

• Dept. Planning and Community Development

• Ambulance Victoria

4 Leaseholders

5 Other ARMBs

6 ARCC

7

Alpine community

• SnowSports Industry

• On Mountain Stakeholders

• Resort communities visitor and user groups

• Sub alpine towns

• Outdoor Education Providers

• Snow Australia

• Volunteer Ski patrol

9

Local Government

• Baw Baw Shire

• Latrobe City

10

Regional Tourism Organisations

• Baw Baw Country LTA

• Gippsland Gourmet Country LTA

• Walhalla Mountain Rivers LTA

• Destination Gippsland RTB

11 Indigenous People

PAGE | 2 8

Incident management

Mt Baw Baw is totally committed to establishing a healthy and safe work environment for our staff, contractors and visitors. All activities throughout the Resort are subjected to Occupational Health & Safety (OH&S) reviews to ensure we are not placing staff or visitors at risk and to:

l Encourage individuals to practice work safety by providing information, instruction and training;

l Provide safe plant and systems of work;

l �Ensure compliance with legislative requirements and current industry standards.

The Resort ensured that the OH&S Representative underwent training during 2014 to ensure maintenance of skills and knowledge with respect to OH&S. Management continued to ensure Departmental OH&S meetings were conducted regularly, minuted and action items implemented. The Executive Team met on twenty occasions during the year at which time OH&S was a standard agenda item. All incidents are investigated to ensure appropriate responses to any issue and changes implemented as required.

The majority of Staff at the Resort now have first aid training.

Department’s performance against OH&S management measures

OH&S TYPESTAFF

NUMBER AFFECTED

TOTAL HOURS

AVERAGE HRS/INDIVIDUAL

Sick Leave 14 449 32

WorkCover 4 359 90

Employment and conduct principle

Equal employment opportunity

The Board is an equal opportunity employer and all appointments and promotions are merit based. The Staff Development and Training program continued this year, again identifying areas for development and enhancement of skill levels. All staff are appointed through a process which responds to merit and equity.

Industrial relations

There were no industrial disputes during the reporting period. A new Enterprise Agreement was finalised and implemented in September 2014.

Workforce data

Training and development

The Board encourages the training and development of our staff through work related training and external study.

During the reporting year management has continued to improve staff skills through in-house training and using external providers in gaining Diplomas across a number of different disciplines.

PAGE | 2 9

Training programs undertaken included:

l Australian Ski Patrol Association (ASPA) Advanced Emergency Care Course;

l Responsible Service of Alcohol (RSA);

l Authorised Officer;

l Excavator;

l Chainsaw;

l Drug and Alcohol;

l OH&S;

l Safe Food Handling;

l RMS (Accommodation Database);

l RTP (Resort Transactions Database);

l Alpine driver training; and

l Customer Experience training.

Staff induction program

The staff induction program is a compulsory program that is attended by all new employees and provides an overall induction into employment at the Resort.

Public Administration values and employment principles

Victorian Public Service values and principles are applied in the appointment and management of staff as outlined below.

The public sector values are:

l Responsiveness

l Integrity

l Impartiality

l Accountability

l Respect

l Leadership

l Human rights

The Board follows the employment and conduct principles set out in the Public Administration Act, 2004 and ensures employment decisions are based on merit; public sector employees are treated fairly and reasonably; equal employment opportunity is provided; human rights are upheld; and employees have a reasonable avenue of redress against unfair or unreasonable treatment.

PAGE | 3 0

Comparative workforce data

Chart 14: Staffing profile summary

2013/14 2012/13 2011/12

Male Female Total Male Female Total Male Female TOTAL

Executive Officers 2 0 2 2 1 3 2 1 3

Senior management 3 1 4 3 1 4 3 1 4

Other full time staff 8 6 14 8 7 15 11 7 18

Winter season staff 44 36 80 51 37 88 54 39 93

Total 57 43 100 64 46 110 70 48 118

Executive Officer data

An Executive Officer is defined as a person employed as a public service body head or other executive under Part 3, Division 5 of the Public Administration Act 2004.

As at 31 October 2014, Mt Baw Baw had two Executive Officers employed on an ongoing basis, one of which is the Accountable Officer. Note 19 in the Financial Statements details the amount of remuneration paid to Executive Officers over the course of the financial year.

Chart 15: Number of Executive Officers (ongoing and special projects)

ALL ONGOING SPECIAL PROJECTS

Number Variance Number Variance Number Variance

Remuneration less than $100,0001 0 1 0 0 0

Remuneration greater than $100,0002 0 2 0 0 0

TOTAL 3 0 3 0 0 0

Chart 16: Number of Executive Officers by gender (ongoing and special projects)

ONGOING SPECIAL PROJECTS

Male Female Variance Male Female Variance

Remuneration less than $100,000 1 0 +1 0 0 0

Remuneration greater than $100,000 1 1 0 0 0 0

TOTAL 2 1 +1 0 0 0

PAGE | 3 1

Chart 17: Reconciliation of Executive Officer numbers

FY13 FY14

Executive Officers with total remuneration over $100,000 (Financial Statement Note 19(c))

2 2

Add Executives employed with total remuneration below $100,000 0 1

Less Separations (0) (1)

Total Executive Officer numbers at 30 October 2 2

* Note that until the operational restructure, the Accountable Officer position was held by the CEO

Other Disclosures

Implementation of the Victorian Industry Participation Policy (VIPP)

The Victorian Industry Participation Policy Act 2003 requires Public Bodies and departments to report on the implementation of the Victorian Industry Participation Policy (VIPP).

Departments and public bodies are required to apply VIPP in all procurement and project activities valued at over $3 million in metropolitan Melbourne and $1 million in regional Victoria. The Resort has not commenced or completed any contracts during 2013-14 to which VIPP applied.

Consultancy expenditure

The definition of consultancy was updated effective from 1 July 2013. Consequently, disclosures on the 2013-14 consultancy expenditure cannot be compared with previous year disclosures.

The Board outsourced a significant number of its activities during the year as shown in the table below. These contracts/expenditure have been reviewed within Auditor General annual processes.

Details of Consultancies over $10,000

Chart 18: Consultancies over $10,000

CONSULTANT SERVICES TOTAL (EXCL. GST)

Drive Climb Fly Pty Ltd Marketing & event services $ 145,707

Maurice Copsey - (Snowfield Engineering)

Engineering services $ 13,944

Touchstone Australasia Pty Ltd

Project management $ 68,067

Lion Capital Advisory Pty Ltd

Commercial advice & Board administrative support

$ 283,754

Adventure Types Pty Ltd

Recreational services $ 48,434

Allens-Linklaters Solicitors Legal $ 101,104

RSM Bird Cameron Procurement & probity $ 28,543

SnowCore IT Services $ 52,381

The public tender process conducted by the Board to seek a commercial operator involved the use of the following contractors:

l Allens-Linklaters for the provision of legal advice to the Board;

l Lion Capital for the provision of commercial advice to the Board;

l Touchstone Australasia for tender process project management; and

l �RSM Bird Cameron for the provision of probity advice and assurance.

Belgravia was selected as the commercial operator following the public tender process, and is the contractor to manage and operate the Resort. Lion Capital has an ongoing role to provide administrative support to the Board.

PAGE | 3 2

Details of consultancies (valued at $10,000 or greater)

In 2013-14, there were 8 consultancies where the total fees payable to the consultants were $10,000 or greater. The total expenditure incurred during 2013-14 in relation to these consultancies is $741,934 (excl. GST).

Details of consultancies (valued at less than $10,000)

In 2013-14, there were 2 consultancies engaged during the year, where the total fees payable to the consultants was less than $10,000. The total expenditure incurred during 2013-14 in relation to these consultancies was $10,080 (excl. GST).

Disclosure of major contracts

Mt Baw Baw did not award any contracts valued at $10m or more during 2013/14.

Major external reviews

The Board has not participated in any major external reviews during the reporting period.

Overseas visits undertaken

No overseas study visits occurred during the reporting period.

Freedom of Information

The Board is considered to be a Government Agency under the terms of the Freedom of Information Act 1982. The Act allows the public a right of access to documents held by the Board. Freedom of Information requests are made in writing describing the documents requested.

During the reporting period (ending 31 October 2014) one request for information was received.

Written requests, as detailed in Section 17 of the Freedom of Information Act 1982 should be forwarded with the prescribed fee to:

Craig Jensz – Accountable Officer Freedom of Information Officer Mt Baw Baw Alpine Resort PO Box 117 RAWSON VIC 3825

Information

The Board held and maintained the following categories of documents:

l Correspondence files;

l Minutes of the various meetings held by the Board;

l �Technical reports and statistical information on Mt Baw Baw management matters;

l �Leasehold documents related to Mt Baw Baw sites; plans, charts and other data covering Mt Baw Baw operations and planning.

Reports and general information related to the Board are available for inspection at the office of the Board. The Board’s website is a source of considerable information. The fee for any FOI application is $26.50. Other enquiries may be sent to Craig Jensz, as the Authorised Officer of Mt Baw Baw, PO Box 117, Rawson, 3825, stating as clearly as possible the nature of the request. Once the Annual Report is tabled in Parliament, it will then be placed on the Board’s website.

PAGE | 3 3

Compliance with Building Act 1993

The Municipal Building Surveyor (MBS) at Mt Baw Baw is John Austin. Inspections of lodges were principally undertaken by a CFA officer or by John Austin. The majority of lodge leaseholders remain proactive and able to demonstrate compliance relating to the testing of fire safety equipment at the commencement of the ski season.

Building-related risks have been identified and reduced, and the building owners and managers are far more aware of their responsibilities and options to achieve compliance with maintenance of essential services. Again the year was free of any major structural fire incidents and education of owners and safety for occupants was improved.

A fire summit is held at the Resort every year (conducted by CFA) along with an annual fire prevention weekend in late November.

National Competition Policy

The Board adheres to the principles of the National Competition Policy (NCP) to ensure that any business competition with private entities takes place in an environment where the Board has no competitive advantage.

Competitive neutrality seeks to enable fair competition between government and private sector businesses. Any advantages or disadvantages that government businesses may experience, simply as a result of government ownership, should be neutralised. The Board continues to implement and apply this principle in its business undertakings.

Purchasing of Goods

The Board, as an independent manager of and investor in the Resort’s assets, purchases services and goods, in line with the Victorian Government’s Purchasing Guidelines and Victorian Industry Participation Policy disclosures. In doing this, the Board applies the following principles:

l Value for Money;

l Open and Fair competition;

l Accountability;

l Full Cost Recovery.

Compliance with the Protected Disclosure Act 2012

The Protected Disclosure Act 2012 (PD Act) enables people to make disclosures about improper conduct by public officers and public bodies. The PD Act aims to ensure openness and accountability by encouraging people to make disclosures and protecting them when they do.

What is a ‘protected disclosure’?

A protected disclosure is a complaint of corrupt or improper conduct by a public officer or a public body.

PAGE | 3 4

The Board is a “public body” for the purposes of the PD Act.

What is ‘improper or corrupt conduct’?

Improper or corrupt conduct involves substantial:

l Mismanagement of public resources; or

l Risk to public health or safety or the environment; or

l Corruption.

The conduct must be criminal in nature or a matter for which an officer could be dismissed.

How do I make a ‘protected disclosure’?

You can make a protected disclosure about the Board or its Board members, officers or employees by contacting DELWP or IBAC on the contact details provided below.

Please note that the Board is not able to receive protected disclosures.

How can I access the Board’s procedures for the protection of persons from detrimental action?

The Board has established procedures for the protection of persons from detrimental action in reprisal for making a protected disclosure about The Board or its employees. You can access the Board’s procedures at its office.

Contacts

Department of Environment, Land, Water and Planning

Jennifer Berensen Senior Advisor - Privacy & Ombudsman

Department of Environment, Land, Water and Planning

Address: PO Box 500, East Melbourne Vic 8002

Ph: (03) 9637 8697

Website: www.delwp.vic.gov.au

Independent Broad-Based Anti-Corruption Commission (IBAC) Victoria

Address: Level 1, North Tower, 459 Collins Street, Melbourne Victoria 3000.

Mail: IBAC, GPO Box 24234, Melbourne Victoria 3001

Website: www.ibac.vic.gov.au

Phone: 1300 735 135

Email: see the website above for the secure email disclosure process, which also provides for anonymous disclosures.

Disclosure under the Protected Disclosure Act 2012

In FY14 there were no disclosures received.

Compliance with DataVic access policy

Consistent with the DataVic Access Policy issued by the Victorian Government in 2012, the Board intends that data tables that it may produce in the future will be available at www.data.vic.gov.au in machine readable format.

PAGE | 3 5

Summary of environmental performance

A target reduction of an annual 10% in energy usage within the office environment has been set. Lighting within the office is progressively being converted to more energy efficient units. Winter heating costs are monitored and alterations to the hydronic office system made as appropriate.

The Resort has ensured that all photocopiers are set to black and white and double sided as standard defaults. Photocopier paper is recycled where possible, and one sided used paper reused for office scrap writing paper.

Additional information available on request

The following information is available from the Accountable Officer, Craig Jensz, on request, subject to the Freedom of Information Act 1982:

l �Details of shares held by a senior officer as nominee, or held beneficially in a statutory authority or subsidiary;

l Details of publications produced by the Board, and how these can be obtained;

l �Details of any major external reviews carried out by the Board;

l Details of major research and development activities undertaken by the Board;

l Details of overseas visits undertaken, including a summary of the objectives and outcomes of each visit; and

l �Details of major promotional, public relations and marketing activities undertaken to develop community awareness of the Board and its services.

Additional information included in the annual report

Details in respect of the following items have been included in this annual report:

l Assessments and measures undertaken to improve the occupational health and safety of employees;

l A statement on industrial relations for the Board, and details of time lost through industrial accidents and disputes;

l �A list of the major the Board committees; the purposes of each committee; and the extent to which the purposes have been achieved; and

l �A statement of completion of declarations of pecuniary interests by relevant officers;

l �Details of changes in prices, fees, charges, rates and levies charged by the Board; and

l Details of all consultancies and contractors.

PAGE | 3 6

Risk Management Attestation

Attestation for compliance with the Australian/New Zealand Risk Management Standard

I, Vicky Papachristos certify that the Board has risk management processes in place consistent with the Australian/New Zealand Risk Management Standard AS/NZS ISO 31000-2009 and an internal control system is in place that enables the executive to understand, manage and satisfactorily control risk exposures. The Board’s Audit & Risk Management Committee verifies this assurance and that the risk profile of the Boa rd has been critically reviewed within the last 12 months.

Vicky Papachristos

Chair, Mt Baw Baw Alpine Resort Management Board

Insurance Attestation

Attestation for compliance with the Ministerial Standing Direction 4.5.5.1 – Insurance

Mt Baw Baw is insured with the Victorian Management Insurance Agency under the Victorian Managed Insurance Authority Act 1996 (VMIA Act) apart from the vehicle fleet which is insured through QBE Insurance Australia.

I , Craig Jensz certify that Mt Baw Baw has complied with Ministerial Direction 4.5.5.1- Insurance.

Craig JenszAccountable Officer, Mt Baw Baw Alpine Resort Management Board

Gifts, Benefits and Hospitality Attestation

I, Vicky Papachristos certify that:

• my public entity has gifts, benefits and hospitality policies and procedures in place;

• these policies and procedures are consistent with the minimum requirements and accountabilities outlined in the Gifts, Benefits and Hospitality Policy Framework for the Victorian Public Sector – Revised April 2012 issued by the Public Sector Standards Commissioner; and

• these policies and procedures are updated, promulgated and provided to the audit committee for review at least once a year.

Vicky PapachristosChair, Mt Baw Baw Alpine Resort Management Board

PAGE | 3 7

AUDITOR’S REPORT

Auditing in the Public Interest

INDEPENDENT AUDITOR’S REPORT

To the Board Members, Mt Baw Baw Alpine Resort Management Board

The Financial Report The accompanying financial report for the year ended 31 October 2014 of the Mt Baw Baw Alpine Resort Management Board which comprises the comprehensive operating statement, balance sheet, statement of changes in equity, cash flow statement, notes comprising a summary of significant accounting policies and other explanatory information, and the declaration by the chairperson and accountable officer has been audited.

The Board Members’ Responsibility for the Financial ReportThe board members of the Mt Baw Baw Alpine Resort Management Board are responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards, and the financial reporting requirements of the Financial Management Act 1994, and for such internal control as the board members determine is necessary to enable the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s ResponsibilityAs required by the Audit Act 1994, my responsibility is to express an opinion on the financial report based on the audit, which has been conducted in accordance with Australian Auditing Standards. Those standards require compliance with relevant ethical requirements relating to audit engagements and that the audit be planned and performed to obtain reasonable assurance about whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The audit procedures selected depend on judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, consideration is given to the internal control relevant to the entity’s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by the board members, as well as evaluating the overall presentation of the financial report.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.

































PAGE | 3 8

AUDITOR’S REPORT continued

2Auditing in the Public Interest

Independent Auditor’s Report (continued)

Independence

The Auditor-General’s independence is established by the Constitution Act 1975. The Auditor-General is not subject to direction by any person about the way in which his powers and responsibilities are to be exercised. In conducting the audit, the Auditor-General, his staff and delegates complied with all applicable independence requirements of the Australian accounting profession.

Opinion In my opinion, the financial report presents fairly, in all material respects, the financial position of the Mt Baw Baw Alpine Resort Management Board as at 31 October 2014 and of its financial performance and its cash flows for the year then ended in accordance with applicable Australian Accounting Standards, and the financial reporting requirements of the Financial Management Act 1994.

Non-compliance with the Financial Management Act 1994 and the Alpine Resorts (Management) Act 1997

Without modification to the opinion expressed above, attention is drawn to the following matters. As indicated in Note 1(a) to the Mt Baw Baw Alpine Resort Management Board’s financial report for 2013–14, the Board has contravened:

• the Financial Management Act 1994 by not complying with the following Minister for Finance’s Standing Directions:

o Authorisations (2.4) - by delegating financial authority to its contracted service provider

o Revenue (3.4.1) - by not maintaining effective internal controls over revenue transactions

o Cash Handling (3.4.2) - by not maintaining effective internal controls over cash handling and banking

o Treasury Risk Management (4.5.6) - by virtue of its borrowing arrangements with a non-AAA rated financial institution

• the Alpine Resort (Management) Act 1997 by virtue of its borrowing arrangements with a non-AAA rated financial institution.

MELBOURNE John Doyle 27 April 2015 Auditor-General









PAGE | 3 9

FINANCIAL STATEMENTSFor the year ended 31 October 2014

Mt Baw Baw Alpine Resort Management BoardDeclaration by the Chairperson and Accountable Officer

The attached financial statements for the Mount Baw Baw Alpine Resort Management Board have been prepared in accordance with Standing Direction 4.2 of the Financial Management Act 1994, applicable Financial Reporting Directions, Australian Accounting Standards including Interpretations, and other mandatory professional reporting requirements.

We further state that, in our opinion, the information set out in the comprehensive operating statement, balance sheet, statement of changes in equity, cash flow statement and accompanying notes, presents fairly the financial transactions during the year ended 31 October 2014 and financial position of the Board at 31 October 2014.

At the time of signing, we are not aware of any circumstance which would render any particulars included in the financial statements to be misleading or inaccurate.

We authorise the attached financial statements for issue on 24 April 2015.

Vicky Papachristos Craig JenszChairperson Accountable Officer/ Chief Finance and Accounting Officer

Melbourne Melbourne24 April 2015 24 April 2015

2 | P a g e D R A F T


[XX] February 2015

The Honourable Lisa Neville MP Minister for Environment, Climate Change and Water

Level 7, 8 Nicholson St EAST MELBOURNE VIC 3002




The Annual Report has been prepared in accordance with the Financial Management Act 1994 and the

Alpine Resorts (Management) Act 1997.

On behalf of the Board, we extend our appreciation for your support and also the support and cooperation of the Department of Environment and Primary Industries throughout the year.

Yours sincerely,

Vicky Papachristos Craig Jensz

Chair Accountable Officer

PAGE | 4 0

COMPREHENSIVE OPERATING STATEMENTFor the year ended 31 October 2014

NOTE 2014 $

2013 $

Income from transactions

Interest 2(a) 5,400 5,050

Sale of goods and services 2(b) 1,154,981 847,823

Government funding 2(c) 3,822,099 4,539,215

Site & service charges 2(d) 417,471 459,959

Visitor fees 2(e) 2,029,203 911,427

Other revenue 2(f) 361,749 216,848

Total income from transactions 7,790,903 6,980,322

Expenses from transactions

Employee benefits 3(a) 2,308,144 2,969,677

Depreciation expense 3(b) 1,050,868 1,086,922

Interest expense 3(c) 29,952 42,403

Supplies and services 3(d) 1,353,547 1,094,910

Utilities 609,896 578,537

Marketing expenses 677,556 479,791

Administration expenses 582,317 534,100

Contractor expenses 3(e) 1,321,294 -

Other operating expenses 3(f) 608,539 541,742

Total expenses from transactions 8,542,113 7,328,082

Net result from transactions (751,210) (347,760)

Other economic flows included in net result

Net gain/(loss) on non-financial assets 4 (1,793) (54,886)

Total other economic flows included in net result (1,793) (54,886)

Net result (753,003) (402,646)

Other economic flows – other comprehensive income

Items that will not be reclassified to net result

Changes in physical asset revaluation surplus 385,660 -

Total other economic flows – other comprehensive income 385,660 -

Comprehensive result (367,343) (402,646)

The above Comprehensive Operating Statement should be read in conjunction with the accompanying notes.

PAGE | 4 1

BALANCE SHEETAs at 31 October 2014

NOTE 2014 $

2013 $

Financial assets

Cash and cash equivalents 16 145,137 563,408

Receivables 5 957,522 168,933

Total financial assets 1,102,659 732,341

Non-financial assets

Inventories 6 80,889 76,955

Prepayments 7 107,966 133,017

Property, infrastructure, plant and equipment 8(a) 17,527,868 17,951,537

Intangible assets 9 23,901 -

Total non-financial assets 17,740,624 18,161,509

Total assets 18,843,283 18,893,850

Liabilities

Payables 10 1,077,960 528,546

Interest bearing liabilities 11 270,433 431,810

Provisions 12 235,449 298,378

Revenue in advance 13 57,770 66,102

Total liabilities 1,641,612 1,324,836

Net assets 17,201,671 17,569,014

Equity

Accumulated surplus/(deficit) (58,405) 694,598

Physical asset revaluation surplus 11,836,374 11,450,714

Contributed capital 14 5,423,702 5,423,702

Total equity 17,201,671 17,569,014

Commitments 17, 20

Contingent assets and contingent liabilities 19

The above Balance Sheet should be read in conjunction with the accompanying notes.

PAGE | 4 2

STATEMENT OF CHANGES IN EQUITYFor the year ended 31 October 2014

ACCUMULATED SURPLUS/ (DEFICIT)

PHYSICAL ASSET REVALUATION

SURPLUS

CONTRIBUTED CAPITAL TOTAL

$ $ $ $

Opening balance at 1 November 2010 2,327,052 6,335,613 5,074,552 13,737,217

Net result for the year 2011 1,125,565 - - 1,125,565

Contribution by owners - - 234,150 234,150

Other comprehensive income – change in physical asset revaluation surplus - 5,210,827 - 5,210,827

Net effect of correction of errors in 2011 (i) (3,604) (95,726) - (99,330)

Restated balance at 31 October 2011 3,449,013 11,450,714 5,308,702 20,208,429

Net result for the year 2012 (2,357,906) - - (2,357,906)

Net effect of correction of errors in 2012 (i) 6,137 - - 6,137

Restated balance at 31 October 2012 1,097,244 11,450,714 5,308,702 17,856,660

Net result for the year 2013 (408,783) - - (408,783)

Capital appropriations - - 115,000 115,000

Net effect of correction of errors in 2013 (i) 6,137 - - 6,137

Restated balance at 31 October 2013 694,598 11,450,714 5,423,702 17,569,014

Net result for the year (753,003) - - (753,003)

Other comprehensive income – change in physical asset revaluation surplus - 385,660 - 385,660

Balance at 31 October 2014 (58,405) 11,836,374 5,423,702 17,201,671

(i) Refer to details of prior period error in Note 1(aa)

The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.

PAGE | 4 3

CASH FLOW STATEMENTFor the year ended 31 October 2014

NOTE 2014 $

2013 $

Cash flows from operating activities

Cash receipts in the course of operations 4,319,353 3,242,898

Cash receipts from Government 2,972,099 4,573,137

Interest received 5,400 5,050

GST recovered from the ATO 119,198 339,155

Total cash receipts 7,416,050 8,160,240

Cash payments to suppliers for goods and services (3,729,097) (4,382,047)

Cash payments to and on behalf of employees (2,369,372) (2,964,695)

Cash payments to contractors (1,297,290) -

Interest paid (29,952) (42,403)

Total cash payments (7,425,711) (7,389,145)

Net cash inflow/(outflow) from operating activities 15 (9,661) 771,095

Cash flows from investing activities

Purchases of non-financial assets (247,233) (552,497)

Proceeds from sale of assets - 67,500

Net cash inflow/(outflow) from investing activities (247,233) (484,997)

Cash flows from financing activities

Proceeds from borrowings 10,845 -

Repayment of borrowings (4,420) -

Repayment of finance leases (167,802) (92,008)

Proceeds - capital contributions by State Government - 115,000

Net cash inflow/(outflow) from financing activities (161,377) 22,992

Net increase/(decrease) in cash and cash equivalents (418,271) 309,090

Cash and cash equivalents at beginning of financial year 563,408 254,318

Cash and cash equivalents at end of financial year 16 145,137 563,408

The above Cash Flow Statement should be read in conjunction with the accompanying notes.

PAGE | 4 4

Note 1: Statement of significant accounting policiesThe Mount Baw Baw Alpine Resort Management Board (the Board) has been established pursuant to the Alpine Resorts (Management) Act 1997 (the Act), which outlines the functions, responsibilities and requirements of the Board.

The annual financial statements represent the audited general purpose financial statements for the Board for the period ending 31 October 2014.

The purpose of the financial statements is to provide users with information about the Board’s stewardship of resources entrusted to it.

a) Statement of compliance

These general purpose financial statements have been prepared in accordance with the financial reporting requirements of the Financial Management Act 1994 (FMA) and applicable Accounting Standards which include interpretations, issued by the Australian Accounting Standards Board (AASB).

Notwithstanding that the general purpose financial statements have been prepared on the above basis; the Board has not complied with four Standing Directions of the Minister of Finance, which are issued pursuant to section 8 of the FMA. Specifically, the Board has not fully complied with Standing Direction 2.4: Authorisations, Delegations and Procedures as it has not complied with Procedure (i) which states that ‘An authorisation cannot be given to a contractor or consultant’. The Board has also not fully complied with Standing Direction 4.5.6: Treasury Risk Management, which requires all public sector entity borrowings to be with a financial institution that is either State owned or has a credit rating, assigned by a reputable rating agency, that is the same or better than the State of Victoria. The Board’s non-compliance with Standing Direction 4.5.6: Treasury Risk Management has also resulted in a breach of section 39 General Powers of Boards of the Act which are restricted and overlaid by the Standing Directions of the Minister of Finance. The Board has not fully complied with Standing Direction 3.4.1: Revenue and Standing Direction 3.4.2: Cash Handling, which require the Board to maintain an effective internal control framework over revenue transaction processing and cash handling/banking respectively.

Non-compliance with Standing Direction 2.4: Authorisations, Delegations and Procedures

From 1 May 2014, management of the day to day operations of the Board was outsourced to Belgravia Health & Leisure Group Pty Ltd (Belgravia) under a management agreement. Belgravia, as part of this agreement, are also contracted to provide associated back office functions including finance and accounting, human resources, marketing and IT. Further details regarding this arrangement can be found in Note 1 (m) Expenses from transactions. Whilst the Board had internal controls in place, representatives of the contractor Belgravia were authorised by the Board to enter into transactions that obligated the Board to expenditure commitments. This is in contravention of Standing Direction 2.4: Authorisations, Delegations and Procedures, which state that such authorisations can only be given to specific positions with a public sector agency.

The Board is currently working with the Department of Environment, Land, Water and Planning (DELWP) (formerly known as the Department of Environment and Primary Industries) as well as the Department of Treasury and Finance to refine its processes to enable the Board to be fully compliant with Procedure (i) of Standing Direction 2.4.

NOTES TO THE FINANCIAL STATEMENTSFor the year ended 31 October 2014

PAGE | 4 5

Non-compliance with Standing Direction 4.5.6: Treasury risk management

Standing Direction 4.5.6:Treasury risk management requires all public sector entities to undertake all its borrowings with a financial institution that is either a State owned entity or has a credit rating, assigned by a reputable rating agency, that is the same as or better than the State of Victoria.

During the year ended 31 October 2014, the Board entered into a commercial loan agreement for 12 months for $10,845 plus interest with a financial institution that held a credit rating less than the State of Victoria. This arrangement was to fund a residual payment of a finance lease which expired in June 2014. The Board is currently determining how it will rectify this issue.

Non-compliance with Standing Direction 3.4.1: Revenue and Standing Direction 3.4.2: Cash Handling

Standing Direction 3.4.1: Revenue requires all public sector agencies to implement and maintain an effective internal control framework over revenue transaction processing and management to ensure that revenue is completely and accurately identified, recorded and collected.

Standing Direction 3.4.2: Cash Handling required all public sector agencies to implement and maintain an effective internal control framework over cash handling and banking so that cash from all sources is completely and accurately identified, banked and recorded in the financial records.

During the 2013/14 reporting period, shortfalls in historic cash handling controls and revenue transaction processing came to the attention of the Board, which meant that not all revenue was recorded in an accurate and timely manner in the accounting systems. This resulted in a cash surplus of $96,822 that could not be accurately allocated to specific revenue classifications for financial reporting purposes. The Board has therefore allocated this amount to visitor fees and sale of goods and services on a proportionate basis.

Further, Belgravia assumed the finance function of Mount Baw Baw on 26 May 2014, where the financial information previously managed by Mount Baw Baw was transferred into the accounting system utilised and maintained by Belgravia.

As a result of the transfer of financial information, the Board became aware that Belgravia was unable to reconcile a number of financial transactions between systems or back to source documentation. Subsequent investigation by Belgravia has resolved a majority of these reconciling items. However, there remain a small number of outstanding reconciling items totalling $26,376, contained within “other miscellaneous revenue.

b) Basis of preparation

The accrual basis of accounting has been applied in the preparation of these financial statements whereby assets, liabilities, equity, income and expenses are recognised in the reporting period to which they relate, regardless of when cash is received or paid.

In the application of AASs, management is required to make judgments, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical


PAGE | 4 6

experience and various other factors that are believed to be reasonable under the circumstance, the results of which form the basis of making the judgments. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision, and future periods if the revision affects both current and future periods. Judgements and assumptions made by management in the application of AASs that have significant effects on the financial statements and estimates, relate to

• the fair value of land, buildings, infrastructure, plant and equipment (refer to Note1(g)); and

• superannuation expense (refer to Note 1(k)); and

• actual assumptions for employee benefit provisions based on likely tenure of existing staff, patterns of leave claims, future salary movements and future discount rates (refer to Note 1(k)).

Accounting policies are selected and applied in a manner which ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions or other events is reported.

The accounting policies set out below have been applied in preparing the financial report for the year ended 31 October 2014 and the comparative information presented for the year ended 31 October 2013. Restatement occurred. Refer to Note 1(aa).

These financial statements are presented in Australian dollars, and prepared in accordance with the historical cost convention except for non-financial physical assets which, subsequent to acquisition, are measured at a revalued amount being their fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent impairment losses. Revaluations are made with sufficient regularity to ensure that the carrying amounts do not materially differ from their fair value.

The financial performance and position of the Board has declined since the prior year, with a deficit net result of $753,003 (2013: $402,646), a net asset position of $17,201,671 (2013: $17,569,014), with a negative working capital and a net cash outflow from operating activities of $9,660. Despite the deterioration of financial performance and position, the Board has obtained a letter of support from the State Government (DELWP), confirming that it will continue to provide the Board adequate cash flow to meet its current and future obligations up to 30 April 2016. On that basis, the financial statements have been prepared on a going concern basis.

Consistent with AASB 13 Fair Value Measurement, the Board determines the policies and procedures for both recurring fair value measurements such as property, infrastructure, plant and equipment in accordance with the requirements of AASB 13 and the relevant Financial Reporting Directions.

All assets for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:


PAGE | 4 7

• Level 1 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities

• Level 2 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; and

• Level 3 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For the purpose of fair value disclosures, the Board has determined classes of assets on the basis of the nature, characteristics and risks of the asset and the level of the fair value hierarchy as explained above.

In addition, the Board determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level of input that is significant to the fair valuation measurement as a whole) at the end of each reporting period.

The Valuer-General Victoria (VGV) is the Board’s independent valuation agency. The Board, in conjunction with VGV, monitors changes in the fair value of each asset through relevant data sources to determine whether revaluation is required.

c) Reporting entity

The financial statements cover the Board as an individual reporting entity. The Board is an entity established under the Alpine Resorts (Management) Act 1997. Its principal address is:

Mount Baw Baw Alpine Resort Management BoardMount Baw Baw VIC 3833

The Board is a public body acting on behalf of the Crown, and reporting to the Department of Environment, Land, Water and Planning.

d) Scope and presentation of financial statements

Comprehensive Operating Statement

The Comprehensive Operating Statement comprises three components, being ‘net result from transactions’ (or termed as ‘net operating balance’), ‘other economic flows included in net result’, as well as ‘other economic flows – other comprehensive income’. The sum of the former two represents the net result.

The net result is equivalent to profit or loss derived in accordance with AASs.

This classification is consistent with the whole of government reporting format and is allowed under AASB 101 Presentation of Financial Statements.

Other economic flows are changes arising from market re-measurements. They include gains and losses from disposals, revaluations and impairments of non-financial physical assets.

Balance Sheet

Assets and liabilities are presented in liquidity order with assets aggregated into financial assets and non-financial assets.


PAGE | 4 8

Current and non-current assets and liabilities (non-current being those assets or liabilities expected to be recovered or settled beyond 12 months after the reporting period) are disclosed in the notes, where relevant.

Cash Flow Statement

Cash flows are classified according to whether or not they arise from operating, investing, or financing activities. This classification is consistent with requirements under AASB 107 Statement of Cash Flows.

Statement of Changes in Equity

The Statement of Changes in Equity presents reconciliations of each non-owner and owner changes in equity from opening balances at the beginning of the reporting period to the closing balance at the end of the reporting period. It also shows separately changes due to amounts recognised in the “comprehensive result” and amounts related to “transactions with owner in its capacity as owner”.

Rounding of amounts

Amounts in the financial statements (including the notes) have been rounded to the nearest dollar, unless otherwise stated. Figures in the financial statements may not equate exactly due to rounding.

e) Changes in accounting policies

Subsequent to the 2012-13 reporting period, the following new and revised Standards have been adopted in the current period with their financial impact detailed below.

AASB 13 Fair Value Measurement

AASB 13 establishes a single source of guidance for all fair value measurements. AASB 13 does not change when the Board is required to use fair value, but rather provides guidance on how to measure fair value under Australian Accounting Standards when fair value is required or permitted. The Board has considered the specific requirements relating to highest and best use, valuation premise and principal (or most advantageous) market. The methods, assumptions, processes and procedures for determining fair value were revisited and no adjustments were made. In light of AASB 13, the Board has reviewed the fair value principles as well as its current valuation methodologies in assessing the fair value, and the assessment has not materially changed the values recognised.

However, AASB 13 has predominately impacted the disclosures of the Board. It requires specific disclosures about fair value measurements and disclosure of fair values, some of which replace existing disclosure requirements in other standards, including AASB 7 Financial Instruments: Disclosures.

The disclosure requirements of AASB 13 apply prospectively and need not be applied in comparative information before first application. Consequently, the 2012-13 comparatives of these disclosures have not been provided.


PAGE | 4 9

AASB 119 Employee Benefits

In 2013-14 the Board has applied AASB 119 Employee Benefits (September 2011, as amended) and the related consequential amendments for the first time.

The revised standard changes the definition of short-term employee benefits. These were previously benefits that were expected to be settled within twelve months after the end of the reporting period in which the employee rendered the related service, however, short-term employee benefits are now defined as benefits expected to be settled wholly within twelve months after the end of the reporting period in which the employees render the related service. This change of accounting policy has been considered by the Board and has not materially altered the measurement of the annual leave provision and therefore it remains at nominal value for both the current and comparative periods.

f) Events after reporting date

Assets, liabilities, income and expenses arise from past transactions or other past events. Where the transactions result from an agreement between the Board and other parties, the transactions are only recognised when the agreement is irrevocable at or before balance date. Adjustments are made to amounts recognised in the financial statements for events which occur after the reporting date and before the date the statements are authorised for issue, where those events provide information about conditions which existed at the reporting date. Note disclosure is made about events between the reporting date and the date the statements are authorised for issue where the events relate to condition which arose after the reporting date that may have a material impact on the results of subsequent years.

g) Property, infrastructure, plant and equipment

Acquisition

All non-financial physical assets are measured initially at cost and subsequently revalued at fair value less accumulated depreciation and impairment. Where an asset is acquired for no or nominal cost, the cost is its fair value at the date of acquisition. Only assets which have a cost or fair value greater than $1,000 are recognised.

Where assets are constructed by the Board, the cost at which they are recorded includes all materials used in construction, direct labour, borrowing costs incurred during construction, and an appropriate share of directly attributable variable and fixed overheads.

Details about the valuation techniques and inputs used in determining the fair value of non-financial physical assets are discussed in Note 8 Property, infrastructure, plant and equipment.

Repairs & maintenance

Property, infrastructure, plant and equipment maintenance is managed as part of an ongoing maintenance program. The costs of this maintenance are charged as expenses as incurred, except where they related to the replacement of a major component of an asset, in which case the costs are capitalised and depreciated. Other routine operating maintenance, repair costs and minor renewals are also charged as expenses as incurred.


PAGE | 5 0

Measurement

Non-financial physical assets such as land are measured at fair value with regard to the property’s highest and best use after due consideration is made for any legal or physical restrictions imposed on the asset, public announcements or commitments made in relation to the intended use of the asset. Theoretical opportunities that may be available in relation to the asset are not taken into account until it is virtually certain that the restrictions will no longer apply. Therefore, unless otherwise disclosed, the current use of these nonfinancial physical assets will be their highest and best uses.

Revaluations

Non-financial physical assets are measured at fair value on a cyclical basis, in accordance with the Financial Reporting Directions (FRDs) issued by the Minister for Finance. A full revaluation normally occurs every five years, based upon the asset’s government purpose classification but may occur more frequently if fair value assessments indicate material changes in values. Independent valuers are generally used to conduct these scheduled revaluations. Certain infrastructure assets are revalued using specialised advisors. Any interim revaluations are determined in accordance with the requirements of the FRDs. Revaluation increases or decreases arise from differences between an asset’s carrying value and fair value.

Net revaluation increases (where the carrying amount of a class of assets is increased as a result of a revaluation) are recognised in ‘other economic flows – other comprehensive income’, and accumulated in equity under the asset revaluation surplus. However, the net revaluation increase is recognised in the net result to the extent that it reverses a net revaluation decrease in respect of the same class of property, infrastructure, plant and equipment previously recognised as an expense (other economic flows) in the net result.

Net revaluation decrease is recognised in ‘other economic flows – other comprehensive income’ to the extent that a credit balance exists in the asset revaluation surplus in respect of the same class of property, plant and equipment. Otherwise, the net revaluation decreases are recognised immediately as other economic flows in the net result. The net revaluation decrease recognised in ‘other economic flows – other comprehensive income’ reduces the amount accumulated in equity under the asset revaluation surplus.

Revaluation increases and revaluation decreases relating to individual assets within an asset class are offset against one another within that class but are not offset in respect of assets in different classes.

Asset revaluation surplus is not transferred to accumulated surplus on de-recognition of the relevant asset.

Land, building and infrastructure assets were reviewed for material movements according to FRD 103E. A full revaluation of land, buildings and infrastructure assets was undertaken in the 2010/11 year. Interim revaluation of land occurred in 2013-14.

Depreciation of non-financial physical assets

All infrastructure assets, buildings, plant and equipment (excluding items under operating leases and land) that have finite useful lives are depreciated. Depreciation is generally calculated on a straight line basis, at rates that allocate the asset’s value, less any estimated residual value, over its estimated useful life.


PAGE | 5 1

The estimated useful lives, residual values and depreciation method are reviewed at the end of each annual reporting period, and adjustments made where appropriate.

Amendment to accounting policy

In the financial year ended 31 October 2011, the Board underwent a formal revaluation of its property, infrastructure, plant and equipment. This valuation, conducted by the Valuer-General Victoria, highlighted the remaining useful lives of the Board’s asset base. In 2011-12, management commenced calculating on this basis however the Board did not reflect such changes in its accounting estimates in its 2011-12 financial report and subsequent financial reports as required under AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors.

The following table indicates the actual estimated useful lives used by management but not reflected in financial reports since 2011-12.

2014(years)

2013(as reported since 2011-12)

(years)

Buildings and improvements 9 to 55 15 to 30

Plant and equipment 2 to 20 3 to 20

Land management 4 to 70 5 to 50

Water & sewerage infrastructure 20 to 80 25 to 80

Ski lifts 2 to 30 10 to 40

Buildings and improvements 9 to 55 15 to 30

Sale of non-financial physical assets

In accounting for the sale of physical assets, only the net profit/(loss) on the disposal is shown in the Comprehensive Operating Statement as required under AAS.

h) Intangible assets

Intangible assets are initially recognised at cost. Subsequently, intangible assets with finite useful lives are carried at cost less accumulated depreciation. Costs incurred subsequent to initial acquisition are capitalised when it is expected that additional future economic benefits will flow to the Board.

When the recognition criteria in AASB 138 Intangible Assets are met, internally generated intangible assets are recognised and measured at cost less accumulated depreciation.

An internally generated intangible asset arising from development is recognised if, and only if, all of the following are demonstrated:

• the technical feasibility of completing the intangible asset so that it will be available for use or sale;

• an intention to complete the intangible asset and use or sell it;

• the ability to use or sell the intangible asset;


PAGE | 5 2


• the intangible asset will generate probable future economic benefits;

• the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and

• the ability to measure reliably the expenditure attributable to the intangible asset during its development.

Intangible produced assets with finite useful lives are depreciated as an expense from transactions on a straight line basis over the asset’s useful life. Depreciation begins when the asset is available for use, that is, when it is in the location and condition necessary for it to be capable of operating in the manner intended by management.

The typical estimated useful lives for the intangible produced assets of capitalised software development costs for current and prior years are 3 years.

i) Impairment of assets

All assets are assessed annually for indications of impairment, except for inventories (refer Note 1(j)).

If there is an indication of impairment, the assets concerned are tested as to whether their carrying value exceeds their possible recoverable amount. Where an asset’s carrying value exceeds its recoverable amount, the difference is written off by a charge to the Comprehensive Operating Statement, except to the extent that the write-down can be debited to a physical asset revaluation surplus amount applicable to that class of asset.

If there is an indication that there has been a reversal in the estimate of an asset’s recoverable amount since the last impairment loss was recognised, the carrying amount shall be increased to its recoverable amount. The impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised in prior years.

It is deemed that, in the event of the loss of an asset, the future economic benefits arising from the use of the asset will be replaced unless a specific decision to the contrary has been made. The recoverable amount for most assets is measured at the higher of depreciated replacement cost and fair value less costs to sell. Recoverable amount for assets held primarily to generate net cash inflows is measured at the higher of the present value of future cash flows expected to be obtained from the asset and fair value less costs to sell.

j) Inventories

Inventories comprise goods held for sale and supplies and consumables used in the consumption in the ordinary course of resort operations. Inventories are measured at the lower of cost and net realisable value. Cost is measured on the basis of weighted average cost.

k) Employee benefits

Provision is made for benefits accruing to employees in respect of wages and salaries, annual leave and long service leave for services rendered to the reporting date.

PAGE | 5 3

(i) Wages and salaries, annual leave and sick leave

Liabilities for wages and salaries, including non-monetary benefits annual leave and accumulating sick leave, are all recognised in the provision for employee benefits as “current liabilities”, because the Board does not have an unconditional right to defer settlements of these liabilities.

Depending on the expectation of the timing of settlement, liabilities for wages and salaries, annual leave and sick leave are measured at:

• Undiscounted value if the Board expects to wholly settle within 12 months; or

• Present value if the Board does not expect to wholly settle within 12 months.

(ii) Long service leave

Liability for long service leave (LSL) is recognised in the provision for employee benefits.

Unconditional LSL (representing 7 or more years of continuous service) is disclosed as a current liability, even where the Board does not expect to settle the liability within 12 months because it will not have the unconditional right to defer the settlement of the entitlement should an employee take leave within 12 months.

The components of this current LSL liability are measured at:

• Undiscounted value if the Board expects to wholly settle within 12 months; and

• Present value if the Board does not expect to wholly settle within 12 months.

Conditional LSL (representing less than 7 years of continuous service) is disclosed as a non-current liability. There is an unconditional right to defer the settlement of the entitlement until the employee has completed the requisite years of service. This non-current LSL liability is measured at present value.

(iii) Termination benefits

Termination benefits are payable when employment is terminated before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Board recognises termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after balance sheet date are discounted to present value.

(iv) Employee benefits on-costs

Employee benefits on-costs (payroll tax, workers compensation, superannuation) are recognised separately from provision for employee benefits.

l) Income from transactions

Income is recognised to the extent that it is probable that the economic benefits will flow to the entity and the income can be reliably measured at fair value.


PAGE | 5 4

Interest

Interest income is recognised using the effective interest method which allocates the interest over the relevant period.

Income from the sale of goods and services

Income from the sale of goods is recognised when:

• the Board no longer has any of the significant risks and rewards of ownership of the goods transferred to the buyer;

• the Board no longer has continuing managerial involvement to the degree usually associated with ownership, nor effective control over the goods sold;

• the amount of income, and the costs incurred or to be incurred in respect of the transactions, can be reliably measured;

• it is probable that the economic benefit associated with the transaction will flow to the Board.

Sale of goods and services includes food and beverage and other retail income.

Visitor fees

Revenue is recognised at the point of sale, when services are rendered or when a rate/tariff is fixed for service charges levied under Section 13 of the Act. Infringements are issued to guests who do not pay their visitor fees under the Road Safety Act 1986 and the Road Safety (General) Regulations 2009.

Site & service charges

Site rental is recognised under the terms and conditions of each lease and in accordance with the Board’s role as a Committee of Management of any Crown land deemed to be permanently reserved under the Crown Lands Reserve Act 1978. Service charges are imposed on an annual basis, and revenue is recognised as income when an invoice is raised by the Board.

Grants

Grants from third parties (other than contributions by owners) are recognised as income in the reporting period in which the Board gains control over the underlying assets.

For reciprocal grants (i.e. equal value is given back by the Board to the provider), the Board is deemed to have assumed control when the Board has satisfied its performance obligations under the terms of the grant. For non-reciprocal grants, the Board is deemed to have assumed control when the grant is receivable or received. Conditional grants may be reciprocal or non-reciprocal depending on the terms of the grant.

Grants and contributions for capital works from all sources are recognised as operating revenue when an entitlement is established, and disclosed in the operating statement as government grants. However grants and contributions received from Victorian State Government that are deemed as being in the nature of owner’s contributions, in accordance with FRD 119A Transfers through Contributed Capital are accounted for as Equity – Contributed capital.


PAGE | 5 5

m) Expenses from transactions

Expenses are recognised as they are incurred and reported in the financial year to which they relate.

Employee expenses

These expenses include all costs related to employment (other than superannuation which is accounted for separately) including wages and salaries, fringe benefits tax, leave entitlements, redundancy payments and WorkCover premiums.

Superannuation

The amount recognised in the Comprehensive Operating Statement in relation to employer contributions is simply the employer contributions that are paid or payable to these plans during the reporting period.

Interest expense

Interest expense is recognised in the period in which it is incurred and include:

• short term borrowings;

• finance lease charges.

Other operating expenses

Other operating expenses generally represent the day to day running costs incurred in normal operations.

Supplies and services

Supplies and services expenses are recognised as an expense in the reporting period in which they are incurred.

Contractor expenses

The Board contracted the management and operation of the resort to Belgravia, a private operator from 1 May 2014 pursuant to the Short Term Management Agreement. The contractor expenses relating to Belgravia, included the management fee payable to that company, and payment for employee benefits by that company, and purchasing goods and services connected to the cost effective operation of the resort.

The Board also contracted Lion Capital to act as the Accountable Officer and Lion Capital Advisory Pty Ltd to provide executive assistance to the Board from 1 June 2014.

n) Other economic flows included in the net result

Other economic flows measure the change in volume or value of assets or liabilities that do not result from transactions.

Net gain/(loss) on non-financial assets

Net gain/(loss) on non-financial assets and liabilities includes realised and unrealised gains and losses as follows:

Revaluation gains/(losses) of non-financial physical assets

Refer to Note 1(g) Property, infrastructure, plant and equipment.


PAGE | 5 6

Net gain/(loss) on disposal of non-financial assets

Any gain or loss on the disposal of non-financial assets is recognised at the date of disposal and is the difference between the proceeds and the carrying value of the asset at the time.

o) Cash and cash equivalents

Cash and cash equivalents recognised on the Balance Sheet comprise cash on hand and cash at bank, deposits at call and highly liquid investments with an original maturity of three months or less, which are readily convertible to known amounts of cash and are subject to insignificant risk of changes in value.

p) Receivables

Receivables consist of:

• contractual receivables, such as debtors in relation to goods and services and accrued investment income; and

• statutory receivables, such as amounts owing from the Victorian Government and Goods and Services Tax (GST) input tax credits recoverable.

Contractual receivables are classified as financial instruments and categorised as receivables at amortised cost. Statutory receivables, are recognised and measured similarly to contractual receivables (except for impairment), but are not classified as financial instruments because they do not arise from a contract.

A provision for doubtful receivables is made when there is objective evidence that the debts may not be collected and bad debts are written off when identified.

q) Prepayments

Prepayments represent payments in advance of receipt of goods or services or that part of expenditure made in one accounting period covering a term extending beyond that period.

r) Payables

Payables consist of:

• contractual payables, such as accounts payable. Accounts payable represent liabilities for goods and services provided to the Board prior to the end of the financial year that are unpaid and arise when the Board becomes obliged to make future payments in respect of the purchase of those goods and services; and

• statutory payables, such as goods and services tax and fringe benefits tax payables.

Contractual payables are classified as financial instruments and categorised as financial liabilities at amortised cost. Statutory payables are recognised and measured similarly to contractual payables, but are not classified as financial instruments and not included in the category of financial liabilities at amortised cost, because they do not arise from a contract.

s) Interest bearing liabilities

Interest bearing liabilities are initially measured at fair value, being the cost of the interest bearing liabilities, net of transaction costs.


PAGE | 5 7

Subsequent to initial recognition, interest bearing liabilities are measured at amortised cost with any difference between the initial recognised amount and the redemption value being recognised in net result over the period of the interest bearing liability using the effective interest rate method.

t) Finance costs

Finance costs are recognised as expenses in the period in which they are incurred and include:

• amortisation of ancillary costs incurred in connection with the arrangement of borrowing; and

• finance lease charges;

u) Contributed capital

Contributions to the Board are recognised as contributed capital with the approval of the Minister for Finance and when the transfer satisfies the definition of contribution by owners as per FRD 119A Transfers through Contributed Capital.

v) Accounting for leases and hire purchases

Finance leases are recognised as assets and liabilities at amounts equal to the fair value of the lease property or, if lower, the present value of the minimum lease payment, each determined at the inception of the lease. The lease asset is depreciated over the shorter of the estimated useful life of the asset or the term of the lease. Minimum lease payments are allocated between the principal component of the lease liability, and the interest expense calculated using the interest rate implicit in the lease, and charged directly to the Comprehensive Operating Statement. Contingent rentals associated with finance leases are recognised as an expense in the period in which they are incurred.

Operating lease payments, including any contingent rentals, are recognised as an expense in the Comprehensive Operating Statement on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern of the benefits derived from the use of the leased asset.

Details of finance lease commitments are shown in Note 17.

w) Goods and services tax

Income, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the taxation authority. In this case it is recognised as part of the cost of acquisition of the asset or as part of the expense.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or payables in the balance sheet.

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the taxation authority, are presented as operating cash flow.


PAGE | 5 8

x) Provisions

Provisions are recognised when the Board has a present obligation, the future sacrifice of economic benefits is probable, and the amount of the provision can be measured reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows, using discount rate that reflects the time value of money and risks specific to the provision.

When some or all of the economic benefits required to settle a provision are expected to be received from a third party, the receivable is recognised as an asset if it is virtually certain that recovery will be received and the amount of the receivable can be measured reliably.

y) Commitments

Commitments for future expenditure include operating commitments arising from contracts. These commitments are disclosed by way of a note (refer to Note 17 Commitments) at their nominal value and inclusive of the GST payable. These future expenditures cease to be disclosed as commitments once the related liabilities are recognised in the Balance Sheet.

z) Contingent assets and contingent liabilities

Contingent assets and contingent liabilities are not recognised in the balance sheet, but are disclosed by way of a note and, if quantifiable, are measured at nominal value. Contingent assets and liabilities are presented inclusive of GST receivable or payable respectively.

aa) Adjustment to prior period balances

Adjustments to prior period balances and transactions are required as a result of omission and duplication of non-financial physical assets and applying an incorrect estimate of useful life to certain assets.

The Board has not prepared a third balance sheet resulting from the below restatement as the impacts are not considered material to the balance sheet to warrant additional disclosure. This is in accordance with AASB 101 Presentation of Financial Statements.

The prior period errors led to the following:

2011 & PRIOR $

2012 $

2013 $

Overstatement of infrastructure, plant and equipment 99,330 93,193 87,056

Total impact on property, infrastructure, plant and equipment 99,330 93,193 87,056

Overstatement/(understatement) of depreciation of plant and equipment (3,604) 6,137 6,137

Total impact on comprehensive result (3,604) 6,137 6,137

As a result of the above, the following shows a restatement of each line item in the following statements in the financial report.


PAGE | 5 9


(i) Comprehensive Operating Statement (extract)

NOTE REPORTED 2013 $

ADJUSTMENT $

RESTATED 2013 $

Total income from transactions 6,980,322 - 6,980,322

Depreciation expense 3 (b) (1,093,059) 6,137 (1,086,922)

Total expense from transactions (7,334,219) 6,137 (7,328,082)

Net result from transactions (353,897) 6,137 (347,760)

Comprehensive result (408,783) 6,137 (402,646)

(ii) Balance Sheet (extract)

NOTE8

GROSS CARRYING AMOUNT OF PROPERTY,

INFRASTRUCTURE, PLANT & EQUIPMENT

$

ACCUMULATED DEPRECIATION

$TOTAL ASSETS

$NET ASSETS

$

Reported 1 Nov 2010 17,565,468 (3,243,002) 14,669,313 13,737,217

Reported 31 Oct 2011 21,117,560 (1,444,434) 21,623,716 20,307,759

Adjustments for 2011 and prior periods (95,726) (3,604) (99,330) (99,330)

Restated 31 Oct 2011 21,021,834 (1,448,038) 21,524,386 20,208,429

Reported 31 Oct 2012 21,202,575 (2,501,034) 19,220,870 17,949,853

Adjustments 2012* (95,726) 2,533 (93,193) (93,193)

Restated 31 Oct 2012 21,106,849 (2,498,501) 19,127,677 17,856,660

Reported 31 Oct 2013 21,632,686 (3,594,093) 18,980,906 17,656,070

Adjustments 2013* (95,726) 8,670 (87,056) (87,056)

Restated 31 Oct 2013 21,536,960 (3,585,423) 18,893,850 17,569,014

* Adjustment to reported 2013 balances includes cumulative adjustments made in 2011, 2012 and 2013 financial years.

(iii) Statement of Changes in Equity (extract)

ACCUMULATED SURPLUS

$

PHYSICAL ASSET REVALUATION SURPLUS

$NET EQUITY

$

Reported 1 Nov 2011 2,327,053 6,335,613 13,737,217

Reported 31 Oct 2011 3,452,617 11,546,440 20,307,759

Adjustments for 2011 (3,604) (95,726) (99,330)

Restated 31 Oct 2011 3,449,013 11,450,714 20,208,429

Reported 31 Oct 2012 1,094,712 11,546,440 17,949,853

Adjustments for 2012* 2,533 (95,726) (93,193)

Restated 31 Oct 2012 1,097,245 11,450,714 17,856,660

Reported 31 Oct 2013 685,928 11,546,440 17,656,070

Adjustments for 2013* 8,670 (95,726) (87,056)

Restated 31 Oct 2013 694,598 11,450,714 17,569,014

* Adjustment to reported 2013 Accumulated surplus includes cumulative adjustments applicable to the 2012 and 2013 financial years.

PAGE | 6 0


(iv) Restatement of balances in the Notes to the financial statements

The notes affected as a result of the above changes are as follows:

• Note 3 (b) Depreciation expense

• Note 8 Property, infrastructure, plant and equipment

• Note 15 Cash flow information

New Accounting Standards for application in future periods

Certain new AASs have been published that are not mandatory for the 31 October 2014 reporting period. Department of Treasury and Finance assesses the impact of these new standards and advises of their applicability and early adoption where applicable.

As at 31 October 2014, the standards and interpretations (applicable to departments) in the following table had been issued but were not mandatory for the financial year ended 31 October 2014. The Board has not early adopted these standards.

STANDARD/INTERPRETATION SUMMARY

APPLICABLE FOR ANNUAL REPORTING

PERIODS BEGINNING ON

IMPACT ON PUBLIC SECTOR ENTITY FINANCIAL STATEMENTS

AASB 9

Financial Instruments This standard simplifies requirements for the classification and measurement of financial assets resulting from Phase 1 of the IASB’s project to replace IAS 39 Financial Instruments: Recognition and Measurement (AASB 139 Financial Instruments: Recognition and Measurement).

1 Jan 2017

The preliminary assessment has identified that the financial impact of available for sale (AFS) assets will now be reported through other comprehensive income (OCI) and no longer recycled to the profit and loss.

While the preliminary assessment has not identified any material impact arising from AASB 9, it will continue to be monitored and assessed.

AASB 10

Consolidated Financial Statements

This Standard forms the basis for determining which entities should be consolidated into an entity’s financial statements. AASB 10 defines ‘control’ as requiring exposure or rights to variable returns and the ability to affect those returns through power over an investee, which may broaden the concept of control for public sector entities.

The AASB has issued an Australian Implementation Guidance for Not-for- Profit Entities – Control and Structured Entities that explains and illustrates how the principles in the Standard apply from the perspective of not-for- profit entities in the private and public sectors.

1 Jan 2014

(not-for-profit entities)

For the public sector, AASB 10 builds on the control guidance that existed in AASB 127 and Interpretation 112 and is not expected to change which entities need to be consolidated.

Ongoing work is being done to monitor and assess the impact of this standard.

PAGE | 6 1

STANDARD/INTERPRETATION SUMMARY

APPLICABLE FOR ANNUAL REPORTING

PERIODS BEGINNING ON

IMPACT ON PUBLIC SECTOR ENTITY FINANCIAL STATEMENTS

AASB 11

Joint Arrangements

This Standard deals with the concept of joint control, and sets out a new principles-based approach for determining the type of joint arrangement that exists and the corresponding accounting treatment. The new categories of joint arrangements under AASB 11 are more aligned to the actual rights and obligations of the parties to the arrangement.

1 Jan 2014


It is anticipated that there would be no material impact.

AASB 12

Disclosure of Interests in Other Entities

This Standard requires disclosure of information that enables users of financial statements to evaluate the nature of, and risks associated with, interests in other entities and the effects of those interests on the financial statements. This Standard replaces the disclosure requirements in AASB 127 Separate Financial Statements and AASB 131 Interests in Joint Ventures.

1 Jan 2014


It is anticipated that there would be no material impact.

AASB 127

Separate Financial Statements

This revised Standard prescribes the accounting and disclosure requirements for investments in subsidiaries, joint ventures and associates when an entity prepares separate financial statements.

1 Jan 2014


Current assessment indicates that there is limited impact on Victorian Public Sector entities.

AASB 128

Investments in Associates and Joint Ventures

This revised Standard sets out the requirements for the application of the equity method when accounting for investments in associates and joint ventures.

1 Jan 2014Current assessment indicates that there is limited impact on Victorian Public Sector entities.

AASB 1055

Budgetary Reporting

AASB 1055 extends the scope of budgetary reporting that is currently applicable for the whole of government and general government sector (GGS) to NFP entities within the GGS, provided that these entities present separate budget to the parliament.

1 July 2014 This Standard is not applicable as no budget disclosure is required.

In addition to the new standards above, the AASB has issued a list of amending standards that are not effective for the 2013-14 reporting period (as listed below). In general, these amending standards include editorial and references changes that are expected to have insignificant impacts on public sector reporting. The AASB Interpretation in the list below is also not effective for the 2013-14 reporting period and is considered to have insignificant impacts on public sector reporting.


PAGE | 6 2

• AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010).

• AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards.

• 2013-1 Amendments to AASB 1049 – Relocation of Budgetary Reporting Requirements.

• 2013-3 Amendments to AASB 136 – Recoverable Amount Disclosures for Non-Financial Assets.

• 2013-4 Amendments to Australian Accounting Standards – Novation of Derivatives and Continuation of Hedge Accounting.

• 2013-5 Amendments to Australian Accounting Standards – Investment Entities

• 2013-6 Amendments to AASB 136 arising from Reduced Disclosure Requirements

• 2013-7 Amendments to AASB 1038 arising from AASB 10 in relation to consolidation and interests of policy holders

• 2013-9 Amendments to Australian Accounting Standards – Conceptual Framework, Materiality and Financial Instruments

• AASB Interpretation 21 Levies.


PAGE | 6 3

Note 2: Income from transactions

2014 $

2013 $

Revenue includes:

(a) Interest

Interest on bank deposits 5,400 5,050

Total interest revenue 5,400 5,050

(b) Sale of goods and services (i)

Food and beverage 1,033,490 847,823

Retail sales 121,491 -

Total sale of goods and services 1,154,981 847,823

(c) Government funding

Department of Environment, Land, Water and Planning support payments 3,301,000 4,200,000

Other Government funding 521,099 339,215

Total Government funding 3,822,099 4,539,215

(d) Site & service charges

Annual service charge 363,731 346,395

Site rental 53,740 113,564

Total revenue from site & service charges 417,471 459,959

(e) Visitor fees (i)

Resort entry fees 630,734 301,787

Ski field income 891,334 341,639

Accommodation/guest services 349,367 254,393

Toboggan hire 157,768 13,608

Total revenue from visitor fees 2,029,203 911,427

(f) Other revenue (i)

Marketing 94,764 77,367

Miscellaneous 98,569 34,081

Commission received 102,247 47,384

Staff accommodation 66,169 58,016

Total other revenue 361,749 216,848

(i) Refer to Note 1 (a).


PAGE | 6 4


Note 3: Expenses from transactions

2014 $

2013 $

(a) Employee benefits

Defined contributions superannuation plans 176,014 237,001

Salaries, wages, annual leave and long service leave 1,985,273 2,595,754

Termination benefits 95,482 -

FBT and payroll tax 51,375 136,922

Total employee benefits 2,308,144 2,969,677

(b) Depreciation expense (i)

Buildings 257,317 256,737

Plant and equipment 203,824 259,485

Water and sewerage infrastructure 52,090 52,090

Land management infrastructure 403,740 389,130

Ski lift infrastructure 128,980 129,480

Intangible produced assets 4,917 -

Total depreciation expense 1,050,868 1,086,922

(c) Interest expense

Finance lease interest 29,864 42,344

Finance costs 88 59

Total interest expense 29,952 42,403

(d) Supplies and services

Food & beverage purchases and consumables 583,940 512,959

Consultancy services for EOI Project 412,657 339,944

Accommodation supplies and services 132,157 47,564

Other supplies and services 224,793 194,443

Total supplies and services 1,353,547 1,094,910

(e) Contractor expenses

Resort operations 1,193,404 -

Other operational & administrative support 127,890 -

Total contractor expenses 1,321,294 -

(f) Other operating expenses

Audit fees – Note 23 21,695 22,200

Insurance 164,699 147,153

Repairs and maintenance 204,420 103,741

Gate entry and lift expenses 217,725 268,648

Total other expenses 608,539 541,742

(i) Depreciation expense for the prior period has been restated (refer to Note 1 (aa)).

PAGE | 6 5


Note 4: Other economic flows included in net result

2014 $

2013 $

Net gain/(loss) on disposal of non-financial assets

Net gain/(loss) on disposal of physical asset (1,793) (54,886)

Total gain/(loss) on disposal of non-financial assets (1,793) (54,886)

Note 5: Receivables

2014 $

2013 $

Current receivables

Contractual

Debtors 110,343 155,386

Provision for doubtful debts (3,907) -

Amount owing from the Department of Environment, Land, Water and Planning 850,000 -

Sundry debtors 1,086 1,401

Statutory

GST receivable - 12,146

Total current receivables 957,522 168,933

(a) Movement in the provision for doubtful debts

Opening balance - -

Provision of receivables during the year as uncollectable (3,907) -

Closing balance (3,907) -

Note 6: Inventories

2014 $

2013 $

Current inventories

Supplies & consumables - fuel (at cost) 18,553 17,964

Inventories held for sale (at cost) 62,336 58,991

Total inventories 80,889 76,955

PAGE | 6 6


Note 7: Prepayments

2014 $

2013 $

Current prepayments

Prepaid insurance 103,252 102,505

Prepaid WorkCover premium 4,714 30,512

Total prepayments 107,966 133,017

Note 8: Property, infrastructure, plant and equipment

8a Gross carrying amount and accumulated depreciation (ii)

GROSS CARRYING AMOUNT ACCUMULATED DEPRECIATION NET CARRYING AMOUNT

Non-current 2014 $

2013 $

2014 $

2013 $

2014 $

2013 $

Land at fair value 3,891,660 3,506,000 - - 3,891,660 3,506,000

Buildings at fair value 7,130,486 7,107,759 (770,951) (513,634) 6,359,535 6,594,125

Plant and equipment at fair value 2,970,376 2,908,510 (2,175,772) (1,973,309) 794,604 935,201

Water and sewerage infrastructure at fair value 2,177,200 2,177,200 (156,270) (104,180) 2,020,930 2,073,020

Roads and car parks infrastructure and land management at fair value 3,268,317 3,136,779 (1,151,180) (747,440) 2,117,137 2,389,339

Ski lift infrastructure at fair value 2,719,842 2,700,712 (375,840) (246,860) 2,344,002 2,453,852

Total property, infrastructure, plant and equipment 22,157,881 21,536,960 (4,630,013) (3,585,423) 17,527,868 17,951,537

(ii) Property, infrastructure, plant and equipment for the prior period has been restated (refer to Note 1 (aa)).

8b Classification by ‘purpose groups’

All assets in a purpose group are further sub categorized according to the asset’s ‘nature’ (ie buildings, plant and equipment etc.) with each sub category being classified as a separate class of assets for financial reporting purposes.

PAGE | 6 7


8c Movements in carrying amounts

CARRYING AMOUNT

- START OF YEAR

ADDITIONS DISPOSALS REVALUATION(i)

DEPRECIATION EXPENSE

CARRYING AMOUNT - END

OF YEAR

2014 $ $ $ $ $ $

Land 3,506,000 - - 385,660 - 3,891,660

Buildings 6,594,125 22,727 - - (257,317) 6,359,535

Plant and equipment 935,201 65,020 (1,793) - (203,824) 794,604

Water and sewerage infrastructure 2,073,020 - - - (52,090) 2,020,930

Roads and car parks infrastructure and land management

2,389,339 131,538 - - (403,740) 2,117,137

Ski lift infrastructure 2,453,852 19,130 - - (128,980) 2,344,002

Total 17,951,537 238,415 (1,793) 385,660 (1,045,951) 17,527,868

2013 $ $ $ $ $ $

Land 3,506,000 - - - - 3,506,000

Buildings 6,846,317 4,545 - - (256,737) 6,594,125

Plant and equipment 1,149,811 167,261 (122,386) - (259,485) 935,201

Water and sewerage infrastructure 2,125,110 - - - (52,090) 2,073,020

Roads and car parks infrastructure and land management

2,518,790 259,679 - - (389,130) 2,389,339

Ski lift infrastructure 2,462,320 121,012 - - (129,480) 2,453,852

Total 18,608,348 552,497 (122,386) - (1,086,922) 17,951,537

(i) Fair value assessments have been performed for all classes of assets in this purpose group. A managerial revaluation on land was required due to cumulative movements greater than 10% in Land indices published by Valuer-General Victoria. Changes in other assets classes were not material.

PAGE | 6 8


8d Fair value measurement hierarchy for assets as at 31 October 2014

CARRYING AMOUNT AS AT31 OCTOBER 2014

FAIR VALUE MEASUREMENT AT END OF REPORTING PERIOD USING:

LEVEL 1 LEVEL 2 LEVEL 3

$ $ $ $

Land at fair value

Specialised land 648,240 - - 648,240

Non-specialised land 3,243,420 - 3,243,420 -

Total of land at fair value 3,891,660 - 3,243,420 648,240

Buildings at fair value

Specialised buildings 6,345,709 - - 6,345,709

Total of buildings at fair value 6,345,709 - - 6,345,709

Plant and equipment at fair value

Plant and equipment 794,604 - - 794,604

Total of plant and equipment at fair value 794,604 - - 794,604

Infrastructure at fair value

Water infrastructure 1,503,500 - - 1,503,500

Sewerage infrastructure 517,430 - - 517,430

Roads and car parks infrastructure 1,759,652 - - 1,759,652

Land Management infrastructure 357,485 - - 357,485

Ski Lifts infrastructure 2,344,002 - - 2,344,002

Total of infrastructure at fair value 6,482,069 - - 6,482,069

There have been no transfers between levels during the period.

Specialised land and specialised buildingsSpecialised land is valued using the market approach, adjusted for the community service obligation (CSO) to reflect the specialised nature of the land being valued.

Under the market approach to valuation, the assets are compared to recent comparable sales or sales of comparable assets, which are considered to have nominal or no added improvement value. The valuation of such assets is performed by analysing comparable sales and allowing for share, size, topography, location and other relevant factors specific to the asset being valued.

The CSO adjustment is a reflection of the value’s assessment of the impact of restrictions associated with an asset to the extent that it is also equally attributable to market participants. This approach is in light of the highest and best use consideration required for fair value measurement, and takes into account the use of the asset that is physically possible, legally permissible and financially feasible. As adjustments of CSO are considered as significant unobservable inputs specialised land would be classified as level 3 assets.

Specialised buildings are valued using the depreciated replacement cost method, adjusting for the associated depreciations. As depreciation adjustments are unobservable in nature, specialised buildings are classified as Level 3 fair value measurements.

PAGE | 6 9

An independent valuation of specialised land and buildings was performed by the VGV. The effective date of the valuation is 31 October 2011.

Fair value assessment is conducted each year. The Board considered the movement in indices provided by the VGV in order to determine whether any material movements in value have occurred since this date. A cumulative movement of 11% in land indices since October 2011 triggered a managerial revaluation of land value. No material movements in value were observed for buildings and the Board are comfortable that the values stated in these financial statements approximate fair value.

Non-specialised landFor non-specialised land, an independent valuation was performed by the VGV to determine the fair value using the income approach. Valuation of the assets was determined by adopting the site value for each leased site then calculating the present value of the income combined with the reversion value of the site at the expiration of the current site lease term. The effective date of the valuation is 31 October 2011.

To the extent that non-specialised land does not contain significant, unobservable adjustments, these assets are classified as Level 2. Non-specialised land was also subject to revaluation due to material movement in land indices.

Fair value assessment is conducted each year. The Board considered the movement in indices provided by the VGV in order to determine whether any material movements in value have occurred since this date. A cumulative movement of 11% in land indices since October 2011 triggered a managerial revaluation of land value. No material movements in value were observed for buildings and the Board are comfortable that the values stated in these financial statements approximate fair value.

InfrastructureInfrastructure assets, including land management infrastructure, are valued using the depreciated replacement cost method. This cost represents the replacement cost of the building/component after applying depreciation rates on a useful life basis. Replacement costs relate to costs to replace the current service capacity of the asset. Economic obsolescence has also been factored into the depreciated replacement cost calculation.

An independent valuation of the Board’s infrastructure assets was performed by the VGV. The valuation was performed based on the depreciated replacement costs of the assets. The effective date of the valuation is 31 October 2011.

The Board assesses the fair value of its infrastructure assets annually by considering the movement in the Output Price Index of Construction Industries and the Producer Price Index published by the Australian Bureau of Statistics in order to determine whether any material movements in value have occurred since the last valuation date and is comfortable that the values stated in these financial statements approximate fair value.

Plant and equipmentPlant and equipment is held at fair value. When plant and equipment is specialised in use, such that it is rarely sold other than as part of a going concern, fair value is determined using the depreciated cost method.

There were no changes in valuation techniques throughout the period to 31 October 2014.


PAGE | 7 0

For assets measured at fair value, the current use is considered the highest and best use.

8e Reconciliation of Level 3 fair value

SPECIALISED LAND

SPECIALISED BUILDINGS

PLANT & EQUIPMENT

WATER INFRA-

STRUCTURE

SEWERAGE INFRA-

STRUCTURE

LAND MANAGEMENT

INFRA-STRUCTURE

ROADS & CAR PARKS

INFRA-STRUCTURE

SKI LIFT INFRA-

STRUCTURE

2014 $ $ $ $ $ $ $ $

Opening balance 584,000 6,586,225 935,201 1,541,400 531,620 351,579 2,037,760 2,453,852

Purchases - 22,727 65,020 - - 43,836 87,702 19,130

Disposals - - (1,793) - - - - -

Transfers in (out) of Level 3

- - - - - - - -

Depreciation - (257,317) (203,824) (37,900) (14,190) (37,930) (365,810) (128,980)

Impairment loss - - - - - - - -

Subtotal 584,000 6,351,635 794,604 1,503,500 517,430 357,485 1,759,652 2,344,002

Revaluation 64,240 - - - - - - -

Closing balance 648,240 6,351,635 794,604 1,503,500 517,430 357,485 1,759,652 2,344,002


PAGE | 7 1

8f Description of significant unobservable inputs to Level 3 valuations

VALUATION TECHNIQUE

SIGNIFICANT UNOBSERVABLE

INPUTS

RANGE (WEIGHTED AVERAGE)

SENSITIVITY OF FAIR VALUE MEASUREMENT TO CHANGES IN SIGNIFICANT UNOBSERVABLE INPUTS

Specialised land Market approach

Community Service Obligation (CSO) adjustment

20%A significant increase or decrease in the CSO adjustment would result in a significantly lower (higher) fair value

Specialised buildings

Depreciated replacement cost

Replacement cost per square metre

$1,700 – $3,600 /m2 ($3,205)

A significant increase or decrease in replacement cost per square metre adjustment would result in a significantly higher or lower fair value

Useful life of specialised buildings

10 – 60 years(55 years)

A significant increase or decrease in the estimated useful life of the asset would result in a significantly higher or lower valuation

Plant and equipment


Cost per unit$1,006 - $297,102

($8,030)

A significant increase or decrease in cost per unit would result in a significantly higher or lower fair value

Useful life of plant and equipment

2 - 20 years(5 years)


Infrastructure – Water


Cost per unit $33,000 - $413,600 ($147,018)


Useful life of the infrastructure



Infrastructure – Sewerage


Cost per unit $5,900 - $396,000 ($93,333)



30 - 80 years (48 years)


Infrastructure – Land management


Cost per unit$1,500 - $132,000

($23,868)





Infrastructure – Roads and car parks


Cost per unit$40,700 - $772,800

($216,526)





Infrastructure – Ski lift


Cost per unit $400 - $547,500 ($88,295)






PAGE | 7 2

Note 9: Intangible assets

TOTAL

Gross carrying amount 2014 $

2013 $

Opening balance - -

Additions from internal development – computer software 28,818 -

Closing balance 28,818 -

Accumulated depreciation (i)

Depreciation of intangible produced assets (4,917) -

Closing balance (4,917) -

Net book value at end of financial year 23,901 -

(i) The consumption of produced intangible assets is included in ‘depreciation’ line item on the Comprehensive Operating Statement.

Significant intangible assets

The Board has capitalised software development expenditure for the development of its Snowcore software. The carrying amount of the capitalised software development expenditure is $23,901. Its useful life is 3 years and will be fully amortised in 2017.

Note 10: Payables

Current 2014 $

2013 $

Contractual

Creditors 799,376 301,646

Accruals 211,724 174,282

Total contractual payables 1,011,100 475,928

Statutory

PAYG-withholding payable 18,090 30,467

Superannuation payable 17,353 22,151

GST payable 10,880 -

Payroll tax payable 20,537 -

Total statutory payables 66,860 52,618

Total payables 1,077,960 528,546


PAGE | 7 3

Note 11: Interest bearing liabilities

NOTE 2014 $

2013 $

Current

(i) Net finance lease liability 17 121,663 161,678

(ii) Borrowings 6,425 -

Total current borrowings 128,088 161,678

Non-current

(i) Net finance lease liability 17 142,345 270,132

Total non-current borrowings 142,345 270,132

Total interest bearing liabilities 270,433 431,810

(i) Secured by the assets leased. Finance leases are effectively secured as the rights to the leased assets revert to the lessor in the event of default.

(ii) Loan agreement on residual payment for an expired finance lease.


PAGE | 7 4

Note 12: Provisions

2014 $

2013 $

Current

Employee benefits

Annual Leave

Unconditional and expected to be wholly settled within 12 months 140,009 227,540

Long Service Leave

Unconditional and expected to be settled after 12 months 12,004 16,408

Total current employee benefits 152,013 243,948

Provisions related to employee benefits on-costs

Annual Leave

Unconditional and expected to be wholly settled within 12 months 21,492 38,682

Long Service Leave

Unconditional and expected to be settled after 12 months 9,246 2,789

Total current employee benefits on-costs 30,738 41,471

Total current provisions 182,751 285,419

Non-current

Employee benefits 50,564 11,076

Provisions related to employee benefit on-costs 2,134 1,883

Total non-current provisions 52,698 12,959

Total provisions 235,449 298,378

(a) Employee benefits and related on-costs

Current employee benefits

Annual leave entitlements (including leave loading) 119,627 187,462

Time in Lieu entitlements 20,383 40,079

Unconditional long service leave entitlements 12,004 16,408

Non-current employee benefits

Conditional long service leave entitlements 50,564 11,076

Total employee benefits 202,578 255,024

Current on-costs 30,737 41,471

Non-current on-costs 2,134 1,883

Total on-costs 32,871 43,354

Total employee benefits and related on-costs 235,449 298,378

(b) Movement in provisions (on-costs)

Opening balance 43,354

Additional provisions recognised 25,407

Reductions arising from payments/other sacrifices of future economic benefits (35,938)

Effect of change in discount rates 48

Closing balance 32,871

Current 29,268

Non-current 3,603

32,871


PAGE | 7 5

Note 13: Payables

2014 $

2013 $

Current

Lease revenue received in advance 8,333 8,333

8,333 8,333

Non-current

Lease revenue received in advance 49,437 57,769

49,437 57,769

Total revenue in advance 57,770 66,102

Note 14: Contributed capitalThe equity from the Alpine Resorts was allocated during 1998 by the Minister for Conservation and Land Management pursuant to section 59 of the Alpine Resorts (Management) Act 1997. The allocation received from the Alpine Resorts Commission included revenue and capital items. An amount of $4,066,078 represents the capital portion of the contribution received form the Alpine Resorts Commission as at 30 April 1998. This amount is included in the total contributed capital at 31 October 2014 of $5,423,702. Equity and movements in equity are summarised in the Statement of Changes in Equity. Pursuant to Financial Reporting Direction No 2A (FRD 119A Transfers through Contributed Capital) under the Financial Management Act 1994, the Board did not receive any contributed capital from DELWP during the reporting period (2013: $115,000).


PAGE | 7 6

Note 15: Cash flow information

Reconciliation of results to net cash inflow/(outflow) from operating activities 2014 $

2013 $

Net result (753,003) (402,646)

Non-cash movements

Depreciation 1,050,868 1,086,922

Loss/(gain) on disposal of non-financial physical assets 1,793 54,886

Other non-cash movements (20,000) -

Movements in assets and liabilities

Decrease/(Increase) in receivables (788,589) (59,091)

Decrease/(Increase) in inventories (3,934) (12,686)

Decrease/(Increase) in prepayments 25,051 (42,117)

Increase/(Decrease) in payables 549,414 149,178

Increase/(Decrease) in provisions (62,929) 4,982

Increase/(Decrease) in revenue received in advance (8,332) (8,333)

Net cash inflow/(outflow) from operating activities (9,661) 771,095

(i) Comprehensive result for the prior period has been restated (refer to Note 1 (aa)).

Note 16: Cash and cash equivalents

Current 2014 $

2013 $

Cash at year end, as shown in the Cash Flow Statement, is reconciled to the Balance Sheet as follows:

Cash held for Alpine Risk Mitigation Program 99,790 95,000

Operational funds 45,347 468,408

49,437 57,769

Total cash and cash equivalents 145,137 563,408


PAGE | 7 7

Note 17: Commitments2014

$2013

$RevenueOperating leases – Crown Land

For operating leases that are non-cancellable leases, the minimum lease payments are expected within the following periods:

- Not later than one year 31,322 39,165

- Later that one year but not later than five years 115,392 121,216

- Later than five years 373,516 399,014

520,230 559,395

2013 lease revenue receivable has been revised as the previously reported amount ($842,239) was overstated by $282,483 resulting from incorrect lease expiry dates being used in the calculations. This restatement has no impact on the Board’s comprehensive result and financial position.

Leasing powers are defined in Section 7 of the Alpine Resorts (Management) Act 1997. Lease terms of up to 99 years are permissible under this section. The Board also has the power to grant leases up to 21 years as a Committee of Management under the Crown Land (Reserves) Act 1978. New leases are granted on the basis that the rental will be negotiated at market value. All renewal of leases and/or variations of leases will be granted on the basis that the rental will be negotiated at market value.

Lease receivablesNew leases

The site holder shall pay to the Board by either of the following methods:

(a) Payment of the site value of the land as determined by valuation at the time of the execution of the lease as a single up-front payment; or

(b) An initial payment of the site holders interest (determined by valuation) and an ongoing annual market rent (determined by valuation) for the term of the lease.

Existing leasesRental of a lease shall be achieved by payment of market rent (determined by valuation) for the term of the lease.

Lease payablesOperating leasesCommitments in relation to non-cancellable operating leases contracted for at the reporting date but not recognised in the financial report as liabilities, payable:- Not later than one year 22,704 22,704- Later that one year but not later than five years 22,704 45,408Total 45,408 68,112

Finance leases(i) Commitments in relation to finance leases are payable as follows:

- Not later than one year 139,741 192,153- Later that one year but not later than five years 155,347 301,901Minimum Lease payments 295,088 494,054Less: Future finance charges (31,080) (62,244)Total 264,008 431,810Representing finance lease liabilities:Current 121,663 161,678Non-current 142,345 270,132Total 264,008 431,810

Commitment to expenditure(ii) Contractor fees

- Not later than one year 208,000 -Total 208,000 -

(i) Finance leases for equipment and motor vehicles (ii) Fees payable to commercial contractors


PAGE | 7 8

Note 18: SuperannuationSuperannuation contributions for the reporting period are included as part of the employee benefits in the Comprehensive Operating Statement.

The name and details of the employee defined contribution plans and contributions made by the Board are as follows:

CONTRIBUTION RATE PAID CONTRIBUTION FOR THE YEAR CONTRIBUTION OUTSTANDING AT YEAR END

Name of fund 2014 %

2014 $

2013 $

2014 $

2013 $

AMP Life 9.25 - 9.5 9,955 9,499 666 811

ANZ Bank 9.25 - 9.5 5,912 2,348 985 448

Assante Super Service 9.25 - 9.5 15,783 - 1,362 7,563

Australian Super 9.25 - 9.5 20,803 26,574 2,777 1,690

BT Super for Life 9.25 - 9.5 10,286 18,863 421 895

CARE Super 9.25 - 9.5 2,762 - 140 -

Cbus 9.25 - 9.5 4,749 7,471 273 465

CLUB PLUS 9.25 - 9.5 4,662 1,336 338 331

Colonial Super 9.25 - 9.5 4,382 10,554 309 1,192

First Super 9.25 - 9.5 3,469 3,905 123 177

HESTA 9.25 - 9.5 297 2,216 - -

HostPlus Super 9.25 - 9.5 21,443 34,189 1,420 1,840

LUCRF 9.25 - 9.5 - 1,324 - -

REST Super 9.25 - 9.5 5,738 9,852 152 445

SunSuper 9.25 - 9.5 5,154 5,664 249 498

SuperWrap 9.25 - 9.5 2,094 1,599 222 135

Tasplan 9.25 - 9.5 1,964 3,897 - 386

Telstra Super 9.25 - 9.5 5,094 5,099 876 375

VicSuper 9.25 - 9.5 47,467 85,192 5,818 4,431

Vision Super 9.25 - 9.5 - 2,347 - -

Other 9.25 - 9.5 4,000 4,465 1,222 469

Total 9.25 - 9.5 176,014 236,394 17,353 22,151

The requirements of the Superannuation Industry (Supervision) Act 1993 are fully complied with. Rate of Superannuation Contribution Guarantee increased from 9.25% to 9.50% effective July 2014.

Note 19: Contingent assets and liabilitiesAt balance date the Board had no contingent assets or liabilities. (2013: $nil).

Note 20: Capital commitmentsAt balance date the Board had no capital commitments. (2013: $nil).


PAGE | 7 9

Note 21: Responsible persons related disclosures

(a) Responsible persons

The names of the persons who were responsible persons at any time during the financial year are:

FROM TO

Responsible Minister

The Hon. Ryan James Smith MP, Minister for Environment & Climate Change 1 Nov 2013 31 Oct 2014

Board Members

Ms Vicky Papachristos (Chairperson) 1 Nov 2013 31 Oct 2014

Mr Randall Cohen (Deputy Chair) 1 Nov 2013 31 Oct 2014

Mr Wally Tabensky 1 Nov 2013 27 Oct 2014

Ms Jacqueline McLeod 1 Nov 2013 27 Oct 2014

Mr Benjamin Dunlop 1 Nov 2013 31 Oct 2014

Accountable Officers

Mr Stuart Ord – AO/CEO 1 Nov 2013 24 Aug 2014

Mr Craig Jensz – AO/CFAO 1 Jun 2014 31 Oct 2014

(b) Remuneration

The number of Responsible Persons whose remuneration from the Board was within the specified bands are as follows:

2014 2013

$0 to $9,999 3 6

$10,000 to $19,999 3 -

$200,000 to $209,999 - 1

$220,000 to $229,999 1 -

Total 7 7

$ $

The remuneration received or due and receivable by the responsible persons in connection with the management of the resort during the reporting period was: 285,638 249,928

The relevant amounts relating to the Minister are reported separately in the Department of Premier and Cabinet’s Financial Statements.


PAGE | 8 0

(c) Executive remuneration

There were 2 executive officers whose remuneration, including termination payments, from the Board exceeded $100,000. This excludes the remuneration of the Accountable Officers in Note 21(b).

TOTAL REMUNERATION BASE REMUNERATION

2014 2013 2014 2013

Income band No. No. No. No.

$110,000 to $119,999 - 1 2 1

$120,000 to $129,999 2 1 - 1

Total 2 2 2 2

Annualised employee equivalent 2 2 2 2

Total remuneration $247,381 $245,586 $226,288 $245,586

(i) Annualised full time equivalent is based on paid working hours of 38 ordinary hours per week over 52 weeks for a reporting period.

(d) Other transactions

The number of contractors charged with significant management responsibilities is disclosed within the $10,000 expense band. These contractors are responsible for planning, directing, controlling, and/or reporting upon, whether directly or indirectly, a significant proportion of the Board’s activities

TOTAL EXPENSES (GST-exclusive)

2014 2013

$120,000 to $129,999 1 -

$1,190,000 to $1,199,999 1 -

Total 2 -

Total amount $1,321,294 -


PAGE | 8 1

Note 22: Financial instrumentsThe Board’s principal financial instruments comprise;

• Cash and cash equivalents;

• Receivables (excluding statutory receivables);

• Payables (excluding statutory payables); and

• Borrowings.

Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement, and the basis on which income and expenses are recognised, with respect to each class of financial asset and financial liability above are disclosed in Note 1 to the financial statements.

The main purpose in holding financial instruments is to prudently manage the Board’s financial operations.

The carrying amounts of the Board’s contractual financial assets and liabilities by category are in the table below.

NOTE CATEGORY 2014 $

2013 $

Contractual financial assets

Cash and deposits 16 Cash and cash equivalents 145,137 563,408

Receivables:

Debtors 5 Receivables at amortised cost 956,436 155,386

Sundry debtors 5 Receivables at amortised cost 1,086 1,401

Total contractual financial assets 1,102,659 720,195

Contractual financial liabilities

Payables:

Creditors 10 Financial liabilities at amortised cost 799,376 301,646

Borrowings:

Finance lease liabilities 11 Financial liabilities at amortised cost 264,008 431,810

Loans 11 Financial liabilities at amortised cost 6,425 -

Total contractual financial liabilities 1,069,809 733,456

(i) The total amounts disclosed here exclude statutory amounts (e.g. amounts owing from the Victorian Government and GST input tax credits recoverable, and taxes payable).


PAGE | 8 2

Net holding gain/(loss) on financial instruments by category

2014 $

2013 $

Contractual financial assets

Financial assets – cash and cash equivalents

Interest on cash and deposits 5,400 5,050

Financial assets – receivables

Impairment loss (3,907) -

Total contractual financial assets 1,493 5,050

Contractual financial liabilities

Financial liabilities at amortised cost:

Interest on finance lease liabilities 29,864 42,344

Total contractual financial liabilities 29,864 42,344

(a) Credit risk exposure

Credit risk arises from the contractual financial assets of the Board, which comprise cash and cash equivalents and receivables. The Board’s exposure to credit risk arises from the potential default of counter party on their contractual obligations resulting in financial loss to the Board. Credit risk is measured at fair value and is monitored on a regular basis.

As at the reporting date, there is no event to indicate that any of the financial assets were impaired.

There are no financial assets that have had their terms renegotiated so as to prevent them from being past due or impaired, and they are stated at the carrying amounts as indicated. The following table discloses the ageing only of contractual financial assets that are past due but not impaired:

CARRYINGAMOUNT

NOT PAST DUE AND NOT

IMPAIRED

PAST DUE BUT NOT IMPAIRED

LESS THAN 1 MONTH 1-3 MONTHS 3 MONTHS

- 1 YEAR 1-5 YEARS

$ $ $ $ $ $

2014 Receivables:

Debtors 956,436 862,769 768 5,108 87,791 -

Sundry debtors 1,086 - - - 1,086 -

Total 957,522 862,769 768 5,108 88,877 -

2013 Receivables:

Debtors 155,386 56,565 40,108 23,470 35,243 -

Sundry debtors 1,401 - - - 1,401 -

Total 156,787 56,565 40,108 23,470 36,644 -


PAGE | 8 3

(b) Liquidity risk

Liquidity risk arises when the Board is unable to meet its financial obligations as they fall due. The Board operates under the Government fair policy of settling financial obligations within 30 days and in the event of a dispute, will make payment within 30 days from the date of resolution. The Board’s maximum exposure to liquidity risk is the carrying amounts of financial liabilities as disclosed in the face of the balance sheet. The Board manages its liquidity risk by close monitoring of its financial liabilities based on forecasts of future cash flows.

As indicated in Note 24, the Board is dependent on the Victorian State government to ensure it can meet its obligations as and when they fall due. In this respect, the Board works closely with Department of Environment, Land, Water and Planning to ensure support payments are received in a timely manner for it to meet its financial obligations.

The following table discloses the contractual maturity analysis for the Board’s contractual financial liabilities.

CARRYINGAMOUNT

NOMINALAMOUNT

MATURITY DATES

LESS THAN 1 MONTH 1-3 MONTHS 3 MONTHS

- 1 YEAR 1-5 YEARS

$ $ $ $ $ $

2014 Payables:

Creditors 799,376 799,376 482,873 315,278 1,225 -

Total 957,522 862,769 768 5,108 88,877 -

2014 Borrowings:

Finance lease liabilities 264,008 264,008 10,320 31,420 81,733 140,535

Loans 6,425 6,425 890 2,725 2,810 -

Total 1,069,809 1,069,809 494,083 349,423 85,768 140,535

2013 Payables:

Creditors 301,646 301,646 210,981 90,665 - -

Total 957,522 862,769 768 5,108 88,877 -

2013 Borrowings:

Finance lease liabilities 431,810 431,810 13,473 26,946 121,259 270,132

Total 733,456 733,456 224,454 117,611 121,259 270,132


PAGE | 8 4

(c) Market risk The Board’s exposure to market risk is limited with almost no exposure to foreign currency

or other price risks.

Interest rate risk Exposure to interest rate risk is insignificant and might arise primarily through the

Board’s cash and deposits and finance lease liabilities. Minimisation of risk is achieved by mainly undertaking fixed rate or non-interest bearing financial instruments. Financial liabilities comprise of finance leases at fixed interest rates.

The table below reflects the Board’s interest rate exposure on financial instruments.

WEIGHTEDAVERAGE

INTEREST RATE

CARRYINGAMOUNT

INTEREST RATE EXPOSURE

FIXED INTEREST VARIABLE INTEREST RATE

NON-INTEREST BEARING

% $ $ $ $

2014 Contractual financial assets

Financial assets

Cash and deposits 1.4% 145,137 - 99,790 45,347

Debtors 957,522 - - 957,522

Total financial assets 1,102,659 - 99,790 1,002,869

Financial liabilities

Creditors 799,376 - - 799,376

Finance lease liabilities 8.2% 264,008 264,008 - -

Loans 13.5% 6,425 6,425 - -

Total financial liabilities 1,069,809 270,433 - 799,376

2013 Contractual financial assets

Financial assets

Cash and deposits 1.8% 563,408 - 95,000 468,408

Debtors 156,787 - - 156,787

Total financial assets 720,195 - 95,000 625,195

Financial liabilities

Creditors 301,646 - - 301,646

Finance lease liabilities 8.6% 431,810 431,810 - -

Total financial liabilities 733,456 431,810 - 301,646

Sensitivity disclosure analysis and assumptions The Board’s sensitivity to market risk is determined based on the observed range of

actual historical data for the preceding five year period, with all variables other than the primary risk variable held constant. The Board cannot be expected to predict movements in market rates and prices. Sensitivity analyses shown are for illustrative purposes only. A movement of 100 basis points up and down (2013: 100 basis points up and down) in market interest rates (AUD) is ‘reasonably possible’ over the next 12 months. The following table shows the impact on the Board’s net result and equity for each category of financial instrument held by the Board at the end of the reporting period as presented to key management personnel, if the above movement were to occur.


PAGE | 8 5

(d) Interest rate risk

CARRYINGAMOUNT

INTEREST RATE EXPOSURE

-1% +1%

NET RESULT EQUITY NET RESULT EQUITY

$ $ $ $ $

2014 Financial assets

Cash 99,790 (998) (998) 998 998

2014 Financial liabilities

Total 99,790 (998) (998) 998 998

2013 Payables:

Creditors 301,646 210,981 90,665 - -

Total 957,522 768 5,108 88,877 -

2013 Financial assets

Cash 95,000 (950) (950) 950 950

2013 Financial liabilities

Total 95,000 (950) (950) 950 950

(d) Fair value

The carrying amounts of financial assets and financial liabilities recognised at the balance date, consisting of cash, receivable, payables, finance lease liabilities and borrowings, represent fair value because of the short-term nature of the financial instruments and the expectation that they will be paid in full.

Note 23: Remuneration of auditors

2014 $

2013 $

Audit fees paid or payable to the Victorian Auditor General’s Office for the audit of the Board’s financial reports. 21,695 22,200

Note 24: Economic dependencyThe Board is dependent on the continued financial support of the State Government and in particular, the DELWP which has confirmed that it will continue to provide the Board adequate cash flow support to meet its current and future obligations as and when they fall due for a period up to 30 April 2016. Accordingly these financial statements have been prepared on a going concern basis.

Note 25: Ex-gratia expensesThere was no ex-gratia payments made during the 2013/14 financial year (2012/13: $nil).


PAGE | 8 6

Note 26: Events occurring after reporting dateThe Victorian State election was held 29 November 2014. Consequently new Minister For Environment, Climate Change and Water, the Honourable Lisa Mary Neville MP, was appointed by the Governor of the State of Victoria on 4 December 2014.

The Governor in Council also made an order on the same date, under section 10 of the Public Administration Act 2004, to change the name of the portfolio department that Mt Baw Baw Alpine Resort Management Board fall under, from the Department of Environment and Primary Industries to the Department of Environment, Land, Water and Planning (DELWP).

$850,000 of operational funding that related to the 2014 financial year was subsequently received from DELWP after balance date, resulting in the higher than normal creditors balances at 31 October 2014. Financial obligations in excess of 30 days were paid once funding was received in November 2014.


PAGE | 8 7

DISCLOSURE INDEX

The annual report of the Board is prepared in accordance with all relevant Victorian legislation. This index has been prepared to facilitate identification of the Board’s compliance with statutory disclosure requirements.

LEGISLATION REQUIREMENT PAGE REFERENCE

MINISTERIAL DIRECTIONS

Report of operations

Charter and purpose

FRD 22E Manner of establishment and the relevant Ministers 5

FRD 22E Objectives, functions, powers and duties 22

FRD 22E Nature and range of services provided 27

Financial information

FRD 22E Operational and budgetary objectives 8-12

FRD 22E Summary of financial results 13-14

FRD 22E Major changes or factors affecting performance 13-14

FRD 22E Subsequent events 13

FRD 22E Significant changes in financial position during the year 13

SD4.2(a) Statement of changes in equity 42

SD4.2(b) Operating statement 40

SD4.2(b) Balance sheet 41

SD4.2(b) Cash flow statement 43

SD4.2(c) Accountable Officer’s declaration 1

Governance and organisational structure

FRD 22E Organisational structure 21

FRD 22E Occupational health and safety policy 10, 28

FRD 22E Employment and conduct principles 28

FRD 29 Workforce Data disclosures 28, 29

FRD 15B Executive officer disclosures 30, 31

OTHER INFORMATIONFRD 10 Disclosure index 87, 88

FRD 22E Details of consultancies in excess $10,000 31, 32

FRD 22E Details of consultancies under $10,000 32

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LEGISLATION REQUIREMENT PAGE REFERENCE

OTHER INFORMATIONFRD 12A Disclosure of major contracts 32

FRD 22E Application and operation of Freedom of Information Act 1982 32

FRD 22E Compliance with building and maintenance provisions of Building Act 1993 33

FRD 22E Statement on National Competition Policy 33

FRD 22E Application and operation of the Protected Disclosures Act 2012 33

FRD 22E Statement of availability of other information 35

SD 4.5.5 Risk management compliance attestation 36

FRD 22E Summary of environmental performance 35

FRD 25B Victorian Industry Participation Policy disclosures 31

FRD 22E Disclosure of government advertising expenditure 13

MRO Compliance with VicData access policy 34

PC2012/02 Gifts, benefits and hospitality attestation 36

SD 4.5.5.1 Insurance attestation 36

SD 4.2(g)General information requirements Entire

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LEGISLATION

Alpine Resorts (Management) Act 1997 5, 22, 23

Freedom of Information Act 1982 32, 35

Building Act 1993 33

Protected Disclosure Act 2012 33, 34

Victorian Industry Participation Policy Act 2003 31

Financial Management Act 1994 37

DISCLOSURE INDEX continued

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CONTACT INFORMATIONMt Baw Baw Alpine Resort Management Board PO Box 117, Rawson VIC

T. 03 5165 1136F. 03 5165 1125E. [email protected]

2014 Mt Baw Baw Alpine Resort - Parliament of Victoria · Bay and Westernport Bay l A variety of...

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