Dear Members
$1.5 million Future Fund
In conjunction with the release of its Annual Accounts, Snow Australia is pleased to announce the establishment of a $1.5 million Future Fund Reserve from an allocation of its retained earnings.
Symbolically, the Reserve combines the Snow Australia Foundation provision with the tangible reserves arising from the successful merger with NSW Snowsports and Snowsports ACT and augmented by an allocation from this year’s strong result.
The Future Fund Reserve will support the future needs of our sport, both infrastructure and operational. This includes a continued commitment to the establishment of a Foundation, investment in sport-related infrastructure and investment to attract matched funding and targeted sport grants.
As a step in establishing the Future Fund Reserve, the provision for the Foundation of $700,000 is to be reflected in the Accounts as a Reserve rather than as a Liability. Accounting Standards require this change be passed through the profit and loss statement. This results in a one-off and significant increase in reported profit for the year. The reported net income for the year of $302,349 is more representative of Snow Australia’s financial result for the period. This is higher than normal because of the savings from cancellation of programmes due to Covid-19. These savings will be reinvested into the sport via the Future Fund Reserve.
As our worlds return to normal, Snow Australia looks forward with optimism and welcomes the renewed opportunity to support young athletes and develop champions.
Dean Gosper
President