2007 Annual report (PDF 8.1 Mb) - University of Melbourne

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NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007 NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) In order to provide further information on the University, a detailed Income Statement, Balance Sheet and Cash Flow Statement (see Notes 46, 47 and 48) have been prepared in columnar form. The activities and entities that make up the University and Consolidated information are as follows: University (1) University General Activities A summary of the University’s Teaching, Research and Administrative activities. (2) University Trust Activities A summary of University activities supported by funds derived from endowments and bequests and income earned thereon. A major part of trust monies is received for, and can only be applied to, restricted purposes. For this reason Trust Funds are separately identified. (3) University Auxiliary Operations A summary of the activities of the University’s Auxiliary Operations Group which encompasses the University’s semi-independent enterprises who operate on a commercial basis in support of core University activities. This group comprises the following organisations: Child Care Services Halls of Residence: - International House - Kendall Hall - Medley Hall Melbourne Theatre Company Melbourne University Bookshop Sport and Physical Recreation Centre The Ian Potter Museum of Art Veterinary Clinic and Hospital (4) University [being the aggregation of (1), (2) and (3)] (5) Subsidiaries The subsidiaries of the University are: Australian International Health Institute Ltd ACN 084 268 655 Australian Music Examinations Board (Vic) Ltd ACN 050 464 634 Australian National Academy of Music Ltd ACN 067 405 190 and its subsidiary: - ANAM Foundation Ltd ACN 110 698 550 UMEE Ltd ACN 081 182 685 and its subsidiaries: - Melbourne Enterprises International Ltd ACN 073 950 062 * - MUP Services Pty Ltd ACN 082 978 578 * - MU Private (NZ) Ltd - Melbourne Information Management Pty Ltd ACN 087 644 595* - UMEE UK Ltd (formerly Hawthorn Edinburgh Ltd) * - Hawthorn English Language Centres (Canada) Ltd * - Melbourne Ventures Pty Ltd ACN 106 845 783 and its subsidiary: ** - UM Commercialisation Pty Ltd ACN 122 930 269 Melbourne Business School Ltd ACN 007 268 233 and its subsidiaries: - The Melbourne Business School Foundation - The Melbourne Business School Foundation Ltd ACN 057 776 711 - Mt Eliza Graduate School of Business and Government Limited ACN 008 394 732 - Melbourne Business School Building Fund (Ceased operations 30 June 2007) Melbourne University Publishing Ltd ACN 103 214 713 MU Student Union Ltd ACN 107 286 706
FINANCIAL STATEMENTS NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) The Meanjin Company Ltd ACN 005 097 325 The Victorian Institute for Chemical Sciences Limited ACN 107 013 936 *** * Not Operational during the year. ** On 30 June 2007, the shares held by the University in Melbourne Ventures Pty Ltd were sold to UMEE Ltd, a subsidiary of the University. From this date Melbourne Ventures Pty Ltd became a subsidiary of UMEE Ltd. *** The Victorian Institute for Chemical Sciences Limited (VICS) operated on a June financial year-end until 30 June 2006. In March 2007, the Board of VICS approved the change of the financial year to a December year-end in order to align its reporting to the University. The results for VICS included within the Financial Report relate to an eighteen month period from 1 July 2006 to 31 December 2007. The companies listed, with exception of the overseas subsidiaries in UMEE Ltd, are all incorporated in the State of Victoria. The University has more than 50% of the voting rights in each of these companies with the exception of Melbourne Business School Ltd (45%) and the Victorian Institute for Chemical Sciences Limited (33%). These companies are deemed to be subsidiaries for the purpose of this report. In accordance with AASB 127 Consolidated and Separate Financial Statements the financial statements of each of the above subsidiaries have been included in the Consolidated Statements. However, summary information is provided in Notes 42 and 43. Integration of the Victorian College of the Arts On 29 August 2006, the Victorian Governor in Council assented to the Melbourne University (Victorian College of the Arts) Act 2006, which enacted the integration of the Victorian College of the Arts (VCA) as a faculty of the University of Melbourne with effect from 1 January 2007. Prior to this date, the VCA was treated as a subsidiary of the University. The legislation was gazetted and proclaimed on 31 August 2006. As a result, all assets and liabilities of the Victorian College of the Arts (VCA) were assumed by the University from 1 January 2007, and the VCA ceased to exist as a separate reporting entity from that date. Further details about the integration are included in Note 40 to the Financial Statements. 1.3 Foreign Currency Translation (i) Functional and Presentational Currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Australian dollars, which is the University’s functional and presentational currency. (ii) (iii) Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions are recognised in the Income Statement. Transactions in foreign currencies which are carried out by the library for book purchases are converted to Australian currency at the rate of exchange on the date on which the currency is purchased. The University hedges its foreign currency exposure in respect of major purchases of equipment from overseas countries. At the reporting date there were no such hedges in place (2006, Nil). Group Companies The assets and liabilities of overseas subsidiaries are translated at year-end rates and operating results are translated at the rates ruling at the date of transactions. 1.4 Income Recognition Income is measured at the fair value of the consideration received or receivable. Income is recognised for the major business activities as follows: (i) Government Financial Assistance Government grants are recognised at their fair value when there is reasonable assurance that the grant will be received and the Group has complied with the attached conditions. Such grants are treated as non-reciprocal transfers in accordance with AASB 1004 Contributions. (ii) (iii) (iv) Government grants which have outstanding performance or return conditions are recognised in accordance with AASB 118 Revenue with reference to the percentage of completion method. Australian Government Research Project income is recognised in accordance with this standard. The stage of completion is measured by reference to total expenditure incurred to date compared with the funding provided. The University regards the receipt of such income as a reciprocal transfer as the University is required to provide the necessary services in return for grant funding. A liability is recognised in the Balance Sheet in respect of Research Project Income which is unearned at the balance date. AASB 118 Revenue requires revenue to be recognised in the reporting periods in which the services are rendered. Fees and Charges Fee for service revenue is recognised upon the delivery of the service. Where revenue of a reciprocal nature has been clearly received in respect of programs or services to be delivered in the following year, such amounts are deferred and disclosed as revenue in advance in accordance with AASB 118 Revenue. Investment Income Dividends are taken into income when the shares are declared ex dividend. Interest income is recognised on an accruals basis taking into account the interest rates applicable to the financial assets. Other Income from the sale of goods is recognised upon the delivery of goods to customers. Income in the form of endowments and bequests is brought to account as revenue when received. All income is stated net of Goods and Services Tax (GST). The University of Melbourne Annual Report 2007 101
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ANNUAL REPORT07 A TRADITION OF INNO
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Chancellor’s Letter Chancellor’
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COUNCIL Members of Council and the
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SENIOR OFFICERS Senior Officers Pre
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HIGHLIGHTS Knowledge Transfer > Ina
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INTRODUCTION And OVERVIEW Introduct
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INTRODUCTION And OVERVIEW In 2007 M
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INTRODUCTION And OVERVIEW Lady Sout
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QUALITY PeoPLE Academic and Profess
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QUALITY PeoPLE HIGH ACHIEVING STAFF
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QUALITY PeoPLE HIGH ACHIEVING STUDE
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SECTION HEADING APPEARS HERE Perfor
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RESEARCH & ReseARCH TRAINING Resear
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RESEARCH & ReseARCH TRAINING reduci
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LEARNING & teACHING In 2006 the Uni
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LEARNING & teACHING Quality of Teac
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LEARNING & teACHING > Review the su
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Sally Firth Single mother of three
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LEARNING & teACHING undergraduate s
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KNOWLEDGE TRANSFER Internationally
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KNOWLEDGE TRANSFER supports ethical
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FINANCIAL STATEMENTS NOTE 49: AQUIT
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FINANCIAL STATEMENTS THE UNIVERSITY
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Compliance Index to Disclosure Requ
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USEFUL WEBSITES Vice-Chancellor’s
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NOTES
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WWW.UNIMELB.EDU.AU THE UNIVERSITY O
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