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

NOTES TO AND FORMING PART OF THE
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
NOTE 40: INVESTMENTS IN SUBSIDIARIES
The current subsidiaries of the Group are outlined below. Other than the entities listed below, there were no changes to ownership during
the year.
Name of Entity Principal Activities Country of
Incorporation
Australian International
Health Institute (University of
Melbourne) Ltd
Australian Music Examinations
Board (Victoria) Limited
Australian National Academy
of Music
The Meanjin Company Limited
Melbourne Business School
Limited Group
Melbourne University
Publishing Limited
MU Student Union Ltd
UMEE Ltd
The Victorian Institute for
Chemical Sciences Limited *
Undertake and provide research, development,
education, training, consultancy and other activities
in regard to medical and related areas.
Provides a system of graded examinations in relation
to music and speech in Victoria and overseas.
Provide a national centre of excellence with practical
music education and training.
The publication, promotion and distribution of the
quarterly journal “Meanjin”.
Australia
Australia
Australia
Australia
Class of
Shares
Fully Paid
Ordinary
Shares
Company
Limited by
Guarantee
Company
Limited by
Guarantee
Company
Limited by
Guarantee
Provision of educational services. Australia Company
Limited by
Guarantee
To publish the best scholarly writing from Australia
and Overseas, both within and independent of the
tertiary sector.
Provision of amenities, services and facilities for the
benefit of students.
Commercialisation of educational services of the
University of Melbourne and the provision of English
Language teaching.
Australia
Australia
Australia
Company
Limited by
Guarantee
Company
Limited by
Guarantee
Fully Paid
Ordinary
Shares
Provide teaching and research in chemical sciences. Australia Company
Limited by
Guarantee
Ownership
Interest
100%
* The University of Melbourne, Monash University and RMIT are all equal members of the Victorian Institute for Chemical Sciences
Limited. Under the terms of the Funding Agreement with the State Government, the University of Melbourne has financial responsibility for
the company, and it is therefore considered to have control.
100%
75%
100%
45%
100%
100%
100%
33%
Changes to Ownership during the year
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 a subsidiary of the University. The legislation was gazetted and proclaimed on 31 August 2006. As a
result, all assets and liabilities of the VCA were assumed by the University from 1 January 2007, and the VCA ceased to exist as a separate
reporting entity from that date.
The integration of the VCA has been accounted for as a business combination involving entities under common control, in accordance with
AASB 3 Business combinations. The purchase method of accounting was used to account for the integration. Cost was measured as the
fair value of the assets given, or liabilities assumed at the date of exchange.
As the fair value of the VCA’s identifiable net assets at 1 January 2007 exceeded the cost of integration, the University (parent entity) has
recorded $103.9 million (representing the net asset position of the VCA at the date of transfer) as a gain in the Income Statement. At the
consolidated level, the gain recognised on transition has been eliminated.
Melbourne Ventures Pty Ltd
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, for
$401,000, reflecting the value of the shares at that date. From that date, Melbourne Ventures Pty Ltd became a subsidiary of UMEE Ltd.