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 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.
FINANCIAL STATEMENTS NOTE 41: SUMMARY OF NET RESULT FOR EACH CONSOLIDATED ENTITY Net Result AFTER Income Tax 2007 2006 $’000 $’000 University General - Profit / (Loss) from Continuing Operations 70,262 67,702 Trust Funds 9,508 15,513 Auxiliary Operations: Child Care Services (81) (11) Halls of Residence: - International House (242) 14 - Kendall Hall 52 53 - Medley Hall - (77) Melbourne Theatre Company 175 628 Melbourne University Bookshop 604 722 Sport and Physical Recreation Centre (260) 41 The Ian Potter Museum of Art 234 239 Veterinary Clinic and Hospital (511) (675) Adjustments on Consolidation for Differences in Accounting Policies (282) 282 Subtotal University 79,459 84,431 Subsidiaries Australian International Health Institute (University of Melbourne) Limited (157) 76 Australian Music Examinations Board (Victoria) Limited 276 219 Australian National Academy of Music Limited 14 73 Meanjin Company Limited 38 33 Melbourne Business School Limited Group 16,242 1,310 Melbourne University Publishing Limited (195) 2,366 Melbourne Ventures Pty Ltd * - (1) MU Student Union Ltd (495) 1,509 The Victorian Institute for Chemical Sciences Limited ** (1,320) - UMEE Ltd Group 251 (888) Victorian College of the Arts *** - 588 Subtotal Subsidiaries 14,654 5,285 Adjustments on Consolidation for Differences in Accounting Policies 2,133 291 Total 96,246 90,007 * 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. *** Included in the Victorian College of the Arts 2006 net operating result is a $5.0 million contribution from the University of Melbourne. The Victorian College of the Arts became a faculty of the University of Melbourne with effect from 1 January 2007, as such the VCA ceased to exist as a separate reporting entity from that date. Refer to Note 40 for further details. The University of Melbourne Annual Report 2007 139
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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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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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KNOWLEDGE TRANSFER Internationally
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KNOWLEDGE TRANSFER supports ethical
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KNOWLEDGE TRANSFER of the Universit
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INTERNATIONAL ENGAGEMENT cooperatio
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INTERNATIONAL ENGAGEMENT and engage
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BINDING THE stRANDS TOGETHER The Le
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BINDING THE stRANDS TOGETHER 2007 s
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BINDING THE stRANDS TOGETHER Refurb
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BINDING THE stRANDS TOGETHER $18 mi
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BINDING THE stRANDS TOGETHER Melbou
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UNIVERSITY goVERNANCE University Go
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UNIVERSITY goVERNANCE ACADEMIC & RE
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UNIVERSITY goVERNANCE Music Dean Pr
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STATUTORY REPORTIng TABLE 1 Objecti
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STATUTORY REPORTIng Policy and Comm
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STATUTORY REPORTIng The University
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STATUTORY REPORTIng NeuroSciences V
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Page 155: FINANCIAL STATEMENTS THE UNIVERSITY
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Page 164: WWW.UNIMELB.EDU.AU THE UNIVERSITY O
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2007 Annual report (PDF 8.1 Mb) - University of Melbourne

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