annual report/2006 - University of Melbourne

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Notes to and forming part of the Financial Statements An arrangement exists between the Australian Government and the State Government to meet the unfunded liability for the University’s beneficiaries of the State Superannuation Schemes on an emerging cost basis. This arrangement is evidenced by the State Grants (General Revenue) Amendment Act 1987, Higher Education Funding Act 1988 and subsequent amending legislation. Accordingly the unfunded liabilities have been recognised in the Balance Sheet under Provisions, with a corresponding asset recognised under Receivables. The recognition of both the asset and the liability consequently does not affect the year end net asset position of the University and its subsidiaries. 1.16 Goods and Services Tax (GST) Income, expenses and assets are recognised net of the amount of Goods and Services Tax (GST), except where the amount of GST incurred is not recoverable from the taxation authority. In these circumstances, the GST is recognised as part of the cost of the acquisition of the asset or as part of the expense. Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the Australian Taxation Office (ATO) is included as a current asset or liability 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 ATO, are presented as operating cash flows. 1.17 Leases (i) Operating Leases as Lessee The University leases certain land and buildings. Leases where the lessor retains substantially all the risks and benefits of ownership of the asset are classified as operating leases. Payments made under operating leases are charged to the Income Statement on a straight-line basis over the period of the lease. (ii) Operating Leases as Lessor Lease income from operating leases is recognised in the Income Statement on a straight-line basis over the lease term. (iii) Finance Leases Leases of property, plant and equipment where the Group has substantially all the risks and rewards of ownership are classified as finance leases. The assets acquired by way of a finance lease are stated at an amount equal to the lower of their fair value and the present value of the minimum lease payments at inception of the lease, less accumulated depreciation and impairment losses. Interest charged on finance leases is charged to the Income Statement on a straight-line basis over the lease term. 1.18 Comparatives When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. Such changes are disclosed in accordance with AASB 101 Presentation of Financial Statements. 1.19 Rounding All amounts shown in the financial statements are expressed by reference to the nearest thousand dollars unless otherwise specified. 1.20 Changes in Accounting Policy In 2006, the University changed its accounting policy in relation to the allocation and classification of employee benefits. Previously, the amount expected to be settled as long service leave in the following year was disclosed as a current liability and recorded at nominal value. The remaining balance of the provision (i.e. the portion not expected to be paid in the following year) was disclosed as non-current liability and recorded at present value. Under the new policy, as described in Note 1.15, the current portion of the liability now includes all amounts to which the University’s employees are presently entitled. The change in policy was applied retrospectively to the year ended 31 December 2005 in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors. The change was deemed not to materially affect the overall balance of the provision for the year and is therefore only a reclassification of existing balances. The impact of the change resulted in an increase to consolidated current liabilities at 31 December 2005 of $52.447 million (University $52.423 million) There were no other changes to accounting policies during the year ended 31 December 2006. 104 The University of Melbourne Annual Report 2006
financial statements/ Notes to and forming part of the Financial Statements Note 2 Australian Government Financial Assistance Including HECS-HELP And Other Australian Government Loan Programmes (a) Commonwealth Grants Scheme and Other Grants 49.1 CONSOLIDATED UNIVERSITY 2006 2005 2006 2005 NOTES $’000 $’000 $’000 $’000 Commonwealth Grants Scheme # 158,555 149,753 158,555 149,753 Indigenous Support Fund 905 728 905 728 Equity Programmes + 494 524 494 524 Workplace Reform Programme 2,082 2,044 2,082 2,044 Workplace Productivity Programme 1,500 - 1,500 - Learning and Teaching Performance Fund 9,853 - 9,853 - Capital Development Pool 583 - 583 - Superannuation Programme 7,029 7,107 7,029 7,107 Collaboration & Structural Reform Programme 208 - 208 - Total Commonwealth Grants Scheme and Other Grants 181,209 160,156 181,209 160,156 (b) Higher Education Loan Programmes 49.2 HECS-HELP 75,655 70,445 75,655 70,445 FEE-HELP * 28,171 24,120 27,076 23,285 Total Higher Education Loan Programmes 103,826 94,565 102,731 93,730 (c) Scholarships 49.3 Australian Postgraduate Awards 10,560 10,827 10,560 10,827 International Postgraduate Research Scholarship 2,388 2,275 2,388 2,275 Commonwealth Education Costs Scholarships 786 474 786 474 Commonwealth Accommodation Scholarships 1,365 952 1,365 952 Total Scholarships 15,099 14,528 15,099 14,528 (d) DEST - Research 49.4 Institutional Grants Scheme 33,985 32,772 33,985 32,772 Research Training Scheme 59,907 56,851 59,907 56,851 Systemic Infrastructure Initiative 2,016 2,355 2,016 2,355 Research Infrastructure Block Grants 26,052 25,038 26,052 25,038 Total DEST - Research Grants 121,960 117,016 121,960 117,016 # Includes the basic Commonwealth Grants Scheme (CGS), CGS-Regional Loading and CGS-Enabling Loading. + Includes amounts for Higher Education Equity Support Programme and Students with Disabilities Programme. * For 2005, FEE-HELP would include the Postgraduate Education Loans Scheme (PELS) and the Bridging for Overseas Trained Professionals Loan Scheme (BOTPLS). The University of Melbourne Annual Report 2006 105
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growing in the esteem of future gen
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Melbourne has set itself the diffic
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Letter to the Minister The Hon Jaci
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senior officers/ President, Academi
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highlights/ knowledge transfer/ •
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“ Melbourne has a great education
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introduction and overview/ Five-Yea
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quality people/ High-Achieving Stud
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Design and artwork by B&B Design Au
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annual report/2006 - University of Melbourne

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