annual report/2006 - University of Melbourne

Notes to and forming part of the Financial Statements
Note 44 Events Occurring after Reporting Date
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. This 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.
There are no other matters or circumstances that have arisen since the end of the financial year that have affected or may
subsequently affect the financial position of the University or its subsidiaries.
Note 45 Notes to the Statement of Cash Flows
(a) Reconciliation of Cash
CONSOLIDATED
UNIVERSITY
2006 2005 2006 2005
$’000 $’000 $’000 $’000
Cash/(Overdraft) 50,496 62,934 36,320 50,651
Petty Cash Floats 201 185 174 175
Deposits at Call/Term Deposits 6,613 857 - -
Bank Bills (maturity < than 90 days) 11,125 8,600 - -
68,435 72,576 36,494 50,826
(b) Reconciliation of Operating Result from
Continuing Operations after Income Tax to
Net Cash from Operating Activities
Operating Result from Continuing Operations after Related
Income Tax Expense 90,007 76,990 84,431 76,095
Add/(Less) Non-Cash Flows in Net Profit/(Loss)
Depreciation and Amortisation 75,362 75,959 68,628 68,598
Impairment Losses 4,970 17,617 7,970 15,339
Net Transfers Received Free of Charge (189) (9,336) - (9,336)
Bad and Doubtful Debts 680 1,300 506 1,264
Revaluation Gains on Other Financial Assets at Fair Value (388) (753) (434) (707)
Loss/(Gain) on Sale/Redemption of Investments 4,733 (8,468) 5,296 851
Net (Gain)/Loss on Sale of Non-Current Assets 1,691 (47) 1,718 (280)
Changes in Assets and Liabilities
Decrease (Increase) in Receivables (45,131) (7,605) (49,153) (5,623)
Decrease (Increase) in Prepayments 3,417 (213) 3,460 (116)
Decrease (Increase) in Other Assets (2,253) 3,178 (1,302) 2
Decrease (Increase) in Inventories (758) (174) (405) 131
Increase (Decrease) in Provision for Doubtful Debts (134) (800) 11 (842)
Increase (Decrease) in Provision for Income Taxes Payable 3 67 - -
Increase (Decrease) in Payables 10,650 24,549 14,436 22,913
Increase (Decrease) in Provisions for Employee Entitlements 3,911 14,436 3,802 12,117
Increase (Decrease) in Income in Advance 34,945 8,542 32,161 11,988
Increase (Decrease) in Other Provisions (8,604) 2,195 (6,285) 2,193
Net Cash Inflow (Outflow) from Operating Activities 172,912 197,437 164,840 194,585
144
The University of Melbourne Annual Report 2006