annual report/2006 - University of Melbourne

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Trust Funds The University’s activities are supported by funds from endowments, bequests and the income earned on these funds. A substantial portion of these Trust Funds is held to provide scholarships and to fund specific purposes. These funds generally are not available to meet the normal operating cost of the University. Income received during the year included $26.672 million earned from investments. Total assets of the Trust Funds amounted to $479.204 million as at 31 December 2006. Auxiliary Operations The following operations encompass activities related to the University which are managed as business operations. The operating surplus for the year of $0.934 million is represented by: Auxiliary Operations Surplus/(Deficit) $’000 Child Care Services (11) Halls of Residence - International House 14 - Kendall Hall 53 - Medley Hall (77) Melbourne Theatre Company 628 Melbourne University Bookshop 722 Sport and Physical Recreation Centre 41 The Ian Potter Museum of Art 239 Veterinary Clinic and Hospital (675) 934 Subsidiaries These are statutory entities which are either formed under a specific Act of Parliament or incorporated under the Corporations Act. The activities of these entities are represented in the consolidated University. Additional financial information for each subsidiary is contained in Notes 42 and 43. The operating result after tax for the year of $3.645 million is represented by: Subsidiary Surplus/(Deficit) $’000 Australian International Health Institute (University of Melbourne) Limited 76 Australian Music Examinations Board (Victoria) Limited 219 Australian National Academy of Music Limited 73 Meanjin Company Limited 33 Melbourne Business School Limited Group 1,310 Melbourne University Publishing Limited 2,366 Melbourne Ventures Pty Ltd (1) MU Student Union Limited 1,509 UMEE Ltd Group (888) Victorian College of the Arts 588 The Victorian Institute for Chemical Sciences Limited (1,640) 3,645 88 The University of Melbourne Annual Report 2006
financials/ Five Year Financial Summary The University of Melbourne and Its Subsidiaries 2006 2005 2004 2003# 2002# REVENUE AND EXPENSE ($’000) Income 1,282,566 1,211,907 1,166,332 1,006,646 954,452 Expenses 1,192,560 1,134,934 1,072,845 944,305 885,912 Profit/(Loss) Before Income Tax 90,006 76,973 93,487 62,341 68,540 Income Tax (Expense)/Benefit 1 17 (51) 2,015 (2,066) PROFIT/(LOSS) AFTER TAX 90,007 76,990 93,436 64,356 66,474 BALANCE SHEET ($’000) Reserves 2,553,953 2,422,438 2,321,596 2,237,905 2,029,976 Retained Surplus/(Deficit) 1,034,332 742,867 683,136 601,060 550,414 TOTAL EQUITY 3,588,285 3,165,305 3,004,732 2,838,965 2,580,390 Current Liabilities* 285,530 249,530 159,031 167,039 151,459 Non-Current Liabilities 273,600 268,861 311,410 284,190 289,958 EQUITY AND LIABILITIES 4,147,415 3,683,696 3,475,173 3,290,194 3,021,807 Current Assets 261,993 237,307 254,504 189,859 196,602 Non-Current Assets 3,885,422 3,446,389 3,220,670 3,100,334 2,825,205 TOTAL ASSETS 4,147,415 3,683,696 3,475,174 3,290,193 3,021,807 CASH FLOWS ($’000) Cash Flows from Operating Activities including Government Funding: - Inflows 1,259,935 1,217,986 1,148,556 987,848 934,780 - Outflows 1,087,023 1,020,549 977,254 859,062 796,006 NET CASH INFLOW FROM OPERATING ACTIVITIES 172,912 197,437 171,302 128,786 138,774 * A change in accounting standards has required certain employee entitlements previously categorised as non-current liabilities, to be classified as current liabilities. This change has been applied to 2005 and 2006 only. # From 1 January 2005 the University of Melbourne was required to prepare Financial Statements using Australian equivalents to International Financial Reporting Standards (AIFRS). Financial Statements of the University of Melbourne until 31 December 2004 had been prepared in accordance with previous Generally Accepted Accounting Principles (AGAAP). AGAAP differs in certain respects from AIFRS as such certain accounting, valuation and consolidation methods applied using AGAAP were amended to comply with AIFRS. The comparative figures in respect of 2004 have been restated to reflect these adjustments, however the years 2003-2002 stated here have not been adjusted and therefore represent the treatment under AGAAP. The University of Melbourne Annual Report 2006 89
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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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“ Melbourne has a great education
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introduction and overview/ Five-Yea
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Table 1. Median undergraduate ENTER
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quality people/ High-Achieving Stud
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