Untitled - Annual Report 2004 - The University of Western Australia

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THE UNIVERSITY OF WESTERN AUSTRALIANotes to the Financial Statementsfor the year ended 31 December 20041. Statement of Accounting PoliciesThe following accounting policies have been adopted in the preparation of the University financial statements. Unless otherwisestated these policies are consistent with those adopted in the preceding year.(a)GeneralThe financial statements constitute a general purpose financial report which has been prepared in accordance with AustralianAccounting Standards, Statements of Accounting Concepts and other authoritative pronouncements of the AustralianAccounting Standards Board and Urgent Issues Group (UIG) Consensus Views, as applied by the Treasurer’s Instructions.Several of these are modified by the Treasurer’s Instructions to vary application, disclosure, format and wording. The FinancialAdministration and Audit Act 1985 and the Treasurer’s Instructions are legislative provisions governing the preparation offinancial statements and take precedence over Australian Accounting Standards, Statement of Accounting Concepts andother authoritative pronouncements of the Australian Accounting Standards Board and UIG Consensus Views. Themodifications are intended to fulfil the requirement of general application to the public sector, together with the need forgreater disclosure and accountability requirements.If any such modification has a material or significant financial effect upon the reported results, details of that modification andwhere practicable, the resulting financial effect, are disclosed in individual notes to these financial statements.Subject to the exceptions noted in these accounting policies, the financial statements have been prepared on the accrualbasis of accounting using the historical cost convention.(b)Principles of ConsolidationThe consolidated financial statements incorporate the assets and liabilities of all entities controlled by The University ofWestern Australia (‘University’) as at 31 December 2004 and the results of all controlled entities for the year then ended. Theterm ‘consolidated’ used throughout these financial statements means The University of Western Australia and its controlledentities. A list of controlled entities appears in the notes to these financial statements.The effects of all intra-group transactions in the economic entity are eliminated in full and the interests of outside equityholders separately disclosed. Where controlled entities are acquired or disposed during a year, their results are included onlyfrom the date of acquisition or to date of disposal. The accounting policies of consolidated entities are materially consistentwith the policies of the University, except where noted.Investments in associates are accounted for in the consolidated financial statements using the equity method. A list ofassociated entities appears in the notes to these financial statements.(c)UniversityThe term ‘University’ used throughout the financial statements means the revenue and expenditure from the general operatingactivities of the University. Revenue is derived principally from the annual government financial assistance for generalexpenditure and equipment, specific research funds, student fees and interest earned from the investment of cash balances.The University includes Currie Hall and the UWA Perth International Arts Festival operations.(d)Recognition of Revenue and ExpenditureThe recognition of revenue and expenditure is on an accruals basis in accordance with the definitions specified in theAustralian Accounting Standards and Statements of Accounting Concepts.(e)ReceivablesReceivables are recognised as amounts to be received in the future for goods or services provided on or before reporting dateor for any other amounts due to be recovered at reporting date. A provision for doubtful debts is recognised to the extent thatrecovery of outstanding debts is less than likely or significantly delayed.(f)PayablesPayables are recognised as amounts to be paid in the future for goods or services incurred on or before reporting date or anyother amounts owing at reporting date.48
THE UNIVERSITY OF WESTERN AUSTRALIANotes to the Financial Statementsfor the year ended 31 December 20041. Statement of Accounting Policies (continued)(g)Valuation of InvestmentsThe University’s investments are allocated into two investment pools, depending on the nature of the funds. Bequests, staffbenefit funds, capital reserves and other funds of a long-term nature are maintained within the long-term investment pool,while operating funds, research funds and other funds that require stability of income or shorter term cash requirements aremaintained within the short-term pool.Land and buildings within the investment portfolio are recorded at cost or donated value with the estimated market value atthe reporting date noted within the financial statements. Other investments which form part of the University’s investmentportfolio are valued at the market value applicable at reporting date. Unrealised gains or losses arising from changes in netmarket value are brought to account in the Statement of Financial Performance in the period in which they occur.Non-current investments are investments that have a maturity date in excess of one year or where the University plans to holdthe investment (or a similar replacement investment) for more than one year.(h)Valuation of Property, Plant and EquipmentSpecific non-current asset classes are subject to revaluation from time to time as shown in the financial statements.Revaluations are made with increments taken to asset revaluation reserves and decrements offset against previousincrements (if any) relating to the same class of assets. The balance (if any) is charged against the operating result as recordedin the Statement of Financial Performance.The consolidated entity has adopted Australian Accounting Standard AASB 1041 ‘Revaluation of Non-Current Assets’. Underthe transitional provisions of this standard, the following has been applied:• Artworks and Special Collections are measured on a fair value basis. It is considered that the value of each asset in theseclasses at the reporting date does not differ materially from the asset’s fair value at that date.• All Land and Buildings have been revalued to fair value as at 1 January 2004. It is considered that the value of each assetin these classes at the reporting date does not differ materially from the asset’s fair value at that date.• All other classes of property, plant and equipment are measured at cost.The valuation methodology employed for each asset class is:(i)(ii)(iii)(iv)(v)(vi)(vii)Freehold and leasehold land were independently valued during 2004 by Australian Valuation Partners based on the fairvalue of the land. Any subsequent acquisitions are recorded at cost until the next valuation.Institutional buildings were independently valued during 2004 by Australian Valuation Partners based on the fair value ofthe building. Any subsequent costs associated with the construction of completed buildings, alterations and/or thepurchase of buildings are recorded at cost until the next valuation.Work in progress on buildings represents the cost associated with the construction of buildings which have not reachedtheir date of practical completion and capitalised pre-acquisition costs on land and building acquisitions in progress.The University has not incurred any borrowing costs in relation to construction of buildings.Computer hardware, computer software, leasehold improvements, motor vehicles and other equipment and furniturecosting $5,000 or more are recorded at historical cost.Artwork was independently valued at market value by J. M. Lewis, Director of the Lister Calder Gallery (Christies’Western Australian Representative) and N. M. Ohrt, Managing Director of Perth Galleries Pty Ltd (Sotheby’s WesternAustralian Representative) during 2001. Any subsequent acquisitions are recorded at cost until the next valuation.As at 31 December 2004 a new category of property, plant and equipment was established being Special Collections.Within this category are all artefacts held by the Berndt Museum of Anthropology (previously disclosed within Artworks),special book collections (previously disclosed within Library Books) and the special music collection. Artefacts werevalued at market value by the Director and Curator of the Berndt Museum of Anthropology during 2001 and recognisedduring the 2003 year. Any subsequent artefact acquisitions and other assets within the class are recorded at cost.Library books are recorded at historical cost.Continued overleaf49
Page 2: AAAchieving International Excellenc
Page 5: Chancellor’s IntroductionIT IS my
Page 9: commercialisation of the University
Page 13 and 14: University GovernanceTHE UNIVERSITY
Page 15 and 16: The Vice-Chancellor also appoints s
Page 17 and 18: APPENDIX BUNIVERSITYGOVERNANCESENAT
Page 19: Risk ManagementThe University’s a
Page 22 and 23: BTeaching and LearningTHE UNIVERSIT
Page 25 and 26: Community RelationsBEYOND THE direc
Page 27: Staffing and Related MattersON STAF
Page 31 and 32: Capital WorksTHE UNIVERSITY is curr
Page 33: (RKP) to the State Records Commissi
Page 36 and 37: TABLE 1TOTAL STUDENT ENROLMENTS BY
Page 38 and 39: TABLE 3STUDENT ENROLMENTS AND LOAD
Page 40 and 41: TABLE 8FACULTY LOAD (EFTSU) AS A PE
Page 42 and 43: TABLE 10STAFF FTE (a) BY MAJOR ORGA
Page 46 and 47: THE UNIVERSITY OF WESTERN AUSTRALIA
Page 86 and 87: Performance IndicatorsSummary of Ke
Page 90 and 91: Key Performance Indicators 2004The
Page 92 and 93: Indicator 1.4 Graduate Destinations
Page 94 and 95: 2. Research and ScholarshipDesired
Page 96 and 97: Indicator 2.3 Publication RatesThe
Page 98: Total Research Income (a) per Acade

Untitled - Annual Report 2004 - The University of Western Australia

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