Untitled - Annual Report 2004 - The University of Western Australia

THE UNIVERSITY OF WESTERN AUSTRALIANotes to the Financial Statementsfor the year ended 31 December 2004ConsolidatedUniversity2004 2003 2004 2003$’000 $’000 $’000 $’00036. Outside Equity InterestsOutside Equity Interests in Controlled Entities comprise:Issued Capital – 4,246 – –Retained Profits – (1,994) – –Adjustment to OEI in Retained Profits dueto changes in ownership during the year – (194) – –Reserves – – – –FTotal Outside Equity Interests – 2,058 – –37. Commitments(a)(b)Expenditure CommitmentsOutstanding commitments for general expenditure as at 31 December 2004 amounted to $5,631,146 (2003: $5,789,046).Capital CommitmentsExpected future expenditure on approved building projects or land/building acquisitions as at 31 December 2004:2004 2003$’000 $’000Not later than one year 37,949 45,530Later than one year but not later than five years 38,988 31,067Later than five years – –Total Estimated Future Expenditure on Approved Building Projects 76,937* 76,597** Includes estimated contracted capital commitments as follows:2004 2003$’000 $’000Not later than one year 19,609 35,080Later than one year but not later than five years 18,188 18,188Total Estimated Contracted Capital Commitments 37,797 53,268(c)Lease CommitmentsCommitments in relation to operating leases contracted for at the reporting date but not recognised as liabilities:2004 2003$’000 $’000Not later than one year 403 543Later than one year but not later than five years 426 515Later than five years – –Total Non-cancellable Operating Lease Commitments 829 1,05838. Contingent Assets and Liabilities(a)Contingent AssetsA contingent asset exists in relation to future donations and bequests either from funds bequeathed to the University by wayof a Will or funds intended to be donated to the University at some time in the future. In either case, the timing of any futureinflows of economic benefit cannot be reasonably determined. In addition to the uncertainty of timing of any future inflows, itis also possible that advised intentions may be altered which ultimately means that neither the amount, nor the likelihood offuture inflows can be guaranteed.A contingent asset exists in regard to future funding for Long Service Leave to be claimed from the National Health andMedical Research Council (NHMRC) in relation to staff funded from NHMRC grants commencing before the year ended 31December 2002. Research grants did not include any funds for long service leave and the University is able to requestrecovery in the year that the employee takes the long service leave. As the amount of reimbursement that the University willreceive is dependent upon the timing of the leave taken (which is uncertain) and the appropriate salary scales, the timing andvalue of the recovery cannot be reliably measured.72