Annual Report 2005 - Publications Unit - The University of Western ...

THE UNIVERSITY OF WESTERN AUSTRALIANOTES TO THE FINANCIAL STATEMENTS31 DECEMBER 200520. Explanatory statement on significant variations for University funds (continued)b) Significant variations between actual revenues and expenditure for the financial year and the immediately precedingyearREVENUE 2005$’0002004Variance$’000 $’000 %ExplanationAustralian Government grants 226,659 204,232 22,427 11.0Changes in CGS fundingbasis and additional ARCfundingHECS-HELP 56,213 48,114 8,099 16.8Additional studentcontribution levels forstudents commencing in2005FEE-HELP 4,195 3,721 474 12.7 Additional loans in 2005Western Australian and LocalNumber of project27,606 31,605 (3,999) (12.7)Government financial assistancecompletions in 2004Other research grants and contracts 23,804 18,859 4,945 26.2Number of new projectscommencing in 2005Investment income 55,944 65,259 (9,315) (14.3)Lower market returns in2005Fees and charges 57,062 53,520 3,542 6.6 -Salary and other recoveries 18,358 16,263 2,095 12.9Increase in salary costsand some renegotiation ofrecovery basisOther revenue 35,342 27,833 7,509 27.0Increase in donationsreceived for specificprojectsTotal revenue 505,183 469,406 35,777 7.6 -EXPENDITURE 2005$’0002004Variance$’000 $’000 %ExplanationEmployee benefits and on-costs 273,807 258,056 15,751 6.1 -Student expenses 24,291 21,000 3,291 15.7Material and supplies 21,318 19,316 2,002 10.4Depreciation, amortisation andimpairment expenses24,669 25,003 (334) (1.3) -Repairs and maintenance 12,118 12,046 72 0.6 -Increase in scholarshipsprovidedAdditional laboratorycosts associated with newresearch projectsGrants distributed 23,227 20,883 2,344 11.2Increased support formajor research initiativesTravel expenses 14,732 14,203 529 3.7 -Professional fees 13,123 10,302 2,821 27.4Increased legal costs andhigher consulting feesassociated with numerousprojectsOther expenses 55,934 62,936 (7,002) (11.1)Increased expense in2004 due to recognition ofprovision for revenuesharing agreementTotal expenditure 463,219 443,745 19,474 4.4 -51