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

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39. Supplementary financial information(a) Write-offsTHE UNIVERSITY OF WESTERN AUSTRALIANOTES TO THE FINANCIAL STATEMENTS31 DECEMBER 2005Bad debts and other write-offs, written off by the Senate during the financial year:ConsolidatedUniversity2005 2004 2005 2004$ ’000 $ ’000 $ ’000 $ ’000Receivables 136 383 136 383Assets 296 - 296 -432 383 432 383(b) Losses through theft, default and other causesUniversity2005 2004$ ’000 $ ’000Losses through theft and default 51 101Insurance recovery (39) (90)12 1140. Related party transactions(a) SubsidiariesInterests in subsidiaries are set out in note 41.(b) Transactions with related partiesThe following transaction occurred with related parties:ConsolidatedUniversity2005 2004 2005 2004$ ’000 $ ’000 $ ’000 $ ’000Sales of goods and servicesSubsidiaries - - 76 12Associates 48 86 48 86Purchase of goods and servicesSubsidiaries - - 646 25Loan to subsidiaries - - 433 -Grants to subsidiaries - - 140 50(c) Outstanding balancesThe following balances are outstanding at the reporting date in relation to transactions with related parties:ConsolidatedUniversity2005 2004 2005 2004$ ’000 $ ’000 $ ’000 $ ’000Current receivables (sales of goods and services)Subsidiaries - - 95 1Associates 1 11 1 11Non-current receivables (loans)Subsidiaries - - 433 -Current payables (purchases of goods)Subsidiaries - - 73 -No provisions for doubtful debts have been raised in relation to any outstanding balances, and no expense has been recognisedin respect of bad or doubtful debts from related parties.(d) Terms and conditionsAll transactions were made on normal commercial terms and conditions and at market rates.Outstanding balances are unsecured and are repayable in cash.65
THE UNIVERSITY OF WESTERN AUSTRALIANOTES TO THE FINANCIAL STATEMENTS31 DECEMBER 200541. SubsidiariesThe consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordancewith the accounting policy described in note 1(c).Name of entityIntegral Leadership CentreLtdThe University Club ofWestern Australia Pty LtdCountry of Class of Ownership interestPrincipal activityincorporation shares 2005 2004%%Australia Ordinary 100 100 Provision of executivemanagement programmesAustralia Ordinary 100 100 Events and function centreAll subsidiaries are formed in Western Australia.42. Investments in associates(a) Carrying amountsInformation relating to associates is set out below.Name of companyListedAdvancedNanotechnology LimitedPrincipal Ownership interest Consolidated Universityactivity 2005 2004 2005 2004 2005 2004%% $’000 $’000 $’000 $’000Production ofnanomaterials28.8 40.1 4,491 3,913 8,928 8,928UnlistedVitrostone LtdDevelopment ofpowdertechnologies29.4 29.4 - - - 30Media Farm Pty LtdDevelopment ofmultimediatechnology38.0 38.0 - - - -- - - 304,491 3,913 8,928 8,958Each of the above associates is incorporated in Australia.Advanced Nanotechnology Limited was listed in the Australian Stock Exchange on 24 February 2005.Vitrostone Ltd and Media Farm Pty Ltd will be deregistered in 2006.The University’s share of losses in Vitrostone Ltd has exceeded its interest in the company. The carrying amount has beenreduced to nil in 2004, and subsequent losses will not be recognised as the University has no constructive or legal obligation tomake payments on behalf of Vitrostone Ltd. Total losses not recognised amounted to $339,000.66
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Annual Report2005
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Chancellor’sIntroductionIt is my
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• the successful negotiation of t
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performance and to ensure its fisca
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SENATE MEMBERSAPPENDIX AThe members
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APPENDIX CExecutive Director(Financ
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• comprehensive, with a broad tea
Page 16 and 17: ResearchThe University of Western A
Page 18 and 19: Community RelationsBeyond serving t
Page 20 and 21: Capital WorksDuring 2005, in line w
Page 22 and 23: The Impact ofState LegislationIn Au
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Page 33 and 34: INDEPENDENT AUDIT OPINIONTo the Par
Page 36 and 37: THE UNIVERSITY OF WESTERN AUSTRALIA
Page 42 and 43: 1. Summary of significant accountin
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Page 88 and 89: Proportion of Top School Leavers Ap
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Page 95 and 96: Selected Research Publications (a)
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