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

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THE UNIVERSITY OF WESTERN AUSTRALIANOTES TO THE FINANCIAL STATEMENTS31 DECEMBER 200547. Explanation of transition to Australian equivalents to International Financial Reporting Standards (continued)(2) Reconciliation of profit for the year ended 31 December 2004ConsolidatedUniversityRevenue from continuing operationsPrevious Adjustments Restated Previous Adjustments RestatedAGAAP for AIFRS for AIFRS AGAAP for AIFRS for AIFRSNotes $'000 $'000 $'000 $'000 $'000 $'000Australian Government financial assistanceAustralian Government grants 206,868 (2,686) 204,182 206,868 (2,686) 204,182HECS-HELP AustralianGovernment payments 38,161 - 38,161 38,161 - 38,161FEE-HELP 3,721 - 3,721 3,721 - 3,721Western Australian and LocalGovernment financial assistance 29,317 2,288 31,605 29,317 2,288 31,605HECS-HELP student payments 9,953 - 9,953 9,953 - 9,953Other research grants and contracts 20,749 (1,854) 18,895 20,713 (1,854) 18,859Investment income 69,415 (2,552) 66,863 67,811 (2,552) 65,259Fees and charges 53,520 - 53,520 53,520 - 53,520Salary and other recoveries 16,253 - 16,253 16,263 - 16,263Other revenue 26,618 1,970 28,588 25,863 1,970 27,833Share of net results of associatesaccounted for using the equity method 30 - 30 - - -Total revenue from continuing operations 474,605 (2,834) 471,771 472,190 (2,834) 469,356Expenses from continuing operationsEmployee benefits and on-costs 258,301 193 258,494 257,863 193 258,056Student expenses 21,000 - 21,000 21,000 - 21,000Materials and supplies 19,434 3 19,437 19,313 3 19,316Depreciation, amortisation and impairment 24,116 1,189 25,305 23,814 1,189 25,003Repairs and maintenance 11,247 831 12,078 11,215 831 12,046Grants distributed 20,833 - 20,833 20,883 - 20,883Travel 14,275 - 14,275 14,203 - 14,203Professional fees 8,474 1,850 10,324 8,452 1,850 10,302Other expenses 58,036 5,893 63,929 57,043 5,893 62,936Total expenses from continuing operations 435,716 9,959 445,675 433,786 9,959 443,745Net operating result from continuing operations 38,889 (12,793) 26,096 38,404 (12,793) 25,611Net operating result attributable tominority interest 424 - 424 - - -Net operating result K 39,313 (12,793) 26,520 38,404 (12,793) 25,611(3) Reconciliation of cash flow statement for the year ended 31 December 2004The adoption of AIFRS has not resulted in any material adjustments to the cash flow statements.(4) Notes to the reconciliationsANon-current assets classified as held-for-saleThe University had plans in place to dispose of a number of endowment properties. These properties were classified as investments, however underAIFRS are required to be re-classified and disclosed separately as held-for-sale.$'000(i) At 1 January 2004One property reclassified (B) 24,700(ii) At 31 December 2004One property reclassified (B) 10,000(iii) For the year ended 31 December 2004Update profit on disposal of property recorded a fair value on transition (7,080)73
THE UNIVERSITY OF WESTERN AUSTRALIANOTES TO THE FINANCIAL STATEMENTS31 DECEMBER 200547. Explanation of transition to Australian equivalents to International Financial Reporting Standards (continued)BInvestment propertiesDue to the more restrictive definition of an investment property under AIFRS a number of the University's properties previously classified as investmentshave been re-classified as property, plant and equipment. The University also elected to implement an accounting policy to record investment propertyat fair value having previously been at cost. At each transition date an adjustment has been made for the initial recording of the properties at fair valueand subsequent movement in valuation.$'000(i) At 1 January 2004The following adjustments were made:Transfer property to held-for-sale (A) (24,700)Transfer property to property, plant and equipment (C) (87,457)Recorded investment properties at fair value 7,096(105,061)(ii) At 31 December 2004The following adjustments were made:Transfer property to held-for-sale (A) (10,000)Transfer property to property, plant and equipment (C) (88,987)Recorded investment properties at fair value 603(98,384)(iii) For the year ended 31 December 2004Record movements in fair value of investment property 1,347Update profit on disposal of property recorded a fair value on transition (760)587CProperty, plant and equipmentThe University has elected to apply the provision in AASB 1 First Time Adoption of Australian Equivalents to International Financial Reporting Standardsto use the fair value of land and buildings as deemed cost on transition.$'000(i) At 1 January 2004The following adjustments were made:Transfer investment property to property, plant and equipment (B) 87,457Record land and buildings at deemed cost 105,178192,635(ii) At 31 December 2004The following adjustments were made:Transfer investment property to property, plant and equipment (B) 88,987Record land and buildings at deemed cost 83,819Adjustment to capitalised cost 47Update depreciation on former investment properties (895)Impairment recorded (E) (294)171,664(iii) For the year ended 31 December 2004Update depreciation on former investment properties (895)Impairment recorded (E) (294)(1,189)D ProvisionsUpdated valuations of the Defined Benefit Pension Schemes under the requirements of AIFRS have resulted in adjustments to the provision recorded.There has also been a review of all provisions recorded resulting in changes to the amounts recognised as detailed below.$'000(i) At 1 January 2004Adjustment to Pension Scheme Provision (67)(ii) At 31 December 2004Adjustment to Pension Scheme Provision 199Recording of provision for revenue sharing agreement 4,553Reallocation to payables (83)4,669(iii) For the year ended 31 December 2004Adjustment to Pension Scheme Provision (266)Recording of provision for revenue sharing agreement (4,553)(4,819)74
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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
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ResearchThe University of Western A
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Community RelationsBeyond serving t
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Capital WorksDuring 2005, in line w
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The Impact ofState LegislationIn Au
Page 24: StatisticalProfile23
Page 27 and 28: TABLE 2: STUDENT ENROLMENTS AND LOA
Page 29 and 30: TABLE 5: STUDENT LOAD (EFTSL) BY FA
Page 31 and 32: TABLE 8: STAFF FTE (a) BY MAJOR ORG
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
Page 44 and 45: 1. Summary of significant accountin
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Page 54 and 55: `THE UNIVERSITY OF WESTERN AUSTRALI
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Page 79 and 80: 48. Acquittal of Australian Governm
Page 81 and 82: 48.4 DEST ResearchTHE UNIVERSITY OF
Page 85: SUMMARY OF KEY PERFORMANCE INDICATO
Page 88 and 89: Proportion of Top School Leavers Ap
Page 90: Indicator 1.4 Graduate Destinations
Page 93 and 94: Commencing Higher Degree by Researc
Page 95 and 96: Selected Research Publications (a)
Page 97: Total Research Income (a) per Acade
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