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THE UNIVERSITY OF MELBOURNE BALANCE SHEETS as at 31 December, 1995

UNIVERSITY (Inflows/Outflows)

36. THE UNIVERSITY OF MELBOURNE BALANCE SHEETS as at 31 December, 1995

CURRENT ASSETS

Cash Receivables Investments

12,193

9,990 1,739

2,326 1,810

14,519 13,539

1,730 2,877 Inventories

Other

104,932 2,732

14,823 200

2,984 119,955 5,716

30,959 1,755

3,596 342 3,940 1,203

TOTAL CURRENT ASSETS 133,443 16,562 7,663 157,669 38,524

NON-CURRENT ASSETS Receivables

900 153 1,291 2,344 -

Investments

Property, Plant and Equipment 1,213,380 68,190 142,328 45,658 1,259,037 929 211,447 184,536 12,728 TOTAL NON-CURRENT ASSETS 1,282,470 142,481 47,878 1,472,828 197,264

TOTAL ASSETS 1,41 5,913 159,043 55,541 1,630,497 235,788

CURRENT LIABILITIES Bank Overdraft

Creditors and Borrowings - 21,889 - 21,889 190

Income in Advance 25,718 5 2,563 28,286 4,744

Provisions 23,824 - 2,631 26,455 6,337

49,184 - 909 50,093 9,372

TOTAL CURRENT LIABILITIES 98,726 21,894 6,103 126,723 20,643 NON-CURRENT LIABILITIES

Creditors and Borrowings

Provisions 6

9,395 3,253 298

6 12,946

31 3,041

TOTAL NON-CURRENT LIABILITIES 9,401 3,253 298 12,952 3,072

TOTAL LIABILITIES 108,127 25,147 6,401 139,675 23,715

NET ASSETS 1,307,786 133,896 49,140 1,490,822 212,073

EQUITY

Capital -

Reserves 1,222,242 131,635 39,756 1,393,633 209,682

Long Term Fund (1,605) 2,261 (656)

Retained Surplus 87,149 10,040 97,189 2,391

TOTAL EQUITY 1,307,786 133,896 49,140 1,490,822 212,073

82

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS (continued) University

General 1995

$'000 37. THE UNIVERSITY OF MELBOURNE

STATEMENTS OF CASH FLOWS For the year ended 31 December 1995

Trust Auxiliary Funds Operations 1995 1995

$'000 $'000

University Controlled Total Entities 1995 1995

$'000 $'000

CASH FLOWS FROM OPERATING ACTIVITIES Inflows

Higher Education Contribution Scheme

Student Payments 6,854 - - 6,854 1,604

Higher Education Trust Fund 36,411 - - 36,411

Operating Funds from Melboume University - - - 34,276

Fee-for-service revenue 45,469 1,037 21,081 67,587 34,034

Other income 37,813 4,401 2,847 45,061 4,967

Interest/dividend received 12,202 9,076 804 22,082 2,840

Outflows

Payments to employees (239,320) (1,542) (9,794) (250,656) (51,144) Payments to suppliers (74,384) (1,281) (14,754) (90,419) (22,753)

Interest paid - - (242) (242) (8)

Other (99,109) (2,347) (152) (101,608) (1,662)

Net cash from/(used in) Operating Activities (274,064) 9,344 (210) (264,930) 2,154 CASH FLOWS FROM INVESTING ACTIVITIES

Inflows

Investments sold 47,111 6,878 36 54,025 11

Proceeds from sale of non-current assets 1,564 88 1,652 1,303

Long Term Fund (305) 710 (405) -

Outflows

Investments purchased (13,413) (25) (13,438) (5,069)

Property, Plant and equipment purchases (31,784) (3,817) (35,601) (3,875) Net cash from/(used in) Investing activities 3,173 7,588 (4,123) 6,638 (7,630) CASH FLOWS FROM FINANCING ACTIVITIES

Inflows

Customer loans repaid - 734 734 544

Member Donations - - (17)

Outflows

Customer loans granted/loans redeemed (742) (742)

Net cash from/(used in) Financing activities (8) (8) 527 CASH FLOWS FROM GOVERNMENT

Commonwealth Recurrent 238,974 - 583 239,557 -

Commonwealth Research 63,834 - - 63,834 -

Commonwealth Other 8,714 375 534 9,623 576

State Government Grants 13,321 - 815 14,136 8,667

Net cash provided by government 324,843 375 1,932 327,150 9,243 Net increase/(decrease) in cash held 53,952 17,307 (2,409) 68,850 4,294 Cash at beginning of the reporting period 37,320 (14,961) 4,935 27,294 25,611 Cash at the end of the reporting period 91,272 2,346 2,526 96,144 29,905

83

ADDENDUM TO FINANCIAL STATEMENTS

CONSOLIDATED UNIVERSITY

1995 1994 1995 1994

$'000 $'000 $'000 $'000

FUNDING RECONCILIATION

Revenue provided pursuant to the Higher Education Funding Act 1988 is reconciled to the amounts provided by the Commonwealth in respect of the reporting period as follows:

Operating purposes Grant received in previous period

Adv. payment rec'd prey. period Carry-over from previous period Sub-total rec'd prey. period Revenue received in this period

- 15,807

- 15,807 235,395

45,135 - - - 197,405

- 15,807

- 15,807 235,395

40,362

173,841 251,202 242,539 251,202 214,203 Less amount attrib.next period

Adv Underspent this period payment for next period (16,888) - - 18,193 - - (16,888) - - 15,805 -

Sub-total attrib. next period (16,888) - (16,888)

Grant provided this period 234,315 224,345 234,315 198,396

Large Research Grants

Grant received in previous period Adv payment rec'd prey. period Carry-over from previous period Sub-total rec'd prey. period 451 451 - -

608

- - - 451 451 - -

608

- - -

Revenue received in this period 1 0,139

8,466 10,139 8,466

10,590 9,074 10,590 9,074

Less amount attrib. next period: - 451 - 451

Adv. payment for next period (853) - (853)

Underspent this period (1,275) - (1,275)

Sub-total attrib. next period (2,128) - (2,128)

Grant provided for this period 8,462

8,623

8,462 8,623

Small Research Grants Grant received in previous period

Adv. payment rec'd prey. period Carry-over from previous period

Sub-total rec'd prey. period

2,645 2,632 2,645 2,632

Revenue received in this period 2,645 2,632 2,645 2,632

Less amount attrib. next period: -

Adv payment for next period -

Underspent this period (357) - (357)

Sub-total attrib. next period (357) - (357)

Grant provided for this period 2,288 2,632 2,288 2,632

ADDENDUM TO FINANCIAL STATEMENTS (continued)

CONSOLIDATED UNIVERSITY

1995

$'000

1994

$'000

1995

$'000

1994

$'000 FUNDING RECONCILIATION (continued)

Collaborative Research Grants

Grant received in previous period -

Adv, payment rec'd prey. period 810 810

Carry-over from previous period -

Sub-total rec'd prey. period 810 810

Revenue received in this period 1,293 1,768 1,293 1,768

2,102 1,768 2,102 650

Less amount attrib. next period 810 810

Adv. payment for next period (621) (621)

Underspent this period (105) (105)

Sub-total attrib. next period (727) (727)

Grant provided for this period 1,376 958 1,376 958

Research Infrastructure Grants Grant received in previous period Adv. payment rec'd prey. period Carry-over from previous period Sub-total rec'd prey. period Revenue received this period

- 320 - 320 4,487

252 - - - 4,625

- 320 - 320 4,807

252 - - - 4,625

4,807 4,877 4,807 4,877

Less amount attrib. next period - 320 - 320

Adv payment rec'd next period -

Underspent this period -

Sub-total attrib. next period -

Grant provided for this period 4,807 4,558 4,807 4,558

Special Research Centres

Grant received in previous period: - 520 - 520

Adv. payment rec'd prey. period 259 - 259 -

Carry-over from previous period - - -

Sub-total rec'd. prey. period 259 - 259

Revenue received in this period 2,881 2,065 2,881 2,065

3,140 2,585 3,140 2,585

Less amount attrib. next period 192 192

Adv payment for next period (217) (217)

Underspent this period -

Sub-total attrib. next period (217) (217)

Grant provided for next period 2,923 2,393 2,923 2,393

85

ADDENDUM TO FINANCIAL STATEMENTS (continued)

CONSOLIDATED UNIVERSITY

1995

$'000

1994

$'000

1995

$'000

1994

$'000

FUNDING RECONCILIATION (continued)

Key Centres of Teaching and Research

Grant received in previous period — —

Adv. payment rec'd prey. period — —

Carry-over from previous period — —

Sub-total rec'd prey. period — —

Revenue received in this period — 614

— 614

— 614 — 614

Less amount attrib. next period Adv. payment for next period — — 66 — — — 66

Underspent this period — — —

Sub-total attrib. next period —

Grant provided for this period

— 548 — 548

Research Fellowships

Grant received in previous period Adv payment rec'd prey period 157 — 362 — 157 — 362 —

Carry-over from previous period — — —

Sub-total rec'd prey. period 157 — 157 —

Revenue received in this period 2,485 1,902 2,485 1,902

2,643 2,264 2,643 2,264

Less amount attrib.next period Adv payment for next period (181) — 157 — (181) — 157 —

Underspent this period — —

Sub-total attrib. next period (181) — (181)

Grant provided for this period 2,462 2,106 2,462 2,106

Postgraduate Awards

Grant received in previous period — 1,279 — 1,279

Adv. payment rec'd prey period 626 — 626 —

Carry-over from previous period — — — —

Sub-total rec'd prey. period 626 — 626 —

Revenue received this period 7,943 7,236 7,943 7,236

8,569 8,515 8,569 8,515

Less amount attrib. next period 626 — 626

Adv. payment next period (648) — (648)

Underspent this period (310) — (310)

Sub-total attrib. next period (958) — (958)

Grant provided for this period 7,611 7,889 7,611 7,889

ADDENDUM TO FINANCIAL STATEMENTS (continued)

CONSOLIDATED UNIVERSITY

1995

$'000

1994

$'000

1995

$'000

1994

$'000 FUNDING RECONCILIATION (continued)

Overseas Postgraduate Research Scholarships:

Grant received in previous period — — — —

Adv. payment rec'd prey. period — — — —

Carry-over from previous period — — — —

Sub-total rec'd prey. period — — — —

Revenue received in this period 1,038 873 1,038 873

1,038 873 1,038 873

Less amount attrib. next period

- -

Adv. payment for next period

- - _ -

Underspent this period

- -

Sub-total attrib. next period

- - - -

Grant provided for this period 1,038 873 1,038 873

Advanced Engineering Centre

Grant received in previous period — 92 — 92

Adv. payment rec'd prey period 42 — 42 —

Carry-over from previous period — — — —

Sub-total amnt. rec'd prey. period 42 — 42 —

Revenue received in this period 483 468 483 468

525 560 525 560

Less amount attrib. next period — 42 — 42

Adv. payment for next period — — — —

Underspent this period — — —

Sub-total attrib. next period — — — —

Grant provided for this period — 518 — 518

Less transferred to Advanced Engineering Centre — 518 — 518

525 — 525 —

Teaching Hospitals

Grant received in previous period — 146 — 146

Adv. payment rec'd prey. period 40 — 40 —

Carry-over from previous period — — — —

Sub-total rec'd prey. period 40 — 40 —

Revenue received in this period 865 716 865 716

905 862 905 862

Less amount attrib. next period — 40 40

Adv. payment for next period (68) — (68) —

Underspent this period — — —

Sub-total attrib. next period (68) — (68) —

Grant provided for this period 836 823 836 823

87

ADDENDUM TO FINANCIAL STATEMENTS (continued) ACQUITTAL OF COMMONWEALTH GOVERNMENT GRANTS

The following Commonwealth Government Grants were under-expended in the 1995 reporting period:

Grant

Provided Under-

Expense Exp'diture Refer Note

$'000 $'000 $'000 below

ARC Large Research Grants 9,737 8,462 1,275 A

ARC Small Research Grants 2,645 2,288 357 A

ARC Collaborative Research Grants 1,481 7,611 105 A

Postgraduate Awards 7,921 7,611 310

Note A: to be carried forward Note B: to be recovered

CONSOLIDATED UNIVERSITY

1995

$'000

1994

$'000

1995

$'000

1994

$'000 SALARY RELATED EXPENSES

The following salary related expenses were incurred during the reporting period.

Contributions to superannuation and pension schemes:

Emerging cost 4,417 4,443 2,607 2,253

Funded 28,393 24,862 24,994 23,387

Payroll Tax 16,282 15,396 14,121 13,446

Workers Compensation 1,776 2,426 1,240 1,997

Long Service Leave Expense 8,025 9,110 7,434 7,884

Annual Leave 6,063 2,163 5,850 1,786

Other 31

64,987 58,400 56,196 50,751

ADDENDUM TO FINANCIAL STATEMENTS (continued) DEPRECIATION EXPENSE 1995 BY FUNCTIONAL ACTIVITIES

CONSOLIDATED Buildings Library

Collection

Motor Vehicles

Equip. &

Furniture

Leasehold Imprvmts

Total

$'000 $'000 $'000 $'000 $'000 $'000

FUNCTIONAL ACTIVITY

Academic Activities 15,323 0 841 8,811 0 24,975

Libraries 1,702 6,170

8

81 0 7,960

Other Academic Support 626 0 33 51 0 711

Student Services 2,039 0 22 99 81 2,241

Public Services 163 0 42 80 0 285

Buildings & Grounds 183 0 100 313 0 596

Admin. & G.I. Services 2,051 0 220 1,998 72 4,342

Total 22,087 6,170 1,267 11,433 153 41,111

UNIVERSITY Buildings Library Motor Equip. & Leasehold Total

Collection Vehicles Furniture Imprvmts

$'000 $'000 $'000 $'000 $'000 $'000

FUNCTIONAL ACTIVITY

Academic Activities 13,217 0 769 7,602 0 21,588

Libraries 1,468 5,831 8 70 0 7,377

Other Academic Support 540 0 30 44 0 615

Student Services 1,836 0 20 96 81 2,033

Public Services 160 0 42 80 0 282

Buildings & Grounds 158 0 91 270 0 519

Admin. & G.I. Services 1,770 0 202 1,725 0 3,697

Total 19,150 5,831 1,162 9,887 81 36,110

89

ADDENDUM TO FINANCIAL STATEMENTS (continued)

SUMMARY OF CONSOLIDATED NON-CURRENT ASSET TRANSACTIONS YEAR ENDED 31 DECEMBER

1995 - $'000

Freehold land

Depreciation Expense

Acquisitions at cost/valuation 4,543

Disposals at cost/valuation Buildings 150

Library Collection 22,088

6,170

54,705 8,791

150 Motor Vehicles —

Furniture 1,267 3,662 (581)

64 59 (11)

Equipment

Leasehold Improvements 11,369 153 11,816 (77) 234 —

Construction-in-Progress

— (4,831) * —

Total

41,111 78,668 (58)

Freehold land Buildings Library Collection Motor Vehicles Furniture Equipment

Leasehold Improvements Construction-in-Progress

Proceeds of Disposals 96 96 2,745 192

Book value Disposals 150 141

— 1,924

— 109

Gain/(Loss) Disposals

(54) (45) 821

— 84

Total

3,129 2,324 806

* represents net amount transferred to Buildings.

90

STATEMENT BY PRINCIPAL ACCOUNTING OFFICER In my opinion:

(a) the financial statements of the University of Melbourne present fairly the financial transactions of the University during the financial year ended 31 December 1995 and the financial position of its operations for the year ended on that date, and

(b)the financial statements have been prepared in accordance with the Financial Management Act 1994 and the guidelines contained in the Directions of the Minister for Finance under the Financial Management Act 1994 issued by the Department of Treasury and Finance.

In addition, I am not aware at the date of signing these statements of any circumstances which would render any particulars included in the statements to be misleading or inaccurate.

David Percival

Director of Financial Operations 10 April 1996

STATEMENT BY THE VICE-CHANCELLOR AND REGISTRAR In our opinion:

(a) the financial statements of the University of Melbourne present fairly the financial transactions of the University during the financial year ended 31 December 1995 and the financial position of its operations for the year ended on that date, and

(b) the financial statements have been prepared in accordance with the Financial Management Act 1994 and the guidelines contained in the Directions of the Minister for Finance under the Financial Management Act 1994 issued by the Department of Treasury and Finance.

In addition, we are not aware at the date of signing these statements of any circumstances which would render any particulars included in the statements to be misleading or inaccurate.

A. Gilbert

J

J.B. .B. Potter

Vice-Chancellor Registrar

10 April 1996 10 April 1996

91

Auditor-General's Report

VICTORIAN AUDITOR - GENERAL'S OFFICE Auditing in the Public Interest

Audit Scope

The accompanying financial statements of Melbourne University for the year ended 31 December 1995, comprising revenue and expense statement, balance sheet, statement of cash flows and notes to and forming part of the financial statements, have been audited. The financial statements include the consolidated accounts of the economic entity comprg the University and its controlled entities as disclosed in note 1.2 to the financial statements. The

members of the University's Council are responsible for the preparation and presentation of the financial statements and the information they contain. An independent audit of the financial statements has been carried out in order to express an opinion on them as required by the

Audit

Act

1994.

The audit has been conducted in accordance with Australian Auditing Standards to provide reasonable asuran as to r the nancial statements are free of material misstatement.

The audit procedures included a whethe

n exam fi ination, on am t est basis, of evidence supporting the amounts and other disclosures in the financial statements, and the evaluation o a

f ccounting policies and significant accounting estimates. These procedures have been undertaken to form an opinion as to whether, in all material respects, the financial statements are presented fairly in accordance with Australian Accounting Standards and other mandatory professional reporting rerement with the requirements of the

FiTICINCiai Management Act

1994, so as to p

quiresent a s and comply view which is consistent with my understanding of the financial position and the results of the operations and cash flows of the Melbourne University and the economic entity.

I have not acted as auditor of the controlled entity, Melbourne Business School Limited.

However, I have received sufficient inf inancial

a statements and the audit

ormtion and explanations co rn nceeing the company and the economic entity, including the

auditor's report thereon, which, subject to a limitation of scope in respect of the examination of donations, was not subject to qualification, to enable an opinion to be recommended on the consolidated financial statements.

The audit opinion expressed on the financial statements has been formed on the above basis.

Audit Opinion

In my opinion, the financial statements present fairly er b

the

1995 ands the r po

esults sition

of their op of the Melbourne University and the economic entity as at 31 Decem

l

operations an

and their cash flows for the year ended on that date in accordance with Australian Accounting Standards and other mandatory professional reporting requirements and comp

that with the

requirements of the

Financial Management Act

1994.

MELBOURNE