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1 Financial Report 76 contents Certifications Auditor s Report Income Statements Balance Sheets Statements of Changes in Equity Cash Flow Statements Report by the Members of the Council

2 Certifications 77 Statement of Compliance HON MARK MCGOWAN MINISTER FOR EDUCATION AND TRAINING In accordance with Section 66 of the Financial Administration and Audit Act 1985, we hereby submit for your information and presentation to Parliament, the Annual Report of Curtin of Technology for the financial year ended 31 December The Annual Report has been prepared in accordance with the provisions of the Financial Administration and Audit Act 1985 and all other relevant written laws. Mr Gordon Martin Chancellor Dated this 22nd day of March 2007 Professor Jeanette Hacket Vice-Chancellor Certification of Financial Statements The accompanying financial statements of Curtin of Technology and the accompanying consolidated financial statements have been prepared in compliance with the provisions of the Financial Administration and Audit Act 1985 from proper accounts and records to present fairly the financial transactions for the financial year ended 31 December 2006 and the financial position as at 31 December At the date of signing, we are not aware of any circumstances which would render any particulars included in the financial statements misleading or inaccurate. Ms Michele Dolin Acting Chancellor Dated this 6th day of March 2007 Professor Jeanette Hacket Vice-Chancellor Mr David Menarry Chief Finance Officer Certification of Financial Statements required by the Department of Education, Science and Training I declare that: at the time of this certification, there are reasonable grounds to believe that Curtin of Technology will be able to pay its debts as and when they fall due; and the amount of Commonwealth financial assistance expended during the financial year ended 31 December 2006 was for the purpose(s) for which it was provided and complied with applicable legislation, contracts, agreements and programme guidelines in making expenditure. Mr Gordon Martin Chancellor Dated this 22nd day of March 2007 Professor Jeanette Hacket Vice-Chancellor

3 Auditor s Report 78 AUDITOR GENERAL INDEPENDENT AUDIT OPINION To the Parliament of Western Australia CURTIN UNIVERSITY OF TECHNOLOGY FINANCIAL STATEMENTS AND PERFORMANCE INDICATORS FOR THE YEAR ENDED 31 DECEMBER 2006 Audit Opinion In my opinion, (i) the financial statements are based on proper accounts and present fairly the financial position of the Curtin of Technology at 31 December 2006 and its financial performance and cash flows for the year ended on that date. They are in accordance with applicable Accounting Standards and other mandatory professional reporting requirements in Australia and the Treasurer s Instructions; (ii) the controls exercised by the provide reasonable assurance that the receipt, expenditure and investment of moneys, the acquisition and disposal of property, and the incurring of liabilities have been in accordance with legislative provisions; and (iii) the key effectiveness and efficiency performance indicators of the are relevant and appropriate to help users assess the s performance and fairly represent the indicated performance. Scope During the year the Council was responsible for keeping proper accounts and maintaining adequate systems of internal control, for preparing the financial statements and performance indicators, and complying with the Financial Administration and Audit Act 1985 and other relevant written law. The Financial Administration and Audit Act 1985 was repealed and replaced by the Financial Management Act 2006 and the Auditor General Act 2006 from 1 February This did not impact on the agency s operations or the audit work conducted during the year ended 31 December The financial statements consist of the Income Statement, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement, and the. The performance indicators consist of key indicators of effectiveness and efficiency. Summary of my Role As required by the Auditor General Act 2006, I have independently audited the accounts, financial statements and performance indicators to express an opinion on the financial statements, controls and performance indicators. This was done by testing selected samples of the evidence. Further information on my audit approach is provided in my audit practice statement. Refer " An audit does not guarantee that every amount and disclosure in the financial statements and performance indicators is error free. The term reasonable assurance recognises that an audit does not examine all evidence and every transaction. However, my audit procedures should identify errors or omissions significant enough to adversely affect the decisions of users of the financial statements and performance indicators. COLIN MURPHY ACTING AUDITOR GENERAL 20 March th Floor Dumas House 2 Havelock Street West Perth 6005 Western Australia Tel: Fax:

4 Income Statements 79 Revenue from continuing operations Australian Government financial assistance Australian Government grants 5 173, , , ,616 HECS-HELP Australian Government payments 5 58,284 47,094 58,284 47,094 FEE-HELP 5 12,801 11,722 12,801 11,722 State and Local Government financial assistance 6 17,110 15,454 17,110 15,454 HECS-HELP Student payments 17,320 13,348 17,320 13,348 Fees and charges 7 145, , , ,961 Investment income 8 14,713 6,557 14,713 6,520 Royalties, trademarks and licences 9 11,521 5,826 11,521 5,826 Consultancy and contracts 10 24,306 17,130 24,306 17,130 Other revenue 11 36,211 34,143 36,211 34, , , , ,749 Deferred Government Superannuation Contributions (5,455) (618) (5,455) (618) Total revenue from continuing operations 505, , , ,131 Expenses from continuing operations Employee benefits 12(a) 250, , , ,223 Depreciation and amortisation 13 29,396 26,102 29,396 26,102 Repairs and maintenance 14 14,924 16,524 14,924 16,532 Finance costs 15 1,839 1,918 1,839 1,918 Bad and doubtful debts 16 (919) (1,161) (919) (1,167) Other expenses , , , , , , , ,883 Deferred Employee Benefits for Superannuation 12(b) (5,455) (618) (5,455) (618) Total expenses from continuing operations 430, , , ,265 Net operating result for the year 74,800 21,866 74,801 21,866 The above Income Statements should be read in conjunction with the accompanying notes.

5 Balance Sheets as at 31 December Assets Current Assets Cash and cash equivalents 19 76,639 29,256 76,639 29,235 Restricted cash and cash equivalents Trade and other receivables 21 23,634 22,979 23,634 22,979 Inventories 22 1,509 1,575 1,509 1,575 Other financial assets Restricted other financial assets 24 47,716 36,719 47,716 36,719 Other non financial assets 25 13,672 13,394 13,672 13,394 Total Current Assets 163, , , ,018 Non-Current Assets Trade and other receivables 21 68,488 70,982 68,488 70,982 Other financial assets 23 72,383 62,999 72,383 63,049 Property, plant and equipment , , , ,046 Total Non-Current Assets 673, , , ,077 Total Assets 836, , , ,095 LIABILITIES Current Liabilities Trade and other payables 27 1,777 4,002 1,777 4,002 Interest bearing liabilities Provisions 29 48,650 50,822 48,650 50,822 Other liabilities 30 77,079 62,020 77,079 62,050 Total Current Liabilities 128, , , ,513 Non-Current Liabilities Interest bearing liabilities 28 24,886 25,546 24,886 25,546 Provisions 29 82,249 86,491 82,249 86,491 Total Non-Current Liabilities 107, , , ,037 Total Liabilities 235, , , ,550 Net Assets 601, , , ,545 EQUITY Reserves 31 7,111 5,506 7,111 5,506 Retained surplus , , , ,039 Total Equity 601, , , ,545 The above Balance Sheets should be read in conjunction with the accompanying notes.

6 Statements of Changes in Equity 81 Other Retained Total reserves earnings Equity Note $ 000 $ 000 $ 000 At 1 January , , ,361 Unrealised investment gains for the year 1(v) 1,319-1,319 Operating result for the year - 21,866 21,866 Transferred from retained earnings 443 (443) - Transferred to retained earnings (93) 93 - At 31 December , , ,546 Adjustment to opening retained earnings - Library Collection 45 - (2,863) (2,863) Unrealised investment gains for the year 4,886-4,886 Operating result for the year - 74,800 74,800 Transferred from retained earnings 126 (126) - Transferred to retained earnings (3,407) 3,407 - At 31 December , , ,369 At 1 January , , ,360 Unrealised investment gains for the year 1(v) 1,319-1,319 Operating result for the year - 21,866 21,866 Transferred from retained earnings 443 (443) - Transferred to retained earnings (93) 93 - At 31 December , , ,545 Adjustment to opening retained earnings - Library Collection 45 - (2,863) (2,863) Unrealised investment gains for the year 4,886-4,886 Operating result for the year - 74,801 74,801 Transferred from retained earnings 126 (126) - Transferred to retained earnings (3,407) 3,407 - At 31 December , , ,369 The above Statements of Changes in Equity should be read in conjunction with the accompanying notes.

7 Cash Flow Statements 82 CASH FLOWS FROM OPERATING ACTIVITIES Receipts Australian Government Grants received 5(g) 240, , , ,656 HECS-HELP Student payments 17,320 13,348 17,320 13,348 Fees and charges 153, , , ,632 Royalties, trademarks and licences 11,521 5,826 11,521 5,826 Consultancy and contracts 28,324 17,130 28,324 17,130 Interest received 6,285 5,285 6,256 5,278 Dividends received Distributions received 8,153 1,283 8,153 1,283 Other 34,676 34,190 34,676 34,120 Payments Payments to employees (251,751) (250,486) (251,751) (250,396) Payments to suppliers (150,975) (130,217) (150,975) (130,246) Interest and other costs of finance paid (1,839) (1,918) (1,839) (1,918) Net cash provided by operating activities 40(b) 95,715 62,609 95,686 62,820 CASH FLOWS FROM INVESTING ACTIVITIES Payment for property, plant and equipment (49,575) (30,795) (49,575) (30,795) Proceeds on sale of property, plant and equipment Payment for investments (15,497) (46,312) (15,447) (46,342) Net cash used in investing activities (64,886) (76,903) (64,836) (76,933) CASH FLOWS FROM FINANCING ACTIVITIES Repayment of interest bearing liabilities (639) (2,715) (639) (2,715) Cash used in financing activities (639) (2,715) (639) (2,715) CASH FLOWS FROM STATE GOVERNMENT Financial assistance 17,110 15,454 17,110 15,454 Cash provided by State Government 17,110 15,454 17,110 15,454 Net increase/ (decrease) in cash and cash equivalents 47,300 (1,555) 47,321 (1,374) Cash and cash equivalents at the beginning of the year 29,339 30,894 29,318 30,692 Cash and cash equivalents at the end of the year 40(a) 76,639 29,339 76,639 29,318 The above Cash Flow Statements should be read in conjunction with the accompanying notes.

8 83 Note Contents 1 Summary of significant accounting policies Financial risk management Critical accounting estimates and judgements Disaggregated information...92 Revenue 5 Australian Government financial assistance including HECS-HELP and other Australian Government loan programmes State and Local Government financial assistance Fees and charges Investment income Royalties, trademarks and licences Consultancy and contracts Other revenue Expenses 12 Employee benefits Depreciation and amortisation Repairs and maintenance Finance costs Bad and doubtful debts Other expenses Net loss on disposal of non-current assets Assets 19 Cash and cash equivalents (unrestricted) Restricted cash and cash equivalents Trade and other receivables Inventories Other financial assets (unrestricted) Restricted other financial assets Other non financial assets Property, plant and equipment Liabilities 27 Trade and other payables Interest bearing liabilities Provisions Other liabilities Equity 31 Reserves and retained surplus Financial instruments Remuneration of members of the accountable authority and senior officers Remuneration of auditors Contingent liabilities and contingent assets Commitments for expenditure Defined benefit superannuation plans Subsidiaries Events occurring after reporting date Notes to the Cash Flow Statements Non-cash financing and investing activities Explanatory statement Related parties Supplementary financial information Prior period errors Acquittal of Commonwealth Government financial assistance Page

9 84 1 Summary of Significant Accounting Policies The principal accounting policies adopted in the preparation of the financial report are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial report includes separate financial statements for the and the consolidated entity consisting of the and its subsidiaries. (a) Basis of Preparation This general purpose financial report has been prepared in accordance with Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board, the requirements of the Department of Education, Science and Training and the Financial Administration and Audit Act 1985 (WA) including the Treasurer s Instructions. Compliance with AIFRS Australian Accounting Standards include Australian equivalents to International Financial Reporting Standards (AIFRS). These financial statements are consolidated entity financial statements that are prepared in accordance with AIFRS. Compliance with AIFRS ensures that the consolidated entity and the s financial statements and notes comply with International Financial Reporting Standards (IFRS). Historical cost convention These financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and liabilities at fair value through profit or loss. Accrual basis of accounting The financial report, except for cash flow information, is prepared using the accrual basis of accounting. Critical accounting estimates The preparation of financial statements in conformity with AIFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the consolidated entity s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3. The financial report is presented in Australian dollars and all values are rounded to the nearest thousand dollars ($ 000). (b) Principles of consolidation The consolidated financial statements have been prepared by combining the financial statements of all entities that comprise the consolidated entity, being the (the parent entity) and its controlled entities, in accordance with AASB 127 and Separate Financial Statements. A list of controlled entities appears in note 38. The consolidated financial statements include the information and results of each controlled entity from the date on which the obtains control and until such time as the ceases to control the entities. In preparing the consolidated financial statements, all inter-entity balances and transactions, arising within the consolidated entity are eliminated in full. Accounting policies of the subsidiaries are changed on consolidation where necessary to ensure consistency with the accounting policies adopted by the and prepared using the same reporting period. (c) Revenue recognition Revenue from the sale of goods and disposal of other assets is recognised when the consolidated entity has passed control and the significant risks and rewards of ownership have passed to the buyer of the goods or other assets.

10 85 Revenue from the rendering of services is recognised when the consolidated entity has provided the service to the customer. Government financial assistance Government financial assistance received in advance (such as grants in particular) is deferred in accordance with AASB 1004 Contributions. Grant contributions from both the Commonwealth Government and Western Australia State Government for financial assistance for operational purposes or the acquisition of non-current assets are recognised as revenue when the consolidated entity obtains control over the asset comprising the contributions. When the consolidated entity does not have control of the contribution or does not have the right to receive the contribution or has not fulfilled grant conditions, the grant contribution is treated as deferred income. Other contributions revenue Donations, gifts and other contributions are recognised as revenue when the consolidated entity obtains control over the assets comprising the contributions. Control is normally obtained upon their receipt. Contributions of assets are recognised at their fair value. Contributions of services are only recognised when a fair value can be reliably determined and the services would be purchased if not donated. When the consolidated entity does not have control of the contribution or does not have the right to receive the contribution or has not fulfilled contribution conditions, the contribution is treated as deferred income. Sponsored Research Research grant contributions from various sources of sponsored research, including corporations, foundations, Commonwealth, State and local government research institutes are recognised as revenue when the consolidated entity obtains control over the asset comprising the contributions. When the consolidated entity does not have control of the contribution, does not have the right to receive the contribution or has not fulfilled grant conditions, the grant contribution is treated as deferred income. Consultancy and contracts Revenue is recognised on delivery of the service to the client. (d) Acquisition and disposal of assets In accordance with AASB 116 Property, Plant & Equipment, all property, plant and equipment is shown at cost, less subsequent depreciation and impairment. Cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. Items of property, plant and equipment costing over $1,000 and useful life of more than 2 years are recognised as assets and the cost of utilising these assets is depreciated over their useful lives. Repairs and maintenance expenditure is charged to the Income Statement during the financial period in which it is incurred. Assets acquired at no cost or for nominal consideration, are initially recognised at their fair value at the date of acquisition. Gains and losses on disposals are determined by comparing the disposal proceeds with the carrying amount and are included in the Income Statement. (e) Depreciation of non-current assets All non-current assets having a limited useful life are depreciated or amortised over their estimated useful lives, in a manner which reflects the consumption of their future economic benefits.

11 86 Depreciation is calculated on a straight-line basis from the time the asset becomes available for use. Estimated useful lives are as follows: Land Road works Buildings Leasehold land and improvements Computing equipment Other equipment and furniture Motor vehicles Leased plant and equipment Works of art not depreciated 45 years 5-50 years Shorter of 50 years or life of lease 3 years 8 years 5 years shorter of 8 years or lease period not depreciated Land and works of art controlled by the consolidated entity are classified as non-current assets. They are anticipated to have indeterminate useful lives. Their service potential has not, in any material sense, been consumed during the reporting period. As such, no amount for depreciation is recognised. Assets residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. A class of asset s carrying amount is written down immediately to its recoverable amount if the class of asset s carrying amount is greater than its estimated recoverable amount (see note 1(f)). Library collections All the universities within Western Australia have jointly adopted the approach that the total cost of the last three years acquisition of library books and journals would represent an acceptable carrying value of the library collection. In each year, that year s cost of acquisition is added onto the carrying value and the earliest year s cost of acquisition within the carrying value is written off as an acceptable estimate of the depreciation of the library collection for the current year. Non-current assets held for sale In accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations, non-current assets classified as held-for-sale are measured at the lower of carrying amount, and fair value less costs to sell. Noncurrent assets are classified as held-for-sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset is available for immediate sale in its present condition. (f) Impairment of property, plant and equipment In accordance with AASB 136 Impairment of Assets, at each reporting date the consolidated entity reviews the carrying amounts of each class of asset within property, plant and equipment to determine whether there is any indication that those asset classes have suffered an impairment loss. If any such indication exists, the recoverable amount of the class of asset is estimated in order to determine the extent of the impairment loss. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the depreciated replacement cost is used where the future economic benefits of the consolidated entity s assets are not primarily dependent on the assets ability to generate net cash inflows. If the recoverable amount of a class of asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense to the Income Statement immediately.

12 87 (g) Leases In accordance with AASB 117 Leases, leased assets classified as finance leases are recognised as assets. The amount initially brought to account is the present value of minimum lease payments. A finance lease is one which effectively transfers from the lessor to the lessee substantially all the risks and benefits incidental to ownership of the leased property. Finance leased assets are amortised on a straight-line basis over the estimated useful life of the asset. Finance lease payments are allocated between interest expense and reduction of lease liability over the term of the lease. The interest expense is determined by applying the interest rate implicit in the lease to the outstanding lease liability at the beginning of each lease payment period. Operating lease payments are recognised as an expense in the Income Statements on a basis which reflects the pattern in which economic benefits from the leased asset are consumed. (h) Cash and cash equivalents For the purpose of the Cash Flow Statement, cash and cash equivalents includes cash at bank, cash on hand and short-term deposits with an original maturity of three months or less. Foreign currency deposits and bank accounts are expressed in their Australian dollar equivalents as at balance date using the average of buy and sell rates available at the close of business. (i) Inventories Inventories are valued at the lower of cost and current replacement cost. Costs are assigned by the method most appropriate to each particular class of inventory, with the majority being valued on a weighted average cost basis. (j) Receivables Current accounts receivable are recognised at nominal amounts receivable, as they are due for settlement no more than 30 days from the date of recognition. Non-current accounts receivable, with the exception of unfunded superannuation (see below) are recognised at the nominal amounts receivable. Collectability of receivables is reviewed on an ongoing basis. Debts which are known to be uncollectible are written off as bad debts. An allowance for doubtful debts is raised where some doubt as to collection exists. Existing arrangements provide for the Commonwealth to reimburse the on an emerging cost basis for payments made to employees of the State Superannuation Schemes. A receivable is recognised in the Balance Sheet, equivalent to the respective liability. The liability and equivalent receivable are measured actuarially (Refer note 1(n)). (k) Investments In accordance with AASB 139 Financial Instruments: Recognition and Measurement, investments other than unlisted shares are classified as available-for-sale and are measured at subsequent reporting dates at fair value. For available-for-sale investments, gains and losses arising from changes in fair value are recognised directly in equity, until the security is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in equity is included in the Income Statement for the period. Unlisted shares are stated at historical cost unless there has been a permanent diminution in value, in which event a recoverable amount write-down is made. Interest revenue is recognised when it is earned (i.e. on an accrued basis). Details of financial instruments are provided in note 32.

13 88 (l) Payables Payables, including accruals (expenses incurred but not yet billed), are recognised when the consolidated entity becomes obliged to make future payments as a result of a purchase of assets or services. Payables are generally settled within a 30 day term. (m) Interest bearing liabilities Bank loans and other interest bearing liabilities are recorded at an amount equal to the net proceeds received. Borrowing costs expense is recognised on an accrual basis and are expensed as incurred. Borrowing costs for qualifying assets are capitalised net of any investment income earned on the unexpended portion of the borrowings. Other borrowing costs are expensed when incurred. (n) Employee benefits Employee entitlements are accounted for in accordance with AASB 119 Employee Benefits. Annual leave This benefit is recognised at the reporting date in respect of employees service up to that date and is measured at nominal amounts expected to be paid when the liabilities are settled, including anniversary increments and anticipated increases (for example enterprise bargaining agreements). All annual leave provisions are classified as current liabilities as the does not have an unconditional right to defer settlement of the liability beyond 12 months. Long service leave Long service leave entitlements owing to employees are based on actuarial valuations by an independent valuer, Barton Consultancy. The liability for long service leave expected to be settled within twelve months of the reporting date is recognised in the provision for employee benefits as a current liability and is measured at the nominal amounts expected to be paid when the liability is settled, including anniversary increments and anticipated increases (for example enterprise bargaining agreements). The liability for long service leave expected to be settled more than 12 months from the reporting date is recognised in the provision for employee benefits as a non-current liability and is measured at the present value of expected future payments to be made in respect of services provided by employees up to the reporting date. Consideration is given, when assessing expected future payments, to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. Superannuation The consolidated entity contributes to a number of superannuation schemes including both defined contribution and defined benefit schemes. Payments to defined contribution schemes are charged as an expense as they fall due. The s obligation is limited to these contributions. The defined benefit scheme provides a defined lump sum benefit to scheme members based on years of service and final average salary. A defined benefit liability is included in the Balance Sheet equal to the present value of the defined benefit obligation at the reporting date (less any past service costs not yet recognised) less the fair value of the scheme assets at the reporting date.

14 89 The cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out on an annual basis. Actuarial gains and losses are recognised as income or an expense in the period in which they occur. Where appropriate the has adopted the multi employer provisions of AASB 119 Employee Benefits paragraph 30. Unfunded superannuation An arrangement exists between the Australian Government and the State Government to meet the unfunded liability for the consolidated entity s beneficiaries of the State Superannuation Schemes on an emerging cost basis. This arrangement is evidenced by the State Grants (General Revenue) Amendment Act 1987, Higher Education Funding Act 1988 and subsequent amending legislation. Accordingly the unfunded liabilities have been recognised in the Balance Sheet under Provisions, with a corresponding asset recognised under Receivables. The recognition of both the asset and the liability consequently does not affect the year end net asset position of the consolidated entity. Accrued or prepaid salaries Accrued salaries represent the amount due to staff but unpaid at the end of the financial year, as the end of the last pay period for that financial year does not always coincide with the end of the financial year. The consolidated entity considers that the carrying amount approximates net fair value. If the payroll is paid on a date prior to the end of the financial year, the amount prepaid which overlaps the year end is treated as a current asset. (o) Employee benefits on-costs Annual leave and long service leave on-costs are not included as employee benefit costs but are recognised and disclosed within the Balance Sheet separately. (p) Foreign currency translation Transactions denominated in a foreign currency are translated at the rates in existence at the dates of the transactions. Foreign currency receivables and payables at reporting date are translated at exchange rates current at reporting date. Exchange gains and losses are brought to account in the Income Statement. (q) Reserves Reserves are created for funds that are retained and set aside for expenditure on specified items in future years. (r) Endowment and trust funds Endowments are received by the to fund research activities, scholarships, donations, prizes and lectures. Being restricted investments, these funds are not available to the for general expenditure. However, to the extent that the has direct control over the funds, they are included within revenue in the Income Statement and within restricted assets in the Balance Sheet. Control is normally obtained upon receipt. When the consolidated entity does not have control of the contribution or does not have the right to receive the contribution or has not fulfilled the associated conditions, the contribution is treated as deferred income. (s) Amenities and services fee The is required by Western Australian State legislation to charge students an annual amenities and services fee. That portion of the fee collected from Curtin Student Guild members is passed on to the Student Guild (an entity separate to the ) after deducting an amount to cover administrative charges.

15 90 The portion of the fee collected from non-student Guild members is applied by the for the benefit of students on amenities and services such as social, cultural and sporting activities, student welfare and advocacy. The Commonwealth Government introduced legislation with effect from 1 July 2006 that overrides the State legislation and makes the amenity and service fee voluntary. (t) Taxes Income Tax Curtin of Technology is exempt from income tax as per Subdivision 50-B of the Income Tax Assessment Act Goods and Services Tax (GST) Revenue, expenses and assets are recognised net of the amount of GST except: Where the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the GST is recognised as part of the cost of acquisition or as part of the expense item as applicable; and Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the Balance Sheet. Cash flows are included in the Cash Flow Statement on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority are classified as operating cash flows. Fringe Benefits Tax The is liable to pay Fringe Benefits Tax, and it is included in Other Expenses in the Income Statement. Payroll Tax The is liable to pay Payroll Tax, and it is included in Other Expenses in the Income Statement. (u) Comparative figures Comparative figures are, where appropriate, reclassified so as to be comparable with the figures presented in the current financial year (refer notes 1(v) and 45). (v) Change in accounting policy The consolidated entity has changed its accounting policy in relation to the recognition of unrealised gains and losses arising from available for sale investments. The new policy better reflects the nature of investments as available for sale. With effect from 1 January 2006, unrealised gains or losses are recognised through the Statement of Changes in Equity rather than through the Income Statement until such time as the investment is disposed of or deemed to be impaired. The effect of this change was to reduce the net operating result for the year by $4.068 million. In 2005 unrealised gains of $1,319,016 were recognised through the Income Statement. The 2005 comparatives have been adjusted to reflect the accounting treatment in accordance with Accounting Standard AASB 1008 Accounting Policies, Changes in Accounting Estimates and Errors. This change has no impact on the investments balance, net assets or total equity as at 31 December 2005 or 31 December 2006.

16 91 2 Financial Risk Management The consolidated entity s activities expose it to a variety of financial risks. The financial risks include market risk, credit risk, liquidity risk, and cash flow interest rate risk. (a) Market risk The consolidated entity has exposure to movements in interest rates and foreign exchange rates. For example, movements in interest rates and foreign exchange rates can affect the fair value of the s investments. In order to mitigate this risk, the engages the services of reputable and experienced fund managers together with a recognised investment consultancy. The performance of the investment portfolio is reviewed regularly. Foreign exchange risk is managed for the s other transactions in the drafting of contracts and in the forward purchase of currency where necessary. (b) Credit risk The consolidated entity has exposure to the financial loss that would be experienced were a counterparty to default. The consolidated entity has adopted the policy of only dealing with creditworthy counterparties where this is possible. Allowances for doubtful debts are provided where necessary. (c) Liquidity risk The consolidated entity maintains sufficient cash and marketable securities in order to manage liquidity risk. (d) Cash flow interest rate risk The majority of consolidated entity s borrowings are currently at fixed rates of interest in order to manage the effect of adverse interest rate movements. 3 Critical Accounting Estimates and Judgements Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (a) Critical accounting estimates and assumptions The key assumptions made concerning the future, and other key sources of estimating uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include: Allowances for doubtful receivables - (refer notes 1(j) and 21). Deferred Government superannuation contribution / Deferred employee benefits for superannuation (refer notes 1(j) and 1(n)). Discount rates used in estimating provisions discount rates are based on market yields on government bonds. Estimating useful life of key assets the useful life reflects the consumption of the key assets future economic benefits (refer note 1(e)). (b) Critical judgements in applying the entity s accounting policies The judgements that have been made in the process of applying accounting policies that have the most significant effect on the amounts recognised in the financial report include: Estimating useful life of key assets. Impairment of assets.

17 92 4 Disaggregated Information (a) Industry Dual Sector Providers [] Higher VET Total Higher VET Total Income Statement Education Education $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 Revenue from continuing operations Australian Government financial assistance Australian Government grants 172, , , ,616 HECS-HELP Australian Government payments 58,284-58,284 47,094-47,094 FEE HELP 12,801-12,801 11,722-11,722 State and Local Government financial assistance 7,153 9,957 17,110 4,927 10,527 15,454 HECS-HELP Student payments 17,320-17,320 13,348-13,348 Fees and charges 144, , , ,961 Investment income 14, ,713 6, ,520 Royalties, trademarks and licences 11,521-11,521 5,826-5,826 Consultancy and contracts 24,306-24,306 17,130-17,130 Other revenue 33,361 2,850 36,211 30,910 3,168 34, ,729 13, , ,081 14, ,749 Deferred Government Superannuation Contributions (5,455) - (5,455) (615) (3) (618) Total revenue from continuing operations 491,274 13, , ,466 14, ,131 Expenses from continuing operations Employee benefits 244,281 5, , ,906 7, ,223 Depreciation and amortisation 28,076 1,320 29,396 24,868 1,234 26,102 Repairs and maintenance 14, ,924 16, ,532 Finance costs 1, ,839 1, ,918 Bad and doubtful debts (920) 1 (919) (1,167) - (1,167) Other expenses 135,507 4, , ,181 5, , ,709 13, , ,532 14, ,883 Deferred employee benefits for superannuation (5,455) - (5,455) (615) (3) (618) Total expenses from continuing operations 417,254 13, , ,917 14, ,265 Net operating result for the year 74, ,801 21, ,866

18 93 4 Disaggregated Information (cont d) (a) Industry Dual Sector Providers [] Higher VET Total Higher VET Total Balance Sheet Education Education $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 ASSETS Current Assets Cash and cash equivalents 79,695 (3,056) 76,639 33,646 (4,411) 29,235 Restricted cash and cash equivalents Trade and other receivables 23, ,634 22, ,979 Inventories 1, ,509 1, ,575 Other financial assets Restricted other financial assets 47,716-47,716 36,719-36,719 Other non financial assets 13, ,672 13, ,394 Total Current Assets 165,851 (2,646) 163, ,985 (3,967) 104,018 Non-Current Assets Trade and other receivables 67, ,488 70, ,982 Other financial assets 72,383-72,383 63,049-63,049 Property, plant and equipment 497,278 35, , ,438 35, ,046 Total Non-Current Assets 637,609 35, , ,929 36, ,077 Total Assets 803,460 33, , ,914 32, ,095 LIABILITIES Current Liabilities Trade and other payables 1,777-1,777 3, ,002 Interest bearing liabilities Provisions 47,650 1,000 48,650 50, ,822 Other liabilities 75,515 1,564 77,079 60,800 1,250 62,050 Total Current Liabilities 125,236 2, , ,224 2, ,513

19 94 4 Disaggregated Information (cont d) (a) Industry Dual Sector Providers [] Higher VET Total Higher VET Total Balance Sheet (cont d) Education Education $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 LIABILITIES Non-Current Liabilities Interest bearing liabilities 20,263 4,623 24,886 20,556 4,990 25,546 Provisions 81, ,249 85, ,491 Total Non-Current Liabilities 101,905 5, , ,414 5, ,037 Total Liabilities 227,141 8, , ,638 7, ,550 Net Assets 576,319 25, , ,276 24, ,545 EQUITY Reserves 7,111-7,111 5,506-5,506 Retained surplus 569,208 25, , ,770 24, ,039 Total Equity 576,319 25, , ,276 24, ,545 Higher Education VET Other Retained Total Other Retained Total Total Statement of Changes in Equity Reserves Earnings Equity Reserves Earnings Equity Equity $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 At 1 January , , ,408-23,952 23, ,360 Unrealised investment gains for the year 1,319-1, ,319 Operating result for the year - 21,549 21, ,866 Transferred from retained earnings 443 (443) Transferred to retained earnings (93) At 31 December , , ,276-24,269 24, ,545

20 95 4 Disaggregated Information (cont d) (a) Industry Dual Sector Providers [] Higher Education VET Other Retained Total Other Retained Total Total Statement of Changes in Equity (cont d) Reserves Earnings Equity Reserves Earnings Equity Equity $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 Adjustment to opening retained earnings - Library Collection - (2,863) (2,863) (2,863) Unrealised investment gains for the year 4,886-4, ,886 Operating result for the year - 74,020 74, ,801 Transferred from retained earnings 126 (126) Transferred to retained earnings (3,407) 3, At 31 December , , ,319-25,050 25, , Higher VET Total Higher VET Total Cash Flow Statement Education Education $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 CASH FLOWS FROM OPERATING ACTIVITIES Receipts Australian Government Grants received 240, , , ,656 HECS-HELP Student payments 17,320-17,320 13,348-13,348 Fees and charges 152,071 1, , ,911 1, ,632 Royalties, trademarks and licences 11,521-11,521 5,826-5,826 Consultancy and contracts 28,324-28,324 17,130-17,130 Interest received 6, ,256 5, ,278 Dividends received Distributions received 8,153-8,153 1,283-1,283 Other 31,826 2,850 34,676 30,929 3,191 34,120 Payments Payments to employees (246,210) (5,541) (251,751) (242,028) (8,368) (250,396) Payments to suppliers (145,343) (5,632) (150,975) (125,380) (4,866) (130,246) Interest and other costs of finance paid (1,518) (321) (1,839) (1,545) (373) (1,918) Net cash provided by operating activities 102,785 (7,099) 95,686 71,311 (8,491) 62,820

21 96 4 Disaggregated Information (cont d) (a) Industry Dual Sector Providers [] Higher VET Total Higher VET Total Cash Flow Statement (cont d) Education Education $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 CASH FLOWS FROM INVESTING ACTIVITIES Payment for property, plant and equipment (48,547) (1,028) (49,575) (30,561) (234) (30,795) Proceeds on sale of property, plant and equipment Payment for investments (15,447) - (15,447) (46,342) - (46,342) Net cash used in investing activities (63,808) (1,028) (64,836) (76,699) (234) (76,933) CASH FLOWS FROM FINANCING ACTIVITIES Repayment of interest bearing liabilities (164) (475) (639) (2,255) (460) (2,715) Cash used in financing activities (164) (475) (639) (2,255) (460) (2,715) CASH FLOWS FROM STATE GOVERNMENT Financial assistance 7,153 9,957 17,110 4,354 11,100 15,454 Cash provided by State Government 7,153 9,957 17,110 4,354 11,100 15,454 Net increase/(decrease) in cash and cash equivalents held 45,966 1,355 47,321 (3,289) 1,915 (1,374) Cash and cash equivalents at the beginning of the year 33,729 (4,411) 29,318 37,018 (6,326) 30,692 Cash and cash equivalents at the end of the year 79,695 (3,056) 76,639 33,729 (4,411) 29,318 (b) Geographical - [] Revenue Operating Result Assets Geographical [] $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 CASH FLOWS FROM INVESTING ACTIVITIES Australia 484, ,759 69,950 14, , ,273 Asia 19,623 21,129 4,547 6,951 8,924 4,433 Other , ,233 74,800 21, , ,066

22 97 5 Australian Government Financial Assistance including HECS-HELP and other Australian Government loan programmes (a) Commonwealth Grants Scheme and Other Grants 46.1 Commonwealth Grants Scheme 115, , , ,427 Indigenous Support Fund 1,718 1,773 1,718 1,773 Workplace Reform Programme 1,503 1,442 1,503 1,442 Workplace Productivity Programme 1,059-1,059 - Superannuation Programme 6,216 6,719 6,216 6,719 Capital Development Pool Equity Programmes Total Commonwealth Grants Scheme & Other Grants 126, , , ,871 (b) Higher Education Loan Programmes 46.2 HECS-HELP 58,284 47,094 58,284 47,094 FEE-HELP 12,801 11,722 12,801 11,722 Total Higher Education Loan Programmes 71,085 58,816 71,085 58,816 (c) Scholarships 46.3 Australian Postgraduate Awards 2,230 1,765 2,230 1,765 Indigenous Staff Scholarships International Postgraduate Research Scholarships Commonwealth Education Costs Scholarships Commonwealth Accommodation Scholarships 1, , Total Scholarships 4,886 3,384 4,886 3,384 (d) DEST Research 46.4 Institutional Grants Scheme 6,071 5,888 6,071 5,888 Research Training Scheme 12,364 11,676 12,364 11,676 Systemic Infrastructure Initiative Research Infrastructure Block Grants 2,021 1,676 2,021 1,676 Total DEST Research Grants 20,466 19,240 20,466 19,240 (e) Australian Research Council (i) Discovery 46.5(a) Project 3,921 3,136 3,921 3,136 Indigenous Researchers Development (5) - (5) - Fellowships Total Discovery 3,916 3,136 3,916 3,136 (ii) Linkages 46.5(b) Special Research Initiatives Infrastructure International Projects 2,392 2,438 2,392 2,438 Total Linkages 2,739 2,778 2,739 2,778

23 98 5 Australian Government Financial Assistance (cont d) including HECS-HELP and other Australian Government loan programmes (f) Other Australian Government financial assistance Other (includes Co-operative Research Centre funding) 14,875 15,207 14,875 15,207 Total Australian Government Financial Assistance 244, , , ,432 Reconciliation Australian Government grants [a+c+d+e+f] 173, , , ,616 HECS-HELP Australian Government payments 58,284 47,094 58,284 47,094 Other Australian Government loan programmes 12,801 11,722 12,801 11,722 Total Australian Government Financial Assistance 244, , , ,432 (g) Australian Government Grants received cash basis CGS and Other DEST Grants , , , ,761 Higher Education Loan Programmes ,153 62,016 68,153 62,016 Scholarships ,503 3,633 5,503 3,633 DEST Research ,456 19,240 20,456 19,240 ARC grants - Discovery 46.5(a) 3,908 3,136 3,908 3,136 ARC grants - Linkages 46.5(b) 2,739 2,778 2,739 2,778 Other Government Grants 16,352 15,292 16,352 15,292 Total Australian Government Grants received cash basis 240, , , ,856 OS-Help (Net) Total Australian Government funding received cash basis 240, , , ,656 6 State and Local Government Financial Assistance WA State Department of Education and Training 9,648 10,140 9,648 10,140 WA State Government other 7,434 5,239 7,434 5,239 WA Local Government Total State and Local Government Financial Assistance 17,110 15,454 17,110 15,454

24 99 7 Fees and Charges Course Fees and Charges Fee-paying overseas students 115, , , ,217 Continuing education 6,254 4,777 6,254 4,777 Fee-paying domestic postgraduate students 8,441 7,069 8,441 7,069 Fee-paying domestic undergraduate students Total Course Fees and Charges 130, , , ,065 Other Non-Course Fees and Charges Amenities and service fees 2,347 2,564 2,347 2,564 Examination fees 1,625 1,351 1,625 1,351 Late fees Library fines Parking fees 1,278 1,407 1,278 1,407 Registration fees Consumable fees Ancillary fees Student accommodation 5,902 5,160 5,902 5,160 Other fees and charges 1,635 1,652 1,635 1,652 Total Other Non-Course Fees and Charges 14,790 13,896 14,790 13,896 Total Fees and Charges 145, , , ,961 8 Investment Income Dividends from investment shares Distributions from managed funds 8,153 1,283 8,153 1,283 Interest received 6,285 5,167 6,285 5,130 Total Investment Income 14,713 6,557 14,713 6,520 9 Royalties, Trademarks and Licences Royalties 11,521 5,826 11,521 5,826 Total Royalties, Trademarks and Licences 11,521 5,826 11,521 5,826

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