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Victoria University 2019 Annual Report

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Victoria University 2019 Annual Report ANNUAL REPORT 2019 VICTORIA UNIVERSITY | 2019 ANNUAL REPORT 0.0 SUBSECTION HEADER FOLLOW-ON ACKNOWLEDGEMENT OF COUNTRY We acknowledge that the land on which FOR MORE INFORMATION our campuses stand is the place of age-old Victoria University (VU) acknowledges Office of the Vice-President, ceremonies of celebration, initiation and the Ancestors, Elders and families of the Planning and Registrar renewal. The Kulin and Eora people’s living Boonwurrung, Woiwurrung (Wurundjeri) culture had, and has, a unique role in the Phone and Wathaurung (Wadawurrung) on our life of these regions. +61 3 9919 4000 Melbourne Campuses, and the Gadigal and Guring-gai people of the Eora Nation VU supports the aim of Reconciliation Email on our Sydney Campus. These groups are Australia to build better relationships [email protected] the custodians of University land and have between the wider Australian community Postal Address been for many centuries. and Aboriginal and Torres Strait Islander Victoria University peoples for the benefit of all Australians. It As we share our own knowledge practices PO Box 14428 is important that staff, students and visitors within the University may we pay respect to Melbourne VIC 8001 understand and respect the significance the deep knowledge embedded within the of recognising the traditional owners of Online Aboriginal community and their ownership University land. Victoria University’s 2019 Annual Report of Country. and previous reports are available at: vu.edu.au/about-vu/publications/ annual-reports 2 | VICTORIA UNIVERSITY | 2019 ANNUAL REPORT CONTENTS ACKNOWLEDGEMENT OF COUNTRY 2 4 FINANCIAL STATEMENTS 54 GENERAL ENQUIRIES 2 4.1 FINANCIAL OVERVIEW 2019 55 CONTENTS 3 4.2 FIVE YEAR FINANCIAL SUMMARY 58 LETTER OF TRANSMITTAL 4 4.3 REPORT BY THE MEMBERS OF COUNCIL 59 1 ORGANISATIONAL OVERVIEW 5 4.4 2019 FINANCIAL STATEMENTS INDEX 61 1.1 CHANCELLOR’S FOREWORD 6 AUDITOR GENERAL’S INDEPENDENCE DECLARATION 62 1.2 VICE-CHANCELLOR’S FOREWORD 8 INDEPENDENT AUDIT REPORT 63 1.3 ABOUT VU 10 STATEMENT BY THE CHANCELLOR, OUR VISION AND MISSION 11 1.4 THE VICE-CHANCELLOR AND PRINCIPAL 1.5 STRATEGIC PLAN 2016–2020 12 ACCOUNTING OFFICER 65 1.6 OPERATIONAL AND INCOME STATEMENT 66 BUDGETARY OBJECTIVES 2019 13 STATEMENT OF COMPREHENSIVE INCOME 67 SENIOR EXECUTIVES 2019 14 1.7 STATEMENT OF FINANCIAL POSITION 68 HIGHER EDUCATION CLUSTERS, COLLEGES, 1.8 STATEMENT OF CHANGES IN EQUITY 69 VU POLYTECHNIC AND INSTITUTES 17 STATEMENT OF CASH FLOWS 70 2 REPORT OF OPERATIONS 18 NOTES TO THE FINANCIAL STATEMENTS 71 2.1 THE UNIVERSITY OF OPPORTUNITY AND SUCCESS 19 DISCLOSURE INDEX 129 2.2 LEARNING AND TEACHING 20 2.3 STUDENTS 26 2.4 INDUSTRY AND COMMUNITY 30 2.5 VU INNOVATIONS 33 2.6 RESEARCH 34 2.7 INTERNATIONAL 36 2.8 PEOPLE 37 3 UNIVERSITY GOVERNANCE 42 3.1 OBJECTIVES 43 3.2 GOVERNANCE OVERVIEW 44 3.3 COUNCIL MEMBERS 45 3.4 COUNCIL AND COMMITTEES ATTENDANCE 46 3.5 DISCLOSURE STATEMENTS 47 3.6 RISK MANAGEMENT 51 3.7 CONSULTANCIES AND ICT EXPENDITURE 52 3.8 COMMERCIAL ACTIVITIES 53 VICTORIA UNIVERSITY | 2019 ANNUAL REPORT | 3 LETTER OF TRANSMITTAL 4 | VICTORIA UNIVERSITY | 2019 ANNUAL REPORT SECTION 1 ORGANISATIONAL OVERVIEW 1.1 CHANCELLOR’S FOREWORD teaching has been underpinned by our In 2020, we are opening two key buildings high performing staff cohort who have and facilities on our Sunshine Campus. The demonstrated the capacity to rapidly first, Sunshine Skills Hub, is a world-class implement world-leading teaching training facility that will use leading-edge methodologies. The accomplishments of technology to deliver advanced training our staff have been recognised nationally for tomorrow’s workforce. The facility and internationally. will increase collaboration with industry partnerships, refresh and strengthen the VU Polytechnic’s revolutionary digital local community, and will reinvigorate TAFE learning designs and approaches scooped in the west of Melbourne. Secondly, we the pool at the 2019 LearnX Live Awards, 2019 continued to be a year of will open the Victoria University Sunshine which showcased the best workforce transformation and innovation at Clinical School, the new home for our learning practices across Australasia in a Victoria University (VU) as we champion third-year nursing and midwifery students field of multinational corporate, education, our moral purpose in transforming the lives co-located at the Sunshine Hospital. This and public service sectors. VU Polytechnic of students and the communities in which is an exciting development which will see also received the Inclusive Training Provider we serve. We have cemented our place our students experience a clinical setting of the Year Award at the 65th Anniversary of as a leader in reconceptualising tertiary in their final year, preparing them well the Victorian Training Awards. education, with our progressive ‘New Way for their future as health care workers, To Do Uni’. We received five awards out of 10 capable of meeting changing health needs categories, as well as a highly commended of the community, especially in the west of OUR TRANSFORMATION in sixth category awards in the ATEM/ Melbourne. Campus Morning Mail Best Practice Awards VU is evolving into an organisation that 2019 saw the State Government announce in Tertiary Education Management for is agile and dynamic, effective, impactful the co-location of the new Footscray 2019, recognising excellence in professional and an innovative leader in the tertiary Hospital adjacent to our Footscray Park management and administration in the education sector in Australia and beyond. Campus, an exciting new development Australian and New Zealand tertiary Much of the last 10 years has been a period that will bring with it many opportunities education sector. Finally, VU was awarded of great challenge and disruption for the for the west. We also turned the sod on the the Australian Higher Education Industrial University, so it was clear that the old way construction of our new vertical campus Association/Voice Project Award, of working was unsustainable. Streamlining on the western fringe of the CBD, the City recognising the greatest amount of positive our administration, bold innovation West Precinct, which will consolidate our change achieved among all participating and greater organisational agility were current facilities and create an exceptional universities who worked with Voice Project. necessary. VU presence in the city. The organisational capability we have OUR RESEARCH developed has enabled us to overhaul OUR INFLUENCE IN THE COMMUNITY Research at VU continues its upward our learning and teaching in both our Victoria University is a university that trajectory, with our performance and vocational and higher education programs, embeds itself in the communities in which productivity improving strongly. In the implementing The VU Way and better we operate, and positively influences those Excellence for Research in Australia positioning VU for long term financial that we serve, as the University for the (ERA) assessment we had more levels sustainability, which will consolidate our west. We are making an impact through the 4 and 5 ERA’s than ever before and we current facilities and create an exceptional West of Melbourne Economic Development are producing more quality research VU presence in the city. VU’s improved Alliance (WoMEDA), which works to publications by remaining committed to financial performance has been sustained strengthen economic development in strategically focused and funded research with annual budgets set for continued the west, to support the achievement of that has impact. surplus. A surplus of $24.4 million has been broader social engagement and health delivered for 2019. outcomes. In 2019 WoMEDA released its CAMPUS DEVELOPMENTS newest strategy ‘Sunshine: Daring to be OUR STAFF Our campuses, and their locations, are Great’, outlining the ways that it can work with the Government to create an attractive Each and every staff member at VU important enablers to our ambition to precinct for people to live and work, with has contributed to the transformation be a university without boundaries and plenty of local jobs, access to transport of our institution. We could not have to provide access to high quality and and quality education and an attractive made such significant progress we have innovative tertiary education for a growing proposition to investors. without their hard work and ingenuity. population and workforce in the west. The transformation of our learning and 6 | VICTORIA UNIVERSITY | 2019 ANNUAL REPORT 1.1 CHANCELLOR'S FOREWORD OUR SENIOR LEADERS On behalf of Council I wish to acknowledge the exceptional leadership of the Vice- Chancellor and President, Professor Peter Dawkins, and his Senior Executive Group, during this period of extraordinary change and innovation. The Senior Executive Group have been bold and brave in the choices they have made, and in turn have created a sustainable university for the 21st century. MY RETIREMENT It has been an honour to hold the position of Chancellor for the last 10 years. Having been appointed in 2010, I am proud to have led the VU Council, alongside an outstanding team, during a time of both opportunities and challenges. It has been particularly satisfying to observe the transformation of Victoria University into a modern, agile and dynamic institution that has never strayed from its moral purpose – to provide outstanding educational opportunities in a safe and inclusive environment, to all students from all backgrounds. I will miss Victoria
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