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ANNUAL REPORT 2018 Financial Statements Volume 2 Financial Statements and Independent Audit Reports Page Western Sydney University 3 Western Sydney University Enterprises Pty Limited trading as Western Sydney University The College 87 Western Unlimited Ltd 119 Western Sydney University Early Learning Limited 145 Whitlam Institute within Western Sydney University Limited 167 Whitlam Institute within Western Sydney University Trust 187 Western Growth Developments (Westmead) 207 Western Growth Developments (Innovation Hub Parramatta) 227 Supporting data Appendices 247 1 This page is intentionally blank 2 Western Sydney University Consolidated Financial Statements For the year ended 31 December 2018 3 4 5 6 Start of Audited Financial Statements Western Sydney University Income Statement For the Year Ended 31 December 2018 Consolidated Parent 2018 2017 2018 2017 Note $'000 $'000 $'000 $'000 Income from continuing operations Australian Government financial assistance Australian Government grants 2 331,837 334,413 331,837 334,413 HELP - Australian Government payments 2 234,686 218,750 234,686 218,750 State and Local Government financial assistance 3 128 19 128 19 HECS-HELP - Student Payments 14,075 13,700 14,075 13,700 Fees and charges 4 157,200 115,291 148,391 106,600 Investment revenue 5 2,424 14,047 2,283 13,939 Consultancy and contracts 6 25,342 23,074 25,334 23,068 Share of profit or loss on investments accounted for using the equity method 7 190 (834) - - Gain on disposal of assets 8 33,987 36,023 33,993 35,940 Other revenue and income 9 106,265 44,622 118,542 54,060 Total income from continuing operations 906,134 799,105 909,269 800,489 Expenses from continuing operations Employee related expenses 10 470,405 444,098 430,981 404,032 Depreciation and amortisation 11 54,950 50,525 53,802 48,835 Repairs and maintenance 12 24,831 25,561 24,679 25,351 Borrowing costs 13 5,056 4,276 5,290 4,476 Impairment of assets 14 (64) (62) 2,521 3,872 Other expenses 15 263,245 222,643 305,225 265,461 Total expenses from continuing operations 818,423 747,041 822,498 752,027 Net result from continuing operations 87,711 52,064 86,771 48,462 The accompanying notes form part of these financial statements. 7 Western Sydney University Statement of Comprehensive Income For the Year Ended 31 December 2018 Consolidated Parent 2018 2017 2018 2017 Note $'000 $'000 $'000 $'000 Net result for the period 87,711 52,064 86,771 48,462 Items that will be reclassified to Income Statement Gain/(loss) on revaluation of available-for-sale financial assets 27(c) - 2,733 - 2,733 Total - 2,733 - 2,733 Items that will not be reclassified to Income Statement Gain/(loss) on revaluation of property, plant and equipment 27(c) 69,076 200,303 69,076 200,303 Gain/(loss) on revaluation of art collection 27(c) - (3) - (3) Gain/(loss) on revaluation of livestock 27(c) (93) 48 (93) 48 Net actuarial gains/(losses) recognised in respect of Defined Benefit Plans 27(c) (335) (1,447) (335) (1,447) Change in fair value of equity investments designated at fair value through other comprehensive income 27(c) 7,111 - 7,111 - Total 75,759 198,901 75,759 198,901 Total other comprehensive income 75,759 201,634 75,759 201,634 Comprehensive result 163,470 253,698 162,530 250,096 Total comprehensive income attributable to: Members of the University 163,470 253,698 162,530 250,096 The accompanying notes form part of these financial statements. 8 Western Sydney University Statement of Financial Position As At 31 December 2018 Consolidated Parent 2018 2017 2018 2017 Note $'000 $'000 $'000 $'000 Assets Current assets Cash and cash equivalents 16 102,290 221,748 98,753 219,554 Receivables 17 54,151 56,069 50,593 54,395 Inventories 30 58 3 - Other non-financial assets 22 1,137 1,196 1,137 1,196 Non-current assets held for sale 18 5,867 40,358 5,867 40,358 Total current assets 163,475 319,429 156,353 315,503 Non-current assets Receivables 17 392,658 388,045 415,758 388,045 Investments accounted for using the equity method 7 - - - - Property, plant and equipment 19 2,028,043 1,841,078 2,003,662 1,835,517 Other financial assets 21 276,110 107,897 276,110 107,897 Intangible assets 20 21,308 14,788 21,308 14,788 Other non-financial assets 22 4,046 5,281 4,046 5,281 Total non-current assets 2,722,165 2,357,089 2,720,884 2,351,528 Total assets 2,885,640 2,676,518 2,877,237 2,667,031 Liabilities Current liabilities Trade and other payables 23 59,423 56,403 58,171 55,911 Borrowings 24 - - 12,031 9,201 Provisions 25 80,059 72,881 77,179 69,727 Other liabilities 26 53,296 50,524 51,319 48,757 Total current liabilities 192,778 179,808 198,700 183,596 Non-current liabilities Trade and other payables 23 3,943 3,520 3,943 3,520 Borrowings 24 162,500 163,500 162,500 163,500 Provisions 25 397,852 367,774 396,837 366,864 Other liabilities 26 47,064 49,125 47,064 49,125 Total non-current liabilities 611,359 583,919 610,344 583,009 Total liabilities 804,137 763,727 809,044 766,605 Net assets 2,081,503 1,912,791 2,068,193 1,900,426 Equity Parent entity interest Reserves 27 916,288 865,790 916,092 861,541 Retained earnings 1,165,215 1,047,001 1,152,101 1,038,885 Total equity 2,081,503 1,912,791 2,068,193 1,900,426 The accompanying notes form part of these financial statements. 9 Western Sydney University Statement of Changes in Equity For the Year Ended 31 December 2018 Parent Retained Reserves Earnings Total Note $'000 $'000 $'000 Balance at 1 January 2018 861,541 1,038,885 1,900,426 Initial application of Australian Accounting Standards 1(k) 6,403 (1,166) 5,237 Balance as restated 867,944 1,037,719 1,905,663 Net result - 86,771 86,771 Gain/(loss) on revaluation of property,plant and equipment 27(c) 69,076 - 69,076 Gain/(loss) on equity investments at fair value through comprehensive income 27(c) 7,111 - 7,111 Gain/(loss) on revaluation of livestock 27(c) (93) - (93) Remeasurements of Defined Benefit Plans 27(c) (335) - (335) Other comprehensive income 75,759 - 75,759 Total comprehensive income 943,703 1,124,490 2,068,193 Transfer from property development revaluation reserve on disposal of assets 27(c) (27,611) 27,611 - Balance at 31 December 2018 916,092 1,152,101 2,068,193 Parent Retained Reserves Earnings Total Note $'000 $'000 $'000 Balance at 1 January 2017 703,755 953,702 1,657,457 Net result - 48,462 48,462 Gain/(loss) on revaluation of property,plant and equipment 27(c) 200,303 - 200,303 Gain/(loss) on revaluation of available-for-sale financial assets 27(c) 2,733 - 2,733 Gain/(loss) on revaluation of art collection 27(c) (3) - (3) Gain/(loss) on revaluation of livestock 27(c) 48 - 48 Remeasurements of Defined Benefit Plans 27(c) (1,447) - (1,447) Other comprehensive income 201,634 - 201,634 Total comprehensive income 905,389 1,002,164 1,907,553 Transfer from property, plant and equipment reserve on disposal of assets 27(c) (43,848) 43,848 - Balance at 31 December 2017 861,541 1,046,012 1,907,553 Payroll tax oncost liability on Defined Benefit Plans - (7,127) (7,127) Balance at 31 December 2017 (Restated) 861,541 1,038,885 1,900,426 The accompanying notes form part of these financial statements. 10 Western Sydney University Statement of Changes in Equity For the Year Ended 31 December 2018 Consolidated Retained Reserves Earnings Total Note $'000 $'000 $'000 Balance at 1 January 2018 865,790 1,047,001 1,912,791 Initial application of Australian Accounting Standards 1(k) 2,350 2,892 5,242 Balance as restated 868,140 1,049,893 1,918,033 Net result - 87,711 87,711 Gain/(loss) on revaluation of property,plant and equipment 27(c) 69,076 - 69,076 Gain/(loss) on equity investments at fair value through comprehensive income 27(c) 7,111 - 7,111 Gain/(loss) on revaluation of art collection 27(c) - - - Gain/(loss) on revaluation of livestock 27(c) (93) - (93) Remeasurements of Defined Benefit Plans 27(c) (335) - (335) Other comprehensive income 75,759 - 75,759 Total comprehensive income 943,899 1,137,604 2,081,503 Transfer from property, plant and equipment reserve on disposal of assets 27(c) (27,611) 27,611 - Balance at 31 December 2018 916,288 1,165,215 2,081,503 Consolidated Retained Reserves Earnings Total Note $'000 $'000 $'000 Balance at 1 January 2017 708,004 958,216 1,666,220 Net result - 52,064 52,064 Gain/(loss) on revaluation of property, plant and equipment 27(c) 200,303 - 200,303 Gain/(loss) on revaluation of available-for-sale financial assets 27(c) 2,733 - 2,733 Gain/(loss) on revaluation of art collection 27(c) (3) - (3) Gain/(loss) on revaluation of livestock 27(c) 48 - 48 Remeasurements of Defined Benefit Plans 27(c) (1,447) - (1,447) Other comprehensive income 201,634 - 201,634 Total comprehensive income 909,638 1,010,280 1,919,918 Transfer from property, plant and equipment reserve on disposal of assets 27(c) (43,848) 43,848 - Balance at 31 December 2017 865,790 1,054,128 1,919,918 Payroll tax oncost liability on Defined Benefit Plans - (7,127) (7,127) Balance at 31 December 2017 (Restated) 865,790 1,047,001 1,912,791 The accompanying notes form part of these financial statements.
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