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Financial Statements Volume 2 Financial Statements and Independent Audit Reports Page ANNUAL REPORT 2015 Financial Statements Volume 2 Financial Statements and Independent Audit Reports Page University of Western Sydney (trading as Western Sydney University) 3 Television Sydney (TVS) Ltd 99 UWS Enterprises Pty Ltd trading as Western Sydney University The College 127 uwsconnect Limited 167 UWS Early Learning Limited 197 Whitlam Institute within the University of Western Sydney Limited 225 Whitlam Institute within the University of Western Sydney Trust 245 Supporting data Budget and Performance Indicators 267 1 This page is intentionally blank 2 University of Western Sydney (trading as Western Sydney University) Consolidated Financial Statements For the year ended 31 December 2015 3 University of Western Sydney(trading as Western Sydney University) Statement by the Members of the Board of Trustees For the year ended 31 December 2015 In accordance with a resolution of the Board of Trustees of the University of Western Sydney dated 6 April 2016 and pursuant to Section 41C (1B) and (1C) of the Public Finance and Audit Act 1983, we state that to the best of our knowledge and belief: (a) The financial statements present a true and fair view of the financial position of the University of Western Sydney and its controlled entities (the Group) at 31 December 2015 and the Income Statement and Statement of Comprehensive Income of the Group for the year then ended. (b) The financial statements have been prepared in accordance with the provisions of the Public Finance and Audit Act 1983, the Public Finance and Audit Regulation 2015 and the Financial Statement Guidelines for the Australian Higher Education Providers for the 2015 Reporting Period issued by the Department of Education and Training. (c) The financial statements have been prepared in accordance with applicable Australian Accounting Standards and other mandatory authoritative pronouncements and interpretations of the Australian Accounting Standards Board, some of which contain requirements specific to not-for-profit entities that are inconsistent with IFRS requirements. (d) We are not aware of any circumstances which would render any particulars included in the financial statements to be misleading or inaccurate. (e) There are reasonable grounds to believe that the Group will be able to pay its debts as and when they fall due. ........................................................................................... ............................................................................................ Professor Peter Shergold, AC Professor Barney Glover Chancellor Vice Chancellor and President Dated at Sydney 6 April 2016 4 University of Western Sydney(trading as Western Sydney University) Responsible person's declaration For the year ended 31 December 2015 The responsible persons declare that in the responsible person's opinion: (i) there are reasonable grounds to believe that the registered entity is able to pay all of its debts, as and when they become due and payable; and (ii) the financial statements and notes satisfy the requirements of the Australian Charities and Not-for-profits Commission Act 2012. Signed in accordance with subsection 60.15(2) of the Australian Charities and Not-for-profits Commission Regulation 2013. ............................................................................................ Professor Barney Glover Vice Chancellor and President Dated at Sydney 6 April 2016 5 University of Western Sydney(trading as Western Sydney University) Certifications Statement For the year ended 31 December 2015 The amount of Australian Government financial assistance expended during the period was for the purposes for which it was intended and the University of Western Sydney has complied with applicable legislation, contracts, agreements and program guidelines in making expenditure. The University of Western Sydney charged Student Services and Amenities Fees strictly in accordance with the Higher Education Support Act 2003 (the Act) and the Administration Guidelines made under the Act. Revenue from the fees were spent strictly in accordance with the Act and only on services and amenities specified in subsection 19-38(4) of the Act. ........................................................................................... ........................................................................................... Professor Peter Shergold, AC Professor Barney Glover Chancellor Vice Chancellor and President Dated at Sydney 6 April 2016 6 7 Start of Audited Financial Statements University of Western Sydney (trading as Western Sydney University) Income Statement For the Year Ended 31 December 2015 Consolidated Parent 2015 2014 2015 2014 Notes $'000 $'000 $'000 $'000 Income from continuing operations Australian Government financial assistance Australian Government grants 2 342,114 339,758 341,954 339,758 HELP - Australian Government Payments 2(b) 221,292 210,423 221,316 210,429 State and Local Government financial assistance 3 - 575 - 575 HECS-HELP - student payments 14,821 15,734 14,821 15,734 Fees and charges 4 93,976 93,941 79,964 77,406 Investment revenue 5 12,579 7,875 12,536 46,676 Royalties, Trademarks and Licences 6 221 89 194 89 Consultancy and contracts 7 14,156 11,703 14,171 11,695 Share of net profit or loss on investments accounted for using the equity method 8 (119) - - - Other income 9 49,688 49,335 39,499 38,574 Gain on disposal of assets 10 6,889 232 6,995 274 Total income from continuing operations 755,617 729,665 731,450 741,210 Expenses from continuing operations Employee related expenses 11 442,407 412,651 389,684 370,306 Depreciation and amortisation 12 39,637 36,552 38,921 35,912 Repairs and maintenance 13 30,165 24,214 29,847 23,827 Borrowing costs 1,735 1,806 1,956 1,806 Impairment of assets 14 48 636 (98) 1,217 Other expenses 15 200,302 187,574 228,134 202,213 Total expenses from continuing operations 714,294 663,433 688,444 635,281 Net result from continuing operations 41,323 66,232 43,006 105,929 The accompanying notes form part of these financial statements. 8 University of Western Sydney (trading as Western Sydney University) Statement of Comprehensive Income For the Year Ended 31 December 2015 Consolidated Parent 2015 2014 2015 2014 Notes $'000 $'000 $'000 $'000 Net result for the period 41,323 66,232 43,006 105,929 Items that may be reclassified to profit or loss Gain / (loss) on revaluation of available- for-sale financial assets 28(b) 855 5,876 855 5,573 Total 855 5,876 855 5,573 Items that will not be reclassified to profit or loss Gain / (loss) on revaluation of land and buildings 28(b) 110,168 15,779 110,168 15,647 Gain / (loss) on revaluation of art collection 28(b) - 146 - 146 Gain / (loss) on revaluation of livestock 28(b) 46 88 46 88 Gain / (loss) on revaluation of licenses 28(b) 250 - 250 - Actuarial gains / (losses) recognised in respect of Defined Benefit Plans 28(b) (280) - (280) - Total 110,184 16,013 110,184 15,881 Total other comprehensive income 111,039 21,889 111,039 21,454 Total comprehensive income 152,362 88,121 154,045 127,383 Total comprehensive income attributable to members of the University 152,362 88,121 154,045 127,383 The accompanying notes form part of these financial statements. 9 University of Western Sydney (trading as Western Sydney University) Statement of Financial Position As at 31 December 2015 Consolidated Parent 2015 2014 2015 2014 Notes $'000 $'000 $'000 $'000 ASSETS Current assets Cash and cash equivalents 16 132,544 124,138 130,053 123,015 Receivables 17 47,064 33,638 51,178 34,797 Inventories 18 2,888 3,896 - - Non-current assets held for sale 19 69,513 - 69,300 - Total current assets 252,009 161,672 250,531 157,812 Non-current assets Receivables 17 353,868 337,364 353,868 337,364 Investments accounted for using the equity method 8 - - - - Property, plant and equipment 20 1,523,368 1,456,274 1,516,756 1,450,639 Intangible assets 21 5,334 2,317 5,061 2,266 Other financial assets 22 85,536 56,494 85,536 56,494 Other non-financial assets 23 776 597 776 597 Total non-current assets 1,968,882 1,853,046 1,961,997 1,847,360 Total assets 2,220,891 2,014,718 2,212,528 2,005,172 LIABILITIES Current liabilities Trade and other payables 24 58,460 38,306 57,448 37,400 Borrowings 25 - - 7,681 8,863 Provisions 26 69,721 73,705 67,135 71,020 Other liabilities 27 42,516 37,131 41,357 34,812 Total current liabilities 170,697 149,142 173,621 152,095 Non-current liabilities Borrowings 25 75,500 76,000 75,500 76,000 Provisions 26 355,373 331,443 354,009 330,550 Other liabilities 27 11,968 3,142 11,968 3,142 Total non-current liabilities 442,841 410,585 441,477 409,692 Total liabilities 613,538 559,727 615,098 561,787 Net assets 1,607,353 1,454,991 1,597,430 1,443,385 EQUITY Restricted funds - - - - Reserves 28 684,514 575,310 680,286 571,082 Retained earnings 28 922,839 879,681 917,144 872,303 Total equity 1,607,353 1,454,991 1,597,430 1,443,385 The accompanying notes form part of these financial statements. 10 University of Western Sydney (trading as Western Sydney University) Statement of Changes in Equity For the Year Ended 31 December 2015 Parent Retained Reserves Earnings Total Notes $'000 $'000 $'000 Balance at 1 January 2015 571,082 872,303 1,443,385 Net result 28(c) - 43,006 43,006 Gain on revaluation of property, plant and equipment 28(b) 110,168 - 110,168 Gain on revaluation of available-for-sale financial assets 28(b) 855 - 855 Gain on revaluation of livestock 28(b) 46 - 46 Net actuarial gains / (losses) recognised in respect of 28(b) Defined Benefit Plans (280) - (280) Gain
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