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The Year in Review Volume 2 Financial Statements and Independent Audit Reports Page ANNUAL REPORT 2017 The Year in Review 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 95 Western Unlimited Ltd 141 Western Sydney University Early Learning Limited 175 Whitlam Institute within Western Sydney University Limited 199 Whitlam Institute within Western Sydney University Trust 219 Supporting data Appendices 245 1 This page is intentionally blank 2 Western Sydney University Consolidated Financial Statements For the year ended 31 December 2017 3 Western Sydney University Statement by the Members of the Board of Trustees For the year ended 31 December 2017 In accordance with a resolution of the Board of Trustees of Western Sydney University dated 4 April 2018 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 for Western Sydney University and its controlled entities (the Group) present a true and fair view of the Group's financial position as at 31 December 2017 and the financial performance 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 and Regulation, the Australian Charities and Not-for-profits Commission Act 2012 and Regulation and the Financial Statement Guidelines for the Australian Higher Education Providers for the 2017 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) The amount of Australian Government financial assistance expended during the period was for the purposes for which it was intended and Western Sydney University has complied with applicable legislation, contracts, agreements and program guidelines in making expenditure. (e) Western Sydney University 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. (f) We are not aware of any circumstances which would render any particulars included in the financial statements to be misleading or inaccurate. (g) 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 4 April 2018 This page is unaudited 4 Western Sydney University Responsible Entities Declaration For the year ended 31 December 2017 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 4 April 2018 5 6 Western Sydney University Income Statement For the Year Ended 31 December 2017 Consolidated Parent 2017 2016 2017 2016 Notes $'000 $'000 $'000 $'000 Income from continuing operations Australian Government financial assistance Australian Government grants 2 334,413 345,493 334,413 345,493 HELP - Australian Government payments 2(b) 218,750 223,757 218,750 223,757 State and Local Government financial assistance 3 19 6 19 6 HECS-HELP - student payments 13,700 14,594 13,700 14,594 Fees and charges 4 115,291 96,688 106,600 87,660 Investment revenue 5 14,047 8,535 13,939 8,456 Royalties, Trademarks and Licences 6 263 262 260 262 Consultancy and contracts 7 23,074 17,927 23,068 17,923 Share of net profit or loss on investments accounted for using the equity method 8 (834) (1,052) - - Other income 9 44,359 55,433 53,800 52,674 Gain on disposal of assets 10 36,023 13,191 35,940 12,842 Total income from continuing operations 799,105 774,834 800,489 763,667 Expenses from continuing operations Employee related expenses 11 444,098 466,003 404,032 420,814 Depreciation and amortisation 12 50,525 43,874 48,835 42,580 Repairs and maintenance 13 25,561 27,107 25,351 26,844 Borrowing costs 14 4,276 2,558 4,476 2,689 Impairment of assets 15 (62) (183) 3,872 (214) Other expenses 16 222,643 200,638 265,461 234,936 Total expenses from continuing operations 747,041 739,997 752,027 727,649 Net result from continuing operations 52,064 34,837 48,462 36,018 The accompanying notes form part of these financial statements. 7 Western Sydney University Statement of Comprehensive Income For the Year Ended 31 December 2017 Consolidated Parent 2017 2016 2017 2016 Notes $'000 $'000 $'000 $'000 Net result for the period 52,064 34,837 48,462 36,018 Items that will be reclassified to Income Statement Gain / (loss) on revaluation of available- for-sale financial assets 29(b) 2,733 4,724 2,733 4,724 Total 2,733 4,724 2,733 4,724 Items that will not be reclassified to Income Statement Gain / (loss) on revaluation of land and buildings 29(b) 200,303 18,900 200,303 18,879 Gain / (loss) on revaluation of art collection 29(b) (3) 986 (3) 986 Gain / (loss) on revaluation of livestock 29(b) 48 (214) 48 (214) Net actuarial gains / (losses) recognised in respect of Defined Benefit Plans 29(b) (1,447) (366) (1,447) (366) Total 198,901 19,306 198,901 19,285 Total other comprehensive income 201,634 24,030 201,634 24,009 Comprehensive result 253,698 58,867 250,096 60,027 Total comprehensive income attributable to members of the University 253,698 58,867 250,096 60,027 The accompanying notes form part of these financial statements. 8 Western Sydney University Statement of Financial Position As at 31 December 2017 Consolidated Parent 2017 2016 2017 2016 Notes $'000 $'000 $'000 $'000 ASSETS Current assets Cash and cash equivalents 17 221,748 139,225 219,554 136,397 Receivables 18 56,069 61,525 54,395 64,151 Inventories 19 58 15 - - Other non-financial assets 24 1,196 244 1,196 244 Non-current assets held for sale 20 40,358 85,460 40,358 85,330 Total current assets 319,429 286,469 315,503 286,122 Non-current assets Receivables 18 388,045 353,345 388,045 353,345 Investments accounted for using the equity method 8 - - - - Property, plant and equipment 21 1,841,078 1,600,066 1,835,517 1,593,034 Intangible assets 22 14,788 10,294 14,788 10,140 Other financial assets 23 107,897 98,175 107,897 98,175 Other non-financial assets 24 5,281 1,002 5,281 1,002 Total non-current assets 2,357,089 2,062,882 2,351,528 2,055,696 Total assets 2,676,518 2,349,351 2,667,031 2,341,818 LIABILITIES Current liabilities Trade and other payables 25 56,403 47,695 55,911 47,297 Borrowings 26 - 72,000 9,201 79,228 Employee benefit provisions 27 72,881 68,421 69,727 65,819 Other liabilities 28 50,524 48,850 48,757 47,052 Total current liabilities 179,808 236,966 183,596 239,396 Non-current liabilities Trade and other payables 25 3,520 - 3,520 - Borrowings 26 163,500 83,000 163,500 83,000 Employee benefit provisions 27 359,821 349,713 358,911 348,513 Provisions 27 826 707 826 707 Other liabilities 28 49,125 12,745 49,125 12,745 Total non-current liabilities 576,792 446,165 575,882 444,965 Total liabilities 756,600 683,131 759,478 684,361 Net assets 1,919,918 1,666,220 1,907,553 1,657,457 EQUITY Reserves 29 865,790 708,004 861,541 703,755 Retained earnings 29 1,054,128 958,216 1,046,012 953,702 Total equity 1,919,918 1,666,220 1,907,553 1,657,457 The accompanying notes form part of these financial statements. 9 Western Sydney University Statement of Changes in Equity For the Year Ended 31 December 2017 Parent Retained Reserves Earnings Total Notes $'000 $'000 $'000 Balance at 1 January 2017 703,755 953,702 1,657,457 Net result 29(c) - 48,462 48,462 Gain / (loss) on revaluation of property, plant and equipment 29(b) 200,303 - 200,303 Gain / (loss) on revaluation of available-for-sale financial assets 29(b) 2,733 - 2,733 Gain / (loss) on revaluation of art collection 29(b) (3) - (3) Gain / (loss) on revaluation of livestock 29(b) 48 - 48 Remeasurements of Defined Benefit Plans 29(b) (1,447) - (1,447) Other comprehensive income 201,634 48,462 250,096 Total comprehensive income 905,389 1,002,164 1,907,553 Transfer from property plant and equipment reserve on 29(c) disposal of assets (43,848) 43,848 - Balance at 31 December 2017 861,541 1,046,012 1,907,553 Parent Retained Reserves Earnings Total Notes $'000 $'000 $'000 Balance at 1 January 2016 680,286 917,144 1,597,430 Net result 29(c) - 36,018 36,018 Gain / (loss) on revaluation of property, plant and equipment 29(b) 18,879 - 18,879 Gain / (loss) on revaluation of available-for-sale financial assets 29(b) 4,724 - 4,724 Gain / (loss) on revaluation of art collection 29(b) 986 - 986 Gain / (loss) on revaluation of livestock 29(b) (214) - (214) Remeasurements of Defined Benefit Plans 29(b) (366) - (366) Other comprehensive income 29(b) 24,009 - 24,009 Total comprehensive income 704,295 953,162 1,657,457 Transfer from property plant and equipment reserve on 29(c) disposal of assets (540) 540 - Balance at 31 December 2016 703,755 953,702 1,657,457 The accompanying notes form part of these financial statements.
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