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Financial Statements Volume 2 This Page Is Intentionally Blank Financial Statements and Independent Audit Reports Page ANNUAL REPORT 2020 Financial Statements Volume 2 This page is intentionally blank Financial Statements and Independent Audit Reports Page :HVWHUQ6\GQH\8QLYHUVLW\ :HVWHUQ6\GQH\8QLYHUVLW\(QWHUSULVHV3W\/LPLWHGWUDGLQJDV:HVWHUQ6\GQH\8QLYHUVLW\7KH&ROOHJH 9 :HVWHUQ6\GQH\8QLYHUVLW\(DUO\/HDUQLQJ/LPLWHG 21 :KLWODP,QVWLWXWHZLWKLQ:HVWHUQ6\GQH\8QLYHUVLW\/LPLWHG 5 :KLWODP,QVWLWXWHZLWKLQ:HVWHUn6\GQH\8QLYHUVLW\7UXVW 5 Supporting data $SSHQGLFHV 185 This page is intentionally blank 2 Western Sydney University Consolidated Financial Statements For the year ended 31 December 2020 3 Western Sydney University Statement by the Members of the Board of Trustees For the Year Ended 31 December 2020 In accordance with a resolution of the Board of Trustees of Western Sydney University dated 14 April 2021 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 of 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 2020 and the financial performance for the year 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 2020 Reporting Period issued by the Department of Education and Training. (c) The financial statements have been prepared in accordance with Australian Accounting Standards, which include Australian Accounting Interpretations. (d) The amount of Australian Government financial assistance expended during the reporting period was for the purpose(s) for which it was intended and Western Sydney University has complied with applicable legislation, contracts, agreements and programme guidelines in making expenditure. (e) Western Sydney University charged Student Services and Amenities Fees strictly in accordance with the Higher Education Support Act 2003 and the Administration Guidelines made under the Act. Revenue from the fees was 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 Western Sydney University will be able to pay its debts as and when they fall due. Professor Peter Shergold, AC Professor Barney Glover, AO Chancellor Vice Chancellor and President Dated at Sydney 14 April 2021 4 Western Sydney University Responsible Entities Declaration For the year ended 31 December 2020 The responsible persons of the University 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 a resolution of the Board of Trustees of Western Sydney University, and is signed for and on behalf of the Board by: Professor Barney Glover, AO Vice Chancellor and President Dated at Sydney 14 April 2021 5 To the Vice Chancellor Western Sydney University Auditor’s Independence Declaration As auditor for the audit of the financial statements of Western Sydney University for the year ended 31 December 2020, I declare, to the best of my knowledge and belief, there have been no contraventions of any applicable code of professional conduct in relation to the audit. Margaret Crawford Auditor-General for New South Wales 12 April 2021 SYDNEY 6 Start of Audited Financial Statements Western Sydney University Income Statement For the Year Ended 31 December 2020 Consolidated Parent 2020 2019 2020 2019 Note $'000 $'000 $'000 $'000 Income from continuing operations Australian Government financial assistance Australian Government grants 2 346,804 332,374 338,154 332,374 HELP - Australian Government payments 2 252,362 243,535 252,362 243,535 State and Local Government financial assistance 3 59 22 59 22 HECS-HELP - Student Payments 13,747 13,919 13,747 13,919 Fees and charges 4 169,199 191,132 163,774 182,508 Investment income 5 16,522 46,542 16,430 46,414 Consultancy and contracts 6 27,438 30,800 27,435 30,791 Share of profit or loss on investments accounted for using the equity method 7 - 437 - - Gain/(loss) on disposal of assets 8 5,305 (2,866) 5,304 (2,859) Other revenue and income 9 40,721 44,915 70,632 59,672 Total income from continuing operations 872,157 900,810 887,897 906,376 Expenses from continuing operations Employee related expenses 11 498,076 500,942 460,703 460,061 Depreciation and amortisation 12 83,822 80,406 82,459 79,227 Repairs and maintenance 13 24,119 27,314 24,078 27,226 Borrowing costs 14 13,347 12,981 13,458 13,245 Impairment of assets 15 1,467 430 350 1,331 Other expenses 16 229,294 260,238 284,870 306,202 Total expenses from continuing operations 850,125 882,311 865,918 887,292 Net result from continuing operations 22,032 18,499 21,979 19,084 The accompanying notes form part of these financial statements. 7 Western Sydney University Statement of Comprehensive Income For the Year Ended 31 December 2020 Consolidated Parent 2020 2019 2020 2019 Note $'000 $'000 $'000 $'000 Net result for the period 22,032 18,499 21,979 19,084 Items that will not be reclassified to Income Statement Gain/(loss) on revaluation of property, plant and equipment 27(c) 55,557 28,299 55,557 27,954 Gain/(loss) on revaluation of art collection 27(c) - 114 - 114 Gain/(loss) on revaluation of livestock 27(c) 257 14 257 14 Net actuarial gains/(losses) recognised in respect of Defined Benefit Plans 27(c) (183) (185) (183) (185) Change in fair value of equity investments designated at fair value through other comprehensive income 27(c) 15,394 18,436 15,394 18,436 Total 71,025 46,678 71,025 46,333 Total other comprehensive income 71,025 46,678 71,025 46,333 Comprehensive result 93,057 65,177 93,004 65,417 Total comprehensive income attributable to: Members of the University 93,057 65,177 93,004 65,417 The accompanying notes form part of these financial statements. 8 Western Sydney University Statement of Financial Position As At 31 December 2020 Consolidated Parent 2020 2019 2020 2019 Note $'000 $'000 $'000 $'000 Assets Current assets Cash and cash equivalents 17 186,839 106,027 183,377 104,239 Receivables 18 55,449 53,183 53,274 51,148 Inventories 2 2 2 2 Other non-financial assets 22 1,088 1,162 1,088 1,162 Total current assets 243,378 160,374 237,741 156,551 Non-current assets Receivables 18 417,806 414,911 417,914 444,456 Investments accounted for using the equity method 7 - - - - Property, plant and equipment 19 2,493,999 2,285,235 2,481,043 2,253,721 Other financial assets 21 373,236 352,423 373,236 352,423 Intangible assets 20 59,954 22,922 59,954 22,922 Other non-financial assets 22 2,408 3,299 2,408 3,299 Total non-current assets 3,347,403 3,078,790 3,334,555 3,076,821 Total assets 3,590,781 3,239,164 3,572,296 3,233,372 Liabilities Current liabilities Trade and other payables 23 89,989 61,077 79,299 60,204 Borrowings 24 7,672 49,792 23,313 64,759 Provisions 25 101,095 97,387 97,097 93,822 Contract liabilities 16,056 11,333 16,056 11,333 Other liabilities 26 50,382 37,595 45,693 35,781 Total current liabilities 265,194 257,184 261,458 265,899 Non-current liabilities Borrowings 24 636,315 393,983 636,315 393,983 Provisions 25 445,260 440,013 443,634 438,576 Contract liabilities 18,459 15,240 18,459 15,240 Other liabilities 26 7,626 7,873 7,626 7,873 Total non-current liabilities 1,107,660 857,109 1,106,034 855,672 Total liabilities 1,372,854 1,114,293 1,367,492 1,121,571 Net assets 2,217,927 2,124,871 2,204,804 2,111,801 Equity Parent entity interest Reserves 27 1,022,695 951,670 1,022,154 951,129 Retained earnings 1,195,232 1,173,200 1,182,650 1,160,671 Total equity 2,217,927 2,124,870 2,204,804 2,111,800 The accompanying notes form part of these financial statements. 9 Western Sydney University Statement of Changes in Equity For the Year Ended 31 December 2020 Parent Retained Reserves Earnings Total Note $'000 $'000 $'000 Balance at 1 January 2020 951,129 1,160,671 2,111,800 Net result - 21,979 21,979 Gain/(loss) on revaluation of property, plant and equipment 27(c) 55,557 - 55,557 Gain/(loss) on financial assets at fair value through OCI 27(c) 15,394 - 15,394 Gain/(loss) on revaluation of livestock 27(c) 257 - 257 Remeasurements of Defined Benefit Plans 27(c) (183) - (183) Other comprehensive income 71,025 - 71,025 Total comprehensive income 1,022,154 1,182,650 2,204,804 Balance at 31 December 2020 1,022,154 1,182,650 2,204,804 Parent Retained Reserves Earnings Total Note $'000 $'000 $'000 Balance at 1 January 2019 916,092 1,152,101 2,068,193 Initial application of Australian Accounting Standards AASB15 - (18,986) (18,986) Initial application of Australian Accounting Standards AASB16 - (2,824) (2,824) Balance as restated 916,092 1,130,291 2,046,383 Net result - 19,084 19,084 Gain/(loss) on revaluation of property, plant and equipment 27(c) 27,954 - 27,954 Gain/(loss) on equity investments at fair value through comprehensive income 27(c) 18,436 - 18,436 Gain/(loss) on revaluation of art collection 27(c) 114 - 114 Gain/(loss) on revaluation of livestock 27(c) 14 - 14 Remeasurements of Defined Benefit Plans 27(c) (185) - (185) Other comprehensive income 46,333 - 46,333 Total comprehensive income 962,425 1,149,375 2,111,800 Transfer from property, plant and equipment and development revaluation reserve on disposal of assets 27(c) (11,296) 11,296 - Balance at 31 December 2019 951,129 1,160,671 2,111,800 The accompanying notes form part of these financial statements.
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