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The Australian National University 1984 Report
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The Australian National University1984 Report
Part 2
Report of the Council for the period 1 January 1984 to 31 December 1984
C O M M O N W E A L T H OE A U S T R A L IA
J,, AUSTRALIA
Ple ase q u o te
A U S TR A L IA N A U D I T OFFICE
Cnr M o o re and R u dd S t r e e ts C a n b e r ra C i ty A C T 260 1
Address correspondence toA u d ito r-G enera lBo* 707. G P O C anberra 2601Telegram s Com auditTele* 61653 ComeudTelephone 484711
F85/545
19 May 1986
The Honourable Sir Richard Blackburn O.B.E. C.St.J Chairman of the Council of the University Australian National University P.O. Box 4 CANBERRA ACT 2600
Dear Sir Richard
AUSTRALIAN NATIONAL UNIVERSITY AUDIT REPORT ON FINANCIAL STATEMENTSPursuant to sub-section 33(2) of the Australian National University Act 1946, the Council of the University has submitted for my report its financial statements for the year ended 31 December 1984. These comprise:(a) General University Activities, Special Purpose Activities
and Ancillary ActivitiesStatement of Activity
Supporting Statements:General University Activities - Expenditure on Current OperationsAncillary Activities
Statement of Assets and LiabilitiesStatement of Capital AccumulationStatement of Sources and Applications of Funds (excluding Commonwealth Superannuation)
1
(b) Superannuation Funds
Statement of Activity
Statement of Balances
. Statement of Changes in Balances
(c ) Endowment Trust Funds
Statement of Income and Expenditure
Statement of Balances
. Statement of Changes in Balances
(d) Significant Accounting Policies to and forming part of the accounts
(e) Notes on and forming part of the accounts
Except to the extent disclosed in the statement 'Significant Accounting Policies to and forming part of the accounts' and in the 'Notes on and forming part of the accounts', the statements have been prepared on an historical cost basis and are in the form approved by the Minister for Finance pursuant to sub-section 33(1) of the Act. The statements have also been prepared in accordance with the Guidelines for the Form and Standard of Financial Statements of Commonwealth Undertakings (Guidelines) approved by the Minister for Finance except for certain departures which are disclosed in the statement 'Significant Accounting Policies to and forming part of the accounts'. These are:
. the application of current cost accounting principles inrevaluing certain non-current assets of the University's housing operation, Notes 11 and 13 also refer, and
departures related to the phased implementation of the Guidelines.
A copy of the statements is enclosed for your information.Moneys held on trust
The University administers a number of endowment funds for various purposes and also maintains several superannuation funds. Further details concerning these funds are in the statement 'Significant Accounting Policies to and forming part of the accounts ' .
Audit examination revealed that moneys of these funds had been deposited in two common bank accounts and that certain moneys belonging to a number of different funds had been combined for investment purposes. Legal advice received by the University in
2
November and December 1984 established that moneys belonging to certain of the funds were either moneys held on a statutory trust basis or as trusts established under general law and that moneys of other funds were moneys of the University. The legal advice also indicated that, as a trustee, the University had a duty not to mix its own moneys with trust moneys and that restricted investment powers existed in respect of moneys of 3 of the funds which could only be invested in trustee securities.As at 31 December 1984 trust moneys totalling approximately $16 million and belonging to several funds had been combined for investment purposes with moneys held by the University to meet its liability to the Commonwealth Superannuation fund (University moneys), and $1.3 million of trust moneys had been invested in other than authorised trustee investments.Because of the circumstances outlined above I am of the opinion that, during the year, the University has been in breach of the provisions of sub-section 4(3) of the Act which requires that moneys or other property held by the University upon trust shall be dealt with in accordance with the powers and duties of the University as trustee. Action being taken by the University to remedy the situation is disclosed in the statement 'Significant Accounting Policies to and forming part of the accounts'.ReportIn accordance with the provisions of sub-section 33(2) of the Act, I now report that the statements are in agreement with the accounts and records and, in my opinion:. the statements are based on proper accounts and records,
and. except to the extent referred to above in connection with
its handling of moneys held on trust, the receipt, expenditure and investment of moneys and the acquisition and disposal of assets by the University during the year have been in accordance with the Act.
I have not audited the accounts of the subsidiary company ANUTECH Pty Ltd, but I have examined that company's accounts and the auditor's report thereon. The accounts have not been consolidated with those of the University but details are shown at Note 21 to the University's financial statements. The auditor's report on the accounts of the subsidiary company was not subject to any qualification.
Yours sincerely
S O'Neill -Thirst Assistant Auditor-General/
3
THE AUSTRALIAN NATIONAL UNIVERSITY
FINANCIAL STATEMENTS FOR YEAR EICCP 31 DECEMBER 1964
The Accounts o f The A u s tra l ian Nat iona l U n ivers i ty for the year ended 31 December 1984 a re p resen ted in the following s ta te m e n ts :
G en era l U n i v e r s i t y A c t i v i t i e s , S p e c ia l P u rp o se A c t i v i t i e s and A n c i l l a r y A c t i v i t i e s
1. Statement of A c t iv i tySupporting S ta tem ents of A c t iv i ty -
1.1 General U n iv e r s i ty A c t i v i t i e s - Expenditure on Current O pera t ions1.2 A nci l la ry A c t i v i t i e s
2. Statement of Assets and L i a b i l i t i e s
3. Statement of C a p i ta l Accumulation
4. Statement of Sources and A p p lica t ions of Funds (exclud ing Commonwealth Superannuation)
S u p er a n n u a tio n Funds
5. Statement of R ece ip ts and Payments
6. Statement of Balances
7. Statement of Changes in Balances
Entfan^ent T r u s t Funda
8. Statement of Rece ip ts and Payments
9. Statement of Balances
10. S tatement of Changes in Balances
O th er H a t te r s
11. S ig n i f i c a n t Accounting P o l i c i e s
12. Notes on and forming p a r t of the accounts
To the b es t of our knowledge th ese s ta te m e n ts have been proper ly drawn up and show f a i r l y the o p e ra t io n s and s t a t e of a f f a i r s o f The A u s tra l ia n National U nivers i ty for the year ended 31 December 1984.
Vice-Chancellor
A D Barton T r sa s u re r
4
THE AUSTRALIAN NATIONAL UNIVERSITY
t . STATEMENT OF ACTIVITY FOR THE YEAR ENDED 31 DECEMBER 1984
1983 Notes Genera 1 Spec 1 a 1 A nc1 1 1 a ry C 'W eaIth T o te !To+a 1 U n iv e rs lty P urpose A c t 1v l t l e s Super
Act 1v l t l e s A c t i v i t i e s Fund1000
Revenues$000 $000 $000 $000 $00C
CommonweaIth Governm ent A p p ro p r ia t io n s- Running Expenses 132,560 132,560- C a p ita l Works and S e rv ic e s 375 375
O ther Commonwealth G ra n ts 9 ,191 134 9,325O the r Grants and D o n a tio n s 2,501 2,501Income from In v e s tm e n ts 3,696 1,716 699 11,224 17,335R e a liz e d Gains (L o s s e s ) on S a les o f In ve s tm e n ts (9 ) (9 )T a r i f f s , ß u t te r y and C a te r in g 6 ,467 6,467R en ta l Income 127 2 ,090 2,217Sundry Income 1 697 1,454 736 2,887G eneral S e rv ic e s Fees ) 765 765Less D isbursem ents t o S tu d e n t B o d ie s ) (7 67 ) (767)T ra n s fe rs between Funds (107) 107 -
159,586 T o ta l Revenues $137,212 $15 ,094 $10 ,126 $11,224 $173,656
8 ,4 6 9Less Funds t r a n s fe r r e d f o r C a p ita l
E xp e n d itu re s 2 9,917 747 10,664
8 ,2 3 2Less Funds t r a n s fe r r e d t o Commonwealth
S uperannua tion P ro v is io n 11,224 11,224
142,885 Funds A v a ila b le f o r O p e ra tln q A c t i v i t i e s $127,295 $14 ,347 $10,126 $151,768
E x p e n d itu re s on C u r re n t O p e ra tio n s
S a la r ie s and A llo w an ce s 83,063 5 ,857 3,238 92,158S a la ry Oncosts 3 18,386 814 430 19,630T ra v e l, C on fe rences and F ie ld Work 2,506 1 ,265 3,771S c h o la rs h ip s 3,361 349 3,710Academic V is i t o r s 854 297 1,151M a te r ia ls and S u p p lie s 5,404 871 178 6,453C ost o f Goods S o ld 1,628 1 ,628Fue l and Power 2,813 203 501 3 ,517M aintenance o f E qu ipm ent and F u rn is h in g s 1,942 56 75 2,073M ain tenance o f B u ild in g s and S i te S e rv ic e s 3,096 181 552 3,829M ino r Equipment 1,060 118 96 1,274Postages and T e lephones 1,551 143 155 1,849Occupancy Expenses 656 141 541 1,338Sundry Expenses 4 2,575 3 ,3 1 8 1,019 6 ,912
3 8 ,129 T o ta l E xp e n d itu re s $127,267 $13 ,613 $8,413 $149,293
4,756Excess o f Funds A v a ila b le o v e r C u r re n t
E xp e nd itu res 28 734 1,713 2,475
6 ,0 1 0Less Charqes n o t r e q u l r ln q Funds In
C u rre n t Year 5 2,346 1,042 3 ,388
(1 ,2 5 4 ) N et O p e ra tlnq S u rp lu s ( D e f ic i t ) ($ 2 ,3 18 ) $734 $671 ($913)
(1 ,0 2 9 ) Less T ra n s fe rs t o S p e c ia l R eserves 14 1,590 50 1,640Add T ra n s fe rs from S p e c ia l R eserves 14 2,274 990 651 3,915
$ 2 ,2 8 3 )Net S u rp lus ( D e f ic i t ) t r a n s fe r r e d t o
C a p ita l A c c u m u la tio n ($ 1 ,6 34 ) $1,724 $1,272 - $1,362
5
THE AUSTRALIAN NATIONAL UNIVERSITY 1.1 SUPPORTING STATEMENT. GENERAL UNIVERSITY ACTIVITIES
EXPENDITURE ON CURRENT OPERATIONS FOR THE YEAR ENDED 31 DECEMBER 1984
C en tra I A re a s ,
1983T o ta l
I n s t i t u t e o f Advenoed S tu d ie s The F a c u I t le s
Computer
S e rv lo e s C e n tre and L ib r a r y T o t a 1
$000 $000 $000 $000 $000
S a la r ie s and A llo w a n ce s 43,828 21,193 18,042 8 3 ,0 6 3
S a la ry O ncosts 9 ,868 4,366 4,152 18,386
S c h o la rs h ip s 2,113 1,248 - 3 ,361
T r a v e l, C o n fe re n ce s A F ie ld Work 1,803 533 170 2 ,5 0 6
Academic V i s i t o r s 659 194 1 854
Foe 1 A Power 1 ,702 620 491 2 ,8 1 3
M a te r ia ls A S u p p lie s 3 ,606 737 1,061 5 ,4 0 4
M a in tenance o f E qu ipm ent and F u rn is h in g s 801 361 780 1 ,942
M a in tenance o f B u ild in g s and S i te S e rv lo e s 87 176 2,833 3 ,096
M in o r E qu ipm ent 518 215 327 1 ,060
P ostages and T e lephones 592 243 716 1,551
Occupancy Expenses 230 30 396 656
Sundry Expenses 671 304 1,600 2 ,575
$117,323 TOTAL EXPENDITURE $66,478 $30,220 $30,569 $127 ,267
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THE AUSTRAL tAN NATIONAL UNIVERSITY
ANCILLARY ACTIVITIES
1 .2 SUPPORTING STATEMENT OT ACTIVITY FOR THE YEAR ENDED 31 DECEMBER 1984
1983 Housing Hal Is o f O th e r* T o ta lO p e ra tion R es idence*
$000 $000 $000 $000 $000
8 ,947 Revenues 2,495 6 ,205 1,426 10,126
8 ,3 8 7 Less C u rre n t E x p e n d itu re s 1,251 5,811 1,351 8 ,4 1 3
560 Excess o f Funcs A v a ila b le 1,244 394 75 1 ,713
- Less Charges n o t r e q u i r in g FundsIn C u r re n t Year 670 311 61 1,042
560 N et O p e ra tin g S u rp lu s ( D e f i c i t ) $574 $83 $14 $671
119 Less Abnormal Item s -
441 Net S u rp lu s ( D e f i c i t ) f o r y e a r $574 $83 $14 $671
65 Less T ra n s fe rs t o S p e c ia l R eserves 24 26 50Add T ra n s fe rs from S p e c ia l R eserves 602 45 4 651
N et S u rp lu s ( D e f i c i t ) t r a n s fe r r e d t o$376 C a p ita l A c c u m u la tio n $1,176 $104 ($8) $1,272
* N ote : H a l ls o f R es idence c o m p rise U n iv e r s i t y House, B ruce H a l l , B u rto n & G arran H a l l , Toad H a l l ,Cor In H ouse/Lennox House B lo c k "A " and Graduate House.
"O th e r" co m p ris e s The A r ts C e n tre , C e n tre fo r C o n tin u in g E d u c a tio n ,, C oncess ions Area,S id in g S p r in g s E x h ib i t io n , S id in g S p r in g s Lodge and th e S ta f f C e n tre .
7
THE AUSTRALIAN NATIONAL UNIVERSITY
2 . STATEMENT OF ASSETS AND L IA B IL IT IE S AS AT 31 DECEMBER 1984
>983 Notes Genera 1 S p e c ia l A n d 1 la r y C 'W e a lth T o te 1T o ta l U n iv e rs it y P urpose A c t i v i t i e s Super
Funds Funds Funds Fund$000 $000 $000 $000 $000 $000
$182,542 C a p ita l A cc u m u la tio n $141,447 $13,842 $41,740 $197,029
C u rre n t A sse ts
Cash on Hand, a t Bank end a t C a ll 6 (2 ,5 4 5 ) 8,237 522 3 ,178 9 ,392D eb to rs 7 1,739 704 355 1,697 4,495Advances and Prepaym ents 1,700 579 113 2,392M a te r ia ls In S to re 1,355 1,355T ra d in g S to cks 465 465In ve s tm e n ts 8 35,148 436 3 ,894 6,981 46,459Loans t o S ta f f 63 63O the r Loans 13 13
57,192 T o ta l C u rre n t A sse ts $37,410 $9,956 $5,412 $11 ,856 $64,634
Less C u r re n t L i a b i l i t i e sIncome In Advance - Commonwealth
Government G ran ts C re d ito r s and A c c ru a ls 10
31,1316 ,520 431 668 215
31,1317,834
LoansP ro v is io n s 9 4,207
54809 2 ,915
547,931
39,400 T o ta l C u rre n t L i a b i l i t i e s $41,858 $431 $1,531 $3,130 $46,950
17,792 Net C u r re n t A sse ts ($ 4 ,4 48 ) $9,525 $3,881 $8,726 $17,684
Add N o n -C u rre n t A sse tsBui 1d ln g s 61,207 9 ,536 70,743Dwe1 11ngs 11 253 26,130 26,383Land 11 13,334 13,334Equ ipm ent and F u r n itu r e 70,080 1 ,676 34 71,790M oto r V e h ic le s 1,796 89 1,885L ib r a r y Books 19,594 19,594Inve s tm e n ts 8 7,498 4,262 60 9 4 ,3 83 106,203Loans t o S ta f f 1 ,792 1,792Shares In Anutech P ty L td 21 100 100O the r 174 55 229
266,115
283,907$156,254 $13,842 $56,498 $103,143 $329,737
Less Lonq T e r r L i a b i l i t i e s LoansP ro v 1s 1ons 9 14,807
64814,110 1C3 , 143
646132,060
1C1,365 T o ta l Lonq T e r r L i a b i l i t i e s $14,807 - $14,758 $103, 143 $ 132,706
$162,542 Net A sse ts $141,447 $13,842 $41 ,740 - $197,029
8
THE AUSTRALIAN NATIONAL UNIVEPSITY
3. STATEMENT Of CAPITAL ACCUMULATION AS AT 31 DECEMBER 1984
1983 Notes Genera 1 S pec la 1 A n d 1 la r y T o te 1
T o ta 1 Uni v e r s I ty P urpose A c t i v i t i e s Funds$000 Funds F unds Funds
$000 $000 $000 $000
Accum ula ted Funds
B alanoe 1 January 1964Add Funds f o r C a p ita l E x p e n d itu re
141,679 12,118 t 9 ,8 1 0 m 163,607
t r a n s fe r r e d from S ta tem ent o f A c t i v i t y 2
Add Net S u rp lu s ( D e f ic i t ) f o r ye a r
10,664 * 10,664
t r a n s fe r r e d from S ta tem ent o f A c t i v i t y (1 ,6 3 4 ) 1,724 1,272 1,362
Less Assert a d ju s tm e n ts 12 10,279 (8 ,9 7 1 ) 1,308
161,291 B a lance 31 December 1984 $140,430 $13,842 $20 ,053 $174,325
C u rre n t C ost R eserve 13
B alance 1 January 1984 18,561 18,561Add A sse t R e v a lu a t io n fo r ye a r 2 ,955 2,955
18,561 B a lance 31 December 1984 - - $ 21 ,516 $21,516
S p e c ia l R eserves 14
2 ,690 B alance 31 December 1964 $1,017 $171 $1,188
T o ta l C a p ita l A ccu m u la tio n 31 December 1984 t r a n s fe r r e d t o S ta tem ent o f A sse ts
$182,542 and L l ab 1 1 I t 1 es $141,447 $13,842 $41 ,740 $197,029
* N o te : T h is f ig u r e In c lu d e s th e amount o f $747,000 t ra n s fe r re d fo r c a p i ta l
e x p e n d itu re s In S p e c ia l P u rpose A c t i v i t i e s , S tatem ent 1.
§ N o te : The t r a n s fe r o f th e a ccum u la te d funds o f th e n o n - t ru s t endowment fundst o S p e c ia l Purpose Funds has In c re a s e d th e opening ba lance o f A ccum ula ted Funds, B a lance 1 January 1984 fro m $ 9 ,0 3 0 ,0 0 0 to $12 ,11 8 ,0 0 0 .
## N o te : The ba lance o f Accum ula ted Funds, 1 January 1984, A n c i l la r y A c t i v i t i e s Funds,has been reduced from $29, 143 ,000 t o $ 9 ,8 1 0 ,0 0 0 . T h is Is to a llo w fo r d is c lo s u re o f th e open ing ba lance o f C u r re n t C ost Reserve and th e c lo s in g b a la n ce o f S p e c ia l R e se rve s . The movements In S p e c ia l R eserves are d is c lo s e d In S ta te m e n t 1.
g
THE AUSTRALIAN NATIONAL UNIVERSITY 4 . STATEMENT OF SOURCES AND APPLICATIONS OF FUNDS
(EXCLUDING COMMONWEALTH SUPERANNUATION)FOR THE YEAR ENDED 31 DECEMBER 1984
Sources o f Funds to th e U n iv e rs ity$000 $000
1. Revenues - Commonwealth Government Grants- O ther Revenues
Less O perating E xpend itu res Funds from O perations
2 . Reduction In Assets -
C urrent Assets
M a te r ia ls In S toreInvestmentsLoans
142,26020,317
(149,371)13,206
3091,275
14
Proceeds from Sale o f N on-C urrent Assets 277
Non-Current Assets Investments
3. Increase In L i a b i l i t ie s -
C urren t LI ab 11111 es
Income In Advance C re d ito rs and A ccrua ls
To ta l Funds Obtained
These funds were used as fo llo w s -
1. Increases In Assets -
C urren t AssetsCash on Hand, a t Bank and a t C a ll DebtorsAdvances and Prepayments T rad ing Stocks
Non-Current Assets
Bui Id lngsLand and Dwe111ngs Equipment and F u rn itu re Motor V ehic les L ib ra ry Books Loans to S ta ff Other
2. Reduct Ions In L ia b i l i t i e s -
Long Term L ia b i l i t ie s Loans
1,0262,901
1,4024,634
6,036
$22,143
7,568595
1,971157
1,375572
7,156543
1,551403229
22,120
21_______ 23
To ta l Uses o f Funds $22,14?
10
THE AUSTRALIAN NATIONAL UNIVERSITY
SUPERANNUATION FUNDS
5. STATEMENT Of ACTIVITY FOR THE YEAR ENDED 31 DECEMBER 1984
Notes
Income
Inoome from In ve s tm e n ts R e a liz e d G a ins (L osse s ) on S a les o f
In ve s tm e n tsU n iv e r s i t y C o n t r ib u t io n s t o Funds C o n t r ib u t io n s o f Members 15
CommonweaIth S ta tu to ry O th e rS u p e ra n nu a tio n T ru s t T r u s t
Fund Funds * Funds*$000 $000 $000
11,224 3,289 311
(214) (104 ) (7 5 )8 ,080 559 231
12 78
T o ta l Income $19 ,090 $3,756 $545
Less E x p e n d itu re s
P ension PaymentsR e tire m e n t B e n e f it s and Refund o f
3 ,467 986
C o n tr ib u t io n s 78 359Management C osts 152 48 3D o u b tfu l D ebts 95 13 2
T o ta l E x p e n d itu re s
S u rp lu s o f Income o v e r E x p e n d itu re s fo r ye a r
•N o te : S ta tu to r y T r u s t Funds c o m p r is e :I ) 1966 S upp lem en ta ry B e n e f i t s Fund
I I ) S upp lem en ta ry B e n e f it s FundI I I ) Academ ic Cash A c c u m u la tio n Fund
$3,714 $1,125 $364
$15,376 $2,631 $181
O th e r T ru s t Funds c o m p ris e :
I ) Cash A c c u m u la tio n Fund I I ) Cash A c c u m u la tio n Fund (M a rr ie d Women)
i l l ) S upp lem enta ry E q u ity Fund
11
THE AUSTRAL IAN NAT>ONAL UNIVERSITY
SUPERANNUATION FUNDS
6 . STATEMENT OF BALANCES AS AT 31 DECEMBER 1984
Commonwealth S ta tu to ry O the r
Notes Superannuat 1 on T ru s t T ru s t
Fund Funds FundsSOOO $000 $000
Accum ulated Funds
Balance 1 January 1984 78,044 29,415 2 ,753U n re a liz e d G ains on In ve s tm e n ts 16 12,670 2,708 378S urp lus to r yea r 15,376 2,631 181T ra n s fe r o f Members A sse ts t o S u p e ra n n u a tio n
Scheme fo r A u s t r a l ia n U n iv e r s i t ie s (32) (2 0 ,9 4 7 ) (1 ,4 2 1 )
$106,058 $13,807 $1,891T o ta l A ccum ulated Funds
These Funds a re re p re s e n te d by
C u rre n t A sse ts
Cash on Hand, a t Bank and a t C a ll 3,178 (331) ( 147)D ebtors 1,697 236 41Semi-Government S tock 3,708 530 113C o rp o ra te D eben tu res and Notes 639 85 10Loans and M ortgages 77 10 2Bank Accepted B i l l s 2,542 355 65O ther 15 2
T o ta 1 C u rre n t Assets $11,856 $887 $84
Less C u rre n t L i a b i l i t i e sC re d ito rs end A c c ru a ls 215 249 2
T o ta l C u rre n t L i a b i l i t i e s $215 $249 $2
Net C u rre n t A sse ts $11,641 $638 $82
Non- C u rre n t A sse tsCommonwealth Government Bonds 3,696 528 1 13Semi-Governm ent S tock 17,022 2,432 519Shares In P u b l ic Companies 15,384 2,062 246Share O p tio n s In P u b lic Companies 51 7 1C o rpo ra te D e ben tu res and Notes 4,827 644 77Loans ana M ortgages 373 53 1 1Land anc B u 11o 1ngs 53,030 7,074 841O f f ic e F u r n i tu r e and Equipm ent O ther
34 5364
1
T o ta l N o n -C u rre n t A sse ts $94,417 $13,169 $1 ,809
N et A s s e ts $106,058 $13,807 $1,891
12
THE AUSTRAL FAN NATIONAL UNfVERSfTY
SUPERANNUATE FUNDS
7. STATEMENT OF CHANGES fN BALANCES FOR THE YEAR ENDED 31 DECEMBER 1984
B a lance B a lance
1 January fn c re a s e * D ecrease* 31 December1984 1984
$000 $000 $000 $000
1 . Commonwealth S u p e ra n nu a tio n Fund 78,044 31,760 3,746 106,058
2 . 1966 S upp lem enta ry B e n e f it s Fund 22,057 5,1-49 13,422 13,784
3 . S u p p le m en ta ry B e n e f it s Fund 48 (17) 8 23
4 . Academ ic Cash A ccu m u la tio n Fund 7,310 1,332 8 ,642 N fL
5 . Cash A c c u m u la tio n Fund 1,454 395 709 1 ,1 4 0
6 . Cash A c c u m u la tio n Fund (M a rr ie d 1rfomen) 1 ,019 508 1,075 452
7 . S upp lem en ta ry E q u ity Fund 280 20 - 300
* N o te : fn c re a s e In c lu d e s u n re a liz e d g a in s on In ve s tm e n tsD ecrease In c lu d e s t r a n s fe r o f members a s s e ts t o SSAU.
13
THE AUSTRAJ, FAN NATfONAL UNIVERSITY
ENDOWMENT TRUST FUNDS
8 . STATEMENT OE INCOME AND EXPENDITURE FOR THE YEAP ENDED 31 DECEMBER 1984
Incom e $ 00 0
Incom e fro m In v e s tm e n ts 9
D o n a t io n s d u r in g y e a r 12
T o ta l Incom e $21
L e ss E x p e n d itu r e s
P r iz e s 17
T o ta l E x p e n d i tu r e $ 17
N e t S u rp lu s ( D e f i c i t ) f o r Y e a r $4
14
THE AUSTRALIAN NATIONAL UNIVERSITY
ENDOWMENT TRUST FUNDS
9 . STATEMENT OF BALANCES FOR THE YEAR ENDED 31 DECEMBER 1984
A ccum ulated Funds $000
B alan ce 1 Jan u ary 1984 96Add S u rp lu s f o r y ea r 4U n re a liz e d L oss on In v e s tm e n ts (18)
T o ta l A ccum ulated Funds $82
T h is Is r e p r e s e n te d by:
Cash 35 Commonwealth G overnm ent BondsSemI-G overnm ent S e c u r i t i e s 38 D e b en tu re s 7 O th e r 2
T o ta l A s s e ts $82
15
THE AUSTRALIAN NATIONAL UNIVERSITY
ENDOWMENT TRUST FUNDS
10. STATEMENT Of CHANGES IN BALANCES FOR THE YEAR ENDED 31 DECEMBER 1984
B a lan c e 1 January 1984
1ncome E x p e n d i t u r e B alanoe 31 December 1984
$ $ $ $
Endowment T r u s t Funds
M o rr is o n O r a t i o n T r u s t Fund 4,037 374 752 3,659
A L G MacDonald T r u s t Fund 4 ,308 434 244 4 ,498
Lady I s a a c P r i z e T r u s t Fund 153 5 50 108
George Knowles Memorial P r i z e T r u s t Fund 403 42 50 395
T l l l y a r d P r i z e T r u s t Fund 790 80 258 612
J B C h l f l e y Memorial P r i z e T r u s t Fund 262 37 (3) 302
S c h l i c h Memorial P r i z e T r u s t Fund 1,052 86 16 1,122
R.G. M enzles S c h o la r s h ip T r u s t Fund 8 1 ,006 19,977 33,871 67 ,112
Ann Downer Memorial P r i z e T r u s t Fund 3 ,6 8 0 395 150 3,925
T o ta l Endowment T r u s t Funds $95,691 $21,430 $35 ,3 8 8 $81 ,733
16
11 SIGNIFICANT ACCOUNTING POLICIES TO AND FORMING
PART OF THE ACCOUNTS
Basis of accounting
These financial statements have been prepared under the convention of historicalcost accounting except that:
(I) current cost accounting principles have been applied In respect of certain non-current assets of the Housing Operation within the Ancillary Activities (note 11). Application of these principles has resulted In a departure from Accounting Standard AAS 10, Accounting for the Revaluation of Non-Current Assets.
(II) provisions for replacement for non-current assets In the Ancillary Activities have been based on current costs (Note 9).
(III) Investments disclosed In Statements 2, 6 and 9 for Superannuation and Endowment Trust Funds are shown at market value at 31 December 1964.
Accrual accountingPrior to 1981 the University's accounts for general university funds, special purpose funds, capital works and services funds, endowment funds and superannuation funds were prepared on a cash basis. The principles of accrual accounting are now being progressively adopted for all of these funds.
The principles of accrual accounting are applied In the Ancillary Activities.
Commonwealth Department of Finance Guidelines
The University Is subject to the Guidelines for the Form end Standard of Financial Statements of Commonwealth Undertakings Issued by the Department of Finance. These guidelines are operative In respect of accounting periods ending after 1 July 1983. The University has not been able to comply fully with the Guidelines for the year ended 31 December 1984. However, the University has made arrangements with the Department of Finance for the phased Implementation of the GuldelInes.
Matters still subject to this phased implementation in order to achieve full adoption of the Guidelines Include:
(I) adoption of full accrual accounting for all Items of Income and expendIture;
(II) depreciation of non-current assets; and
(III) re-assessment of Items In the Statement of Capital Accumulation.
In accordance with the Guidelines, a Statement of Sources and Application of Funds (Statement 4) Is Included. The Funds Statement covers all areas of activity other than the Superannuation schemes and the Endowment Trust Funds.
17
C h a n g e s I n f o r s a t o f s t a t e m e n t s
F o r 1 984 t h e f o r m a t o f t h e s t a t e m e n t s h a s b e e n s u b s t a n t i a l l y r e v i s e d f r o m t h a t u s e d by t h e U n i v e r s i t y I n p r i o r y e a r s . A c o m p r e h e n s i v e s e t o f s t a t e m e n t s f o r a l I t h e s u p e r a n n u a t i o n s c h e m e s m a n a g e d by t h e U n i v e r s i t y a r e I n c l u d e d so t h a t t h e t o t a l f i n a n c i a l s i t u a t i o n o f e l l s c h e m e s I s d i s c l o s e d . I n a d d i t i o n s t a t e m e n t s
h a v e b e e n p r e p a r e d f o r t h o s e f u n d s I d e n t i f i e d as E n d o w m e n t T r u s t F u n d s h e l d by t h e U n i v e r s i t y .
A s u m m a r y S t a t e m e n t o f A c t i v i t y f o r t h e m a j o r g r o u p s o f A n c i l l a r y A c t i v i t i e s I s I n c l u d e d t o p r o v i d e a s u p p o r t i n g s t a t e m e n t t o t h e p r i m a r y S t a t e m e n t o f A c t i v i t y .
C o m p a r a t i v e f i g u r e s
B e c a u s e o f t h e c h a n g e d c l a s s i f i c a t i o n o f ma ny I t e m s t o t a k e a c c o u n t o f G u i d e l i n e s r e q u i r e m e n t s e nd a new f o r m a t I t was n o t p o s s i b l e t o o b t a i n c o m p a r a t i v e f i g u r e s f o r I n d i v i d u a l I t e m s I n t h e f i n a n c i a l s t a t e m e n t s . I n s t e a d a g g r e g a t e f i g u r e s f o r g r o u p s o f I t e m s h a v e b e e n p u b l i s h e d .
I t I s c o n s i d e r e d t h a t t h e c l a s s i f i c a t i o n c h a n g e s h a v e n o t had an e f f e c t I n m o n e t a r y t e r m s on t h e r e s u l t o r t h e f i n a n c i a l p o s i t i o n a t t h e end o f t h e y e a r .
V a l u a t i o n o f a s s e t s
. C u r r e n t A s s e t s
M a t e r i a l s I n s t o r e a r e v a l u e d a t a v e r a g e c o s t e x c e p t f o r t h e A n c i l l a r y A c t i v i t i e s w h e r e t h e y a r e v a l u e d a t t h e l o w e r o f c o s t o r n e t r e a l i s a b l e v a l u e .
. N o n - C u r r e n t A s s e t s
T h e s e a s s e t s a r e s t a t e d a t c o s t e x c e p t t o r c e r t a i n a s s e t s I n t h e H o u s i n g O p e r a t i o n w i t h i n t h e A n c i l l a r y A c t i v i t i e s w h i c h a r e s t a t e d a t t h e i r e s t i m a t e d c u r r e n t c o s t ( N o t e 1 1 ) .
. I n v e s t m e n t s
I n v e s t m e n t s a r e s t a t e d a t h i s t o r i c a l c o s t e x c e p t I n S t a t e m e n t s 2 , 6 a n d 9 f o r S u p e r a n n u a t i o n a nd E n d o w m e n t T r u s t F u n d s w h e r e t h e y a r e s h o wn a t c u r r e n t m a r k e t v a l u e . T h i s I s t h e f i r s t y e a r t h a t t h e s e I n v e s t m e n t s h a v e been r e p o r t e d a t m a r k e t v a l u e .
. G e n e r a l U n i v e r s i t y f u n d s
T h e s e f u n d s r e l a t e t o t h e I n c o m e a n d e x p e n d i t u r e r e l e v a n t t o t h e a n n u a l o p e r a t i n g c o s t s o f t h e U n i v e r s i t y .
I n c o m e I s d e r i v e d p r i n c i p a l l y f r o m t h e a n n u a l g o v e r n m e n t g r a n t s f o r g e n e r a l e x p e n d i t u r e and e q u i p m e n t a n d f r o m t h e I n t e r e s t e a r n e d f r o m t h e s h o r t t e r m I n v e s t m e n t o f t h o s e f u n d s .
18
Special purpose fundsThese funds relate principally to the numerous grants and donations accepted by the University to finance research projects, scholarship awards and prizes.
Capital works and services fundsThese funds Conor Ise the annual government grants for building works and site servIces.
Special Reserves
In 1984 a review of balances classified as Reserves resulted In a transfer of some of these balances to accumulated funds. Accounting policy now provides for the creation of a Special Reserve only on the basis of a surplus and which Is earmarked for expenditure In a future year.
Non-current assets - Special Purpose FundsExcluding Investments, all non-current assets purchased by Special Purpose Funds are recorded end disclosed In General University Funds. Ownership Is considered to be vested In General University Funds because the grants and donations from which the assets are purchased belong to the various Schools that comprise the General University Funds grouping.
Ancillary Activities
A number of activities, ancillary to the main functions of the University, operate under the University's administrative control and are collectively referred to as Ancillary Activities. The main purpose of the majority Is to provide accommodation for students and staff. The others Include such diverse facilities as a staff club, an arts centre and a shopping area. Ancillary Activities generate their funds wholly or substantially from charges made for the facilities. The Ancillary Activities are:
. Halls of ResidenceBruce HallBurton and Garran HallCor In House/Lennox House Block "A"Graduate HouseToad HallUniversity House
. Other Trading Activities
Arts CentreCentre for Continuing EducationConcessions AreaHousing OperationSiding Spring ExhibitionSiding Spring LodgeStaff Centre
19
I i o n F u n d s
T h e U n i v e r s i t y m a i n t a i n s t h e f o l l o w i n g S u p e r a n n u a t i o n F u n d s
( 1 ) t h e C o m m o n w e a l t h S u p e r a n n u a t i o n F u n d
( I I ) t h e 1 9 6 6 S u p p 1e m e n t a r y S u p e r a n n u a t i o n B e n e f i t s Fund
( i l l ) o t h e r S u p p l e m e n t a r y S u p e r a n n u a t i o n F u n d s( 1 v ) t h e S t a f f Sc h e me Cas h A c c u m u l a t i o n s
( V) t h e Cas h A c c u m u 1 a t I o n Fund a n d
( v l ) t h e C a s h A c c u m u 1 a t I o n Fund ( M a r r i e d Women)
U n i v e r s i t y a nd s t a f f c o n t r i b u t i o n s ma d e t o t h e s e f u n d s a r e I n a c c o r d a n c e w i t h a p p r o v e d p r e - d e t e r m I n e d f o r m u l a s . T h e A t t o r n e y - G e n e r a I s D e p a r t m e n t a d v i s e d I n D e c e m b e r 198 4 t h a t t h e m o n e y s o f f u n d s ( I I ) ( I I I ) and ( I v ) m e n t i o n e d a b o v e a r e e a c h h e l d o n a s t a t u t o r y t r u s t b a s i s , w h e r e a s t h e m o n e y s o f f u n d s ( v ) a nd ( v l )
a r e h e l d as o r d i n a r y t r u s t s .
I n 1 98 4 t h e m o n e y s o f t h e S u p e r a n n u a t i o n F u n d s w e r e l o d g e d I n a common b a n k a c c o u n t . I n a d d i t i o n , c e r t a i n I n v e s t m e n t s ma de o u t o f t h e s e a c c o u n t s w e r e o w n e d J o i n t l y by s e v e r a l o f t h e S u p e r a n n u a t i o n F u n d s . Th e U n i v e r s i t y h a s s i n c e p r e p a r e d a S u p e r a n n u a t i o n Fund ( I n v e s t m e n t a n d M a n a g e m e n t ) S t a t u t e t o r c o n s i d e r a t i o n by t h e G o v e r n o r G e n e r a l w h i c h g i v e s t h e U n i v e r s i t y t h e p o w e r t o p o o l t h e I n v e s t m e n t s o f e a c h f u n d .
A l l t h e S u p e r a n n u a t i o n s c h e m e s w e r e c l o s e d t o new m e m b e r s as f r o m 1 A p r i l 1 9 8 3 wh e n t h e U n i v e r s i t y J o i n e d t h e S u p e r a n n u a t i o n Sc h e me f o r A u s t r a l i a n U n i v e r s i t i e s
a n d t o w h i c h many m e mb e r s t r a n s f e r r e d . H o w e v e r , t h e a b o v e s c h e m e s a r e m a i n t a i n e d f o r t h o s e m e m b e r s who c h o s e t o r e m a i n i n t h e m t o g e t h e r w i t h r e t i r e d m e m b e r s on
b en e f i t s .
C o a a o n v e a l t h S u p e r a n n u a t i o n Fund
T h e U n i v e r s i t y m a i n t a i n s a f u n d on c o n d i t i o n s a p p r o v e d by t h e T r e a s u r e r o f t h e C o m m o n w e a l t h t o m e e t t h e e m p l o y e r s l i a b i l i t y t o t h e C o m m o n w e a l t h S u p e r a n n u a t i o n
S c h e m e .
T r a n s f e r s a r e ma de t o t h e f u n d e a c h f o r t n i g h t i n a c c o r d a n c e w i t h a p r e d e t e r m i n e d f o r m u l a a p p r o v e d by C o u n c i l and b a s e d on a d v i c e f r o m t h e C o m m o n w e a l t h A c t u a r y .
T h e i n c o m e , e x p e n d i t u r e a nd a s s e t s o f t h e C o m m o n w e a l t h S u p e r a n n u a t i o n F u n d a r e s h o w n I n S t a t e m e n t s 5 , 6 a nd 7 . As w e l I , b e c a u s e t h e C o m m o n w e a l t h S u p e r a n n u a t i o n F u n d I s n o t a t r u s t f u n d , i n f o r m a t i o n on t h e I n c o m e r e a l i z e d on i t s I n v e s t m e n t s a n d t h e a s s e t s o f t h e Fund a r e a l s o d i s c l o s e d I n t h e p r i n c i p a l U n i v e r s i t y
f i n a n c i a l s t a t e m e n t s 1 a nd 2 .
S u p e r a n n u a t i o n S c h e a e f o r A u s t r a l i a n U n i v e r s i t i e s
F r o m 1 A p r i l 1 9 8 3 new s t a f f me mb e r s e m p l o y e d by t h e U n i v e r s i t y a r e e l i g i b l e t o j o i n o n e s u p e r a n n u a t i o n s c h e m e o n l y , t h e S u p e r a n n u a t i o n Sc h e me f o r A u s t r a l i a n
U n i v e r s i t i e s . Th e t r a n s f e r o f some e x i s t i n g s t a f f t o t h i s s c h e m e r e s u l t e d I n a t r a n s f e r o f a s s e t s by t h e U n i v e r s i t y t o t h e s c h e m e o v e r t h e p e r i o d J u l y -
D e c e m b e r 1 9 8 4 .
20
E n d o w m e n t T r a c t F e e ds
E n d o w m e n t s a r e r e c e i v e d by t h e U n i v e r s i t y t o f u n d r e s e a r c h a c t i v i t i e s , s c h o l a r s h i p s , p r i z e s a n d l e c t u r e s ( S t a t e m e n t 6 ) . The U n i v e r s i t y ' s s o l i c i t o r a d v i s e d I n N o v e m b e r 1984 t h a t n i n e o f t h e s e f u n d s e r e h e l d I n t r u s t .
I n v a s t e e n t o f f u n d s
F u n d s a r e i n v e s t e d I n t h e f o l l o w i n g c a t e g o r i e s u n d e r g u i d e l i n e s d e t e r m i n e d by t h e C o u n c i l o f t h e U n i v e r s i t y .
. A l l s u p e r a n n u a t i o n f u n d s
l i s t e d c o mp a n y s h a r e s I I s t e d c o mp a n y d e b e n t u r e s
p u b l i c s e c u r i t i e s r e a l e s t a t e s h o r t t e r m d e p o s i t s
. A l l o t h e r Funds
I I s t e d c o mp a n y d e b e n t u r e s p u b l i c s e c u r i t i e s s h o r t t e r m d e p o s i t s
E m p l o y e e b e n e f i t s
P r o v i s i o n h a s b e e n made f o r r e c r e a t i o n l e a v e and l o n g s e r v i c e l e a v e . T h e a m o u n t p r o v i d e d i s d i s s e c t e d b e t w e e n c u r r e n t a n d n o n - c u r r e n t p o r t i o n s , t h e c u r r e n t p r o v i s i o n b e i n g t h e p o r t i o n t h a t I s e x p e c t e d t o be p a i d w i t h i n t h e n e x t 12 mo n t h s .
A n u t e c h P t y L t d
T h i s c o m p a n y I s b e n e f i c a l l y o w n e d on b e h a l f o f t h e U n i v e r s i t y . Th e b a l a n c e d a t e t o r t h e C o mp a n y has b e e n c h a n g e d f r o m 31 A u g u s t t o 31 D e c e m b e r t o c o n f o r m w i t h t h e U n i v e r s i t y f i n a n c i a l y e a r . T h e d i r e c t o r s r e p o r t , a u d i t o r s r e p o r t , d i r e c t o r s ' s t a t e m e n t a n d f i n a n c i a l s t a t e m e n t s f o r t h e Co mp a n y f o r t h e y e a r e n d e d 31 A u g u s t 1 9 8 4 , a nd t h e f o u r m o n t h s e n d e d 31 D e c e m b e r 1984 a r e s h o wn i n N o t e 2 1 .
G e n e r a l S e r v i c e Fees
T h e U n i v e r s i t y c o l l e c t s f e e s f r o m s t u d e n t s t o s u p p o r t t h e p r o v i s i o n o f a m e n i t i e s a n d s e r v i c e s n o t o f an a c a d e m i c n a t u r e f o r s t u d e n t s .
B a l a n c e s a n d T r a n s a c t i o n s B e t w e e n F u nds
B a l a n c e s a n d t r a n s a c t i o n s b e t w e e n t h e s e p a r a t e f u n d s w i t h i n t h e U n i v e r s i t y h a v e n o t b e e n e l i m i n a t e d on c o n s o l i d a t i o n . H o w e v e r , I t I s c o n s i d e r e d t h a t t h e a m o u n t s a n d t h e n u m b e r o f I t e m s I n v o l v e d a r e n o t m a t e r i a l .
21
12. NOTES ON AND FORMING PART OF THE ACCOUNTS
1 • Sundry I neon*
Total 1984 Sundry Income of $2,887,000 Includes $794,000 for Subscriptions, Royalties and Sales, and $1,822,000 received from Registrations, Fees, Hire Charges and Sundry Income.
2. Funds transferred for Capital Expenditure
3.
During 1984 funds were applied to capital expenditure as follows:
Genera 1 Spec 1 a 1 TotalUn 1 vers 1ty PurposeActivities Act 1v 11 1 es
$000 $000 $000
Equ1pment 6,099 518 6,617Motor Vehicles 1 98 8 206Library Book s 2,310 2,310Bui 1d1n gs 1,310 22 1 1,531
$9,917 $747 $10,664Sa 1 ary Oncosts
This Item Includes the Unlversltys' contribution of $8,080,000 to the Commonwealth Superannuation Scheme, $559,000 to Statutory Superannuation Trust Schemes, $231,000 to Other Superannuation Trust Schemes, and $4,411,000 to the Superannuation Scheme for Australian Universities.
4. Sundry Expenses
The major components of Sundry Expenses are listed below.
Genera 1 Special Anc 1 1 1 ary TotalUni versIty Purpose ActivitiesAct 1v111 es Activities$000 $000 $000 $000
Commercial Audit Fees 82 1 2 94Publications and Subscriptions 29 1 94 385Advertising 229 23 4 1 293Equipment Hire 307 1 1 1 2 330Bad Debts 3 3Other Administrative Expenses 356 434 273 1 ,063Starlab Research Project 1 , 786 1 , 7e6General Expenses 916 402 601 1,919
22
5. Charges sot requiring Funds In Current Year.Non-fund charges for the year have been made as follows:-
Long Service Leave$0001,476
Recreation Leave 254Doubtful Debts 58Relief Staff 35Losses on Sales of Assets 568Profit on Sales of Assets ( 10)Dep rec1 at 1 on 6 1 6Building Maintenance 1 4 1Land Amortisation 1 1 7Dwelling 1nsurance 42Equipment Replacement 38Superennuat1 on 20Other 33
$3,388
6. Cash on Hand, at Bank and at Call {excluding Commonwealth Superannuation)
The Item Cash on Hand, at Bank and at Call and the shares of the fund groups are comprised as follows:
1984$000
24 hour call deposits 2,006Other deposits at call 4,150Cash at ca I I 6,156Cash at bank 9,066Bank overdraft (9,034)Cash held In Imprests ____ 26
Total Cash on Hand, at Bank, and at Cal I $6,214
The shares of the respective funds (le Cash Ownership) In this total are:
General University Funds Special Purpose Funds Ancillary Activities Funds
$000
(2,545)8,237
522
$6,2147. Debtors
The balances for Debtors disclosed In Statement 2 are net balances* Grossamounts for Debtors and Provision for Doubtfu1 Debts are as follows:
Genera 1 Special A nc1 1 1 ar y Commo nw ea11 h TotalUniversity Purpose Act 1v11 1 es Supera nnu at I onFunds Funds Funds Fund$000 $000 $000 $000 $000
Gross Debtors Less Provision for
1,804 704 37 1 1,792 4,671
Doubtful Debts 65 ~ 1 6 95 1 76
Net Debtors $1,739 $ 704 $355 $1,697 $4 , 495
23
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24
9 . Provisions * Centra I U n ivers ity Funds, A n c illa ry A c tiv it ie s Funds, and CosnonvaaIth Superannuation Fund
P ro v is io n has been mode In th e accounts fo r th e fo llo w in g l i a b i l i t i e s :
GENERAL UNIVERSITY ANCILLARY COMMONWEALTH TOTALFUNDS ACTIVITIES FUNDS SUPER FUND 1984 1983
$000 $000 $000 $000 $000CURRENT PROVISIONS
Commonwealth Superannuation 2,915 2,915 3,436Long S erv ice Leave 1,581 177 1,758 876M a te rn ity Leave 22 22 2R e lie f S ta f f 148 148 120Replacement o f F u rn itu re
and Equipment 87 87 52D w e llin g Insurance 42 42 35Maintenance of B u ild in g s 267 267 212R ecre a t1ona1 Lea ve 2,626 2,626 2,372Other 66 66
TOTAL CURRENT PROVISIONS $4,207 $809 $2,915 $7,931 $7,105
LONG TERM PROVISIONS
Commonwealth Superannuation 103,143 103,143 74,608Long S erv ice Leave 14,807 136 14,943 14,406R e lie f S ta f f 160 160 131Replacement o f F u rn itu re
A Equipment 691 691 423D w e lling Insurance 235 235 200Replacement o f Land 2,946 2,946 1 ,985Replacement o f D w e llings 9,579 9,579 8,049Maintenance o f B u ild in g s 361 361 280Other 2 2 126
TOTAL LONG TERM PROVISIONS
$14,807 $14,110 $103,143 $132,060 $100,208
TOTAL PROVISIONS $19,014 $14,919 $106,058 $139,991 $107,313
25
t o . C r e d i t o r s and A c c r u a l s
T h e I t e m C r e d i t o r s end A c c r u a l s I s s u m m a r i s e d es b e l o w :
G e n e r a 1 S p e c 1 a t A n c 1 f 1 a r y C o m m o n w e e 1 t h T o t a lU n i v e r s 1t y P u r p o s e A c t 1v 11 1 es S u p e r a n n u a t 1 onF u n d s F u n d s F u n d s F u n d
$ 0 0 0 $ 0 0 0 $ 0 0 0 $ 0 0 0 $ 0 0 0
C r e d 1 t o r s 5 , 2 7 2 363 275 1 16 6 , 0 2 6A c c r u a l s 1 , 2 4 8 68 393 99 1 , 8 0 8
J 6 , 5 2C $431 $ 6 6 8 $ 2 1 5 $ 7 , 8 3 4
1 1 . D w e l 11 ngs and L a n d
D w e l I I n g s end L a n d u n d e r t h e c o n t r o l o f t h e H o u s i n g O p e r a t i o n a r e v a l u e d a n n u a l l y asp a r t o f a C u r r e n t C o s t A c c o u n t i n g s y s t e m . T h e s e a s s e t s a t b a l a n c e d a t e c o m p r 1s e o :
1 98 4 19 e 3$ 0 0 0 $ 0 0 0
D w e l 11n gs 2 6 , 1 3 0 2 4 , 1 4 2L a n d 1 3 , 3 3 4 9 , 8 8 4F u r n i t u r e e n d E q u 1p me n t 67 1 33
T h e p r o p e r t i e s a r e r e v a l u e d e v e r y f i v e y e a r s by an I n d e p e n d e n t q u a l i f i e d v a l u e r and a r e u p d a t e d by t h e u s e o f a p p r o p r i a t e p r i c e I n d i c e s I n t h e I n t e r v e n i n g y e a r s - The n e t r e v a l u a t i o n o f t h e s e a s s e t s I s c r e d i t e d t o t h e C u r r e n t C o s t R e s e r v e a c c o u n t a p p e a r i n g I n S t a t e m e n t 3 . T h e l a t e s t I n d e p e n d e n t v a l u a t i o n was p e r f o r m e d on 1 J u l y 1 9 8 1 .
1 2 . A s s e t A d j u s t m e n t s A C a p i t a l
T h i s I t e m c o m p r i s e s :G e n e r a 1
U n i v e r s i t y F u n d s
A n c 1 11 a r y A c t i v i t i e s
F u n d s T o t a l$ 0 0 0 $ 0 0 0 $ 0 0 0
A d j u s t m e n t s r e l a t i n g t o p r i o r y e a r s a c q u i s i t i o n o f a s s e t s 1 4 . 1 4
H i s t o r i c c o s t o f e q u i p m e n t d i s p o s a l s f o r t h e c u r r e n t y e a r 1 , 2 7 5 75 1 , 3 5 0
I n t e r n a l t r a n s f e r s o f c a p i t a l : - b u i l d i n g s 9 , 5 11 ( 9 , 5 1 1 ) j,- b u i l d i n g l o a n s 1 4 6 1 ) 461 -
A d j u s t m e n t I n a s s e t v a l u e s f o r t h e c u r r e n t y e a r 1 6 0 ) 4 ( 5 6 )
$ 1 0 , 2 7 9 ( $ 8 , 9 7 1 ) $ 1 , 3 0 8
1 3 . C u ^ e n t C o s t R e s e r v e
T h e H o u s i n g O p e r a t i o n h a s a d o p t e d a C u r r e n t C o s t A c c o u n t i n g s y s t e m . N e t I n c r e m e n t s I n t h e c u r r e n t m a r k e t v a l u e s o f a s s e t s a r e c r e d i t e d t o t h e C u r r e n t C o s t R e s e r v e a c c o u n t . See N o t e 11 on D w e l l i n g s en d L a n d .
1 4 . S p e c i a l R e s e r v e *
T r a n s f e r s t o a n d f r o m S p e c i a l R e s e r v e s d u r i n g t h e y e a r o c c u r r e d as f o l l o w s :
P u b l i c P o l i c y a n d New I n i t i a t i v e s
MaJ o r C o m p u t 1ng E qu 1 p m e n t
A n c 1 1 1 a r y A c t i v i t i e s 0 t h e r * T o t a l
$ 0 0 0 $ 0 0 0 $ 0 0 0 $ 0 0 0 $ 0 0 0
B a l a n c e J a n u a r y 1 9 8 4 585 1 27 771 1 , 9 7 9 3 , 4 6 2
T r a n s f e r s t oS p e c i a l R e s e r v e s 798 50 792 1 , 6 4 0
T r a n s f e r s f r o mS p e c i a l R e s e r v e s 35 458 651 2 , 7 7 1 3 , 9 1 5
$ 5 5 0 $467 $ 1 70 _ $ 1 , 1 8 7
* To c o m p l y w i t h D e p a r t m e n t o f F i n a n c e G u i d e l i n e s r e a s s e s s m e n t was made I n 1 9 8 4 o f t h e U n l v e r s l t y s ' R e s e r v e s . T h i s r e s u l t e d I n some o f t h e b a l a n c e s b e i n g t r a n s f e r r e d t o a c c u m u l a t e d f u n d s .
26
15 . C o n t r i b u t i o n s o f
T h e s e e r e ma naged by t h e U n i v e r s i t y f o r t h e t r u s t f u n d s c h e m e s . The Commonwe a l t h S u p e r a n n u a t i o n Fund e m p l o y e e ' s c o n t r i b u t i o n s a r e p a i d d i r e c t l y t o t h e S u p e r a n n u a t i o n Fund I n v e s t m e n t T r u s t .
1 6 . U n r e a l i s e d G a i n s on I n v e s t m e n t s
A l l I n v e s t m e n t s h e l d by t h e S u p e r a n n u a t i o n f u n d s a r e 31 D e c e m b e r a t c u r r e n t m a r k e t p r i c e s , w h i l e l a n d and t w o y e a r s , t h e d a t e o f t h e l a s t r e v a l u a t i o n b e i n g 30 r e v a l u a t i o n s a r e c r e d i t e d t o t h e U n r e a l i z e d G a i n s on
r e v a l u e d a n n u a l l y on b u i l d i n g s a r e r e v a l u e d June 1 9 8 4 . The n e t I n v e s t m e n t a c c o u n t .
e v e r y
R e a l i z e d g a i n s ( l o s s e s ) on t h e s a l e o f a s s e t s a r e I n c l u d e d I n t h e Income o f t h e f u n d s and a r e shown I n S t a t e m e n t 5 .
17 . P r o v i s i o n f o r Commonweal th S u p e r a n n u a t i o n
P r o v i s i o n f o r t h e Commonwea l th S u p e r a n n u a t i o n Scheme I s made a t t h e r a t e o f 20$ o f members s a l a r i e s . D e t a i l s o f I n v e s t m e n t s h e l d t o meet t h e p r o v i s i o n a r e d i s c l o s e d I n S t a t e m e n t 6 . The A u s t r a l i a n G o v e r n m e n t A c t u a r y , I n h i s r e p o r t as a t 30 J u n e 1 984 , a d v i s e d t h e U n i v e r s i t y t h a t t h e r e Is an u n c o v e r e d l i a b i l i t y I n t h e p r o v i s i o n o f $ 1 5 , 7 1 1 , 0 0 0 .
18 . R e s o u r c e s P r o v i d e d F r e e o f Charge
The l a n d on w h i c h t h e U n i v e r s i t y I s l o c a t e d I n t h e A u s t r a l i a n C a p i t a l T e r r i t o r y I s h e l d on l e a s e I n p e r p e t u i t y .
19 . C o n t i n g e n t L i a b i l i t i e s
G u a r a n t e e s h av e been g i v e n :
u n d e r t h e U n i v e r s i t y ' s S t a f f M e m b e r s ' H ouse P u r c h a s e Scheme t o s e c u r e bank l o a n s t o t a l l i n g $ 4 1 3 , 9 6 0 t o U n i v e r s i t y e m p l o y e e s .
t o s e c u r e a l o a n o f $ 3 6 2 , 9 8 8 made by t h e Co mm on we a l t h S a v i n g s Bank t o t h e U n i v e r s i t y S p o r t s U n i o n f o r b u i l d i n g p u r p o s e s ; t h i s l o a n Is r e p a y a b l e by t h e S p o r t s U n i o n In e q u a l h a l f - y e a r l y I n s t a l m e n t s u n t i l 1993 and t h e p r i n c i p a l sum o u t s t a n d i n g a t 31 D e c e m b e r 1984 was $ 2 3 1 , 2 9 0 .
t o s e c u r e a l o a n f o r $ 6 , 4 0 0 f r o m W e s t p a c B a n k i n g C o r p o r a t i o n t o t h e A u s t r a l i a n N a t i o n a l U n i v e r s i t y S t u d e n t s A s s o c i a t i o n f o r t h e p u r c h a s e o f an e l e c t r i c t y p e w r i t e r ; t h e b a l a n c e o u t s t a n d i n g a t 31 December 1984 was $ 1 , 6 0 0 .
2 0 . C a p i t a l E x p e n d i t u r e and Le ase and H i r e E x p e n d i t u r e
A m o u n t s c o n t r a c t e d f o r and p a y a b l e w i t h i n t w e l v e m o n t h s a f t e r t h e end o f t h e f i n a n c i a l y e a r e n d i n g 31 D ecember 1 9 8 4 , an d w h i c h have n o t o t h e r w i s e been p r o v i d e d f o r , a r e as f o l l o w s :
$ 0 0 0
C a p i t a l E x p e n d i t u r e 1 , 3 6 6L e a s e and H i r e E x p e n d i t u r e 333
$ 1 , 6 9 9
27
21. ANUTECH PTY LTD(Incorporated in the Australian Capital Territory)
AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 1984
C O N T E N T S
PAGE NO.
Annual report of directors 2-4
Auditor's report 5
Directors' statement 6
Income and expenditure statement 7
Balance sheet 8
Notes to and forming part of the financialstatements 9
28
ANUTECH PTY. LIMITED
ANNUAL REPORT OF DIRECTORS
The directors submit herewith the balance sheet at 31 August 1984 and theincome and expenditure statement for the company for the year ended on thatdate and report as follows:
(a) The names of the directors in office at the date of this report are:
Mr Arthur John Russell Yencken Professor Ian Gordon Ross Professor John Henry Carver Mr Alfred Charles Copeman Professor Ralph Gerard Ward Mr Ellis Russell Boardman Dr Susan Caroline Bambrick Professor Allan Douglas Barton
(b) The principal activities of the company in the course of the financial year were to undertake research and experimental work and there was no significant change in the nature of these activities during that period.
(c) The net surplus of the company for the financial year ended 31 August 1984 was $48,159. The company is exempt from income tax.
(d) No material transfers to or from reserves or provisions were made during the financial year.
(e) No shares or debentures or options on shares in the company were issued during the year.
(f) Under its memorandum and articles of association the company, while remaining a going concern, is precluded from paying a dividend to members.
(g) The directors (before the income and expenditure statement and balance sheet of the company were made out) took reasonable steps to ascertain what action had been taken in relation to the writing off of bad debts and the making of provision for doubtful debts and to cause all known bad debts to be written off and adequate provision to be made for doubtful debts.
(h) At the date of this report, the directors are not aware of any circumstances which would render the amount written off for bad debts or the amount of the provision for doubtful debts inadequate to any substantial extent.
Z9
( i ) The d i r e c t o r s ( b e f o r e t h e income and e x p e n d i t u r e s t a t e m e n t and b a l a n c e s h e e t w e re made o u t ) t ook r e a s o n a b l e s t e p s t o a s c e r t a i n w h e t h e r any c u r r e n t a s s e t s ( o t h e r t h a n t h e c u r r e n t a s s e t s t o w h i c h p a r a g r a p h (g ) a p p l i e s ) w e r e u n l i k e l y t o r e a l i s e i n t h e o r d i n a r y c o u r s e o f b u s i n e s s t h e i r v a l u e a s shown i n t h e a c c o u n t i n g r e c o r d s of t h e company and have caused :
( i ) t h o s e a s s e t s t o be w r i t t e n down t o an a m o u n t w h i c h t h e y might be e x p e c t e d so t o r e a l i s e , o r
( i i ) adequ a t e p r o v i s i o n t o be made f o r t h e d i f f e r e n c e be tween t h e am o u n t o f t h e v a l u e a s so sh ow n and t h e a m o u n t t h a t t hey migh t be e x p e c t e d so t o r e a l i s e .
( j ) At t h e d a t e o f t h i s r e p o r t , t h e d i r e c t o r s a r e n o t a w a r e of any c i r c u m s t a n c e s w h i c h w o u l d r e n d e r t h e v a l u e s a t t r i b u t e d t o c u r r e n t a s s e t s i n t h e a c c o u n t s m i s l e a d i n g .
(k ) At t he d a t e of t h i s r e p o r t -
( i ) no c h a r g e on t h e a s s e t s o f t h e com pan y e x i s t s w h i c h h a s a r i s e n s i n c e t h e end o f t h e f i n a n c i a l y e a r and s e c u r e s t he l i a b i l i t i e s of any o t h e r pe r s on ; and
( i i ) no c o n t i n g e n t l i a b i l i t y e x i s t s wh ich has a r i s e n s i n c e the end of t h e f i n a n c i a l yea r .
( l ) No c o n t i n g e n t o r o t h e r l i a b i l i t y has become e n f o r c e a b l e , o r i s l i k e l y t o become e n f o r c e a b l e , w i t h i n t h e p e r i o d of tw e l v e months a f t e r t he end of t h e f i n a n c i a l y e a r wh ich , i n t h e o p i n i o n of t he d i r e c t o r s , w i l l o r may s u b s t a n t i a l l y a f f e c t t h e a b i l i t y of t he company t o meet i t s o b l i g a t i o n s when t h ey f a l l due.
(m) At t he d a t e of t h i s r e p o r t , t h e d i r e c t o r s a r e no t awa re of any c i r c u m s t a n c e s n o t o t h e r w i s e d e a l t w i t h i n t h i s r e p o r t o r a c c o u n t s t h a t w o u l d r e n d e r any am o u n t s t a t e d i n t h e a c c o u n t s m i s l e a d i n g .
(n ) The r e s u l t s o f t h e c o m p a n y ' s o p e r a t i o n s d u r i n g t h e f i n a n c i a l y e a r w e r e n o t , i n t h e o p i n i o n of t h e d i r e c t o r s , s u b s t a n t i a l l y a f f e c t e d by any i t e m , t r a n s a c t i o n o r e v e n t o f a m a t e r i a l and un us u a l n a t u r e .
( o ) T h e r e h a s n o t a r i s e n i n t h e i n t e r v a l b e t w e e n t h e end o f t h e f i n a n c i a l y e a r and t h e d a t e of t h i s r e p o r t any i t e m , t r a n s a c t i o n o r even t of a m a t e r i a l o r u n u su a l n a t u r e l i k e l y , i n t h e op in io n o f t h e d i r e c t o r s , t o a f f e c t s u b s t a n t i a l l y t h e r e s u l t s o f t h e company ' s o p e r a t i o n s f o r t h e ne x t su c c e e d i n g f i n a n c i a l yea r .
( p ) S in ce t h e end of t h e p r e v i o u s f i n a n c i a l y e a r , no d i r e c t o r o f t he company has r e c e i v e d o r become e n t i t l e d t o r e c e i v e any b e n e f i t , o t h e r t han:
( i ) a b e n e f i t i n c l u d e d i n t h e a g g r e g a t e amount of emolument s r e c e i v e d o r due and r e c e i v a b l e by d i r e c t o r s shown i n t he a c c o u n t s , o r
30
( i i ) the f i x e d s a l a r y of a f u l l - t i m e employee o f the company or of a r e l a t e d corpora t ion ,
by r e a s o n o f a c o n t r a c t made by the company or a r e l a t e d c o r p o r a t i o n w i t h t h e d i r e c t o r or w i t h a f i r m o f w h ic h he i s a member, or w i t h a company in w h ic h he h a s a s u b s t a n t i a l f i n a n c i a l i n t e r e s t .
Signed in accordance w i th a r e s o l u t i o n of d i r ec t o r s
cy 0I .G . ROSS D ir ec to r
R.G. WARD D ir ec t o r
CANBERRA 31 OCTOBER 1984
31
AUDITORS' REPORT TO MEMBERS OF ANUTECH PTY LIMITED
We have audited the accounts set out on pages 6 to 9 in accordance with Australian Auditing Standards.
In our opinion:
(a) the accounts are properly drawn up in accordance with the provisions of the Companies Act 1981, and so as to give a true and fair view of:
(i) the state of affairs of the company at 31 August 1984 and of the surplus of the company for the year ended on that date;
(ii) the other matters required by Section 269 of that Act to be dealt with in the accounts:
and are in accordance with Australian Accounting Standards.
(b) the accounting records and other records, and the registers required by that Act to be kept by the Company have been properly kept in accordance with the provisions of that Act.
CANBERRA
31 OCTOBER 1984
T C'
ERNST & WHINNEY Chartered Accountants
A.N. WANNAN Partner
32
ANUTECH PTY LIMITED
DIRECTORS’ STATEMENT
In the opinion of the directors:
(a) The accompanying income and expenditure statement is drawn up so as to give a true and fair view of the results of the company for the financial year;
(b) The accompanying balance sheet is drawn up so as to give a true and fair view of the state of affairs of the company as at the end of the financial year; and
(c) There are reasonable grounds to believe that the company will be able to pay its debts as and when they fall due.
Signed in accordance with a resolution of directors
I.G. ROSS Director
R.G. WARD Director
CANBERRA 31 OCTOBER 1984
33
ANUTECH PTY. LIMITEDINCOME AND EXPENDITURE STATEMENTPOR THE YEAR ENDED 31 AUGUST 1984 1984 1983
NOTE $ $INCOME
Completed projects 1 ,,135,081 255,424Less: Direct costs incurred 1 .,094,017 246,557
SURPLUS ON COMPLETED PROJECTS 41,064 8,867
LESS: NET ADMINISTRATIVE EXPENSESAdministrative expenses
Salaries and related costs 192,745 107,920Communications 7,363 3,790Bank charges 1,091 475Audit fees 3 3,000 2,545Motor vehicle expenses 5,836 6,430Printing and stationery 4,256 2,913Board expenses 1,646 360Depreciation 10,411 6,756Sundry 12,591 23,296
238,939 154,485Less: recovery of administrative expenses
Salaries and related costs 99,596 60,161Administrative fees 100,591 57,378Communications 4,483 2,263Printing and stationery 5,413 3,047Motor vehicle expenses 5,009 5,588Sundry 3,851 -
218,943 128,437
NET ADMINISTRATIVE EXPENSES 19,996 26,048
NET OPERATING SURPLUS (DEFICIT) 21,068 (17,181)
ADD: NON OPERATING INCOMEInterest on investments 20,829 8,920Interest on The Australian National Universityloan (Solar Power Experimental Station) 5 4,184
Recovery of prior period expenditure 11,866 -Surplus on sale of motor vehicles 3,536 -
40,415 8,920LESS: NON OPERATING EXPENSES
Loss on disposal of computer equipment Interest on establishment loan from The
1,755 —Australian National University 5 5,819 7,573
Solar Power Experimental Station Project - 13,1427,574 20,715
NET NON OPERATING SURPLUS (DEFICIT) 32,841 (11,795)
NET SURPLUS (DEFICIT) FOR THE YEAR BEFOREDONATIONS TO THE AUSTRALIAN NATIONAL UNIVERSITY 53,909 ( 28,976)
LESS: Donations-The Australian National University 5,750 3,000
NET SURPLUS (DEFICIT) FOR THE YEAR 48,159 (31,976)ADD: BALANCE OF ACCUMULATED FUNDS
(DEFICIENCY) AT BEGINNING OF YEAR (22,923) 9,053
BALANCE OF ACCUMULATED FUNDS (DEFICIENCY)AT END OF YEAR $25,236 $(22,923)
34
ANUTECH PTY LIMITED
BALANCE SHEETAS AT 31 AUGUST 1984
1984NOTE $
SHARE CAPITAL AND RESERVES Authorised150,000 ordinary shares at $1.00 each $150,000
Issued100,000 ordinary shares fully paid 100,000Accumulated funds (deficiency) 25,236
TOTAL SHARE CAPITAL AND RESERVES $125,236
Represented byNON-CURRENT ASSETS 4 52,133
CURRENT ASSETSCash on hand and at bank 3,359Deposit with Hill Samuel Cash Management
Trust 1(c) 65,608Bank bill 1(c) 98,713Amount owing by The Australian National
UniversityDebtors and prepayments 99,631Incomplete projects expenditure 1(d)- Archaeology 100,961- Other 258,722
626,994
TOTAL ASSETS 679,127
LessCURRENT LIABILITIESCreditors and accrued expenses 35,069Loan from The Australian National University 29,600Provision for annual leave 7,563Provision for long service leave 5,961Incomplete projects revenue 1(d)- Archaeology 115,254- Other 360,444
553,891
NET ASSETS $125,236
1983$
$150,000
100,000 fo o qoo \
$77,077
30,586
2,320
115,971
21,71499,117
51,806113,810
404,738
435,324
53,61647,490
82,091175,050
358,247
$77,077
35
ANUTECH PTY LTD
(Incorporated in the Australian Capital Territory)
AUDITED FINANCIAL STATEMENTS
FOR THE FOUR MONTHS ENDED
31 DECEMBER 1984
C O N T E N T S
PAGE NO.
Annual report of directors 2-4
Auditor's report 5
Director's statement 6
Income and expenditure statement 7
Balance sheet 8
Notes to and forming part of the financialstatements 9
36
ANUTECH PTY. LIMITED
ANNUAL REPORT OF DIRECTORS
The directors submit herewith the balance sheet at 31 December 1984 and theincome and expenditure statement for the company^for the four months endedon that date and report as follows:
(a) The names of the directors in office at the date of this report are:
Mr Arthur John Russell Yencken Professor Ian Gordon Ross Professor John Henry Carver Mr Alfred Charles Copeman Professor Ralph Gerard Ward Mr Ellis Russell Boardman Dr Susan Caroline Bambrick Professor Allan Douglas Barton
(b) The principal activities of the company in the course of the financial period were to undertake research and experimental work and there was no significant change in the nature of these activities during that period.
(c) The net surplus of the company for the four months ended 31 December 1984 was $26,726. The company is exempt from income tax.
(d) No material transfers to or from reserves or provisions were made during the financial period.
(e) No shares or debentures or options on shares in the company were issued during the period.
(f) Under its memorandum and articles of association the company, while remaining a going concern, is precluded from paying a dividend to members.
(g) The directors (before the income and expenditure statement and balance sheet of the company were made out) took reasonable steps to ascertain what action had been taken in relation to the writing off of bad debts and the making of provision for doubtful debts and to cause all known bad debts to be written off and adequate provision to be made for doubtful debts.
(h) At the date of this report, the directors are not aware of any circumstances which would render the amount written off for bad debts or the amount of the provision for doubtful debts inadequate to any substantial extent.
37
(i) The directors (before the income and expenditure statement and balance sheet were made out) took reasonable steps to ascertain whether any current assets (other than the current assets to which paragraph (g) applies) were unlikely to realise in the ordinary course of business their value as shown in the accounting records of the company and have caused:
(i) those assets to be written down to an amount which they might be expected so to realise, or
(ii) adequate provision to be made for the difference between the amount of the value as so shown and the amount that they might be expected so to realise.
(j) At the date of this report, the directors are not aware of any circumstances which would render the values attributed to current assets in the accounts misleading.
(k) At the date of this report -
(i) no charge on the assets of the company exists which has arisen since the end of the financial period and secures the liabilities of any other person; and
(ii) no contingent liability exists which has arisen since the end of the financial period.
(l) No contingent or other liability has become enforceable, or is likely to become enforceable, within the period of twelve months after the end of the financial period which, in the opinion of the directors, will or may substantially affect the ability of the company to meet its obligations when they fall due.
(m) At the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this report or accounts that would render any amount stated in the accounts misleading.
(n) The results of the company's operations during the financial period were not, in the opinion of the directors, substantially affected by any item, transaction or event of a material or unusual nature.
(o) There has not arisen in the interval between the end of thefinancial period and the date of this report any item, transaction or event of a material or unusual nature likely, in the opinion of the directors, to affect substantially the results of the company's operations for the next succeeding financial year.
(p) Since the end of the previous financial year, no director of the company has received or become entitled to receive any benefit, other than:(i) a benefit included in the aggregate amount of emolumerts
received or due and receivable by directors shown in the accounts, or
(ii) the fixed salary of a full-time employee of the company or of a related corporation,
by reason of a contract made by the company or a related
38
corporation with the director or with a firm of which he is a member, or with a company in which he has a substantial financial interest.
Signed in accordance with a resolution of directors
I.G. ROSS Director
R.G. WARD Director
CANBERRA-MAReti 1985
tty*
39
AUDITORS' REPORT TO MEMBERS OP ANUTECH PTY LIMITED
We have audited the accounts set out on pages 6 to 9 in accordance with Australian Auditing Standards.
In our opinion:
(a) the accounts are properly drawn up in accordance with the provisions of the Companies Act 1981, and so as to give a true and fair view of:
(i) the state of affairs of the company at 31 December 1984 andof the surplus of the company for the four months ended on that date;
(ii) the other matters required by Section 269 of that Act to be dealt with in the accounts:
and are in accordance with Australian Accounting Standards.
(b) the accounting records and other records, and the registers required by that Act to be kept by the Company have been properly kept in accordance with the provisions of that Act.
CANBERRA
MARCH 1985/ >' A.
i, rL t v v-v. >— c *
ERNST & WHINNEY Chartered Accountants
££ A A— >
A.N. WANNAN Partner
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ANUTECH PTY LIMITED
DIRECTORS' STATEMENT
In the opinion of the directors:
(a) The accompanying income and expenditure statement is drawn up so as to give a true and fair view of the results of the company for the financial period;
(b) The accompanying balance sheet is drawn up so as to give a true and fair view of the state of affairs of the company as at the end of the financial period; and
(c) There are reasonable grounds to believe that the company will be able to pay its debts as and when they fall due.
Signed in accordance with a resolution of directors
I.G. ROSS Director
CANBERRAMARCH 1985
/ T r .?/*_
k W -
R.G. WARD Director
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ANUTECH PTY LTDINCOME AND EXPENDITURE STATEMENTFOR THE 4 MONTHS ENDED 31 DECEMBER 1984
31.12.84 31.8.84NOTE $ $
INCOMECompleted projects 549,756 1,135,081Less: Direct costs incurred 3 533,908 1,094,017
SURPLUS ON COMPLETED PROJECTS 15,848 41,064
LESS: NET ADMINISTRATIVE EXPENSESAdministrative expenses
Salaries and related costs 74,786 192,745Communications 2,169 7,363Bank charges 599 1,091Audit fees 3 n t n r\ L , i. / \J o c\c\r\-> y WWW
Motor vehicle expenses 2,322 5,836Printing and stationery 1,372 4,256Board expenses 692 1,646Depreciation 4,718 10,411Sundry 13,065 12,591
101,893 238,939Less: recovery of administrative expenses
Salaries and related costs 43,472 99,596Administrative fees 55,281 100,591Communications 1,345 4,483Printing and stationery 1,437 5,413Motor vehicle expenses 2,672 5,009Sundry 3,413 3,851
107,620 218,943
NET ADMINISTRATIVE SURPLUS (EXPENSE) 5,727 (19,996)
NET OPERATING SURPLUS 21,575 21,068
ADD: NON OPERATING INCOMEInterest on investments 13,532 20,829Interest on The Australian National University
loan (Solar Power Experimental Station) - 4,184Recovery of prior period expenditure - 11,866Surplus on sale of motor vehicles - 3,536
13,532 40,415LESS: NON OPERATING EXPENSES
Loss on disposal of computer equipment - 1,755Interest on establishment loan from The
Australian National University 1,320 5,8191,320 7,574
NET NON OPERATING SURPLUS 12,212 32,841
NET SURPLUS FOR THE PERIOD BEFORE DONATIONS TOTHE AUSTRALIAN NATIONAL UNIVERSITY 33,787 53,909
LESS: Donations-The Australian National University 7,061 5,750
NET SURPLUS FOR THE PERIOD 26,726 48,159ADD: BALANCE OF ACCUMULATED FUNDS (DEFICIENCY)
AT BEGINNING OF PERIOD 25,236 (22,923)
BALANCE OF ACCUMULATED FUNDS AT END OF PERIOD $51,962 $25,236
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ANUTECH PTY LIMITED
BALANCE SHEETAS AT 31 DECEMBER 1984 3 1 . 1 2 . 8 4
NOTE$
SHARE CAPITAL AND RESERVES A u th o r i s e d1 5 0 .0 0 0 o r d i n a r y s h a r e s a t $ 1 .0 0 e a c h $150,000
I s s u e d10 0 .0 0 0 o r d i n a r y s h a r e s f u l l y p a i d 10 0 ,0 0 0A ccum ula ted funds 5 1 ,962
TOTAL SHARE CAPITAL AND RESERVES $151 ,962
R e p r e s e n t e d byNON-CURRENT ASSETS 4 5 7 ,5 0 5
CURRENT ASSETS Cash on hand and a t bank D e p o s i t w i th H i l l Samuel Cash Management
T r u s tComm ercial b i l l s D e b to r s and p repaym ents S to c kIn c o m p le t e p r o j e c t s e x p e n d i t u r e
- A rch aeo lo g y- O th e r
TOTAL ASSETS
L e ssCURRENT LIABILITIES
C r e d i t o r s and acc ru ed e x p e n se s Loan from The A u s t r a l i a n N a t i o n a l
U n i v e r s i t yP r o v i s i o n f o r an n u a l l e a v e P r o v i s i o n f o r long s e r v i c e l e a v e In c o m p le t e p r o j e c t s r ev en u e
- A rc h aeo lo g y- O th e r
NET ASSETS
9,657
1 8 3 ,949145 ,7222 2 7 ,0 7 6
2 5 ,1 7 4
162 ,261772 ,573
1 ,5 2 6 ,4 1 2
1 ,5 8 3 ,9 1 7
3 0 1 ,9 3 0
2 9 ,6 0 011,222
7 ,4 9 4
13 6 ,6 1 094 5 ,0 9 9
1 ,4 3 1 ,9 5 5
$ 151 ,962
3 1 .8 .8 4
$
$150,000
100 ,00025 ,236
$125 ,236
52 ,133
3,359
65 ,60898,71399,631
100,961258,722
626,994
679 ,127
35,069
2 9 ,6007 ,5635,961
115,254360 ,444
553,891
$125 ,236
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ANUTECH PTY LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS 31 DECEMBER 1984NOTE 1 : STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of the preparation of the financial statementsThe financial statements have been prepared under the convention of historical cost accounting as practised in Australia.
(b) DepreciationDepreciation is charged on the company's non-current assets under the prime cost method so as to write off the cost of the assets over their estimated useful lives.
(c) InvestmentsInvestments are shown at cost.
(d) Project income and expenditure carried forwardIncome and expenditure on research projects is not brought to account in determining the net surplus for the year until the relevant projects have been completed.
(e) Stock.Stock is valued at the lower of cost and net realisable value.
(f) Financial PeriodThe company's financial year end has been changed from 31 August to 31 December. These financial statements have been prepared for the four months period from 1 September 1984 to 31 December 1984.
NOTE 2 : INCOME TAX
No provision has been raised for income tax as the company is exempt under Section 23 of the Income Tax Assessment Act 1936.
NOTE 3 : AUDITORS REMUNERATION
Audit
31.12.84 31.8.84$ $
2520 3000
The auditors did not receive any other remuneration in respect of their services.
NOTE 4 : NON CURRENT ASSETSAccumulated Written Down
Cost______ Depreciation_______Value31.12.84 31.8.84 31..12.84 31,.8.84 31,.12.84 31,.8.84
$ s $ $ $ $Office furniture, fittings and equipment
Motor vehicles Project equipment
30,79625,48216,823
28,61019,57814,823
11,846408
3,342
8,829394
1,655
18,95025,07413,481
19,78119,18413,168
$73,101 $63,011 $15,596 $10,878 $57,505 $52,133
NOTE 5 : The company is wholly owned by The Australian NationalUniversity.
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