Wodonga Institute of TAFE - Parliament of Victoria · 2017-05-23 · WodongaTAFE...

Wodonga Institute of TAFE Annual Report 2016

Wodonga Institute of TAFE ABN 68 437 423 269

Annual report - 31 December 2016

Wodonga TAFE87 McKoy Street, West Wodonga, Vic 3690PO Box 963, Wodonga Vic 36891300 698 233www.wodongatafe.edu.au

Published byWodonga Institute of TAFE87 McKoy Street, West Wodonga, Vic 3690

9th May 2017

Also published at www.wodongatafe.edu.au

© Wodonga Institute of TAFE 2016

This publication is copyright.

No part may be reproduced by any process except in accordance with the provisions of the Copyright Act 1968.

Authorised by the Board of Wodonga Institute of TAFE.

2452_TAFE_MARCH 2016

Message from the Board Chair and CEO

It is with great pleasure that we submit the Annual Report 2016 of Wodonga Institute of TAFE. 2016 saw theInstitute continue to focus on providing students with the highest quality learning opportunities available. Withdepartmental student satisfaction ratings placing Wodonga first amongst all Victorian TAFEs, our commitment toquality learning and teaching provides the foundations required to ensure the ongoing growth of the Institute asthe training provider of first choice within our region.

We would like to acknowledge the tireless efforts of the entire Executive Team, with special mention of DonnaGuille and Bryan Blake, who departed the Institute during 2016 after many years of dedicated service. We wouldalso like to thank both the past and current Board members, noting the significant changeover from 1 July 2016,for their time and support in helping guide Wodonga TAFE towards a very positive future. Special mention mustgo to Ulf Ericson, our former Board chairperson, who made a massive contribution to our TAFE and our broadercommunity over many years.

The Institute’s results for the year was an EBITDA surplus of $3.705m and a net operating result of $114k. OurDriver Education Centre of Australia (DECA) saw an $840k turnaround from 2015 following the commencementof a new business model which aims to deliver a surplus in 2017.

We would like to acknowledge and thank The Hon. Gayle Tierney, Minister for Training & Skills and herpredecessor Steve Herbert for their superb support in 2016. The commitment shown by both Ministers and theVictorian Government to our Institute and the region's community is greatly appreciated. Government fundingmade available in 2016 has allowed investment in new technologies and innovative teaching practices,enhancing the outcomes for our students and linking them to quality employment outcomes. We would also liketo acknowledge the invaluable support of the Higher Education and Skills Group (HESG) and the Victorian TAFEAssociation (VTA).

Wodonga TAFE acknowledges and thanks our many industry and business partners that have invested in ourquality training throughout the year. Our unique partnerships with local universities, councils, schools, industryand businesses have created a strong and vibrant role for regional TAFEs' in ensuring every student has apathway to further education and employment.

Finally, it is important to note the ongoing commitment of all Wodonga TAFE staff who form the backbone of ourgreat Institute. We have a wonderful team of passionate and dedicated people who believe in TAFE and the rolethe Institute plays in the growth and prosperity of our entire region.

In 2016, Wodonga Institute of TAFE developed a new strategic plan which came into effect in January 2017. Thedevelopment process allowed our entire workforce numerous opportunities to provide input to the plan, whilst theBoard Directors provided their guidance to the final product. This new plan sets out our future strategic directions,whilst emphasising the core values and behaviours that will hold us all to account as we seek to achieve ourmission ‘to strengthen our communities and industries through accessible and innovative learning’. Whilst manychallenges remain as we seek to grow our market share, the future is bright for quality vocational education andtraining in our region.

Allison JenveyBoard ChairWodonga Institute of TAFE

Mark DixonChief Executive OfficerWodonga Institute of TAFE

Wodonga Institute of TAFE ABN 68 437 423 269

Annual report - 31 December 2016

CONTENTS

Page

Message from the Board Chair and CEO 2

About Us 3

Our Vision 3

Our Goals 3

Our guiding principles 4

Our learning and teaching goals 4

Strategic directions and key achievements 6

1. Learners 6

2. Industry 7

3. Community 8

4. Our Institute 9

Departments and services 12

Resources 16

Environmental performance 16

Human resources 17

Year in review 22

Summary of performance 22

Governance 26

Wodonga TAFE board 26

Executive team 43

Compliance 46

Financial report 49

Performance statement 54

Financial statements 59

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Wodonga Institute of TAFE31 December 2016

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About Us

Established in 1986 by the Victorian State Government, Wodonga TAFE delivers leading tertiary educationprograms to both industry and individual learners across all states in Australia as well as internationally.

Wodonga TAFE’s first campus (and current main campus) was established in Wodonga, Victoria, to service localareas in North East Victoria and South East New South Wales. Since this time, the TAFE has experiencedsignificant growth. Now operating out of multiple sites in Victoria and Tasmania, the Institute has become aleader in the delivery of quality vocational education programs nationally and internationally.

Wodonga TAFE is administered by the Minister for Training and Skills, The Hon. Gail Tierney.

Our Vision

Our vision is for Wodonga TAFE to be:

‘a strong and vibrant institute, building success through learning’

Our Goals

We:

• are an organisation with which learners, industry, community, and staff are proud to be associated> connected people

• continuously improve the way we produce and deliver products and services, and continuously adapt tochanging industry and learner needs

> reputable products and services

• have a strong quality focus on learning and outcomes for clients> our success as an organisation

• are an organisation whose success comes from being linked with and meeting the needs of industry and thecommunity

> our competitive advantage


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Our guiding principles

We:

• lead with passion and commitment to actively promote, support, and implement our vision

• are responsive and accessible to our communities, customers, learners, and staff, seeking and acting ontheir feedback to improve performance

• show respect in our interactions, with an inclusive attitude towards diversity and difference

• act with integrity, treating all with honesty, fairness, and discretion

• are accountable, with open and transparent decision making and performance of duties

• act responsibly and sustainably towards our biophysical, social, and economic environments

• recognise and value our staff, supporting them to pursue excellence, innovation, and continuousimprovement

• share knowledge and opportunities through collaboration, teamwork, and partnerships with those committedto our vision

Our learning and teaching goals

Our educational strategies, ethos, and values drive delivery of the highest quality to develop our learners’knowledge and understanding in their chosen fields and vocations.

Our fundamental goals are to encourage learners and teachers to:

• be innovative in their practice

• inspire and enable lifelong learning

• become adaptive and reflective practitioners


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Strategic directions and key achievements

1. Learners

Provide quality teaching in a flexible, supportive and responsive learning environment that enableslearners to achieve their work, career and personal development goals.

Help all learners to successfully develop the skills they need to enter or re-enter productive employment,maintain the currency of their skills, and build their careers through further learning.

Wodonga TAFE engineering program outcomes were heightened with the purchase of a new flatbed plasmacutter. This valuable training aid is used by engineering students in thermal cutting and computer programmingunits, as well as working with schools within the VET In Schools program. Purchasing this piece of equipmentwas received very positively by industry, with many local employers coming to visit the Institute to see it inoperation.

As a means to improve the learning experience of agriculture students, Wodonga TAFE invested in the purchaseof new farm training equipment, including a new industry standard tractor. This new tractor ensures students willenter the workforce with the specific skills required to operate machinery being used in industry.

Warehousing training was enhanced with the addition of vertical storage unit (VRU). This $80,000 piece ofequipment provided by KARDEX will assist with the industry relevant training for students. The VRU is linked to acomputer that enables stock items to be found in their allocated bins, which can then be easily picked. As part ofthis agreement, Wodonga TAFE is providing warehousing and logistics training for KARDEX staff.

Recognised as a leading provider of current and relevant vocational education services, Wodonga TAFEcontinued to invest in new and innovative teaching practices. In 2016, the institute introduced new learning andteaching technology including virtual reality, 360 degree cameras, and drones. Such technology will greatlyenhance future learning programs, benefiting both individual students and industry clients alike. In addition to thisnew technology, Wodonga TAFE continued to develop online learning systems used to enhance practicalface-to-face learning.

Wodonga TAFE’s Diploma to Degree partnership with La Trobe University (LTU) continued to be a great successin 2016, including Diploma to Degree pathways in nursing, early childhood education and care, and communityservices. The program guarantees a student’s position at the University if they choose to undertake a bachelordegree. Students will engage in joint Wodonga TAFE and LTU activities throughout their learning, designed tolessen the transition shock experienced when progressing to higher education. Discussions have begun to seethe Diploma to Degree offerings extended to include engineering, agriculture and business.

The Regional Tourism Employability Program (RTEP) was successfully run in 2016. In partnership with WilliamAngliss Institute, the program provides the opportunity to expose Wodonga TAFE hospitality students to thehighest quality hospitality learning available in both regional and metropolitan areas.

The benefits of this program are passed on to local employers as Wodonga TAFE graduates enter the workforcewith the highest standard skills and knowledge.

Wodonga TAFE’s Social Raw program saw Victorian Certificate of Applied Learning (VCAL) studentsconceptualise, setup and run an actual retail space in a Wodonga shopping centre. This program providedstudents with unprecedented practical retail learning experience. Gaining all the skills required to enter theworkforce, these young students impressed local employers so much, all graduates gained work experience andjobs as a result.

Wodonga TAFE was the first TAFE to open a Skills and Job Centre. The Centre gained significant traction in2016, offering education and employment advice and programs to hundreds of people in the region looking foreducation and employment opportunities. Working closely with local Job Active providers, recruitment agenciesand schools, the Centre has become a central point in helping people gain employment. The Skills and JobCentre also supported local industry, linking businesses to potential employees and providing advice on fundingopportunities.


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2. Industry

Support industry development and sustainability through collaboration with enterprises about skillsformation and recognition.

Promote a training culture with our industry partners by actively engaging with employers to increase theeffectiveness and relevance of workforce development programs that build business sustainability.

Wodonga TAFE continued to develop its close ties with industry both locally and nationally. With customisedtraining programs, the Institute delivered both operational and leadership focused programs to some of theregion’s largest employers. Wodonga TAFE’s strength in industry relationships was highlighted at WodongaTAFE’s annual awards night, where over 50 industry executive representatives participated in the evening.

The Institute’s reputation for delivering the highest quality vocational skills programs was highlighted with thewinning of numerous major tenders including the Australian Defence Force (ADF) medic and forklift trainingcontracts.

Warehousing trainers from Wodonga TAFE were again invited to judge at the annual industry Safety Challenge,run by the Global Manufacturing Board Australasia (GBMA). The international event is run to reward staff whowork in the plasterboard industry, and to recognise their ability as the best operators in the workplace.

Wodonga TAFE’s Driver Education Centre of Australia (DECA) took a new direction in 2016. With a key focus ondelivering the highest quality driving excellence programs, numerous new programs were developed. Industryconsultation identified significant skills gaps of both new and experienced drivers in the transport industry.Resulting in increasing costs and increasing safety risks, these skills gaps are directly addressed in the newdriving excellence programs. Programs include Pro Driver, Superior Heavy Vehicle Licensing, Responsible Driverand Rollover Prevention and Stability.

Working closely with industry, the Institute’s Jobs Victoria Education Network (JVEN) was implemented. With aconsortium of stakeholders including Tallangatta Health Service, Towong Shire, Gateway Community Health,Junction Support Services, the NELLEN, and Skills and Jobs Centre, students gained experience in age care,community care and disability care. Reducing the barriers of rural isolation, this program is being run at the newlybuilt Tallangatta Library and Community Centre.

Wodonga TAFE continued its partnership with Bupa Aged Care delivering the Assist with Medications Skill Set to11 Bupa sites across regional Victoria, South Australia and Hobart.

The Department of Human Services and Health (DHHS) Specialist Homelessness Sector training continued in2016. In partnership with VICSERV, Wodonga TAFE developed the Certificate IV in Mental Health Peer Workand will be delivering the qualification across Victoria.


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3. Community

Strengthen regional economic and community development, sustainability, and inclusiveness.

Contribute to the effective development of regional communities by increasing participation in educationand training that meets local needs, promotes inclusiveness, and supports community capacity building.

Wodonga TAFE’s Back to Work program played an important role in connecting people out of work with newcareer opportunities. Offering 14 different programs in construction, child care, hospitality, agriculture, business,horticulture, retail, warehousing and outdoor works, 150 job seekers were enrolled.

Being located in a regional area means Wodonga TAFE has a responsibility to find practical and effective ways ofbringing educational opportunities to people in more rural areas. In 2016, Wodonga TAFE partnered withMyrtleford Neighbourhood Centre to provide local residents Wodonga TAFE courses in a location closer to theirhomes. This relationship helped remove the barrier of having to travel great distances to a Wodonga TAFEcampus.

With the CFA being permanently located at Wodonga TAFE, this has provided an opportunity for the Institute andthe CFA to strengthen relationships for the betterment of both organisations and the community.

In 2016, the North East Food and Wine Festival was once again run by Wodonga TAFE. A community event thatsaw over 50 local businesses participate, and over 5,000 people attend. Running the event not only provided anopportunity for the community to come together and celebrate the region’s produce, but provide students with anopportunity to gain skills in event planning and management.

Opening Wodonga TAFE facilities to the public is an important part of strengthening community, promoting ourservices and enhancing relevance. One example of this included car club usage of the Wodonga TAFE drivertraining circuit. Track days were run by the motorsports students who also act as officials on the day (flagging,and assisting with scrutineering and clerk of course).

A key aspect of the Institute’s engagement with the community is creating opportunities for students to engagewith community. An example of this includes VCAL students developing work ready skills through the creationand running of fund raisers for local community charities. Fund raisers were successfully held for AlburyWodonga Animal Rescue and Wodonga Dog Rescue, raising over $700.


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4. Our Institute

Build organisational capability to secure our future and thrive in a rapidly changing environment.

Be proactive, agile, and responsive to our stakeholders and continuously improve the quality of ourproducts and services to enhance our capability, performance, and reputation, nationally andinternationally.

The Institute’s annual Knowledge Share conference once again proved to be an invaluable means forcross-institute knowledge sharing and communications. The day saw the entire workforce of the Institute meet fora day, participate in workshops, and share information, in order to improve communications across the growingbusiness.

2016 saw a series of activities run as part of the Institute’s Health and Wellbeing program. The program aimed tobuild awareness on the importance of workplace general health and wellbeing. Activities included participation inTour de Office, Ride to Work, RUOK day, flu vaccinations and much more.

A new executive role of People and Capability was implemented in 2016. Wodonga TAFE recognises theimportance of maintain and positive and motivated workforce, and saw the continued investment into supportingits people as critical in ensuring this. This new executive role will ensure matters relating to workforce are set aspriority in years to come.

Wodonga TAFE successfully implemented strategies from the People Matter Survey to ensure the Institutefosters a workplace culture that supports staff health and wellbeing, capability and boosts the Institute’sreputation as a preferred employer.

Wodonga TAFE believes strongly in providing staff with learning and development opportunities that benefitindividuals in their career at the Institute. Identifying learning and development opportunities for staff membersare embedded within individual annual planning, and actions are put in place to see opportunities addressed.


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Departments and services

Wodonga TAFE offers a significant range of education and training programs ideal for the individual as well asbusiness.

The following table shows the numerous departments and services offered at Wodonga TAFE in 2016.

DEPARTMENT / SERVICE AREA OF TRAINING / FUNCTION

Community Services and Health Aged CareChildren’s servicesFitnessHealthMassageNursingOccupational health and safetyOutdoor recreation

Corporate Services Business developmentClient servicesFacilitiesHuman resourcesInformation, communications, technologyLearning innovationMarketingQuality and compliance

Driver Education Centre of Australia Transport industry driving excellence programs including:ProDriverRollover prevention and stabilitySuperior heavy vehicle licensingResponsible driver

Education and Vocational Skills Business management, finance and administrationDesignDigital mediaEmployment and career developmentEnglish as a second languageGeneral educationGraphic artsHairdressingHospitality and cookeryInformation technologyMedia and soundPhoto imagingRetailSmall businessTravel, tourism and eventsTraining and assessmentVictorian Certificate of Applied LearningVisual arts

Higher Education Career directDiploma to degreeUniversity pathway programsConcurrent and embedded higher education programs


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DEPARTMENT / SERVICE AREA OF TRAINING / FUNCTION

Industrial Skills and Trade AgricultureBuilding and constructionBuilding designCivil construction and earthmovingEngineeringHorticultureMetal fabricationMotorsportSustainabilityTelecommunicationsWarehousingWelding

Learner Support Services Aboriginal student supportAccommodationCounselling (career and general)Disability supportLibraryTutor spaceYouth pathways support

Skills and Jobs Centre Career adviceEmployment preparation and application supportIndustry and employment network engagementSkills identification and development support


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Resources

Environmental performance

Wodonga TAFE continuously endeavours to find practical means of reducing the impact that it has on theenvironment. The Institute continued to meet its objectives through continued focus on electricity, gas and waterconsumption.

Type Measure 2015 2016 Future targetElectricity Kilowatts 2,328,037 2,098,160 2,056,197

Gas Mega joules 6,054,578 5,326,680 5,220,147

Copy paper purchase A4 Reams 2,800 3,200 3,200

Water consumption Kilolitres 6,076,904 5,367,041 5,259,700

Greenhouse gas emissions Tonnes 2,887 2,510 2,459

Wodonga TAFE monitors the ongoing consumption of a range of elements within the business for the purpose ofunderstanding the Institute’s impact on the environment. We continue to minimise water consumption bycollecting rainwater from the Institute’s buildings and using this water for use in toilets and landscape watering.

Solar panels contribute to minimising electricity drawn from the grid. The number of A4 reams of copy/printingpaper ordered by Facilities for the Institute increased due to a number of printing activities consolidated fromexternal suppliers during 2016.

It is a requirement that Wodonga TAFE service providers have an existing, or have commenced, anEnvironmental Management System (EMS) in accordance with ISO 14001.


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Human resources

Industrial Relations

The Driver Education Centre of Australia (DECA) Enterprise Agreement 2015 was approved at Fair WorkAustralia in October 2015. The short term Agreement will nominally expire on 30 June 2017.

Negotiations for the successor to the Victorian TAFE Teaching Staff Multi-Enterprise Agreement 2015 continuedduring 2016. The Victorian TAFE Association is negotiating the multi-agreement on behalf of all Victorian TAFEs.

The Institute Consultative Committee and Workplace Consultative Committee continued to meet regularlythroughout 2016 where management and elected staff representatives discussed matters relating to theimplementation of the relevant Enterprise Agreements and other related staffing matters such as restructuring.

There was no industrial action undertaken by staff during 2016.

Public Sector Employment and Conduct Principles

Wodonga’s employment policies and processes are based on the principle of merit, relevant award/agreementand statutory requirements, and best practice public sector approaches.

The Institute's Staff Code of Conduct provides guidance to all staff on expected behaviour and professionalconduct and is based on the Institute values, behaviours, the Victorian Public Sector Model and other bestpractice examples. Wodonga is committed to equal opportunity and fair and transparent processes in all humanresource management procedures.

Wodonga participated in the People Matter Survey in 2016 which is designed to capture employee perceptions oftheir workplaces in the Victorian public sector. It is an important instrument to measure and benchmarkorganisational culture and features of the work environment such as employment principles. The Institute iscompared to other TAFE Institutes across Victoria and for job satisfaction achieved the 2nd highest rankingacross Victoria.

Health and Safety

Health and Wellbeing

During 2016, the health and wellbeing strategy and program continued and featured the following outcomes.

Health and Wellbeing programs:

• Tour de Office

• Corporate Global Challenge

• Flu immunisations made available for staff

• Continuation of the Employee Assistance Program (EAP)

• Ride to work day

• Monthly health promotion newsletters

• Premiers Active April

• RUOK Day

• Audiometric Testing for identified staff

WHS during recruitment processes

• Pre-employment medicals continued for specified positions


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WHS systems and procedures

• WHS audits conducted at all sites.

• Chemical Audits conducted and a review of the Chemwatch system completed.

• Targeted risk assessments occurred on areas of risk or repeated accidents.

WHS training

• First aid training

• WHS five day Safety reps course and refreshers

• Incident Reporting

• Emergency Evacuation Drill

• EEO Contact Officer Refresher training.

OHS Management and Workers Compensation

Measure/Indicator 2014 2015 2016Reported hazards/incidents for full time employees(FTE):

32 32 31

Equivalent Full Time (EFT) staff 360.16 349.33 303.54

Reported hazards/incidents per 100 EFT staff 8.88 9.16 10.21

Notifiable incidents 0 8 0

Lost Time Injury standard Workcover claims 7 2 0

Standard Workcover claims 2 5 0

Lost time standard Workcover claims per 100 EFT staff 1.94 0.57 0

Total payments $52,019 $10,445 $0

Average cost per claim $18,882 $2,089 $0

Fatalities 0 0 0

The claims cost outstanding as at 31 December 2016 are $0.

Health and Safety Working Party (Committee)

The Health and Safety Working party continued to meet regularly over 2016 to oversee health and safety issuesat Wodonga Institute of TAFE. One of the major achievements of the Working Party was the introduction of asmoke-free environment across all of the Wodonga Institute of TAFE owned campus.

Employment Profile 2016

A new approach to reporting workforce data for Full time Equivalent (FTE) was introduced for 2016.

Total FTE for 2016 is 303.54.

Measure/Indicator Fulltime Part time Casual

Ongoing Fixed Term Ongoing Fixed Term Ongoing Fixed TermExecutive 0 5.75 0 0 0 0

Teacher 74.58 35.00 13.40 14.02 25.45 0

PACCT Staff 69.08 19.17 16.90 9.86 0 1.27

Other Staff 6.92 6.92 2.07 2.62 0 0.54


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The approach to reporting workforce data in previous years is below.

Average EFT

2014 2015Ongoing 108.07 103.03

Contract 45.12 51.20

Sessional 42.84 38.72

Other (non-teaching) 164.14 156.38

TOTAL 360.16 349.33

Average Gender and Diversity (Count)

2014 2015 2016Female (count) 269 263.50 238.17

Female (EFT) 189.19 185.79 168.43

Male (count) 253 243.17 194.33

Male (EFT) 170.97 163.54 135.12

Total (count) 522 506.67 432.50

Total (EFT) 360.16 349.33 303.54

Indigenous (count -average) 5.5 7.83 3.92

Indigenous (EFT average) 3.16 4.35 2.71

Disability Background (count average) 34.92 26.58 20.33

Disability Background (EFT average) 19.97 15.25 12.38

Average Age (Count)

2014 2015 2016Under 21 years 6.58 7.25 4.33

21 – 25 years 11.58 11.75 12.25

26 – 35 years 67.67 68.42 63.42

36 – 45 years 137.92 123.92 98.33

45 – 55 years 162.17 160.83 129.25

56 – 65 years 121.75 119.92 107.75

Over 65 years 14.58 14.58 17.17

AVERAGE TOTAL 522.25 506.67 432.50


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Staff Classifications

2014 2015 2016

Casual Casual Casual

Ongoing FixedTerm

Ongoing FixedTerm

Ongoing FixedTerm

2015 onwards*

AO2 PACCT Worker Level 1 0 7 0 22 25.45 19

AO3 PACCT Worker Level 2 3 6 16.90 5 13 4

AO4 PACCT Worker Level 3 28 11 40 12 28 5






AO10 7 0 0 0 0 0

TO2 1 0 0 0 0 0

TO3 1 0 0 0 0 0

TO6 0 2 0 0 0 0

LO2 2 0 0 0 0 0

LO3 1 0 0 0 0 0

LO4 0 0 0 0 0 0

LO5 1 0 0 0 0 0

CO3 5 0 0 0 0 0

CO4 2 0 0 0 0 0

CO5 2 0 0 0 0 0

CO6 2 0 0 0 0 0

CSO3 1 0 0 0 0 0

TEACHER 1 0 0 0 4 0 1

TEACHER 2 20 19 15 18 15 13

TEACHER 3 4 1 4 1 5 0

TEACHER 4 10 4 12 2 5 2

TEACHER 5 35 16 34 17 36 13

SE1 10 0 12 4 10 6

SE2 11 0 10 18 6 2

SE3 4 0 4 1 5 0

Casual T4 0 61 0 155 0 150

Casual T5 0 8 0 11 0 11

Higher Ed 0 3 0 3 0 4

DA 1 0 1 0 1 0 0

DA1B 9 11 0 0 0 0

DA 3 1 0 0 0 0 0

TRAINER 1 0 6 0 2 0 0

TRAINER 2 14 16 6 12 0 0

TRAINER 3 1 2 2 8 1 10

TRAINER 4 3 1 8 1 3 3

Motorcycle 0 24 0 33 3 0

ALTC 0 12 0 22 0 17

AAMI Trainer 0 28 0 38 0 39

AAMI Day Leader 0 17 0 19 0 26

OTHER 6 14 11 39 10 30

EXECUTIVE 0 4 4 0 0 6

*A new classification structure was introduced in 2015 for PACCT staff to replace AO, TO, LO, CO and CSOlevels and rename to PACCT Worker Level 1 - 8.


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Year in review

Summary of performance

The financial information in this report of operations is consistent with the information provided in the financialstatements. There has been a significant focus in 2016 on implementing cost control measures and completingthe DECA business transformation and merger to realise operational efficiencies.

The Institute’s results for the year ending 31 December 2016 was a surplus EBITDA of $3.705m and a Net Resultof $114k. This result was supported by Government contributions during 2016 which continues to underpinemployment outcomes for students and community services.

The Government also subsidised the agreed salary increases for the teachers MBA for 2016. Costs weremonitored throughout the year and control strategies implemented.

Wodonga TAFE’s financial position is stable with net assets of over $70m and the working capital increasing to9.1:1. Liquidity remains strong.

Financial objectives and targets as stated in the Performance Statement, where predetermined, weresubstantially met or exceeded.

There were no Government capital contributions for the Institute for 2016.


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SUMMARY OF PERFORMANCE - 5 YEARS

Comparative results 2012 - 2016

Item2016$'000

2015$'000

2014$'000

2013$'000

2012$'000

Revenue from operations1

45,771 56,285 54,440 36,772 35,013Expenditure from operations

1 42,066 50,267 48,881 34,195 30,288EBITDA incl net gain from revalof annual leave liability 3,705 6,018 5,559 2,578 4,725

Govt capital contributions - - - 1,571 8,485Depreciation and amortisation (3,720) (3,545) (3,893) (3,274) (2,875)Expenditure from Govtcontributions - - - (199) (95)Gains(losses) on disposal ofassets 155 109 6 4 (4)Movements in the provision forLSL (26) (369) (571) (112) (438)

Net result 114 2,213 1,101 568 9,798

Assets 86,470 76,564 74,486 73,003 66,513Liabilities (8,051) (6,529) (6,663) (6,281) (7,586)

Total equity 78,419 70,035 67,823 66,722 58,927

Note:

12016 results reflect the full integration of DECA within Wodonga Institute of TAFE effective 31st December 2016. As a result of

this change in book entries for treatment of salary recoup $8.593m, overhead recovery $2.606m which reflect as a reduction in

revenues. Historical expenditures also included $7.815m which are not reflected in 2016 compared to prior years.

The consolidated Net result for the combined entity in 2015 was $806k, which has reduced to $114k in 2016.This represents further declines in revenues for VTG $0.770m, FFS $3.5m which have been largely offset byreductions in Expenditure in 2016 driven primarily by the change in DECA business model. The shift in Assetsand Liabilities results from the merge of DECA into Wodonga Institute of TAFE at the end of 2016.


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Governance

Wodonga TAFE board

The Wodonga TAFE Board is entrusted with the governance of the Institute on behalf of the State of Victoria. Theprimary role of the Board is to provide authoritative, broad-based, strategic advice to the Chief Executive Officer,which places Wodonga TAFE in the most advantageous position regarding trends in local, national, andinternational training. Board directors are drawn from business, industry, and the communities that are served byWodonga TAFE.

Honouring its values, the Wodonga TAFE Board leads with passion to implement the Institute’s vision, isresponsive to the communities it serves and acts on feedback to improve performance, has an inclusive attitudetowards diversity, acts with integrity, is accountable, acts responsibly and sustainably, recognises and values thestaff of Wodonga TAFE, and shares knowledge and opportunities appropriately.

Board Committees

Audit, Risk and Remuneration Committee

The Audit, Risk & Remuneration Committee is a committee of the Institute Board, with a Terms of Referenceapproved by resolution of the Board on 26 October 2016, and as such is fully accountable to the Institute Board.The primary objective of the Audit, Risk & Remuneration Committee will be to provide assistance andrecommendations to the Institute Board in the effective conduct of its responsibilities relating to the: scope ofwork, performance and independence of continuous audit; oversight of external audit process and findings;operation, implementation and monitoring of the risk management framework; Institute’s process for monitoringcompliance with laws and regulations (including the Financial Management Act 1994 and Victorian GovernmentRisk Management Framework, Government guidelines) and its own Codes of Conduct; entitlements for Directorsand senior executives; public reporting of financial information on remuneration matters; and application ofGovernment policies.

Per Standing Direction 3.2.1.1(c), the Audit, Risk & Remuneration Committee review annual financial statementsand make recommendations to the Board to authorise the statements before they are released to parliament bythe Responsible Minister.

Finance Committee

The Finance Committee is a committee of the Institute Board, with a Terms of Reference approved by resolutionof the Board on 26 October 2016, and as such is fully accountable to the Institute Board. The primary objective ofthe Finance Committee is to assist the Board in the effective conduct of its financial responsibilities, particularlythose under the Financial Management Act 1994 and Government guidelines. It does so by monitoring, reportingand making recommendations with regards to the: financial policies and procedures which support the financialintegrity, values and objectives of the Institute; budget planning and setting; financial performance monitoringincluding the achievement of strategic financial and infrastructure goals; investments, financial authorities andbanking arrangements; and financial reporting capability, financial systems and financial decision support tools.

Strategy, Innovation and Growth Committee

The Strategy, Innovation and Growth Committee is a committee of the Institute Board, with a Terms of Referenceapproved by resolution of the Board on 26 October 2016, and as such is fully accountable to the Institute Board.The primary objective of the Committee is to assist the Board in the effective conduct of its responsibilities. Itdoes so by adding insight and value to the Institute’s strategy, innovation and growth collaborative effort. TheCommittee’s areas of focus are: supporting the development of strategic plans and monitoring progress againstthe plans; encouraging innovative thinking across the Institute, particularly in support of teaching and learningdevelopments; providing strategic insights to support new growth, including collaborative partnerships andagreements; overseeing investment in strategic initiatives arising from the planning process.


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Governance structure


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1 Board directors

Allison Jenvey - Board Chair from 1 July 2016

Board appointment 1 December 2015 to 30 June 2016

Employment/Directorships

Director/Accountant, ATS Partners

Director, Albury Wodonga Health

Qualifications and professional associations

Bachelor of Business (Accounting)

Fellow of CPA Australia

Graduate of Australian Institute of Company Directors

Summary

Allison has been a Director at ATS Partners since 2001, having worked in the Practice as an accountant since1996, offering taxation and financial advisory services in the Wodonga region. Allison has significant governanceexperience on local Boards and Committees including as a Director on the Albury Wodonga Health Board andserved as Chair of its Audit and Risk Committee for four years. Ms Jenvey was also previously President of theWodonga Chamber of Commerce, and a member of the Baranduda Fields Governance Groups and the RuralHousing Network Board.

2016 Professional Development

In 2016, Allison attended the following:

Module 1 - Good Governance Principles in TAFE

Module 2 - VET and TAFE Governance

Module 3 - The role of the Chair

2016 Committee membership

Audit and Risk / Audit, Risk and Remuneration

Finance

Strategy, Innovation and Growth

2016 Board and Committee meetings attended

Eighteen from a possible twenty meetings


28

Ulf Ericson - Board Chair to 10 May 2016

Ministerial appointment 1 June 2014 to 30 June 2016

Resigned 10 May 2016


Director, Hume Bank

Consultant, ATS Partners

Qualifications and Professional associations

Barrister of the New South Wales Supreme Court and of the High Court of Australia

Graduate Diploma in Advanced Taxation Law

Diploma of Law (BAB)

Degrees in Economics and Commerce

Fellow of the Institute of Chartered Accountants

Member of the Australian Institute of Company Directors

Fellow of the Taxation Institute of Australia

Summary

Ulf was a Barrister of the New South Wales Supreme Court and of the High Court of Australia. He was also aFellow of the Institute of Chartered Accountants, a member of the Australian Institute of Company Directors, anda Fellow of the Taxation Institute of Australia. Ulf’s wealth of experience, saw him specialise in revenue andtaxation laws, succession planning, corporate governance, strategic planning, board performance, and internalaudit together with risk and quality management.


Finance

Remuneration and Succession


Nine from a possible nine meetings


29

Tammy Atkins - Director (Deputy Chair - from 24/08/2016)

Ministerial appointment 1 July 2016 to 31 August 2019


Consultant, Tammy Atkins Consulting

Director, Winton Wetlands Committee of Management

Director, Into Our Hands Community Foundation

Director, Voices for Indi

Qualifications and professional affiliations

Bachelor of Science, Mineral Economics

Post Graduate Certificate, Public Policy

Diploma, Community Development

Diploma, Project Management

Certificate IV in Training and Assessment

Graduate, Australian Rural Leadership Program

Graduate, Alpine Valleys Community Leadership Program

Member, Australian Institute of Company Directors

Summary

Tammy is a consultant at Tammy Atkins Consulting, with a career interest in regional policy and economicdevelopment and experience working with all three tiers of government. Tammy has involvement in a diverserange of community organisations.


In 2016, Tammy attended the following:




Audit, Risk and Remuneration

Finance

2016 Board and Committee meeting attendance

Nine from a possible ten meetings


30

Jessica Furst - Director

Ministerial appointment 1 September 2013 to 30 June 2017


Director, Banking Management and Assurance - Australian Taxation Office

Director, SMSF Super Fund Trustee

Director, AMG & Jess Pty Ltd



Certified Practicing Accountant

Summary

Jessica has had over 21 years’ experience in the fields of accounting and financial management, specialising inbusiness advisory, banking and financial management, and tax consultancy. She has also worked in the propertysector specialising in acquisitions of commercial, retail, and industrial property. Jessica’s current role is to carryout financial assurance across the Australian Taxation Office for the purpose of financial and compliancereporting.

Jessica was previously the Chair of the Albury Wodonga branch of CPA Australia and was the recipient of theNSW Presidents award.


In 2016, Jessica attended the following:



APS Manager as Coach

Working relationships in the ATO

Defence Finance Congress

Enterprise Risk Management for Government 2016

Presenting Information Visually


Audit and Risk / Audit, Risk and Remuneration - Chair

Finance


Fifteen from a possible eighteen meetings


31

Roger Powell AM - Director

Board appointment 1 September 2013 to 30 June 2016

Board appointment 11 August 2016 to 10 August 2017


Principal - Executive Director - Executive Leadership Australia Pty Ltd

Non Executive Director - ELBIT Systems of Australia Pty Ltd

Director - Community Services, Rotary Club of Hall


AM, MSc, BA, Grad Dip Strat Studies, GAICD (Member of the Order of Australia recognition for contribution toofficer professional development)

Bachelor of Arts

Master of Science (Outstanding Alumnus for contribution in the fields of education and training)

Graduate Diploma in Strategic Studies

Fellow of the Australian College of Defence and Strategic Studies

Graduate Diploma Australian Institute of Company Directors

Accreditation with Institute of Executive Coaching and Leadership of Australia

Summary

With 34 years of service in the Australian Army in leadership roles at all levels to Major General, Roger hasserved in a wide range of senior management positions in Victoria, New South Wales, Queensland and theAustralian Capital Territory, blended with overseas roles in the USA, Germany, UK, PNG, and Timor Leste.Roger’s vocational education and training experience includes three years as the head of the Australian Army’sVET Colleges and Schools. Roger’s private sector experience includes roles in executive consultancy, CEOleadership mentoring, coaching, and executive and non-executive board directorships of medium commercialentities. Roger has a comprehensive background in voluntary service, particularly mentoring young leaders andrunning a large charity fund raising business.


In 2016, Roger completed the following AICD offerings:

Evaluating the Board

Board Room Financial Acumen

Essential Director Update


Audit and Risk

Strategy, Innovation and Growth - Chair from 24 August 2016


Seventeen from a possible eighteen meetings


32

Kerry Grigg - Director

Ministerial appointment 1 December 2015 to 30 June 2016



Global University Recruitment and Early Talent Pipeline Development Director - Mars Inc


PhD

Master of Commerce (Marketing) (Honours)

Bachelor of Commerce

Certified Practitioner - Australian Human Resource Institute

Australian Institute of Management

Member - Australian Institute of Company Directors

Summary

Kerry is the Global University Recruitment and Early Talent Pipeline Development Director at Mars Inc inWodonga. She has extensive experience in the development of people and organisational development. Kerryholds a doctorate and has produced numerous academic publications.


In 2016, Kerry attended the following:



Finance




Thirteen from a possible sixteen meetings


33

Annette Kearns - Director

Ministerial appointment 1 July 2016 to 30 June 2018


Bachelor of Education (Adult Learning)

Summary

Annette has extensive experience in the tertiary education sector having recently retired from the role of DeputyCEO, General Manager Client Services with Apprentices Trainees Employment Ltd (ATEL). She was a Directorof Group Training Victoria and an original member of the North East Local Learning and Employment Network(NELLEN).


In 2016, Annette attended the following:




Finance - Chair from 24 August 2016



Seven from a possible ten meetings


34

Brett Drinnan - Director



North East Regional Manager - Dyson Group

Member, Transport Working Group - Albury/Wodonga

Regional Delegate for BUSNSW Riverina Branch, Cross Border Anomalies Committee


Certificate IV Frontline Management

Associate Member, Body Corporate Management Institute of Management Victoria

Summary

Brett is the North East Regional Manager of the Dyson Group of Companies and has extensive managementexperience in the transport sector. He has a passion for the region and is keen to see it continue to prosper. Bretthas been a member of the Wodonga Chamber of Commerce and served as President for two years.


In 2016, Brett attended the following:



Finance



Nine from a possible nine meetings


35

Janelle Cretney - Staff Director

Elected appointment 1 July 2016 to 30 June 2019


Senior Educator, Wodonga Institute of TAFE


Master’s in Education - Special Education

Bachelor of Science (Psychology, Human Biology)

Graduate Diploma in Education (Secondary)

Graduate Certificate - Educational Leadership

Cert IV in Training and Assessment

Australian Council of Adult Literacy

Victorian Adult Literacy and Basic Education Council

Literacy and Numeracy Support Special Interest Group

Victorian Applied Learning Association

Summary

Janelle is a Senior Educator in Education & Vocation Skills at Wodonga Institute of TAFE and is the elected StaffDirector. She has extensive experience in the secondary and tertiary education sectors and is passionate aboutthe difference quality education and training can make to individuals, our community and the broader society.


In 2016, Janelle attended the following:







Eleven from a possible eleven meetings


36

Mark Dixon - Managing Director

Appointment from 1 July 2016


Chief Executive Officer - Wodonga Institute of TAFE

Member of the Ovens Murray Regional Partnership


Graduate of the Royal Military Academy Sandhurst

Bachelor of Science (Hons) - Applied Science

Master of Science - Explosive Engineering and Master of Science - Technology

Graduate of the Joint Service Advanced Command and Staff College

Graduate of the Cranlana Colloquium Programme (cultivating wisdom in leadership)

Graduate of the ANZ School of Government CEO Forum

Honorary Colonel, Royal Australian Army Ordnance Corps

Summary

Mark has a wealth of experience in senior leadership positions, shaping government and business decisionmaking in Australia and internationally. Following a highly successful career in the British and Australian Army’s,Mark has employed his skills and experience in strategic leadership, governance and management, as the ChiefExecutive Officer/Managing Director of Wodonga Institute of TAFE.


In 2016, Mark attended the following:

Module 4 - The role of the CEO as a Board Director



Finance



Eleven from a possible twelve meetings


37

Colin Elliott - Deputy Board Chair (1 Jan 2016-30 June 2016)

Ministerial appointment 1 September 2013 to 30 June 2016


Regional Manager - GHD Pty Ltd


Master of Engineering (Project Management)

Bachelor of Applied Science (Applied Geology)

Certificate of Technology (Civil Engineering)

Graduate, Company Directors Course (AICD)

Summary

Colin has worked with consulting engineering company GHD for the past 24 years in the areas of project andcontract management, civil engineering, and environmental science. He is also an advisor on governancematters to the NFP sector. Colin is a scientist and an engineer, and has a passion for all forms of education bothas a student and as an administrator. He was previously Deputy Chair of the North East Local Learning andEmployment Network (NELLEN) from 2006 to 2010 and served as a member of the Catholic Education WodongaCommittee (2011-2013).


In 2016, Colin attended the following:

Big Issues for Boards and Directors in 2016, AICD

2016 Committees Membership

Audit and Risk


Board and Committee meetings attended in 2016

Eight from a possible nine meetings


38

Kay Thawley - Board Director

Ministerial appointment 4 August 2014 to 30 June 2016


Director, Hume Bank Board

Independent Member, Indigo Shire Audit Committee

Summary

Kay has over 25 years’ executive experience in financial services, domestically and internationally. Kay has ledsignificant functional and line management operations predominantly with National Australia Bank Group, was aBanking Industry Partner with Deloitte Touche Tohmatsu, and was CEO of Industry Fund Services providingfinancial advice, superannuation and investment funds management. Kay is now a company director and is alsoa Board Member of the Hume Bank Board, and the Indigo Shire Audit Committee.


In 2016, Kay participated in the continuing education model of the Australian Institute of Company Directors.


Finance Chair 1 January 2016 to 30 June 2016


Eleven from a possible eleven meetings


39

Tony Whiting - Board Director

Board Appointment 6 October 2014 to 30 June 2016

Resigned 25 May 2016


Director, Mandoe Pty Ltd

Director, Albury Wodonga Community Media Pty Ltd

Director, Hume Bank


Bachelor of Commerce (Marketing)

Summary

Tony has over 30 years of business leadership experience within the media industry, covering international andnational roles in publishing, broadcasting and more recently digital media. He brings to Wodonga TAFE a keenunderstanding of industry requirements with regard to education outcomes as well as knowledge of the role ofnew media platforms in delivering education opportunities to a wide marketplace.


Finance



Nine from a possible ten meetings


40

Catherine Prichard - Board Director

Board Appointment 1 December 2015 to 30 June 2016




Institute of Chartered Accountants

Registered Tax Agent

Summary

Catherine has over 30 years experience as an accountant in both public and private enterprise having worked inexecutive roles within the Australian Taxation Office and for large and small public accounting practices, includingKPMG and Coopers & Lybrand. She has extensive experience in internal governance reporting and review andapproval of statutory returns. She currently has an active role in family farming enterprises in North East Victoriaand southern NSW and also conducts her own farm secretarial service for locally based rural clients.


Finance


Ten from a possible ten meetings


41

1 Organisational structure


42

Executive team

Mark Dixon

Chief Executive Officer and Managing Director

Mark provides leadership and advice to the Wodonga TAFE Board on establishing objectives, policies, prioritiesand plans for the Institute. The position works with the Wodonga TAFE Board, the Higher Education and SkillsGroup, community and industry partners to deliver against strategic and operational objectives for the Institute.The CEO ensures that the strategic objectives of the Institute are achieved in a manner that best serves thegreater Albury Wodonga community and the north-east region of Victoria.

Bryan Blake

General Manager, Education & Training

Bryan has the responsibility to provide strategic advice in the areas of education and training. Bryan managesgovernment service agreements for delivery with the Higher Education and Skills Group and out-of-statedepartments and oversees educational quality. Bryan has oversight of the three delivery departments ofEducation & Vocational Skills; Community Services & Health and Industrial Skills & Trades.

Les Burr

Chief Operating Officer

Les has overall responsibility for ensuring that Wodonga TAFE’s students achieve success thoughenvironmental, social, academic and technical support. Les’ role is also to assist the CEO to deliver against thestrategic and operational objectives with outstanding services to its students, clients, community, industry, staffand all other stakeholders. This division comprises Library Services, Client Services and Quality Management,Information Communications Technology, Facilities, Higher Education, Project Management, RecordsManagement and Learner support services.

Phil Paterson

Chief Finance Officer

Phil has the major responsibility to lead, manage, and report on the financial performance of the Institute. Therole also provides financial, risk management, and business strategy advice to the CEO, the executive team anddirectors of the Institute to achieve the Institute’s strategic plan in the context of legislative frameworks andoperational systems and financial performance.

David Lowe

General Manager - Business

David leads the development and marketing of innovative products in order to build and develop new businessopportunities domestically and internationally. The Driver Education Centre of Australia (DECA) business arm ofthe Institute and the Jobs & Skills Centre both report through to David. This role provides strategic businessdevelopment advice and comprises Marketing & Sales, Product Development & Innovation, Skills & Jobs Centre,International and DECA.

Carolyn Davis

Executive Director - People & Capability

Carolyn has the responsibility for the development and implementation of strategic human resource managementand capability to build and maintain a positive high performance culture through programs and processesdesigned to increase individual and organisational capability, productivity, satisfaction and well-being throughinvestment in our people. Carolyn also oversees industrial relations, employee relations, workforce development,change management processes and payroll.


43


44

__________________________________________________________________________________________


45

Compliance

FINANCIAL COMPLIANCE

Consultancies

In 2016, there were two additional consultancies where the total fees payable to the consultants were less than$10,000. The total expenditure incurred during 2016 in relation to these consultancies is $17,127.48 (excl. GST).In 2016, there was one consultancy where the total fees payable to the consultants were $10,000 or greater. Thetotal expenditure incurred during 2016 in relation to this consultancy is $21,000 (excl. GST).

Details of individual consultancies (valued at $10,000 or greater)

Consultant Purpose ofconsultancy

Startdate

Enddate

Totalapprovedproject fee

Expenditure2016

Futureexpenditure

Procurement Australia Procurement support July2016

Dec2016

$21,000 $21,000 Pendingpurchasingrequirement

Also published at www.wodongatafe.edu.au

ICT expenditure

Details of ICT expenditure

BAU ICT expenditureTotal

Non-BAU ICT expenditureTotal = A + B

Operationalexpenditure A

Capital expenditure B

$1,461,234 $184,911 $184,911

Legislative compliance

Building Act 1993

Wodonga TAFE ensures that all works which require town planning and building approval are approved by theresponsible authority and certified by a Building Surveyor. All new building works in 2016 received the mandatoryapprovals and inspections, and a Certificate of Occupancy. Wodonga TAFE requires that all building practitionersengaged to carry out major works have current registration and insurance for their respective discipline. Allbuildings are maintained to a level of acceptable performance and safety by way of periodic checks and testing inaccordance with the respective Australian Standard. Records of received permits, inspections, and Certificates ofOccupancy are kept in accordance with the Building Act 1993.

Freedom of Information Act 1982

Wodonga TAFE has implemented procedures that, subject to privacy provisions, facilitate all reasonable requestsfor information from students, staff, and the general public without recourse to the Freedom of Information Act1982. Wodonga TAFE ensures that its procedures are in line with the requirements of the Freedom of InformationAct 1982. During the year ended 31 December 2015, Wodonga TAFE received no requests for information.

Carers Recognition Act 2012 (Carers Act)

Wodonga TAFE recognises and values the role of carers and the importance of care relationships in the Victoriancommunity. The Institute ensures that its policies and procedures are in line with the requirements of the CarersRecognition Act 2012. Wodonga TAFE understands the importance of providing access to education, andprovides flexibility to accommodate any group, including Carers. As an employer, Wodonga TAFE providesflexible work arrangements for carers when required.

National Competition Policy

Under the national competition policy, the guiding legislative principle is that legislation, including futurelegislative proposals, should not restrict competition unless it can be demonstrated that the:

• Benefits of the restriction to the community as a whole outweigh the costs


46

• Objectives of the legislation can only be achieved by restricting competition

Wodonga TAFE has implemented procedures including costing and pricing tools that ensure full compliance withnational competition policy.

Wodonga TAFE’s implementation of its policy also addresses the particular requirements of ministerial directionson fees and charges, legislation on the goods and services tax and its guidelines, rulings, and interpretationsmade by the Australian Competition and Consumer Commission (ACCC). These include the following:

• Rateable values and rating levels, where relevant information has been obtained from the relevant municipalcouncil, have been used to establish property charges for premises occupied by the Institute. These costscover rental, council rates, and land.

• A cost of capital return on equity charge calculation, based on Wodonga TAFE’s net assets andrecommended rate of return, is applied.

• FID and debit taxes are based on forecast revenue and by applying the recommended rate.• The impact of superannuation costs is taken into account.

Wodonga TAFE has implemented measures to ensure that the policy applies to commercial activity and to thepricing of bids for government-funded education and training that are advertised for competitive tender. WodongaTAFE has also developed a pricing model which ensures that charges for business activity reflect all costsapplicable, and all advantages and disadvantages of government ownership are included in pricing calculations.

Protected Disclosures Act 2012

The Protected Disclosures Act 2012 encourages and facilitates the disclosure of improper conduct by publicbodies, and other persons, and helps people to make disclosures of improper conduct by public officers andpublic bodies. The Act provides protection to people who make disclosures in accordance with the Act andestablishes a system for the matters disclosed to be investigated and for rectifying action to be taken. WodongaTAFE does not tolerate improper conduct by employees or the taking of reprisals against those who comeforward to disclose such conduct. Wodonga TAFE endeavours to ensure that it complies with the provisions ofthe Protected Disclosures Act 2012 and that its processes are transparent with appropriate accountabilities. Theorganisation also aims to support the making of disclosures that reveal corrupt conduct, mismanagement ofpublic resources, or risks to public health and safety for the environment.

Wodonga TAFE does not receive Protected Disclosures, rather such information is sent directly to IndependentBroad-based Anti-corruption Commission (IBAC).

RISK COMPLIANCE

I, Allison Jenvey, certify that the Wodonga Institute of TAFE has complied with the Ministerial Standing Direction4.5.5 - Risk Management Framework and Processes. The Wodonga Institute of TAFE Compliance Audit andRisk Committee has verified this.

Allison JenveyBoard ChairWodonga Institute of TAFE15 November 2016


47

Additional Information

Consistent with the requirements of the Freedom of Information Act, Wodonga TAFE has additional materialavailable about the following items, details of which may be available on request and include:

• shares held beneficially by senior officers as nominees of a statutory authority

• publications, including where they are located and how they can be obtained

• changes in prices, fees, charges, rates, and levies

• major research and developmental activities

• major promotional, public relations, and marketing activities

• assessments and measures undertaken to improve the health and safety of employees

• industrial relations issues

• major committees sponsored

• ex-gratia payments

During 2016, none of the following were applicable to Wodonga TAFE.

• Accounting for dividends

• Early adoption of authoritative accounting pronouncements

• Private provision of public infrastructure

• Victorian industry participation policy disclosures

No post-balance sheet date events have been identified as having effect. Wodonga TAFE undertook no majorcommercial activities.

Wodonga TAFE did not receive any compulsory non-academic fees, subscriptions, or charges in 2016.

Wodonga TAFE complies with the Victorian Public sector Travel Principles.

Wodonga TAFE complies with all relevant legislation and subordinate instruments including, but not limited to:

• Education and Training Reform Act 2006 (ETRA)

• TAFE institute constitution

• Directions of the Minister for Training and Skills (or predecessors)

• TAFE institute Commercial Guidelines

• TAFE institute Strategic Planning Guidelines

• Public Administration Act 2004

• Financial Management Act 1994

• Freedom of Information Act 1982

• Building Act 1993

• Protected Disclosure Act 2012

• Victorian Industry Participation Policy Act 2003

In 2016, there were no significant factors affecting performance.

Enquiries about details of any of the items mentioned above should be made in writing and addressed to:

Phillip PatersonChief Finance OfficerWodonga TAFEPO Box 963 Wodonga Victoria 36891300 698 [email protected]


48

__________________________________________________________________________________________

FINANCIALREPORT CONTENTS

Certifications 51Performance statement 53Declaration by the Board 56Comprehensive operating statement 57Balance sheet 58Statement of changes in equity 59Cash flow statement 61Notes to the financial statements 62

The financial report was authorised for issue by the Board members on 9th May 2017.

The financial statements in the reports are expressed by reference to the nearest $1000.


50

CERTIFICATIONS

INDEPENDENT AUDITOR'S CERTIFICATION OF THE STATEMENT OF PERFORMANCE VAGO


51

INDEPENDENT AUDITOR'S CERTIFICATION OF THE STATEMENT OF PERFORMANCE VAGO


52

STATEMENT OF PERFORMANCE MANAGEMENT CERTIFICATE FOR 2016

In our opinion, the accompanying Performance Statement of Wodonga TAFE in respect of the 2016 financial yearis presented fairly in accordance with the Financial Management Act 1994.

The Statement outlines the performance indicators as determined by the responsible Minister, pre-determinedtargets and the actual results of the year against these indicators, and an explanation of any significant variancebetween the actual results and performance targets. As at the date of signing, we are not aware of anycircumstance which would render any particulars in the Statement to be misleading or inaccurate.


Wodonga9th May 2017


Wodonga9th May 2017

Phillip PatersonChief Finance OfficerWodonga Institute of TAFE

Wodonga9th May 2017

test


53

Performance statement

PERFORMANCE STATEMENT FOR THE YEAR ENDED 31 December 2016

KPI Definition Performance2016

Target 2016 Performance2015

Comment

Revenuediversity (%)

Govt. FundedTraining / Total

Training Revenue

50.00% 52.34% 54% DiversifiedRevenue streamsaway fromGovernmentfunding

Revenuediversity (%)

Non Govt. FundedTraining (FFS &Student Fees &

Chgs) / TotalTraining Revenue

50.00% 48.76% 46% Focus onsustainabilitythroughdiversification ofrevenues

Employmentcosts as aproportion oftrainingrevenue

(Employment Costs+ 3rd Party Training

DeliveryCosts)/Total

Training Revenue

97.7% 86.90% 82.1% Decline in revenueincluding decliningTPTP revenues notfully offset bydeclines inemployment costs

Trainingrevenue perteaching FTE

Training Revenue(excl. Revenue

delivered via 3rdparty delivery)/Total

teaching FTE(including

annualised casualteaching staff)

$171,123 $165,178 $150,075 Increase in trainingrevenue whilstmaintainingteaching levels

Operatingmarginpercentage

EBIT excl. capitalcontributions/Total

revenue excl.capital contributions

(0.10)% (11.81)% 3.82% Restructuring costsrelating to the newDECA businessmodel impacted theNet result in 2016.Reduced revenuein 2016 alsoimpacted theOperating Margin

VTGEnrolmenttarget

Government fundedenrolments

(27.1)% (23)% (38.2)% Shift in Businessmodel for DECAmoving away fromLicense to drive toCorporate Focus.Reduction inlicencingenrolments from1,330 in 2015 to 21in 2016.

FFSEnrolmenttarget

Non-Governmentfunded enrolments

(33.9)% (50)% 88.3% Shift in Businessmodel for DECAmoving away fromLicense to drive toCorporate Focus.Reduction inenrolments from6,533 in 2015 to1,771 in 2016.


54

INDEPENDENT AUDITOR'S CERTIFICATION OF THE FINANCIAL REPORT


55



56



57

DECLARATION BY THE BOARD CHAIR CHIEF EXECUTIVE OFFICER AND CHIEFFINANCE OFFICER

We certify that the attached financial statements and annual report for the Wodonga Institute of TAFE have beenprepared in accordance with Standing Direction 5.2 of the Financial Management Act 1994, applicable FinancialReporting Directions issued under that legislation, applicable Australian Accounting Standards and othermandatory professional reporting requirements.

We further state that, in our opinion, the information set out in the Comprehensive Operating Statement, BalanceSheet, Statement of Changes in Equity, Cash flow Statement and Notes to and forming part of the financialreport, presents fairly the financial transactions during the year ended 31 December 2016 and financial positionof the Institute as at 31 December 2016.

At the date of signing this financial report, we are not aware of any circumstance that would render anyparticulars included in the financial report to be misleading or inaccurate. There are reasonable grounds tobelieve that the Institute will be able to pay its debts as and when they become due and payable.

The Board Chair and the Chief Executive Officer sign this declaration as delegates of, and in accordance with aresolution of, the Board of the Wodonga Institute of TAFE.


Wodonga9th May 2017


Wodonga9th May 2017

Phillip PatersonChief Finance OfficerWodonga Institute of TAFE

Wodonga9th May 2017


58

Financial statements

Comprehensive Operating Statement

for the year ended 31 December 2016

Consolidated Institute

Notes2016$'000

2015$'000

2016$'000

2015$'000

Continuing operationsIncome from transactionsGovt contributions-operating 2(a)(i) 26,711 26,948 26,704 26,948Sale of goods and services 2(b) 16,536 21,013 15,364 27,095Interest income 2(c) 358 316 357 314Other income 2(d) 2,166 2,030 2,007 1,928

Total income from transactions 45,771 50,307 44,432 56,285

Expenses from transactionsEmployee expenses 3(a) 28,797 31,010 28,797 31,010Depreciation and amortisation 3(b) 3,720 4,104 3,341 3,545Grants and other transfers 3(c) 3 1 3 1Supplies and services 3(d) 6,587 5,998 5,728 12,214Other operating expenses

13(e) 6,705 8,489 6,098 7,362

Total expenses from transactions 45,812 49,602 43,967 54,132Net result from transactions (netoperating balance) (41) 705 465 2,153

Other economic flows included in netresultNet gain/(loss) on non- financial assets

24(a) 155 150 212 109

Other gains/(losses) from other economicflows 4(b) - (49) - (49)Total other economic flows included innet result 155 101 212 60

Net result from continuing operations 114 806 677 2,213

Other economic flows - other comprehensive income

Items that will not be reclassifiedto net resultChanges in physical assetrevaluation surplus

315(a) (3,480) - - -

Total other economic flows – Othercomprehensive income (3,480) - - -

Comprehensive result (3,366) 806 677 2,213

Notes:

1Other operating expenses includes bad debts expense from transactions that are mutually agreed.

2Net gain/(loss) on non financial assets’ includes unrealised and realised gains/(losses) from revaluations, impairments, and

disposals of all physical assets and intangible assets, except when these are taken through the asset revaluation surplus.

3Changes in revaluation surplus excludes share of net movement in associates and joint ventures, which is disclosed

separately.

The Comprehensive Operating Statement should be read in conjunction with notes to the financial statements.


59

Balance Sheet

as at 31 December 2016


Notes2016$'000

2015$'000

2016$'000

2015$'000

ASSETSFinancial assetsCash and deposits

19,341 2,911 9,341 2,537

Receivables2

5 3,118 4,401 3,118 5,261Investments and other financial assets

26 13,292 15,128 13,292 15,128

Total financial assets 25,751 22,440 25,751 22,926

Non-financial assetsInventories

27 3 6 3 2

Property, plant and equipment2

9 49,255 59,582 49,255 46,057Intangible assets 10 6,268 7,151 6,268 7,151Other non-financial assets

211 693 580 693 428

Non-financial assets classified asheld-for-sale including disposal groupassets 8 4,500 - 4,500 -

Total non-financial assets 60,719 67,319 60,719 53,638

Total assets 86,470 89,759 86,470 76,564

LIABILITIESPayables

212 2,037 2,309 2,037 1,939

Provisions2

13 4,939 4,590 4,939 4,590Borrowings

214 1,075 1,075 1,075 -

Total liabilities 8,051 7,974 8,051 6,529

Net assets 78,419 81,785 78,419 70,035

EquityAccumulated surplus 32,872 29,914 32,872 32,195Physical asset revaluation surplus 15(a) 31,532 43,264 31,532 31,532Contributed capital 14,015 8,607 14,015 6,308

Net worth 78,419 81,785 78,419 70,035

Commitments for expenditure 17 - - - -Contingent assets and contingent liabilities 18 - - - -

Note:

1Cash and deposits refer to Cashflow statement

2As per Note 24, the Balance Sheet includes the transfer of DECA's Contributed Capital effective 31st December 2016.

The above Balance Sheet should be read in conjunction with the accompanying notes.


60

Statement of Changes in Equity


Consolidated

Physicalasset

revaluationsurplus

$'000

Accumulatedsurplus

$'000

Contributionsby owner

$'000Total$'000

At 1 January 2015 43,264 29,108 8,607 80,979

Profit for the period - 806 - 806

Total comprehensive income for the period - 806 - 806

Year ended 31 December 2015 43,264 29,914 8,607 81,785

Balance at 31 December 2015 43,264 29,914 8,607 81,785

Profit for the period - 114 - 114Total comprehensive income for the period - 114 - 114

Revaluation of PPE (3,480) - - (3,480)Administrative restructure - net assets received1 24 (8,252) - 8,252 -Transfer of DECA accumulated deficit - 2,844 (2,844) -


Note:

1As per Note 24, the transfer of DECA's net assets effective 31st December 2016 are transferred into the Statement of

Changes in Equity including the impairment of DECA assets which occurred prior to merging with Wodonga Institute of TAFE.

The Statement of Changes in Equity should be read in conjunction with the notes to the financial statements.


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Statement of Changes in Equity

Institute

Physicalassets

revaluationsurplus

$'000

Accumulatedsurplus

$'000

Contributionsby owner

$'000Total$'000

Balance at 1 January 2015 31,532 29,982 6,308 67,822

Profit for the period - 2,213 - 2,213

Total comprehensive income for the period - 2,213 - 2,213



Profit for the period - 677 - 677

Total comprehensive income for the period - 677 - 677

Administrative restructure - net assets transferred1

24 - - 7,707 7,707


Note:

1As per Note 24, included in the table is the transfer of DECA's assets effective at 31st December 2016, per AASB 1004.48 -

[contributions by owners shall be recognised as a direct adjustment to equity when the contributed assets qualify for

recognition].

The Statement of Changes in Equity should be read in conjunction with the notes to the financial statements.


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Cash flow statement



Notes2016$'000

2015$'000

2016$'000

2015$'000

Cash flows from operating activitiesReceiptsGovernment contributions - operating 26,711 26,948 26,704 26,948User fees and charges received 17,819 24,590 17,507 19,425Goods and services tax recovered fromthe ATO 4,453 - 3,747 -Interest received 358 316 357 314Other receipts 2,166 2,030 2,007 7,918

Total receipts 51,507 53,884 50,322 54,605

PaymentsPayments to suppliers and employees (42,340) (45,516) (40,630) (46,474)Goods and services tax paid to the ATO (4,238) (2,168) (3,747) (1,958)

Total payments (46,578) (47,684) (44,377) (48,432)

Net cash flows from/(used in) operatingactivities 16 4,929 6,200 5,945 6,173

Cash flows from investing activitiesPayments for investments (2,029) (8,789) (2,029) (8,789)Proceeds from sale of investments 3,865 - 3,865 -Purchases of non-financial assets (1,249) (1,267) (1,249) (1,229)Payments for intangible assets (5) - (5) -Proceeds from sales of non-financialassets 919 445 260 421Net cash provided by/(used in)investing activities 1,501 (9,611) 842 (9,597)

Cash flows from financing activitiesNet cash inflow (outflow) fromfinancing activities - - - -

Net increase/(decrease) in cash andcash equivalents 6,430 (3,411) 6,787 (3,424)

Cash and cash equivalents at thebeginning of the financial year 2,911 6,322 2,537 5,961Cash and cash equivalents at the endof the financial year 9,341 2,911 9,324 2,537


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NoteSAccompanying Note

S1 SStatement of significant accounting policies2 SIncome from transactions3 SExpenses from transactions4 SOther economic flows included in net result5 SReceivables6 SInvestments and other financial assets7 SInventories8 SNon-financial physical assets classified as held for sale including disposal groups and directly associated

liabilities9 SProperty, plant and equipment10 Intangible assets111213141516171819202122232425262728

Other non-financial assetsPayablesProvisionsBorrowingsReservesCash flow informationCommitments for expenditureContingent liabilities and contingent assetsLeasesSuperannuationFinancial instrumentsResponsible Persons and Executive OfficersRelated party transactionsMerging Institutes financialsRemuneration of auditorsSubsequent eventsEconomic dependencyInstitute details


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Note 1 Statement of significant accounting policies

The annual financial statements represent the audited general purpose financial statements for WodongaInstitute of TAFE and controlled entities ('Consolidated Group' or 'Group'), and the separate financial statementsand notes of Wodonga Institute of TAFE as an individual parent entity ('Institute').

The accounting policies set out below have been applied in preparing the financial statements for the year ended31 December 2016 and the comparative information presented for the year ended 31 December 2015.

The following is a summary of the material accounting policies adopted by the Institute in the preparation of thefinancial report. The accounting policies have been consistently applied unless otherwise stated.

1.01 Statement of compliance

These general purpose financial statements have been prepared in accordance with the Financial ManagementAct 1994 (FMA) and applicable Australian Accounting Standards (AAS) which include Interpretations, issued bythe Australian Accounting Standards Board (AASB). In particular, they are presented in a manner consistent withthe requirements of the AASB 1049 Whole of Government and General Government Sector Financial Reporting.

For the purposes of preparing financial statements, the Institute is classed as a not-for-profit entity. Whereappropriate, those AAS paragraphs applicable to not-for-profit entities have been applied.

Accounting policies are selected and applied in a manner which ensures that the resulting financial informationsatisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlyingtransactions or other events is reported.

1.02 Basis of accounting preparation and measurement

The accrual basis of accounting has been applied in the preparation of these financial statements wherebyassets, liabilities, equity, income and expenses are recognised in the reporting period to which they relate,regardless of when cash is received or paid.

These financial statements are presented in Australian dollars, the functional and presentation currency of theInstitute, and have been prepared in accordance with the historical cost convention. Historical cost is based onthe fair values of the consideration given in exchange for assets. Exceptions to the historical cost conventioninclude:

• non-financial physical assets which, subsequent to acquisition, are measured at a revalued amountbeing their fair value at the date of the revaluation less any subsequent accumulated depreciation andsubsequent impairment losses. Revaluations are made with sufficient regularity to ensure that thecarrying amounts do not materially differ from their fair value;

• the fair value of an asset other than land is generally based on its depreciated replacement value;

• available-for-sale investments which are measured at fair value with movements reflected in 'othereconomic flows - other comprehensive income'.

Critical accounting judgement and key sources of estimation uncertainty

Judgements, estimates and assumptions are required to be made about the carrying values of assets andliabilities that are not readily apparent from other sources. The estimates and associated assumptions are basedon professional judgements derived from historical experience and various other factors that are believed to bereasonable under the circumstances. Actual results may differ from these estimates.

The estimates and associated assumptions are reviewed on an ongoing basis. Revisions to accounting estimatesare recognised in the period in which the estimate is revised and also in future periods that are affected by therevision. Judgements made by management in the application of AASs that have significant effects on thefinancial statements and estimates relate to:

• the fair value of land, buildings, infrastructure, plant and equipment;

• superannuation expense; and

• actuarial assumptions for employee benefit provisions based on likely tenure of existing staff, patterns ofleave claims, future salary movements and future discount rates.


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Fair value measurement

Consistent with AASB 13 Fair Value Measurement, the Institute determines the policies and procedures for bothrecurring fair value measurements such as property, plant and equipment, investment properties and financialinstruments and for non-recurring fair value measurements such as non-financial physical assets held for sale, inaccordance with the requirements of AASB 13 and the relevant Financial Reporting Directions.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorisedwithin the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fairvalue measurement as a whole:

• Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities;

• Level 2 - Valuation techniques for which the lowest level input that is significant to the fair valuemeasurement is directly or indirectly observable; and

• Level 3 - Valuation techniques for which the lowest level input that is significant to the fair valuemeasurement is unobservable.

For the purpose of fair value disclosures, the Institute has determined classes of assets and liabilities on thebasis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy asexplained above.

In addition, the Institute determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as awhole) at the end of each reporting period.

The Valuer General Victoria (VGV) is the Institute’s independent valuation agency.

The Institute, in conjunction with VGV,monitors changes in the fair value of each asset and liability throughrelevant data sources to determine whether revaluation is required.

1.03 Reporting entity

The financial statements cover the Wodonga Institute of TAFE as an individual reporting entity. The Institute is astatutory body corporate, established pursuant to an act made by the Victorian Government under the Educationand Training Reform Act 2006.

Its principal address is:Wodonga Institute of TAFE87 McKoy StreetWodonga, VIC 3690

The financial statements include all the controlled activities of the entity.


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1.04 Basis of consolidation

In accordance with AASB 10 Consolidated Financial Statements:

- the consolidated financial statements of the Institute include all reporting entities controlled by the Institute asat 31 December 2016; and

- the consolidated financial statements exclude bodies that are not controlled by the Institute, and therefore arenot consolidated.

Where control of an entity is obtained during the financial period, its results are included in the comprehensiveoperating statement from the date on which control commenced. Where control ceases during a financial period,the entity’s results are included for that part of the period in which control existed. Where entities adopt dissimilaraccounting policies and their effect is considered material, adjustments are made to ensure consistent policiesare adopted in these financial statements.

In preparing consolidated financial statements for the Institute, all material transactions and balances betweenconsolidated entities are eliminated.

Entities consolidated into the Institute reporting entity for 2016 include:

Driver Education Centre of Australia Ltd29-45 Millers RdAltona North, VIC, 3205.

Consistent with the requirements of AASB 1004 Contributions, contributions by owners (that is, contributedcapital and its repayment) are treated as equity transactions and, therefore, do not form part of the income andexpenses of the Institute. For 2016, there is consolidation of Driver Education Centre of Australia until 31December 2016. The date of merger with Wodonga Institute of TAFE in 2016 [refer Merging Institutes financialsNote 24].

Integration - Wodonga Institute of TAFE

With Ministerial approval, DECA has been merged with Wodonga Institute of TAFE as follows; The DECA entitytraded 364 days in 2016. The DECA Balance Sheet was merged with Wodonga Institute of TAFE effective 31stDecember 2016. The Wodonga Institute of TAFE Financial statements are produced upon a consolidated basis.As of 31st December 2016, all property and rights of DECA, and all assets and liabilities of DECA become theassets and liabilities of Wodonga Institute of TAFE.

1.05 Scope and presentation of financial statements

Comprehensive operating statement

The comprehensive operating statement comprises three components, being ‘net result from transactions’ (ortermed as ‘net operating balance’), ‘other economic flows included in net result’, as well as ‘other economic flows- other comprehensive income’. The sum of the former two, together with the net result from discontinuedoperations, represents the net result.

The net result is equivalent to profit or loss derived in accordance with AASs.

‘Other economic flows’ are changes arising from market remeasurements. They include:

• gains and losses from disposals of non-financial assets;

• revaluations and impairments of non-financial physical and intangible assets;

• remeasurement arising from defined benefit superannuation plans;

• fair value changes of financial instruments and agricultural assets; and

• depletion of natural assets (non-produced) from their use or removal.


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This classification is consistent with the whole of government reporting format and is allowed under AASB 101Presentation of Financial Statements.

Balance sheet

Assets and liabilities are presented in liquidity order with assets aggregated into financial assets andnon-financial assets.

Current and non-current assets and liabilities are disclosed in the notes, where relevant. In general, non-currentassets or liabilities are expected to be recovered or settled more than 12 months after the reporting period,except for the provisions of employee benefits, which are classified as current liabilities if the Institute does nothave the unconditional right to defer the settlement of the liabilities within 12 months after the end of the reportingperiod.

Cash flow statement

Cash flows are classified according to whether or not they arise from operating, investing, or financing activities.This classification is consistent with requirements under AASB 107 Statement of Cash Flows. For cash flowstatement presentation purposes, cash and cash equivalents include bank overdrafts, which are included ascurrent borrowings on the balance sheet.

Statement of changes in equity

The statement of changes in equity presents reconciliations of non-owner and owner changes in equity fromopening balances at the beginning of the reporting period to the closing balances at the end of the reportingperiod. It also shows separately changes due to amounts recognised in the ‘Comprehensive result’ and amountsrelated to ‘Transactions with owner in its capacity as owner’.

1.06 Events after reporting date

Assets, liabilities, income or expenses arise from past transactions or other past events. Where the transactionsresult from an agreement between the Institute and other parties, the transactions are only recognised when theagreement is irrevocable at or before balance date. Adjustments are made to amounts recognised in the financialstatements for events which occur after the reporting date and before the date the statements are authorised forissue, where those events provide information about conditions which existed at the reporting date. Notedisclosure is made about events between the reporting date and the date the statements are authorised for issuewhere the events relate to conditions which arose after the reporting date and are considered to be of materialinterest.

1.07 Goods and Services Tax (GST)

Income, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred isnot recoverable from the taxation authority. In this case it is recognised as part of the cost of acquisition of theasset or as part of the expense.

Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount ofGST recoverable from, or payable to, the taxation authority is included with other receivables or payables in thebalance sheet.

Cash flows are included in the cash flow statement on a gross basis. The GST component of cash flows arisingfrom investing and financing activities which is recoverable from, or payable to, the taxation authority arepresented as operating cash flow.

Commitments and contingent assets or liabilities are presented on a gross basis.

1.08 Income from transactions

Income is recognised to the extent that it is probable that the economic benefits will flow to the entity and theincome can be reliably measured at fair value. Amounts disclosed as income are, where applicable, net ofreturns, allowances and duties and taxes. Revenue is recognised for each of the Institute’s major activities asfollows:


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Government contributions

Government contributions are recognised as revenue in the period when the Institute gains control of thecontributions. Control is recognised upon receipt or notification by relevant authorities of the right to receive acontribution for the current period.

Sales of goods and services

(i) Student fees and charges

Student fees and charges revenue is recognised by reference to the percentage of services provided. Wherestudent fees and charges revenue has been clearly received in respect of courses or programs to be delivered inthe following year, any non-refundable portion of the fees is treated as revenue in the year of receipt and thebalance as Revenue in Advance.

(ii) Fee for Service

Fee for service revenue is recognised by reference to the percentage completion of each contract, i.e. in thereporting period in which the services are rendered. Where fee for service revenue of a reciprocal nature hasbeen clearly received in respect of programs or services to be delivered in the following year, such amounts aredisclosed as Revenue in Advance.

(iii) Revenue from sale of goods

Revenue from sale of goods is recognised by the Institute when:

(a) the significant risks and rewards of ownership of the goods have transferred to the buyer;(b) the Institute retains neither continuing managerial involvement to the degree usually associated with

ownership nor effective control over the goods sold;(c) the amount of revenue can be reliably measured;(d) it is probable that the economic benefits associated with the transaction will flow to the Institute; and(e) the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Interest

Interest income includes interest received on bank term deposits and other investments and the unwinding overtime of the discount on financial assets. Interest income is recognised using the effective interest method whichallocates the interest over the relevant period.

Net realised and unrealised gains and losses on the revaluation of investments do not form part of income fromtransactions, but are reported either as part of income from other economic flows in the net result or asunrealised gains or losses taken directly to equity, forming part of the total change in net worth in thecomprehensive result.

Other income

(i) Rental income

Rental income is recognised on a time proportional basis and is brought to account when the Institute's right toreceive the rental is established.

Fair value of assets and services received free of charge or for nominal consideration.

Contributions of resources received free of charge or for nominal consideration are recognised at their fair valuewhen the transferee obtains control over them, irrespective of whether restrictions or conditions are imposed overthe use of the contributions. Contributions in the form of services are only recognised when a fair value can bereliably determined and the services would have been purchased if not received as a donation.


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1.09 Expenses from transactions

Expenses from transactions are recognised as they are incurred, and reported in the financial year to which theyrelate.

Employee benefits

Expenses for employee benefits are recognised when incurred, except for contributions in respect of definedbenefit plans.

Retirement benefit obligations

(i) Defined contribution plan

Contributions to defined contribution plans are expensed when they become payable.

(ii) Defined benefit plans

The amount charged to the Comprehensive Operating Statement in respect of superannuation represents thecontributions made by the Institute to the superannuation plan in respect of current services of current Institutestaff. Superannuation contributions are made to the plans based on the relevant rules of each plan.

The Institute does not recognise any deferred liability in respect of the plan(s) because the Institute has no legalor constructive obligation to pay future benefits relating to its employees; its only obligation is to paysuperannuation contributions as and when they fall due. The Department of Treasury and Finance recognisesand discloses the State's defined benefit liabilities in its finance report.

Depreciation and amortisation

Depreciation is provided on property, plant and equipment, including freehold buildings but excluding land.Depreciation is generally calculated on a straight-line basis, at rates that allocate the asset's value, less anyestimated residual value, over its estimated useful life. Leasehold improvements are depreciated over the periodof the lease or estimated useful life, whichever is the shorter, using the straight-line method. The estimated usefullives, residual values and depreciation method are reviewed at the end of each annual reporting period, andadjustments made where appropriate.

Depreciation methods and rates used for each class of depreciable assets are:

Class of Asset Method Rate (s)Buildings Straight Line 1.5 - 3.0%Plant & equipment Straight Line & Diminishing Value 4.0 - 44%Motor vehicles Straight Line & Diminishing Value 20%Library collections Straight Line 20 - 33%Leasehold improvements Straight Line 2.5 - 7.5%Land improvements Straight Line 2.0 - 10%

The assets' residual values and useful lives are reviewed and adjusted if appropriate on an annual basis.


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Amortisation

Intangible assets with finite lives are amortised on a straight line basis over the assets useful lives. Amortisationbegins when the asset is available for use, that is, when it is in the location and condition necessary for it to becapable of operating in the manner intended by management. The amortisation period and the amortisationmethod for an intangible asset with a finite useful life are reviewed at least at the end of each annual reportingperiod. In addition, an assessment is made at each reporting date to determine whether there are indicators thatthe intangible asset concerned is impaired. If so, the assets concerned are tested as to whether their carryingvalue exceeds their recoverable amount.

Intangible assets are measured at cost less accumulated amortisation and impairment, and are amortised on astraight-line basis over their useful lives as follows:

Useful lifeCapitalised software development cost (years) 5 - 10

Intangible assets with indefinite lives are not amortised. The useful life of intangible assets that are not beingamortised are reviewed each period to determine whether events and circumstances continue to support anindefinite useful life assessment for that asset. In addition, the Institute tests all intangible assets with indefinitelives for impairment by comparing its recoverable amount with its carrying amount:

(a) annually; and(b) whenever there is an indication that the intangible asset may be impaired.

Any excess of the carrying amount over the recoverable amount is recognised as an impairment loss.

Interest Expense

Interest expense is recognised in the period in which it is incurred.

Interest expense includes interest on advances, loans, overdrafts, bonds and bills, deposit, interest componentsof finance lease repayments, and amortisation of discounts or premiums in relation to borrowings.

Grants and other transfers

Grants and other transfers to third parties are recognised as an expense in the reporting period in which they arepaid or payable.

Fair value of assets and services provided free of charge or for nominal consideration

Resources provided free of charge or for nominal consideration are recognised at their fair value when theInstitute obtains control over them, irrespective of whether these contributions are subject to restrictions orconditions over their use. Contributions in the form of services are only recognised when a fair value can bereliably determined and the services would have been purchased if not received as a donation.

1.10 Other economic flows included in net result

Other economic flows measure the change in volume or value of assets or liabilities that do not result fromtransactions.

Net gain/(loss) on non-financial assets

Net gain/(loss) on non-financial assets and liabilities includes realised and unrealised gains and losses fromrevaluations, impairments, and disposals of all physical assets and intangible assets.


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Disposal of non-financial assets

Any gain or loss on disposal of non-financial assets is recognised at the date control of the asset is passed to thebuyer and is determined after deducting from the proceeds the carrying value of the asset at the time.

Impairment of non-financial assets

Goodwill and intangible assets with indefinite useful lives (and intangible assets not yet available for use) aretested annually for impairment (i.e. as to whether their carrying value exceeds their possible recoverable amountand so require write downs).

All other assets are assessed annually for indications of impairment, except for:

• Inventories;

• Financial assets;

• Investment property that is measured at fair value; and

• Non-current assets held-for-sale.

If there is an indication of impairment, the assets concerned are tested as to whether their carrying value exceedstheir possible recoverable amount. Where an asset's carrying value exceeds its recoverable amount, thedifference is written off by a charge to the Comprehensive Operating Statement, except to the extent that thewrite down can be debited to an asset revaluation reserve amount applicable to that class of asset.

If there is an indication that there has been a change in the estimate of an asset’s recoverable amount since thelast impairment loss was recognised, the carrying amount shall be increased to its recoverable amount. Thisreversal of the impairment loss occurs only to the extent that the asset’s carrying amount does not exceed thecarrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss hadbeen recognised in prior years.

It is deemed that, in the event of the loss or destruction of an asset, the future economic benefits arising from theuse of the asset will be replaced unless a specific decision to the contrary has been made.

The recoverable amount for most assets is measured at the higher of depreciated replacement cost and fairvalue less costs to sell. Recoverable amount for assets held primarily to generate net cash flows is measured atthe higher of the present value of future cash flows expected to be obtained from the asset and fair value lesscosts to sell. It is deemed that, in the event of the loss of an asset, the future economic benefits arising from theuse of the asset will be replaced unless a specific decision to the contrary has been made.

Net gain/(loss) on financial instruments

Net gain/(loss) on financial instruments includes realised and unrealised gains and losses from revaluations offinancial instruments that are designated at fair value through profit or loss or held-for-trading, impairment andreversal of impairment for financial instruments at amortised cost, and disposals of financial assets.

Revaluations of financial instruments at fair value

The revaluation gain/(loss) on financial instruments at fair value excludes dividends or interest earned onfinancial assets, which is reported as part of income from transactions.

Impairment of financial assets

Financial assets have been assessed for impairment in accordance with Australian Accounting Standards. Wherea financial asset's fair value at balance date has reduced by 10 per cent or more than its cost price; or where itsfair value has been less than its cost price for a period of 3 or more months, the financial instrument is treated asimpaired.

Bad and doubtful debts are assessed on a regular basis. Those bad debts considered as written off by mutualconsent are classified as a transaction expense. The allowance for doubtful receivables and bad debts not writtenoff by mutual consent are adjusted as ‘other economic flows’.


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Other gains/(losses) from other economic flows

Other gains/(losses) from other economic flows include the gains or losses from reclassifications of amounts fromreserves and/or accumulated surplus to net result, and from the revaluation of the present value of the longservice leave liability due to changes in the bond interest rates.

This classification is consistent with the whole government reporting format and is allowed under AASB 101Presentation of Financial Statements.

1.11 Financial instruments

Financial instruments arise out of contractual agreements that give rise to a financial asset of one entity and afinancial liability or equity instrument of another entity.

Categories of non-derivative financial instruments

Loans and receivables

Loans and receivables are financial instrument assets with fixed and determinable payments that are not quotedon an active market. These assets are initially recognised at fair value plus any directly attributable transactioncosts. Subsequent to initial measurement, loans and receivables are measured at amortised cost using theeffective interest method, less any impairment.

Loans and receivables category includes cash and deposits (refer to Note 1.10), term deposits with maturitygreater than three months, trade receivables, loans and other receivables, but not statutory receivables.

1.12 Financial assets

Cash and deposits

Cash and deposits, including cash equivalents, comprise cash on hand and cash at bank, deposits at call andthose highly liquid investments with an original maturity of three months or less, which are held for the purpose ofmeeting short term cash commitments rather than for investment purposes, and which are readily convertible toknown amounts of cash and are subject to an insignificant risk of changes in value.

For cash flow statement presentation purposes, cash and cash equivalents includes bank overdrafts, which areincluded as borrowings on the balance sheet.

Receivables

Receivables consist of:

• statutory receivables, which include predominantly amounts owing from the Victorian Government and GSTinput tax credits recoverable; and

• contractual receivables, which include debtors in relation to goods and services, loans to third parties,accrued investment income, and finance lease receivables

Receivables that are contractual are classified as financial instruments. Statutory receivables are not classified asfinancial instruments.

Receivables are recognised initially at fair value and subsequently measured at amortised cost, using theeffective interest method, less an allowance for impairment.

A provision for doubtful receivables is made when there is objective evidence that the debts may not be collectedand bad debts are written off when identified.

Investments and other financial assets

Investments are classified in the following categories:

• financial assets at fair value through profit or loss;

• loans and receivables;

• held to maturity investments; and

• available-for-sale financial assets.


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The classification depends on the purpose for which the investments were acquired. Management determines theclassification of its investments at initial recognition.

Any dividend or interest earned on the financial asset is recognised in the consolidated comprehensive operatingstatement as a transaction.

Impairment of financial assets

At the end of each reporting period, the Institute assesses whether there is objective evidence that a financialasset or group of financial assets is impaired. Objective evidence includes financial difficulties of the debtor,default payments, debts which are more than 60 days overdue, and changes in debtor credit ratings. All financialinstrument assets, except those measured at fair value through profit or loss, are subject to annual review forimpairment.

Bad and doubtful debts for financial assets are assessed on a regular basis. Those bad debts considered aswritten off by mutual consent are classified as a transaction expense. Bad debts not written off by mutual consentand the allowance for doubtful receivables are classified as ‘other economic flows’ in the net result.

The amount of the allowance is the difference between the financial asset’s carrying amount and the presentvalue of estimated future cash flows, discounted at the effective interest rate.

In assessing impairment of statutory (non-contractual) financial assets, which are not financial instruments,professional judgement is applied in assessing materiality using estimates, averages and other computationalmethods in accordance with AASB 136 Impairment of Assets.

1.13 Leases

A lease is a right to use an asset for an agreed period of time in exchange for payment.

Leases are classified at their inception as either operating or finance leases based on the economic substance ofthe agreement so as to reflect the risks and rewards incidental to ownership. Leases of property, plant andequipment are classified as finance infrastructure leases whenever the terms of the lease transfer substantially allthe risks and rewards of ownership from the lessor to the lessee. All other leases are classified as operatingleases.

Finance leases

Institute as lessee

At the commencement of the lease term, finance leases are initially recognised as assets and liabilities atamounts equal to the fair value of the lease property or, if lower, the present value of the minimum leasepayment, each determined at the inception of the lease. The lease asset is accounted for as a non-financialphysical asset. If there is certainty that the Institute will obtain ownership of the lease asset by the end of thelease term, the asset shall be depreciated over the useful life of the asset. If there is no reasonable certainty thatthe lessee will obtain ownership by the end of the lease term, the asset shall be fully depreciated over the shorterof the lease term and its useful life.

Minimum finance lease payments are apportioned between reduction of the outstanding lease liability, andperiodic finance expense which is calculated using the interest rate implicit in the lease and charged directly tothe comprehensive operating statement. Contingent rentals associated with finance leases are recognised as anexpense in the period in which they are incurred.

Operating leases

Institute as lessor

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease.

All incentives for the agreement of a new or renewed operating lease are recognised as an integral part of the netconsideration agreed for the use of the leased asset, irrespective of the incentive’s nature or form or the timing ofpayments.


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In the event that lease incentives are given to the lessee, the aggregate cost of incentives are recognised as areduction of rental income over the lease term, on a straight-line basis unless another systematic basis is morerepresentative of the time pattern over which the economic benefit of the leased asset is diminished.

Institute as lessee

Operating lease payments, including any contingent rentals, are recognised as an expense in the comprehensiveoperating statement on a straight-line basis over the lease term, except where another systematic basis is morerepresentative of the time pattern of the benefits derived from the use of the leased asset. The leased asset is notrecognised in the balance sheet.

All incentives for the agreement of a new or renewed operating lease are recognised as an integral part of the netconsideration agreed for the use of the leased asset, irrespective of the incentives nature or form or the timing ofpayments.

1.14 Non-Financial Assets

Inventories

Inventories include goods and other property held either for sale or for distribution at a zero or nominal cost, or forconsumption in the ordinary course of business operations.

Inventories held-for-distribution are measured at cost, adjusted for any loss of service potential. All otherinventories, including land held for sale, are measured at the lower of cost and net realisable value. Whereinventories are acquired for no cost or nominal consideration, they are measured at current replacement cost atthe date of acquisition.

Cost, includes an appropriate portion of fixed and variable overhead expenses. Cost is assigned to a land heldfor sale (undeveloped, under development, developed) and to other high value, low volume inventory items on aspecific identification of cost basis. Cost for all other inventory is measured on the basis of weighted averagecost.

The basis used in assessing loss of service potential for inventories held-for-distribution include currentreplacement cost and technical or functional obsolescence. Technical obsolescence occurs when an item stillfunctions for some or all of the tasks it was originally acquired to do, but no longer matches existing technologies.Functional obsolescence occurs when an item no longer functions the way it did when it was first acquired.

Non-financial physical assets classified as held-for-sale, including disposal group assets

Non-financial physical assets (including disposal group assets) are treated as current and classified as held forsale if their carrying amount will be recovered through a sale transaction rather than through continuing use.

This condition is regarded as met only when:

• the asset is available for immediate use in the current condition; and

• the sale is highly probable and the asset’s sale is expected to be completed within twelve months from thedate of classification.

These non-financial physical assets, related liabilities and financial assets are measured at the lower of carryingamount and fair value less costs to sell, and are not subject to depreciation or amortisation.


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Property, plant and equipment

All non-financial physical assets, are measured initially at cost and subsequently revalued at fair value lessaccumulated depreciation and impairment. Where an asset is received for no or nominal consideration, the costis the asset’s fair value at the date of acquisition.

The initial cost for non-financial physical assets under a finance lease is measured at amounts equal to the fairvalue of the leased asset or, if lower, the present value of the minimum lease payments, each determined at theinception of the lease.

Non-financial physical assets such as national parks, other Crown land and heritage assets are measured at fairvalue with regard to the property’s highest and best use after due consideration is made for any legal orconstructive restrictions imposed on the asset, public announcements or commitments made in relation to theintended use of the asset. Theoretical opportunities that may be available in relation to the asset are not takeninto account until it is virtually certain that the restrictions will no longer apply.

The fair value of cultural assets and collections, heritage assets and other non-financial physical assets that theState intends to preserve because of their unique historical, cultural or environmental attributes, is measured atthe replacement cost of the asset less, where applicable, accumulated depreciation (calculated on the basis ofsuch cost to reflect the already consumed or expired future economic benefits of the asset) and any accumulatedimpairment. These policies and any legislative limitations and restrictions imposed on their use and/or disposalmay impact their fair value.

The fair value of infrastructure systems and plant, equipment and vehicles, is normally determined by referenceto the asset’s depreciated replacement cost, or where the infrastructure is held by a for-profit entity, the fair valuemay be derived from estimates of the present value of future cash flows. For plant, equipment and vehicles,existing depreciated historical cost is generally a reasonable proxy for depreciated replacement cost because ofthe short lives of the assets concerned.

The cost of constructed non-financial physical assets includes the cost of all materials used in construction, directlabour on the project, and an appropriate proportion of variable and fixed overheads.

For the accounting policy on impairment of non-financial physical assets, refer to Note 1.09 on Impairment ofnon-financial assets.

Library collections

The Library collections are valued at fair value.

Leasehold improvements

The cost of a leasehold improvements is capitalised as an asset and depreciated over the remaining term of thelease or the estimated useful life of the improvements, whichever is the shorter.

Restrictive nature of cultural and heritage assets, Crown land and infrastructures

Certain agencies hold cultural assets, heritage assets, Crown land and infrastructure, which are deemed worthyof preservation because of the social rather than financial benefits they provide to the community. Consequently,there are certain limitations and restrictions imposed on their use and/or disposal.


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Revaluations of non-financial physical assets

Non-financial physical assets measured at fair value are revalued in accordance with Financial ReportingDirections (FRDs) issued by the Minister for Finance. A full revaluation normally occurs every five years, basedupon the asset’s government purpose classification, but may occur more frequently if fair value assessmentsindicate material changes in values. Independent valuers are generally used to conduct these scheduledrevaluations. Revaluation increases or decreases arise from differences between an asset’s carrying value andfair value.

Net revaluation increases (where the carrying amount of a class of assets is increased as a result of arevaluation) are recognised in ‘other economic flows - other comprehensive income’, and accumulated in equityunder the asset revaluation surplus. However, the net revaluation increase is recognised in the net result to theextent that it reverses a net revaluation decrease in respect of the same class of property, plant and equipmentpreviously recognised as an expense (other economic flows) in the net result.

Net revaluation decrease is recognised in ‘other economic flows - other comprehensive income’ to the extent thata credit balance exists in the asset revaluation surplus in respect of the same class of property, plant andequipment. Otherwise, the net revaluation decreases are recognised immediately as other economic flows in thenet result. The net revaluation decrease recognised in ‘other economic flows - other comprehensive income’reduces the amount accumulated in equity under the asset revaluation surplus.

Revaluation increases and revaluation decreases relating to individual assets within a class of property, plant andequipment are offset against one another within that class but are not offset in respect of assets in differentclasses. The asset revaluation surplus is not transferred to accumulated funds on derecognition of the relevantasset.

Intangible assets

Intangible assets are initially recognised at cost. Subsequently, intangible assets with finite useful lives arecarried at cost less accumulated depreciation/amortisation and accumulated impairment losses. Costs incurredsubsequent to initial acquisition are capitalised when it is expected that additional future economic benefits willflow to the Institute.

When recognition criteria AASB 138 Intangible Assets are met, internally generated intangible assets arerecognised and measured at cost less accumulated depreciation/amortisation and impairment.

Expenditure on research activities is recognised as an expense in the period in which It is incurred.

An internally-generated intangible asset arising from development (or from the development phase of an internalproject) is recognised if, and only if, all of the following are demonstrated:

(a) the technical feasibility of completing the intangible asset so that it will be available for use or sale;

(b) the intention to complete the intangible asset and use or sell it;

(c) the ability to use or sell the asset;

(d) the intangible asset will generate probable future economic benefits;

(e) the availability of adequate technical, financial and other resources to complete the development and touse or sell the intangible asset; and

(f) the ability to measure reliably the expenditure attributable to the intangible asset during its development.

Where no internally-generated intangible asset can be recognised, development expenditure is recognised as anexpense in the period as incurred.

Prepayments

Prepayments represent payments in advance of receipt of goods and services or that part of expenditure made inone accounting period covering a term extending beyond that period.


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1.15 Liabilities

Payables

Payables consist of:

• contractual payables, such as accounts payable, and unearned income including deferred income fromconcession arrangements. Accounts payable represent liabilities for goods and services provided to theInstitute prior to the end of the financial year that are unpaid, and arise when the Institute becomes obliged tomake future payments in respect of the purchase of those goods and services; and

• statutory payables, such as goods and services tax and fringe benefits tax payables.

Contractual payables are classified as financial instruments and categorised as financial liabilities at amortisedcost. Statutory payables are recognised and measured similarly to contractual payables, but are not classified asfinancial instruments and not included in the category of financial liabilities at amortised cost, because they do notarise from a contract.

Provisions

Provisions are recognised when the Institute has a present obligation, the future sacrifice of economic benefits isprobable, and the amount of the provision can be measured reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the presentobligation at reporting date, taking into account the risks and uncertainties surrounding the obligation. Where aprovision is measured using the cash flows estimated to settle the present obligation, its carrying amount is thepresent value of those cash flows.

Employee benefits

Provision is made for benefits accruing to employees in respect of wages and salaries, annual leave and longservice leave for services rendered to the reporting date.

(i) Wages and salaries, and annual leave

Liabilities for wages and salaries, including non-monetary benefits for annual leave, are all recognised in theprovision for employee benefits as 'current liabilities', because the Institute does not have an unconditional rightto defer settlements of these liabilities.

Depending on the expectation of the timing of settlement, liabilities for wages and salaries, annual leave and sickleave are measured at:

• undiscounted value - if the Institute expects to wholly settle within 12 months; or

• present vale - if the Institute does not expect to wholly settle within 12 months.

(ii) Long service leave

Liability for long service leave (LSL) is recognised in the provision for employee benefits.

Unconditional LSL is disclosed in the notes to the financial statements as a current liability, even where theInstitute does not expect to settle the liability within 12 months because it will not have the unconditional right todefer the settlement of the entitlement should an employee take leave within 12 months.

The components of the current LSL liability are measured at :

• nominal value (undiscounted value) - component that is expected to be wholly settled within 12 months; and

• present value (discounted value) - component that is not expected to be wholly settled within 12 months.

Conditional LSL is disclosed a non-current liability. There is an unconditional right to defer the settlement of theentitlement until the employee has completed the requisite years of service. This non-current LSL liability ismeasured at present value.


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Any gain or loss following revaluation of the present value of non-current LSL liability is recognised as atransaction, except to the extent that a gain or loss arises due to changes in bond interest for which it is thenrecognised as an other economic flow.

(iii) Termination benefits

Termination benefits are payable when employment is terminated before the normal retirement date, or when anemployee decides to accept an offer of benefits in exchange for termination of employment. The Instituterecognises termination benefits when it is demonstrably committed to either terminating the employment ofcurrent employees according to a detailed formal plan without possibility of withdrawal or providing terminationbenefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12months after balance sheet date are discounted to present value.

Employee benefits on-costs

Provision for on-costs such as payroll tax, workers compensation and superannuation are recognised separatelyfrom the provision of employee benefits.

Performance Payments

Performance payments for the Institute's Executive Officers are based on a percentage of the annual salarypackage provided under the contract of employment. A liability is provided for under the term of the contracts atreporting date and paid out in the next financial year.

Financial liabilities

Non-derivative financial liabilities (excluding financial guarantees) are subsequently measured at amortised costusing the effective interest rate method.

Derecognition of financial liabilities

A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires.

Financial guarantees

Payments that are contingent under financial guarantee contracts are recognised as a liability at the time theguarantee is issued. The liability is initially measured at fair value, and if there is a material increase in thelikelihood that the guarantee may have to be exercised, then it is measured at the higher of the amountdetermined in accordance with AASB 137 Provisions, Contingent Liabilities and Contingent Assets and theamount initially recognised less cumulative amortisation, where appropriate.

The fair value of financial guarantee contracts has been assessed using the probability weighted discounted cashflow approach. The probability has been based on:

• the likelihood of the guaranteed party defaulting in a year’s period;

• the proportion of the exposure that is not expected to be recovered due to the guaranteed party defaulting;and

• the maximum loss exposed if the guaranteed party were to default.

1.16 Commitments

Commitments for future expenditure include operating and capital commitments arising from contracts. Thesecommitments are disclosed by way of note at their nominal value and inclusive of the GST payable. In addition,where it is considered appropriate and provides additional relevant information to users, the net present values ofsignificant individual projects are stated. These future expenditures cease to be disclose as commitments oncethe related liabilities are recognised on the balance sheet.


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1.17 Contingent assets and contingent liabilities

Contingent assets and contingent liabilities are not recognised in the balance sheet, but are disclosed by way of anote (refer to Note 18) and, if quantifiable, are measured at nominal value. Contingent assets and liabilities arepresented inclusive of the GST receivable or payable respectively.

1.18 Equity

Contributed capital

Funding that is in the nature of contributions by the Victorian State government are treated as contributed capitalwhen designated in accordance with UIG Interpretation 1038 Contribution by Owners Made to Wholly-OwnedPublic Sector Entities. Commonwealth capital funds are not affected and are treated as income.

Transfers of net assets arising from administrative restructurings are treated as distributions to or contributions byowners. Transfers of net liabilities arising from administrative restructurings are treated as distribution to owners.

1.20 Materiality

In accordance with Accounting Standard AASB 108 Accounting Policies, Changes in Accounting Estimates andError, when an Australian Accounting Standard specifically applies to a transaction, other event or condition, theaccounting policies applied to that item shall be determined by applying the Standard, unless the effect ofapplying them is immaterial.

Accounting policies will be considered material if their omission or misstatement could, either individually orcollectively, influence the economic decisions that users make on the basis of the financial statements. Materialitydepends on the size and nature of the omission or misstatement judged in the surrounding circumstances.

1.21 Rounding of amounts

Amounts in the financial report have been rounded to the nearest thousand dollars, unless otherwise stated.

1.22 Comparative information

When required by Accounting Standards, comparative figures have been adjusted to conform to changes inpresentation for the current financial year.

1.23 Change in accounting policy

Subsequent to the 2015 reporting period, the following new and revised accounting standards have beenadopted in the current period and are considered to have insignificant impact on the financial reporting.

• AASB 14 Regulatory Deferral Accounts:

AASB 14 permits first-time adopters of Australian Accounting Standards who conduct rate-regulated activities tocontinue to account for amounts related to rate regulation in accordance with their previous GAAP.

However, the assessment has indicated that there is no expected impact, as those that conduct rate-regulatedactivities have already adopted Australian Accounting Standards.

• AASB 2014-4 Amendments to Australian Accounting Standards - Clarification of Acceptable Methods ofDepreciation and Amortisation [AASB 116 & AASB 138]

However, the assessment has indicated that there is no expected impact as the revenue-based method is notused for depreciation and amortisation.

• AASB 2014-9 Amendments to Australian Accounting Standards - Equity Method in Separate FinancialStatements [AASB 1, 127 & 128]

However, the assessment indicates that there is no expected impact as the entity will continue to account for theinvestments in subsidiaries, joint ventures and associates using the cost method as mandated if separatefinancial statements are presented in accordance with FRD 113A.


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• AASB 2015-10 Amendments to Australian Accounting Standards - Effective Date of Amendments to AASB10 and AASB 128

• AASB 2014-3 Amendments to Australian Accounting Standards - Accounting for Acquisitions of Interests inJoint Operations [AASB 1 & AASB 11]

• AASB 2014-6 Amendments to Australian Accounting Standards - Agriculture: Bearer Plants [AASB 101,AASB 116, AASB 117, AASB 123, AASB 136, AASB 140 & AASB 141]

• AASB 2015-1 Amendments to Australian Accounting Standards - Annual Improvements to AustralianAccounting Standards 2012-2014 Cycle

• AASB 2015-2 Amendments to Australian Accounting Standards - Disclosure Initiative: Amendments to AASB101


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1.24 New and revised AASBs on issue but not yet effective

Certain new accounting standards and interpretations have been published that are not effective for the 31December 2016 reporting period.

As at 31 December 2016 the following standards and interpretations (applicable to the Institute) had been issuedbut were not effective for financial year ending 31 December 2016. The Institute has not, and does not intend to,adopt these standards early.

Standard/Interpretation

Summary Applicablefor annualreportingperiodsbeginning on

Impact on public sector entityfinancial statements

AASB 9 FinancialInstruments

The key changes include thesimplified requirements for theclassification and measurement offinancial assets, a new hedgingaccounting model and a revisedimpairment loss model torecognise impairment lossesearlier, as opposed to the currentapproach that recognisesimpairment only when incurred.

1-Jan-2018 The assessment has identified thatthe financial impact of available forsale (AFS) assets will now bereported through othercomprehensive income (OCI) and nolonger recycled to the profit and loss.

AASB 16 Leases The key changes introduced byAASB 16 include the recognitionof most operating leases (whichare currently not recognised) onbalance sheet.

1-Jan-2019 The assessment has indicated thatas most operating leases will comeon balance sheet, recognition oflease assets and lease liabilities willcause net debt to increase.

AASB 15 Revenuefrom Contracts withCustomers

The core principle of AASB 15requires an entity to recogniserevenue when the entity satisfiesa performance obligation bytransferring a promised good orservice to a customer.

1-Jan-2019 The changes in revenue recognitionrequirements in AASB 15 may resultin changes to the timing and amountof revenue recorded in the financialstatements. The Standard will alsorequire additional disclosures onservice revenue and contractmodifications.

AASB 2014-1Amendments toAustralianAccountingStandards [Part EFinancialInstruments]

Amends various AASs to reflectthe AASB's decision to defer themandatory application date ofAASB 9 to annual reportingperiods beginning on or after 1January 2018 as a consequenceof Chapter 6 Hedge Accounting,and to amend reduced disclosurerequirements.

1-Jan-2018 This amending standard will defer theapplication period of AASB 9 to the2018-19 reporting period inaccordance with the transitionrequirements.


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Standard/Interpretation

Summary Applicablefor annualreportingperiodsbeginning on

Impact on public sector entityfinancial statements

AASB 2014-10Amendments toAustralianAccountingStandards – Sale orContribution ofAssets between anInvestor and itsAssociate or JointVenture [AASB 10& AASB 128]

AASB 2015-10 amends AASB 10Consolidated FinancialStatements and AASB 128Investments in Associates toensure consistent treatment indealing with the sale orcontribution of assets between aninvestor and its associate or jointventure. The amendments requirethat:

1-Jan-2018 The assessment has indicated thatthere is limited impact, as therevisions to AASB 10 and AASB 128are guidance in nature.

AASB 2015‑ 6Amendments toAustralianAccountingStandards –Extending RelatedParty Disclosures toNot-for-Profit PublicSector Entities

The Amendments extend thescope of AASB 124 Related PartyDisclosures to not-for-profit publicsector entities. A guidance hasbeen included to assist theapplication of the Standard bynot-for-profit public sector entities.

1-Jul-2016 The amending standard will result inextended disclosures on the entity'skey management personnel (KMP),and the related party transactions.

AASB 2016 -4Amendments toAustralianAccounting

The standard amends AASB 136Impairment of Assets to removereferences to using depreciatedreplacement cost (DRC) as ameasure of value in use fornot-for-profit entities.

1-Jan-2017 The assessment has indicated thatthere is minimal impact. Given thespecialised nature and restrictions ofpublic sector assets, the existing useis presumed to be the highest andbest use (HBU), hence currentreplacement cost under AASB 13Fair Value Measurement is the sameas the depreciated replacement costconcept under AASB 136.

In addition to the new standards above, the AASB has issued a list of amending standards that are not effectivefor the 2016 reporting period (as listed below). In general, these amending standards include editorial andreferences changes that are expected to have insignificant impacts on public sector reporting. The AASBInterpretation in the list below is also not effective for the 2016 reporting period and is considered to haveinsignificant impacts on public sector reporting.

• AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010).

• AASB 2013-9 Amendments to Australian Accounting Standards - Conceptual Framework, Materiality andFinancial Instruments

• AASB 2014 7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2015)

• AASB 2014 8 Amendments to Australian Accounting Standards arising from AASB 9 (December 2015) -Application of AASB 9 (December 2009) and AASB 9 (December 2010) [AASB 9 (2009 & 2010)]

• AASB 2015 2 Amendments to Australian Accounting Standards - Disclosure Initiative: Amendments to AASB101 [AASB 7, AASB 101, AASB 134 & AASB 1049]

• AASB 2015 3 Amendments to Australian Accounting Standards arising from the Withdrawal of AASB 1031Materiality

• AASB 2015 5 Amendments to Australian Accounting Standards - Investment Entities: Applying theConsolidation Exception [AASB 10, AASB 12, AASB 128] #

• AASB 2016-2 Amendments to Australian Accounting Standards - Disclosure Initiative: Amendments to AASB107

• AASB 2016-3 Amendments to Australian Accounting Standards - Clarifications to AASB 15

• AASB 2016-5 Amendments to Australian Accounting Standards - Classification and Measurement ofShare-based Payment Transactions [AASB 2]


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Note 2 Income from transactions

Consolidated Institute2016$'000

2015$'000

2016$'000

2015$'000

(a) Grants and other transfers (other than contributions by owners)

(i) Government contributions - operating

Commonwealth government - specific funded 285 306 285 306State government - contestable 15,365 19,458 15,358 19,458Other contributions by State Government 11,061 7,184 11,061 7,184

Total government contributions - operating 26,711 26,948 26,704 26,948

Total government contributions 26,711 26,948 26,704 26,948space(b) Sales of goods and services

Student fees and charges 2,469 3,239 2,471 3,222Rendering of services

Fee for service - Government 9,158 9,335 5,344 8,966Fee for service - International operations -offshore

1100 121 100 121

Fee for service - other 4,430 7,317 7,078 13,785

Total rendering services 13,688 16,773 12,522 22,872Other non-course fees and charges

Sale of goods 379 1,001 371 1,001

Total other fees and charges 379 1,001 371 1,001Total revenue from sale of goods andservices 16,536 21,013 15,364 27,095

(c) Interest

Interest from financial assets not at fairvalue through P/L:

Interest on bank deposits 358 316 357 314Total interest from financial assets notat fair value through P/L 358 316 357 314

Net interest income 358 316 357 314

(d) Other income

Rental incomeFacilities Rental 258 261 258 261

Total rental income 258 261 258 261

Other revenue 1,908 1,769 1,749 1,667

Total other income 2,166 2,030 2,007 1,928

1Yellow River Technical Institute continues to utilise Wodonga Institute of TAFE for delivery of a single program (Diploma of

Logistics), which is forecasted to continue into 2018. Staff travel and program delivery risks are at minimal levels.


84

Note 3 Expenses from transactions


2015$'000

2016$'000

2015$'000

(a) Employee expenses

Salaries, wages, overtime and allowances1

24,268 26,402 24,268 26,402Superannuation 2,164 2,334 2,164 2,334Payroll tax 1,245 1,625 1,245 1,625Worker's compensation 254 231 254 231Long service leave 866 363 866 363Other - 55 - 55

Total employee expenses 28,797 31,010 28,797 31,010

(b) Depreciation and amortisation

Depreciation of non-financial assetsBuildings 1,214 1,210 1,095 1,089Plant and equipment 826 1,052 793 1,021Motor vehicles 496 637 325 287Library collections 124 161 124 161Land improvements 152 152 96 96Leasehold improvements 20 20 20 20

Total depreciation 2,832 3,232 2,453 2,674Amortisation of non-financial physical and intangible assets

Software 888 872 888 871

Total amortisation 888 872 888 871

Total depreciation and amortisation 3,720 4,104 3,341 3,545

(c) Grants and other transfers (other than contributions by owners)

Grants and subsidies apprentices andtrainees 3 1 3 1

Total grants and other transfers 3 1 3 1

(d) Supplies and services

Purchases of supplies and consumables 1,457 1,579 1,413 1,470Communication expenses 279 427 245 373Contract and other services 3,136 2,077 2,480 962Building repairs and maintenance 844 991 746 732Fees and charges 871 924 844 8,677

Total supplies and services 6,587 5,998 5,728 12,214


85


2015$'000

2016$'000

2015$'000

(e) Other operating expenses

General expensesMarketing and promotional expenses 792 513 754 509Occupancy expenses 1,029 1,088 920 921Audit fees and services 118 104 92 90Staff development 153 197 130 211Travel and motor vehicle expenses 687 1,016 516 666Motor vehicle taxes 279 409 84 129Other expenses 511 929 467 6873rd Party training providers 2,744 3,887 2,744 3,887

Total other expenses 6,313 8,143 5,707 7,100Operating lease rental expenses:

Lease payments 1 96 1 12

Total operating lease rental expenses 1 96 1 12Subtotal 6,314 8,239 5,708 7,112Bad debts from transactions 201 102 200 102Equipment below capitalisation threshold 190 148 190 148

Total other operating expenses 6,705 8,489 6,098 7,362

1The Consolidated employee expenses includes $4.594mil of DECA's employee expenses for 2016.


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Note 4 Other economic flows included in net result


2015$'000

2016$'000

2015$'000

(a) Net gain/(loss) on non-financial assets (including PPE and intangible assets)

Net gain/(loss) on disposal of property plantand equipment 155 150 212 109Total net gain/(loss) on non-financialassets 155 150 212 109

(b) Other gains/(losses) from other economic flows

Net gain/(loss) arising from revaluation of longservice leave liability

1- (369) - (369)

Net gain/(loss) arising from revaluation ofannual leave liability - 320 - 320Total net gain/(loss) on non-financialassets - (49) - (49)

Note:

1Revaluation gain/(loss) due to changes in bond rates.


87

Note 5 Receivables


2015$'000

2016$'000

2015$'000

Current receivables

ContractualSales of goods and services

11,410 1,927 1,410 1,596

Provision for doubtful contractual receivables(See Also Note 5(a) below) (326) (200) (326) (200)

Total contractual 1,084 1,727 1,084 1,396spaceStatutory

GST Input tax credit recoverable - 2 - -Income Receivable from Government 2,034 2,672 2,034 2,672

Total Statutory 2,034 2,674 2,034 2,672

Total current receivables 3,118 4,401 3,118 4,068

Non-current receivablesContractual

Loans to Associated Parties - - - 1,193

Total receivables 3,118 4,401 3,118 5,261

spaceNote:

1The average credit period for sales of goods and services and for other receivables is 30 days. No interest is charged for the

first 30 days from the date of the invoice. A provision has been made for estimated irrecoverable amounts from the sale of

goods when there is objective evidence that an individual receivable is impaired.


2015$'000

2016$'000

2015$'000

(a) Movement in the provision for doubtfulcontractual receivablesBalance at beginning of the year 200 165 200 165Increase in provision recognised in the net result 126 35 126 35Balance at end of the year 326 200 326 200

(b) Ageing analysis of contractual receivables

Please refer to Note 21(ii) for the ageing analysis of contractual receivables.

(c) Nature and extent of risk arising from contractual receivables

Please refer to Note 21(ii) for the nature and extent of credit risk arising from contractual receivables.


88

Note 6 Investments and other financial assets


2015$'000

2016$'000

2015$'000

Current investments and other financial assetsTerm deposits

1

Australian dollar term deposits > three months 13,292 15,128 13,292 15,128Total current investments and other financialassets 13,292 15,128 13,292 15,128

Note:

1Term deposits under ‘investments and other financial assets’ class include only term deposits with maturity greater than 90

days.

(a) Ageing analysis of investments and other financial assets

Please refer to Note 21(ii) for the ageing analysis of investments and other financial assets.

(b) Nature and extent of risk arising from investments and other financial assets

Please refer to Note 21(ii) for the nature and extent of risks arising from investments and other financial assets.

Note 7 Inventories


2015$'000

2016$'000

2015$'000

CurrentSupplies and consumables - at cost 3 6 3 2

Total current inventories 3 6 3 2


89

Note 8 Non-financial physical assets classified as held for sale includingdisposal groups and directly associated liabilities


2015$'000

2016$'000

2015$'000

Non-financial physical assets including disposal groups assets classified as held for sale1

(a) Non-current assets:

Non-financial physical assets includingdisposal group assets classified as held forsaleFreehold Land and Buildings held-for-sale

2 4,500 - 4,500 -Total non-financial physical assets anddisposal group assets classified as held forsale 4,500 - 4,500 -

Note:

1Vacant facility listed for disposal intended for quarter 3 2017.

2Non-financial assets, Freehold Land and Buildings classified as held-for-sale are held at fair value per valuation less costs to

sell.


90

Note 9 Property, plant and equipment

In accordance with government purpose classifications, the Institute's property, plant and equipment are assetsused for the purpose of education. Property, plant & equipment includes all operational assets.

Consolidated

Land atfair value

$'000Buildings

$'000

Assetsunder

construction$'000

Plant andequipment

$'000

MotorVehicles

$'000

Leaseholdimprovements

$'000Library$'000

LandImprovements

$'000Total$'000

At 1January2015Cost - - 312 - - - - - 312Valuation 11,598 56,962 - 17,050 9,914 209 965 6,616 103,314Accumulateddepreciation - (17,005) - (14,525) (7,553) (42) (556) (1,535) (41,216)Net bookamount 11,598 39,957 312 2,525 2,361 167 409 5,081 62,410

Yearended 31December2015Openingnet bookamount 11,598 39,957 312 2,525 2,361 167 409 5,081 62,410Additions - 10 426 376 431 - - - 1,243Disposals - - - (287) (308) - - - (595)Transferinto/(outof) assetsunderconstruction - - (132) 132 - - - - -Depreciation - (1,210) - (1,052) (637) (20) (161) (152) (3,232)Transfer toIntangibles - - (244) - - - - - (244)Closingnet bookamount 11,598 38,757 362 1,694 1,847 147 248 4,929 59,582

At 31December2015Cost - - 362 - - - - - 362Valuation 11,598 56,972 - 16,589 9,322 209 965 6,616 102,271Accumulateddepreciation - (18,215) - (14,895) (7,475) (62) (717) (1,687) (43,051)Net bookvalue atthe end ofthefinancialyear 11,598 38,757 362 1,694 1,847 147 248 4,929 59,582


91

Land atfair value

$'000Buildings

$'000

Assetsunder

construction$'000

Plant andequipment

$'000

MotorVehicles

$'000


$'000Library$'000

LandImprovements

$'000Total$'000

Yearended 31December2016Openingnet bookamount 11,598 38,757 362 1,694 1,847 147 248 4,929 59,582Additions 1 - 10 353 418 220 - - - 1,001Disposals

1- (51) (48) - (395) (10) - (12) (516)

Revaluationof PPE 1 - (2,732) - - - - - (748) (3,480)Transferinto/(outof) assetsunderconstruction - 97 (667) 570 - - - - -Depreciation1

- (1,214) - (826) (496) (20) (124) (152) (2,832)Non-financialassetsclassifiedasheld-for-saleincludingdisposalgroupassets (2,156) (1,851) - - - - - (493) (4,500)Closingnet bookamount 9,442 33,016 - 1,856 1,176 117 124 3,524 49,255

At 31December2016Cost - - - - - - - - -Valuation

111,598 54,292 - 17,415 6,610 198 965 5,856 96,934

Non-financialassetsclassifiedasheld-for-saleincludingdisposalgroupassets

2(2,156) (1,851) - - - - - (493) (4,500)

Accumulateddepreciation1 - (19,425) - (15,559) (5,434) (81) (841) (1,839) (43,179)Net bookamount 9,442 33,016 - 1,856 1,176 117 124 3,524 49,255

Note:

1As per Note 24, included in the table is the transfer of DECA's assets effective at 31st December 2016.

2Non-financial assets classified as held-for-sale including disposal group asset are held at fair value less costs to sell.


92

Institute

Land atfair value

$'000Buildings

$'000

Assetsunder

construction$'000

Plant andequipment

$'000

Motorvehicles

$'000


$'000Library$'000

LandImprovements

$'000Total$'000

At 1January2015Cost - - 312 - - - - - 312Valuation 6,902 51,046 - 16,235 3,479 199 965 4,355 83,181Accumulateddepreciation - (16,770) - (13,840) (2,562) (42) (556) (1,422) (35,192)Net bookamount 6,902 34,276 312 2,395 917 157 409 2,933 48,301

Yearended 31December2015Openingnet bookamount 6,902 34,276 312 2,395 917 157 409 2,933 48,301Additions - - 426 376 403 - - - 1,205Disposals - - - (285) (246) - - - (531)Transferinto/(outof) assetsunderconstruction - - (132) 132 - - - - -Depreciation - (1,089) - (1,021) (287) (20) (161) (96) (2,674)Transfer toIntangibles - - (244) - - - - - (244)Closingnet bookamount 6,902 33,187 362 1,597 787 137 248 2,837 46,057

At 31December2015Cost - - 362 - - - - - 362Valuation 6,902 51,046 - 15,773 3,321 199 965 4,355 82,561Accumulateddepreciation - (17,859) - (14,176) (2,534) (62) (717) (1,518) (36,866)Net bookamount atthe end ofthefinancialyear 6,902 33,187 362 1,597 787 137 248 2,837 46,057


93

Institute

Land atfair value

$'000Buildings

$'000

Assetsunder

construction$'000

Plant andequipment

$'000

MotorVehicles

$'000

LeaseholdImprovements

$'000Library$'000

LandImprovements

$'000Total$'000

Yearended 31December2016Openingnet bookamount 6,902 33,187 362 1,597 787 137 248 2,837 46,057Additions 4,696 2,678 353 482 714 - - 1,276 10,199Disposals - - (48) - - - - - (48)Non-financialassetsclassifiedasheld-for-saleincludingdisposalgroupassets (2,156) (1,851) - - - - - (493) (4,500)Transferinto/(outof) assetsunderconstruction - 97 (667) 570 - - - - -Depreciation - (1,095) - (793) (325) (20) (124) (96) (2,453)Closingnet bookamount 9,442 33,016 - 1,856 1,176 117 124 3,524 49,255

Institute

At 31December2016Valuation 11,598 53,822 - 16,825 4,036 200 965 5,631 93,077Non-financialassetsclassified asheld-for-saleincludingdisposalgroupassets

1(2,156) (1,851) - - - - - (493) (4,500)

Accumulateddepreciation - (18,955) - (14,969) (2,860) (83) (841) (1,614) (39,322)Net bookamount 9,442 33,016 - 1,856 1,176 117 124 3,524 49,255

Note:

1Non-financial assets classified as held-for-sale including disposal group asset are held at fair value less costs to sell.


94

Fair value hierarchy Fair value hierarchy

Consolidated Level 1 Level 2 Level 3 Level 1 Level 2 Level 3

(c) Fair valuemeasurement hierarchyfor assetsClassified in accordancewith the fair valuehierarchy, see Note

1

Carryingamount

as at31 Dec2016$'000

QuotedPrices$'000

ObservablePrice

Inputs$'000

Un-observable

Inputs$'000

Carryingamount

as at31 Dec2015$'000

QuotedPrices$'000

ObservablePriceInputs$'000

Un-observable

Inputs$'000

Land at fair value:Non specialised land 9,442 - 9,442 - 11,598 - 11,598 -Specialised land 3,524 - - 3,524 4,929 - - 4,929

Total of land fair value 12,966 - 9,442 3,524 16,527 - 11,598 4,929

Buildings at fair value:Specialised Buildings 33,016 - - 33,016 38,757 - - 38,757

Total buildings at fairvalue 33,016 - - 33,016 38,757 - - 38,757

Plant, equipment andvehicles at fair value:

Vehicles2

1,176 - - 1,176 1,847 - - 1,847Plant and equipment

2 1,856 - - 1,856 1,694 - - 1,694Total of plant, equipmentand vehicles at fair value 3,032 - - 3,032 3,541 - - 3,541

Other assets at fairvalue:


2117 - - 117 147 - - 147

Library Stocks 124 - - 124 248 - - 248Total of Other assets atfair value 241 - - 241 395 - - 395

1Vehicles are categorised to Level 3 assets as the depreciated replacement cost is used in estimating the fair value.

2As per Note 24, post the transfer of DECA's net assets effective at 31st December 2016, these assets are now included in the

above table.


95

Fair value hierarchy Fair value hierarchy

Institute

Fair value measurementhierarchy for assetsClassified in accordancewith the fair valuehierarchy, see Note

1

Carryingamount

as at31 Dec 16

$'000

Level 1

QuotedPrices

$'000

Level 2

ObservablePrice

Inputs

$'000

Level 3

Un-Observable

Inputs

$'000

Carryingamount

as at31 Dec 15

$'000

Level 1

QuotedPrices

$'000

Level 2

ObservablePriceInputs

$'000

Level 3

Un-Observable

Inputs

$'000

Land at fair value:Non specialised land 9,442 - 9,442 - 6,902 - 6,902 -Specialised land 3,524 - - 3,524 2,837 - - 2,837

Total of land at fair value 12,966 - 9,442 3,524 9,739 - 6,902 2,837

Buildings at fair value:Specialised Buildings - - - 33,016 - - - -

Total of buildings at fairvalue - - - 33,016 - - - -

Plant, equipment andvehicles at fair value:

Vehicles 1,176 - - 1,176 787 - - 787Plant and equipment 1,856 - - 1,856 1,597 - - 1,597

Total of plant, equipmentand vehicles at fair value 3,032 - - 3,032 2,384 - - 2,384

Cultural assets at fairvalue:

Leaseholdimprovements 117 - - 117 137 - - 137Library Stocks 124 - - 124 248 - - 248

Total of Cultural assetsat fair value 241 - - 241 385 - - 385

1Vehicles are categorised to Level 3 assets as the depreciated replacement cost is used in estimating the fair value.


96

There were no transfers between Levels during the year.

(d) Valuations of Property, Plant and Equipment

Fair value assessments have been performed at 31 December 2016 for all classes of assets. This assessmentdemonstrated that fair value was materially similar to carrying value, and therefore a full revaluation was notrequired this year. The next scheduled full revaluation for this purpose will be conducted in 2017.

Non specialised land, non specialised buildings and artworks

Non specialised land, non specialised buildings and artworks are valued using the market approach. Under thisvaluation method, the assets are compared to recent comparable sales or sales of comparable assets which areconsidered to have nominal or no added improvement value.

For non specialised land and non specialised buildings, an independent valuation was performed by independentvaluers, the Valuer General of Victoria to determine the fair value using the market approach. Valuation of theassets was determined by analysing comparable sales and allowing for share, size, topography, location andother relevant factors specific to the asset being valued. From the sales analysed, an appropriate rate per squaremetre has been applied to the subject asset. The effective date of the valuation is 31 December 2012, and isscheduled for revaluation in 2017.

To the extent that non specialised land, non specialised buildings and artworks do not contain significant,unobservable adjustments, these assets are classified as Level 2 under the market approach.

Specialised land and specialised buildings

The market approach is also used for specialised land, although is adjusted for the community service obligation(CSO) to reflect the specialised nature of the land being valued.

For the majority of the Institute’s specialised buildings, the depreciated replacement cost method is used,adjusting for the associated depreciations. As depreciation adjustments are considered as significant,unobservable inputs in nature, specialised buildings are classified as Level 3 fair value measurements.

An independent valuation of the Institute's specialised land and specialised buildings was performed by theValuer General Victoria on 31 December 2012.

Vehicles

Vehicles are valued using the depreciated replacement cost method. The Institute acquires new vehicles and attimes disposes of them before the end of their economic life. The process of acquisition, use and disposal in themarket is managed by experienced fleet managers in the Institute who set relevant depreciation rates during useto reflect the utilisation of the vehicles.

Plant and equipment

Plant and equipment is held at fair value. When plant and equipment is specialised in use, such that it is rarelysold other than as part of a going concern, fair value is determined using the depreciated replacement costmethod.

There were no changes in valuation techniques throughout the period to 31 December 2016.

For all assets measured at fair value, the current use is considered the highest and best use.


97

(e) Reconciliation of level 3 fair value as at31 December 2016

Specialisedbuildings

$'000

Plant andequipment

$'000

Motorvehicles

$'000


$'000Library$'000

Specialisedland$'000

At 31 December 2016Year ended 31 December 2016Opening balance 38,757 1,694 1,847 147 248 4,929Purchases (sales) (41) 418 (175) (10) - (12)Transfer into/(out of) assets under construction 97 570 - - - -Depreciation (1,214) (826) (496) (20) (124) (152)

Subtotal 37,599 1,856 1,176 117 124 4,765

Non-financial assets classified as held-for-saleincluding disposal group assets (1,851) - - - - (493)Revaluation (2,732) - - - - (748)

Subtotal (4,583) - - - - (1,241)

Closing balance 33,016 1,856 1,176 117 124 3,524

Valuation technique Significant unobservable inputsSpecialised land

1Market approach Community Service Obligation (CSO)

adjustment

Specialised buildings Depreciated replacementcost

Direct cost per square metre. Useful life ofspecialised buildings

Plant and equipment Depreciated replacementcost

Cost per unit. Useful life of plant andequipment

Motor vehicles Depreciated replacementcost

Cost per unit. Useful life of vehicles

Library Depreciated replacementcost

Cost per unit. Useful life of collection

Leasehold improvements Depreciated replacementcost

Cost per unit. Useful life of improvements

1CSO elements ranging from 50 per cent to 70 per cent were applied to reduce the market approach value for the Institute's

specialised land, with the weighted average 60 per cent reduction applied.


98

Note 10 Intangible assets

Consolidated

Internallygeneratedsoftware*

$'000

AccessRights

$'000Total$'000

Year ended 31 December 2015Gross carrying amountOpening Balance 8,439 500 8,939Additions 24 - 24Transfers in from WIP 244 - 244

Closing balance 8,707 500 9,207

Accumulation amortisation and impairment (1,184) - (1,184)Amortisation of intangible produced assets

1 (872) - (872)

Closing balance (2,056) - (2,056)

Net book value at end of financial year 6,651 500 7,151

Consolidated

Internallygeneratedsoftware*

$'000

AccessRights

$'000Total$'000

Year ended 31 December 2016Gross carrying amountOpening Balance 8,707 500 9,207Additions 5 - 5

Closing balance 8,712 500 9,212

Accumulated depreciation, amortisation and impairmentAccumulation amortisation and impairment (2,056) - (2,056)Amortisation of intangible non produced assets

1 (888) - (888)

Closing balance (2,944) - (2,944)

Net book value at end of financial year 5,768 500 6,268

Note:

1The consumption of intangible produced assets is included in ‘depreciation’ line item, where the consumption of the intangible

non produced assets is included in ‘net gain/(loss) on non financial assets’ line item on the comprehensive operating statement.

Significant intangible assets

The Institute has capitalised software development expenditure for the development of its SMS software. Thecarrying amount of the capitalised software development expenditure of $5.77 million (2015: $6.65 million). Itsuseful life is ten years and will be fully amortised in 2023.


99

Note 11 Other non-financial assets


2015$'000

2016$'000

2015$'000

Current other non-financial assetsPrepayments 693 580 693 428

Total current other non-financial assets 693 580 693 428

Total other non-financial assets 693 580 693 428

Note 12 Payables


2015$'000

2016$'000

2015$'000

CurrentContractual

1

Supplies and services 1,559 1,797 1,559 1,427Revenue in advance 283 336 283 336

1,842 2,133 1,842 1,763

StatutoryGST Payable (Net)

2 195 176 195 176Total current payables 2,037 2,309 2,037 1,939

Total non-current payables - - - -

Total payables 2,037 2,309 2,037 1,939

1The average credit period is 30 days. No interest is charged on the other payables for the first 30 days from the date of the

invoice. No interest is charged on outstanding balances.

2Where amount of taxes payable is material, entities should present statutory ‘taxes payable’ in the note broken down by

classes of taxes, i.e. GST payable, FBT payable, income tax payable, and other taxes payable, as appropriate

(a) Maturity analysis of contractual payables

Please refer to Note 20(iii) for the maturity analysis of contractual payables.

(b) Nature and extent of risk arising from contractual payables

Please refer to Note 20(iii) for the nature and extent of risks arising from contractual payables.


100

Note 13 Provisions


2015$'000

2016$'000

2015$'000

Current provisionsEmployee benefits (Note 12(a))

1

Annual leave (Note 12(a)):Unconditional and expected to wholly settle within12 months

21,186 872 1,186 872

Unconditional and expected to wholly settle after12 months

2171 164 171 164

Long service leave (Note 12(a)):Unconditional and expected to wholly settle within12 months

2357 293 357 293

Unconditional and expected to wholly settle after12 months

22,735 2,602 2,735 2,602

Provisions for on costs (Note 12(a))Unconditional and expected to wholly settle within12 months

2 54 52 54 52

Total current provisions 4,503 3,983 4,503 3,983

SPACENon CurrentEmployee benefits (Note 12(a))

1

On Costs (Note 12(a)) 436 607 436 607

Total non-current provisions 436 607 436 607

Total provisions 4,939 4,590 4,939 4,590

Notes:

1Employee benefits consist of annual leave and long service leave accrued by employees. On costs such as payroll tax and

workers’ compensation insurance are not employee benefits and are reflected as a separate provision. Wodonga Institute of

TAFE adopted the 2008 LSL model for calculating the LSL provision for 2016, replacing the 2004 model previously used.

2Amounts are measured at present values.

2016 2015 2016 2015$'000 $'000 $'000 $'000

(a) Employee benefits and on costs1

Current employee benefitsAnnual leave 1,357 1,036 1,357 1,036Long service leave 3,092 2,895 3,092 2,895Non current employee benefitsLong service leave 436 607 436 607Total employee benefits 4,885 4,538 4,885 4,538Current on costs 54 52 54 52Total employee benefits and on costs 4,939 4,590 4,939 4,590

Notes:

1Employee benefits consist of annual leave and long service leave accrued by employees. On costs such as payroll tax and

workers’ compensation insurance are not employee benefits and are recognised as a separate provision.


101

Note 14 Borrowings


2015$'000

2016$'000

2015$'000

CurrentAdvances from government

1 1,075 1,075 1,075 -

Total non-current borrowings 1,075 1,075 1,075 -

Total borrowings 1,075 1,075 1,075 -

Notes:

1This is an unsecured loan which bears no interest. The loan has no terms or repayment schedule.

(a) Maturity analysis of borrowings

Please refer to Note 20(iii) for the maturity analysis of borrowings.

(b) Nature and extent of risk arising from borrowings

Please refer to Note 20(iii) for the nature and extent of risks arising from borrowings.

(c) Default and breaches

During the current and prior year, there were no defaults and breaches of any of the loans.

Note 15 Reserves


2015$'000

2016$'000

2015$'000

(a) Physical asset revaluation surplus:

Balance at 1 January1

43,264 43,264 31,532 31,532Revaluation increments/(decrements)

1(3,480) - - -

Contributed Capital2 (8,252) - - -

Balance at 31 December 31,532 43,264 31,532 31,532

Note:

1The physical assets revaluation surplus arises on the revaluation of infrastructure, land and buildings.

2 As per Note 24, included in the table is the transfer of DECA's contributed capital effective at 31st December 2016.


102

Note 16 Cash flow information

Reconciliation of net result for the period


2015$'000

2016$'000

2015$'000

Net result for the year 114 806 677 2,213Non cash movements

1

(Gain)/loss on sale or disposal of non currentassets (155) 150 (212) 109Depreciation and amortisation of non currentassets 3,720 4,104 3,341 3,545

Movements in assets and liabilities1:

Decrease / (increase) in trade receivables 1,283 1,180 2,068 489Decrease / (increase) in inventories 3 3 (1) -Decrease / (increase) in other assets (113) (24) (265) (49)Increase / (decrease) in payables (272) (65) (12) (180)Increase / (decrease) in provisions 349 46 349 46

Net cash flows from/(used in) operatingactivities 4,929 6,200 5,945 6,173

Note:

1As per Note 24, included in the table is the transfer of DECA's assets and liabilities effective at 31st December 2016.

Note 17 Commitments for expenditure

Consolidated Institute(a) Non-cancellable operating leasecommitments payable

12016$'000

2015$'000

2016$'000

2015$'000

Commitments for minimum lease payments inrelation to non-cancellable operating leasesare payable as follows:Within one year 247 291 235 257Later than one year but not later than five years 386 382 339 366Total minimum lease payments in relation tonon-cancellable operating leases 633 673 574 623

GST reclaimable on the above (55) (61) (52) (57)Net Commitments Non-cancellable OperatingLeases 578 612 522 566

Notes:

1Operating leases pertain to photocopiers and vehicles.


103

Note 18 Contingent liabilities and contingent assets

There are no Contingent Assets or Contingent Liabilities.

Note 19 Leases

(i) Operating leases - Institute as a lessee

Refer to Note 17 Commitments for expenditure.


104

Note 20 Superannuation

Employees of the Institute are entitled to receive superannuation benefits and the Institute contributes to bothdefined benefit and defined contribution plans. The defined benefit plan(s) provides benefits based on years ofservice and final average salary.

The Institute does not recognise any defined benefit liability in respect of the plan(s) because the entity has nolegal or constructive obligation to pay future benefits relating to its employees; its only obligation is to paysuperannuation contributions as they fall due. The Department of Treasury and Finance recognises anddiscloses the State’s defined benefit liabilities in its financial statements.

However, superannuation contributions paid or payable for the reporting period are included as part of employeebenefits in the Comprehensive Operating Statement of the Institute.

The name and details of the major employee superannuation funds and contributions made by the Institute areas follows:


2015$'000

2016$'000

2015$'000

Superannuation1, 2

Paid Contribution for the YearDefined benefit plans :State Superannuation Fund – revised and new 121 136 121 136

Total defined benefit plans 121 136 121 136

Defined contribution plans:VicSuper 1,153 2,164 1,153 2,164Other 889 34 889 34

Total defined contribution plans 2,042 2,198 2,042 2,198

Total paid contribution for the year 2,163 2,334 2,163 2,334

Defined contribution plans:VicSuper 30 47 30 47Other 24 34 24 34

Total defined contribution plans 54 81 54 81

1The Institute does not have any contributions outstanding to the above funds and there have been no loans made from the

funds. The bases for contributions are determined by the various schemes.

2The above amounts were measured as at 31 December of each year, or in the case of employer contributions they relate to

the years ended 31 December.


105

Note 21 Financial instruments

(i) Financial risk management objectives and policies

The Institute’s principal financial instruments comprise cash assets, term deposits, receivables (excludingstatutory receivables), payables (excluding statutory payables).

Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basisof measurement and the basis on which income and expenses are recognised, in respect of each class offinancial asset, financial liability and equity instrument is disclosed in Note 1 of the financial statements.

The Institute's activities expose it to a variety of financial risks: market risk (including foreign currency risk,interest rate risk and price risk), credit risk and liquidity risk.

The Institute's overall risk management program focuses on the unpredictability of financial markets and seeks tominimise potential adverse effects on the financial performance of the Institute. The Institute uses differentmethods to measure different types of risk to which it is exposed. These methods include sensitivity analysis inthe case of interest rate, foreign exchange and other price risks, ageing analysis for credit risk.

Risk management is carried out by a central treasury unit with the Finance function of the Institute under policiesapproved by the Board. The Treasury Unit identifies, evaluates and hedges financial risks in close co-operationwith the Group’s operating units. The Board provides written principles for overall risk management, as well aspolicies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivativefinancial instruments and non-derivative financial instruments, and investment of excess liquidity.

The carrying amounts of the Institute's contractual financial assets and financial liabilities by category aredisclosed below:

Consolidated InstituteCarrying amount of financial instruments bycategory

2016$'000

2015$'000

2016$'000

2015$'000

(a) Loans and receivablesCash and deposits 9,341 2,911 9,341 2,537Receivables

1:

Trade receivables 1,084 1,727 1,084 1,396Investment and other assets:Term Deposits 13,292 15,128 13,292 15,128

Total loans and receivables 14,376 16,855 14,376 16,524


(b) Financial liabilities at amortised cost:Payables

1:

Supplies and services 1,559 1,797 1,559 1,427Borrowings:Advances from government 1,075 1,075 1,075 -

Total financial liabilities 2,634 2,872 2,634 1,427

Note:

1Net receivables and payables disclosed here exclude statutory receivables and statutory payables (e.g. amounts owing to/fromVictorian Government, GST input tax credit recoverable and taxes payable).


106

(ii) Credit risk

Credit risk arises from the contractual financial assets of the Institute, which comprise cash and deposits,non-statutory receivables, available-for-sale contractual financial assets and derivative instruments. TheInstitute’s exposure to credit risk arises from the potential default of a counter party on their contractualobligations resulting in financial loss to the Institute.

Credit risk is measured at fair value and is monitored on a regular basis by the finance committee. The financecommittee monitors credit risk by actively assessing the rating quality and liquidity of counterparties:

• all potential customers are rated for credit worthiness taking into account their size, market position andfinancial standing; and

• customers that do not meet the Institute’s strict credit policies may only purchase in cash or using recognisedcredit cards.

The Institute does not have any material credit risk exposure to any single receivable or group of receivablesunder financial instruments entered into by the Institute.

The trade receivables balance at 31 December 2016 and 31 December 2015 do not include any counterpartieswith external credit ratings. Customers are assessed for credit worthiness using the criteria detailed above.

The Institute minimises credit risk in relation to student loans receivable in the following ways:

If a student is unable to make an upfront payment, the student is referred to the Student Services department todetermine if other grants or subsidies are available or if there exists other options for other financial assistancesuch as Vet Fee Help, Centrelink or other community assistance, otherwise a recommendation is made fordeferment of upfront payments via a Direct Debit Request Service Agreement.

The conditions of the Service Agreement is a twelve month period as agreed between the student (or student’sguarantor if under the legal age) or the shorter period if the course is to be completed over a period of less thantwelve months. If insufficient funds exist for the direct debit, the Institute has the right to charge a fee. Anychanges to the agreement must be in writing with 14 days notice. In addition the Institute does not engage inhedging for its contractual financial assets and mainly obtains contractual financial assets that are on fixedinterest, except for cash assets, which are mainly cash at bank.

The Institute’s policy is to only deal with banks with high credit ratings.

Provision of impairment for contractual financial assets is recognised when there is objective evidence that theInstitute will not be able to collect a receivable. Objective evidence includes financial difficulties of the debtor,default payments, debts which are more than 60 days overdue, and changes in debtor credit ratings.

The carrying amount of contractual financial assets recorded in the financial statements, net of any allowancesfor losses, represents the Institute’s maximum exposure to credit risk without taking account of the value of anycollateral obtained.

There are no material financial assets which are individually determined to be impaired. Currently the Institutedoes not hold any collateral as security nor credit enhancements relating to any of its financial assets.

There has been no significant change in the Institute's exposure, or its objectives, policies and processes formanaging credit risk or the methods used to measure this risk from the previous reporting period.


107

Credit quality of contractual financial assets that are neither past due nor impaired1

Ageing analysis of financial assets

Consolidated

FinancialInstitutions

$'000

Governmentagencies

(AAA rating)$'000

Othercounter-party

$'000Total$'000

2016Cash and deposits 9,341 - - 9,341Receivables - - 1,084 1,084Investments and other financial assets - 13,292 - 13,292

Total contractual financial assets 2016 9,341 13,292 1,084 23,7172015Cash and deposits 2,911 - - 2,911Receivables - - 1,727 1,727Investments and other financial assets 4,000 11,128 - 15,128

Total contractual financial assets 2015 6,911 11,128 1,727 19,766

The total amounts disclosed here exclude statutory amounts (e.g. amounts owing to/from Victorian Government, GST input taxcredit recoverable and taxes payable).

Ageing analysis of financial assets

There are no financial assets that have had their terms renegotiated so as to prevent them from being past dueor impaired, and they are stated at the carrying amounts as indicated.

The following table discloses the ageing analysis for the Institute's financial assets.

Past due but not impaired

Consolidated

Carryingamount

$'000

Not pastdue and

notimpaired

$'000

Lessthan 1month

$'000

1-3months

$'000

3months- 1 year

$'0001-5 years

$'0005+ Years

$'000

Receivables1:

Trade receivables 1,084 592 261 203 26 - -Investment and other financialassets:Term Deposits 13,292 13,292 - - - - -

Total 2016 financial assets 14,376 13,884 261 203 26 - -

Receivables1:

Trade receivables 1,727 1,139 351 228 9 - -Investment and other financialassets:Term Deposits 15,128 15,128 - - - - -

Total 2015 financial assets 16,855 16,267 351 228 9 - -

Note

1Receivables and payables disclosed here exclude statutory receivables and statutory payables (e.g. amounts owing to/from

Victorian Government, GST input tax credit recoverable and taxes payable).


108

(iii) Liquidity risk

Liquidity risk is the risk that the Institute would be unable to meet its financial obligations as and when they falldue. The Institute operates under a payments policy of settling financial obligations within 30 days and in theevent of a dispute, making payments within 30 days from the date of resolution.

The Institute’s maximum exposure to liquidity risk is the carrying amounts of financial liabilities as disclosed in theface of the balance sheet and the amounts related to financial guarantees disclosed in Note 18.

The responsibility for liquidity risk management rests with the Board, which has built an appropriate liquidity riskmanagement framework for the management of the short, medium and long-term funding and liquidityrequirements. The Institute manages liquidity risk by:

• maintaining an adequate level of reserves and uncommitted funds that can be drawn at short notice to meetits short-term obligations;

• holding investments and other contractual financial assets that are readily tradeable in the financial markets;and

• careful maturity planning of its financial obligations by matching the maturity profiles of financial assets andliabilities, and continuously monitoring forecast and actual cash flows.

The Institute’s exposure to liquidity risk is deemed insignificant based on prior periods’ data and currentassessment of risk. Cash for unexpected events is generally sourced from reserves.

There has been no significant change in the Institute's exposure, or its objectives, policies and processes formanaging liquidity risk or the methods used to measure this risk from the previous reporting period.

Maturity analysis of financial liabilities

The carrying amount detailed in the following table of contractual financial liabilities recorded in the financialstatements, represents the Institute's maximum exposure to liquidity risk.

The following table discloses the contractual maturity analysis for the Institute's financial liabilities:

Maturity dates

2016 Financial liabilities

Carryingamount

$'000

Nominalamount

$'000

Lessthan

1 month$'000

1-3months

$'000

3months- 1 year

$'000

1-5years

$'000

5+years

$'000

Payables1:

Supplies and services 1,559 1,559 1,559 - - - -Advances from government 1,075 1,075 - - - - 1,075

Total 2016 financial liabilities 2,634 2,634 1,559 - - - 1,075

2015 Financial liabilities

Payables1:

Supplies and services 1,797 1,797 1,797 - - - -Advances from government 1,075 1,075 - - - - 1,075

Total 2015 financial liabilities 2,872 2,872 1,797 - - - 1,075

Note:




109

(iv) Market risk

The Institute in its daily operations is exposed to a number of market risks. Market risks relate to the risk thatmarket rates and prices will change and that this will have an adverse affect on the operating result and/or networth of the Institute. e.g. an adverse movement in interest rates or foreign currency exchange rates.

The Institute’s exposures to market risk are primarily through foreign currency risk, interest rate risk and equityprice risk. Objectives, policies and processes used to manage each of these risks are disclosed below.

The Board ensures that all market risk exposure is consistent with the Institute's business strategy and within therisk tolerance of the Institute. Regular risk reports are presented to the Board.

There has been no significant change in the Institute's exposure, or its objectives, policies and processes formanaging market risk or the methods used to measure this risk from the previous reporting period.

Foreign currency risk

The Institute is exposed to foreign currency risk mainly through the delivery of services in currencies other thanthe Australian Dollar. This risk is managed by natural hedging where possible.

There has been no significant change in the Institute's exposure, or its objectives, policies and processes formanaging foreign currency risk or the methods used to measure this risk from the previous reporting period.

Interest rate risk

Interest rate risk arises from the potential for a change in interest rates to change the expected net interestearnings in the current reporting period and in future years, or cause a fluctuation in the fair value of the financialinstruments.

Fair value interest rate risk is the risk that the fair value of a financial instrument will fluctuate because of changesin market interest rates. The Institute does not hold any interest bearing financial instruments that are measuredat fair value, and therefore has no exposure to fair value interest rate risk.

Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because ofchanges in market interest rates. The Institute has minimal exposure to cash flow interest rate risk through itscash and deposits that are at floating rate.

The Institute manages cash flow interest rate risk through a mixture of short term and longer term investments,and undertaking fixed rate or non-interest bearing financial instruments with relatively even maturity profiles, withonly insignificant amounts of financial instruments at floating rate. Management monitors movement in interestrates on a monthly basis.

There has been no significant change in the Institute's exposure, or its objectives, policies and processes formanaging interest rate risk or the methods used to measure this risk from the previous reporting period.

Interest rate movements have not been sufficiently significant during the year to have an impact on the Institute'syear end result.

The Institute's exposure to interest rate risks and the effective interest rates of financial assets and financialliabilities are set out in the financial instrument composition and maturity analysis table below.


110

Interest rate exposure

Consolidated 2016

Weightaverage

effective rate%

Total CarryingAmount per

Balance Sheet$'000

Floatinginterest

rate$'000

FixedInterest

rate$'000

Non-InterestBearing

$'000

Financial assetsCash and Deposits 2.20 9,341 9,341 - -Receivables

1:

Trade receivables 1,084,000.00 1,084 - - 1,084Investment and otherfinancial assets:Term Deposits 2.06 13,292 - 13,292 -

Total financial assets 1,084,004.26 23,717 9,341 13,292 1,084

Financial liabilitiesPayables

1:

Supplies and services 1,558,773.71 1,559 - - 1,559BorrowingsAdvances fromgovernment 1,075,368.00 1,075 - - 1,075Total financialliabilities 2,634,141.71 2,634 - - 2,634

Interest rate exposure

Consolidated 2015

Weightedaverage

effective rate

Total CarryingAmount per

Balance sheet$'000

Floatinginterest

rate$'000

FixedInterest

rate$'000

Non-InterestBearing

$'000

Financial assetsCash and Deposits 2.20 2,911 2,911 - -Receivables

1:

Trade receivables 1,727,000.00 1,727 - - 1,727Investment and otherfinancial assets:Term Deposits 2.32 15,128 - 15,128 -

Total financial assets 1,727,004.52 19,766 2,911 15,128 1,727

Financial liabilitiesPayables

1:

Supplies and services 1,819,000.00 1,819 - - 1,819BorrowingsAdvances fromgovernment 1,075,368.00 1,075 - - 1,075Total financialliabilities 2,894,368.00 2,894 - - 2,894

Note:




111

Equity price risk

There has been no significant change in the Institute's exposure, or its objectives, policies and processes formanaging price risk or the methods used to measure this risk from the previous reporting period.

Sensitivity analysis and assumptions

The Institute’s sensitivity to market risk is determined based on the observed range of actual historical data forthe preceding five year period, with all variables other than the primary risk variable held constant. The Institute’sfund managers cannot be expected to predict movements in market rates and prices. Sensitivity analyses shownare for illustrative purposes only. The following movements are ‘reasonably possible’ over the next 12 months:

• a movement of 50 basis points up and down (2015: 50 basis points up and down) in market interest rates(AUD);

The following tables show the impact on the Institute’s net result and equity for each category of financialinstrument held by the Institute at the end of the reporting period as presented to key management personnel, ifthe above movements were to occur.

Interest rate risk

- 50 basis points + 50 basis points

Consolidated31 December 2016

Carryingamount

$'000Result

$'000Equity

$'000Result

$'000Equity

$'000

Contractual financial assetsCash and deposits 9,341 (47) (47) 47 47Receivables 1,084 - - - -Investments 13,292 (66) (66) 66 66Total increase/(decrease) infinancial assets 23,717 (113) (113) 113 113

Contractual financial liabilitiesPayables 1,559 - - - -Borrowings 1,075 - - - -Total increase/(decrease) infinancial liabilities 2,634 - - - -

Total increase/(decrease) 26,351 (113) (113) 113 113

Interest rate risk



Contractual financial assetsCash and deposits 2,911 (14) (14) 14 14Receivables 1,727 - - - -Investments 15,128 (76) (76) 76 76Total increase/(decrease) infinancial assets 19,766 (90) (90) 90 90


112

Interest rate risk



Contractual financial liabilitiesPayables 1,797 - - - -Borrowings 1,075 - - - -Total increase/(decrease) infinancial liabilities 2,872 - - - -

Total increase/(decrease) 22,638 (90) (90) 90 90

Note:



(v) Funding risk

Funding risk is the risk of over reliance on a particular funding source to the extent that a change in that fundingsource could impact on the operating result for the current year and future years.

The Institute manages funding risk by continuing to diversify and increase funding from Commercial activities,both domestically and off shore.

There has been no significant change in the Institute's exposure, or its objectives, policies and processes formanaging funding risk or the methods used to measure this risk from the previous reporting period.


113

(vi) Fair value estimation

The fair value of financial assets and financial liabilities must be estimated for recognition and measurement orfor disclosure purposes.

The Institute considers that the carrying amount of trade receivables and payables is a reasonable approximationof their fair values due to the short-term nature of trade receivables and payables.

Due to the short-term nature of the current receivables, their carrying value is assumed to approximate their fairvalue, and based on credit history it is expected that the receivables that are neither past due nor impaired will bereceived when due.

For other assets and other liabilities the fair value approximates their carrying value. Financial assets where thecarrying amount exceeds fair values have not been written down as the Institute intends to hold these assets tomaturity.

2016 2015

Financial assets

CarryingAmount

$'000

Net FairValue$'000

CarryingAmount

$'000

Net FairValue$'000

Cash and deposits 9,341 9,341 2,911 2,911Receivables

1:

Trade receivables 1,084 1,084 1,727 1,727Investment and other assets:Term Deposits 13,292 13,292 15,128 15,128


Payables1:

Supplies and services 1,559 1,559 1,797 1,797Borrowings:Advances from government 1,075 1,075 1,075 1,075

Total financial liabilities 2,634 2,634 2,872 2,872

Note:



The Institute did not have any financial instruments that are measured subsequent to initial recognition at fairvalue as at 31 December 2016.


114

Note 22 Responsible Persons and Executive Officers

In accordance with the Ministerial Directions issued by the Minister for Finance under the Financial ManagementAct 1994, the following disclosures are made regarding responsible persons and executive officers for thereporting period.

(i) Minister

In 2016 the Institute reported to Parliament through The Hon. Steve Herbert, MP, Minister for Training and Skills,from 01 January 2016 until 08 November 2016, and the Hon. Gayle Tierney MP from 09 November 2016 until 31December 2016.

Minister Tierney is also the Minister for Corrections and was elected to the Victorian Parliament as the Memberfor Western Victoria in 2006. She has been the Minister for Training and Skills since November 2016.

Remuneration of the Minister for Training and Skills is disclosed in the financial report of the Department ofPremier and Cabinet. Other relevant interests are declared in the Register of Members interests which iscompleted by each member of the Parliament.

(ii) Chief executive officer (accountable officer)

Mark Dixon

Remuneration received or receivable by the chief executive officer in connection with the management of theInstitute during the reporting period was in the range:

Mark Dixon $240,000 - $249,999 ($140,000 - $149,999 in 2015)

(iii) Members of the board

Chair Ministerial Nominee Director - Ulf Ericson

Appointed 01.06.2014 to 10.05.2016

Chair Ministerial Nominee Director - Allison Jenvey

Appointed 01.07.2016 to 30.06.2019

Board Nominee Director - Allison Jenvey

Appointed 01.12.2015 to 30.06.2016

Ministerial Nominee Director Deputy Chair - Colin Elliott

Appointed 16.04.2013 to 30.06.2016

Ministerial Nominee Director - Jessica Furst

Appointed 16.04.2013 to 30.06.2017

Ministerial Nominee Director - Annette Kearns

Appointed 01.07.2016 to 30.06.2018


115

Board Nominee Director - Roger Powell

Appointed 01.06.2013 to 10.08.2017

Ministerial Nominee Director - Brett Drinnan

Appointed 11.08.2016 to 10.08.2019

Ministerial Nominee Director - Kerry Grigg

Appointed 01.12.2015 to 30.06.2016Appointed 11.08.2016 to 10.08.2018

Ministerial Nominee Director - Deputy Chair - Tammy Atkins

Appointed 01.07.2016 to 31.08.2019

Staff Director - Elected - Janelle Cretney (not eligible for remuneration)

Appointed 01.07.2016 to 30.06.2019

Ministerial Nominee Director - Kay Thawley

Appointed 14.07.2014 to 30.06.2016

Board Nominee Director - Tony Whiting

Appointed 06.10.2014 to 01.06.2016

Board Nominee Director - Catherine Prichard

Appointed 01.12.2015 to 30.06.2016

Income range

The number of board members whose totalremuneration from the Institute was within the specifiedincome bands are as follows:

2016No

2015No

Less than $10,000 7 6$10,000 - $19,999 5 4$20,000 - $29,999 1 1$40,000 - $49,999 - 1

Total number of board members 13 12

Total remuneration of board members ($'000) 167 155

Related party transactions 2016$'000

2015$'000

Purchase or sale of goods and services - -

Total amount - -

Other transactions

Other related transactions and loan requiring disclosure under the Directions of the Minister for Finance havebeen considered and there are no matters to report.


116

(iv) Executive officers

The following persons also had authority and responsibility for planning, directing and controlling the activities ofInstitute during the financial year:

Mark Dixon - Chief Executive Officer

Bryan Blake - General Manager Education and Training

Les Burr - Chief Operating Officer

David Lowe - General Manager Business (from 04.01.2016)

Phil Paterson - Chief Financial Officer (from 27.01.2016)

Carolyn Davis - Executive Director People and Capability (from 03.10.2016)

Donna Guille - Executive Director Finance and Resources (29.09.2008 to 31.05.2016)

Remuneration of executive officers

The number of executive officers, including the chief executive officer, and their total remuneration during thereporting period are shown in the first two columns in the table below in their relevant income bands.

The base remuneration of executive officers is shown in the third and fourth columns. Base remuneration isexclusive of bonus payments, long service leave payments, redundancy payments and retirement benefits.

The total annualised employee equivalent provides a measure of full time equivalent executive officers over thereporting period.

Income range Total Remuneration Base RemunerationThe number of executive officers whose totalremuneration from the Institute exceeded $100,000,separately identifying base remuneration and totalremuneration, disclosed within the income band of$10,000 in a table format:

2016 No 2015 No 2016 No 2015 No

Less than $100,000 - - 1 -$100,000 - $109,999 - - - -$110,000 - $119,000 1 - 1 -$120,000 - $129,999 1 - - -$130,000 - $139,999 - - 2 1$140,000 - $149,999 1 1 2 2$150,000 - $159,999 1 - - 1$160,000 - $169,999 - 2 - -$170,000 - $179,999 2 - - -$180,000 - $189,999 - - - -$190,000 - $199,999 - 1 - -$200,000 - $209,999 - - - -$210,000 - $219,999 - - - -$220,000 - $229,999 - - 1 -$230,000 - $239,999 - - - -$240,000 - $249,999 1 - - -$280,000 - $289,999 - - - -

Total number of executive officers 7 4 7 4

Total annualised employee equivalent (AEE) 7 4 7 4

Total amount of remuneration ($'000) 1,142 679 977 592

Other transactions

Other related transactions and loans requiring disclosure under the Directions of the Minister for Finance havebeen considered and there are no matters to report.


117

Note 23 Related party transactions

(a) Key management personnel

Related parties disclosures are set out in Note (Responsible persons and executive officers).

(b) Transactions with related parties

The following transactions occurred with related parties:

Consolidated Institute2016

$2015

$2016

$2015

$

Sales of goods and servicesManagement Charge - DECA - - - 2,606Salary Hire - DECA - - 4,590 5,988Total sale of goods and services - - 4,590 8,594

Purchase of goods and servicesFees and charges - DECA - - - 7,815Total purchase of goods - - - 7,815

Loans to/from related partiesLoans to subsidiariesBeginning of the year - - - 1,193End of year - - - 1,193

No provisions for doubtful debts have been raised in relation to any outstanding balances, and no expense hasbeen recognised in respect of bad or doubtful debts due from related parties.

(c) Outstanding balances arising from sales/purchases of goods and services

The following balances are outstanding at the reporting date in relation to transactions with related parties:

Consolidated Institute2016

$2015

$2016

$2015

$

Current receivables (sale of goods andservices)Subsidiaries - - - 260Total current receivables - - - 260

Non-current receivables (loans)Subsidiaries - - - 1,193Total non-current receivables - - - 1,193

No provision for doubtful debts has been raised in relation to any outstanding balances, and no expense hasbeen recognised in respect of bad or doubtful debts due from related parties.


118

Note 24 Merging Institutes financials

With Ministerial approval, DECA has been merged with Wodonga Institute of TAFE as follows:

The DECA entity traded 364 days in 2016. The DECA Balance Sheet was merged with Wodonga Institute ofTAFE effective 31st December 2016.

The Wodonga Institute of TAFE Financial statements are produced upon a consolidated basis. As of 31stDecember 2016, all property and rights of DECA, and all assets and liabilities of DECA become the assets andliabilities of Wodonga Institute of TAFE.

The following material financial information of DECA is for the period ending 30 December 2016, before it wasmerged with Wodonga TAFE.

Comprehensive Operating Statement

DECA2016$'000

2015$'000

Continuing operationsIncome from transactionsGovernment contributions - operating 7 -Sale of goods and services 5,766 10,327Interest Income 1 2Other income 160 100

Total income from transactions 5,934 10,429

Expenses from transactionsDepreciation and amortisation 379 559Supplies and services 5,390 10,186Other operating expenses 671 1,127

Total expenses from transactions 6,440 11,872

Net result from transactions (net operating balance) (506) (1,443)

Other economic flows included in net resultNet gain/(loss) on non-financial assets (57) 40

Total other economic flows included in net result (57) 40

Net result from continuing operations (563) (1,403)

Net result (563) (1,403)

Comprehensive result (563) (1,403)


119

Transfer from Driver Education Centre of Australia Ltd (DECA)

Transfer to Wodonga Institute of TAFE (Institute)

Effective 31 December 2016

This Statement is made pursuant to FRD 119A Transfers through Contributed Capital under the FinancialManagement Act 1994 based on “restructure of administrative arrangement”.

Transfer details

The value of the net assets being transferred is $ 7.71 million with the following details:

DECA Institute

Beforemerger

$'000

Reclassequity$'000

TransferInstitute

$'000

Aftermerger

$'000

Beforemerger

Institute$'000

Transferfrom

DECA$'000

Institute$'000

AssetsCash and deposits 17 - (17) - 9,324 17 9,341Receivables (75) - 75 - 3,193 (75) 3,118Investments and other financialassets - - - - 13,292 - 13,292Inventories - - - - 3 - 3Property, plant and equipment 8,950 - (8,950) - 44,805 8,950 53,755Intangibles - - - - 6,268 - 6,268Other non-financial assets - - - - 693 - 693spaceLiabilitiesPayables 110 - (110) - 1,927 110 2,037Provisions - - - - 4,939 - 4,939Borrowings 1,075 - (1,075) - - 1,075 1,075spaceNet Assets 7,707 - (7,707) - 70,712 7,707 78,419

EquityPhysical asset revaluation surplus 11,732 - - - - - -Impairment (3,480) - - - - - -Physical asset revaluation surplus 8,252 (8,252) - - (31,532) - (31,532)Accumulated funds

Opening balance (2,280) - - - 32,195 - -Profit/(loss) for period 1 January

to 30 December 2016 (563) - - - 677 - -Closing balance (2,844) 2,844 - - 32,872 - 32,872

Contributed capital 2,299 5,408 (7,707) - 6,308 7,707 14,015Total equity 7,707 - (7,707) - 70,712 7,707 78,419


120

Note 25 Remuneration of auditors


Remuneration of auditors2016

$2015

$2016

$2015

$

Remuneration of Victorian Auditor General'sOffice for:Audit of the financial statements 49 46 24 32Total remuneration of Victoria AuditorGeneral's Office 49 46 24 32

Remuneration of other auditorsOther non-audit services - Internal Audit 50 58 50 58

Total remuneration of other auditors 50 58 50 58

Total Remuneration of auditors 99 104 74 90

Note 26 Subsequent events

No matters or circumstances have arisen since the end of the reporting period which significantly affected or maysignificantly affect the operations of the Institute, the results of those operations, or the state of affairs of theInstitute in future financial years.

Note 27 Economic dependency

Department of Education and Training

Funding of Institute activities is dependant substantially on the receipt of funds from Higher Education and SkillsGroup.

Note 28 Institute details

The registered office of the Institute is:

Wodonga Institute of TAFE87 McKoy Street, Wodonga VIC 3690

The principal place of business is:

Wodonga Institute of TAFE87 McKoy Street, Wodonga VIC 3690


121

Summary of reporting requirement

ItemNo.

Source SUMMARY OF REPORTING REQUIREMENT Pagenumber

REPORT OF OPERATIONS

CHARTER AND PURPOSE

1 FRD 22G Manner of establishment and the relevant Minister 3, 125

2 FRD 22G Purpose, functions, powers and duties linked to a summary of activities,programs and achievements

3 - 23

3 FRD 22G Nature and range of services provided including communities served 3 - 9

MANAGEMENT AND STRUCTURE

4 FRD 22G Organisational structure and chart, including responsibilities 42

5 FRD 22G Names of Board members 28 -41115 -116

FINANCIAL AND OTHER INFORMATION

6 FRD 03A Accounting for Dividends N/A

7 FRD 07B Early adoption of authoritative accounting pronouncements 80-81

8 FRD 10A Disclosure Index 122-125

9 FRD 17B Long Service leave and annual leave for employees 78

10 FRD 20A Accounting for State motor vehicle lease arrangements prior to 1 Feb 2004 N/A

11 FRD 22G Operational and budgetary objectives, performance against objectives andachievements

22, 54

12 FRD 22G Occupational health and safety statement including performance indicators,performance against those indicators. Reporting must be on the items listed at(a) to (e) in the FRD

17

13 FRD 22G Workforce data for current and previous reporting period including a statementon employment and conduct principles and that employees have beencorrectly classified in the workforce data collections (see Attachment B fordetails of the Department’s required reporting approach to all workforce datacontained in Annual Reports from 2016 onwards).

17-20

14 FRD 22G Summary of the financial results for the year including previous 4 yearcomparisons

22-23

15 FRD 22G Summary of significant changes in financial position 22-23

16 FRD 22G Key initiatives and projects, including significant changes in key initiatives andprojects from previous years and expectations for the future

6-9

17 FRD 22G Post-balance sheet date events likely to significantly affect subsequentreporting periods

48

18 FRD 22G Summary of application and operation of the Freedom of Information Act 1982 46, 48

19 FRD 22G Discussion and analysis of operating results and financial results 22-23

20 FRD 22G Significant factors affecting performance 22

21 FRD 22G Where a TAFE has a workforce inclusion policy, a measurable target andreport on the progress towards the target should be included

N/A

22 FRD 22G Schedule of any government advertising campaign in excess of $100,000 orgreater (exclusive of GST) include list from (a) – (d) in the FRD

N/A

23 FRD 22G Statement of compliance with building and maintenance provisions of theBuilding Act 1993

46

24 FRD 22G Statement, where applicable, on the implementation and compliance with theNational Competition Policy

46-47

25 FRD 22G Summary of application and operation of the Protected Disclosure Act 2012 49

26 FRD 22G andFRD 24C

Summary of Environmental Performance including a report on office basedenvironmental impacts

16


122

Summary of reporting requirement (continued)

ItemNo.


27 FRD 22G Consultants:

Report of Operations must include a statement disclosing each of thefollowing:

1.Total number of consultancies of $10,000 or more (excluding GST)

2. Location (eg website) of where details of these consultancies over $10,000have been made publicly available

3. Total number of consultancies individually valued at less than $10,000 andthe total expenditure for the reporting period AND for each consultancy morethan $10,000, a schedule is to be published on the TAFE institute websitelisting: Consultant engaged Brief summary of project Total project feesapproved (excluding GST) Expenditure for reporting period (excluding GST)Any future expenditure committed to the consultant for the project

46

28 FRD 22G Statement, to the extent applicable, on the application and operation of theCarers Recognition Act 2012 (Carers Act), and the actions that were takenduring the year to comply with the Carers Act

46

29 FRD 22G List of other information available on request from the Accountable Officer,and which must be retained by the Accountable Officer (refer to list at (a) – (l)in the FRD)

48

30 FRD 22G An entity shall disclose the following in the report of operations:

a) Total entity ICT Business As Usual (BAU) expenditure for the full 12 monthreporting period; and

b) Total entity ICT Non-Business As Usual expenditure for the full 12 monthreporting period; and provide a breakdown for:

(i) Operational expenditure (OPEX); and

(ii) Capital expenditure (CAPEX).

46

31 FRD 25B Victorian Industry Participation Policy Disclosures N/A

32 FRD 26A Accounting for VicFleet motor vehicle lease arrangements on or after 1February 2004

N/A

33 FRD 29A Workforce Data Disclosures on the public service employee workforce. Note:TAFEs must report on a calendar year basis (ie not financial year basis).

17-20

34 SD 3.7.1 The Responsible Body must ensure that the Agency applies the VictorianGovernment Risk Management Framework.

26

35 FRD 22G An entity’s report of operations shall contain general and financial information,including other relevant information, outlining and explaining an entity’soperations and activities for the reporting period.

1-48

36 SD 5.2.1(a) The Accountable Officer must implement and maintain a process to ensurethe Agency’s Annual Report is prepared in accordance with the FMA, theseDirections, the Instructions, applicable Australian Accounting Standards andFinancial Reporting Directions.

58

37 SD 5.2.3 The report of operations must be signed and dated by the Responsible Bodyor a member of the Responsible Body.

58

38 CG 10(clause 27)

Major Commercial Activities 48

39 CG 12(clause 33)

Controlled Entities 59-114


123


ItemNo.


FINANCIAL REPORT

FINANCIAL STATEMENTS REQUIRED UNDER PART 7 OF THE FINANCIAL MANAGEMENT ACT 1984

40 SD 5.2.2(b) The financial statements have been prepared in accordance with applicablerequirements in the FMA, the Directions, the Financial Reporting Directionsand Australian Accounting Standards.

53-58,63

OTHER REQUIREMENTS UNDER STANDING DIRECTION / FINANCIAL MANAGEMENT ACT 1994 (FMA)

41 SD 5.2.2(a)and FMA s 49

An Agency’s financial statements must include a signed and dated declarationby:

• the Accountable Officer;

• subject to Direction 5.2.2(c), the CFO; and

• for Agencies with a statutory board or equivalent governing body establishedby or under statute, a member of the Responsible Body.

58

42 FRD 30C Rounding of amounts 80

43 SD 3.2.1.1(c) The Responsible Body must establish an Audit Committee to: • review annualfinancial statements and make a recommendation to the Responsible Body asto whether to authorise the statements before they are released to Parliamentby the Responsible Minister

28, 58

OTHER REQUIREMENTS AS PER FINANCIAL REPORTING DIRECTIONS IN NOTES TO THE FINANCIALSTATEMENTS

44 FRD 11A Disclosure of ex-gratia payments N/A

45 FRD 21B Disclosures of Responsible Persons, Executive Officer and Other Personnel(Contractors with significant management responsibilities) in the FinancialReport

115-117

46 FRD 102 Inventories 75, 89

47 FRD 103F Non-financial physical assets 75-76,90-96

48 FRD 104 Foreign currency N/A

49 FRD 105A Borrowing costs N/A

50 FRD 106 Impairment of assets 65, 67,70-72

51 FRD 107B Investment properties N/A

52 FRD 109 Intangible assets 77, 96

53 FRD 110 Cash flow statements 63, 100

54 FRD 112D Defined benefit superannuation obligations 70, 102

55 FRD 113A Investment in subsidiaries, jointly controlled entities and associates N/A

56 FRD 114B Financial instruments – general government entities and public non-financialcorporations

103-111

57 FRD 119A Transfers through contributed capital 60, 79,117

58 FRD 120J Accounting and reporting pronouncements applicable to the reporting period 80-83


124


ItemNo.


COMPLIANCE WITH OTHER LEGISLATION, SUBORDINATE INSTRUMENTS AND POLICIES

59 Legislation The TAFE institute Annual Report must contain a statement that it complieswith all relevant legislation, and subordinate instruments, (and which shouldbe listed in the Report) including, but not limited to, the following:

• Education and Training Reform Act 2006 (ETRA)

• TAFE institute constitution

• Directions of the Minister for Training and Skills (or predecessors)

• TAFE institute Commercial Guidelines

• TAFE institute Strategic Planning Guidelines

• Public Administration Act 2004

• Financial Management Act 1994

• Freedom of Information Act 1982

• Building Act 1983

• Protected Disclosure Act 2012

• Victorian Industry Participation Policy Act 2003

46

60 ETRA s3.2.8 Statement about compulsory non-academic fees, subscriptions and chargespayable in 2016

48

61 Policy Statement that the TAFE institute complies with the Victorian Public SectorTravel Principles

48

62 KeyPerformanceIndicators

Institutes to report against:

• KPIs set out in the annual Statement of Corporate Intent; and

• Employment costs as a proportion of training revenue;

• Training revenue per teaching FTE;

• Operating margin percentage;

• Training Revenue diversity.

54

OVERSEAS OPERATIONS OF VICTORIAN TAFE INSTITUTES

63 PAEC andVAGO (June2003 SpecialReview item3.110)

• Financial and other information on initiatives taken or strategies relating tothe institute’s overseas operations

• Nature of strategic and operational risks for overseas operations

• Strategies established to manage such risks of overseas operations

• Performance measures and targets formulated for overseas operations

• The extent to which expected outcomes for overseas operations have

N/A


125

Quality ISO 9001

WODON

GA INSTITU

TE OF TAFE ANN

UAL REPORT 2016

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