ANNUAL FINANCIAL STATEMENTS VOLUME 1
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ISSN 1837-6592 (print) ISSN 1837-6606 (online)
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Copyright notice © (The University of Queensland) 2014
Front cover image: The Advanced Engineering Building at St Lucia campus. © Peter Bennetts
The UniversiTy of QUeensland annUal reporT 2013 1
UQ annUal financial statements
ForewordThe financial statements are general purpose financial reports prepared in accordance with prescribed requirements.
The financial statements comprise the following components:
Income Statements; Statements of Comprehensive Income; Statements of Financial Position; Statements of Changes in Equity; Statements of Cash Flows; Notes to the Financial Statements; Management Certificate; and Independent Audit Report
Within the above components, the financial statements have been aggregated into the following disclosures:
University (as an entity in its own right and to which the remainder of this Annual Report refers) – column headed Parent; and Group (University and controlled entities: refer to note 37 for a listing of these entities) – column headed Consolidated.
Financial StatementsIncome Statements 2Statements of Comprehensive Income 3Statements of Financial Position 4Statements of Changes in Equity 5Statements of Cash Flows 6Notes to the Financial Statements 7
NotesNote 1 Summary of significant accounting policies 7RevenueNote 2 Australian Government financial assistanceincluding HECS‑HELP and FEE‑HELP 14Note 3 State and local government financialassistance 18Note 4 Fees and charges 18Note 5 Investment revenue and income 19Note 6 Royalties, trademarks and licences 19Note 7 Consultancy and contracts 19Note 8 Other revenue and income 20
ExpensesNote 9 Employee related expenses 21Note 10 Depreciation and amortisation 22Note 11 Repairs and maintenance 22Note 12 Finance costs 22Note 13 Impairment of assets 23Note 14 Other expenses 23Note 15 Income tax expense 24Note 16 Remuneration of Auditors 25
AssetsNote 17 Cash and cash equivalents 26Note 18 Receivables 27Note 19 Inventories 28Note 20 Other financial assets 29
Note 21 Other non‑financial assets 29Note 22 Investments accounted for using the equity method 30Note 23 Property, plant and equipment 31Note 24 Intangible assets 35Note 25 Deferred tax assets and liabilities 37
LiabilitiesNote 26 Trade and other payables 38Note 27 Borrowings 38Note 28 Provisions 39Note 29 Current tax liabilities 39Note 30 Other liabilities 40
EquityNote 31 Reserves and retained surplus 41Note 32 Non‑controlling interest 41
Disclosure NotesNote 33 Reconciliation of operating result after income tax to net cash flows from operating activities 42Note 34 Commitments 43Note 35 Related parties 45Note 36 Contingencies 47Note 37 Subsidiaries 49Note 38 Events occurring after the reporting date 50Note 39 Key management personnel disclosures 51Note 40 Financial risk management 56Note 41 Fair value measurement 61Note 42 Acquittal of Australian Government Financial Assistance 64
CertificatesManagement Certificate 72Independent Audit Report 73
annual financial statements
2 The UniversiTy of QUeensland annUal reporT 2013
The University of Queensland
Income Statement For the Year Ended 31 December 2013
1
Consolidated Parent
Notes
2013 $'000
2012 $'000
2013
$'000
2012
$'000
Revenue from continuing operations
Australian Government financial assistance
Australian Government grants 2 697,940 678,753 697,028 678,011
HELP - Australian Government payment 2(b) 196,594 157,838 196,594 157,838
State and local government financial assistance 3 51,052 61,658 51,052 61,319
Fees and charges 4 329,951 321,208 322,013 313,989
HECS-HELP - Student payments 39,083 33,425 39,083 33,425
Consultancy and contracts 7 77,895 90,095 46,900 62,445
Investment revenue 5(a) 13,801 26,140 13,346 32,275
Royalties, trademarks and licences 6 28,537 21,384 10,489 7,869
Other revenue 8(a) 329,289 208,709 314,043 195,076
Total revenue from continuing operations 1,764,142 1,599,210 1,690,548 1,542,247 Share of profit/(loss) on investments accounted for using the equity method 22 (45,905) 16,419 - -
Other investment income 5(b) 12,163 14,584 (22,036) 31,349
Other income 8(b) 4,067 9,121 3,059 9,093
Total income from continuing operations 1,734,467 1,639,334 1,671,571 1,582,689
Employee related expenses 9 900,898 877,022 871,462 843,169
Depreciation and amortisation 10 111,499 109,942 110,422 108,744
Repairs and maintenance 11 50,188 70,090 49,843 69,811
Finance costs 12 12,911 12,682 12,875 12,628
Impairment of assets 13 2,770 1,112 6,986 4,154
Loss on disposal of assets 4,192 6,358 4,043 6,243
Other expenses 14 539,586 511,758 497,711 474,559
Total expenses from continuing operations 1,622,044 1,588,964 1,553,342 1,519,308
Operating result before income tax 112,423 50,370 118,229 63,381 Income tax (expense)/benefit 15(a) (2,372) 7,811 - -
Operating result after income tax for the period 110,051 58,181 118,229 63,381 Operating result attributable to non-controlling interest (3,190) (1,661) - -
Operating result attributable to members of The University of Queensland 113,241 59,842 118,229 63,381
The accompanying notes form part of these financial statements.
INCOME STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The UniversiTy of QUeensland annUal reporT 2013 3
UQ annUal financial statementsThe University of Queensland
Statement of Comprehensive Income For the Year Ended 31 December 2013
2
Consolidated Parent
2013 $'000
2012 $'000
2013
$'000
2012
$'000
Operating result after income tax for the period 110,051 58,181 118,229 63,381
Gain/(loss) on revaluation of land and buildings, net of tax 25,149 12,320 25,149 12,319
Total comprehensive income 135,200 70,501 143,378 75,700
Total comprehensive income attributable to:
Members of the parent entity 138,390 72,162 143,378 75,700
Non-controlling interest (3,190) (1,661) - -
Total comprehensive income 135,200 70,501 143,378 75,700
The accompanying notes form part of these financial statements.
STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2013
4 The UniversiTy of QUeensland annUal reporT 2013
The University of Queensland
Statements of Financial Position 31 December 2013
The accompanying notes form part of these financial statements. 3
Consolidated Parent
Notes
2013 $'000
2012 $'000
2013
$'000
2012
$'000
ASSETS
Current Assets Cash and cash equivalents 17 36,532 299,101 20,247 277,236
Trade and other receivables 18 90,508 86,486 75,760 75,080
Inventories 19 4,339 5,294 4,040 4,823
Other financial assets 20 185,487 200 185,487 200
Non-current assets held for sale - 923 - 923
Other assets 21 8,704 8,992 8,349 8,596
Total current assets 325,570 400,996 293,883 366,858
Non-current assets Trade and other receivables 18 521 778 1,358 5,975
Investments accounted for using the equity method 22 32,983 78,793 - -
Property, plant and equipment 23 2,900,866 2,668,593 2,898,216 2,665,115
Deferred tax assets 25 - 2,362 - -
Intangible assets 24 6,453 8,618 6,167 8,100
Other financial assets 20 135,751 116,581 177,115 194,915
Total non-current assets 3,076,574 2,875,725 3,082,856 2,874,105
Total assets 3,402,144 3,276,721 3,376,739 3,240,963
LIABILITIES
Current liabilities Trade and other payables 26 74,148 79,233 51,196 56,375
Borrowings 27 89 3,835 - 3,501
Provisions 28 147,234 144,570 144,882 140,985
Current tax liabilities 29 4 (35) - -
Other liabilities 30 47,935 59,295 48,590 59,625
Total current liabilities 269,410 286,898 244,668 260,486
Non-current liabilities Borrowings 27 115,698 113,200 115,643 113,056
Provisions 28 28,102 27,185 27,486 26,367
Other liabilities 30 40,728 36,794 40,515 36,005
Total non-current liabilities 184,528 177,179 183,644 175,428
Total liabilities 453,938 464,077 428,312 435,914
Net assets 2,948,206 2,812,644 2,948,427 2,805,049
EQUITY Reserves 31(b) 1,676,819 1,651,670 1,676,619 1,651,470
Retained earnings 31(c) 1,269,765 1,156,524 1,271,808 1,153,579
Parent interest 2,946,584 2,808,194 2,948,427 2,805,049 Non-controlling interest 32 1,622 4,450 - -
Total equity 2,948,206 2,812,644 2,948,427 2,805,049
STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2013
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UQ annUal financial statementsThe University of Queensland
Statements of Changes in Equity For the Year Ended 31 December 2013
4
Parent
Retained Earnings
$'000 Reserves
$'000 Total $'000
Balance at 1 January 2012 1,090,198 1,639,151 2,729,349
Operating result for the period 63,381 - 63,381
Net gains on revaluation of property, plant and equipment - 12,319 12,319
Total comprehensive income 63,381 12,319 75,700
Balance at 31 December 2012 1,153,579 1,651,470 2,805,049
Operating result for the period 118,229 - 118,229 Net gains on revaluation of property, plant and equipment - 25,149 25,149
Total comprehensive income 118,229 25,149 143,378
Balance at 31 December 2013 1,271,808 1,676,619 2,948,427
Consolidated
Retained Earnings
$'000 Reserves
$'000
Non-controlling Interest
$'000 Total $'000
Balance at 1 January 2012 1,096,682 1,639,350 4,836 2,740,868
Operating result for the period 59,842 - (1,661) 58,181
Net gains on revaluation of property, plant and equipment - 12,320 - 12,320
Total comprehensive income 59,842 12,320 (1,661) 70,501 Contributions of equity - - 1,275 1,275
Balance at 31 December 2012 1,156,524 1,651,670 4,450 2,812,644
Operating result for the period 113,241 - (3,190) 110,051 Net gains on revaluation of property, plant and equipment - 25,149 - 25,149
Total comprehensive income 113,241 25,149 (3,190) 135,200 Contributions of equity - - 362 362
Sub-total 1,269,765 1,676,819 1,622 2,948,206
Balance at 31 December 2013 1,269,765 1,676,819 1,622 2,948,206
The accompanying notes form part of these financial statements.
STATEMENTS OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2013
6 The UniversiTy of QUeensland annUal reporT 2013
The University of Queensland
Statement of Cash Flows For the Year Ended 31 December 2013
5
Consolidated Parent
Notes
2013 $'000
2012 $'000
2013
$'000
2012
$'000
CASH FLOWS FROM OPERATING ACTIVITIES:
Australian Government grants 892,498 835,224 891,586 834,870
OS-HELP (net) 2(h) 1 (82) 1 (82)
State and local government grants 51,014 61,658 51,014 61,319
HECS-HELP - Student payments 39,083 33,425 39,083 33,425
Receipts from student fees and other customers 724,694 753,446 625,020 661,591
Dividends and distributions received 1,471 11,155 1,471 20,145
Interest received 12,285 23,822 11,833 20,818
Payments to suppliers and employees (1,564,717) (1,556,697) (1,458,498) (1,455,039)
Interest expense (9) - - -
Income taxes (paid) / refunded 29 10,841 - -
Net cash provided by / (used in) operating activities 33 156,349 172,792 161,510 177,047
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of property, plant and equipment and intangibles
1,339 1,037 1,308 981
Payments for property, plant and equipment (218,597) (235,936) (218,076) (234,887)
Proceeds from sale of other financial assets 282 3,965 255 149
Payments for other financial assets (6,283) (2,110) (5,826) (1,976)
Loans from/(to) controlled entities - - (1,030) (1,237)
Loans from/(to) external entities - (368) - -
Net (increase) / decrease in term deposits (185,287) 11,300 (185,287) 9,800
Proceeds from loss of controlled entities net of their cash
(797) - - -
Net cash provided by / (used in) investing activities (409,343) (222,112) (408,656) (227,170)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issue of shares 363 1,275 - -
Proceeds from borrowings from external entity 10,866 12,896 10,866 12,896
Finance lease payments (11,966) (14,578) (11,804) (14,384)
Repayment of borrowings to an external party (1,000) 171 (1,000) -
Receipt/payment of monies held on behalf of third parties
(8,052) (31,776) (8,052) (31,776)
Net cash provided by / (used in) financing activities (9,789) (32,012) (9,990) (33,264)
Net increase (decrease) in cash and cash equivalents held (262,783) (81,332) (257,136) (83,387)
Cash and cash equivalents at beginning of year 299,101 380,406 277,237 360,617
Effects of exchange rate changes on cash and cash equivalents
214 27 146 6
Cash and cash equivalents at end of financial year 17 36,532 299,101 20,247 277,236
The accompanying notes form part of these financial statements.
STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2013
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UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
1 Summary of significant accounting policies
(a) Basis of preparationThese financial statements are a general purpose financial statement and have been prepared in accordance with the Australian Accounting Standards and the Financial and Performance Management Standard, issued under Section 57 of the Financial Accountability Act 2009, Australian Accounting Standards and the Financial Statement Guidelines for Australian Higher Education Providers for the 2013 reporting period issued by the Department of Industry, Innovation, Science, Research and Tertiary Education (DIISRTE).
Additionally the statements have been prepared in accordance with the Higher Education Support Act 2003.
date of authorisation for issueThe financial statements were authorised for issue by the members of The University of Queensland on 27 February 2014.
The University of Queensland is a not for profit entity and these statements have been prepared on that basis. Some of the requirements for not for profit entities are inconsistent with AIFRS requirements.
historical cost convention The financial report has been prepared under the historical cost convention, except for available for sale financial investments, financial assets at fair value through profit and loss and certain classes of property, plant and equipment, which have been measured at fair value.
roundingAmounts in the financial report have been rounded off to the nearest thousand dollars, or in certain cases, the nearest dollar.
accrual basis of accountingThe financial statements, except for cash flow information, have been prepared using the accrual basis of accounting.
Critical accounting estimatesThe preparation of financial statements in conformity with Australian Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the University’s accounting policies.
The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed below:
Fair value of financial assets and liabilitiesThe fair value of financial assets and financial liabilities must be estimated for recognition, measurement and disclosure purposes. Further information is contained in Note 1(k).
Fair value of property, plant and equipmentLand, buildings, infrastructure, land improvements and heritage and cultural assets, including the museum collections, are measured at fair value less any accumulated depreciation and accumulated impairment losses.
All such assets are valued by an external valuer on a cyclical basis, or earlier if there is material movement. Further information is contained in Note 1(l).
Impairment of assetsAll non current physical and intangible assets are assessed for impairment on an annual basis. Further information is contained in note 1(g).
(b) Basis of consolidationThe consolidated financial statements comprise the financial statements of The University of Queensland and its subsidiaries as at 31 December each year (‘the Group’).
Subsidiaries are all those entities (including special purpose entities) over which the Group has the power to govern the financial and operating policies, generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date control ceases.
The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group.
Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
Non controlling interests in the results and equity of subsidiaries are shown separately in the consolidated Statements of Comprehensive Income, Statements of Financial Position and Statements of Changes in Equity.
(c) Foreign currency transactions and balancesFunctional and presentation currencyItems included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated
financial statements are presented in Australian dollars, which is The University of Queensland’s functional and presentation currency.
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year‑end of monetary assets and liabilities denominated in foreign currencies are recognised in the Income Statement.
(d) RevenueRevenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised:
(i) Student fees Student fees are recognised following
the census date for each session net any fee waivers or discounts.
(ii) Sale of goods Revenue is recognised when the
significant risks and rewards of ownership of the goods have passed to the buyer and can be measured reliably. Risks and rewards are considered to have passed to the buyer at the time of delivery of the goods to the customer.
(iii) Rendering of services Revenue from rendering a service is
recognised only when the entity has a right to be compensated, it is probable that compensation will be received, and the amount of revenue and the stage of completion of a transaction can be reliably measured.
(iv) Interest and royalties Interest revenue is recognised on an
accrual basis taking into account the interest rates applicable to the financial assets.
Fees and royalties paid for the use of the University’s assets are recognised on an accrual basis in accordance with the substance of the relevant agreement.
(v) Contributions Grants, contributions, donations and
gifts that are non‑reciprocal in nature are recognised as revenue in the year in which the group obtains control over them. Where grants are received that are reciprocal in nature, revenue is accrued over the term of the funding arrangements.
Contributed assets are recognised at their fair value. Contributions of services are recognised only when a fair value can be determined reliably and the services would be purchased if they had not been donated.
8 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
(e) Income taxThe University is exempt from paying income tax in Australia.
With the exception of the UQ Investment Trust, the University of Queensland Foundation Trust, UQ College Ltd, UQ Health Care Ltd, UQ Sport Ltd, SARV Pty Ltd, IMBcom Asset Trust, UniQuest Pty Ltd, Symbiosis Pty Ltd, and UQ Holdings Pty Ltd, all of the controlled entities of the University are taxable entities with the charge for income tax expense based on profit for the year adjusted for any non‑assessable or disallowed items. Where income tax is incurred, it is expensed and provided for in the financial period in which the tax is incurred.
Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities based on the current period’s taxable income.
The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date.
Deferred income tax is provided on all temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary differences except:
• when the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting profit nor the taxable profit or loss; or
• when the taxable temporary difference is associated with investments in subsidiaries, associates or interests in joint ventures, and the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred income tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax losses can be utilised except:
• when the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor the taxable profit or loss; or
• when the deductible temporary difference is associated with investments in subsidiaries, associates or interests in joint ventures, in which case a deferred tax asset is only recognised to the extent that is probable that the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilised.
Unrecognised deferred income tax assets are reassessed each reporting period and are recognised to the extent that it has become probable that the future taxable profit will allow the deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on the tax rates (and tax laws) that have been enacted or substantively enacted at the end of the reporting period.
Income tax relating to items recognised directly in equity are recognised in equity and not in profit or loss.
Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to offset the current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to the same taxable entity and the same taxation authority.
(f) Other taxesRevenues, expenses and assets are recognised net of the amount of Goods and Services Tax (GST), except where the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable. Receivables and payables are stated with the amount of GST included.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the Statements of Financial Position.
Cash flows are included in the Statements of Cash Flows on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority is classified as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority.
(g) Impairment of assetsAll non‑current physical and intangible assets are assessed for indicators of impairment on an annual basis. If an
indicator of possible impairment exists, the asset’s recoverable amount is determined. Any amount by which the asset’s carrying amount exceeds the recoverable amount is recorded as an impairment loss.
The asset’s recoverable amount is determined to comply with revised AASB 136 Impairment of Assets guidance and AASB 13 Fair Value Measurement.
An impairment loss is recognised immediately in the Income Statements, unless the asset is carried at a revalued amount. When the asset is measured at a revalued amount, the impairment loss is offset against the asset revaluation reserve of the relevant class to the extent available.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income, unless the asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows which are largely independent of the cash flows from other assets or groups of assets (cash generating units).
(h) Cash and cash equivalentsCash and short term deposits in the Statements of Financial Position comprise cash at bank and on hand and short term deposits with an original maturity of 90 days or less.
For the purposes of the Statements of Cash Flows, cash includes cash on hand, at call deposits with banks or financial institutions and investments in money market instruments maturing within less than 90 days and net of bank overdrafts.
(i) Trade receivablesTrade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. Trade receivables are due for settlement no more than 30 days from the date of recognition.
Collectability of trade receivables is reviewed on an ongoing basis. All bad debts are written off in the year in which they are recognised and are charged against the operating result. A provision for impairment is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of receivables. Significant financial difficulties
The UniversiTy of QUeensland annUal reporT 2013 9
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
of the debtor, probability that the debtor will enter bankruptcy and default or delinquency in payments are considered indicators that the trade receivable is impaired. The balances of these allowances are set out in Note 18(a).
(j) InventoriesInventories are stated at the lower of cost and current replacement cost using the first in first out or weighted average cost formula. Direct costs and an appropriate proportion of variable and fixed overhead expenses are included, where applicable. Those stores held by the University are essentially for internal use. Livestock is held for teaching and research purposes and is carried at market value.
(k) Financial instrumentsfinancial assets Financial assets are initially recognised at their fair value. Transaction costs directly attributable to the acquisition or issue are included unless the financial asset is held at fair value through profit or loss.
Subsequent to initial recognition, the University classifies its financial assets into the following categories: (i) financial assets at fair value through profit or loss, (ii) loans and receivables, (iii) held‑to‑maturity investments and (iv) available‑for‑sale financial assets.
Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place are recognised on the trade date, i.e., the date that the Group commits to purchase or sell the asset.
(i) Financial assets at fair value through profit or loss
Financial assets are classified in this category if they are (1) held for trading or (2) designated as such by the University. They are measured at their fair value with any gain or loss arising from a change in fair value recognised in profit or loss. Those financial assets held for trading include investments in commercialisation entities held by UniQuest Pty Ltd and the UniQuest Asset Trust.
(ii) Loans and receivables Loans and receivables are non‑
derivative financial assets with fixed or determinable payments that are not quoted in an active market. They have been classed as non‑current where they are not expected to be recovered or settled within twelve months following year end. They are measured at amortised cost using the effective interest method.
(iii) Held-to-maturity investments Held‑to‑maturity investments are
non‑derivative financial assets with
fixed or determinable payments and fixed maturities which the Group has a positive intention to hold to maturity. They are measured at amortised cost using the effective interest method.
(iv) Available-for-sale financial assets Available‑for‑sale financial assets are
those non‑derivative financial assets not included in the above categories. They are measured at their fair value with any gain or loss arising from a change in fair value recognised directly in equity. Where the fair value cannot be measured reliably, the asset is measured at cost.
Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.
When securities classified as available‑for‑sale are sold, the accumulated fair value adjustments recognised in the Statements of Other Comprehensive Income are included in the Income Statements as gains and losses from investment securities.
fair valueThe fair value of investments traded in an active market is based on the quoted market prices at balance date. The fair value of investments that are not traded in an active market is estimated using valuation techniques consistent with accepted market practice. These include reference to the fair values of recent arm’s length transactions, involving the same instruments or other instruments that are substantially the same and discounted cash flow analysis.
investment in subsidiariesSubsidiaries are those entities controlled by the University. Control exists when the University has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
Investments in subsidiaries are recorded at cost in the University’s parent financial statements.
investment in associatesAssociates are those entities which the University has significant influence, but not control, over the financial and operating policies.
Investments in associated entities are accounted for using the equity method of accounting in the University’s Consolidated Financial Statements and are recorded at fair value in the University’s parent financial statements. Under the equity method, the share of profits or losses of the entity is recognised in the Income Statements, and the share of movements in reserves is recognised in the Statements of Comprehensive Income and the
Statements of Changes in Equity.
Investments in associated entities which are commercialisation entities are recorded at fair value through profit or loss or as available‑for‑sale financial assets in both the University’s parent and consolidated financial statements on the basis that this provides more relevant information than if valued using the equity method of accounting.
impairmentThe carrying value of all financial assets is assessed at balance date to determine if there is any objective evidence that a financial asset or group of financial assets is impaired. If any such evidence exists, an impairment loss is recognised in the Income Statements.
In the case of equity securities classified as available‑for‑sale, a significant or prolonged decline in the fair value of a security below its cost is considered in determining whether the security is impaired. If any such evidence exists for available‑for‑sale financial assets, the cumulative loss measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit and loss is removed from the Statements of Other Comprehensive Income and recognised in the Income Statements. Impairment losses recognised in the Income Statements on equity instruments are not reversed through the Income Statements.
derecognition of financial instrumentsFinancial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or when the financial assets are transferred to a third party.
financial liabilitiesFinancial liabilities are initially recognised at their fair value. Transaction costs directly attributable to the acquisition are included unless the financial liability is held at fair value through profit or loss in which case they are expensed.
Subsequent to initial recognition, they are measured at amortised cost using the effective interest method.
(l) Property, plant and equipmentacquisition of assetsCost of acquisition is used for initial recognition of all non‑current physical assets. Assets acquired at no cost or for nominal consideration are recognised at their fair value at the date of acquisition.
Items that fall below the relevant asset recognition threshold are expensed in the year of acquisition.
The cost of property, plant and equipment includes the purchase or construction cost plus any costs or fees incidental to the purchase or construction of the asset.
10 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
land, land improvements and buildingsLand and buildings are shown at fair value, based on periodic, but at least triennial, valuations by external independent valuers, less subsequent depreciation for buildings. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.
Land was independently valued in 2013, as at 31 December 2013, by Colliers International at current market value using an appropriate index. In respect of land the asset recognition threshold is $1.
Land improvements assets were independently valued in 2013, as at 31 December 2013, by Colliers International at current market value, using an appropriate index, where a depth in market can be identified or at replacement cost where no depth in market can be established. In respect of land improvements the asset recognition threshold is $10,000.
Not all land improvement assets were sighted by the valuers. Examples of assets which could not be sighted include underground cables and pipes. The valuers have therefore relied on areas and quantities provided by the University in determining fair value.
Buildings were independently valued in 2013, as at 31 December 2013, by Colliers International at current market value, using an appropriate index, where a depth in market can be identified or at replacement cost where no depth in market can be established. The asset recognition threshold is $10,000.
In determining building areas, the valuers have relied on site plans provided by the University. Basic on site measurements were only undertaken by the valuers where site plans were not available. These site plans are the same as those used in previous valuations.
Work in progressWork in progress is shown at cost. Contracts signed for the purpose of building projects that have not been completed at 31 December 2013 have been disclosed as capital expenditure commitments (refer Note 34). The asset recognition threshold is applied on the basis relating to assets that have the same functionality.
leasehold improvementsLeasehold improvements are subsequently carried at cost less any accumulated depreciation and impairment losses. The asset recognition threshold is $10,000.
leased assetsAASB 117 Leases requires that assets acquired under finance leases be recognised initially at an amount equal to
the fair value of the leased property or, if lower, the present value of the minimum lease payments, using the interest rate implicit in the original lease contract as the discount factor. A corresponding liability for the lease payments must also be recorded.
Assets acquired under a finance leases are subject to the same revaluation requirements as assets that are owned or otherwise controlled by the University.
In line with AASB 117 Leases, assets subject to operating leases are not recognised by the University in the Statements of Financial Position.
plant & equipmentMotor vehicles, computing equipment and other plant and equipment are carried at cost less accumulated depreciation and impairment losses. The asset recognition threshold is $5,000.
heritage & cultural assetsHeritage and cultural assets are measured at fair value less accumulated depreciation and impairment losses recognised at the date of revaluation.
• library collections Heritage collection The University’s collection of rare
materials and manuscripts is considered to be a heritage collection. Management considers that the collection does not lose value over time. The University’s heritage collection was independently valued in 2009. The asset recognition threshold for rare materials and manuscripts is $1. Rare materials and manuscripts are recognised as assets upon initial recognition.
Reference collection The University’s reference collection
includes both general and specialised publications. The collection is recorded at average replacement cost, based on the average cost of purchases over a five‑year rolling period. The asset recognition threshold is $1. The University’s reference collections are recognised as assets upon initial recognition.
Common use collection The common use collection is
comprised of a large number of low value items which are used in the day‑to‑day operations of the library. This collection is expensed in the year of purchase. The insured value of the expensed common use collection is $166.666 million.
• Museums & other collections (including works of art)
The University Anthropology, Antiquities and Art Museum collections were independently valued at fair value on a cyclical basis at 31 December between 2009 and 2011. The asset recognition
threshold is $1. The University’s Anthropology, Antiquities and Art Museum collections are recognised as assets upon initial recognition.
infrastructure assets Infrastructure is measured at fair value less accumulated depreciation and impairment losses recognised at the date of revaluation.
Infrastructure assets were independently valued in 2013, as at 31 December 2013, by Colliers International at current market value, using an appropriate index, where a depth in market can be identified or at replacement cost where no depth in market can be established. In respect of infrastructure the asset recognition threshold is $10,000.
revaluations of property, plant and equipmentNon‑current physical assets measured at fair value are comprehensively revalued at least once every three years by appraisals undertaken by an independent professional valuer. In the interim, valuations using appropriate indices are performed annually, where practicable, where the change would be material to that class of asset.
Indices used in the revaluation process are determined by the appointed valuer for relevance and suitability to ensure valid estimations of the asset’s fair value at reporting date.
On revaluation, accumulated depreciation is restated proportionately with the change in the gross carrying amount of the asset so that the carrying amount of the asset after revaluation equals its revalued amount.
Any revaluation surplus is credited to a revaluation reserve included in the Statements of Other Comprehensive Income unless it reverses a revaluation decrease of the same class of asset previously recognised in the Income Statements.
Any revaluation deficit is recognised in the Income Statements unless it directly offsets a previous surplus from the same class of asset in the revaluation reserve.
derecognition of property, plant and equipmentAn item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are included in the Income Statements.
Maintenance / Capital expenditureRepairs and maintenance represent work performed to keep an asset in an operating condition and to ensure that the service originally expected of the asset is obtained. Repairs and maintenance is expensed in the year it is incurred.
The UniversiTy of QUeensland annUal reporT 2013 11
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
depreciationBuildings, plant and equipment, infrastructure assets, land improvements and library reference collection are depreciated over their estimated economic useful lives using either the straight line or diminishing value method. Leasehold improvements and leased assets are depreciated over the unexpired period of the lease; however, where the University is expected to retain the asset at the end of the lease period, the asset will be depreciated over its expected useful life. All other items of property, plant and equipment including land, work in progress, library heritage collection and museums and other collections are not depreciated.
The depreciation rates used are:
Buildings 1%–7% straight line
Plant and equipment
10%–20% straight line
Infrastructure assets
1%–5% straight line
Land improvements
1%–10% straight line
Library reference collection (part of the heritage and cultural assets)
15% diminishing value
Assets’ useful lives are reviewed and adjusted if appropriate at each financial year end.
(m) Intangible assetsCost of acquisition is used for initial recognition of all intangible asset acquisitions. The cost of an intangible asset comprises its purchase price (including import duties and non‑refundable purchase taxes, after deducting trade discounts and rebates) and any directly attributable costs of preparing the asset for its intended use.
Assets acquired at no cost or for nominal consideration are recognised at their fair value at the date of acquisition.
The asset recognition threshold is $100,000. Items that fall below the relevant threshold are expensed in the year of acquisition.
Systems development expenditure during the research phase is recognised in the Income Statements as an expense when it is incurred.
Systems development expenditure is capitalised only when technical feasibility studies identify that the project will deliver future economic benefits and these benefits can be measured reliably.
Intangible assets are measured at fair value when there is an active market, otherwise they are measured at cost less any
accumulated amortisation and impairment losses.
Capitalised systems development expenditure is stated at cost less any accumulated amortisation and impairment losses. Amortisation is calculated using the straight line method to allocate the cost of acquisition over the period of the expected benefit which in the case of system development costs is eight years.
Intellectual property is made up of theses, which are recorded at cost of reproducing the document from an electronic source less accumulated amortisation and impairment losses. Amortisation is calculated using the diminishing value method with a rate of 15%.
Patents, trademarks and licenses are stated at cost less any accumulated amortisation and impairment losses. Amortisation is calculated using the straight line method to allocate the cost of acquisition over the period of their expected benefit.
(n) Trade payablesTrade creditors are recognised on receipt of the goods or services ordered and are measured at the agreed purchase/contract price, gross of applicable trade and other discounts. Amounts owing are unsecured and are generally settled on 30‑day terms.
(o) BorrowingsBorrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in the Income Statements over the period of the borrowings using the effective interest method.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.
financing costsFinancing costs directly attributable to the acquisition, construction or production of assets that necessarily take a substantial period of time to prepare for their intended use or sale are added to the cost of those assets until such time as the assets are substantially ready for their intended use or sale. All other financing costs are recognised as an expense when incurred.
(p) ProvisionsProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the
amount of the obligation.
(q) Employee benefits(i) Wages and salaries and sick leave Liabilities for wages and salaries,
including non‑monetary benefits, are recognised in other payables in respect of employees’ services up to the reporting date and are measured at the amounts expected to be paid when the liabilities are settled. Liabilities for non‑accumulating sick leave are recognised when the leave is taken and measured at the rates paid or payable. Regardless of the expected timing of settlements, provisions made in respect of employee benefits are classified as a current liability, unless there is an unconditional right to defer the settlement of the liability for at least 12 months after the reporting date, in which case it would be classified as a non‑current liability.
(ii) Long service leave and annual leave The liability for other long‑term
employee benefits such as annual leave and long service leave is recognised in the provision for employee benefits and measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels and projected staff turnover rates based on age of staff. Expected future payments are discounted using the market yields at the reporting date on national government bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. Provisions made are classified as a current liability for those employees who have reached the service period that allows them to take leave in service (i.e. they are unconditionally qualified) and for employees within one year of the unconditionally qualified service period.
(iii) Termination benefits Termination benefits are payable
when employment is terminated before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after balance date are discounted to present value.
12 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
(r) SuperannuationThe UniSuper Defined Benefit Division (DBD) is a multi employer defined benefit plan under superannuation law but, as a result of amendments to Clause 34 of UniSuper, a defined contribution plan under AASB 119 Employee Benefits.
Clause 34 of the UniSuper Trust Deed outlines the action UniSuper will take if actuarial investigations determine there are insufficient funds to provide benefits payable under the UniSuper Trust Deed. If there are insufficient funds, the Trustees must reduce the benefits payable under Division A and Division B on a fair and equitable basis. There is no requirement for employers and members to be asked to “top up” their contributions in the event of a prolonged shortfall in the Defined Benefit Division.
(s) Interests in Cooperative Research CentresThe Group has an interest in a number of Cooperative Research Centres (CRC). These Centres have varying corporate structures including unincorporated joint ventures, public companies and private companies.
Contributions to CRCs are expensed when incurred and are included in the Income Statements. In the event that the research activities of a CRC move into a commercialisation phase, a separate legal entity will most likely be established and the University’s share of the newly formed entity will be treated as an asset.
(t) New Accounting Standards and InterpretationsThe following Accounting Standards and Interpretations have been issued but are not yet effective for the 31 December 2013 reporting period.
aasB 9 financial instruments AASB 9 includes revised requirements for the classification and measurement of financial instruments, as well as recognition and derecognition requirements for financial instruments. The main changes are described below:
(a) Financial assets that are debt instruments will be classified based on (1) the objective of the entity’s business model for managing the financial assets; (2) the characteristics of the contractual cash flows.
(b) Allows an irrevocable election on initial recognition to present gains and losses on investments in equity instruments that are not held for trading in Other Comprehensive Income. Dividends in respect of these investments that are a return on investment can be recognised in the Income Statements or loss and
there is no impairment or recycling on disposal of the instrument.
(c) Financial assets can be designated and measured at fair value through profit or loss at initial recognition if doing so eliminates or significantly reduces a measurement or recognition inconsistency that would arise from measuring assets or liabilities, or recognising the gains and losses on them, on different bases.
(d) Where the fair value option is used for financial liabilities the change in fair value is to be accounted for as follows:
• The change attributable to changes in credit risk are presented in Other Comprehensive Income (OCI)
• The remaining change is presented in the Income Statements.
If this approach creates or enlarges an accounting mismatch in the Income Statements, the effect of the changes in credit risk are also presented in profit or loss.
The Group has not yet been able to reasonably estimate the impact of these pronouncements on the financial statements. The Group does not expect to implement the amendments prior to the adoption date of 1 January 2014.
aasB 10 Consolidated financial statementsAASB 10 establishes a new control model that applies to all entities. It replaces parts of AASB 127 Consolidated and Separate Financial Statements dealing with the accounting for consolidated financial statements and UIG‑112 Consolidation – Special Purpose Entities. The new control model broadens the situations when an entity is considered to be controlled by another entity and includes new guidance for applying the model to specific situations, including when acting as a manager may give control, the impact of potential voting rights and when holding less than a majority voting rights may give control. The Group will adopt the Standard on 1 January 2014. This Standard is not expected to significantly affect the Group.
aasB 12 disclosure of interests in other entitiesAASB 12 includes all disclosures relating to an entity’s interests in subsidiaries, joint arrangements, associates and structures entities. New disclosures have been introduced about the judgments made by management to determine whether control exists, and to require summarised information about joint arrangements, associates and structured entities and subsidiaries with non controlling interests. The Group will adopt the Standard on 1 January 2014. This Standard will affect disclosures only and is not expected to significantly impact the Group.
aasB 1055 Budgetary reportingAASB 1055 specifies budgetary disclosure requirements for the whole of government, General Government Sector (GGS) and not for profit entities within the GGS of each government.
AASB 2013‑1 removes the requirements relating to the disclosure of budgetary information from AASB 1049 (without substantive amendment). All budgetary reporting requirements applicable to public sector entities are now located in AASB 1055. The Group will adopt the Standard on 1 January 2014.
The Group and the Parent entity have not applied any Australian Accounting Standards and Interpretations that have been issued but are not yet effective, instead they will be applied in accordance with their respective commencement dates.
Initial adoption of other standards / interpretations issued but not yet effective are not expected to have a material impact on the financial statements.
(u) Fair value estimationThe fair value of assets and liabilities must be measured for recognition and disclosure purposes.
The Group classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value 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 value measurement is directly or indirectly observable.
− Level 3 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
Fair value measurement of non‑financial assets is based on the highest and best use of the asset. The Group considers market participants use of, or purchase price of the asset, to use it in a manner that would be highest and best use.
The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values due to their short‑term nature. The fair value of financial liabilities for disclosure purposes is estimated by discounting the
The UniversiTy of QUeensland annUal reporT 2013 13
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments.
(v) Financial guarantee contractsFinancial guarantee contracts are recognised as a financial liability at the time the guarantee is issued. The liability is initially measured at fair value and subsequently at the higher of the amount determined in accordance with AASB 137 Provisions, Contingent Liabilities and Contingent Assets and the amount initially recognised less cumulative amortisation, where appropriate.
Where guarantees in relation to loans or other payables of subsidiaries or associates are provided for no compensation, the fair values are accounted for as contributions and recognised as part of the cost of the investment.
14 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
21
2 Australian Government financial assistance
(a) Commonwealth Grants Scheme and Other Grants
Consolidated Parent
Note
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Commonwealth Grant Scheme 298,314 286,185 298,314 286,185
Indigenous Support Program 1,119 884 1,119 884
Partnership & Participation Program 4,263 4,334 4,263 4,334
Disability Support Program 65 82 65 82
Reward funding 713 685 713 685
Transitional Cost Program - (700) - (700)
Promotion of Excellence in Teaching and Learning 611 1,077 611 1,077
Total Commonwealth Grants Scheme and Other Grants 42(a) 305,085 292,547 305,085 292,547
(b) Higher Education Loan Programmes (HELP)
Consolidated Parent
Note
2013 $'000
2012 $'000
2013 $'000
2012 $'000
HECS - HELP 168,531 134,194 168,531 134,194
FEE - HELP 23,480 19,800 23,480 19,800
SA-HELP payments 4,583 3,844 4,583 3,844
Total Higher Education Loan Programmes 42(b) 196,594 157,838 196,594 157,838
(c) Scholarships
Consolidated Parent
Note
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Australian Postgraduate Awards 22,850 20,861 22,850 20,861
International Postgraduate Research Scholarships 1,925 1,848 1,925 1,848
Commonwealth Education Cost Scholarship (495) 217 (495) 217
Commonwealth Accommodation Scholarships (371) 282 (371) 282
Indigenous Access scholarships (133) 293 (133) 293
Total Scholarships 42(c) 23,776 23,501 23,776 23,501
The UniversiTy of QUeensland annUal reporT 2013 15
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
2 Australian Government financial assistance continued
22
(d) EDUCATION Research
Consolidated Parent
Note
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Joint Research Engagement Program 28,184 30,522 28,184 30,522
Research Training Scheme 60,060 57,698 60,060 57,698
Research Infrastructure Block Grants 24,951 24,938 24,951 24,938
Sustainable Research Excellence in Universities 19,785 17,767 19,785 17,767
Total EDUCATION Research 42(d) 132,980 130,925 132,980 130,925
(e) Other Capital Funding
Consolidated Parent
Note
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Education Investment Fund 26,500 31,761 26,500 31,761
Total Other Capital Funding 42(e) 26,500 31,761 26,500 31,761
(f) Australian Research Council (ARC)
Consolidated Parent
Note
2013 $'000
2012 $'000
2013 $'000
2012 $'000
(i) Discovery
Projects 34,863 34,734 34,863 34,734
Fellowships 20,658 21,962 20,658 21,962
Early Career Research Awards 7,530 4,429 7,530 4,429
Indigenous Researchers Development - (5) - (5)
Total Discovery 63,051 61,120 63,051 61,120
(ii) Linkages
Infrastructure 2,565 1,987 2,565 1,987
International - 13 - 13
Projects 13,061 14,045 13,061 14,045
Research Fellowship Schemes - (58) - (58)
Total Linkages 15,626 15,987 15,626 15,987
(iii) Networks and Centres
Centres 11,139 5,485 11,139 5,485
Total Networks and Centres 11,139 5,485 11,139 5,485
Total ARC 42(f) 89,816 82,592 89,816 82,592
16 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
2 Australian Government financial assistance continued
23
(g) Other Australian Government Financial Assistance
Consolidated Parent
Note
2013 $'000
2012 $'000
2013 $'000
2012 $'000
(i) National Health & Medical Research Council
Research Support
Project Grants 36,397 36,636 36,397 36,636
Programs 8,344 7,806 8,344 7,806
Development Grants 1,205 968 1,205 968
Partnerships 329 430 329 430
International Collaborations 355 207 355 207
Targeted Calls 6,371 6,260 6,371 6,260
Centres for Research Excellence 2,068 1,558 2,068 1,558
55,069 53,865 55,069 53,865
People Support
Early Career Fellowships 2,699 3,301 2,699 3,301
Established Career Fellowships 7,121 8,195 7,121 8,195
Career Development Fellowships 1,774 1,987 1,774 1,987
TRIP Fellowships 86 72 86 72
Postgraduate Fellowships 717 727 717 727
12,397 14,282 12,397 14,282
Infrastructure Support
Enabling Grants 422 658 422 658
Infrastructure Grants 518 548 518 548
940 1,206 940 1,206
Total NHMRC Grants 42(i) 68,406 69,353 68,406 69,353
(ii) Other
Non-capital 51,188 41,115 50,276 40,373
Capital 189 6,959 189 6,959
Total Other 51,377 48,074 50,465 47,332
Total Other Australian Government Financial Assistance 119,783 117,427 118,871 116,685
Total Australian Government Financial Assistance 894,534 836,591 893,622 835,849
The UniversiTy of QUeensland annUal reporT 2013 17
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
2 Australian Government financial assistance continued
24
(g) Other Australian Government Financial Assistance continued
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Reconciliation
Australian Government Grants (a+c+d+e+f+g) 697,940 678,753 697,028 678,011
HECS - HELP 168,531 134,194 168,531 134,194
FEE - HELP 23,480 19,800 23,480 19,800
SA - HELP payments 4,583 3,844 4,583 3,844
Total Australian Government Financial Assistance 894,534 836,591 893,622 835,849
(h) Australian Government Grants received - cash basis
Consolidated Parent
Note
2013 $'000
2012 $'000
2013 $'000
2012 $'000
CGS and other EDUCATION grants 305,229 292,547 305,229 292,547
Higher Education Loan Programs 200,116 156,860 200,116 156,860
Scholarships 23,775 23,501 23,775 23,501
EDUCATION research grants 132,980 130,925 132,980 130,925
Education Investment Fund 26,500 31,761 26,500 31,761
ARC grants - Discovery 63,051 61,119 63,051 61,119
ARC grants - Linkages 15,626 15,987 15,626 15,987
ARC grants - Networks and Centres 11,139 5,485 11,139 5,485
National Health & Medical Research Council grants 62,705 69,353 62,705 69,353
Other Australian Government Grants 51,377 47,686 50,465 47,332
Total Australian Government Grants received - cash basis 892,498 835,224 891,586 834,870
OS-Help (Net) 42(g) 1 (82) 1 (82)
Total Australian Government funding received - cash basis 892,499 835,142 891,587 834,788
18 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
25
3 State and local government financial assistance
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Non-capital
State government 47,102 61,222 47,102 60,883
Capital
State and local government 3,950 436 3,950 436
Total State and Local Government Financial Assistance 51,052 61,658 51,052 61,319
4 Fees and charges Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Course fees and charges
Fee-paying overseas students 280,475 267,973 280,475 267,973
Continuing education 3,481 2,709 3,406 2,696
Fee-paying domestic postgraduate students 10,564 11,869 10,564 11,869
Fee-paying domestic undergraduate students 3,801 3,509 3,801 3,509
Fee-paying domestic non-award students 720 576 720 576
Total course fees and charges 299,041 286,636 298,966 286,623
Other non-course fees and charges
Examination fees 251 284 251 284
Library fines 887 658 887 658
Parking fees and fines 5,344 5,136 5,345 5,142
Registration fees 2,285 2,780 2,285 2,781
Rental charges 5,244 4,847 5,509 5,231
Gym & sport fees 8,133 7,665 - -
Student residential fees 2,243 2,234 2,243 2,234
State clinical loading 331 569 331 569
Other services 6,192 10,399 6,196 10,467
Total other fees and charges 30,910 34,572 23,047 27,366
Total fees and charges 329,951 321,208 322,013 313,989
The UniversiTy of QUeensland annUal reporT 2013 19
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
26
5 Investment revenue and income
(a) Investment revenue Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Interest from other entities 12,330 22,101 11,875 18,729
Dividends from other entities 1,471 4,039 1,471 13,546
Total investment revenue 13,801 26,140 13,346 32,275
(b) Investment income
Net fair value gains/(losses) on financial assets held for trading 23,949 15,017 23,949 15,017
Net fair value gains/(losses) on financial assets designated at fair value through the profit and loss (11,810) (2,688) (45,985) 16,332
Net gain/(loss) on sale of other financial assets 24 2,255 - -
Total other investment income 12,163 14,584 (22,036) 31,349
6 Royalties, trademarks and licences
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Royalties 25,936 19,152 10,051 7,342
Licences 2,601 2,232 438 527
Total royalties, trademarks and licences 28,537 21,384 10,489 7,869
7 Consultancy and contracts
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Research centres 17,694 21,140 17,709 22,675
Other contract revenue 28,183 25,953 10,912 13,785
Consultancy fees 32,018 43,002 18,279 25,985
Total consultancy and contracts 77,895 90,095 46,900 62,445
20 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
27
8 Revenue and other income
(a) Other revenue
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Donations and bequests 28,455 23,336 28,491 23,393
Scholarships and prizes 4,180 4,034 4,180 4,065
Non-government grants 122,236 104,159 133,505 111,986
Net foreign exchange gain/(loss) 3 300 (174) 368
Sale of goods 17,455 9,721 7,772 7,943
Sale of services 38,182 38,555 22,050 20,830
Sponsorships 2,342 1,650 2,506 1,921
Government grant element of Smart State Loans 7,341 8,461 7,341 8,461
Other grant income 95,340 - 95,340 -
Other revenue 13,755 18,493 13,032 16,109
Total other revenue 329,289 208,709 314,043 195,076
The Government grant element of Smart State Loans relates to the difference between the fair value of Smart State loans received during the period (classified as loan from Queensland Government (non-interest bearing) in Note 30) and fair value of the cash received by the University.
(b) Other income
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Other income 34 28 - -
Insurance proceeds 3,059 9,093 3,059 9,093
Loss/(gain) on deconsolidation 974 - - -
Total other income 4,067 9,121 3,059 9,093
The UniversiTy of QUeensland annUal reporT 2013 21
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
28
9 Employee related expenses Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Academic
Salaries 348,921 333,386 347,026 331,259
Payroll tax 20,314 18,982 20,314 18,982
Worker's compensation 1,021 367 1,021 367
Long service leave expense 6,326 7,931 6,326 7,931
Annual leave 22,136 23,076 22,136 23,076
Other 13,103 13,202 13,155 14,031
Contributions to funded superannuation and pension schemes 55,196 52,957 55,196 52,957
Total academic 467,017 449,901 465,174 448,603
Non-academic
Salaries 328,217 321,670 303,159 293,496
Payroll tax 19,162 18,618 18,450 17,266
Worker's compensation 915 366 905 251
Long service leave expense 5,772 7,203 5,611 6,995
Annual leave 24,105 24,341 23,624 23,634
Other 6,064 6,565 6,354 7,030
Contributions to funded superannuation and pension schemes 49,646 48,358 48,185 45,894
Total non-academic 433,881 427,121 406,288 394,566
Total employee related expenses 900,898 877,022 871,462 843,169
The number of full-time equivalent employees in the consolidated entity at 31 December 2013 was 7,913 (2012: 7,986). The number of full-time equivalent employees in the parent entity at 31 December 2013 was 7,649 (2012: 7,714).
22 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
29
10 Depreciation and amortisation Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Depreciation
Buildings 50,510 49,576 50,509 49,574
Plant and equipment 36,935 35,643 36,151 34,812
Leasehold improvements 749 1,134 702 1,111
Heritage and cultural assets 4,901 6,514 4,901 6,514
Leased assets 9,845 8,504 9,845 8,504
Infrastructure assets 1,548 1,452 1,548 1,452
Land improvements 4,748 4,746 4,748 4,746
Total depreciation 109,236 107,569 108,404 106,713
Amortisation
Patents, trademarks and other rights 20 126 - -
Computer software, other 225 216 - -
Software internally generated 1,914 1,914 1,914 1,914
Intellectual property 104 117 104 117
Total amortisation 2,263 2,373 2,018 2,031
Total depreciation and amortisation 111,499 109,942 110,422 108,744
11 Repairs and maintenance Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Repairs and maintenance 50,188 70,090 49,843 69,811
Total repairs and maintenance 50,188 70,090 49,843 69,811
12 Finance costs
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Finance costs 12,911 12,682 12,875 12,628
Total finance costs expensed 12,911 12,682 12,875 12,628
Finance costs in the parent entity include the amortisation of the Smart State Loans of $1,908,007 (2012: $1,622,211) in accordance with AASB 139 Financial Instruments: Recognition and Measurement. Amortisation is calculated using the effective interest method.
The UniversiTy of QUeensland annUal reporT 2013 23
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
30
13 Impairment of assets Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Impairment of receivables 1,126 911 5,654 4,147
Impairment of other financial assets 1,332 - 1,332 -
Impairment of property, plant and equipment 312 201 - 7
Total impairment of assets 2,770 1,112 6,986 4,154
14 Other expenses Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Scholarships, grants and prizes 71,913 68,666 71,199 68,497
Non-capitalised equipment 25,856 24,925 25,832 24,762
Advertising, marketing and promotional expenses 13,599 13,618 12,865 12,641
Travel, staff development and entertainment 55,410 59,952 54,270 58,257
Teaching materials and services 33,113 32,364 33,126 32,364
Laboratory supplies and services 32,756 33,165 32,822 33,298
Collaborative projects 64,764 56,533 67,031 58,048
Utilities and insurance 37,409 31,914 35,653 29,633
Computing supplies and services 14,527 12,004 14,297 11,758
Facilities and campus services 21,992 23,394 20,347 21,541
Refund of franking credits 11,207 - 11,207 -
Office supplies and furniture 8,087 9,399 7,686 8,909
Staffing expenses 2,613 3,001 2,502 2,910
Staff appointment expenses 2,897 4,149 2,676 3,915
Professional and consultancy fees 62,195 63,243 60,147 60,285
Memberships and subscriptions 6,483 6,740 6,309 6,410
Postage and freight 5,255 4,546 5,189 4,476
Telecommunications 9,036 10,151 8,745 9,810
Miscellaneous expenses 37,880 32,604 25,808 27,045
Commercialisation supplies and services 22,594 21,390 - -
Total other expenses 539,586 511,758 497,711 474,559
24 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
31
15 Income tax expense
(a) Income tax expense
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Current tax 9 181 - -
Tax refunds - (10,858) - -
Deferred tax 2,363 2,866 - -
Total income tax expense (revenue) 2,372 (7,811) - -
(b) Numerical reconciliation of income tax expense to prima facie tax payable
Consolidated
2013 $'000
2012 $'000
Operating results from continuing operations before income tax expense 112,423 50,370
Tax at the Australian tax rate of 30% (2012: 30%) 33,727 15,111
Tax effect of amounts which are not deductible / (taxable) in calculating taxable income:
Net deficit/(surplus) relating to tax exempt entities (34,980) (15,263)
Non-deductible expenses & other assessable income 16 17
Non-assessable income & other deductible expenses (70) (876)
Tax refunds received in the current period in respect of prior periods - (10,858)
Deferred tax losses not brought to account 3,679 96
Reversal of deferred tax assets on obtaining tax exempt status - 3,962
Total income tax expense (revenue) 2,372 (7,811)
The UniversiTy of QUeensland annUal reporT 2013 25
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
32
16 Remuneration of Auditors
During the year, the following fees were paid for services provided by the auditor of the parent entity, its related practices and non-related audit firms:
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Audit and review of the Financial Statements
Fees paid to the Auditor General of Queensland for the audit and review of statutory financial reports under Australian Accounting Standards 775 852 438 478
Fees paid to Ernst & Young for the audit of statutory financial reports under US GAAP for the financial years ended 31 December 2011 and 2012 460 - 460 -
Fees paid to Ernst & Young for the audit of statutory financial reports under US GAAP for the financial years ended 31 December 2013 374 - 374 -
Total 1,609 852 1,272 478
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Other services
Other audit and assurance services
Fees paid to other audit firms for the audit of special purpose financial reports 53 119 41 111
Total 53 119 41 111
26 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
33
17 Cash and cash equivalents Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Cash at bank and on hand (a) 29,512 80,468 16,725 66,014
Cash held on behalf of third party (b) 3,522 11,574 3,522 11,574
Term deposits (maturity less than 90 days) (c) 3,498 207,059 - 199,648
Total cash and cash equivalent 36,532 299,101 20,247 277,236
The above figures are reconciled to cash at the end of the year as shown in the Statement of Cash Flows as follows:
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Balances as above 36,532 299,101 20,247 277,236
Balance as per cash flow statement 36,532 299,101 20,247 277,236
(a) Cash at bank and on hand
Cash at bank and on hand earns interest at floating rates based on daily bank deposit rates.
(b) Cash held on behalf of third party
These Commonwealth funds are a contribution by the Commonwealth Government for the construction of facilities for the Translation Research Institute (TRI). The monies currently being held on behalf of the Commonwealth cannot be expended by the University. These funds have been quarantined from the University’s normal operating funds in separate bank accounts. The University has no entitlement to interest on the funds invested.
The UniversiTy of QUeensland annUal reporT 2013 27
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
34
18 Receivables Consolidated Parent
Note
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Current
Debtors - external 87,002 87,766 71,931 71,459
less: allowance for impaired receivables (6,883) (6,788) (6,541) (6,664)
Total debtors - external 80,119 80,978 65,390 64,795
Sundry loans and advances - external 2 4 2 4
Student loans 33 40 33 40
Total current receivables - external 80,154 81,022 65,425 64,839
Debtors - controlled entities - - 4,102 7,099
Loans and advances - controlled entities - - 254 -
Accrued revenue 7,434 5,426 3,059 3,104
Other debtors 2,920 38 2,920 38
Total current receivables 90,508 86,486 75,760 75,080
Consolidated Parent
Note
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Non-Current
Debtors - external 592 788 - -
less: allowance for impaired receivables (71) (10) - -
521 778 - -
Loans and advances - controlled entities - - 6,839 5,975
less: allowance for impaired receivables - - (5,481) -
Total non-current receivables 521 778 1,358 5,975
(a) Impaired receivables
As at 31 December 2013, receivables of the Group with a nominal value of $6.954 million (2012: $6.798 million) were impaired and have been fully provided for as allowance for impaired receivables. Trade and research receivables have been assessed as being impaired on an individual basis, while student debt has been assessed as being impaired by using the percentage of recovery method.
The ageing of these receivables is as follows:
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Current Receivables
3 to 6 months 708 235 708 235
Over 6 months 6,246 6,563 11,314 6,429
6,954 6,798 12,022 6,664
28 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
18 Receivables continued
(a) Impaired receivables continued
35
As at 31 December 2013 trade receivables of the Group of $25.426 million (2012: $21.080 million) were past due but not impaired. These relate to a number of independent customers for whom there is no recent history of default. The ageing analysis of these receivables is as follows:
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Trade Receivables
3 to 6 months 9,268 5,694 6,884 5,333
Over 6 months 16,158 15,386 7,354 7,022
25,426 21,080 14,238 12,355
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Movements in the provision for impaired receivables are as follows:
At 1 January (6,798) (6,306) (6,664) (11,313)
Provision for impairment recognised during the year (1,283) (1,944) (5,655) (58)
Receivables written off during the year as uncollectible 1,127 1,452 297 4,707
At 31 December (6,954) (6,798) (12,022) (6,664)
The creation and release of the provision for impaired receivables has been included in ‘impairment of assets'’ in the income statement.
The other amounts within receivables do not contain impaired assets. It is expected that these amounts will be received in full.
19 Inventories Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Current
Stores 2,060 1,917 1,905 1,588
Livestock 1,831 1,686 1,831 1,686
Work in progress & raw materials 144 142 - -
Press stock 304 1,549 304 1,549
Total current inventories 4,339 5,294 4,040 4,823
The UniversiTy of QUeensland annUal reporT 2013 29
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
36
20 Other financial assets
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Current
Term deposits (maturity greater than 90 days) 185,487 200 185,487 200
Total current other financial assets 185,487 200 185,487 200
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Non-Current
At fair value through profit or loss
Shares - listed entities 2,450 2,683 - -
Shares - unlisted entities 3,823 13,120 - -
Shares associates - - 32,807 78,793
Managed investment portfolio 117,610 88,936 117,610 88,936
Convertible notes 3,909 3,291 - -
Total at fair value through profit or loss 127,792 108,030 150,417 167,729
Available-for-sale financial assets
Shares - unlisted entities 7,959 8,551 7,959 8,446
Shares - controlled entities - - 18,739 18,740
Total available-for-sale 7,959 8,551 26,698 27,186
Total non-current other financial assets 135,751 116,581 177,115 194,915
The managed investment portfolio consists of funds derived from endowments and bequests and income earned thereon. A major part of these funds can only be applied to restricted purposes.
21 Other non-financial assets Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Current
Prepayments 8,704 8,992 8,349 8,596
Total other non-financial assets 8,704 8,992 8,349 8,596
30 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
37
22 Investments accounted for using the equity method
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Investments in associates 32,983 78,793 - -
Total investments accounted for using the equity method 32,983 78,793 - -
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Reconciliation
Balance at 1 January 78,793 64,450 - -
Share of profit/(loss) for the year (45,905) 16,419 - -
Dividends - (2,076) - -
Additions 95 - - -
Balance at 31 December 32,983 78,793 - -
Ownership Interest %
2013 2012
Associates
Translational Research Institute Trust 25 25
Coridon Pty Ltd 45 -
Summarised financial information in respect of associates is set out below.
2013 $'000
2012 $'000
Financial Position
Total assets 357,444 345,289
Total liabilities 225,512 30,118
Net assets 131,932 315,171
Share of associates' net assets 32,983 78,793
Financial Performance
Total revenue 61,676 69,856
Total expenses (245,296) (4,442)
Profit/(loss) (183,620) 65,414
Share of associates' profit/(loss) (45,905) 16,419
The associates have no contingent liabilities or capital commitments at 31 December 2013 or 2012. The Translational Research Institute Trust is a collaboration between The University of Queensland, Queensland University of Technology, Mater Medical Research Institute Ltd and Queensland Health, developed with the aim of translating the findings of basic biomedical research into better patient outcomes.
The UniversiTy of QUeensland annUal reporT 2013 31
UQ annUal financial statements
The
Uni
vers
ity o
f Que
ensl
and
Not
es to
the
Fina
ncia
l Sta
tem
ents
Fo
r the
Yea
r End
ed 3
1 D
ecem
ber 2
013
38
23
Prop
erty
, pla
nt a
nd e
quip
men
t
Mo
vem
en
t in
th
e c
arr
yin
g a
mo
un
ts f
or
ea
ch c
lass
of
pro
pe
rty,
pla
nt
an
d e
qu
ipm
en
t b
etw
ee
n t
he
be
gin
nin
g a
nd
th
e e
nd
of
the
cu
rre
nt
fina
nci
al y
ea
r:
Pare
nt
Wor
k in
Pr
ogre
ss
$'00
0
Land
and
im
prov
emen
ts
$'00
0 B
uild
ings
$'
000
Plan
t and
Eq
uipm
ent
$'00
0
Leas
ehol
d im
prov
emen
ts
$'00
0
Leas
ed
asse
ts
$'00
0
Her
itage
an
d cu
ltura
l as
sets
$'
000
Infr
astr
uctu
re
$'00
0 To
tal
$'00
0
At 1
Jan
uary
201
2
Cos
t
115,
538
-
-
35
7,26
1
1,
877
16
,045
-
-
49
0,72
1
Va
lua
tion
-
42
0,88
8
2,34
4,57
6
-
-
106,
300
13
6,90
5
62
,112
3,07
0,78
1
Acc
um
ula
ted
de
pre
cia
tion
-
(42,
301)
(753
,538
)
(172
,632
)
(1,8
77)
(5
,835
)
(37,
329)
(17,
411)
(1,0
30,9
23)
Net
boo
k a
mou
nt
11
5,53
8
378,
587
1,
591,
038
18
4,62
9
-
11
6,51
0
99,5
76
44
,701
2,53
0,57
9
Mov
emen
t
Cos
t and
val
uatio
n:
A
dd
itio
ns
17
2,71
3
(25)
6,91
8
50,0
73
-
-
1,
689
3,34
2
234,
710
D
onat
ions
rec
eive
d
-
-
1,
400
25
5
-
-
72
0
-
2,
375
R
eval
uatio
n in
crem
ents
-
98
9,
317
-
-
8,
000
30
6
19
3
17,9
14
Rev
alua
tion
decr
emen
ts
-
(9
05)
-
-
-
-
(1
1,34
0)
-
(1
2,24
5)
Dis
posa
ls
-
-
(7
,353
)
(18,
228)
-
-
(382
)
-
(25,
963)
D
onat
ions
mad
e
-
-
-
(8
10)
-
-
(7
7)
-
(8
87)
Rec
lass
ified
as
held
for
sale
-
(600
)
(2,0
39)
-
-
-
-
-
(2
,639
) T
ran
sfe
rs
(6
1,71
6)
-
51,6
26
878
8,95
0
262
-
-
-
Imp
air
me
nt
loss
re
cog
nis
ed
in p
rofit
/(lo
ss)
-
-
-
(1
23)
-
-
-
-
(1
23)
Dep
reci
atio
n:
D
epre
ciat
ion
char
ge
-
(4
,746
)
(49,
574)
(3
4,81
2)
(1
,111
)
(8,5
04)
(6
,514
)
(1,4
52)
(1
06,7
13)
Rev
alua
tion
incr
emen
ts
-
(5
9)
68
6
-
-
-
-
(44)
583
R
eval
uatio
n de
crem
ents
-
-
-
-
-
-
6,06
7
-
6,
067
D
ispo
sals
-
-
4,54
1
14,3
27
-
-
18
2
-
19
,050
D
onat
ions
mad
e
-
-
-
57
5
-
-
-
-
57
5
Rec
lass
ified
as
held
for
sale
-
-
1,71
6
-
-
-
-
-
1,71
6
Tra
nsf
ers
-
-
224
-
(2
24)
-
-
-
-
Imp
air
me
nt
loss
re
cog
nis
ed
in p
rofit
/(lo
ss)
-
-
-
11
6
-
-
-
-
11
6
Net
boo
k a
mou
nt
22
6,53
5
372,
350
1,
608,
500
19
6,88
0
7,
615
11
6,26
8
90,2
27
46
,740
2,66
5,11
5
NO
TE
S T
O T
HE
FIN
AN
CIA
L S
TAT
EM
EN
TS
FO
R T
HE
YE
AR
EN
DE
D 3
1 D
EC
EM
BE
R 2
013
32 The UniversiTy of QUeensland annUal reporT 2013
The
Uni
vers
ity o
f Que
ensl
and
Not
es to
the
Fina
ncia
l Sta
tem
ents
Fo
r the
Yea
r End
ed 3
1 D
ecem
ber 2
013
23
Prop
erty
, pla
nt a
nd e
quip
men
t con
tinue
d
39
Pare
nt
Wor
k in
Pr
ogre
ss
$'00
0
Land
and
Im
prov
emen
ts
$'00
0 B
uild
ings
$'
000
Plan
t and
Eq
uipm
ent
$'00
0
Leas
ehol
d Im
prov
emen
ts
$'00
0
Leas
ed
Ass
ets
$'00
0
Her
itage
an
d cu
ltura
l A
sset
s $'
000
Infr
astr
uctu
re
$'00
0 To
tal
$'00
0
At 1
Jan
uary
201
3
Cos
t
226,
535
-
-
38
9,30
6
10
,827
16,0
45
-
3,34
2
64
6,05
5
Va
lua
tion
-
41
9,45
6
2,40
4,44
5
-
-
114,
562
12
7,82
1
62
,305
3,12
8,58
9
Acc
um
ula
ted
de
pre
cia
tion
-
(47,
106)
(795
,945
)
(192
,426
)
(3,2
12)
(1
4,33
9)
(37,
594)
(18,
907)
(1,1
09,5
29)
Net
boo
k a
mou
nt
22
6,53
5
372,
350
1,
608,
500
19
6,88
0
7,
615
11
6,26
8
90,2
27
46
,740
2,66
5,11
5
Mov
emen
t
Cos
t and
val
uatio
n:
A
dd
itio
ns
16
9,60
9
-
1,04
5
38,8
37
-
95
,475
1,
783
6,61
0
31
3,35
9
Don
atio
ns r
ecei
ved
-
-
3,94
0
661
-
-
2,80
4
-
7,
405
R
eval
uatio
n in
crem
ents
-
11,7
00
56
,306
-
-
2,
286
53
3
1,
243
72,0
68
Rev
alua
tion
decr
emen
ts
-
-
(6
,349
)
-
-
-
(5,7
57)
-
(1
2,10
6)
Dis
posa
ls
-
(3
49)
(2
28)
(2
7,03
9)
-
(1
3,41
4)
(1,2
78)
(4
3)
(4
2,35
1)
Don
atio
ns m
ade
-
-
-
(831
)
-
-
-
-
(831
) T
ran
sfe
rs
(2
43,1
02)
-
24
0,93
4
2,98
5
1,
809
(2
,626
)
-
-
- D
epre
ciat
ion:
Dep
reci
atio
n ch
arge
-
(4,7
49)
(5
0,50
9)
(36,
151)
(702
)
(9,8
40)
(4
,901
)
(1,5
49)
(1
08,4
01)
Rev
alua
tion
incr
emen
ts
-
(6
88)
(3
6,93
0)
-
-
(4,3
77)
-
(3
46)
(4
2,34
1)
Rev
alua
tion
decr
emen
ts
-
-
4,
127
-
-
-
3,
421
-
7,54
8
Dis
posa
ls
-
10
8
160
24
,063
-
13,4
12
619
19
38
,381
D
onat
ions
mad
e
-
-
-
37
0
-
-
-
-
37
0
Tra
nsf
ers
-
-
-
(2,6
31)
-
2,
631
-
-
-
153,
042
37
8,37
2
1,82
0,99
6
197,
144
8,72
2
199,
815
87
,451
52,6
74
2,
898,
216
A
t 31
Dec
embe
r 201
3
Cos
t
153,
042
-
-
40
3,92
0
12
,635
95,3
40
-
9,95
3
67
4,89
0
Valu
atio
n
-
430,
806
2,
700,
093
-
-
11
6,98
9
125,
905
63,5
06
3,
437,
299
A
ccum
ulat
ed d
epre
ciat
ion
-
(5
2,43
4)
(8
79,0
97)
(2
06,7
75)
(3
,914
)
(12,
515)
(3
8,45
4)
(2
0,78
4)
(1
,213
,973
)
Net
boo
k am
ount
153,
042
37
8,37
2
1,82
0,99
6
197,
145
8,72
1
199,
814
87
,451
52,6
75
2,
898,
216
NO
TE
S T
O T
HE
FIN
AN
CIA
L S
TAT
EM
EN
TS
FO
R T
HE
YE
AR
EN
DE
D 3
1 D
EC
EM
BE
R 2
013
The UniversiTy of QUeensland annUal reporT 2013 33
UQ annUal financial statementsTh
e U
nive
rsity
of Q
ueen
slan
d
Not
es to
the
Fina
ncia
l Sta
tem
ents
Fo
r the
Yea
r End
ed 3
1 D
ecem
ber 2
013
23
Prop
erty
, pla
nt a
nd e
quip
men
t con
tinue
d
40
Con
solid
ated
Wor
ks in
Pr
ogre
ss
$'00
0
Land
and
Im
prov
emen
ts
$'00
0 B
uild
ings
$'
000
Plan
t and
Eq
uipm
ent
$'00
0
Leas
ehol
d Im
prov
emen
ts
$'00
0
Leas
ed
Ass
ets
$'00
0
Her
itage
an
d cu
ltura
l A
sset
s $'
000
Infr
astr
uctu
re
$'00
0 To
tal
$'00
0
At 1
Jan
uary
201
2
Cos
t
115,
538
-
36
36
5,74
1
2,
008
16
,045
-
-
49
9,36
8
Va
lua
tion
-
42
0,88
8
2,34
4,57
6
-
-
106,
300
13
6,90
5
62
,112
3,07
0,78
1
Acc
um
ula
ted
de
pre
cia
tion
-
(42,
301)
(753
,539
)
(177
,507
)
(1,9
71)
(5
,835
)
(37,
329)
(17,
411)
(1,0
35,8
93)
Net
boo
k a
mou
nt
11
5,53
8
378,
587
1,
591,
073
18
8,23
4
37
116,
510
99
,576
44,7
01
2,
534,
256
M
ovem
ent
C
ost a
nd v
alua
tion
Ad
diti
on
s
172,
713
(2
5)
6,
935
51
,077
-
-
1,68
9
3,
342
235,
731
D
onat
ions
rec
eive
d
-
-
1,
400
25
5
-
-
72
0
-
2,
375
R
eval
uatio
n in
crem
ents
-
98
9,
317
-
-
8,
000
30
6
19
3
17
,914
R
eval
uatio
n de
crem
ents
-
(905
)
-
-
-
-
(11,
340)
-
(12,
245)
D
ispo
sals
-
-
(7,3
62)
(1
9,51
6)
-
-
(3
82)
-
(2
7,26
0)
Don
atio
ns m
ade
-
-
-
(810
)
-
-
(77)
-
(887
) R
ecla
ssifi
ed a
s he
ld fo
r sa
le
-
(6
00)
(2
,039
)
-
-
-
-
-
(2,6
39)
Tra
nsf
ers
(61,
716)
-
51
,626
87
8
8,
950
26
2
-
-
- Im
pa
irm
en
t lo
ss r
eco
gn
ise
d in
pro
fit/(
loss
)
-
-
(10)
(2
,098
)
-
-
-
-
(2,1
08)
Dep
reci
atio
n:
D
epre
ciat
ion
char
ge
-
(4
,746
)
(49,
576)
(3
5,64
3)
(1
,134
)
(8,5
04)
(6
,514
)
(1,4
52)
(1
07,5
69)
Rev
alua
tion
incr
emen
ts
-
(5
9)
68
7
-
-
-
-
(44)
584
R
eval
uatio
n de
crem
ents
-
-
-
-
-
-
6,06
7
-
6,
067
D
ispo
sals
-
-
4,55
0
15,4
44
-
-
18
2
-
20
,176
D
onat
ions
mad
e
-
-
-
57
5
-
-
-
-
57
5
Rec
lass
ified
as
held
for
sale
-
-
1,71
6
-
-
-
-
-
1,71
6
Tra
nsf
ers
-
-
208
-
(2
08)
-
-
-
-
Imp
air
me
nt
loss
re
cog
nis
ed
in p
rofit
/(lo
ss)
-
-
(2
)
1,90
9
-
-
-
-
1,
907
Net
boo
k a
mou
nt
22
6,53
5
372,
350
1,
608,
523
20
0,30
5
7,
645
11
6,26
8
90,2
27
46
,740
2,66
8,59
3
NO
TE
S T
O T
HE
FIN
AN
CIA
L S
TAT
EM
EN
TS
FO
R T
HE
YE
AR
EN
DE
D 3
1 D
EC
EM
BE
R 2
013
34 The UniversiTy of QUeensland annUal reporT 2013
The
Uni
vers
ity o
f Que
ensl
and
Not
es to
the
Fina
ncia
l Sta
tem
ents
Fo
r the
Yea
r End
ed 3
1 D
ecem
ber 2
013
23
Prop
erty
, pla
nt a
nd e
quip
men
t con
tinue
d
41
Con
solid
ated
Wor
ks in
Pr
ogre
ss
$'00
0
Land
and
Im
prov
emen
ts
$'00
0 B
uild
ings
$'
000
Plan
t and
Eq
uipm
ent
$'00
0
Leas
ehol
d Im
prov
emen
ts
$'00
0
Leas
ed
Ass
ets
$'00
0
Her
itage
an
d cu
ltura
l as
sets
$'
000
Infr
astr
uctu
re
$'00
0 To
tal
$'00
0
At 1
Jan
uary
201
3
Cos
t
226,
535
-
26
39
5,60
6
10
,958
16,0
45
-
3,34
2
652,
512
V
alu
atio
n
-
419,
456
2,
404,
445
-
-
11
4,56
2
127,
821
62,3
05
3,12
8,58
9
Acc
um
ula
ted
de
pre
cia
tion
-
(47,
106)
(795
,948
)
(195
,300
)
(3,3
13)
(1
4,33
9)
(37,
594)
(18,
907)
(1
,112
,507
)
Net
boo
k a
mou
nt
22
6,53
5
372,
350
1,
608,
523
20
0,30
6
7,
645
11
6,26
8
90,2
27
46
,740
2,
668,
594
M
ovem
ent
C
ost a
nd v
alua
tion:
Ad
diti
on
s
169,
689
-
1,
047
39
,140
119
95
,475
1,
783
6,61
0
313,
863
D
onat
ions
rec
eive
d
-
-
3,
940
66
1
-
-
2,
804
-
7,40
5
Rev
alua
tion
incr
emen
ts
-
11
,700
56,3
06
-
-
2,28
6
533
1,24
3
72,0
68
Rev
alua
tion
decr
emen
ts
-
-
(6
,349
)
-
-
-
(5,7
57)
-
(1
2,10
6)
Dis
posa
ls
-
(3
49)
(2
28)
(2
7,65
4)
(1
14)
(1
3,41
4)
(1,2
78)
(4
3)
(43,
080)
D
onat
ions
mad
e
-
-
-
(8
30)
-
-
-
-
(8
30)
Tra
nsf
ers
(243
,102
)
-
240,
934
2,
985
1,80
9
(2,6
26)
-
-
-
Imp
air
me
nt
loss
re
cog
nis
ed
in p
rofit
/(lo
ss)
-
-
-
(6
94)
-
-
-
-
(6
94)
Dep
reci
atio
n:
-
Dep
reci
atio
n ch
arge
-
(4,7
48)
(5
0,51
0)
(36,
935)
(749
)
(9,8
45)
(4
,901
)
(1,5
48)
(1
09,2
36)
Rev
alua
tion
incr
emen
ts
-
(6
88)
(3
6,93
0)
-
-
(4,3
77)
-
(3
46)
(4
2,34
1)
Rev
alua
tion
decr
emen
ts
-
-
4,
127
-
-
-
3,
421
-
7,54
8
Dis
posa
ls
-
10
8
160
24
,504
101
13
,414
61
9
19
38
,925
D
onat
ions
mad
e
-
-
-
37
0
-
-
-
-
37
0
Tra
nsf
ers
-
-
-
(2,6
31)
-
2,
631
-
-
-
Imp
air
me
nt
loss
re
cog
nis
ed
in p
rofit
/(lo
ss)
-
-
-
38
0
-
-
-
-
38
0
153,
122
37
8,37
3
1,82
1,02
0
199,
602
8,81
1
199,
812
87
,451
52,6
75
2,90
0,86
6
At 3
1 D
ecem
ber 2
013
C
ost
15
3,12
2
-
27
409,
214
12,7
72
95
,340
-
9,
953
68
0,42
8
Va
lua
tion
-
43
0,80
7
2,70
0,09
0
-
-
116,
989
12
5,90
5
63
,506
3,
437,
297
A
ccu
mu
late
d d
ep
reci
atio
n
-
(5
2,43
4)
(8
79,0
98)
(2
09,6
12)
(3
,961
)
(12,
517)
(3
8,45
4)
(2
0,78
3)
(1,2
16,8
59)
Net
boo
k am
ount
153,
122
37
8,37
3
1,82
1,01
9
199,
602
8,81
1
199,
812
87
,451
52,6
76
2,90
0,86
6
NO
TE
S T
O T
HE
FIN
AN
CIA
L S
TAT
EM
EN
TS
FO
R T
HE
YE
AR
EN
DE
D 3
1 D
EC
EM
BE
R 2
013
The UniversiTy of QUeensland annUal reporT 2013 35
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
42
24 Intangible assets Parent
Patents, trademarks and other
rights $'000
Software internally generated
$'000
Software purchased
$'000 Software WIP
$'000
Intellectual property
$'000 Total $'000
At 1 January 2012
Cost - 24,964 - - - 24,964
Valuation - - - - 1,260 1,260
Accumulated amortisation - (15,844) - - (479) (16,323)
Net book amount
- 9,120 - - 781 9,901 Movement Cost and valuation:
Additions - - - 180 - 180
Donations received - - - - 50 50
Amortisation charge - (1,914) - - (117) (2,031)
- (1,914) - 180 (67) (1,801) At 31 December 2012 Cost - 24,964 - 180 - 25,144
Valuation - - - - 1,310 1,310
Accumulated amortisation - (17,758) - - (596) (18,354)
Net book amount
- 7,206 - 180 714 8,100 Movement Cost and valuation:
Additions - - - 57 - 57
Donations received - - - - 50 50
Revaluation decrements - - - - (22) (22)
Amortisation charge - (1,914) - - (104) (2,018)
- (1,914) - 57 (76) (1,933) At 31 December 2013 Cost - 24,964 - 237 - 25,201
Valuation - - - - 1,337 1,337
Accumulated depreciation - (19,672) - - (699) (20,371)
Net book amount
- 5,292 - 237 638 6,167
36 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
24 Intangible assets continued
43
Consolidated
Patents, trademarks and other
rights $'000
Software internally generated
$'000
Software purchased
$'000 Software WIP
$'000
Intellectual property
$'000 Total $'000
At 1 January 2012
Cost 207 24,964 792 - - 25,963
Valuation - - - - 1,260 1,260
Accumulated amortisation (95) (15,844) (137) - (479) (16,555)
112 9,120 655 - 781 10,668 Movement Cost and valuation
Additions 34 - 59 180 - 273
Donations received - - - - 50 50
Amortisation charge (126) (1,914) (216) - (117) (2,373)
(92) (1,914) (157) 180 (67) (2,050) At 31 December 2012 Cost 241 24,964 850 180 - 26,235
Valuation - - - - 1,310 1,310
Accumulated amortisation (221) (17,758) (352) - (596) (18,927)
20 7,206 498 180 714 8,618 Movement Cost and valuation
Additions - - 14 57 - 71
Donations received - - - - 50 50
Revaluation decrements - - - - (22) (22)
Amortisation charge (20) (1,914) (225) - (104) (2,263)
(20) (1,914) (211) 57 (76) (2,164) At 31 December 2013 Cost 241 24,964 864 237 - 26,306
Valuation - - - - 1,337 1,337
Accumulated amortisation (241) (19,672) (578) - (699) (21,190)
Net book amount
- 5,292 286 237 638 6,453
The Group has intangible assets with an original cost of $9.649 million (2012: $9.649 million) and a written down value of nil that are still being used in the provision of services.
Amortisation of intangibles is shown in the line item ‘Depreciation and amortisation’ in the Income Statement.
Research and development expensed during the period is included in ‘Other expenses’ in the Income Statement.
The UniversiTy of QUeensland annUal reporT 2013 37
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
44
25 Deferred tax assets and liabilities
(a) Deferred tax asset
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Deferred tax asset
The balance comprises temporary differences attributable to:
Employee benefits - 456 - -
Provision account movements - 23 - -
Non-deductible accruals - 28 - -
Carried forward tax losses - 1,854 - -
Other - 1 - -
Net deferred assets - 2,362 - -
Deferred tax assets are recognised for unused tax losses only if it is probable that future taxable amounts will be available to utilise those losses. The total value of deferred tax assets in respect of tax losses not recognised at year end is $0.
(b) Deferred tax asset movements consolidated $'000 At 1 January 2012 5,228
Charged/(credited) to the income statement (2,866)
At 31 December 2012 2,362 Charged/(credited) to the income statement (2,362)
At 31 December 2013 -
38 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
45
26 Trade and other payables Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Current
Trade payables - external 18,524 27,173 17,383 26,398
Accrued salaries 6,508 3,535 6,508 3,535
Sundry payables and accrued expenses 40,071 40,803 27,076 26,208
Trade and other payables - controlled entities - - 259 1,480
Other payables 9,045 7,722 (30) (1,246)
Total current trade and other payables 74,148 79,233 51,196 56,375
27 Borrowings
Consolidated Parent
Note
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Current
Finance lease liability 34 89 3,645 - 3,501
Other financial liabilities - 190 - -
Total current borrowings 89 3,835 - 3,501
Consolidated Parent
Note
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Non-Current
Finance lease obligation 34 115,698 113,200 115,643 113,056
Total non-current borrowings
115,698 113,200 115,643 113,056
Total borrowings 115,787 117,035 115,643 116,557
The UniversiTy of QUeensland annUal reporT 2013 39
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
46
28 Provisions Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Current provisions expected to be settled within 12 months
Workers compensation 988 455 988 455
Long service leave 21,241 20,358 20,534 19,340
Annual leave 46,964 46,507 45,430 44,314
Other provisions 111 11 - -
Subtotal 69,304 67,331 66,952 64,109
Current provisions expected to be settled after more than 12 months
Annual leave 25,937 26,511 25,937 26,148
Long service leave 51,993 50,728 51,993 50,728
Subtotal 77,930 77,239 77,930 76,876
Total current provisions 147,234 144,570 144,882 140,985
Non-current provisions
Long service leave 27,390 26,786 26,774 25,968
Workers compensation 712 399 712 399
Total non-current provisions 28,102 27,185 27,486 26,367
Total provisions 175,336 171,755 172,368 167,352
29 Current tax liabilities
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Income tax payable/(receivable) 4 (35) - -
Total current tax liabilities 4 (35) - -
40 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
47
30 Other liabilities
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Current
Revenue received in advance 39,483 42,725 38,421 41,338
Loan from Queensland Government 1,000 1,000 1,000 1,000
Loan from controlled entity - - 1,717 1,717
Cash held on behalf of third parties 3,522 11,574 3,522 11,574
Other 3,930 3,996 3,930 3,996
Total current other liabilities 47,935 59,295 48,590 59,625
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Non-current
Loan from Queensland Government 40,515 36,005 40,515 36,005
Other 213 789 - -
Total non-current other liabilities 40,728 36,794 40,515 36,005
Total other liabilities 88,663 96,089 89,105 95,630
Smart State Loans
In 2001 the Queensland Government announced the establishment of the Smart State Research Facilities Fund (SSRFF) to promote the development of research and infrastructure for science and technology in Queensland. To date a total of $125,716,776 has been received from the SSRFF for 15 projects, in the form of interest free loans repayable over periods that vary between 30 and 35 years. Repayments have commenced during the current year. Provided the Group meets all of its obligations under the various loan agreements, one third of each loan will be forgiven. The Group has a potential financial liability to repay the full amount of the loans which will only result if certain conditions under the various loan agreements are not met. Management does not expect these potential financial liabilities to crystallise into obligations and therefore financial liabilities disclosed in the above table are management’s estimate of amounts that will be payable by the Group. No material losses are expected and as such, the fair values disclosed are management’s estimate of amounts that will be payable by the Group. In accordance with AASB 139 Financial Instruments: Recognition and Measurement, the loans have initially been recognised at their fair value. Fair value has been estimated as the net present value of the expected future cash payments to be made, discounted by using the yield on a long term Treasury Fixed Coupon Bond. In determining the future cash payments, the assumption has been made that all obligations under the loan agreements will be met. Subsequent to initial recognition, the loans are measured at amortised cost using the effective interest method.
Revenue received in advance
The University has funds donated by external parties (including Government) with specific restrictions that result in the funds not meeting the control requirements necessary for recognition as revenue. A liability has been recognised to show these funds as revenue in advance.
The UniversiTy of QUeensland annUal reporT 2013 41
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
48
31 Reserves and retained surplus
(a) Reserves
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Reserves
Asset revaluation reserve 1,676,619 1,651,470 1,676,619 1,651,470
Business combination reserve 200 200 - -
Total Reserves 1,676,819 1,651,670 1,676,619 1,651,470
(b) Movements Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Revaluation surplus
Property, plant and equipment revaluation surplus 1,651,470 1,639,151 1,651,470 1,639,151
Transfers in 25,149 12,319 25,149 12,319
1,676,619 1,651,470 1,676,619 1,651,470
Total reserves 1,676,819 1,651,670 1,676,619 1,651,470
(c) Retained surplus Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Retained earnings at the beginning of the financial year 1,156,524 1,096,682 1,153,579 1,090,198
Net operating surplus attributable to members of UQ 113,241 59,842 118,229 63,381
Retained earnings at end of the financial year 1,269,765 1,156,524 1,271,808 1,153,579
32 Non-controlling interest Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Interest in:
Restricted funds 3,754 11,977 - -
Retained surplus (2,132) (7,527) - -
Total non-controlling interest 1,622 4,450 - -
42 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
49
33 Reconciliation of operating result after income tax to net cash flows from operating activities Consolidated Parent
Note
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Operating result for the period 110,051 58,181 118,229 63,381
Depreciation and amortisation 10 111,499 109,942 110,422 108,744
Donations of property, plant and equipment (7,455) (2,425) (7,455) (2,425)
Non-cash license fees (1,225) (493) - -
Dividends from jointly controlled entities - 517 - -
Non-cash other government grant (95,340) - (95,340) -
Net (gain) / loss on sale of non-current assets 4,192 6,358 4,043 6,243
Net (gain) / loss on disposal of other financial assets (24) (2,255) - -
Interest expense on Smart State loans & finance leases 12,902 12,682 12,875 12,628
Impairment of non-current financial assets 1,852 - 6,713 -
Impairment of property, plant and equipment 13 312 201 - 7
Loss/(gain) on deconsolidation (974) - - -
Equity accounted investment 45,905 (16,419) - -
Unrealised foreign exchange loss/(gain) (214) (27) (146) (6)
Interest revenue on related entity loans - - (89) 38
Change in fair value of other financial assets (12,139) (12,329) 22,036 (31,349)
Change in fair value of Smart State loan liabilities (7,341) (8,461) (7,341) (8,461)
Change in operating assets and liabilities:
(Increase) / decrease in receivables (4,263) 23,400 (172) 25,342
(Increase) / decrease in inventories 863 (58) 784 (424)
(Increase) / decrease in other assets 290 (1,003) 248 (1,039)
(Increase) / decrease in deferred tax asset 2,362 2,866 - -
Increase / (decrease) in payables (5,023) (19,122) (5,180) (15,621)
Increase / (decrease) in provisions 3,583 13,298 5,017 12,777
Increase / (decrease) in tax liabilities 39 163 - -
Increase / (decrease) in other liabilities (3,503) 7,776 (3,134) 7,212
Net cash provided by / (used in) operating activities 156,349 172,792 161,510 177,047
The UniversiTy of QUeensland annUal reporT 2013 43
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
50
34 Commitments
(a) Capital commitments
Capital expenditure contracted for at the reporting date but not recognised as liabilities are:
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Property, plant and equipment
Within one year 27,712 138,154 27,712 138,154
Later than one year 2,000 34,800 2,000 34,800
Total capital commitments 29,712 172,954 29,712 172,954
(b) Lease commitments
(i) Operating Leases
The University leases various types of equipment, predominately IT related equipment, and premises under non-cancellable operating leases generally over a three year period.
Commitments for minimum lease payments in relation to non-cancellable operating leases are payable as follows:
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Within one year 1,968 1,846 946 1,136
Between one year and five years 4,496 4,542 3,811 3,732
Total future minimum lease payments 6,464 6,388 4,757 4,868
(ii) Finance Leases
In November 2009, the University has entered into a lease for the construction of the Pharmacy Australia Centre of Excellence (PACE) building which expires in November 2049. Under the terms of the lease, the building transfers to the University on termination of the lease.
Commitments in relation to finance leases are payable as follows:
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Within one year 8,556 11,969 8,448 11,804
Between one year and five years 36,464 35,502 36,403 35,343
Later than five years 483,624 493,132 483,624 493,132
Total future minimum lease payments 528,644 540,603 528,475 540,279
Future finance charges (412,857) (423,757) (412,832) (423,722)
Recognised as a liability 115,787 116,846 115,643 116,557
The PACE lease is structured so that for the first 22 years interest expense exceeds payments made.
44 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
34 Commitments continued
(b) Lease commitments continued
51
For this reason, the lease liability will continue to grow until 2032 and no portion of the liability is disclosed as current.
The weighted average interest rate implicit in the finance leases in 2013 is: 9.19% (2012: 9.19%)
(c) Other commitments
University Innovation & Investment Trust No. 1 (UIIT)
Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Within one year 840 800 840 800
Between one year and five years 1,636 2,500 1,636 2,500
Total 2,476 3,300 2,476 3,300
University Innovation & Investment Trust No. 1 (UIIT)
The University has entered into a funding deed with the University Innovation and Investment Trust No. 1 (UIIT). Under the deed, the University may be required to meet calls on partly paid units held in the UIIT. The UIIT is a venture fund founded by The University of Queensland, The University of Melbourne and the University of New South Wales for the purpose of providing seed funding to further develop promising research outcomes and to assist with the commercialisation of such research outcomes.
As at 31 December 2013, the University held 18,000,001 Partly Paid $1 Units paid up to $15,490,415, and may be required to meet calls totalling $2,475,831. The rate of drawdown depends on: 1. Rate of investment in new ventures; 2. Rate of liquidation of investments; and 3. If unit holders request that the funds from any liquidated investments be retained in the trust to be offset against future calls, or paid to them immediately.
Purchase order commitments Consolidated Parent
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Within one year 24,264 35,606 24,264 35,606
24,264 35,606 24,264 35,606
Other operating commitments
In December 2013, UniQuest gave a non-binding commitment to make a special, one off follow on investment of up to $2,000,000 in one of the company's investee entities, Spinifex Pharmaceuticals Pty Ltd. It is expected that the investee's financing round will close in early 2014.
In 2012 UQ entered into a licence to occupy a portion of the TRI facility. Under this agreement, UQ is committed to contribute funds to cover the operational costs of the facility over the 30 year licence term. UQ contributed $7.758 million in 2013 (2012:$0).
The UniversiTy of QUeensland annUal reporT 2013 45
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
52
35 Related parties
(a) Parent entities
The ultimate parent entity within the Group is The University of Queensland.
(b) Controlled entities
Interests in controlled entities are set out in Note 37.
(c) Key management personnel
Disclosures relating to directors and specified executives are set out in Note 39.
(d) Transactions with related parties
The following transactions occurred with controlled entities as related parties:
Parent
2013 $'000
2012 $'000
Revenue
Sale of goods and services 17,935 20,266
Royalty revenue 8,525 7,073
Dividends - 10,942
Interest 88 38
26,548 38,319
Expenditure
Purchase of goods and services 5,546 7,565
Grants and funding 1,465 3,287
7,011 10,852
(e) Loans to/from related parties
Parent
2013 $'000
2012 $'000
Loans to controlled entities
Beginning of the year 5,975 11,880
Loans advanced 1,200 1,252
Loan repayment received (170) (200)
Interest charged 88 354
Impairment of loan (5,481) -
Forgiveness of loan - (7,311)
End of year 1,612 5,975
46 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
35 Related parties continued
(e) Loans to/from related parties continued
53
Parent
2013 $'000
2012 $'000
Loans from controlled entities
Beginning of the year 1,717 1,717
End of year 1,717 1,717
A provision for impairment of $5.481 million has been recognised on The University of Queensland’s loan to one of its controlled entities, UQ Health Care Limited. This was recognised as an expense in the 2013 year (parent entity only).
Loans receivable from controlled entities are unsecured and are repayable when the University determines that the financial position of each controlled entity reasonably allows it to do so.
Loans payable to controlled entities are unsecured and repayable on demand.
(f) Outstanding balances
The following balances are outstanding at the reporting date in relation to transactions with related parties:
Parent
2013 $'000
2012 $'000
Current receivables
Controlled entities - sales of goods and services 4,102 7,099
Controlled entities - loans and advances 254 -
4,356 7,099
Non-current receivables (loans)
Controlled entities - loans and advances 1,358 5,975
1,358 5,975
Current payables
Controlled entities - purchase of goods and services 259 1,480
Controlled entities - loans and advances 1,717 1,717
1,976 3,197
No provisions for doubtful debts have been raised in relation to any outstanding balances, and no expense has been recognised in respect of bad or doubtful debts due from related parties, except for what had been disclosed in Note 35(e).
The UniversiTy of QUeensland annUal reporT 2013 47
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
35 Related parties continued
(f) Outstanding balances continued
54
Trade receivables from controlled entities are unsecured and due to settlement no more than 30 days from the date of recognition.
Trade payables to controlled entities are unsecured and are generally settled on 30 day terms.
(g) Guarantees
The University of Queensland has provided a guarantee to some of its controlled entities that it will provide funding should a situation arise where the controlled entity is unable to meet its liabilities. How that funding is provided, whether by way of share subscription, gift, loan or by some other means will be determined at such time as it is required to be made available. The controlled entities to whom a guarantee has been provided are UniQuest Pty Ltd, JKTech Pty Ltd, Sarv Pty Ltd, UQ Health Care Limited and UQ College Limited.
36 Contingencies
(a) Contingent liabilities
Parent Entity
The University has a number of ongoing minor legal cases awaiting outcome. Estimates cannot be reliably measured for a number of these cases, but the University believes that the final amounts payable would be unlikely to exceed $2,000 in aggregate.
Supplementary Benefit Payments
The University has a contingent liability which may arise in respect of supplementary pension payments to be made to some retired staff members or their dependants. These retired staff were members of a Staff Superannuation Scheme which was terminated in June 1984. Former members who had been granted supplementary benefits at this date continue to receive these benefits.
Unimutual
For the period 1 January 1990 to date, The University of Queensland has been a member of Unimutual, a mutual organisation that provides discretionary risk protection to universities and other educational & research institutions. Under its rules, Unimutual may make a call for a supplementary contribution from members in the event of there being a deficit in any year. A supplementary contribution would only be levied after the application of reinsurance recoveries and investment income for the appropriate year. Supplementary contributions may be levied pro rata according to the original contribution paid.
Environmental and Make-Good Obligations
The University has a number of potential environmental obligations including asbestos remediation and Indooroopilly mine site rehabilitation costs.
Asbestos remediation costs are only identified when action needs to be taken to remove the asbestos. The University maintains a register of known and suspected contamination on University property. At reporting date, no asbestos has been identified as posing an immediate hazard or earmarked for removal as part of the scope of works in a building refurbishment.
48 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
36 Contingencies continued
(a) Contingent liabilities continued
55
At reporting date, no decision has yet been taken to close the Indooroopilly mine and therefore mine site rehabilitation costs are not known.
Third Party Liabilities – Consolidated Entity
Under the University's intellectual property policy, the future realisation of the Group's non-current financial assets for cash will give rise to the obligation to pay one third of the net proceeds to investors. These liabilities are contingent as they arise only upon future realisation of the underlying investment assets for cash. The realisation of cash proceeds from investment assets is uncertain due to risks associated with development of the technology, the availability of capital from investors and funding from grants, the acceptance of the technology in its target market and the general economic climate. The fair value of the investments in the commercialisation entities has been reduced to reflect the fact that their value to the Group represents only two-thirds of their full value.
(b) Contingent assets
Third Party Liabilities – Parent Entity
Under the University's intellectual property policy, the future realisation of the non-current financial assets held by subsidiaries for cash will give rise to an economic benefit of one-third of the net proceeds to the University as the parent entity. These receivables in the parent entity are contingent as they arise only upon future realisation of the underlying investment assets for cash. The realisation of cash proceeds from investment assets is uncertain due to risks associated with development of the technology, the availability of capital from investors and funding from grants, the acceptance of the technology in its target market and the general economic climate.
No other contingencies of a significant nature exist or are recognised in the accounts.
(c) Guarantees
The University has provided the following bank guarantees:
i) $5 million to Workcover Queensland as it is self-insured for workers' compensation. The guarantee has no expiration date.
ii) $1.414 million to the U.S. Department of Education to ensure that it continues to receive Federal Student Aid (FSA) from the U.S. Government in respect of U.S. students. The guarantee expires on 24 May 2018.
iii) $5.610 million in respect of a loan facility entered into by International House to construct new facilities.
The UniversiTy of QUeensland annUal reporT 2013 49
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
56
37 Subsidiaries
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in Note 1(b):
Name of Entity
Country of Incorporation Class of Shares
2013 %
2012 %
UQ Investment Trust Goup
IMBcom Pty Ltd Australia Ordinary 100.00 100.00 UQ Investment Trust Australia Ordinary 100.00 100.00 Cyclagen Pty Ltd Australia Ordinary 100.00 100.00 Kalthera Pty Ltd Australia Ordinary 100.00 100.00 IMBcom Asset Management Pty Ltd Australia Ordinary 100.00 100.00
UQ Holdings Group
UQ Holdings Pty Ltd Australia Ordinary 100.00 100.00 SARV Pty Ltd Australia Ordinary 100.00 100.00
UQ Health Care Ltd Australia
Limited by Guarantee - -
UQ College Ltd Australia
Limited by Guarantee - -
UQ Sport Ltd Australia
Limited by Guarantee - -
UQH Finance Pty Ltd Australia Ordinary 100.00 - (registered 10 October 2013)
JKTech Group
JK Tech Pty Ltd Australia Ordinary 94.00 94.00 Applied Resource Economics Pty Ltd Australia Ordinary 100.00 100.00 JK Africa Mining Solutions Pty Ltd South Africa Ordinary 100.00 100.00 JKTech South America SpA Chile Ordinary 100.00 100.00 SUSOP Pty Ltd Australia Ordinary 100.00 100.00
UniQuest Group
UniQuest Pty Ltd Australia Ordinary 100.00 100.00 Activetorque Pty Ltd Australia Ordinary - 57.00 (deconsolidated 1 January 2013)
Ausonex Pty Ltd Australia Ordinary 100.00 100.00 Australia China BioEnergy Pty Ltd Australia Ordinary 100.00 100.00 CILR Pty Ltd Australia Ordinary 100.00 100.00 Coridon Pty Ltd Australia Ordinary - 54.00 (deconsolidated 1 January 2013)
Dendright Pty Ltd Australia Ordinary 100.00 100.00 First Investor Pty Ltd Australia Ordinary 53.00 53.00 Herdvac Pty Ltd Australia Ordinary 100.00 100.00 Leximancer Pty Ltd Australia Ordinary 60.00 60.00 Lucia Publishing Systems Pty Ltd Australia Ordinary 95.00 95.00 Neurotide Pty Ltd Australia Ordinary 58.00 58.00 (deregistered 30 October 2013)
Pepfactants Pty Ltd Australia Ordinary 67.00 58.00 Rapisure Pty Ltd Australia Ordinary 100.00 100.00 Symbiosis Pty Ltd Australia Ordinary 100.00 100.00
50 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
37 Subsidiaries continued
57
UATC Pty Ltd Australia Ordinary 100.00 100.00 UTSAT Pty Ltd Australia Ordinary 100.00 100.00 UWAT Pty Ltd Australia Ordinary 100.00 100.00 UTASAT Pty Ltd Australia Ordinary 100.00 100.00 Vacquel Pty Ltd Australia Ordinary 71.00 71.00
UQ Foundation Trust
UQ Jakarta Office Pty Ltd
(registered 16 August 2013) Australia Ordinary 100.00 -
UniQuest Asset Trust Group
UniQuest Asset Trust Australia Ordinary 100.00 100.00 Aussie Colours Pty Ltd Australia Ordinary - 58.00 (deconsolidated 1 January 2013)
Bilexys Pty Lrd Australia Ordinary 100.00 100.00 Bioherbicides Australia Pty Ltd Australia Ordinary - 75.00 (deconsolidated 1 January 2013)
Ceramipore Australia Ordinary 100.00 100.00 Cloevis Pty Ltd Australia Ordinary 100.00 100.00 DuraCyc Power Pty Ltd Australia Ordinary 100.00 100.00 LanguageMap Pty Ltd Australia Ordinary - 100.00 (deconsolidated 1 January 2013)
Lightanate Pty Ltd Australia Ordinary - 58.00 (deconsolidated 1 January 2013)
Metallotek Pty Ltd Australia Ordinary 100.00 100.00 Millipede Forming Pty Ltd Australia Ordinary 75.00 75.00 Neo Rehab Pty Ltd Australia Ordinary 100.00 100.00 Progel Pty Ltd Australia Ordinary - 53.00 (deconsolidated 1 January 2013)
Tenasitech Pty Ltd Australia Ordinary - 54.00 (deconsolidated 1 January 2013)
Snoresound Pty Ltd Australia Ordinary 100.00 100.00
IMBcom Asset Trust Group
IMBcom Asset Trust Australia Ordinary 100.00 100.00 CCA Therapeutics Pty Ltd Australia Ordinary 100.00 100.00 Global Change Institute Pty Ltd Australia Ordinary 100.00 100.00
38 Events occurring after the reporting date
No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in future financial years.
The UniversiTy of QUeensland annUal reporT 2013 51
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
58
39 Key management personnel disclosures
(a) Names of responsible persons and executive officers
The following details for key executive management personnel include those positions that had authority and responsibility for planning, directing and controlling the activities of the University during 2013. Further information on these positions can be found in the body of the Annual Report under the section relating to corporate governance.
Current Incumbents
Position Responsibilities Contract classification and appointment authority Date appointed to position
Vice-Chancellor and President
Chief Executive Officer Executive - Senate 8/10/2012
Senior Deputy Vice-Chancellor
Deputy Chief Executive Officer Executive - Vice Chancellor 8/10/2012
Deputy Vice-Chancellor (Academic)
Academic Policy and related matters Executive - Vice Chancellor
Previous appointment to 14/04/2013. Current appointment from 15/04/2013.
Deputy Vice-Chancellor (International)
International Student matters Executive - Vice Chancellor Previous appointment to
01/11/2013.
Vice-President (International) (Acting)
International Student matters Executive - Vice Chancellor Current appointment from
02/11/2013.
Deputy Vice-Chancellor (Research)
Research Policy and related matters Executive - Vice Chancellor 29/06/2009
Chief Operating Officer Operational Matters and Infrastructure
Executive - Vice Chancellor 16/03/2009
52 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
39 Key management personnel disclosures continued
59
(b) Remuneration of board members and executives
The remuneration and other terms of employment for the key executive management personnel are specified in employment contracts. The contracts provide for the provision of performance related cash bonuses and other benefits including motor vehicles.
For the 2013 year, remuneration of key executive management personnel increased by 2.5%.
Remuneration packages for key executive management personnel comprise the following components:-
• Short term employee benefits which include: - Base – consisting of base salary, allowances and leave entitlements paid and provided for the entire
year or for that part of the year during which the employee occupied the specified position. Amounts disclosed equal the amounts expensed in the Statement of Comprehensive Income.
- Non-monetary benefits – consisting of provision of vehicle together with fringe benefits tax applicable to the benefit.
• Long term employee benefits include long service leave accrued.
• Post-employment benefits include superannuation contributions.
• Redundancy payments are not applicable to senior staff however termination payments may be applicable in particular circumstances.
• Performance bonuses may be paid or payable annually depending upon the achievement of pre-determined individual performance targets as agreed by the supervisor and approved by the relevant approving authority.
Total fixed remuneration is calculated on a ‘total cost’ basis and includes the base and non-monetary benefits, long term employee benefits and post-employment benefits.
The UniversiTy of QUeensland annUal reporT 2013 53
UQ annUal financial statements
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erna
tiona
l) (A
ctin
g) (a
ppoi
nted
02/
11/2
013)
66
-
- 19
8
- 93
Dep
uty
Vic
e-C
hanc
ello
r (R
esea
rch)
46
2 23
80
14
81
-
660
Chi
ef O
pera
ting
Offi
cer
489
- 85
7
88
- 66
9
Tota
l Rem
uner
atio
n 2,
939
52
540
140
524
- 4,
195
54 The UniversiTy of QUeensland annUal reporT 2013
Th
e U
niv
ers
ity
of
Qu
ee
ns
lan
d
No
tes
to t
he
Fin
anci
al S
tate
men
ts
Fo
r th
e Y
ea
r E
nd
ed
31
De
ce
mb
er
20
13
39
K
ey
ma
na
ge
me
nt
pe
rso
nn
el
dis
clo
su
res
co
nti
nu
ed
61
(b)
Re
mu
ne
rati
on
of
bo
ard
me
mb
ers
an
d e
xe
cu
tiv
es
co
nti
nu
ed
1 J
an
ua
ry 2
01
2 -
31
De
ce
mb
er
20
12
Po
sit
ion
Sh
ort
Te
rm E
mp
loy
ee
Be
ne
fits
Po
st-
Em
plo
ym
en
t B
enef
its
T
erm
inat
ion
B
enef
its
T
ota
l R
emu
ner
atio
n
Bas
e
No
n-M
on
eta
ry
Ben
efit
s
Pe
rfo
rma
nc
e
Pa
ym
en
ts
Lo
ng
T
erm
E
mp
loy
ee
B
enef
its
$
'00
0
$'0
00
$
'00
0
$'0
00
$
'00
0
$'0
00
$
'00
0
Vic
e-C
hanc
ello
r a
nd
Pre
sid
en
t (ap
poin
ted
8/10
/201
2)
17
8
- 4
5
54
2
6
- 3
03
Vic
e-C
hanc
ello
r (A
ctin
g) (
step
ped
dow
n 7/
10/2
012)
5
42
1
3
11
9
25
8
5
- 7
84
Se
nio
r D
ep
uty
Vic
e-C
hanc
ello
r (a
ppoi
nted
8/1
0/20
12)
12
7
4
40
8
1
9
- 1
98
Se
nio
r D
ep
uty
Vic
e-C
hanc
ello
r (A
ctin
g) (
step
ped
dow
n 7/
10/2
012)
3
73
1
4
- 7
6
3
- 4
57
Dep
uty
Vic
e-C
hanc
ello
r (A
cade
mic
)
43
5
18
2
3
11
7
2
- 5
59
Dep
uty
Vic
e-C
hanc
ello
r (I
nter
natio
nal)
3
89
-
45
4
6
0
- 4
98
Dep
uty
Vic
e-C
hanc
ello
r (R
esea
rch)
(ap
poin
ted
8/10
/201
2)
10
1
5
64
2
1
7
- 1
89
Dep
uty
Vic
e C
hanc
ello
r (R
ese
arch
) (A
ctin
g) (
step
ped
dow
n 7
/10
/20
12
) 3
14
1
5
- 1
0
53
-
39
2
Chi
ef O
pera
ting
Offi
cer
46
8
- 7
3
6
77
-
62
4
To
tal R
emu
ner
atio
n
2,9
27
69
4
09
1
27
4
72
-
4,0
04
NO
TE
S T
O T
HE
FIN
AN
CIA
L S
TAT
EM
EN
TS
FO
R T
HE
YE
AR
EN
DE
D 3
1 D
EC
EM
BE
R 2
013
The UniversiTy of QUeensland annUal reporT 2013 55
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
39 Key management personnel disclosures continued
62
(c) Performance Payments
The basis for performance bonuses paid or payable in the 2012 financial year is set out below:
Position Date Paid Basis for payment
Vice-Chancellor and President 22/03/2013 Performance Appraisal - achievement of key result areas
Senior Deputy Vice-Chancellor 22/03/2013 Performance Appraisal - achievement of key result areas
Deputy Vice-Chancellor (Academic) 22/03/2013 Performance Appraisal - achievement of key result areas
Deputy Vice-Chancellor (International)
22/03/2013 Performance Appraisal - achievement of key result areas
Deputy Vice-Chancellor (Research) 22/03/2013 Performance Appraisal - achievement of key result areas
Chief Operating Officer 22/03/2013 Performance Appraisal - achievement of key result areas
Performance bonuses payable in relation to the 2013 financial year have not been paid at the date of the financial statements. They are expected to be paid in March 2014.
The aggregate performance bonuses paid to all key executive management personnel are as follows:
2013 2012
$'000 $'000
Performance payments to key executive management personnel 540 409
56 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
63
40 Financial risk management
The Group's activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. The Group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the Group
Senate provides written principles for overall risk management and written policies covering specific areas, such as cash management, investment of funds, borrowing of funds and the use of foreign exchange contracts.
Details of the significant accounting policies and methods adopted, including the criteria for recognition and the basis of measurement, in respect of each class of financial instrument, are disclosed in Note 1(k).
The Group uses different methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the case of interest rate, foreign exchange and other price risks, ageing analysis for credit risk and liquidity risk.
(a) Market risk
(i) Interest rate risk
The Group's exposure to market risk for changes in interest rates relates primarily to the Group's short-term investments. The Group manages its short-term cash flow interest rate risk by investing in fixed term funds.
Significant assumptions Reasonably possible movements in interest rates were determined based on relationships with financial institutions, a review of the last two year's historical movements and economic forecaster's expectations.
(ii) Foreign exchange risk
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily the US dollar. To manage its foreign exchange risk arising from future commercial transactions, the Group has, at times, entered into foreign exchange contracts. It is the University's policy to not enter into forward exchange contracts until a commitment is in place. The forward currency contracts must be in the same currency as the hedged item.
Significant assumptions Reasonably possible movements in foreign exchange rates were determined based on a review of the last five year's historical movements and economic forecaster's expectations.
(iii) Equity market risk
The Group is exposed to equity securities price risk because of long-term investments held by the Group. The Group manages its exposure to market risk by diversifying its long-term investments across different investment asset classes.
Significant assumptions Reasonably possible movements in equity prices were determined based on a review of the last three year's historical movements and economic forecaster's expectations.
(iv) Summarised sensitivity analysis
The following table summarises the sensitivity of the Group's financial assets and financial liabilities to interest rate risk, foreign exchange risk and equity market risk.
The UniversiTy of QUeensland annUal reporT 2013 57
UQ annUal financial statementsT
he
Un
ive
rsit
y o
f Q
ue
en
sla
nd
No
tes
to t
he
Fin
anci
al S
tate
men
ts
Fo
r th
e Y
ea
r E
nd
ed
31
De
ce
mb
er
20
13
40
F
ina
nc
ial
ris
k m
an
ag
em
en
t c
on
tin
ue
d
(a)
Ma
rke
t ri
sk
co
nti
nu
ed
64
31
De
ce
mb
er
20
13
In
tere
st
rate
ris
k F
ore
ign
ex
ch
an
ge
ris
k E
qu
ity
ma
rke
t ri
sk
-1.5
%
+0
.5%
-1
0%
+
10
%
-10
%
+1
0%
C
arry
ing
amou
nt
Res
ult
$
'00
0
Eq
uit
y
$'0
00
R
esu
lt
$'0
00
E
qu
ity
$
'00
0
Res
ult
$
'00
0
Eq
uit
y
$'0
00
R
esu
lt
$'0
00
E
qu
ity
$
'00
0
Res
ult
$
'00
0
Eq
uit
y
$'0
00
R
esu
lt
$'0
00
E
qu
ity
$
'00
0
Fin
an
cia
l a
ss
ets
Ca
sh a
t b
an
k a
nd
on
ha
nd
2
9,5
12
-
-
-
-
(1
16)
(1
16)
1
16
1
16
-
-
-
-
Ca
sh h
eld
on
be
ha
lf o
f th
ird
pa
rty
3
,52
2
-
-
-
-
-
-
-
-
-
-
-
-
Sh
ort
-te
rm d
ep
osi
ts le
ss t
ha
n 9
0 d
ays
3,4
98
(5
2)
(5
2)
1
7
1
7
-
-
-
-
-
-
-
-
Re
ceiv
ab
les
- D
eb
tors
91
,02
9
-
-
-
-
(334
)
(334
)
33
4
33
4
-
-
-
-
Fin
an
cia
l ass
ets
- A
vaila
ble
fo
r sa
le
7
,95
9
-
-
-
-
-
-
-
-
(796
)
(796
)
79
6
79
6
Fin
an
cia
l ass
ets
- F
air
va
lue
th
rou
gh
P &
L
12
7,7
92
-
-
-
-
-
-
-
-
(1
2,77
9)
(12,
779)
12
,77
9
12
,77
9
Te
rm d
ep
osi
ts g
rea
ter
tha
n 9
0 d
ays
1
85
,48
7
(2,7
83)
(2
,783
)
92
7
92
7
-
-
-
-
-
-
-
-
Inve
stm
en
ts in
ass
oci
ate
s
32
,98
3
-
-
-
-
-
-
-
-
-
-
-
-
Fin
an
cia
l li
ab
ilit
ies
Tra
de
an
d o
the
r p
aya
ble
s
74
,14
8
-
-
-
-
-
-
-
-
-
-
-
-
Bo
rro
win
gs
11
5,7
87
-
-
-
-
-
-
-
-
-
-
-
-
Lo
an
fro
m Q
LD
Go
v.
4
1,5
15
-
-
-
-
-
-
-
-
-
-
-
-
Oth
er
liab
ilitie
s
7,6
65
-
-
-
-
-
-
-
-
-
-
-
-
To
tal i
ncr
ea
se/(
de
cre
ase
)
(2
,835
)
(2,8
35)
9
44
9
44
(4
50)
(4
50)
4
50
4
50
(1
3,57
5)
(13,
575)
13
,57
5
13
,57
5
NO
TE
S T
O T
HE
FIN
AN
CIA
L S
TAT
EM
EN
TS
FO
R T
HE
YE
AR
EN
DE
D 3
1 D
EC
EM
BE
R 2
013
58 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
Th
e U
niv
ers
ity
of
Qu
ee
ns
lan
d
No
tes
to t
he
Fin
anci
al S
tate
men
ts
Fo
r th
e Y
ea
r E
nd
ed
31
De
ce
mb
er
20
13
40
F
ina
nc
ial
ris
k m
an
ag
em
en
t c
on
tin
ue
d
(a)
Ma
rke
t ri
sk
co
nti
nu
ed
65
31
De
ce
mb
er
20
12
In
tere
st
rate
ris
k F
ore
ign
ex
ch
an
ge
ris
k E
qu
ity
ma
rke
t ri
sk
-1.5
%
+0
.5%
-1
0%
+
10
%
-10
%
+1
0%
Res
ult
$
'00
0
Eq
uit
y
$'0
00
R
esu
lt
$'0
00
E
qu
ity
$
'00
0
Res
ult
$
'00
0
Eq
uit
y
$'0
00
R
esu
lt
$'0
00
E
qu
ity
$
'00
0
Res
ult
$
'00
0
Eq
uit
y
$'0
00
R
esu
lt
$'0
00
E
qu
ity
$
'00
0
Fin
an
cia
l a
ss
ets
Ca
sh a
t b
an
k a
nd
on
ha
nd
8
0,4
68
-
-
-
-
(2
47)
(2
47)
2
47
2
47
-
-
-
-
Ca
sh h
eld
on
be
ha
lf o
f th
ird
pa
rty
1
1,5
74
-
-
-
-
-
-
-
-
-
-
-
-
Sh
ort
-te
rm d
ep
osi
ts le
ss t
ha
n 9
0 d
ays
2
07
,05
9
(3,1
06)
(3
,106
)
1,0
35
1
,03
5
-
-
-
-
-
-
-
-
Re
ceiv
ab
les
- D
eb
tors
87
,26
4
-
-
-
-
(141
)
(141
)
14
1
14
1
-
-
-
-
Fin
an
cia
l ass
ets
- A
vaila
ble
fo
r sa
le
8
,55
1
-
-
-
-
-
-
-
-
(855
)
(855
)
85
5
85
5
Fin
an
cia
l ass
ets
Fa
ir V
alu
e t
hro
ug
h P
&L
1
08
,03
0
-
-
-
-
-
-
-
-
(10,
803)
(1
0,80
3)
1
0,8
03
1
0,8
03
Te
rm d
ep
osi
ts g
rea
ter
tha
n 9
0 d
ays
20
0
(3)
(3
)
1
1
-
-
-
-
-
-
-
-
Inve
stm
en
ts in
ass
oci
ate
s
78
,79
3
-
-
-
-
-
-
-
-
-
-
-
-
Fin
an
cia
l li
ab
ilit
ies
Tra
de
an
d o
the
r p
aya
ble
s
79
,23
3
-
-
-
-
-
-
-
-
-
-
-
-
Bo
rro
win
gs
11
7,0
35
-
-
-
-
-
-
-
-
-
-
-
-
Lo
an
fro
m Q
LD
Go
v.
3
7,0
05
-
-
-
-
-
-
-
-
-
-
-
-
Oth
er
liab
ilitie
s
16
,35
9
-
-
-
-
-
-
-
-
-
-
-
-
To
tal i
ncr
ea
se/(
de
cre
ase
)
(3
,109
)
(3,1
09)
1
,03
6
1,0
36
(3
88)
(3
88)
3
88
3
88
(1
1,65
8)
(11,
658)
11
,65
8
11
,65
8
NO
TE
S T
O T
HE
FIN
AN
CIA
L S
TAT
EM
EN
TS
FO
R T
HE
YE
AR
EN
DE
D 3
1 D
EC
EM
BE
R 2
013
The UniversiTy of QUeensland annUal reporT 2013 59
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
40 Financial risk management continued
66
(b) Credit risk
Credit risk is the risk that a contracting entity will not complete its obligation under a financial instrument or customer contract that will result in a financial loss to the Group. The Group is exposed to credit risk primarily from its operating activities (primarily from customer receivables) and from its dealings with financial institutions (deposits with banks and financial institutions).
The maximum exposure to credit risk at balance date in relation to each class of recognised financial assets is the carrying amount of those assets, net of any provisions for impairment of those assets, as disclosed in the Statements of Financial Position and Notes to the Financial Statements.
The economic entity does not have any material credit risk exposure to any single receivable or group of receivables, under financial instruments entered into by the economic entity.
There is no significant concentration of credit risk within the Group.
(c) Liquidity risk
Liquidity risk refers to the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset.
The Group's objective is to maintain a balance amongst continuity of funding, flexibility through the use of deposits with banks and cash funds, and accessibility to a drawdown stand-by facility.
The following tables summarise the maturity of the Group’s financial assets and financial liabilities:
60 The UniversiTy of QUeensland annUal reporT 2013
The
Uni
vers
ity o
f Que
ensl
and
Not
es to
the
Fina
ncia
l Sta
tem
ents
Fo
r the
Yea
r End
ed 3
1 D
ecem
ber 2
013
40
Fina
ncia
l ris
k m
anag
emen
t con
tinue
d
(c)
Liqu
idity
risk
con
tinue
d
67
A
vera
ge In
tere
st
rate
Va
riabl
e in
tere
st
rate
W
ithin
1 y
ear
1 - 5
yea
rs
5+ y
ears
N
on-In
tere
st
Tota
l
20
13
20
12
20
13
$'00
0 2
01
2
$'0
00
20
13
$'00
0 2
01
2
$'0
00
20
13
$'00
0 2
01
2
$'0
00
20
13
$'00
0 2
01
2
$'0
00
20
13
$'00
0 2
01
2
$'0
00
20
13
$'00
0 2
01
2
$'0
00
Fina
ncia
l Ass
ets:
B
an
k b
ala
nce
s
2.75
3.6
9
29,5
12
3,4
98
-
-
-
-
-
-
-
-
29
,512
3
,49
8
Cas
h he
ld o
n be
half
of th
ird p
arty
2.51
3.6
1
3,52
2
11
,57
4
-
-
-
-
-
-
-
-
3,52
2
11
,57
4
Sh
ort
te
rm d
ep
osi
ts
4.
02
4
.77
-
-
3,
498
2
07
,05
9
-
-
-
-
-
-
3,49
8
20
7,0
59
Rec
eiva
bles
- d
eb
tors
-
-
-
-
-
-
-
-
-
-
91,0
29
87
,26
4
91,0
29
87
,26
4
Ava
ilab
le f
or
sale
fin
an
cia
l ass
ets
-
-
-
-
-
-
-
-
-
-
7,95
9
8,5
51
7,95
9
8,5
51
Des
igna
ted
at fa
ir va
lue
thro
ugh
inco
me
-
-
-
-
-
-
-
-
-
-
127,
792
1
08
,03
0
127,
792
1
08
,03
0
Te
rm d
ep
osi
ts
4.
69
5
.99
-
-
18
5,18
7
-
100
2
00
20
0
-
-
-
185,
487
2
00
Inve
stm
en
t in
ass
oci
ate
s
-
-
-
-
-
-
-
-
-
-
32,9
83
78
,79
3
32,9
83
78
,79
3
Tota
l Fin
anci
al A
sset
s
33,0
34
15
,07
2
188,
685
2
07
,05
9
100
2
00
200
-
25
9,76
3
28
2,6
38
48
1,78
2
50
4,9
69
Fina
ncia
l Lia
bilit
ies:
T
rad
e a
nd
oth
er
pa
yab
les
-
-
-
-
-
-
-
-
-
-
74
,148
7
9,2
33
74
,148
7
9,2
33
Bo
rro
win
gs
9.
19
9
.19
-
-
89
3
,83
5
-
-
115,
698
1
13
,20
0
-
-
115,
787
1
17
,03
5
Lo
an
fro
m Q
LD
Go
vern
me
nt
-
-
-
-
-
-
-
-
-
-
41
,515
3
7,0
05
41
,515
3
7,0
05
Oth
er
liab
ilitie
s
-
-
-
-
-
-
-
-
-
-
7,66
5
16
,35
9
7,66
5
16
,35
9
Tota
l Fin
anci
al L
iabi
litie
s
-
-
89
3,8
35
-
-
11
5,69
8
11
3,2
00
12
3,32
8
13
2,5
97
23
9,11
5
24
9,6
32
NO
TE
S T
O T
HE
FIN
AN
CIA
L S
TAT
EM
EN
TS
FO
R T
HE
YE
AR
EN
DE
D 3
1 D
EC
EM
BE
R 2
013
The UniversiTy of QUeensland annUal reporT 2013 61
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
68
41 Fair value measurement
(a) Fair value measurements
The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price.
Due to the short-term nature of the current receivables and payables their carrying value is assumed to approximate their fair value and based on credit history it is expected that the receivable that are neither past due nor impaired will be received when due.
The carrying amounts and aggregate net fair values of financial assets and liabilities at balance date are:
Carrying Amount Fair Value
2013 $'000
2012 $'000
2013 $'000
2012 $'000
Financial assets
Cash and cash equivalents 36,532 299,101 36,532 299,101
Receivables 91,029 87,264 91,029 87,264
Investments in associates 32,983 78,793 32,983 78,793
Available for sale financial assets 7,959 8,551 7,959 8,551
Designated at fair value through income 127,792 108,030 127,792 108,030
Term deposits 185,487 200 185,487 200
Total financial assets 481,782 581,939 481,782 581,939
Financial Liabilities
Payables 74,148 79,233 74,148 79,233
Borrowings 115,787 117,035 115,787 117,035
Other liabilities - loan from QLD Government 41,515 37,005 41,515 37,005
Other liabilities 7,665 16,359 7,665 16,359
239,115 249,632 239,115 249,632
The Group measure and recognises the following assets and liabilities at fair value on a recurring basis:
• Financial assets at fair value through profit or loss. • Available-for-sale financial assets. • Land, buildings and other property plant and equipment carried at fair value.
(b) Fair value hierarchy
The University of Queensland categorises assets and liabilities measured at fair value into a hierarchy based on the level of inputs used in measurements.
Level 1 quoted prices (unadjusted) in active markets for identical assets or liabilities.
62 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
41 Fair value measurement continued
(b) Fair value hierarchy continued
69
Level 2 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 inputs for the asset or liability that are not based on observable market data (unobservable inputs).
(i) Recognised fair value measurements
Fair value measurements recognised in the balance sheet are categorised into the following levels at 31 December 2013. Comparative information for non-financial assets has not been provided as permitted by the transitional provisions of the new standard. Note
2013 $'000
Level 1 $'000
Level 2 $'000
Level 3 $'000
Recurring fair value measurements
Financial assets Financial assets at fair value through profit or loss 20 127,792 120,060 - 7,732 Available-for-sale financial assets 20 7,959 - - 7,959
Total financial assets 135,751 120,060 - 15,691
Non-financial assets Land and buildings 23 2,678,553 - 6,873 2,671,680
Total non-financial assets 2,678,553 - 6,873 2,671,680
There were no transfers between Levels 1 and 2 for recurring fair value measurements during the year. For transfers in and out of Level 3 measurements, see 41(d) below.
The University of Queensland's policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period.
(ii) Disclosed fair values
The fair value of assets or liabilities traded in active markets (such as the managed investment portfolio and shares held in listed entities) is based on quoted market prices for identical assets or liabilities at the balance sheet date (Level 1). This is the most representative of fair value in the circumstances.
The fair value of non-current borrowings disclosed in Note 27 is estimated by discounting the future contractual cash flows at the current market interest rates that are available to the group for similar financial instruments. For the period ending 31 December 2013, the borrowing rates were determined to be between -% and -%, depending on the type of borrowing. The fair value of current borrowings approximates the carrying amount, as the impact of discounting is not significant (Level 2).
The UniversiTy of QUeensland annUal reporT 2013 63
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
41 Fair value measurement continued
70
(c) Valuation techniques used to derive Level 2 and Level 3 fair values
(i) Recurring fair value measurements
The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.
If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. This is the case for unlisted equity securities which are carried at cost.
(d) Fair value measurements using significant unobservable inputs (Level 3)
The following table is a reconciliation of Level 3 items for the periods ended 31 December 2013 and 2012.
Level 3 Fair Value Measurement 2013
Shares and convertible notes unlisted entities
$'000
Land buildings and other
property plant and equipment carried at fair
value $'000
Total $'000
Opening balance 34,249 2,376,093 2,410,342
Acquisitions 1,233 239,931 241,164
Transfers from level 2 1,401 - 1,401
Lease instalments - - -
Disposals - (228) (228)
Sales (9,403) - (9,403)
Issues 845 - 845
Recognised in profit or loss (12,634) - (12,634)
Recognised in other comprehensive income - 55,884 55,884
Closing balance
15,691 2,671,680 2,687,371
64 The UniversiTy of QUeensland annUal reporT 2013
Th
e U
niv
ers
ity
of
Qu
ee
ns
lan
d
No
tes
to t
he
Fin
anci
al S
tate
men
ts
Fo
r th
e Y
ea
r E
nd
ed
31
De
ce
mb
er
20
13
42
A
cq
uit
tal
of
Au
str
ali
an
Go
ve
rnm
en
t F
ina
nc
ial
As
sis
tan
ce
co
nti
nu
ed
74
42
A
cq
uit
tal
of
Au
str
ali
an
Go
ve
rnm
en
t F
ina
nc
ial
As
sis
tan
ce
(a)
DII
SR
TE
- C
GS
an
d o
the
r D
IIS
RT
E g
ran
ts
Co
mm
on
wea
lth
Gra
nts
S
chem
e #
1
Ind
igen
ou
s S
up
po
rt
Pro
gra
m
Par
tner
ship
&
Par
tici
pat
ion
Pro
gra
m
#2
Dis
abili
ty S
up
po
rt
Pro
gra
m
Tra
nsi
tio
nal
Co
st
Pro
gra
m
Pro
mo
of
Exc
in
Lea
rnin
g a
nd
Tea
chin
g
Par
ent
En
tity
(U
niv
ersi
ty)
On
ly
Not
e
2013
$'00
0
2012
$'00
0
2013
$'00
0
2012
$'00
0
2013
$'00
0
2012
$'00
0
2013
$'00
0
2012
$'00
0
2013
$'00
0
2012
$'00
0
2013
$'00
0
2012
$'00
0
Fin
anci
al a
ssis
tanc
e re
ceiv
ed in
CA
SH
dur
ing
the
repo
rtin
g pe
riod
(tot
al c
ash
rece
ived
from
Aus
tral
ian
Gov
ernm
ent f
or th
e pr
ogra
m)
29
8,31
4
28
6,18
5
1,11
9
884
4,
263
4,
334
65
82
-
(7
00)
75
5
1,07
7
Net
acc
rual
adj
ustm
ents
-
-
-
-
-
-
-
-
-
-
(1
44)
-
Rev
enue
for
the
perio
d
2(a)
298,
314
28
6,18
5
1,11
9
884
4,
263
4,
334
65
82
-
(7
00)
61
1
1,07
7
Sur
plus
/(de
ficit)
from
the
prev
ious
yea
r
-
-
-
-
73
9
278
-
20
-
-
984
-
Tot
al r
even
ue in
clud
ing
accr
ued
reve
nue
29
8,31
4
28
6,18
5
1,11
9
884
5,
002
4,
612
65
102
-
(7
00)
1,
595
1,
077
Less
exp
ense
s in
clud
ing
accr
ued
expe
nses
(2
98,3
14)
(2
86,1
85)
(1
,119
)
(884
)
(3,8
01)
(3
,873
)
(65)
(102
)
-
700
(4
92)
(9
3)
Sur
plus
/(de
ficit)
for
the
repo
rtin
g pe
riod
-
-
-
-
1,20
1
739
-
-
-
-
1,
103
98
4
Rew
ard
Fu
nd
ing
T
ota
l
Par
ent
En
tity
(U
niv
ersi
ty)
On
ly
Not
e
2013
$'00
0
2012
$'00
0
2013
$'00
0
2012
$'00
0
Fin
anci
al a
ssis
tanc
e re
ceiv
ed in
CA
SH
dur
ing
the
repo
rtin
g pe
riod
(tot
al c
ash
rece
ived
from
Aus
tral
ian
Gov
ernm
ent f
or th
e pr
ogra
m)
713
685
30
5,22
9
29
2,54
7
Net
acc
rual
adj
ustm
ents
-
-
(1
44)
-
Rev
enue
for
the
perio
d
2(a)
713
68
5
305,
085
292,
547
Sur
plus
/(de
ficit)
from
the
prev
ious
yea
r
-
-
1,
723
29
8
Tot
al r
even
ue in
clud
ing
accr
ued
reve
nue
71
3
685
30
6,80
8
29
2,84
5
Less
exp
ense
s in
clud
ing
accr
ued
expe
nses
(7
13)
(6
85)
(3
04,5
04)
(2
91,1
22)
Sur
plus
/(de
ficit)
for
the
repo
rtin
g pe
riod
-
-
2,30
4
1,72
3
#1 b
asic
CG
S g
rant
am
ount
, CG
S –
Reg
iona
l Loa
ding
, CG
S –
Ena
blin
g Lo
adin
g, M
aths
and
Sci
ence
Tra
nsiti
on L
oadi
ng a
nd F
ull F
ee P
lace
s T
rans
ition
Loa
ding
.
#2 In
clud
es E
quity
Sup
port
Pro
gram
.
#3 In
clud
es C
olla
bora
tion
and
Str
uctu
ral A
djus
tmen
ts P
rogr
am
NO
TE
S T
O T
HE
FIN
AN
CIA
L S
TAT
EM
EN
TS
FO
R T
HE
YE
AR
EN
DE
D 3
1 D
EC
EM
BE
R 2
013
The UniversiTy of QUeensland annUal reporT 2013 65
UQ annUal financial statements
Th
e U
niv
ers
ity
of
Qu
ee
ns
lan
d
No
tes
to t
he
Fin
anci
al S
tate
men
ts
Fo
r th
e Y
ea
r E
nd
ed
31
De
ce
mb
er
20
13
42
A
cq
uit
tal
of
Au
str
ali
an
Go
ve
rnm
en
t F
ina
nc
ial
As
sis
tan
ce
co
nti
nu
ed
74
(b)
Hig
he
r e
du
ca
tio
n l
oa
n p
rog
ram
me
s (
ex
cl
OS
-HE
LP
)
HE
CS
-HE
LP
(A
ust
. G
ove
rnm
ent
pay
men
ts
on
ly)
FE
E-H
EL
P #
4
SA
-HE
LP
T
ota
l
Par
ent
En
tity
(U
niv
ersi
ty)
On
ly
Not
e
2013
$'00
0
2012
$'00
0
2013
$'00
0
2012
$'00
0
2013
$'00
0
2012
$'00
0
2013
$'00
0
2012
$'00
0
Cas
h P
ayab
le/(
Rec
eiva
ble)
at t
he b
egin
ning
of t
he y
ear
(3,1
66)
1,
163
(8
84)
93
4
-
-
(4,0
50)
2,
097
Fin
anci
al a
ssis
tanc
e re
ceiv
ed in
CA
SH
dur
ing
the
repo
rtin
g pe
riod
16
8,96
5
13
3,03
1
26,5
69
19
,985
4,58
3
3,84
4
200,
117
156,
860
Cas
h av
aila
ble
for
the
perio
d
165,
799
134,
194
25
,685
20,9
19
4,
583
3,
844
19
6,06
7
15
8,95
7
Rev
enue
ear
ned
2(
b)
(1
68,5
31)
(1
37,3
60)
(2
3,48
0)
(2
1,80
3)
(4
,583
)
(3,8
44)
(1
96,5
94)
(1
63,0
07)
Cas
h P
ayab
le/(
Rec
eiva
ble)
at t
he e
nd o
f the
yea
r
(2
,732
)
(3,1
66)
2,
205
(8
84)
-
-
(5
27)
(4
,050
)
#4 P
rogr
am is
in r
espe
ct o
f FE
E-H
ELP
for
Hig
her
Edu
catio
n on
ly a
nd e
xclu
des
fund
s re
ceiv
ed in
res
pect
of V
ET
FE
E-H
ELP
.
(c)
Sc
ho
lars
hip
s
Au
stra
lian
P
ost
gra
du
ate
Aw
ard
s
Inte
rnat
ion
al
Po
stg
rad
uat
e R
esea
rch
S
cho
lars
hip
s
Co
mm
on
wea
lth
E
du
cati
on
Co
st
Sch
ola
rsh
ips
#5
Co
mm
on
wea
lth
A
cco
mm
od
atio
n
Sch
ola
rsh
ips
#5
Ind
igen
ou
s A
cces
s S
cho
lars
hip
T
ota
l
Par
ent
En
tity
(U
niv
ersi
ty)
On
ly
Not
e 20
13
$'00
0 20
12
$'00
0 20
13
$'00
0 20
12
$'00
0 20
13
$'00
0 20
12
$'00
0 20
13
$'00
0 20
12
$'00
0 20
13
$'00
0 20
12
$'00
0 20
13
$'00
0 20
12
$'00
0
Fin
anci
al a
ssis
tanc
e re
ceiv
ed in
CA
SH
dur
ing
the
repo
rtin
g pe
riod
(tot
al c
ash
rece
ived
from
Aus
tral
ian
Gov
ernm
ent f
or th
e pr
ogra
m)
22
,850
20,8
61
1,
925
1,
848
(4
95)
21
7
(371
)
282
(1
33)
29
3
23,7
76
23
,501
Rev
enue
for
the
perio
d
2(c)
22,8
50
20
,861
1,92
5
1,84
8
(495
)
217
(3
71)
28
2
(133
)
293
23
,776
23,5
01
Sur
plus
/(de
ficit)
from
the
prev
ious
yea
r
7,
869
3,
570
-
-
42
5
485
73
4
912
19
8
-
9,22
6
4,96
7
Tot
al r
even
ue in
clud
ing
accr
ued
reve
nue
30
,719
24,4
31
1,
925
1,
848
(7
0)
70
2
363
1,
194
65
293
33
,002
28,4
68
Less
exp
ense
s in
clud
ing
accr
ued
expe
nses
(2
0,01
9)
(1
6,56
2)
(1
,925
)
(1,8
48)
81
(277
)
(153
)
(460
)
(65)
(95)
(22,
081)
(19,
242)
Sur
plus
/(de
ficit)
for
the
repo
rtin
g pe
riod
10,7
00
7,
869
-
-
11
425
21
0
734
-
19
8
10,9
21
9,
226
#5 In
clud
es G
rand
fath
ered
Sch
olar
ship
s, N
atio
nal P
riorit
y an
d N
atio
nal A
ccom
mod
atio
n P
riorit
y S
chol
arsh
ips
resp
ectiv
ely.
NO
TE
S T
O T
HE
FIN
AN
CIA
L S
TAT
EM
EN
TS
FO
R T
HE
YE
AR
EN
DE
D 3
1 D
EC
EM
BE
R 2
013
66 The UniversiTy of QUeensland annUal reporT 2013
Th
e U
niv
ers
ity
of
Qu
ee
ns
lan
d
No
tes
to t
he
Fin
anci
al S
tate
men
ts
Fo
r th
e Y
ea
r E
nd
ed
31
De
ce
mb
er
20
13
42
A
cq
uit
tal
of
Au
str
ali
an
Go
ve
rnm
en
t F
ina
nc
ial
As
sis
tan
ce
co
nti
nu
ed
74
(d)
DII
SR
TE
Re
se
arc
h
Join
t R
esea
rch
E
ng
agem
ent#
6 #
7
Res
earc
h T
rain
ing
S
chem
e R
esea
rch
Infr
astr
uct
ure
B
lock
Gra
nts
Su
stai
nab
le R
esea
rch
E
xcel
len
ce in
U
niv
ersi
ties
T
ota
l
Par
ent
En
tity
(U
niv
ersi
ty)
On
ly
Not
e
2013
$'00
0
2012
$'00
0
2013
$'00
0
2012
$'00
0
2013
$'00
0
2012
$'00
0
2013
$'00
0
2012
$'00
0
2013
$'00
0
2012
$'00
0
Fin
anci
al a
ssis
tanc
e re
ceiv
ed in
CA
SH
dur
ing
the
repo
rtin
g pe
riod
(tot
al c
ash
rece
ived
from
Aus
tral
ian
Gov
ernm
ent f
or th
e pr
ogra
m)
28,1
84
30
,522
60,0
60
57
,698
24,9
51
24
,938
19,7
85
17
,767
132,
980
130,
925
Rev
enue
for
the
perio
d
2(d)
28,1
84
30
,522
60,0
60
57
,698
24,9
51
24
,938
19,7
85
17
,767
132,
980
130,
925
Sur
plus
/(de
ficit)
from
the
prev
ious
yea
r
12
5
-
-
-
3,86
1
8,72
0
-
-
3,98
6
9,14
8
Tot
al r
even
ue in
clud
ing
accr
ued
rev
enue
28
,309
30,5
22
60
,060
57,6
98
28
,812
33,6
58
19
,785
17,7
67
13
6,96
6
14
0,07
3
Less
exp
ense
s in
clud
ing
accr
ued
expe
nses
(2
7,94
3)
(3
0,39
7)
(6
0,06
0)
(5
7,69
8)
(2
8,81
2)
(2
9,79
7)
(1
9,78
5)
(1
7,76
7)
(1
36,6
00)
(1
36,0
87)
Sur
plus
/(de
ficit)
for
the
repo
rtin
g pe
riod
366
12
5
-
-
-
3,86
1
-
-
366
3,
986
#6 In
clud
es In
stitu
tiona
l Gra
nts
Sch
eme.
#7
The
rep
orte
d S
urpl
us fo
r JR
E (
$242
,000
) fo
r 20
13 is
exp
ecte
d to
be
rolle
d ov
er fo
r fu
ture
yea
rs.
(e)
Oth
er
Ca
pit
al
Fu
nd
ing
Ed
uca
tio
n In
vest
men
t F
un
d
To
tal
N
ote
2013
$'
000
2012
$'
000
2013
$'
000
2012
$'
000
Fin
anci
al a
ssis
tanc
e re
ceiv
ed in
CA
SH
dur
ing
the
repo
rtin
g pe
riod
(tot
al c
ash
rece
ived
from
Aus
tral
ian
Gov
ernm
ent f
or th
e pr
ogr
am)
26,5
00
31
,761
26,5
00
31
,761
Rev
enue
for
the
perio
d
2(e)
26,5
00
31
,761
26,5
00
31
,761
Sur
plus
/(de
ficit)
from
the
prev
ious
yea
r
15
,603
18,8
69
15
,603
18,8
69
Tot
al r
even
ue in
clud
ing
accr
ued
reve
nue
42
,103
50,6
30
42
,103
50,6
30
Less
exp
ense
s in
clud
ing
accr
ued
expe
nses
(1
6,85
0)
(3
5,02
7)
(1
6,85
0)
(3
5,02
7)
Sur
plus
/(de
ficit)
for
the
repo
rtin
g pe
riod
25,2
53
15
,603
25,2
53
15
,603
NO
TE
S T
O T
HE
FIN
AN
CIA
L S
TAT
EM
EN
TS
FO
R T
HE
YE
AR
EN
DE
D 3
1 D
EC
EM
BE
R 2
013
The UniversiTy of QUeensland annUal reporT 2013 67
UQ annUal financial statements
Th
e U
niv
ers
ity
of
Qu
ee
ns
lan
d
No
tes
to t
he
Fin
anci
al S
tate
men
ts
Fo
r th
e Y
ea
r E
nd
ed
31
De
ce
mb
er
20
13
42
A
cq
uit
tal
of
Au
str
ali
an
Go
ve
rnm
en
t F
ina
nc
ial
As
sis
tan
ce
co
nti
nu
ed
75
(f)
Au
str
ali
an
Re
se
arc
h C
ou
nc
il G
ran
ts
Pro
ject
s F
ello
wsh
ips
Ind
igen
ou
s R
esea
rch
ers
Dev
elo
pm
ent
Ear
ly C
aree
r R
esea
rch
er A
war
d
To
tal
(i)
Dis
cove
ry
Par
ent
En
tity
(U
niv
ersi
ty)
On
ly
Note
2013
$'00
0
2012
$'00
0
2013
$'00
0
2012
$'00
0
2013
$'00
0
2012
$'00
0
2013
$'00
0
2012
$'00
0
2013
$'00
0
2012
$'00
0
Fin
anci
al a
ssis
tanc
e re
ceiv
ed in
CA
SH
dur
ing
the
repo
rtin
g pe
riod
(tot
al c
ash
rece
ived
from
Aus
tral
ian
Gov
ernm
ent f
or th
e pr
ogra
m)
34,8
63
34,7
34
20,6
58
21,9
62
-
(5)
7,
530
4,
429
63
,051
61
,120
Rev
enue
for
the
perio
d
2(f)
(i)
34
,863
34
,734
20
,658
21
,962
-
(5
)
7,53
0
4,42
9
63,0
51
61,1
20
Sur
plus
/(de
ficit)
from
the
prev
ious
yea
r
17
,790
15
,967
16
,413
9,
520
-
5
1,
398
-
35
,601
25
,492
Tot
al r
even
ue in
clud
ing
accr
ued
reve
nue
52
,653
50
,701
37
,071
31
,482
-
-
8,
928
4,
429
98
,652
86
,612
Less
exp
ense
s in
clud
ing
accr
ued
expe
nses
(3
3,38
3)
(32,
911)
(1
9,46
7)
(15,
069)
-
-
(5
,857
)
(3,0
31)
(5
8,70
7)
(51,
011)
Sur
plus
/(de
ficit)
for
the
repo
rtin
g pe
riod
19,2
70
17,7
90
17,6
04
16,4
13
-
-
3,07
1
1,39
8
39,9
45
35,6
01
Res
earc
h F
ello
wsh
ip
Sch
emes
In
fras
tru
ctu
re
Inte
rnat
ion
al
Pro
ject
s T
ota
l
(ii)
Lin
kag
es
Par
ent
En
tity
(U
niv
ersi
ty)
On
ly
2013
$'00
0
2012
$'00
0
2013
$'00
0
2012
$'00
0
2013
$'00
0
2012
$'00
0
2013
$'00
0
2012
$'00
0
2013
$'00
0
2012
$'00
0
Fin
anci
al a
ssis
tanc
e re
ceiv
ed in
CA
SH
dur
ing
the
repo
rtin
g pe
riod
(tot
al c
ash
rece
ived
from
Aus
tral
ian
Gov
ernm
ent f
or th
e pr
ogra
m)
-
(58)
2,56
5
1,98
7
-
13
13
,061
14,0
45
15
,626
15,9
87
Rev
enue
for
the
perio
d
2(f)
(ii)
-
(5
8)
2,
565
1,
987
-
13
13,0
61
14
,045
15,6
26
15
,987
Sur
plus
/(de
ficit)
from
the
prev
ious
yea
r
-
-
37
6
1,33
0
-
8
11,7
44
9,
896
12
,120
11,2
34
Tot
al r
even
ue in
clud
ing
accr
ued
reve
nue
-
(5
8)
2,
941
3,
317
-
21
24,8
05
23
,941
27,7
46
27
,221
Less
exp
ense
s in
clud
ing
accr
ued
expe
nses
-
58
(2,1
55)
(2
,941
)
-
(21)
(12,
741)
(12,
197)
(14,
896)
(15,
101)
Sur
plus
/(de
ficit)
for
the
repo
rtin
g pe
riod
-
-
786
37
6
-
-
12,0
64
11
,744
12,8
50
12
,120
NO
TE
S T
O T
HE
FIN
AN
CIA
L S
TAT
EM
EN
TS
FO
R T
HE
YE
AR
EN
DE
D 3
1 D
EC
EM
BE
R 2
013
68 The UniversiTy of QUeensland annUal reporT 2013
Th
e U
niv
ers
ity
of
Qu
ee
ns
lan
d
No
tes
to t
he
Fin
anci
al S
tate
men
ts
Fo
r th
e Y
ea
r E
nd
ed
31
De
ce
mb
er
20
13
42
A
cq
uit
tal
of
Au
str
ali
an
Go
ve
rnm
en
t F
ina
nc
ial
As
sis
tan
ce
co
nti
nu
ed
77
Cen
tres
T
ota
l
(iii)
Net
wo
rks
and
Cen
tres
P
aren
t E
nti
ty (
Un
iver
sity
) O
nly
N
ote
2013
$'
000
2012
$'
000
2013
$'
000
2012
$'
000
Fin
anci
al a
ssis
tanc
e re
ceiv
ed in
CA
SH
dur
ing
the
repo
rtin
g pe
riod
(to
tal c
ash
rece
ived
from
Aus
tral
ian
Gov
ernm
ent f
or th
e pr
ogra
m)
11,1
39
5,
485
11
,139
5,48
5
Rev
enue
for
the
perio
d
2(f)
(iii)
11
,139
5,48
5
11,1
39
5,
485
Sur
plus
/(de
ficit)
from
the
prev
ious
yea
r
3,
344
3,
083
3,
344
3,
083
Tot
al r
even
ue in
clud
ing
accr
ued
reve
nue
14
,483
8,56
8
14,4
83
8,
568
Less
exp
ense
s in
clud
ing
accr
ued
expe
nses
(7
,412
)
(5,2
24)
(7
,412
)
(5,2
24)
Sur
plus
/(de
ficit)
for
the
repo
rtin
g pe
riod
7,07
1
3,34
4
7,07
1
3,34
4
(g)
OS
-HE
LP
Par
ent
En
tity
(U
niv
ersi
ty)
On
ly
Not
e
2013
$'00
0
2012
$'00
0
Cas
h re
ceiv
ed d
urin
g th
e re
port
ing
perio
d
2,
447
1,
897
Cas
h sp
ent d
urin
g th
e re
port
ing
perio
d
(2
,446
)
(1,9
79)
Net
cas
h re
ceiv
ed
1
(82)
Cas
h su
rplu
s/(d
efic
it) fr
om th
e pr
evio
us p
erio
d
192
27
4
Cas
h su
rplu
s/(d
efic
it) fo
r th
e re
port
ing
perio
d
26
19
3
192
(h)
Stu
de
nt
Se
rvic
es
an
d A
me
nit
ies
Fe
e
Par
ent
En
tity
(U
niv
ersi
ty)
On
ly
Not
e 20
13
$'00
0 20
12
$'00
0
Uns
pent
/(ov
ersp
ent)
rev
enue
from
pre
viou
s pe
riod
1,
611
-
SA
-HE
LP r
even
ue e
arne
d 2(
b)
4,
583
3,
844
Stu
dent
ser
vice
s fe
es d
irect
from
stu
dent
s 4
3,
229
3,
230
Tot
al r
even
ue e
xpen
dabl
e in
per
iod
9,
423
7,
074
Stu
dent
ser
vice
s ex
pens
es d
urin
g pe
riod
(5,6
66)
(5
,463
)
Uns
pent
/(ov
ersp
ent)
stu
dent
ser
vice
s re
venu
e
3,75
7
1,61
1
NO
TE
S T
O T
HE
FIN
AN
CIA
L S
TAT
EM
EN
TS
FO
R T
HE
YE
AR
EN
DE
D 3
1 D
EC
EM
BE
R 2
013
The UniversiTy of QUeensland annUal reporT 2013 69
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
42 Acquittal of Australian Government Financial Assistance continued
78
(i) National Health & Medical Research Council Grants (i) Research Support
Project Grants Programs Development Grants Partnerships
Parent Entity (University) Only Note 2013 2012 2013 2012 2013 2012 2013 2012
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Financial assistance received in CASH during the reporting period (total cash received from Australian Government for the program)
33,305
36,636
7,649
7,806
1,123
968
302
430
Net accrual adjustments
3,092
-
695
-
82
-
27
-
Revenue for the period 2(g)(i) 36,397
36,636
8,344
7,806
1,205
968
329
430
Surplus/(deficit) from the previous year
10,805
6,464
1,924
1,647
- 129
261
360
252
Total revenue including accrued revenue
47,202
43,100
10,268
9,453
1,076
1,229
689
682
Less expenses including accrued expenses -
34,435 -
32,295 -
7,720 -
7,529 -
751 -
1,358 -
521 -
322
Surplus/(deficit) for the reporting period
12,767
10,805
2,548
1,924
325
- 129
168
360
International Collaborations Targeted Calls Centres for Research
Excellence Total
Parent Entity (University) Only Note 2013 2012 2013 2012 2013 2012 2013 2012
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Financial assistance received in CASH during the reporting period (total cash received from Australian Government for the program)
325
207
5,798
6,260
1,906
1,558
50,408
53,865
Net accrual adjustments
30
-
573
-
162
-
4,661
-
Revenue for the period 2(g)(i)
355
207
6,371
6,260
2,068
1,558
55,069
53,865
Surplus/(deficit) from the previous year
- 1
-
1,995
1,754
1,437
1,397
16,391
11,775
Total revenue including accrued revenue
354
207
8,366
8,014
3,505
2,955
71,460
65,640
Less expenses including accrued expenses -
378 -
208 -
6,681 -
6,019 -
2,020 -
1,518 -
52,506 -
49,249
Surplus/(deficit) for the reporting period
- 24
- 1
1,685
1,995
1,485
1,437
18,954
16,391
70 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
42 Acquittal of Australian Government Financial Assistance continued
(i) National Health & Medical Research Council Grants continued
79
(ii) People Support
Early Career Fellowships
Established Career Fellowships
Career Development Fellowships
TRIP Fellowships
Parent Entity (University) Only Note 2013 2012 2013 2012 2013 2012 2013 2012
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Financial assistance received in CASH during the reporting period (total cash received from Australian Government for the program)
2,489
3,301
6,530
8,195
1,633
1,987
80
72
Net accrual adjustments
210
-
591
-
141
-
6
-
Revenue for the period 2(g)(ii) 2,699
3,301
7,121
8,195
1,774
1,987
86
72
Surplus/(deficit) from the previous year
341
322
- 1
- 460
181
97
12
-
Total revenue including accrued revenue
3,040
3,623
7,120
7,735
1,955
2,084
98
72 Less expenses including accrued expenses
- 2,680
- 3,282
- 7,767
- 7,736
- 1,747
- 1,903
- 74
- 60
Surplus/(deficit) for the reporting period
360
341
- 647
- 1
208
181
24
12
Postgraduate Scholarships Total
Parent Entity (University) Only Note
2013 2012 2013 2012
$'000 $'000 $'000 $'000
Financial assistance received in CASH during the reporting period (total cash received from Australian Government for the program)
661
727
11,393
14,282
Net accrual adjustments
56
-
1,004
-
Revenue for the period 2(g)(ii)
717
727
12,397
14,282
Surplus/(deficit) from the previous year
145
- 97
678
- 138
Total revenue including accrued revenue
862
630
13,075
14,144
Less expenses including accrued expenses
- 677
- 485
- 12,945
- 13,466
Surplus/(deficit) for the reporting period
185
145
130
678
The UniversiTy of QUeensland annUal reporT 2013 71
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
The University of Queensland
Notes to the Financial Statements For the Year Ended 31 December 2013
42 Acquittal of Australian Government Financial Assistance continued
(i) National Health & Medical Research Council Grants continued
80
(iii) Infrastructure Support
Enabling Grants Infrastructure Grants Total
Parent Entity (University) Only Note 2013 2012 2013 2012 2013 2012
$'000 $'000 $'000 $'000 $'000 $'000
Financial assistance received in CASH during the reporting period (total cash received from Australian Government for the program)
386
658
518
548
904
1,206
Net accrual adjustments
36
-
-
-
36
-
Revenue for the period 2(g)(iii) 422
658
518
548
940
1,206
Surplus/(deficit) from the previous year
116
- 71
431
819
547
748
Total revenue including accrued revenue
538
587
949
1,367
1,487
1,954 Less expenses including accrued expenses
- 403
- 471
- 431
- 936
- 834
- 1,407
Surplus/(deficit) for the reporting period
135
116
518
431
653
547
72 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
Management Certificate
The UniversiTy of QUeensland annUal reporT 2013 73
UQ annUal financial statements
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
Independent Audit Report
74 The UniversiTy of QUeensland annUal reporT 2013
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013
Produced byThe Office of Marketing and CommunicationsThe University of QueenslandBrisbane Qld 4072 AustraliaTelephone (07) 3365 3367International +61 7 3365 3367Facsimile (07) 3365 1488International +61 7 3365 1488Internet www.uq.edu.auEmail [email protected]
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