The Australian National University Report

Transcription

1 The Australian National University Äj 1984 Report

2 The Australian National University 1984 Report Part 2 Report of the Council for the period 1 January 1984 to 31 December 1984

3 COMMONWEALTH OE AUSTRALIA J,, AUSTRALIA AUSTRALIAN AUDIT OFFICE Cnr Moore and Rudd Streets Canberra City A C T 2601 Please quote Address correspondence to Auditor-G eneral Bo* 707. G P O Canberra 2601 Telegram s Com audit Tele* Comeud Telephone F85/ May 1986 The Honourable Sir Richard Blackburn O.B.E. C.St.J Chairman of the Council of the University Australian National University P.O. Box 4 CANBERRA ACT 2600 Dear Sir Richard AUSTRALIAN NATIONAL UNIVERSITY AUDIT REPORT ON FINANCIAL STATEMENTS Pursuant to sub-section 33(2) of the Australian National University Act 1946, the Council of the University has submitted for my report its financial statements for the year ended 31 December These comprise: (a) General University Activities, Special Purpose Activities and Ancillary Activities Statement of Activity Supporting Statements: General University Activities - Expenditure on Current Operations Ancillary Activities Statement of Assets and Liabilities Statement of Capital Accumulation Statement of Sources and Applications of Funds (excluding Commonwealth Superannuation) 1

4 (b) Superannuation Funds Statement of Activity Statement of Balances. Statement of Changes in Balances (c ) Endowment Trust Funds Statement of Income and Expenditure Statement of Balances. Statement of Changes in Balances (d) (e) Significant Accounting Policies to and forming part of the accounts Notes on and forming part of the accounts Except to the extent disclosed in the statement 'Significant Accounting Policies to and forming part of the accounts' and in the 'Notes on and forming part of the accounts', the statements have been prepared on an historical cost basis and are in the form approved by the Minister for Finance pursuant to sub-section 33(1) of the Act. The statements have also been prepared in accordance with the Guidelines for the Form and Standard of Financial Statements of Commonwealth Undertakings (Guidelines) approved by the Minister for Finance except for certain departures which are disclosed in the statement 'Significant Accounting Policies to and forming part of the accounts'. These are:. the application of current cost accounting principles in revaluing certain non-current assets of the University's housing operation, Notes 11 and 13 also refer, and departures related to the phased implementation of the Guidelines. A copy of the statements is enclosed for your information. Moneys held on trust The University administers a number of endowment funds for various purposes and also maintains several superannuation funds. Further details concerning these funds are in the statement 'Significant Accounting Policies to and forming part of the accounts '. Audit examination revealed that moneys of these funds had been deposited in two common bank accounts and that certain moneys belonging to a number of different funds had been combined for investment purposes. Legal advice received by the University in 2

5 November and December 1984 established that moneys belonging to certain of the funds were either moneys held on a statutory trust basis or as trusts established under general law and that moneys of other funds were moneys of the University. The legal advice also indicated that, as a trustee, the University had a duty not to mix its own moneys with trust moneys and that restricted investment powers existed in respect of moneys of 3 of the funds which could only be invested in trustee securities. As at 31 December 1984 trust moneys totalling approximately $16 million and belonging to several funds had been combined for investment purposes with moneys held by the University to meet its liability to the Commonwealth Superannuation fund (University moneys), and $1.3 million of trust moneys had been invested in other than authorised trustee investments. Because of the circumstances outlined above I am of the opinion that, during the year, the University has been in breach of the provisions of sub-section 4(3) of the Act which requires that moneys or other property held by the University upon trust shall be dealt with in accordance with the powers and duties of the University as trustee. Action being taken by the University to remedy the situation is disclosed in the statement 'Significant Accounting Policies to and forming part of the accounts'. Report In accordance with the provisions of sub-section 33(2) of the Act, I now report that the statements are in agreement with the accounts and records and, in my opinion:. the statements are based on proper accounts and records, and. except to the extent referred to above in connection with its handling of moneys held on trust, the receipt, expenditure and investment of moneys and the acquisition and disposal of assets by the University during the year have been in accordance with the Act. I have not audited the accounts of the subsidiary company ANUTECH Pty Ltd, but I have examined that company's accounts and the auditor's report thereon. The accounts have not been consolidated with those of the University but details are shown at Note 21 to the University's financial statements. The auditor's report on the accounts of the subsidiary company was not subject to any qualification. Yours sincerely / S O'Neill -Thirst Assistant Auditor-General 3

6 THE AUSTRALIAN NATIONAL UNIVERSITY FINANCIAL STATEMENTS FOR YEAR EICCP 31 DECEMBER 1964 The Accounts of The Australian National University for the year ended 31 December 1984 are presented in the following statements: G en eral U n i v e r s it y A c t i v i t i e s, S p e c ia l P u rp o se A c t i v i t i e s and A n c illa r y A c t i v i t i e s 1. Statement of Activity Supporting Statements of Activity General University A ctivities - Expenditure on Current Operations 1.2 Ancillary A ctivities 2. Statement of Assets and L ia b ilitie s 3. Statement of Capital Accumulation 4. Statement of Sources and Applications of Funds (excluding Commonwealth Superannuation) Superann u ation Funds 5. Statement of Receipts and Payments 6. Statement of Balances 7. Statement of Changes in Balances Entfan^ent T ru st Funda 8. Statement of Receipts and Payments 9. Statement of Balances 10. Statement of Changes in Balances O th er H a tte r s 11. Significant Accounting Policies 12. Notes on and forming part of the accounts To the best of our knowledge these statements have been properly drawn up and show fairly the operations and state of affairs of The Australian National University for the year ended 31 December Vice-Chancellor A D Barton Trsasurer 4

7 THE AUSTRALIAN NATIONAL UNIVERSITY t. STATEMENT OF ACTIVITY FOR THE YEAR ENDED 31 DECEMBER Notes Genera 1 Spec 1a 1 Anc111ary C 'W eaith T o te! To+a 1 U n iv e rs lty P u rpose A ct 1v l t l e s Super Act 1v lt l e s A c t i v i t i e s Fund 1000 $000 $000 $000 $000 $00C Revenues CommonweaIth G overnm ent A p p ro p r ia tio n s - Running Expenses 132, ,560 - C a p ita l Works and S e rv ic e s Other Commonwealth G rants 9, ,325 O ther Grants and D on a tio ns 2,501 2,501 Income from Investm ents 3,696 1, ,224 17,335 R ealized Gains (L osse s ) on Sales o f Investm ents (9 ) (9 ) T a r i f f s, ß u tte r y and C a te rin g 6, ,467 R ental Income 127 2,090 2,217 Sundry Income , ,887 General S e rvice s Fees ) Less D isb u rsem e n ts t o S tu d e n t B o d ie s ) (7 6 7 ) (767) T ra n s fe rs between Funds (107) ,586 T o ta l Revenues $137,212 $15,094 $10,126 $11,224 $173,656 8, ,2 3 2 Less Funds tr a n s f e r r e d f o r C a p ita l E xpenditures 2 9, ,664 Less Funds tr a n s f e r r e d t o Commonwealth Superannuation P ro v is io n 11,224 11, ,885 Funds A v a ila b le fo r O p e ra tln q A c tiv itie s $127,295 $14,347 $10,126 $151,768 E x p e n d itu re s on C u rre n t O p e ra tio n s S a la rie s and A llow ances 83,063 5,857 3,238 92,158 S a la ry Oncosts 3 18, ,630 T ra v e l, Conferences and F ie ld Work 2,506 1,265 3,771 S ch olarships 3, ,710 Academic V is ito r s ,151 M a te r ia ls and S u p p lie s 5, ,4 5 3 C ost o f Goods Sold 1,628 1,628 Fuel and Power 2, ,5 1 7 M aintenance of Equipm ent and F u rn is h in g s 1, ,073 M aintenance o f B u ild in g s and S ite S e rv ic e s 3, ,829 M inor Equipment 1, ,274 Postages and T e lephones 1, ,849 Occupancy Expenses ,338 S undry Expenses 4 2,575 3, ,019 6, ,129 T o ta l E xpenditures $127,267 $13,613 $8,413 $149,293 4, ,0 1 0 Excess o f Funds A v a ila b le o v e r C u rre n t E x p e n d itu re s ,713 2,475 Less Charqes n o t r e q u lr ln q Funds In C urrent Year 5 2,346 1,042 3,388 (1,2 5 4 ) N et O p e ra tln q S u rp lu s ( D e f ic i t ) ($ 2,3 1 8 ) $734 $671 ($913) (1,0 2 9 ) Less T ra n sfe rs to S p e cia l Reserves 14 1, ,640 Add T ra n sfe rs from S p e cia l Reserves 14 2, ,915 $ 2,2 8 3 ) N et S u rp lu s ( D e f ic i t ) t r a n s fe r r e d t o C a p ita l A ccum ulation ($1,634) $1,724 $1,272 - $1,362 5

8 THE AUSTRALIAN NATIONAL UNIVERSITY 1.1 SUPPORTING STATEMENT. GENERAL UNIVERSITY ACTIVITIES EXPENDITURE ON CURRENT OPERATIONS FOR THE YEAR ENDED 31 DECEMBER 1984 C e n tra I A re a s, C om puter S e rv lo e s 1983 T o ta l I n s t i t u t e o f Advenoed S tu d ie s The F a c u Itle s C e n tre and L ib r a r y T o t a 1 $000 $000 $000 $000 $000 S a la rie s and A llow ances 43,828 21,193 18,042 83,063 S a la ry Oncosts 9,868 4,366 4,152 18,386 S c h o la rs h ip s 2, ,248-3,361 T ra v e l, C onferences A F ie ld Work 1, ,506 Academic V is it o r s Foe 1 A Power 1, ,8 1 3 M a te r ia ls A S u p p lie s 3, ,061 5,4 0 4 M a in te n a nce o f E q u ip m e nt and F u rn is h in g s ,942 M aintenance o f B u ild in g s and S ite S e rvloes ,833 3,096 M inor Equipm ent ,060 P o stages and T e le p h o n e s ,551 Occupancy Expenses Sundry Expenses ,600 2,5 7 5 $ 117,323 TOTAL EXPENDITURE $66,478 $30,220 $30,569 $ 12 7,

9 THE AUSTRAL tan NATIONAL UNIVERSITY ANCILLARY ACTIVITIES 1.2 SUPPORTING STATEMENT OT ACTIVITY FOR THE YEAR ENDED 31 DECEMBER Housing Hal Is o f O th e r* T o ta l O peration R esidence* $000 $000 $000 $000 $000 8,9 4 7 Revenues 2,495 6, ,426 10,126 8,3 8 7 Less C u rre n t E x p e n d itu re s 1,251 5,811 1,351 8, Excess o f Funcs A v a ila b le 1, , Less Charges n o t re q u irin g Funds In C u rre n t Year , N et O p e ra tin g S u rp lu s ( D e f i c i t ) $574 $83 $14 $ Less Abnormal Item s Net S urplus ( D e f ic it ) fo r year $574 $83 $14 $ Less T ra n s fe rs t o S p e c ia l R eserves Add T ra n s fe rs fro m S p e c ia l R eserves N et S u rp lu s ( D e f i c i t ) t r a n s f e r r e d t o $376 C a p ita l A ccum ulation $1,176 $104 ($8) $1,272 * N ote: H a lls o f R e sid e n ce c o m p ris e U n iv e r s it y House, B ru ce H a ll, B u rto n & G a rra n H a ll, Toad H a ll, Cor In H ouse/lennox House B lock "A " and Graduate House. " O th e r" c o m p ris e s The A r ts C e n tre, C e n tre f o r C o n tin u in g E d u c a tio n,, C on ce ssion s A rea, S id in g S p rin g s E x h ib it io n, S id in g S p rin g s Lodge and th e S ta ff C e n tre. 7

10 THE AUSTRALIAN NATIONAL UNIVERSITY 2. STATEMENT OF ASSETS AND LIA B ILIT IE S AS AT 31 DECEMBER 1984 >983 N otes Genera 1 S p e c ia l A n d 1la r y C 'W e a lth T o te 1 T o ta l U n iv e r s ity P urpose A c t i v i t i e s Super Funds Funds Funds Fund $000 $000 $000 $000 $000 $000 $182,542 C a p ita l A ccum ulation $141,447 $13,842 $41,740 $197,029 C u rre n t A ssets Cash on Hand, a t Bank end a t C a ll 6 (2,545) 8, ,178 9,392 D ebtors 7 1, ,697 4,495 Advances and Prepaym ents 1, ,392 M a te r ia ls In S to re 1,355 1,355 T ra d in g S to c k s Investm ents 8 35, ,894 6,981 46,459 Loans t o S ta ff O ther Loans ,192 T o ta l C u rre n t Assets $37,410 $9,956 $5,412 $11,856 $64,634 Less C u rre n t L i a b i l i t i e s Income In Advance - Commonwealth Government G ra n ts C r e d ito r s and A c c ru a ls 10 31,131 6, Loans 54 P ro v is io n s 9 4, , ,131 7, ,931 39,400 T o ta l C u rre n t L ia b ilit ie s $41,858 $431 $1,531 $3,130 $46,950 17,792 Net C u rre n t Assets ($4,448) $9,525 $3,881 $8,726 $17,684 Add N on-c urrent Assets Bui 1dlngs 61,207 9,536 70,743 Dwe111ngs ,130 26,383 Land 11 13,334 13,334 Equipm ent and F u rn itu re 70,080 1, ,790 M o to r V e h ic le s 1, ,885 L ib r a r y Books 19,594 19,594 Investm ents 8 7,498 4, , ,203 Loans t o S ta ff 1,792 1,792 Shares In Anutech P ty L td O ther , ,907 $156,254 $13,842 $56,498 $103,143 $329,737 Less Lonq T e rr L i a b i l i t i e s Loans P ro v 1s 1ons 9 14, ,110 1C3, ,060 1C1,365 T o ta l Lonq T e rr L ia b ilit ie s $14,807 - $14,758 $103, 143 $ 132,706 $162,542 Net A ssets $141,447 $13,842 $ 41, $197,029 8

11 THE AUSTRALIAN NATIONAL UNIVEPSITY 3. STATEMENT Of CAPITAL ACCUMULATION AS AT 31 DECEMBER Notes Genera 1 Specla 1 A n d 1la ry Tote 1 T o ta 1 Uni v e r s Ity P urpose A c t i v i t i e s Funds $000 Funds F unds Funds $000 $000 $000 $000 Accum ulated Funds B alanoe 1 January ,679 12,118 t 9,8 1 0 m 163,607 Add Funds f o r C a p ita l E x p e n d itu re t r a n s fe r r e d fro m S ta te m e n t o f A c t i v i t y 2 10,664 * 10,664 Add N et S u rp lu s ( D e f ic i t ) f o r ye a r tra n s fe rre d from Statem ent o f A c t iv it y (1,634) 1,724 1,272 1,362 Less Assert adjustm ents 12 10,279 (8,9 7 1 ) 1, ,291 B alance 31 December 1984 $140,430 $13,842 $20,053 $174,325 C u rre n t C ost R eserve 13 B ala n ce 1 January ,561 18,561 Add Asset R e v a lu a tio n fo r year 2,955 2,955 18,561 B alance 31 December $21,516 $21,516 S pecial Reserves 14 2,6 9 0 B ala n ce 31 December 1964 $1,017 $171 $1,188 T o ta l C a p ita l A ccu m u la tio n 31 December 1984 tr a n s fe r r e d t o S ta te m e n t o f A sse ts $182,542 and L l ab 11I t 1es $141,447 $13,842 $41,740 $197,029 * N ote : T h is fig u re Includes th e amount o f $747,000 tra n s fe rre d fo r c a p ita l e x p e n d itu re s In S p e c ia l P u rp o se A c t i v i t i e s, S tatem ent 1. N ote : The tra n s fe r o f th e accum ulated funds o f th e n o n -tru s t endowment funds t o S p e c ia l Purpose Funds has In c re a s e d th e opening b alance o f A ccu m ula te d Funds, B a la n ce 1 January 1984 fro m $ 9,0 3 0,0 0 0 t o $ 1 2,1 1 8, ## N ote : The balance of Accum ulated Funds, 1 January 1984, A n c illa ry A c tiv itie s Funds, has been reduced from $29, 1 43,00 0 t o $ 9,8 1 0, T h is Is to a llo w fo r d is c lo s u re o f th e opening b a la n ce o f C u rre n t C ost R eserve and th e c lo s in g b a la n ce o f S p e c ia l R eserves. The movements In S p e cia l Reserves are d isclo se d In S tatem ent 1. g

12 THE AUSTRALIAN NATIONAL UNIVERSITY 4. STATEMENT OF SOURCES AND APPLICATIONS OF FUNDS (EXCLUDING COMMONWEALTH SUPERANNUATION) FOR THE YEAR ENDED 31 DECEMBER 1984 Sources o f Funds t o th e U n iv e r s ity $000 $ Revenues - Commonwealth Government Grants - O ther Revenues Less O perating E xpenditure s Funds from O perations 2. Reduction In Assets - 142,260 20,317 (149,371) 13,206 C urrent Assets M a te ria ls In Store Investments Loans 309 1, Proceeds from Sale o f Non-Current Assets 277 Non-Current Assets Investments 3. Increase In L i a b i l it ie s - C urrent LI ab es Income In Advance C re d ito rs and A ccrua ls T o ta l Funds Obtained 1,026 1,402 4,634 2,901 6,036 $22,143 These funds were used as fo llo w s - 1. Increases In Assets - C urrent Assets Cash on Hand, a t Bank and a t C a ll D ebtors Advances and Prepayments T rading Stocks N on-current Assets Bui Idlngs Land and Dwe111ngs Equipment and F u rn itu re Motor V ehicles L ib ra ry Books Loans t o S ta ff Other 2. Reduct Ions In L i a b i l it ie s - Long Term L i a b ilit ie s Loans 7, , , , , , T o tal Uses o f Funds $22,14? 10

13 THE AUSTRALIAN NATIONAL UNIVERSITY SUPERANNUATION FUNDS 5. STATEMENT Of ACTIVITY FOR THE YEAR ENDED 31 DECEMBER 1984 Notes CommonweaIth S ta tu to ry O ther S u p e ra n n u a tio n T ru s t T r u s t Fund Funds * Funds* $000 $000 $000 Income Inoome fro m In v e s tm e n ts R e a liz e d G a ins (L o s s e s ) on S a le s o f Investm ents U n iv e r s it y C o n tr ib u tio n s t o Funds C o n tr ib u tio n s o f Members 15 11,224 3, (214) (1 0 4 ) (7 5 ) 8, T o ta l Income $19,090 $3,756 $545 Less E x p e n d itu re s P ensio n Payments R e tire m e n t B e n e fits and R efund o f 3, C o n tr ib u tio n s Management C osts D o u b tfu l D ebts T o ta l E x p e n d itu re s $ 3,7 14 $ 1,1 25 $364 S u rp lu s o f fo r ye a r Income o v e r E x p e n d itu re s $15,376 $2,631 $181 N o te : S ta tu t o r y T r u s t Funds c o m p ris e : I ) 1966 Supplem entary B e n e fits Fund I I ) S u p p le m e n ta ry B e n e fits Fund III) Academ ic Cash A c c u m u la tio n Fund O th e r T r u s t Funds c o m p ris e : I ) Cash A c c u m u la tio n Fund I I ) Cash A c c u m u la tio n Fund (M a rrie d Women) ill) S u p ple m enta ry E q u ity Fund 11

14 THE AUSTRAL IAN NAT>ONAL UNIVERSITY SUPERANNUATION FUNDS 6. STATEMENT OF BALANCES AS AT 31 DECEMBER 1984 Commonwealth S ta tu to ry O ther N otes Superannuat 1on T r u s t T r u s t Fund Funds Funds SOOO $000 $000 Accum ulated Funds Balance 1 January ,044 29,415 2,753 U nrealized Gains on Investm ents 16 12,670 2, S u rp lu s t o r y e a r 15,376 2, Transfer o f Members Assets to Superannuation Scheme fo r A u s tra lia n U n iv e rs itie s (32) (20,947) (1,421) T o ta l A ccum ulated Funds $106,058 $13,807 $1,891 These Funds a re re p re s e n te d by C urrent Assets Cash on Hand, a t Bank and a t C a ll 3,178 (331) ( 147) D ebtors 1, Semi-Governm ent S tock 3, C orporate Debentures and Notes Loans and M ortgages Bank Accepted B ills 2, O ther 15 2 Tota1 C urrent Assets $11,856 $887 $84 Less C u rre n t L i a b i l i t i e s C re d ito rs end A ccruals T o ta l C u rre n t L i a b i l i t i e s $215 $249 $2 Net C urrent Assets $11,641 $638 $82 Non- C urrent Assets Commonwealth Government Bonds 3, Semi-G overnm ent S tock 17,022 2, Shares In P u b lic Companies 15,384 2, Share O ptions In P u b lic Companies C o rp o ra te D e b e n tu re s and Notes 4, Loans ana M ortgages Land anc Bu11o 1ngs 53,030 7, O ffic e F u r n itu r e and Equipm ent O ther Total N on-c urrent Assets $94,417 $13,169 $1,809 Net A ssets $106,058 $13,807 $1,891 12

15 THE AUSTRAL FAN NATIONAL UNfVERSfTY SUPERANNUATE FUNDS 7. STATEMENT OF CHANGES fn BALANCES FOR THE YEAR ENDED 31 DECEMBER 1984 B a la n ce B a la n ce 1 January fn cre a se* Decrease* 31 December $000 $000 $000 $ Commonwealth S uperannuation Fund 78,044 31,760 3, , Supplem entary B e n e fits Fund 22,057 5, ,422 13, Supplem entary B e n e fits Fund 48 (17) Academic Cash A ccum ulation Fund 7,310 1,332 8,642 NfL 5. Cash A ccum ulation Fund 1, , Cash A ccum ulation Fund (M a rrie d 1rfomen) 1, , S upplem entary E q u ity Fund * N o te : fn c re a s e In c lu d e s u n re a liz e d g a in s on In v e s tm e n ts Decrease In clud e s tra n s fe r o f members assets to SSAU. 13

16 THE AUSTRAJ, FAN NATfONAL UNIVERSITY ENDOWMENT TRUST FUNDS 8. STATEMENT OE INCOME AND EXPENDITURE FOR THE YEAP ENDED 31 DECEMBER 1984 Incom e $ Incom e fro m In v e s tm e n ts 9 D o n a tio n s d u r in g y e a r 12 T o t a l Incom e $21 L e s s E x p e n d itu r e s P r iz e s 17 T o t a l E x p e n d itu r e $ 17 N e t S u rp lu s ( D e f i c i t ) f o r Y e a r $4 14

17 THE AUSTRALIAN NATIONAL UNIVERSITY ENDOWMENT TRUST FUNDS 9. STATEMENT OF BALANCES FOR THE YEAR ENDED 31 DECEMBER 1984 Accum ulated Funds $000 B alance 1 January Add S u rp lu s f o r y ear 4 U n re a liz ed Loss on Investm ents (18) T o tal Accum ulated Funds $82 T h is Is re p r e s e n te d by: Cash 35 Commonwealth G overnm ent Bonds SemI-G overnm ent S e c u r itie s 38 D e b en tu res 7 O th er 2 T o ta l A s s e ts $82 15

18 THE AUSTRALIAN NATIONAL UNIVERSITY ENDOWMENT TRUST FUNDS 10. STATEMENT Of CHANGES IN BALANCES FOR THE YEAR ENDED 31 DECEMBER 1984 Balance 1 January ncome Expenditure Balanoe $ $ $ $ 31 December 1984 Endowment Trust Funds Morrison Oration Trust Fund 4, ,659 A L G MacDonald Trust Fund 4, ,498 Lady Isaac P rize Trust Fund George Knowles Memorial Prize T ru st Fund T llly ard P rize Trust Fund J B C hlfley Memorial Prize T rust Fund (3) 302 Schlich Memorial Prize Trust Fund 1, ,122 R.G. Menzles Scholarship T rust Fund 81,006 19,977 33,871 67,112 Ann Downer Memorial Prize T rust Fund 3, ,925 Total Endowment Trust Funds $95,691 $21,430 $35,388 $81,733 16

19 11 SIGNIFICANT ACCOUNTING POLICIES TO AND FORMING PART OF THE ACCOUNTS Basis of accounting These financial statements have been prepared under the convention of historical cost accounting except that: (I) (II) (III) current cost accounting principles have been applied In respect of certain non-current assets of the Housing Operation within the Ancillary Activities (note 11). Application of these principles has resulted In a departure from Accounting Standard AAS 10, Accounting for the Revaluation of Non-Current Assets. provisions for replacement for non-current assets In the Ancillary Activities have been based on current costs (Note 9). Investments disclosed In Statements 2, 6 and 9 for Superannuation and Endowment Trust Funds are shown at market value at 31 December Accrual accounting Prior to 1981 the University's accounts for general university funds, special purpose funds, capital works and services funds, endowment funds and superannuation funds were prepared on a cash basis. The principles of accrual accounting are now being progressively adopted for all of these funds. The principles of accrual accounting are applied In the Ancillary Activities. Commonwealth Department of Finance Guidelines The University Is subject to the Guidelines for the Form end Standard of Financial Statements of Commonwealth Undertakings Issued by the Department of Finance. These guidelines are operative In respect of accounting periods ending after 1 July The University has not been able to comply fully with the Guidelines for the year ended 31 December However, the University has made arrangements with the Department of Finance for the phased Implementation of the GuldelInes. Matters still subject to this phased implementation in order to achieve full adoption of the Guidelines Include: (I) (II) (III) adoption of full accrual accounting for all Items of Income and expenditure; depreciation of non-current assets; and re-assessment of Items In the Statement of Capital Accumulation. In accordance with the Guidelines, a Statement of Sources and Application of Funds (Statement 4) Is Included. The Funds Statement covers all areas of activity other than the Superannuation schemes and the Endowment Trust Funds. 17

20 Changes In fo rs a t of statem ents For 1984 the format of the statements has been su bsta ntia lly revised from that used by the University In prio r years. A comprehensive set of statements for al I the superannuation schemes managed by the U niversity are Included so that the total financial situation of ell schemes Is disclosed. In addition statements have been prepared for those funds Id e n tifie d as Endowment Trust Funds held by the U niversity. A summary Statement of A c tiv ity for the major groups of Ancillary A c tiv itie s Is Included to provide a supporting statement to the primary Statement of A c tiv ity. Comparative fig u res Because of the changed c la s s ific a tio n of many Items to take account of Guidelines requirements end a new format It was not possible to obtain comparative figures for Individual Items In the financial statements. Instead aggregate figures for groups of Items have been published. It Is considered that the c la s s ific a tio n changes have not had an effect In monetary terms on the re su lt or the fin an cia l position at the end of the year. V aluatio n of assets. Current Assets Materials In store are valued at average cost except for the Ancillary A c tiv itie s where they are valued at the lower of cost or net re alisable value.. Non-Current Assets These assets are stated at cost except tor certain assets In the Housing Operation within the A n cillary A c tiv itie s which are stated at their estimated current cost (Note 11).. Investments Investments are stated at h is to ric a l cost except In Statements 2, 6 and 9 for Superannuation and Endowment Trust Funds where they are shown at current market value. This Is the f i r s t year that these Investments have been reported at market value.. General U n iv e rs ity funds These funds relate to the Income and expenditure relevant to the annual operating costs of the U niversity. Income Is derived p rin c ip a lly from the annual government grants for general expenditure and equipment and from the Interest earned from the short term Investment of those funds. 18

21 Special purpose funds These funds relate principally to the numerous grants and donations accepted by the University to finance research projects, scholarship awards and prizes. Capital works and services funds These funds Conor Ise the annual government grants for building works and site services. Special Reserves In 1984 a review of balances classified as Reserves resulted In a transfer of some of these balances to accumulated funds. Accounting policy now provides for the creation of a Special Reserve only on the basis of a surplus and which Is earmarked for expenditure In a future year. Non-current assets - Special Purpose Funds Excluding Investments, all non-current assets purchased by Special Purpose Funds are recorded end disclosed In General University Funds. Ownership Is considered to be vested In General University Funds because the grants and donations from which the assets are purchased belong to the various Schools that comprise the General University Funds grouping. Ancillary Activities A number of activities, ancillary to the main functions of the University, operate under the University's administrative control and are collectively referred to as Ancillary Activities. The main purpose of the majority Is to provide accommodation for students and staff. The others Include such diverse facilities as a staff club, an arts centre and a shopping area. Ancillary Activities generate their funds wholly or substantially from charges made for the facilities. The Ancillary Activities are:. Halls of Residence Bruce Hall Burton and Garran Hall Cor In House/Lennox House Block "A" Graduate House Toad Hall University House. Other Trading Activities Arts Centre Centre for Continuing Education Concessions Area Housing Operation Siding Spring Exhibition Siding Spring Lodge Staff Centre 19

22 I i on Funds The U nive rsity maintains the follow ing Superannuation Funds ( 1) the Commonwealth Superannuation Fund ( II ) the 1966 Supp 1ementary Superannuation Benefits Fund ( i l l ) other Supplementary Superannuation Funds ( 1v ) the Staff Scheme Cash Accumulations ( V) the Cash Accumu1at Ion Fund and ( vl ) the Cash Accumu1at Ion Fund (Married Women) U niversity and sta ff contributions made to these funds are In accordance with approved pre-de termined formulas. The Attorney-Genera Is Department advised In December 1984 that the moneys of funds ( II ) ( I I I ) and (Iv) mentioned above are each held on a statutory tru st basis, whereas the moneys of funds (v) and (vl) are held as ordinary tru sts. In 1984 the moneys of the Superannuation Funds were lodged In a common bank account. In a ddition, certain Investments made out of these accounts were owned J o in tly by several of the Superannuation Funds. The U niversity has since prepared a Superannuation Fund (Investment and Management) Statute tor consideration by the Governor General which gives the U niversity the power to pool the Investments of each fund. All the Superannuation schemes were closed to new members as from 1 April 1983 when the U niversity Joined the Superannuation Scheme for Australian U n ive rsitie s and to which many members transfe rre d. However, the above schemes are maintained for those members who chose to remain in them together with retired members on b en e f i t s. Coaaonvealth Superannuation Fund The U n ive rsity maintains a fund on co nd itions approved by the Treasurer of the Commonwealth to meet the employers l i a b i l i t y to the Commonwealth Superannuation Scheme. Transfers are made to the fund each fo rtn ig h t in accordance with a predetermined formula approved by Council and based on advice from the Commonwealth Actuary. The income, expenditure and assets of the Commonwealth Superannuation Fund are shown In Statements 5, 6 and 7. As w eli, because the Commonwealth Superannuation Fund Is not a tru s t fund, information on the Income realized on its Investments and the assets of the Fund are also disclosed In the principal University fin a n cia l statements 1 and 2. Superannuation Scheae for A u s tra lia n U n iv e r s it ie s From 1 A pril 1983 new staff members employed by the University are e lig ib le to jo in one superannuation scheme only, the Superannuation Scheme for Australian U n iv e rs itie s. The transfer of some e xis tin g s ta ff to this scheme resulted In a tra n sfe r of assets by the University to the scheme over the period July - December

23 Endowment T ra c t Feeds Endowments are received by the U n ive rsity to fund research a c tiv it ie s, scholarships, prizes and lectures (Statement 6). The U n ive rsity's s o lic it o r advised In November 1984 that nine of these funds ere held In tru s t. In v a s te e n t of funds Funds are invested In the follow ing categories under guidelines determined by the Council of the University.. A ll superannuation funds listed company shares IIsted company debentures public securities real estate short term deposits. A ll o th er Funds IIsted company debentures public securities short term deposits Employee b e n e fits Provision has been made for recreation leave and long service leave. The amount provided is dissected between current and non-current portions, the current provision being the portion that Is expected to be paid w ithin the next 12 mo n t h s. Anutech Pty Ltd This company Is benefically owned on behalf of the U n ive rsity. The balance date tor the Company has been changed from 31 August to 31 December to conform with the U niversity financial year. The d ire cto rs report, auditors report, d ire cto rs' statement and financial statements for the Company for the year ended 31 August 1984, and the four months ended 31 December 1984 are shown in Note 21. General S e rv ice Fees The U niversity collects fees from students to support the provision of amenities and services not of an academic nature for students. Balances and Transactions Between Funds Balances and transactions between the separate funds within the U niversity have not been eliminated on co nsolidation. However, It Is considered that the amounts and the number of Items Involved are not material. 21

24 12. NOTES ON AND FORMING PART OF THE ACCOUNTS 1 Sundry Ineon* Total 1984 Sundry Income of $2,887,000 Includes $794,000 for Subscriptions, Royalties and Sales, and $1,822,000 received from Registrations, Fees, Hire Charges and Sundry Income. 2. Funds transferred for Capital Expenditure During 1984 funds were applied to capital expenditure as follows: Genera 1 Spec 1a 1 Total Un 1vers 1ty Purpose Activities Act 1v 11 1es $000 $000 $000 Equ1pment 6, ,617 Motor Vehicles Library Book s 2,310 2,310 Bui 1d1n gs 1, , Sa 1ary Oncosts $9,917 $747 $10,664 This Item Includes the Unlversltys' contribution of $8,080,000 to the Commonwealth Superannuation Scheme, $559,000 to Statutory Superannuation Trust Schemes, $231,000 to Other Superannuation Trust Schemes, and $4,411,000 to the Superannuation Scheme for Australian Universities. 4. Sundry Expenses The major components of Sundry Expenses are listed below. Genera 1 Special Anc 111ary Total Uni versity Purpose Activities Act 1v111es Activities $000 $000 $000 $000 Commercial Audit Fees Publications and Subscriptions Advertising Equipment Hire Bad Debts 3 3 Other Administrative Expenses ,063 Starlab Research Project 1,786 1,7e6 General Expenses ,919 22

25 5. Charges sot requiring Funds In Current Year. Non-fund charges for the year have been made as follows:- $000 Long Service Leave 1,476 Recreation Leave 254 Doubtful Debts 58 Relief Staff 35 Losses on Sales of Assets 568 Profit on Sales of Assets (10) Dep rec1at 1on 616 Building Maintenance 141 Land Amortisation 117 Dwelling 1nsurance 42 Equipment Replacement 38 Superennuat1on 20 Other 33 $3, Cash on Hand, at Bank and at Call {excluding Commonwealth Superannuation) The Item Cash on Hand, at Bank and at Call and the shares of the fund groups are comprised as follows: 1984 $ hour call deposits 2,006 Other deposits at call 4,150 Cash at ca II 6,156 Cash at bank 9,066 Bank overdraft (9,034) Cash held In Imprests 26 Total Cash on Hand, at Bank, and at Cal I $6,214 The shares of the respective funds (le Cash Ownership) In this total are: $000 General University Funds Special Purpose Funds Ancillary Activities Funds 7. Debtors (2,545) 8, $6,214 The balances for Debtors disclosed In Statement 2 are net balances* Gross amounts for Debtors and Provision for Doubtfu1 Debts are as follows: Genera 1 Special A nc111ar y Commo nw ea11 h Total University Purpose Act 1v11 1es Supera nnu at Ion Funds Funds Funds Fund $000 $000 $000 $000 $000 Gross Debtors 1, ,792 4,671 Less Provision for Doubtful Debts 65 ~ Net Debtors $1,739 $704 $355 $1,697 $4,495 23

26 «! cx C o s t s o o o,022, O f**, CM to CM 40 O to 3 8 6, CM a T C S 8 «f t C 3 >1 t t I < (/) 3 CD 40 k S 40 CM CM > «T3 l. > C u _g i J *0 o «- C * - > 3 flf* I t u t I * V» > O O C -O Q. C L. 3 * - CL O E > - I 40 o 1o o c o 40 CD IO O ' O jcr t o <N 40 O' 40 O Ö IO r- O' CN CO 0 IO to GO 40 CD 04 CM R a CD CD CM 40 v i I! W U w *D i 8 u. o > - i_ + - c 5 f e f i { 4 - * * L. C C &$1* Z C 'O _ J UJ S t < f c e * ( J LlI UJ CO &S 4 - O 40 O O' O 40 CO 4f\ 40 O R O CD to c - 40 r S JO 40 2 O' 40 io 40 to CM CD CM R 2 R CM CM 40 O CM 40 CM CM 1, NO to %* w V) 4 - V) 4 - C L. 3 t n i l => - t 4 - > 40 - * C -C t - c * o 2 8 * C x : 4-4?t 8 c I H 40 X5 G U *0 Q U Z l c7 - C - I 4-1 O 40 O t t 2 is D G 3 CD > 4 0 O 4 - CC O c L TJ jo J J= h - E C -- O 4 l a "d c C G c o > O 8 8 O 8? - r 18 8 o o r - to O O ot G -C C 40 "O Q. C 4 - X ^, 1 4 8, t t 2 is c >* G <fl G G 4 - G, CM 40 C 3 CO 3 > O CG C 4-0 L "O jc X * E 4 - C 4 - Q 40 "O G Q. C C 4- > X Q O Z C 40 O < t I 40 H- C O Cl O C "ü G C t/l < T) 4- E c _* d C C 4-4- X 3 1 G E c u C CO G O O O CO CG O I i U UJ O r - * * i Ol 24

27 9. Provisions * Centra I U n iv ersity Funds, A n c illa ry A c tiv itie s Funds, and CosnonvaaIth Superannuation Fund P ro v is io n has been mode In th e accounts fo r th e fo llo w in g l i a b i l i t i e s : GENERAL UNIVERSITY ANCILLARY COMMONWEALTH TOTAL FUNDS ACTIVITIES FUNDS SUPER FUND CURRENT PROVISIONS $000 $000 $000 $000 $000 Commonwealth Superannuation 2,915 2,915 3,436 Long S e rvice Leave 1, , M a te rn ity Leave R e lie f S ta ff Replacement of F u rn itu re and Equipment D w elling Insurance Maintenance of B u ild in g s R ecreat1ona1 Lea ve 2,626 2,626 2,372 Other TOTAL CURRENT PROVISIONS $4,207 $809 $2,915 $7,931 $7,105 LONG TERM PROVISIONS Commonwealth Superannuation 103, ,143 74,608 Long S ervice Leave 14, ,943 14,406 R e lie f S ta ff Replacement of F u rn itu re A Equipment D w elling Insurance Replacement o f Land 2,946 2,946 1,985 Replacement o f D w ellings 9,579 9,579 8,049 Maintenance of B u ild in g s Other TOTAL LONG TERM PROVISIONS $14,807 $14,110 $103,143 $132,060 $100,208 TOTAL PROVISIONS $19,014 $14,919 $106,058 $139,991 $107,313 25

28 to. Creditors and Accruals The Item C re d ito rs end Accruals Is summarised es below: Genera 1 Spec 1a t Anc1f 1ary Commonwee1th Total Uni vers 1ty Purpose Act 1v 11 1es Superannuat1on Funds Funds Funds Fund $000 $000 $000 $000 $000 Cre d 1to r s 5, ,026 Accruals 1, ,808 J 6,5 2C $431 $668 $215 $7, Dwel11 ngs and Land DwelIIngs end Land under the c o n tro l of the Housing O peration are valued a n n ually as p a rt of a C u rre n t Cost Accounting system. These assets at balance date com pr1se o : e 3 $000 $000 Dwel11n gs 26,130 24,142 Land 13,334 9,884 F u rn itu re end E q u 1p me nt The p ro p e rtie s are revalued every fiv e years by an Independent q u a lif ie d va lu e r and are updated by the use of a p p ro p ria te p ric e Indices In the In te rv e n in g years- The net re v a lu a tio n of these assets Is c re d ite d to the C u rrent Cost Reserve account appearing In Statement 3. The la te s t Independent v a lu a tio n was performed on 1 July Asset Adjustments A Capital This Item com prises: Genera 1 U n iv e rs ity Funds Anc111 ary A c t iv i t i e s Funds Total $000 $000 $000 Adjustments r e la t in g to p r io r years a c q u is itio n of assets H is to ric cost of equipment d isp osals for the c u rre n t year 1, ,350 In te rn a l tra n s fe r s of c a p ita l: - b u ild in g s 9,5 11 (9,511) j, - b u ild in g loans 1461) Adjustment In asset values for the c u rre n t year 160) 4 ( 56) $10,279 ($8,971) $1, C u ^ e n t Cost Reserve The Housing O p eration has adopted a Current Cost Accounting system. Net Increments In the c u rre n t market values of assets are c re d ite d to the Current Cost Reserve account. See Note 11 on D w ellin gs end Land. 14. Special Reserve* Transfers to and from Special Reserves during the year occurred as fo llo w s : P u b lic P o lic y and New I n it i a t i v e s MaJ or Comput1ng E qu 1pment Anc111ary A c t iv i t i e s 0th er * Total $000 $000 $000 $000 $000 Balance January ,979 3,462 Transfers to Special Reserves ,640 T ransfers from Special Reserves ,771 3,915 $550 $467 $ 170 _ $1,187 * To comply w ith Department of Finance G uidelines reassessment was made In 1984 of the U n lv e r s lty s ' Reserves. This re su lte d In some of the balances being tra n s fe rre d to accumulated funds. 26

29 15. Contributions of These ere managed by the U n ive rsity for the t r u s t fund schemes. The Commonwealth Superannuation Fund employee's c o n trib u tio n s are paid d ir e c tly to the Superannuation Fund Investment T rust. 16. Unrealised Gains on Investments A ll Investments held by the Superannuation funds are 31 December at cu rre n t market price s, w hile land and two years, the date of the last re v a lu a tio n being 30 re v a lu a tio n s are c re d ite d to the U nre alized Gains on revalued annually on b u ild in g s are revalued June The net Investment account. every R ealized gains (losses) on the sale of assets are Included In the Income of the funds and are shown In Statement Provision for Commonwealth Superannuation P ro v is io n for the Commonwealth Superannuation Scheme Is made at the rate of 20$ of members s a la r ie s. D e ta ils of Investments held to meet the provision are d isclose d In Statement 6. The A u s tra lia n Government Actuary, In his re port as at 30 June 1984, advised the U n iv e rs ity th a t there Is an uncovered l i a b i l i t y In the p ro v is io n of $15,711, Resources Provided Free of Charge The land on which the U n iv e rs ity Is located In the A u s tra lia n Capital T e rrito ry Is held on lease In p e rp e tu ity. 19. Contingent L ia b ilit ie s Guarantees have been given: under the U n iv e rs ity 's S taff Members' House Purchase Scheme to secure bank loans t o t a l l in g $413,960 to U n iv e rs ity employees. to secure a loan of $362,988 made by the Commonwealth Savings Bank to the U n iv e r s ity Sports Union for b u ild in g purposes; th is loan Is repayable by the Sports Union In equal h a lf - y e a r ly Instalm ents u n til 1993 and the p r in c ip a l sum outstanding at 31 December 1984 was $231,290. to secure a loan for $6,400 from Westpac Banking Corporation to the A u s tra lia n National U n iv e rs ity Students A ssociation for the purchase of an e l e c t r i c ty p e w rite r; the balance ou tstanding at 31 December 1984 was $ 1, C apital Expenditure and Lease and Hire Expenditure Amounts c o n tra cte d fo r and payable w ith in twelve months a fte r the end of the fin a n c ia l year ending 31 December 1984, and which have not otherwise been provided fo r, are as follow s: $000 C a p ita l Expenditure 1,366 Lease and Hire Expenditure 333 $ 1,699 27

30 21. ANUTECH PTY LTD (Incorporated in the Australian Capital Territory) AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 1984 C O N T E N T S PAGE NO. Annual report of directors 2-4 Auditor's report 5 Directors' statement 6 Income and expenditure statement 7 Balance sheet 8 Notes to and forming part of the financial statements 9 28

31 ANUTECH PTY. LIMITED ANNUAL REPORT OF DIRECTORS The directors submit herewith the balance sheet at 31 August 1984 and the income and expenditure statement for the company for the year ended on that date and report as follows: (a) The names of the directors in office at the date of this report are: Mr Arthur John Russell Yencken Professor Ian Gordon Ross Professor John Henry Carver Mr Alfred Charles Copeman Professor Ralph Gerard Ward Mr Ellis Russell Boardman Dr Susan Caroline Bambrick Professor Allan Douglas Barton (b) The principal activities of the company in the course of the financial year were to undertake research and experimental work and there was no significant change in the nature of these activities during that period. (c) The net surplus of the company for the financial year ended 31 August 1984 was $48,159. The company is exempt from income tax. (d) (e) No material transfers to or from reserves or provisions were made during the financial year. No shares or debentures or options on shares in the company were issued during the year. (f) Under its memorandum and articles of association the company, while remaining a going concern, is precluded from paying a dividend to members. (g) The directors (before the income and expenditure statement and balance sheet of the company were made out) took reasonable steps to ascertain what action had been taken in relation to the writing off of bad debts and the making of provision for doubtful debts and to cause all known bad debts to be written off and adequate provision to be made for doubtful debts. (h) At the date of this report, the directors are not aware of any circumstances which would render the amount written off for bad debts or the amount of the provision for doubtful debts inadequate to any substantial extent. Z9

32 (i) The directors (before the income and expenditure statement and balance sheet were made out) took reasonable steps to ascertain whether any cu rren t a sse ts (other than the current assets to which paragraph (g) ap p lies) were u n lik ely to re a lis e in the ordinary course of business th e ir value as shown in the accounting records of the company and have caused: (i) those a sse ts to be w ritte n down to an amount which they might be expected so to realise, or (ii) adequate provision to be made for the difference between the amount of the value as so shown and the amount that they might be expected so to realise. (j) At the date of th is rep o rt, the d ire c to rs are not aware of any circum stances which would render the values a ttrib u te d to current assets in the accounts misleading. (k) At the date of this report - (i) no charge on the a ssets of the company e x is ts which has arisen since the end of the fin a n c ia l year and secures the lia b ilitie s of any other person; and (ii) no contingent lia b ility exists which has arisen since the end of the financial year. (l) No contingent or other lia b ility has become enforceable, or is likely to become enforceable, within the period of twelve months after the end of the financial year which, in the opinion of the directors, w ill or may substantially affect the ability of the company to meet its obligations when they fa ll due. (m) At the date of this report, the directors are not aware of any circum stances not otherw ise dealt w ith in th is report or accounts that would render any amount sta te d in the accounts misleading. (n) The re s u lts of the company's operations during the fin an cial year were not, in the opinion of the d ire c to rs, su b s ta n tia lly affected by any item, tra n sa c tio n or event of a m aterial and unusual nature. (o) There has not a rise n in the in te rv a l between the end of the financial year and the date of this report any item, transaction or event of a m aterial or unusual nature likely, in the opinion of the d ire c to rs, to a ff e c t s u b s ta n tia lly the re s u lts of the company's operations for the next succeeding financial year. (p) Since the end of the previous financial year, no director of the company has received or become entitled to receive any benefit, other than: (i) a benefit included in the aggregate amount of emoluments received or due and receivable by directors shown in the accounts, or 30

33 (ii) the fixed salary of a full-time employee of the company or of a related corporation, by reason of a contract made by the company or a related corporation with the director or with a firm of which he is a member, or with a company in which he has a substantial financial interest. Signed in accordance with a resolution of directors cy 0 I.G. ROSS Director CANBERRA 31 OCTOBER 1984 R.G. WARD Director 31

34 AUDITORS' REPORT TO MEMBERS OF ANUTECH PTY LIMITED We have audited the accounts set out on pages 6 to 9 in accordance with Australian Auditing Standards. In our opinion: (a) the accounts are properly drawn up in accordance with the provisions of the Companies Act 1981, and so as to give a true and fair view of: (i) (ii) the state of affairs of the company at 31 August 1984 and of the surplus of the company for the year ended on that date; the other matters required by Section 269 of that Act to be dealt with in the accounts: and are in accordance with Australian Accounting Standards. (b) the accounting records and other records, and the registers required by that Act to be kept by the Company have been properly kept in accordance with the provisions of that Act. T C' CANBERRA ERNST & WHINNEY Chartered Accountants 31 OCTOBER 1984 A.N. WANNAN Partner 32

35 ANUTECH PTY LIMITED DIRECTORS STATEMENT In the opinion of the directors: (a) The accompanying income and expenditure statement is drawn up so as to give a true and fair view of the results of the company for the financial year; (b) (c) The accompanying balance sheet is drawn up so as to give a true and fair view of the state of affairs of the company as at the end of the financial year; and There are reasonable grounds to believe that the company will be able to pay its debts as and when they fall due. Signed in accordance with a resolution of directors I.G. ROSS Director CANBERRA 31 OCTOBER 1984 R.G. WARD Director 33

36 ANUTECH PTY. LIMITED INCOME AND EXPENDITURE STATEMENT POR THE YEAR ENDED 31 AUGUST INCOME NOTE $ $ C o m p l e t e d projects 1,,135, ,424 Less: D i rect costs incurred 1.,094, ,557 SURPLUS ON COMPLETED PROJECTS 41,064 8,867 LESS: N E T A D M I N I S T R A T I V E EXPENSES A d m i n i s t r a t i v e expenses S a l a r i e s and related costs 192, ,920 C o m m u n i c a t i o n s 7,363 3,790 Bank charges 1, Audit fees 3 3,000 2,545 M o t o r v e h i c l e expenses 5,836 6,430 P r inting and stationery 4,256 2,913 B oard e x p e n s e s 1, D e p r e c i a t i o n 10,411 6,756 S undry 12,591 23,296 Less: r e c o v e r y of a d m i n istrative expenses 238, ,485 S a l a r i e s and related costs 99,596 60,161 A d m inistrative fees 100,591 57,378 C o m m u n i c a t i o n s 4,483 2,263 P r i n t i n g and stationery 5,413 3,047 M o t o r vehicle expenses 5,009 5,588 S undry 3, , ,437 NET A D M I N I S T R A T I V E EXPENSES 19,996 26,048 NET O P E R A T I N G SURPLUS (DEFICIT) 21,068 (17,181) ADD: N O N O P E R A T I N G INCOME I n t e r e s t on investments 20,829 8,920 I n t e r e s t on T h e A u s t r a l i a n N a t i o n a l University loan (Solar P o w e r E x p e r i m e n t a l Station) 5 4,184 Reco v e r y of prior period expenditure 11,866 - S u r p l u s on sale of motor vehicles 3,536-40,415 8,920 LESS: NON O P E R A T I N G EXPENSES Loss on d i s p o s a l of computer equipment 1,755 I n t e r e s t on establishment loan from The A u s t r a l i a n National U n i v e r s i t y 5 5,819 7,573 Solar P ower Experimental Station Project - 13,142 7,574 20,715 NET N O N O P E R A T I N G SURPLUS (DEFICIT) 32,841 (11,795) NET S U R P L U S (DEFICIT) FOR THE YEAR BEFORE D O N A T I O N S TO THE AUSTRALIAN NATIONAL U N I V E R S I T Y 53,909 ( 28,976) LESS: Donatio n s - T h e Australian National University 5,750 3,000 ADD: NET SURPLUS (DEFICIT) FOR THE YEAR 48,159 (31,976) B A L A N C E OF A C CUMULATED FUNDS (DEFICIENCY) AT BEGINNING OF YEAR (22,923) 9,053 BALANCE OF A C C U M U L A T E D FUNDS (DEFICIENCY) AT END OF YEAR $25,236 $(22,923) 34