Annual Report 2014

monash.edu

CONTENTS
Overview 1
Letter to the minister for Training and Skills 2
Vice-Chancellors statement

Environmental
performance 28
Introduction and scope

29

Commitments, governance and resources

29

Report of members of
Monash University Council

Staff and student engagement

30

Senior Officers

Education for sustainability

31

Organisational charts

Biodiversity 31

Core business:
education, research,
global engagement

Carbon management

31

Energy consumption

32

Water consumption

32

Operational objectives and initiatives

10

Waste

33

Research and Education: Office of the Provost

10

Sustainable transport

33

Research 10

Green information technology

34

Education 11

Procurement 34

Global engagement

12

The built environment and landscape

34

Report of the President, Academic Board

14

Legislative compliance

34

Monash University Malaysia

35

Statements of compliance

35

Social
performance 16
Monash people

17

Staff engagement and Employment Conduct

17

Financial
performance 37

Student profile

19

Report on financial operations

38

Student experience

19

Risk analysis subsidiaries

39

Health, safety, wellbeing and family

20

Statement on allocation of public funds

39

Equity, access and diversity

students and staff

22

Major financial and performance statistics

40

Social responsibility

24

Statements of compliance

26

Statement on compulsory
non-academic fees

40

Website address for current and

previous annual reports

30

Statement of private provision of

public infrastructure

40

Disclosure index

41

Consultants 40

Financial
statements 43
Statement of comprehensive income

44

Statement of financial position

45

Statement of changes in equity

46

Statement of cashflows

50

Notes to the financial statements

51

Declaration 112
Auditor-Generals report

113

MONASH UNIVERSITY ANNUAL REPORT 2014

Overview

Overview

Letter to the Minister for Training and Skills

The Hon. Steven Herbert, MLC
Minister for Training and Skills
2, Treasury Place
EAST MELBOURNE VIC 3002

Wednesday, 18 March 2015

Dear Minister,
In accordance with the requirements and regulations under the Financial Management Act 1994, I submit for tabling in the
Victorian Parliament the Annual Report of Monash University for the Year Ending 31 December 2014.
This Report was approved by the Monash University Council on Wednesday 18 March, 2015.
As you will see in this Report, in 2014 Monash University rendered significant service to the state of Victoria. The University
addressed research priorities ranging from cardiac health to bioprocessing and advanced manufacturing. We improved
both what we teach and how we teach it to ensure our graduates are equipped with the skills Victoria and the wider world
need. And we enriched the wider community by engaging in a range of fora, from leading public debate to supporting
exhibitions and performances to providing sporting and cultural facilities to community groups.
Last year saw the departure of our eighth Vice-Chancellor, Professor Ed Byrne AC. Professor Byrne led the University
during a period of substantial improvement in its research performance, expansion of its international activities and
significant strengthening of its internal systems and processes. The Council of Monash University is grateful for his service.
On 1 September, 2014 we welcomed our new Vice-Chancellor, Professor Margaret Gardner AO, who has brought with
her tremendous energy and vision. Under her leadership, the University is well placed to meet the challenges ahead.

Dr Alan Finkel AO
Chancellor

MONASH UNIVERSITY ANNUAL REPORT 2014

Vice-Chancellors statement
2014 was a good year for Monash.
This is my first Annual Report as Vice-Chancellor of Monash University.
Since taking over from Professor Byrne, I have been consistently
impressed by the dedication with which our academic and professional
staff serve the Victorian community through education and research.
We continued to educate the high-performing, ethically aware
professionals that government, industry and the third sector demand.
To ensure that were able to do this to the very best of our ability, we
focused significant efforts in 2014 on further improving the quality of
the educational experience we offer, with several programs aimed at
encouraging innovation in pedagogy and recognising high performance
in teaching. These included a new reward and recognition program for
high-performing mid-career staff, and grants of $75,000 to champion
innovation in education. Nationally Monash staff received four of the
Citations awarded by the federal governments Office of Learning and
Teaching for Outstanding Contributions to Student Learning.
We also laid the groundwork for our revised course architecture, much
of which takes effect as of the 2015 academic year. While maintaining
the wide array of specialisations that Monash is renowned for, the
revised architecture also ensures that all students emerge with an
understanding of essential core concepts, and that both employers
and students better understand what any given qualification stands
for in the market.
We met with some notable successes in our efforts to improve lives
around the world by tackling the great research challenges. To that
end, we continued to strengthen our partnerships with industry.
We successfully secured projects ranging from a $26 million Victorian
Department of Health study analysing the long-term health of Morwell
residents following the Hazelwood fire, to a US$16.6 million project
in partnership with GlaxoSmithKline and several international partners
to develop a treatment to prevent the death of tens of thousands of
women every year due to fatal loss of blood after childbirth.
It is a reflection of our growing strength in the health sciences that
Monash led the country in achieving National Health and Medical
Research Council (NHMRC) grants, attracting $80 million, which
included nearly $60 million for 78 project grants.
Two Monash researchers were among 16 Australian Research Council
(ARC) Laureate Fellows announced in August.

We also continued our success in large-scale interdisciplinary research,

with funding received from ARC for three centres of excellence and
two industrial transformation research hubs.
We undertook a number of initiatives to make our campuses even
more vibrant and stimulating. Most notably, we began construction
on accommodation for another 1000 students on the Clayton
campus. We also created a healthier environment for staff, students
and visitors by restricting smoking to a handful of designated areas
an important step on our journey towards phasing out smoking on
campus altogether.
We continued to strengthen our international relationships. Our
Malaysian campus has grown to almost 6,000 students, around
five per cent of them HDR students. The IITB-Monash Research
Academy continues to thrive, having now accrued 80 publications
in top-quality journals and two patents. In June, we held our first
graduation ceremony for students of the Southeast UniversityMonash University Joint Graduate School in Suzhou, China. The
Monash-Warwick Alliance continued to build momentum, with several
key joint appointments made. The focus for Monash South Africa was
transitioning into the partnership struck with Laureate International
Universities in 2013, which is expected to enhance the educational
opportunities the campus offers. And we continued to build our
operations in Italy, Indonesia, Latin America and the Middle East.
All these successes have been supported by a robust financial
foundation. In 2014, the University had an operating result of
$162 million. While $52 million of this was due to the restructure of
our investment portfolio and had no cash impact, the remainder still
speaks to university-wide effort and wise financial management. The
consolidated result was $213 million of which $75 million was due to
the investment portfolio restructure.
The year closed with the first round of consultation about a new
five-year strategic plan for the University, which will help us chart a
course through the uncertain waters ahead. The mooted deregulation
of undergraduate courses, the challenges and opportunities posed
by advances in information technology, and the shifting economic
fortunes of both Victoria and Australia will all affect the way we seek
to deliver upon our goals. However, based on the strong work done
in 2014 and previous years, I am confident that Monash University will
continue to support the goals of the state and the nation with growing
success into the future.

Professor Margaret Gardner, AO

Vice-Chancellor and President

Overview

Report of members of Monash

University Council
The councillors of Monash University present their report together
with the consolidated financial statements for the year ended 31
December 2014.

Establishment, objectives, functions, powers and

principal activities
Monash University was established under an Act of the Victorian
Parliament on 30 May 1958. A body politic and corporate under the
name Monash University, it had perpetual succession, a common
seal and was capable in law of suing and being sued. The responsible
minister in the Victorian Parliament was:
The Hon. Peter Hall, MLC was the Minister for Higher Education and
Skills from 1 January until 17 March 2014.
The Hon. Nick Wakeling, MP was the Minister for Higher Education
and Skills from 17 March until 3 December 2014.
The Hon. Steve Herbert, MP was the Minister for Training and Skills,
from 3 December 2014 until 31 December 2014 following the State
election on 29 November 2014.
The objectives of the University, as stated in section 5 of Division 1 of
the Monash University Act 2009 include:
(a) to provide and maintain a teaching and learning environment
of excellent quality offering higher education at an international
standard

and Pharmaceutical Sciences; and Science. Each provided

undergraduate and postgraduate qualifications. In addition to the
faculties, a range of centres expressed the research interests of
staff members and provided specialised nuclei for postgraduate
and some undergraduate study. Many of these acted as a focus for
interdisciplinary research. The work of the University was expanded
and supported by affiliated institutions, which cooperated in various
ways with teaching and research courses at Monash.

Members of Council
The following persons were members of Monash University Council
during 2014.

Chancellor (ex-officio)
Dr Alan Finkel, AO,
BE PhD Monash FTSE FIE Aust

Member of Council since 1 January 2008.

Sub-committees of Council membership: Executive Committee
(Chair), Resources and Finance Committee, Membership
Committee (Chair), Selection and Remuneration Committee (Chair),
Audit and Risk Committee, Honorary Degrees Committee (Chair),
Estates Committee (Chair).

Vice-Chancellor and President (ex-officio)

Professor Ed Byrne AC,
BMedSc MB BS(Hons) MD Tas. MBusAdm Qld/ME DSc Melb
DipClinSc Adel FTSE FRACP FRCP Edinburgh FRCP London

Member of Council from 6 July 2009 until 29 August 2014.

(b) to provide vocational education and training, further education and
other forms of education determined by the University to support
and complement the provision of higher education by the University

Sub-committees of Council membership: Executive Committee,

Resources and Finance Committee, Selection and Remuneration
Committee, Honorary Degrees Committee, Estates Committee.

(c) to undertake scholarship, pure and applied research, invention,

innovation, education and consultancy of international standing
and to apply those matters to the advancement of knowledge
and to the benefit of the wellbeing of the Victorian, Australian and
international communities

Professor Margaret Gardner AO

BEcon(Hons) PhD Syd DUniv Griffith FAIM GAICD

(d) to equip graduates of the University to excel in their chosen careers
and to contribute to the life of the community
(e) to serve the Victorian, Australian and international communities and
the public interest by:
(i) enriching cultural and community life
(ii) elevating public awareness of educational, scientific and artistic
developments
(iii) promoting critical and free enquiry, informed intellectual discourse
and public debate within the University and in the wider society
(f) to use its expertise and resources to involve Aboriginal and Torres
Strait Islander people of Australia in its teaching, learning, research
and advancement of knowledge activities and thereby contribute
to:
(i) realising Aboriginal and Torres Strait Islander aspirations
(ii) the safeguarding of the ancient and rich Aboriginal and Torres
Strait Islander cultural heritage

Member of Council since 1 September 2014.

Sub-committees of Council membership: Executive Committee,
Resources and Finance Committee, Selection and Remuneration
Committee, Honorary Degrees Committee, Estates Committee.

President of the Academic Board (ex-officio)

Professor Ben Canny
BMedSc (Hons) MBBS PhD

Member of Council since 1 January 2014.

Sub-committees of Council membership: Honorary Degrees
Committee.

Appointed Councillors
Mr Yehudi Blacher PSM
BA(Hons) MA FIPAA (Victoria)

Member of Council since 11 February 2008.

Deputy Chancellor since 1 January 2014.
Sub-committees of Council membership: Resources and Finance
Committee, Membership Committee, Selection and Remuneration
Committee, Estates Committee.
Professor Rebekah Brown
BEng(Hons) PhD

(g) to provide programs and services in a way that reflects principles
of equity and social justice

Member of Council since 1 January 2014.

(h) to confer degrees and other awards

Mr Shane Buggle
BComm NUI DPA FCA FCPA MAICD

(i) to utilise or exploit its expertise or resources, whether commercially

or otherwise.
The governing authority of the University was the Monash University
Council, which was advised by its subordinate standing committees,
other boards and committees, the Vice-Chancellor and senior officers
of the University. The principal activities of Monash University in 2014
were the provision of post-secondary education and the undertaking
of innovative research across a wide range of disciplines.
Faculties of the University were: Art, Design and Architecture; Arts;
Business and Economics; Education; Engineering; Information
Technology; Law; Medicine, Nursing and Health Sciences; Pharmacy

Sub-committees of Council membership: Estates Committee.

Member of Council since 15 May 2007.

Sub-committees of Council membership: Executive Committee,
Resources and Finance Committee (Chair).
Ms Heather Carmody
BSocSc Grad-DipHlthSc CU GradDipOrgnDev RMIT MAICD

Member of Council since 1 January 2010.

Sub-committees of Council membership: Resources and Finance
Committee, Membership Committee, Audit and Risk Committee,
Honorary Degrees Committee.

MONASH UNIVERSITY ANNUAL REPORT 2014

The Hon Simon Crean

BEc LLB HonDLitt Deakin

Member of Council since 1 January 2014.

Sub-committees of Council membership: Resources and Finance
Committee, Estates Committee.
Mr Mark Cubit
BEc Monash

Member of Council since 21 October 2014.

Dr Helen Drennen
BA BSc (Hons) PhD DipEd AMP FACE FACEL

Member of Council since 1 January 2014.

Sub-committees of Council membership: Honorary Degrees
Committee.
Ms Meghan Hopper
BA RMIT AssocDegBusComm GradDipArts(Research) GAICD

Member of Council since 1 January 2014.

Sub-committees of Council membership: Audit and Risk
Committee.
Dr Christine Nixon APM
DipLabRel&Law Syd BA Macq MPA Harv HonDLitt Woll HonLLD
Monash Hon Phd Macq Hon Phd Ballarat FAIPM FAIM FIPAA

Membership of Audit and Risk Committee

Mr Ian Pyman (Chair), BJuris LLB Monash
Dr Alan Finkel, AO, BE PhD Monash FTSE FIEAust
Ms Meghan Hopper, BA RMIT AssocDegBusComm
GradDipArts(Research) GAICD
Ms Heather Carmody, BSocSc Grad-DipHlthSc CU GradDipOrgnDev
RMIT MAICD
Mr Paul Kirk, BEc Monash CPA
Professor Gary Magee, BA Monash BEc (Hons) La Trobe DPhil
Oxford FRHistS
In attendance:
Professor Margaret Gardner, AO BEcon(Hons) Phd Syd DUniv
Griffith FAIM GAICD
Mr Peter Marshall, BEc Monash CAHRI
Mr David Pitt, BSc(Hons) BA Melb MBusAdm RMIT FAICD
Ms Moh-Lee Ng, BBus Grad-Dip EDP Monash CISA
Mr Peter Dwyer Secretary to Audit and Risk Committee

Member of Council since 1 January 2009.

Deputy Chancellor since 1 January 2014.
Sub-committees of Council membership: Membership Committee,
Selection and Remuneration Committee, Honorary Degrees
Committee.
Mr Ian Pyman
BJuris LLB Monash

Member of Council since 8 August 2005.

Deputy Chancellor since 1 January 2010.
Sub-committees of Council membership: Executive Committee,
Membership Committee, Selection and Remuneration Committee,
Audit and Risk Committee (Chair), Honorary Degrees Committee.
Mr John Simpson
BA Melb MAICD

Member of Council since 21 October 2014.

The Hon Peter Young QC
BJuris LLB Monash

Member of Council since 1 January 2014.

Sub-committees of Council membership: Membership Committee,
Honorary Degrees Committee, Estates Committee.
Mr Tony Calder Secretary to Council

Overview

Meetings of members
The table below sets out the number of Council and Committee meetings held during the year ended 31 December 2014 and the number
attended by each councillor:

12

10

Professor E Byrne

5 yr
8 mth

Professor B Canny

12

12

Ms H Carmody

12

11

The Hon S Crean

12

2 mth

Dr H Drennen

12

Dr A Finkel

12

12

4 mth

12

Dr C Nixon

12

12

Mr I Pyman

10

12

12

Mr M Cubit

Professor M Gardner
Ms M Hopper

Mr J Simpson
The Hon P Young

2 mth

12

12

Subcommittees of Council
Under delegation from Council, the Executive Committee can exercise
all of the powers, authorities, duties and functions of the Council (other
than the power of delegation and the power to make statutes) during
the periods between the ordinary meeting of Council on any matter
which either the Chancellor or a deputy chancellor has certified in
writing is of such urgency that it ought not to await consideration by
the Council at its next meeting.
The Audit and Risk Committee is responsible for strengthening the
Universitys control environment and for assisting Council to discharge
its stewardship, leadership and control responsibilities. Its primary
functions are to promote accountability, support measures to improve
management performance and internal controls, oversee the internal
audit function and ensure effective liaison between senior management
and the Universitys external auditors.
The Estates Committee is responsible for ensuring that the image
and identity, sustainability, aesthetics, space requirements and
financial strategy of Monash University are appropriately considered
in all aspects of the Universitys built environment and property
development.
The Honorary Degrees Committee considers proposals for the
conferring of honorary degrees.
The Membership Committee is responsible for the selection and the
performance assessment of Council members.
The Resources and Finance Committee oversees the physical and
financial resources of the University.
The Selection and Remuneration Committee oversees policy for the
recruitment and appointment of senior staff, including involvement of
Council in the selection and appointment of senior staff and quality
assurance relating to the integrity and probity of the Universitys
remuneration policies and practices.

Estates
Committee
Attended

Attended

Eligible

Attended

Eligible

Attended

Attended

Honorary
Degrees
Committee

Audit & Risk

Committee

Eligible

Mr S Buggle

Eligible

12

Attended

12

Selection and
Remuneration
Committee

Eligible

12

Membership
Committee

Attended

Prof R Brown

Resources
and Finance
Committee

Eligible

Mr Y Blacher

Executive
Committee

Eligible

Years
served on
Council

Attended

Councillor

Eligible

Council

Senior Officers
Chancellor
Dr Alan Finkel, AO, BE PhD Monash FAATSE FIE Aust

Deputy Chancellors
Mr Yehudi Blacher, PSM, BA(Hons) MA FIPAA (Victoria)
Dr Christine Nixon, APM, DipLabRel&Law Syd. BA Macq. MPA
Harv. HonDLitt Woll. HonLLD Monash Hon Phd Macq. Hon Phd
Ballarat FAIPM FAIM FIPAA
Mr Ian Pyman, BJuris LLB Monash

Vice-Chancellor and President

Professor Margaret Gardner AO BEcon(Hons) PhD Syd DUniv
Griffith FAIM GAICD

Provost and Senior Vice-President

Professor Edwina Cornish, BSc(Hons) PhD Melb. FTSE FAIM

Chief Operating Officer and Senior Vice-President

(Administration)
Mr Peter Marshall, BEc Monash CAHRI

Chief Finance Officer and Senior Vice-President

Mr David Pitt, BSc(Hons) BA Melb. MBusAdm RMIT FAICD

Insurance of officers
During the reporting period, the University maintained a Directors
and Officers Liability/Company Reimbursement Insurance Policy for
Council members and senior officers.
This report is made in accordance with a resolution of the members of
Monash University Council.
Dr Alan Finkel, AO
Chancellor

MONASH UNIVERSITY ANNUAL REPORT 2014

Organisational charts
Overall governance and management

The Monash University Act 2009

Calendar Volume Web Address:
www.monash.edu.au/pubs/calendar

Council

Council Committees

Academic Board

Academic Board
Committees

Senior Management Team

Overview

Vice-Chancellor

Office of the Vice-Chancellor

and President

Deans of Faculties
Art Design & Architecture
Arts
Business and Economics
Education
Engineering
Information Technology
Law
Medicine, Nursing
and Health Sciences
Pharmacy and
Pharmaceutical Sciences
Science

Senior management structure

President and Vice-Chancellor

Provost and Senior Vice-President

Chief Operating Officer and Senior Vice-President

Chief Financial Officer and Senior Vice-President

Marketing, Communications and Student Recruitment

Corporate Finance

Campus Community

Financial Resources Management

Facilities and Services

Procurement to Payment Services

Purchasing, Revenue and Research Hubs

Information Technology
Major Campuses and Student Engagement
Monash HR
Office of the University Solicitor and General Counsel
Student Services

Business and Financial Strategy

Major Projects
Oversight of Monash controlled and associated entities

Portfolio of the Vice-Chancellor

Faculty Deans

External Relations, Development and Alumni

Global Engagement

Art, Design & Architecture

Arts
Business and Economics

Industry Partnerships
Monash University Museum of Art (MUMA)

Education
Engineering and Information Technology
Law

Monash Academy of Performing Arts (MAPA)

Chief of Staff

Medicine, Nursing and Health Sciences

Pharmacy and Pharmaceutical Sciences

Governance Group

Science

Executive Services
Internal Audit

External Academic Engagement

Risk and Compliance

Monash-Warwick Alliance
India

Pro-Vice Chancellors of President-Led Campuses

China

Berwick and Peninsula

Sunway Campus Malaysia
Monash SEU Join Research Institute

Portfolio of the Provost and Senior Vice-President

Academic Performance
Learning and Teaching
Quality
Research
Research and Research Infrastructure
Graduate Education
Education Programs
University Library

MONASH UNIVERSITY ANNUAL REPORT 2014

Core business:
education, research,
global engagement

Core business: education, research, global engagement

Operational objectives and initiatives

Building interdisciplinary teams

Research and Education:

Office of the Provost

In an effort to raise Monashs national and international reputation

for excellent and impactful research, there has been a continued
focus on supporting large-scale interdisciplinary research. In 2014
interdisciplinary research highlights include:

In 2014, Monash made strong progress against our research and

education aspirations. The University continued its mission to generate
substantial positive impact in the various communities we engage with
and serve. Monash found success in Victoria, in Australia, and around
the world.
Monash continued to enhance its reputation. In the annual 2014 Global
Employability University Ranking, global recruiters voted Monash the
best university in Victoria from which to hire graduates. Nationally, we
were second, and internationally 33rd.
Monash steadily improved its world university rankings in 2014, with a
particular increase in the Times Higher Education Ranking from 91
in 2013 to 83 in 2014.

Research
National competitive grants
In 2014, Monash led the country in achieving National Health and
Medical Research Council (NHMRC) grants attracting $80 million.
Over $59.9 million of that went to 78 project grants. They included the
following:
16 Early Career Fellowships totalling $5.2 million, ranking first
nationally for the value of funding awarded
16 Career Development Fellowships totalling $4.5 million, ranking
first nationally for the value of funding awarded
nine Research Fellowships totalling $6 million, ranking second
nationally for the value of funding awarded.

Prizes and awards strategy

2014 saw an increase in the number of prizes and awards received
by Monash staff, generating a total award value of $1.5 million for the
university.
Viertel Senior Medical Research Fellowship
LOreal for Women in Science Fellowship
Two Australian Academy of Technological Sciences and Engineering
(ATSE) Fellowships
Six Victorian Young Tall Poppy Science Awards (11 awarded)
Bethlehem Griffith Research Foundation Young Researcher of the
Year Award
Stem Cell Foundation Australia inaugural Metcalfe Prize
Science and Technology in Society (STS) Future Leaders Program
New York Academy of Science Future Leaders Program
Five of 12 Veski Victoria Fellowships (Monash first in number
awarded)
Churchill Fellowship.
Monashs continued to achieve in its key programs talent
enhancement, building interdisciplinary teams, graduate research,
translating research to deliver impact, and world-class infrastructure.

Talent enhancement
The Talent Enhancement Strategy (TES) is the broad mechanism
through which Monash has, since 2010, invested in maintaining and
building world class research leadership. The program aims to attract,
recognise, reward and retain world-class researchers.
During 2014, Monash recruited further researchers through this
program, bringing the total number of TES recruits to over 60
since 2011. To date, these recruits have secured external research
grants with a total value in excess of $165 million. Some of the
notable achievements throughout 2014 include two ARC Laureate
Fellowships, leadership of two ARC Centres of Excellence, and one
ARC Industrial Research Transformation Hub.

10

ARC Centre of Excellence for Integrative Brain Function:

A $20 million research centre designed to tackle one of the greatest
scientific challenges of the 21st century: understanding the human
brain. Led by Professor Gary Egan from Monash University, in
collaboration with the University of Queensland, the University of
Melbourne, the University of Sydney, Australian National University
and the University of New South Wales, and 12 international
partner organisations from six countries.
ARC Centre of Excellence in Advanced Molecular Imaging:
A $39 million research centre, dedicated to gaining a greater
understanding of the immune system. Led by Professor James
Whisstock, Monash University, in collaboration La Trobe University,
the University of Melbourne, Monash University, the University of
New South Wales and the University of Queensland, and external
partners Australian Nuclear Science and Technology Organisation,
The Australian Synchrotron, Carl Zeiss Pty Ltd, Deutsches
Elektronen-Synchrotron (Germany), Leica Microsystems Pty Ltd,
and the University of Warwick (UK).
ARC Centre of Excellence in Convergent Bio-Nano Science
and Technology: A $26 million dollar research centre designed
to develop new vaccines and improve drug delivery and disease
detection. Led by Professor Tom Davis, Director, Monash-Warwick
Alliance, collaborating with partner organisations such as the
University of Melbourne, the University of New South Wales,
the University of Queensland, the University of South Australia,
Australian Nuclear Science and Technology Organisation, Imperial
College London, Memorial Sloan-Kettering Cancer Center,
Sungkyunkwan University, the University of Nottingham, University
College Dublin, the University of California Santa Barbara, the
University of Warwick, and the University of Wisconsin-Madison.
New Horizons: The launch of New Horizons provides platforms
for global research and teaching collaboration through stateof-the-art information technology and research equipment that
facilitates greater linkages with business and the community. New
Horizons co-locates around 400 researchers from Monash and the
Commonwealth Scientific and Industrial Research Organisation
(CSIRO).
Monash Institute for Medical Engineering (MIME): MIME was
established in 2014 to lead discovery and innovation at the
intersection of medicine and engineering, with three core areas of
focus: neuroscience and vision, cardiovascular and pulmonary, and
therapeutics and regenerative medicine.
In addition Monash provided internal Interdisciplinary Research (IDR)
support programs valued at over $1 million, offering seed or major
project funding to new IDR initiatives.
In 2014, Monash launched the Graduate Research Interdisciplinary
Program (GRIP) model as part of its graduate research training. GRIPs
are dynamic doctoral programs exclusive to Monash, providing highpotential graduate research students with professional development
opportunities and interdisciplinary collaboration with internationally
recognised academic researchers, industry partners and government
bodies to produce innovative outcomes for global challenges, and
become the research leaders of the future. The following GRIPs were
launched in 2014:
Sustainable Water Program: A cross-disciplinary platform
established by the faculties of Arts and Engineering focussing
on sustainable water management in Asia. The GRIP combines
social research and engineering to help developing countries adopt
water-sensitive city strategies.
Chemicals and Plastics Innovation Network and Training
Program: A GRIP with strong industry links, providing opportunities
for a select group of graduate researchers from chemistry and
chemical engineering to work with world-class research minds,
and drive innovation within the chemicals and plastics industry of
Australia. Monash has formed partnerships with over 20 industry
companies including BASF, Procter & Gamble, 3M, Nufarm and

MONASH UNIVERSITY ANNUAL REPORT 2014

Dulux Group to jointly deliver exclusive training in both advanced

technical and business topics.

Graduate research
Growth of the graduate research student cohort
Monashs Higher Degree by Research (HDR) student load increased
from 3175 in 2013 to 3217 in 2014.
In 2014, scholarship funding and related financial support for HDR
students from the University ($18,708,520) and the federal government
($22,919,994) totalled $41.6 million, an increase of 5.6 per cent from
the 2013 allocation.
Federal support increased by 17.1 per cent since 2012, reflecting
improved research performance.
Graduate research at Monash
The focus for Monash in 2014 was on the development of initiatives
that support quality graduate research and the student experience.
The new Monash Doctoral Program was a key development. The
program focused on providing PhD students with a broader set of
skills to enhance their employability and recognise the diversity of
career pathways. A valuable feature of the offering was an option to
participate in interdisciplinary research in collaboration with industry
and end-users. The opportunities and outcomes that the Monash
Doctoral Program offers make it unique in the Australian market.
Monash continued to strengthen its policy and procedural framework
to support its quality agenda, undertaking major work to implement
mechanisms to support progression and the continued streamlining
of administrative processes and systems.
Translating research to deliver impact
Australian Research Council Industrial Transformation Research
Hubs
Monash successfully attracted funding from the Australian Research
Council (ARC) and industry partners for two Industrial Transformation
Research Hubs in 2014:
ARC Research Hub for Transforming Australias Manufacturing
Industry through High Value Additive Manufacturing: Jointly
funded by the ARC and industrial partners, this $9 million research
hub officially opened in November 2014, and will bring together
experts from research and industry to transfer new technologies
to a variety of industries such as aerospace and biomedical
engineering.
ARC Research Hub for BioProcessing Advanced Manufacturing
Initiative (BAMI): A $3 million research hub jointly funded by the
ARC, industry and Monash was launched in September 2014. The
research hub will convert bio-materials into marketable materials,
chemicals and energy products including new composites and
smart packaging.
Monash continued to strengthen its partnerships with industry,
successfully securing the following significant projects in 2014:
Hazelwood Mine Fire Study: A $26 million Victorian Department
of Health study to undertake a comprehensive analysis of the longterm health of Morwell residents following exposure to the smoke
from the Hazelwood coal mine fire.
Oxytocin: A US $16.6 million project in partnership with
GlaxoSmithKline and several international partners including
donor organisations the Planet Wheeler Foundation, Geneva-based
McCall MacBain Foundation, Grand Challenges Canada and major
philanthropic funding from the Helen Macpherson Smith Trust to
develop a treatment to prevent the death of tens of thousands of
women every year due to fatal loss of blood after childbirth.
Treatments for life-threatening infections caused by bacterial
superbugs: A $9.8 million project funded by the National Institutes
of Health to develop cutting edge treatments for life-threatening
infections caused by bacterial superbugs.
Brain Cancer Discovery Collaborative (BCDC): $2.8 million in
further funding allows Australias leading brain cancer researchers
and doctors to continue their groundbreaking research into
extending patients lives. Comprising of leading neuro-oncological

Core business: education, research, global engagement

researchers in six labs across four Australian states, BCDC is the

first of its kind in Australia.
The Victorian Cardiac Outcomes Registry (VCOR): Project
funded by the Victorian Cardiac Clinical Network to equip hospitals
to better measure the quality of care for their cardiac patients. The
registry will collect and compare data on coronary angioplasty
practice.
Translational Pharmaceutical Science Laboratory: Funding was
secured in June 2014 to establish a world-class translational
pharmaceutical science laboratory at the Monash Institute of
Pharmaceutical Sciences in Parkville. It will be the first of its kind in
Australia, and directly supports capacity building, skills growth and
education development.
World class infrastructure
Monash successfully secured the following funding via infrastructure
schemes in 2014:
Science and Industry Endowment Fund (SIEF): $10 million
awarded for a joint Monash/CSIRO initiative for non-invasive
imaging, 3D Tissue Printing and Clean Rooms.
Australian Research Council, Linkage Infrastructure, Equipment
and Facilities (LIEF): $3.8 million awarded, increasing Monashs
Group of Eight (Go8) rank from eighth in 2013 to third in 2014.
Department of Education, Education Investment Fund (EIF): $1
million awarded to establish a mammalian antibody expression
system.
The Monash Technology Platform strategy officially launched a new
Bioinformatics Platform to support the increasing amounts of data
generated in the Proteomics and Genomics platforms. The Monash
Histology Platform has expanded a histology node to Alfred Medical
Research and Education Precinct (AMREP).
The Monash Immersive Visualisation Platform CAVE2 was officially
launched on 5 May 2014. This $1.8 million facility represents the
worlds most advanced visualisation facility of its type at the time
of launch. CAVE2 powers research across a range of disciplines
including engineering, science and medicine, along with partners
such as the CSIRO.
We gained ISO 9001 certification for the management of integrated
research technology platforms and the provision of innovative
technologies to enable research outcomes. The first three (of 20)
Monash technology research platforms (Histology, Proteomics and
Micromon) have been certified.
The Australian Nuclear Science and Technology Organisation (ANSTO)
alliance was strengthened with ANSTO supporting Monashs lead
on a number of successfully funding applications two industrial
transformation research hubs applications, two centre of excellence
applications, one SIEF application and one linkage grant.
The CSIRO alliance successfully achieved funding to establish the
Biomedical Materials Translation Facility in the Clayton Precinct.

Education
Monash aspires to lead the Australian sector in creating an enviable
student learning experience. Monash has set an ambitious vision for
reform and revitalisation. Our series of integrated initiatives aims to
effect widespread structural change in learning and teaching.

Learning and teaching

Led by the Office of the Learning and Teaching, the following initiatives
were implemented in 2014 to promote innovation:
A program to recognise and reward high-performing mid-career
staff, allowing them to accelerate their career and providing
motivation for educational leadership and innovation.
A prototype training room for educators to improve pedagogical
approaches and showcase new audiovisual technologies.
Grants of $75,000 to support and champion projects that lead
to innovation in education. Six projects were funded in 2014,
covering mentoring, practical sessions, teaching apps, testing
critical thinking and animating concepts.

11

Examples of innovation in learning and teaching in 2014 included the

following:
Integrating Science And Practice (iSAP). iSAP is an online, casebased learning program operating in the School of Biomedical
Sciences. The program received funding this year to develop
media-rich, interactive cases in clinical practice to engage and
challenge learners with making the connection between science,
psychosocial aspects and clinical decision-making.

In 2014, Monash developed and launched two successful MOOCs

through the FutureLearn platform. Creative Coding had 3,700
students complete at least one week of the course and 600 students
complete the entire course. The Science of Medicine had 4,000
students complete at least one week and 870 students complete the
entire course.

Graduate education

AXIOM is a just-in-time learning system for third-year medicine

students on clinical rotation. Unfortunately, lectures and clinical
rotations are often out of synch. Many students will have clinical
rounds before they have had the corresponding theory lectures.
AXIOM is a scaffolded knowledge system that students access
just before a patient consultation. It guides them through the
consultation process for that patients specific condition, and
includes questions to ask, history to note, and symptoms to
examine. There are currently modules for over fifty conditions,
including model questions, videos and images, and glossaries of
terms. These modules are written by experts to reflect the best of
current clinical knowledge and practice.

Building on Monashs strong reputation for graduate coursework and

HDR awards, Monash established the Graduate Education Portfolio to
shape the professionals and researchers of the future with a marketled suite of postgraduate programs. The Graduate Education Portfolio
will work to improve Monashs standing, enhance the graduate
experience, and underpin sustainable growth.

The Industry Team Initiative that partners multidisciplinary student

teams with leading Australian and global industry partners.
Students are paid to collaborate and design innovative solutions to
real issues in todays business world, providing them with invaluable
insight into their chosen profession, and hands-on experience that
holds them in good stead for the future.

Monash University Malaysia

Medical students won first prize of $50,000 in the Microsoft

Imagine Cup for their selfie app for Eyenaemia, competing against
more than 33,000 students worldwide.

Citations for outstanding contributions to student

learning
Monash staff received four of the 160 citation awards for Outstanding
Contributions to Student Learning offered by the Federal Government
Office for Learning and Teaching. The awards recognised their
significant contribution to the quality of student learning.
Faculty of Business and Economics: For commitment to
developing culturally diverse students to be effective tax
accountants through inclusive teaching practices that support
equity, course progression and career success.
Faculty of Engineering: For leadership in developing a suite of
novel digital and physical teaching environments that promote
interactive learning in large class environments.
Faculty of Law: For addressing the mental health needs of law
students and helping students to successfully and healthily
complete their studies and transition into legal practice.
Faculty of Pharmacy and Pharmaceutical Sciences: For innovative
learning design that guides the development, assessment and
feedback of pharmacy students communication skills to increase
employment readiness and fitness to practice.

Education programs
Monash reviewed its courses to simplify its undergraduate offer and
strengthen the postgraduate offer whilst maintaining wide options for
students. It is now possible to see the entire Monash undergraduate
offer on a single page, allowing students to more easily make informed
choices. These improvements were welcomed by students, parents
and schools.

Online education
Monash increased its presence in the online education space by
strengthening its relationship with Pearson and entering the Massively
Open Online Courses (MOOCs) market via the FutureLearn platform.
In 2014, the Monash-Pearson Alliance released three full-fee paying
postgraduate courses the Graduate Diploma of Psychology, the
Master of Health Administration and the Master of Public Health.
Collectively, these courses have reached approximately 400 student
enrolments during their first year of delivery. An additional five courses
are in the pipeline and are will be developed and launched over the
coming two years.

12

Global engagement
During 2014 Monash University continued to build its network of
international linkages in pursuit of the Universitys strategy for global
engagement. Read about our key initiatives:

Now 16 years old, Monash University Malaysia (MUM) continued to

excel nationally and regionally. MUM was ranked the number one
university in Malaysia, again receiving a rating of excellent (tier five)
by the latest Ministry of Educations SETARA Teaching and Learning
rating system. The student population continued to grow with almost
6,000 students in 2014, including 353 higher degree research
students. About 27 per cent of the student population come from over
50 countries, with the largest cohort from Indonesia, Sri Lanka and
Bangladesh. Seven of the universitys ten faculties are represented at
the campus, with pharmacy establishing a school in 2014.
MUMs graduate coursework offering continued to expand. In 2015,
it will offer new MBA and Master of Advanced Engineering courses.
Industry and external engagement has increased with focus on student
internships, leadership programs, strategic research partnerships and
alumni engagement.
MUMs six multidisciplinary research platforms, established two years
ago, are having significant impact. External research income has
trended upwards to RM8 million in 2014, which improved MUMs
position in the Malaysian Research Rankings (MyRA). Academic
leadership continues to strengthen, with a total of 72 professors and
associate professors now employed at the campus.

Monash South Africa

The 2014 focus for Monash South Africa (MSA) was on transition
and consolidation of governance arrangements to give effect to the
partnership agreement struck in 2013 between MSA and Laureate
International Universities. This partnership is expected to enhance
educational offerings and choices for students by creating new
programs in addition to the current programs leading to a Monash
University award. Community engagement and outreach continued
to be a strong feature of MSA. These include the Monash and
Oxfam partnership, which places students in local community-based
organisation within Oxfams network, and the 2014 National Youth
Summit in Johannesburg, co-hosted by MSA and the Department of
Water and Sanitation.

Monash in India
The Indian Institute of Technology Bombay (IITB) and Monash
Research Academy in Mumbai continued to thrive. The Academy has
150 PhD students, with the most recent intake in December 2014.
Students now spend at least 12 months at the Clayton campus as
part of the Monash-stay component of the program.
The Academy continued to strive towards its objective of delivering
high impact research outcomes on a global scale. In 2014, it published
80 publications in top-quality journals. So far there are two patents
attached to the Academy. The number of joint projects between
academics at IITB and Monash grew, with approximately 150 across
all major research themes.

MONASH UNIVERSITY ANNUAL REPORT 2014

Research projects were centred on six major themes: advanced

computational engineering, simulation and manufacture, infrastructure
engineering, biotechnology and stem-cell research, clean energy,
water and nanotechnology.
To date, a total of around $14 million in partnership funds have been
secured and will flow through to the Academy in the next five years.
Key industry partners in Australia include BHBP, CSIRO, ASCC and
ORICA Mining Services. In India, they include Infosys, JSW,TCS,
SABIC, Eaton, Intel, Samsung, and Piramal Life Sciences.

Monash in China
In 2014, Southeast University-Monash University Joint Graduate
School (JGS) and Joint Research Institute (JRI) were relocated to
the a new building in Suzhou. The JGS offered five double masters
programs. In June, 23 students graduated in our first graduation
ceremony.
Six research themes were identified to receive initial infrastructure
funding at the JRI: energy, water-sensitive cities, advanced
manufacturing, modelling and simulation, bioinformatics, biotechnology
and nanotechnology.
In addition, Monash finalised the establishment of a wholly foreignowned enterprise (WFOE) in Suzhou Monash (Suzhou) Consulting
Co. Ltd.

Monash-Warwick Alliance
Established in late 2011 to build education and research strength by
combining the strengths of both institutions, the Alliance developed and
achieved a wide breadth of research activities. It continued its research
success in superannuation, green chemistry, polymer technologies
and cultural studies. Future pipeline collaborations include healthcare
systems improvement, astronomy, mathematics, collider physics,
employment, migration, mobility, translation and identity studies,
and 3D anatomy. Since inception, 21 projects involving Monash and
Warwick researchers have been awarded external funding worth over
$37 million. Joint appointments underpinned key research areas such
as polymers and sustainable chemistry. Further appointments are
planned in advanced molecular and cellular imaging.
Our students benefited from education offerings such as the joint
PhD program in which 14 students are currently enrolled or have
been offered places. The success of collaboration was reflected in
the level of student exchange 75 students travelled to and from
Warwick in 2014, with a further 350 students taking part in other
Alliance activities. Collaboration in education will further deepen when
we link our two education academies, which will drive co-development
of learning materials and pedagogy.
To ensure the Alliance remains relevant within the changing education
landscapes of both institutions, a strategy refresh process was
established and was accelerated by reciprocal visits from Monash and
Warwicks senior leaders throughout 2014.

Monash Prato Centre

During 2014, the Universitys Prato Centre continued to build on its
existing international education programs and research collaborations.
With a view to expanding the study abroad opportunities available
for Monash students, new undergraduate programs in information
technology and education were added to existing courses in the
humanities, law, business and economics, and art, design and
architecture. Monash Prato programs accounted for approximately 20
per cent of the total number of Monash students who undertake an
international study experience.
Monash used its presence in Europe to connect deeply with
international networks. Over the course of the year, 30 research
workshops were hosted by the centre, many involving collaboration
with European partners such as the University of Warwick, the
European University Institute, Trinity College Dublin, the University
of Florence and the European Association for Studies on Australia.
The Prato Centre is home to an international consortium for medieval
and renaissance studies with members including the universities of
Toronto, London, Amsterdam, Edinburgh and Arizona. The Centre
also pursued a number of location-specific research themes including

Core business: education, research, global engagement

urban revitalisation through creative culture, migration, social inclusion

and global movement studies.

Australia Indonesia Centre

The Australia-Indonesia Centre (AIC) completed its first year of operation
in 2014. The year was highlighted by the formal establishment of the
Centre and its partnerships through a funding agreement with the
Australian Government, a collaborative agreement between Monash
University, University of Sydney, University of Melbourne, Australian
National University and CSIRO, and a memorandum of understanding
with the Indonesian Government through its Ministry of Higher
Education and Culture.
The Centre has established a portfolio of collaborative research in
infrastructure, energy, agriculture and health, and launched a process
to conduct qualitative research to promote greater understanding of
contemporary Indonesia to Australians, and contemporary Australia
to Indonesians. The AICs more conspicuous accomplishments were
in high-profile engagement events to bring the government, business
and knowledge sectors together in Indonesia and Australia. These
included hosting a three-city tour of Australia by the chair of Indonesias
Chamber of Commerce and Industry, facilitating a partnership between
Jakarta Fashion Week and Melbourne Fashion Festival, conducting
two bilateral research summits in Jakarta, convening a high-level
briefing on the new Jokowi Cabinet to distinguished Australian
government and business officials, and conceiving and hosting the
inaugural Australia-Indonesia Womens Leadership Forum.

Monash and Latin America

Monash continued its success in the Latin American region. In 2014
the Australian Latin America Business Council (ALABC) awarded
Monash the Business Excellence Award in recognition of its strategy
and impact in the region. Monash increased the number of Brazilian
Science Without Borders scholarship students from 12 in 2012 to 570
in 2014. Monash researchers across a range of disciplines built links
with universities and organisations in the region. Monash researchers
trialled an innovative biological control approach to reduce dengue
transmission from mosquitoes to humans in Colombia and Brazil.

Monash and the Middle East

Monash continued to contribute to the regions capacity building
through higher degree research training and reforming its medical
and health sciences curriculum. In Saudi Arabia, Monash assisted the
Kingdom of Saudi Arabias Princess Noura University, the worlds largest
womens university, to develop new programs in occupation health
and therapy. Monashs Accident Research Centre, in collaboration
with the University of Dammam, helped reduce the nations road toll
through research and policy advice. In the United Arab Emirates,
Monash helped the Fatima College of Health Sciences develop and
train paramedics, doctors, physiotherapists and pharmacists.

Internationalising the student experience

During 2014 Monash enabled over 2,900 students to undertake an
international program through their academic and student experience.
Monash welcomed over 1,200 short-term students to the campus
network on non-award programs through agreements supporting the
internationalization of partner institutions. Monash signed onto the
Institute of International Educations Generation Study Abroad initiative
supporting US mobility.
Monash scholars were featured in the New Colombo Plan, being
awarded fellowships to Japan and Nepal and via, short-term mobility
programs across the Indo-Pacific region. Monash contributed to the
Universities Australia working group Japan strategy paper focusing
on student mobility and the DFAT reference group guiding the New
Colombo Plan.
The Monash One World Festival, incorporating the student mobility
exchange fair, won the Council of International Students Australia
best international student event of the year for 2014. Monash
continued to hold representation on the Victorian Exchange network
and International Education Association of Australia, guiding sectoral
initiatives in student mobility.

13

Other engagement
Monashs joint award doctoral program with Justus Liebig University
Giessen, Germany (JLU) co-supervised 16 PhD students in the areas
of human biology, veterinary medicine, animal biology, and philosophy.
Students spent up to 12 months at each partner institution.
Monash continued to build strong links with the Hebrew University of
Jerusalem, Technion-Israel Institute of Technology, Tel-Aviv University
and Ben Gurion University of the Negev (BGU) through student
exchanges. Monash established joint research funding platforms
in the area of water and sustainability with Tel-Aviv University and
BGU. New links also emerged between these institutions in the areas
of cancer research, biomedical engineering, health technology and
entrepreneurship.

Report of the President, Academic Board

Introduction
At the beginning of last years report, mention was made of the time
of continued challenge for the tertiary education sector in Australia.
It seems that little has changed. Certainly, there continue to be a
spectrum of challenges facing universities and their academic boards
as they attempt to come to grips with a range of developments in
government policy and other domains.
During the reporting year, the Academic Board was kept informed of
developments at federal level, including the Kemp-Norton Review,
the review of TEQSA, the 2014 federal budget and its implications for
Monash and the sector, changes proposed to research funding, and
matters external to tertiary education but which might impact it such
as school curriculum developments. On an internal level, the Board
received regular updates on developments at Monash campuses and
international locations, with a particular focus on the quality of their
academic activities and, in the case of initiatives such as the IITBMonash and SEU-Monash alliances, their importance in establishing a
regional footprint for Monash.
The Academic Board also received and considered a range of
significant strategic institutional documents and reports, including
progress towards a new Strategic Plan (to be further considered at
the Boards first meeting for 2015), development of the Universitys
International Strategy, the 2014 Annual Portfolio Plan and Progress
Report against the 2013 Annual Portfolio Plan, and an overview of the
Universitys 2015 budget.
During the reporting year, several developments at Monash
significantly impacted the Boards focus and approach to business.
Chief amongst these was the implementation of Monashs new
statutory/regulatory framework, a streamlined, simplified and coherent
approach to codifying Monashs activities within a flexible legislative
framework. The Academic Board was consulted at key points during
the development of the new Monash University Statute, and formed a
Steering Committee Working Group to consider in detail the proposed
Academic Board Regulations prior to their discussion at and making
by the Board in April. Implementation of Monashs revised legislative
regime has also enabled the Board to refine its focus on the quality
and standards of Monashs academic mission and offerings, reflected
in its new terms of reference approved by Council at its June meeting.
A program of work to review the Boards methods of operation, with
a view to enhancing its value to Monash, commenced during 2014
and will continue throughout 2015. As part of this process, work is
already underway to reform the manner in which standing committees
report their business to the Academic Board, to enable more strategic
reporting, raise the profile of the Boards standing committees and
visibly assure the Board that committees are playing their role in
ensuring quality/high standards. Similarly, work has just commenced
on development of a more thoughtful approach to faculty reporting, to
embed effective communication and support quality decision-making
processes, to focus reporting at a more strategic level and facilitate
sharing of best practice, with the goal of maintaining high standards in
education and research.

Academic program development and review

Another initiative that significantly impacted the Boards work during
2014 was the implementation of Monashs revised coursework course

14

architecture, endorsed by the Board (and approved by Council) at

the end of 2013. The first tranche of programs under the revised
framework was approved by Steering Committee pursuant to the
Boards delegation in February and, since then, each meeting of
the Board has dealt with a significant number of program proposals
either for accreditation of course architecture-complaint courses or
for major amendment to existing courses to enable compliance. At
years end, accreditation of the portfolio of undergraduate programs
was complete, with work on the postgraduate portfolio anticipated
through 2015.
The Board also disestablished a large number of coursework courses
during this period. The need to consider disestablishment may arise
from changes in student demand, as a result of a major course revision
following a process of course review, or from a change to strategic
positioning. In relation to the latter, the implementation of the revised
coursework course achitecture during 2014 was particularly relevant.
In the higher degrees by research (HDR) space, the Academic Board
approved a range of proposals including:
The addendum to the Monash-South East University Joint PhD
Agreement.
Proposals from several faculties for the Doctor of Philosophy (joint
award with Southeast University) and Doctor of Philosophy (joint
award with Southeast University International).
A number of graduate research development/coursework
programs, which are professional and discipline specific
development activities and/or coursework undertaken by doctoral
candidates during their candidature, in accordance with the PhD
program framework.
Graduate Research Interdisciplinary Program (GRIP) Plans
Chemicals and Plastics Innovation Training Centre (Science and
Engineering) and Advancing the water sustainability, resilience
and liveability of developing and in-transition Asian cities (Arts and
Engineering).
In addition to specific course proposals, the Board considered a
range of other significant developments relating to Monash offerings,
including:
Initiatives connected under the Better Teaching Better Learning
agenda, including provision of an online academic orientation
program, implementation of the Continuing Education Excellence
Development (CEED) framework (supporting to all staff at any stage
in their careers in becoming effective teachers), and establishment
of the Monash Education Academy (which aims to raise the profile
of learning and teaching by building a scholarly community for
education and enhancing parity of esteem with the Universitys
research agenda).
The Monash Massive Open Online Courses (MOOCs) project,
including an analysis of data from Creative Coding (Monashs first
MOOC, completed mid-2014) and an outline of proposals for the
project going forward.
A set of proposals designed to improve the rate of research degree
completions, better manage expectations of graduate research
students, and redress a range of matters consequent upon noncompletion.
A report on progress towards redefining graduate education. The
Board keenly anticipates production in 2015 of the document
Redefining Graduate Coursework that will lay out the strategic
direction for graduate coursework at Monash.

University academic structure

In 2014, Academic Board considered a range of proposals relating to
academic organisational structures. A small sample included:
The proposal to establish of the Monash Energy Materials and
Systems Institute (MEMSI), a major cross-faculty institute that is
expected to enable Monash to capitalise on its strong performance
in the dynamic field of energy research.
The establishment of the School of Earth, Atmosphere and
Environment within the Faculty of Science, which integrates
activities relating to Earth sciences which were previously spread
across three schools in two faculties.

MONASH UNIVERSITY ANNUAL REPORT 2014

 The establishment of the Monash Institute of Medical Engineering,

a collaboration between the faculties of Engineering, Medicine,
Nursing and Health Sciences, Science, and Pharmacy and
Pharmaceutical Sciences.
The establishment of the School of Physics and Astronomy in the
Faculty of Science, which consolidates two separate astrophysics
groups and the School of Physics into a new school.
A change of name for the Australian Centre for Research in
Employment and Work (ACREW) to the Centre for Global Business,
to better align with the Faculty of Business and Economics strategic
research priorities, enhance the facultys profile in the study of
global business and better reflect the focus of research activities.
Disestablishment of the Faculty of Information Technology campusbased school structure, consequent upon review of the facultys
strategic direction, which emphasised the value of differentiation on
the basis of academic direction, rather than geographic location.

A quality focus
As mentioned earlier in this report, Monashs revised legislative
framework has enabled the Academic Board to refine its focus on
academic standards and quality. However, whilst refined, this focus
still encompasses a wide range of Monash activities, from determining
standards relating to entrance and admissions through to program
outcomes and evaluations.
During the reporting year, the Academic Board:
Approved the schedule of undergraduate courses to which the
Monash Guarantee the guaranteed entry scheme for students
who are financially disadvantaged, from a Monash listed underrepresented school or Indigenous Australians applies.
Approved the prerequisites for Monash undergraduate courses for
Year 10 Students from 2016.
Approved a milestone review (candidature progress) framework to
support higher degree by research students to undertake research
of an appropriate quality, originality and depth and thus contribute
to the maintenance of academic and research quality at the
University.
Approved English language qualifications for entry to the Monash
English Bridging Program (MEB) for Southeast University-Monash
masters applicants.
Considered the semester 2, 2012 quality verification system (QVS)
report. The QVS verifies (on a discipline basis) the standards of final
year undergraduate program outcomes against peer institutions
and identifies emergent issues with cross-faculty (and sectoral)
implications.
Considered the annual report of student grievances, based on
reports submitted by faculty and divisional grievance officers,
and which provides the Board with an overview of administrative
and academic grievances across the University and the ability to
monitor consistency in application of University processes.
Considered and gave in principle approval to a set of highlevel recommendations resulting from the review of the student
evaluation of teaching and units (SETU) (conducted under the
auspices of the Boards Learning and Teaching Committee) in
relation to the SETU survey instrument, the statement of purpose
for the survey, and measures to increase the response rate. The
Board noted that much activity remains to be undertaken as part
of implementation planning and expects that the operational plan
will be considered at an early Learning and Teaching Committee
meeting in 2015 before its return to the Board.
The Academic Board received and considered a number of other
significant items providing it with an overview of academic and
institutional standards, including:
Updates on the 2014 research performance standards developed
as part of the process of academic strengthening, which are
relevant to a number of academic staff processes at Monash. The
Board noted that most faculties had revised their standards for
2014, and that the revised standards largely encapsulated more
challenging targets.

Core business: education, research, global engagement

Reports on the large program of work being undertaken to

establish performance standards for education to run parallel with
the standards in the research space.
A number of reports on and analyses of university rankings. Whilst
a number of recent initiatives have led to improved rankings
performance, it will be necessary to continue to build capacity to
improve further given that, once in the top 100, further improvement
will be particularly difficult.
An overview of Monashs performance in the category one grants
schemes, in particular the outstanding results in the NHMRC
grants round.
The Board also received regular student-oriented reports from its
student representatives. Their effective participation has facilitated
greater responsiveness to critical student-centred issues and
heightened the sense of engagement by the Board with students.

Policy development and review

In 2014, the Academic Board approved a range of new and amended
policies (and, where applicable, noted associated procedures),
including:
revision to the Australian Higher Education Graduation Statement
Policy and Procedures
revision to the Academic Review Procedures
amendment of the Higher Degrees by Research Course
Accreditation Policy
amendment of the Access to and Use of Electronic Resources
Licensed to the Library Policy
approval of the changes proposed to the University Grading Scale
Policy to include the Malaysia Cumulative Grade Point Average
(CGPA).

Committee review and reports

During the reporting year, the Academic Board received regular
reports from the Academic Standards Committee, Monash University
Research Committee, Graduate Research Committee, Coursework
Admissions and Programs Committee, and Learning and Teaching
Committee.
At the end of 2013, the Global Engagement Committee was
completing its self-review, with the expectation that recommendations
from that review would be considered at an early 2014 meeting of the
Board. The Board considered and approved the resultant proposal
to disestablish the Global Engagement Committee as a standing
committee of Academic Board, and that any of the Committees
functions relating to academic governance were to be subsumed by
other groups within the Universitys academic governance structure.
When Academic Board disestablished the General Library Committee
in 2013, it affirmed the importance of the Librarys continuing
engagement with the Board. During the reporting year, Academic
Board received the Annual Report of the Monash Librarian, which
focussed on the discharge of the Librarys responsibility to acquire
and maintain the best possible scholarly resources for the Monash
community, i.e. the collection its breadth, depth and transformation
over time. A second presentation to the Board concerned the exciting
program of improvements scheduled for the Matheson Library. It is
anticipated that a similar report regarding the Caulfield Library will be
made to an early 2015 meeting.
The Academic Board also received and noted reports on proceedings
of faculty discipline committees and the annual summary of appeals
received by the Exclusion Appeals Panel. These reports are one of the
tools available to the Board in overseeing quality at Monash, and in
considering the report on appeals received by the Exclusion Appeals
Panel for the academic year 2013 (appeals lodged 2014), the Board
noted the limitations in the current form of reporting, which was not
considered to be helpful in assisting the Board to discharge its remit
for assuring academic quality. The Boards Learning and Teaching
Committee was assigned the task of developing a more systematic
approach to reporting Academic Progress Committee data. This work
will be ongoing during 2015.

15

Social
performance

16

MONASH UNIVERSITY ANNUAL REPORT 2014

Monash people
Workforce profile
Table 1: Academic and Professional Workforce Profile Australian
Campuses
Category of staff

2011

2012

2013

2014

Female

1,215

1,256

1,193

1,128

Male

1,545

1,587

1,559

1,421

Total

2,760

2,843

2,752

2,549

Female

2,348

2,634

2,633

2,443

Male

1,309

1,478

1,511

1,398

3,657

4,112

4,145

3,841

Female

3,563

3,890

3,826

3,571

Male

2,854

3,065

3,070

2,819

Academic

Development and performance

Professional

Not specified

Total
All Staff

Not specified

Total

6,417

6,955

6,897

6,390

Notes:
1. Data is expressed as Full-Time Equivalent (FTE), rounded to nearest
whole number and includes staff employed on a Full-Time (FT) and
Fractional Full-Time (FFT) basis as at 31 March each year.
2. The data excludes Monash Malaysia and Monash South Africa but
includes Independent Operations staff for each year.

Staff engagement and Employment Conduct

People strategy
During 2014 the vision for strategic management of the workforce was
clarified. This work provided a roadmap for building workforce capability
over the next five years, to support achievement of the Universitys vision.
Three focus areas of the roadmap are: an uplift in academic leadership
capability, an increase in investment for staff development programs, and
implementing more user-friendly performance and learning management
technology.

Recruitment and induction

A University-wide induction framework and system was developed and
implemented in 2014 to enable new staff to become fully functional
and effective members of the University as quickly as possible, and to
help new starters and their managers understand what is expected of
themselves and others, in the context of ensuring that the Universitys
obligations and responsibilities are met.
Staff engagement
In 2014, the fourth iteration of the University-wide Staff Engagement
Survey was conducted. A record response rate of 61 per cent was
achieved, exceeding the University target of 50 per cent. An increase in
the overall level of staff engagement was also measured, moving from
73per cent to 74 per cent. Faculties and divisions have developed action
plans in response to survey feedback.

Staff retention
Staff retention is linked to staff engagement and organisational
performance. One indicator of staff retention is median length of service.
The Universitys performance in this regard slightly increased, due to the
small decline in FTE workforce profile.
Table 2: Median Length of Service (Years)
Year

The Universitys performance development process is based

on the principles of growth, feedback and accountability, and is
facilitated through performance conversations and the Performance
Development Online (PDO) system.
Individual staff development needs were identified in consultation
with supervisors and were met through both formal and informal
methods. These included in-house and online training, outside
study programs, on-the-job training, attendance at conferences and
seminars, award courses, study leave, coaching, mentoring, selfdirected learning, job rotation/lateral transfers, temporarily filling higher
positions, membership of committees, working parties or taskforces
and involvement with professional networks and associations.
More than 10,000 Monash staff accessed professional development
activities this year and more than 950 learning and development
programs were delivered. The programs addressed learning and
development skills in areas such as leadership, management, working
with others, occupational health and safety, equal opportunity, and
technology systems.

Staff recognition
The University recognised exceptional performance of staff through
a range of programs including the Vice-Chancellors Awards for
excellence. This years awardees are listed below:

Teaching awards
Vice-Chancellors Citations for Outstanding Contribution to
Student Learning
Dr Susie Siew Yeun Ho, Faculty of Science (Early Career)
Mr Johnathan Teoh, Faculty of Business and Economics (Early
Career)
Ms Jessica Chakowa, Faculty of Arts
Dr Laurence Orlando, Faculty of Pharmacy and Pharmaceutical
Sciences
Dr Sivanes Phillipson and Dr Liang Li, Faculty of Education
Mr Michael Storr, Faculty of Medicine, Nursing and Health Sciences
Dr Lincoln Turner, Faculty of Science
Vice-Chancellors Award for Teaching Excellence
Dr Katherine Lawrence, Faculty of Medicine, Nursing and Health
Sciences (Early Career)
Dr Jane Drakard, Faculty of Arts
Dr Chris Thompson, Faculty of Science
Dr Paul White, Faculty of Pharmacy and Pharmaceutical Sciences
Vice-Chancellors Award for Programs that Enhance Learning
Dr Kate Cregan, Faculty of Arts
Vice-Chancellors Award for Programs for Excellence in Honours
Supervision
Associate Professor Roslyn Gleadow Faculty of Science
Office for Learning and Teaching Citation Winners
Dr Becky Batagol, Faculty of Law
Dr Kris Ryan, Faculty of Engineering

Academic

Professional

Total University

2012

4.2

4.1

4.2

2013

4.8

4.6

4.7

2014

5.0

5.1

5.0

SOCIAL PERFORMANCE

Notes: Considers all active Fixed Term and Ongoing (Employee Groups
A-D) staff as at 31 March in each reference year. Tenure is calculated as
a continuous period of employment as fixed term and/or tenured. Tenure
calculation differs from organisational length of service metrics as other
employment types are not considered and breaks of service constitute
loss of organisational tenure. Backdated adjustments may be applied
annually to ensure accuracy.

Mr Johnathan Teoh, Faculty of Business and Economics

Dr Safeera Hussainy, Faculty of Pharmacy and Pharmaceutical
Sciences

17

Education and Research Awards

Officer of the Order of Australia (AO)

Vice-Chancellors Award for Research Impact (Economic and

Social Impact)

A number of the Monash community received honours in the 2014

Queens Birthday list. The following received an AO:

Dr Michelle McIntosh, Faculty of Pharmacy and Pharmaceutical

Sciences

Professor Edwina Cornish for her distinguished service to higher

education, to advances in biotechnology and horticultural
genetic modification, and through fostering of partnerships with
government, industry and the community

Vice-Chancellors Award for Excellence in Research by Early

Career Researchers
Dr Alex Newman, Faculty of Business and Economics.
Associate Professor Jose Polo, Faculty of Medicine, Nursing and
Health Sciences
Vice-Chancellors Award for Excellence in Postgraduate
Supervision

Professor Paul Grabowsky for distinguished service to music as a

performer, composer, educator and mentor, and through significant
contributions to the arts as an administrator
Emeritus Professor Sam Lake for distinguished service to
conservation and the environment as an ecologist and freshwater
scientist, and to research and professional organisations

Professional staff awards

Dr Alan Finkel (BE 1976, PhD Eng 1981) Monash Chancellor, for
distinguished service to science and engineering, and to tertiary
education administration, as an advocate for the protection of
children, and to philanthropy.

The Vice-Chancellors Awards for Exceptional Performance by

Professional Staff

Leadership development

Professor Ranjith Pathegama Garnage, Faculty of Engineering

Ms Pauline Smith, Law, Faculty of Law

Monash Universitys diverse leadership development strategies are

founded on agreed leadership attributes to deliver excellence in
leadership and management. These articulate the key behaviours
to successfully perform senior academic and professional roles at
Monash and include three areas of focus: strategic thinking, people
management, and program management. A range of targeted skills
development programs and networking opportunities designed to
increase capability of senior leaders were delivered to Monash leaders
and managers throughout 2014. Approximately 15 programs and
events were conducted with more than 600 senior staff attending.

Ms Samantha Barker, Institute for Safety Compensation and

Recovery Research, Officer of the Provost and Senior VP

Workplace relations

Ms Julianne Wantrup, University Solicitor, Office of Chief Operating

Officer
Ms Bronwyn Drake, Safer Community Unit, Office of Chief
Operating Officer
Ms Janet Hubner, Education Faculty Activities, Faculty of Education
Ms Ros Rimington, Electrical and Computer Systems Engineering,
Faculty of Engineering

Ms Emily Cavanagh, School of Psychological Sciences, Faculty of

Medicine, Nursing and Health Sciences
Mr Rodney Hall, School of Chemistry, Faculty of Science
Ms Edna Tan, Materials Engineering, Faculty of Engineering
Ms Caitlin Slattery, Clayton School of Information Technology,
Faculty of Information Technology
Ms Liisa Helen Williams, Art Academic Services, Faculty of Arts
The Monash Incubator Team, Ms Casilda Black, Mr Steve Gardner,
Mr Luke McAvaney, Ms Karen McConalogue

The University was engaged in a collective bargaining round in 2014,

ultimately leading to an agreement with the National Tertiary Education
Union which was approved by a staff ballot and then by the Fair Work
Commission on 1 October 2014. The result of the staff ballot was a
pleasing 97 per cent yes vote for the Enterprise Agreement. In the
course of collective bargaining, on 4 March 2014, 170 Monash staff
undertook Protected Industrial Action (authorised in accordance with
the relevant provisions of the Fair Work Act) resulting in a total of 66.73
working days lost.

The Monash University Publishing Team, Ms Sarah Cannon, Ms

Kathryn Hatch, Mr Nathan Hollier, Ms Joanne Mullins
The Drug Discovery Biology and Medicinal Chemistry Team, Mr
Paul Dover, Ms Jayn Lindholm, Mr Adrian Whear
The Business Analysis Implementation Administrative Support
Team, Mr Andrew Curtis, Ms Margaret Evans, Ms Louise Lees, Ms
Kylee Petterwood, Mr Andrew Shortridge

Recognition for Monash Rheologist Professor Tam

Sridhar
Vice-President of Monash Universitys Indian and Chinese initiative,
Professor Tam Sridhar, was awarded the prestigious ASR Medallion by
the Australian Society of Rheology in September this year. Professor
Sridhar received the honour for his exceptional and distinguished
service to rheology science and technology.

18

MONASH UNIVERSITY ANNUAL REPORT 2014

Student profile
Table 3: Student Enrolment by Attendance Type and Coordinating
Campus: 2010-2014 Preliminary Data*
Campus
Berwick

Student
Attendance
Type

2014

1,604

1,594

Part-time

275

283

265

292

284

2,011

2,049

2,018

1,896

1,878

Full-time

11,086

11,029

11,030

11,776

13,350

Part-time

3,404

3,265

3,094

2,886

2,803

14,490

14,294

14,124

14,662

16,153

Full-time

21,497

22,037

22,425

23,365

25,049

Part-time

5,750

5,658

5,444

5,451

5,654

27,247

27,695

27,869

28,816

30,703

Full-time

1,974

2,109

2,065

2,053

1,319

Part-time

2,117

2,002

1,784

1,687

1,112

4,091

4,111

3,849

3,740

2,431

1,112

1,109

1,123

1,118

1,181

Full-time
Part-time

565

569

608

630

635

1,677

1,678

1,731

1,748

1,816

Full-time

3,095

3,071

2,958

2,955

3,074

Part-time

1,023

1,022

1,002

931

869

Total
Peninsula

2013

1,753

Total
Parkville

2012

1,766

Total
Gippsland

2011

1,736

Total
Clayton

2010

Total
Grand Total

4,118

4,093

3,960

3,886

3,943

53,634

53,920

53,551

54,748

56,924

Notes:
1. 2014 data is preliminary as of 18 Aug 2014*.
2. Enrolment figures based on full year data reported to the
Government Department of Education*.
3. Does not include students enrolled on overseas campuses or
offshore partners.
4. Monash University transferred its Gippsland campus to be part of
Federation University Australia on 1 January 2014. Gippsland 2014
enrolments are Monash continuing students during the teach out
period.
Source: University Planning and Statistics, Government Department of
Education Submission Data.

Table 4: Student Enrolment by Attendance Mode and

Coordinating Campus: 2010-2014 Preliminary Data*
Campus
Berwick

Student
Attendance
Type

2014*

1,807

1,741

1,579

48

49

46

44

40

170

193

231

273

235

1,603

2,011

2,049

2,018

1,896

1,878

Internal

12,947

12,672

12,602

13,006

14,706

External

940

893

832

834

829

603

729

690

822

618

14,490

14,294

14,124

14,662

16,153

Internal

23,928

24,229

24,311

24,942

26,169

External

2,073

2,048

1,901

1,922

2,209

Multi-modal

1,246

1,418

1,657

1,952

2,325

27,247

27,695

27,869

28,816

30,703

Internal

1,430

1,615

1,573

1,469

963

External

1,876

1,798

1,662

1,651

1,010

785

698

614

620

458

4,091

4,111

3,849

3,740

2,431

Internal

1,169

1,155

1,185

1,202

1,271

External

474

287

351

526

516

34

236

195

20

29

Multi-modal
Total

Multi-modal
Total
Parkville

2013

1,793

Total

Gippsland

2012

External

Total

Clayton

2011

Internal

Multi-modal

Caulfield

Reference Year
2010

Multi-modal

SOCIAL PERFORMANCE

Student
Attendance
Type

Reference Year
2010

2011

2012

2013

2014*

1,677

1,678

1,731

1,748

1,816

Internal

3,329

3,214

3,033

2,967

2,885

External

378

419

497

504

475

Multi-modal

411

460

430

415

583

Total
Peninsula

Full-time

Total
Caulfield

Reference Year

Campus

Total
Grand Total

4,118

4,093

3,960

3,886

3,943

53,634

53,920

53,551

54,748

56,924

Notes:
1. 2014 data is preliminary as of 18 Aug 2014*.
2. Enrolment figures based on full year data reported to the Government
Department of Education *.
3. Student Attendance Mode:
 External: Study where materials are delivered to the student, and
any associated attendance by the student at the institution is of an
incidental, irregular, special or voluntary nature.

Internal: Study is undertaken through attendance at Monash
University on a regular basis.
 Multi-modal: Study is undertaken partially on an internal mode of
attendance and partially on an external mode of attendance.
4. Does not include students enrolled on overseas campuses or offshore partners.
Source: University Planning and Statistics, Government Department of
Education Submission Data.

Student experience
More than 7200 students completed units or co-curricular programs
under the Monash Passport, including internships, study abroad units,
and leadership programs such as the Vice-Chancellors Ancora Imparo
Student Leadership Program. The Universitys Campus Community
Division took lead responsibility for student experience at Monash, and
instigated a number of significant programs in 2014. These included
establishing an additional two non-residential colleges to foster a
greater sense of community amongst students; continuing the highly
successful MonTrack Program that provides a supportive service for
first year undergraduate students and fostering stronger community
engagement by students through TeamMonash.

Student surveys
In 2014, the Student Evaluation of Teaching and Units (SETU), a single
teaching/unit evaluation survey, was administered over semesters
1, 2 and summer across all Monash campuses and locations. All
units are required to be evaluated at least once in each year they are
taught. SETU reporting includes indicators aligned with the Universitys
Key Performance Indicators and units are flagged as outstanding,
meeting aspirations, needing improvement or needing critical
attention. On average, 79 per cent of units taught in Semester 1, 2014
met aspirations, with eight per cent of units rated as outstanding (unit
offerings with five or more responses). On average, 78 per cent of units
taught in Semester 2, 2014 met aspirations, with 9.5 per cent of units
rated as outstanding (unit offerings with five or more responses). The
percentage of unit offerings classified as needing critical attention
(all faculties combined) decreased from 2011 to 2014 (8.2 per cent in
2011; 7.7 per cent in 2012; 6.9 per cent in 2013; 6.3 per cent in 2014).

Graduation and beyond

All graduating students nationwide were invited to complete the
Australian Graduate Surveys (AGS). The AGS incorporates the
Graduate Destination Survey for all graduates, the Course Experience
Questionnaire (CEQ) for coursework graduates and the Postgraduate
Research Experience Questionnaire for research graduates. The 2013
AGS collected responses from 2012 graduates. Monashs 2013 CEQ
overall satisfaction was second highest in the Group of Eight (Go8), after
being second in the Go8 in 2012.

Orientation and transition

MonTrack is now a pillar of Monashs early engagement program for
first year undergraduate students. The program provided a supportive
service throughout the students first year, using multiple communication
19

channels including personal phone contact from peers acting as

Student Success Advisers, who were responsible for providing general
advice in relation to common transition issues experienced by students
and making referrals to appropriate support services. As part of the
program, students identified as First in Family to attend university
received additional early contact to supplement that given to other
students.
The number of students attending orientation activities continued to
grow in 2014. Students recognised orientation week as the official
start of the semester and engaged with online orientation resources
prior to O-Week. The Orientation ePlanner, which enabled students to
download a personalised orientation schedule based on their student
profile, was widely accessed. Activities provided by student associations
continued to be well attended with camps fully booked, social events
popular and membership for the vast variety of clubs and societies at
high levels across all campuses. Attendance at international student
welcomes and essential information sessions have continued the recent
trend of strong positive growth.

Student learning experience

Extensive services, programs and resources were provided to students
to develop their academic skills for achievement of Monash graduate
attributes and lifelong learning. Along with opportunities for students
to develop their information research and learning skills, a range of
self-paced tutorials and other e-learning resources were also provided
online, accessible anywhere anytime. These included online reading
lists, recorded lectures and an extensive collection of ebooks, ejournals
and databases. A mix of physical spaces was also provided for students
within eight libraries, including quiet and group study spaces equipped
with a range of technology. Other support services for students included
accommodation and housing advice, medical and health services,
financial aid, counselling and welfare programs, international student
support, course progression/transfer advice and programs aimed at
strengthening social, community and academic networks. Students
were provided with direct access to online services such as course and
unit information, enrolment, examinations, information and application
for scholarships, fee statements and payment options, timetabling,
graduation applications and information, as well as student letters
and transcripts. Student associations at each campus also provided
support to students, including travel services, advocacy and student
rights services, welfare assistance, clubs and societies, volunteering
opportunities and training.
The Vice-Chancellors Ancora Imparo Student Leadership Program
is designed to assist selected, community-minded second year
students to prepare for future leadership roles. In 2014, 43 participants
attended a three-day residential in February and monthly seminars with
presentations from inspiring leaders such as the Hon. John Thwaites,
Mr Julian Burnside QC, Dr Christine Nixon, Dr Leanne Rowe and
Professor Tony Wong.
The Monash Minds Program is offered to high achieving first year
students and aims to cultivate the next generation of leaders. In 2014,
100 students participated in seminars with speakers who included
Professor Edwina Cornish, Dr Tim Soutphommasane and Professor
Jim Bright. As part of the Program, eight Monash Minds students
participated in a trip to India to undertake fundraising for, and volunteer
teaching, in shelter homes in Mumbai.

Graduate destinations
Monash University Employment and Career Development Service,
located at all domestic campuses, supported employability through
curriculum-integrated careers education, consultancy to academic
departments, career preparation seminars and counselling, a vacancy
portal, employment rights education, local and international employer
services, and careers fairs. Battle of the Brains was a new initiative,
short-listed for the National Association of Graduate Careers Advisory
Services Best Practice Awards. The 2013 Australian Graduate Survey
showed that 72 per cent of Monash University domestic bachelor
graduates who were seeking full-time employment had obtained fulltime employment within four months of graduation.

Alumni
Alumni play an increasing role in enhancing the student experience at
Monash. In 2014, overseas alumni networks provided valuable advice

20

to commencing students at pre-departure briefings and welcomed

graduating students back to their home country, introducing them to
their local networks. They continued to assist with the personal and
professional development of students through mentoring and internships
programs conducted in the faculties of Business and Economics, Law,
Engineering, and Pharmacy and Pharmaceutical Sciences. Alumnicoached student sporting teams attended the University Games and
assisted with fundraising to enable students to participate. Alumni also
shared their expertise as guest lecturers and as keynote speakers at
graduations.
The many alumni receiving public recognition and awards, including
the Monash Distinguished Alumni Awards and Monash Fellowships,
provide important role models for students considering pathways and
setting goals for the future.
Alumni contributions also included financial support. 2014 saw the first
major Alumni Outreach Program. Of the 3329 alumni who pledged to
the Program, responding to calls from students, 91 per cent gave funds
to directly support students via scholarships and bursaries. Alumni also
provided donations to research, libraries and other projects that similarly
improve the student experience.

Health, safety, wellbeing and family

Counselling and mental health programs
Counselling and mental health programs operated across all Australian
campuses in 2014.
The Monash Counselling service operates under a five-tiered mental
health strategy which aims to provide a strong community focus
through programs and services which de-stigmatise mental health
issues; foster resilience and wellbeing; enable early identification and
intervention for those who are struggling; and enable easy access to
triage, brief counselling and referral, as well as rapid response to those
in need of emergency mental health management.
From January to November the counselling service saw 2744 individual
students and staff for a total of 7795 visits for face-to-face counselling.
In addition, online email counselling was introduced in February 2014
and up to November, 147 students had used the service with 607
email exchanges. In 2014, students participated in a range of mental
health programs building on 2013 participation. In total, 7694 students
and staff participated in resilience and wellbeing programs and 841 in
mental health literacy programs such as Mental Health First Aid (271),
SafeTALK, a suicide prevention program (142), and the Mental Health
Awareness program (379). These programs strengthened the University
communitys capacity to identify and emerging mental health issues
and seek early treatment. Forty-three students and staff were seen for
outreach psychological support as follow-up to critical incidents.
Staff and students at Monash also had the opportunity to learn
mindfulness skills as a path to improve resilience as well as work and
study performance. A range of programs was available, including
Mindfulness for Academic Success (246) and free lunchtime Mindfulness
meditation (1545). One hundred and sixteen students attended Brain
Management, a three-week mindfulness based program, to strengthen
skills in concentration, purposeful attention, stress reduction and
emotional regulation.

Safer community
The Safer Community Line provided a central point of information,
advice, support and coordinated management of risk posed by
threatening, inappropriate and concerning behaviours impacting
campus communities. During 2014 (excluding December) there was
725 calls to the Safer Community telephone line. Over 701 of these
were taken on as cases, an increase of approximately 20 per cent from
2013. Many cases required extensive ongoing intervention and active
monitoring to reduce risk.
Twenty-three presentations/workshops to assist staff to manage
threatening incidents were conducted internally and externally. External
collaborative relationships were forged with the Victoria Police State
Intelligence and Covert Support Command, Domestic Violence Officers,
Sexual Offences and Child Abuse Units and Criminal Investigation Units.
The impact of violence is significant and devastating on victims in the
University community. In 2014 the Respectful Community Initiative,
a primary prevention program, addressed interpersonal and sexual

MONASH UNIVERSITY ANNUAL REPORT 2014

violence impacting the Monash University Community. Training was

provided to 1200 students and 330 staff.

Sporting Participation
Greater access to healthy and active lifestyle opportunities for the
Monash University community was achieved through investing in
facility enhancements and program development, in particular student
engagement events and competitions.
Accessibility improvements were a key focus, including the installation
of an accessible lift into the Health and Fitness Centre (Clayton), as well
as refurbishments to dedicated accessible toilets and change room
spaces.
The Doug Ellis Pool at the Clayton campus underwent significant
refurbishment, with the replacement of the internal/external roof
structure, and retiling of the 25m variable pool resulting in an improved
aquatic environment. Further facility enhancements included an
improved outdoor presentation space and courtyard area for event
gatherings, new light towers to the No. 1 Oval (football/cricket),
expansion of the Health and Fitness Centre and provision of a dedicated
Cycle Studio at the Clayton Campus.
Social sport competitions continued to grow in 2014. Over 530 teams
comprising over 3000 individual participants took part in weekly activity,
and students overall university experience was enhanced through the
delivery of student engagement events including Friday Night Live,
Footy Colours Day and College Clash.
Monash Sport facilitated one of Australias largest adult Learn to Swim/
Water Safety programs, with over 350 participants.
Monash University was represented by 1,246 students under the
TeamMONASH banner in intervarsity sporting events, a 24 per cent
increase from 2013
Monash had the largest tertiary team for the 2014 Melbourne
Marathon Mothers Day Classic (487 and 476 participants
respectively)
Through the Universitys Talented Student Support program, 680
students were supported including 88 students through registration
in the Elite Athlete Support Program
a total of 44 students were awarded Sporting Blues in 2014
Monash University won seven Champion Pennants at the Australian
University Games
an additional 782 volunteers supported 13,149 participants in
Team MONASH activities during 2014.

Family and childcare support

Monash-sponsored childcare services were offered at Caulfield,
Clayton and Peninsula campuses. With the exception of the Peninsula
Service, these were operated by parent management committees. An
on-site School Holiday Program was offered across the four Victorian
school holiday periods, providing daily care for 60 primary school-aged
children of Monash University staff members and students. Monash
continued to provide a range of family events and trips that supported
engagement with the University and family support services.

Complaint management

Staff members who had concerns were generally required to first

approach their supervisor. If the situation remained unresolved, the
recommended escalation process was to consult first with their
organisational head and then the Director of Workplace Relations to
consider options for resolution. Aggrieved staff members had access
to a Grievance Advisor throughout the process and, after exhausting
the grievance resolution procedure, had the option of referring their
grievance to a Disputes Committee under the Universitys dispute
resolution procedure. None of the grievances referred to the Director
of Workplace Relations in 2014 required reference to a Disputes
Committee. Contact details for the Victorian Ombudsman were
provided on the University website.
Staff members may also have been aggrieved by decisions made by
the University, for example redundancy decisions, reclassification of
professional staff positions and decisions relating to misconduct and
disciplinary matters. Specific review committees could, if required, be
convened to address each of these issues.
Students
The University Student Ombudsman investigates complaints not
resolved through faculty or department grievance processes. The
University Student Ombudsman operated in accordance with
the Universitys Policy and Procedures for Student Academic and
Administrative Complaints and Grievances. The University Student
Ombudsman tries to resolve complaints informally through negotiation
and conciliation. Where a formal investigation is undertaken, the Student
Ombudsman makes recommendations to the Provost for the resolution
of the grievance. As at mid-November 2014, the University Student
Ombudsman had received 49 complaints. Forty-seven were resolved,
and two are still in progress. Some of the complaints investigated had
not yet been addressed at the faculty or department level, and the
student was advised to take the complaint to the faculty or department
in the first instance.

Occupational Health and Safety (OHS)

OHS is an essential and critical component of working at Monash
University. Through a continuous improvement approach to OHS,
Monash Universitys OHS management system has been certified to
international best practice standards. Our proactive approach to OHS
has resulted in a low incident and claims rates.
During 2014 the University implemented an online hazard and incident
reporting system with a comprehensive analytics tool for management
use. The 2014 OHS Conference attracted over 260 registrations from
within the University, as well as intra- and inter-State delegates. Online,
competency-based training modules were developed and made
available to all Monash staff and students. The OHS Management
System was recertified to OHSAS 18001 and AS4801. The University
participated in the Victorian University Tobacco-Free Working Group
to implement a smoke-free University, which won a Victorian Health
Promotion Foundation Award. The all-embracing Employee Wellbeing
Program, Wellbeing at Monash, continued to deliver University-wide
high quality physical and psychological health programs to University
employees.
Two notifiable incidents were reported to the Victorian WorkCover
Authority (VWA) during 2014. No VWA Notices were issued to the
University during this period.

Staff
The employment-related grievance resolution procedure was applicable
to all staff, except where specific alternate procedures were in place
(such as with matters related to sexual harassment or workplace
bullying).

SOCIAL PERFORMANCE

21

Table 1: Reported workplace injuries resulting in an accepted WorkCover claim (as at 27 November 2014)
Year

Sprains
and Strains

Contusions

Lacerations

Burns

Stress

Fracture

Other

Total

2010

32

41

2011

15

26

2012

14

27

2013

18

29

2014

17

25

group. To a great part this is due to its early intervention strategies

and a proactive approach in dealing with hazards before they become
incidents. The low rate of WorkCover claims (refer to Figure 1.) also
reflect the success of these programs.

Figure 1: Number of WorkCover Claims 2007 2014 (as of 27

November 2014)
WorkCover Claims
70

The 2014 Vice-Chancellors award for exceptional contribution to

OHS was presented to Ricardo San Martin of the School of Biological
Sciences in the Faculty of Science. Ricardo developed a fieldwork
safety assessment and management procedure, based on state-ofthe-art software, which has provided a practical, efficient solution for
the improvement of staff and student safety on field trips.

No. of Claims

60
50
40
30
20

Equity, access and diversity

students and staff

10
0
2007

2008

2009

2010

2011

2012

2013

2014

Year

Figure 2: Number of staff trained in OHS-related topics 2007-2014

(as of 27 November 2014)
The drop in numbers of staff trained in 2014 reflects the annual
reduced requirement for refresher training. It is anticipated that this
will peak again in two years when refresher training is again required
for many staff.
Number of staff trained in OHS-related topics

No. of staff trained

8000

6000

4000

2000

0
2007

2008

2009

2010

2011

2012

2013

2014

Year

Social inclusion
The Senior Management Team Social Inclusion (SMT-SI) continued to
monitor the implementation of the Social Inclusion Strategy. The Strategy
articulated the Universitys commitment to providing opportunities for
students and staff members from under-represented groups. Fiveyear targets were in place for the identified university wide priorities of
providing greater access to and participation from low socio-economic
status background students, increasing Indigenous student and
staff numbers, improving the proportion of women occupying senior
academic and professional positions, and continuing to create an
accessible environment for students and staff with a disability.
The University facilitated the 2014 Diversity and Inclusion Week which
provided opportunities for Monash staff, students and visitors to
engage with and celebrate our commitment to social justice. There
was a variety of events showcased across all Victorian campuses. Dr
Tim Soutphommasane, Federal Race Discrimination Commissioner
delivered a public address entitled Challenging Racism: Every Day in
Every Way, Tania de Jong AM presented on Changing the world, one
voice at a time, and the University launched the Ally Network at Monash,
a proactive initiative to support lesbian, gay, bisexual, transgender,
intersex and queer (LGBTIQ) students and staff, and an Access Monash
Seminar Engaging diversity in mathematics and science.
Monash University complies with relevant federal and state antidiscrimination legislation, including:

Figure 3: Incident Rate per 100 Employees

Age Discrimination Act 2004 No. 68 (Cth)

Australian Human Rights Commission Act 1986 No. 135 (Cth.)

Incident Rate per 100 Employees

0.5

Charter of Human Rights and Responsibilities Act 2006 (Vic)

0.4

Disability Discrimination Act 1992 No. 135 (Cth)

0.3

Disability Discrimination Amendment (Education Standards) Act

2005 (Cwlth.)

0.2

Equal Opportunity Act 2010 No. 16 (Vic).

0.1

Racial and Religious Tolerance Act 2001 No. 47 (Vic)

Racial Discrimination Act 1975 No. 52 (Cth)

0
2010

2011

2012

Monash University

2013

2014

G08

Monash University consistently records a lower incident rate than

most other Australian tertiary education institutions and the Go8

22

Sex and Age Discrimination Legislation Amendment Act 2011 (Cth)

Sex Discrimination Act 1984 No. 4 (Cth)
Sex Discrimination Amendment (Sexual Orientation, Gender
Identity and Intersex Status) Act 2013 (Cth)
Workplace Gender Equality Act 2012 1986 No 91 (Cth)
MONASH UNIVERSITY ANNUAL REPORT 2014

The Universitys Discrimination and Harassment Adviser Network met

three times during 2014 to discuss changes to legislation and provided
awareness-raising opportunities on individual rights and responsibilities
with regard to federal and state anti-discrimination legislation.
Discrimination and Harassment Grievance Advisers were volunteers
who were trained and available to support staff and students across all
Victorian campuses.
Social inclusion awards
At the 2014 Vice-Chancellors Social Inclusion Awards event, Dr Christine
Nixon, University Deputy Chancellor and Chair Monash College,
delivered an inspiring keynote address reflecting on the challenges and
changing nature of diversity issues throughout her working life. The
Vice-Chancellor Professor Ed Byrne presented awards to:
Mr Chris Varney, Mr James Ong, Ms Penny Robinson and Ms Julia
Pillai, founders of the I CAN Network for students on the autism
spectrum
Associate Professor David Campbell and Dr Jane Greacen, Faculty
of Medicine, Nursing and Health Sciences for their work with the
East Gippsland Aboriginal community
Dr Liam Neame, Faculty of Arts, for leading the refugee/asylum
seeker project with Wholefoods restaurant
Professor Keryn Chalmers, Faculty of Business and Economics, for
taking a leadership role on equity matters
Ms Kristin Lo, Faculty of Medicine, Nursing and Health Sciences,
for developing and implementing the Fitness to Practice strategy
Dr Phillip Edwards, Faculty of Business and Economics for mentoring
and coaching students with disability
Mr Matthew den Hollander, student, for designing a stand-alone
cubicle to address poor sanitation in the slums of India.

Gender
In 2014, the University was awarded the Employer of Choice for
Gender Equality citation by the federal governments Workplace
Gender Equality Agency. Monash was one of only 76 organisations
and the only Group of Eight University to be awarded this prestigious
citation.
The Vice-Chancellor and the Provost (who co-chaired the Equal
Opportunity for Women Committee) continued to strongly support
workplace gender equality. In 2014, the Committee developed a new
action plan based on the recommendations of a mid-term review
of the Universitys Gender Equity Strategy 2011-2015. The action
plan provides a framework for implementing additional initiatives
designed to build a more gender inclusive culture and improve the
representation of women in senior roles.
In 2014, Monash senior management endorsed the United Nations
Womens Empowerment Principles. This was a positive way of
demonstrating the Universitys leadership towards gender equality in
both the higher education sector and the community in general.
For the third year in a row, the University funded the Advancing Womens
Research Success Grant program with a budget of $300,000. A total
of 24 early to mid-career academic women were awarded grants to
support their career progression whilst undertaking significant carer
responsibilities. This program highlights the Universitys substantial
commitment to improving the representation of women in senior
academic roles.
The 2014 Senior Womens Shadowing Program saw another cohort
of senior women paired with members of the senior management
team for six months of observational learning. This innovative program
develops the leadership capacity of high potential female staff and
supports the University in attaining a greater representation of women
in leadership roles.
The representation of women in senior roles at Monash continued
to improve, with 35 per cent of all senior academic and professional
positions being held by women. This places Monash in the top three
of the Group of Eight universities for women in senior positions.
Monash as a safe space for people identifying as lesbian, gay,
SOCIAL PERFORMANCE

bisexual, transgender, intersex and queer (LGBTIQ)

In August 2014, Monash launched the ground-breaking Ally Network
at Monash promoting Monash as a safe space for the people who
identify as LGBTIQ. The launch included a panel discussion with:
Sally Goldner, Executive Director, Transgender Victoria
Jax Jacki Brown, Disability activist, writer and spoken-word
performer
Dr Paula Gerber, Associate Professor, Faculty of Law; Deputy
Director, Castan Centre for Human Rights Law; and President,
Kaleidoscope Australian Human Rights Foundation
Dr Kirsten McLean, Senior Lecturer, School of Social Sciences
whose research interests have included sexual diversity and the
demographics of same-sex couples in Australia
Dr Phoebe Hart, Director of award winning documentary Orchids:
My intersex adventure; founder hartflicker moving pictures; and
Lecturer, School of Media, Entertainment, Creative Arts, Film and
Screen, Queensland University of Technology
The program included the training of Allies who are educated about,
sensitive towards and understanding of LGBTIQ people and issues
they might face in the workplace, learning environmentand broader
society. An Ally affirms the experience and rights of LGBTIQ people
and speaks up against homophobic and/or heterosexistattitudes
and behaviour. Allies helped cultivate a more inclusive campus
environment and are available to meet with individuals to provide
support, information and referral.
In May 2014, Monash observed International Day Against Homophobia
and Transphobia (IDAHOT) which commemorates the World Health
Organisations decision in 1990 to declassify homosexuality as a
mental disorder. Monash embraced this years theme of Freedom
of Expression, where more than 80 Monash staff and students
celebrated with messages of support at the Caulfield, Clayton and
Peninsula IDAHOT photo booths. During this week, the rainbow flag
was flown at the entrance to all Australian campuses of the university.
A Social Justice Plan: Diverse Genders and Sexualities was developed
to define goals and future directions for LGBTIQ inclusion across all
Australian Monash campuses under three key objectives: Visibility
and awareness raising, Training and education, and Staff and student
support. The plan will be overseen and guided by the Social Justice
Unit in collaboration with a steering committee. Promotional material
including a new website with resource information, the list of Allies and
FAQs was developed to complement the work of the Ally Network and
inform the Monash community.
Cultural inclusion and racism. It Stops With Me
Monash University has pledged formal support of the Australian
Human Rights Commissions Racism. It Stops With Me campaign
that invites organisations and individuals to reflect on what they can
do to counter racism wherever it happens.
In support of this initiative, A Social Justice Plan: Cultural inclusion
Racism. It Stops With Me was developed to address three main
objectives: showcase the Universitys commitment to cultural inclusion
and anti-racism, build capacity and cultural competency among staff
and students, and lead the Go8 in cultural inclusion and anti-racism
initiatives. This plan will be overseen and guided by the Social Justice
Unit, in collaboration with key University stakeholders.
During 2014, Monash:
hosted a public lecture by Dr Tim Soutphommasane, Federal Race
Discrimination Commissioner, on Challenging racism: Every day in
every way, attended by more than 120 people
delivered a series of Courageous conversations about race
programs to staff and students
hosted a Rant Against Racism competition, in line with the
Australian Human Rights Commission competition
engaged Dr Fiona Hill, a leading expert in Arab cultural competency
to facilitate a workshop for staff and students. Promotional material
including a new website with toolkit and resource information,
training opportunities and event details was developed.
23

Indigenous
In 2014, Monash University proudly celebrated 50 years of Indigenous
programs, including support for Indigenous people to study and work
at Monash and a diverse range of research and courses in Aboriginal
history, anthropology, culture, identity and literature.
The Centre for Research into Aboriginal Affairs, established at Monash
in 1964, was the first Centre of its kind in Australia. The sixth annual
Elders Day, held at the Clayton campus this year, was a celebration of
this historic milestone with more than 60 local Elders and Aboriginal
and Torres Strait Islander community members, along with several
of the former Directors and key contributors attending including
the inaugural Director, Professor Colin Tatz, AO who was the guest
speaker at the lunch. Other distinguished guests included former
Directors Eve Fesl, OAM, Colin Bourke, AM and Eleanor Bourke and
Helen Bnadz.
In 2014, the Yulendj Indigenous Engagement Unit, which is responsible
for Indigenous student recruitment and support, employment,
executive support for the Indigenous Advisory Council, and the
Australian Indigenous Mentoring Experience (AIME), worked with
faculties to increase Indigenous access, participation and success
at Monash, with a particular focus on developing new pathways into
Medicine and Law for Aboriginal and Torres Strait Islander students.
Monash was this year awarded a Wurreker Award for its highly
successful pathways to University. The award acknowledged the
Universitys commitment to community engagement, which has
resulted in the successful transition of many students through its
pathways to successful completion of their degree.
The Peninsula campus hosted, for the fourth consecutive year, The
Bay Mob Indigenous Health and Education Expo, run in partnership
with Peninsula Health. More than 400 local residents attended the
event, with 40 local service providers, and local Indigenous arts and
sporting organisations participating.
Two Yulendj staff were invited to present a workshop at the World
Indigenous Peoples Conference on Education. The workshop
presented Yulendjs highly successful approach to supporting excellent
student outcomes, evidenced by consistently recording among
the highest success and retention rates for Indigenous students in
Australia. The workshop attracted strong interest from colleagues in
Indigenous Education Units from around the world.
The Yulendj Indigenous Engagement Unit rolled out an online
Introduction to Cultural Safety module to all students during orientation.
The program is part of the Universitys commitment to ensuring a
culturally safe environment for all people. Yulendjs Introduction to
Indigenous Cultural Safety workshops also continued to deliver halfday face-to-face workshops to staff.
Yulendj, in collaboration with faculties, ran the third Indigenous
Experience Monash Day in which nearly 200 Indigenous secondary
students from across Victoria participated in activities at the
Universitys Clayton campus, encouraging these students to consider
tertiary education as a future option. As part of the inaugural early
years Strengthening Engagement and Achievement in Maths and
Science (SEAMS) Indigenous camp, 27 Indigenous year 8 and 9
students attended the Clayton campus for a two day experience
which encouraged their continued pursuit of mathematics and science
through senior secondary school. More than 40 senior secondary
Indigenous students from across Victoria and interstate attended the
fourth Hands on Monash camp in December 2014.
Low socio-economic status (LSES) students
Monash is committed to improving the access and participation of
students from LSES communities while ensuring the success of
enrolled students and the quality of Monash graduates.
In 2014 key engagement achievements included:
Expanding the courses participating in the guaranteed access
scheme for students who are financially disadvantaged, from
a Monash listed under-represented school or an Indigenous
Australian. The scheme listed courses students could be offered if
they achieved an Australian Tertiary Admission Rank (ATAR) of 84
(usual clearly ins of 88-94), and another list of courses they could
be offered if they achieved an ATAR of 75 (usual clearly ins of 8024

88). This was in addition to guaranteed entry to any ATAR based

entry course with an ATAR above 90 (except Law which was 94).
Working in partnership with 40 under-represented secondary
schools to engage students with the possibilities of higher
education. This resulted in the delivery of 232 activities to over
12,600 students in Years 8-12 to inform their decision making
and support their engagement and knowledge of university life.
These activities included 535 instances of support by student
ambassadors.
Engaging 220 ambassadors to enthuse and inform secondary
school students through outreach activities including mentoring,
presentations and campus tours. Ambassadors were selected
through a competitive process for their strong interpersonal and
communication skills, understanding of educational challenges and
ability to draw on personal experiences to connect with students
and provide insight into university life.Through the program,
ambassadors have developed advanced skills in planning and
developing activities, facilitating group work and encouraging
participation. To support their participation in the program, 169
students received a Community Leaders Scholarship.
Providing intensive individual support to 300 Year 11 and 70 Year 12
students aspiring to university study through a mentoring program.
The program connected students with current undergraduate
students to help them: explore career and further study options,
refine their study and career goals and gain a better understanding
of what university is like.
Implementing the Strengthening Engagement and Achievement
in Mathematics and Science (SEAMS) project which is offered
in partnership with the University of Melbourne to increase the
participation and attainment in maths and science of secondary
school students from under-represented schools and Indigenous
Australians. The VCE camps held in January saw 112 students
attend and 102 attend in July camps. In addition, 27 Year 8 and 9
students attended the Indigenous camp in July.
Implementing the Monash Access Pathway (MAP) for mature age
students who wanted to study at university but did not meet entrance
requirements. MAP comprised four units to develop students skills
in university learning, academic writing and mathematics. Monash
enrolled 24 students into the inaugural program with 19 students
successfully completing.
Enabling, through the Learn, Experience, Access Professions
(LEAP) program, which encourages secondary students to
consider higher education as a future option through a focus on the
professions, more than 11,000 student attendances at over 295
events during the year where they experienced hands-on activities
across six different professional areas. LEAP developed activities
were delivered in collaboration with partner institutions and other
professional bodies. Monash took the lead role in the delivery of
health profession activities, running 54 events attended by over
2,600 students from 54 schools.
Accessibility Monash people with a disability
The number of students registered with Disability Services increased
by seven per cent between 2013 and 2014, totalling 1191 registered
students; 459 students registered with a mental health condition and
50 students registered with Autism Spectrum Disorder.
During semester 1 Orientation Week, 454 contacts were made during
the Disability Services Open House. During semester 2 Orientation
Week, Disability Services hosted a one-day Open House for midyear enrolments, when a further 296 contacts were made. As part of
the PEERS student support program during orientation and online,
10 students registered with disability were matched with PEERS
volunteers during 2014.
A new Disability Services website was launched to engage with
students with disability by providing information on support services
as well as sharing relevant news, events and employment and career
opportunities.
From early 2014, Monash HR provided advice and support for staff
with disability, including those seeking reasonable adjustments to
their work environment. A network of Disability Contact Officers has
been maintained to provide additional support and advice to staff with
disability, where required.
MONASH UNIVERSITY ANNUAL REPORT 2014

Social responsibility
Universities today are not only centres of knowledge, learning and
research, but are also complex communities, in which people engage,
live and collaborate. In achieving our goals, consideration of the rights
and responsibilities we owe to each other, to Monash University, and
to the many communities in which Monash operates is crucial.
Monash expects all staff to develop an understanding of the Universitys
legal obligations and responsibilities relating to occupational health
and safety, equal opportunity, privacy, and ethical behaviour. The
Universitys mandatory online training that takes staff through all of
these critical frameworks.

Ethical conduct
The Monash University Ethics Statement has been developed by
staff and students and details the high ethical values and principles
expected of all members of the Monash community. It comprises
general principles which guide individuals in their decision-making
and considers:
Monash as a place for people to work and study
Monash as a learning, teaching and research institution
Monash in society
This Monash University Ethics Statement underpins all of the
Universitys policies and procedures and provides a decision-making
framework for effectively resolving ethical issues. The University
complies with all relevant state and federal legislation relating to these
issues. It provides advice and support to its staff through Monash HR
and to its students through a network of volunteer discrimination and
harassment advisers.

Human ethics in research

The Monash University Human Research Ethics Committee continued
to assist the University in meeting the requirements of the National
Statement on Ethical Conduct in Research Involving Humans by
reviewing all new research proposals, ensuring they were planned and
conducted with the highest ethical standards, thus mitigating any risks
to participants and making sure benefits from the research activities
were shared with the community.

Animal welfare
Monash University operates six animal ethics committees registered
under six Scientific Procedures Premises Licences issued by the
Victorian Bureau of Animal Welfare. All activities of the six animal
ethics committees complied with state law and the Australian Code
of Practice for the Care and Use of Animals for Scientific Purposes
(2013). New staff and students continued to receive training in the
care and use of laboratory animals.

Community engagement
Working at multiple levels across the University during 2014, Monash
engaged with communities locally, nationally and internationally,
exchanging knowledge and learning, and creating cultural
understanding for the benefit of society. At the University level, Monash
interacted with its local community through its publicly accessible arts,
culture and sport facilities and services and through staff sharing
their expertise with local businesses, communities and organisations.
University mentors were provided to international and local schools
and communities and a number of programs supported international
students studying in Australia. Local and international charities and
organisations were supported through fundraising, volunteering and
awareness campaigns.
During 2014, University-level activities included the Monash Minds
Mumbai Project, in which participants in the leadership program for
first-year Monash students volunteered in shelter homes in the slums
of Mumbai. As part of a joint Monash Minds/Ancora Imparo, students
undertook a mentoring experience with St Kilda Primary School and
hosted the Evonne Goolagaong-Cawley National Indigenous Tennis
Camp.

awareness campaigns such as with Ronald McDonald House

Clayton.
Community engagement was also undertaken at a campus level.
At Clayton, activities included liaison with the City of Monash on
international student support programs such as the Clayton Canvas
initiative, an innovative anti-gambling program, and joint University/
City of Monash student welcome events.
At Caulfield, community engagement activities ranged from the
MonQuil Quilting Group and Sewing Group staff and students who
made quilts and garments for various local and international charities
and organisations to the Access Program, a health and fitness
program whereby groups and individuals with disabilities came to the
campus for structured, low-impact exercise. The Caulfield chapter of
the student organisation, Monash University Student Union (MONSU),
collected donations from staff and students for Berry Streets Berry
Merry Christmas Appeal, which provides gifts to underprivileged
children in the community. The Office of The Director Caulfield
Campus Community contributed funding to St Johns, East Malvern
to support Globe Caf, which offered international students a place to
make friends, undertake activities, learn about Australia, practise their
English and share a free meal. Also at the Caulfield Campus, Monash
University Museum of Art hosted community groups and members of
the public for keynote lectures, workshops and forums, film and video
screenings, performances, and floor talks by curators and artists. All
events were designed to expand critical debate and participation in
the contemporary visual arts.
The Berwick and Peninsula campuses partnered with local councils
to deliver initiatives to provide pathways into higher education. For
example, in 2014, Monash University Casey Challenge and Nossal
High Challenge gave year nine and ten students from two City of
Casey schools the opportunity to explore pathways into tertiary
education by attending lectures, touring and working on assignments
with University mentors. The Peninsula Campus also provided cash
scholarships to four secondary colleges for eight students in the
Peninsula Education Precinct.
Both campuses also worked with local councils, including Frankston
City Council, Cardinia Shire Council and the City of Casey, to support
local business breakfasts, which share the expertise of faculty with
local business people and provide networking opportunities. They
were also involved in the judging and sponsorship of the Casey
Cardinia Business Awards, and the Frankston and Mornington
Peninsula Excellence in Business Awards.
Monash Peninsula hosted an Indigenous Health and Education
Day, a joint initiative with Peninsula Health and Medicare Local, that
showcased all the services Monash and external health and social
service providers have on offer to support and engage Indigenous
communities.
Monash also worked closely with the Insight School at Monash
Berwick Campus. The school caters for primary-school-aged blind
and visually impaired students.
The Parkville campus, home of the Faculty of Pharmacy and
Pharmaceutical Sciences, offered students an undergraduate
community engagement unit, which provided students with an
opportunity to gain a unique learning experience off-campus, based
within a community organisation involved in the provision of clinical,
health and social care to needy individuals. Parkville also provided free
or subsided access to its facilities to many community-based health
and education based organisations.

Human rights
Monash remained listed as a participant in the Academia category
of the United Nations Global Compact (in the Academia category)
and is committed to promoting equal opportunity in education and
employment in recognition of global principles of equity and justice
according to the United Nations and International Labour Organisation
Conventions, Covenants and Declarations. Human rights issues
regarding staff and students within Australia were implicit in the
legislation the University complied with.

Team MONASH, the Universitys umbrella sporting organisation,

supported local charities through fundraising, volunteering and

SOCIAL PERFORMANCE

25

Socially responsible economic considerations

Loans
In 2014, Monash offered a student loan scheme where both domestic
and international students could apply for an interest-free loan if their
financial situation affected their ability to continue studying. The loans
covered a wide range of study-related expenses such as books,
computer, car and housing and were offered over favourable periods
with a guarantee not required for loans of up to $750 over a period of
six months.

Title

Status

Statute 9.1 Elections

Statute 9.2 Election of members of the Council
Statute 10.1 Affiliation

Revoked
28.05.14

Statute 11.1 Administration of trust and other

property
Statute 11.2 Intellectual Property
Monash University Statute

Revoked
28.05.14
Revoked
28.05.14
Promulgated
28.05.15

Accounts payable

Freedom of information

While the University generally applied a standard trading term

on disbursements of 30 days from end of month of invoice date,
shorter terms were applied when vendor circumstances warranted
this. For example, the University generally agreed to rural vendors
who requested shorter payment terms to ease cash flow burdens
experienced in rural communities, and also catering/food vendors,
as these businesses are predominantly sole proprietors and reliant on
this income as their sole source.

Monash University processed 21 requests under the Freedom of

Information Act 1982 as against 27 in the previous year. In addition,
there was one request for consultation under section 34 of the Act
concerning release of University documents by other agencies.

student files (1961 to current)

Accounts receivable
Monash University applied a general debtor payment due policy of
30 days net from the date of the generated and printed invoice. As
with disbursements, discretion was applied in considering debtor
circumstances especially in the case of students. Wherever possible,
a negotiated arrangement was seen as preferential to placing the debt
in the hands of collection agencies.

Statements of compliance
Statutes revocation and statute promulgation 2014
Title

Status

Statute 1.1 Interpretation

Statute 1.2 Meetings
Statute 1.3 University Holidays
Statute 1.4 University Regulations
Statute 2.1 The Council
Statute 2.2 The Academic Board
Statute 2.3 The Faculties
Statute 2.3.2 Multi-Departmental Schools
Statute 2.3.2 Multi-Departmental Schools
Statute 2.5 Graduate Research Committee
Statute 2.7 Student Associations and Campus
Service Councils
Statute 2.8 Students Loan Fund
Statute 2.13 Special Provisions for the
Governance of Monash University (Gippsland
Campus)
Statute 3.1- The Chancellor and the Deputy
Chancellors
Statute 3.2.1 The Vice-Chancellor and President
Statute 3.2.2 Deputy Vice-Chancellor and VicePresident
Statute 3.3 Deans
Statute 3.7 Monash University Equity Fund
Statute 4.1 Student Discipline

Revoked
28.05.14

Statute 5.1 The University Library

Statute 6.1 Awards of the University
Statute 6.1.1 University Entrance and Admission
to Course Work Courses and Units of Study
Statute 6.1.4 Credit towards a Degree or Award
Statute 6.1.5 Assessment
Statute 6.2 Exclusion for unsatisfactory
progress or inability to progress
Statute 6.3 Exclusion for health reasons
Statute 6.4 Admission to degrees honoris causa
Statute 7.1 Academic and Ceremonial Dress
Statute 8.1 The seal of the University

26

Departments within the central administration maintain most vital

records relating to institutional policy and administration. The principal
hard copy records series are:

Revoked
28.05.14

student record cards (1961 to 1990)

administrative correspondence (1962 to current)
staff files (1962 to current).
Files within these record series were held or processed in accordance
with best practice and approved record-keeping policies.
Major electronic database record series (including archived systems)
were:
Monash archived accounting systems (MARS 19781999; ARIES
19831999)
integrated human resources systems (ISIS 19811999; SAP 2000
current)
Monash University student information systems (MUSIS 1982
2000; Callista 2000current).
accounting and funds management system (SAP 2000current).
Reports from these systems were not accessible
online by members of the public.
Monash University Council and Academic Board agendas and
minutes, which were the most accessible records series reflecting
policy and procedures, have long been available in near-complete
form in the Sir Louis Matheson Library, Clayton campus, and may be
consulted without notice during normal library hours (generally 9am
to 5.30pm, Mondays to Fridays, during semester). These may also
be accessed via the Monash University website. These and other
principal University records series available were as follows:

Revoked
28.05.14

Monash University Council minutes (19612006)

Academic Board minutes (19601996)
Monash University Council Annual Reports (1961current)
annual examination papers (1961current)

Revoked
28.05.14
Revoked
28.05.14
Revoked
28.05.14

Revoked
28.05.14
Revoked
28.05.14

faculty handbooks (1962current).

The University has included material as set out in Part II of the Freedom
of Information Act 1982 on the website. Use of the search facility
allowed access to the relevant information.
Monash produced a wide range of publications about the Universitys
teaching, learning and research activities in print, online and video
formats. These included undergraduate and postgraduate handbooks
that described degree requirements, courses and units, a guide for
international students on specific aspects of the Universitys key
functions, and publications on research and research outcomes.
The University also produced a range of brochures, booklets and
information kits describing the activities and expertise of faculties,
departments and research centres. The Universitys Advancement
division produced a range of publications that were distributed
throughout the University and to the media, secondary schools,
the business sector, and community leaders. General guides to the
Universitys activities and services were also available in print and
video formats.

MONASH UNIVERSITY ANNUAL REPORT 2014

Should formal Freedom of Information (FOI) access to documents

pursuant to the Freedom of Information Act be required, preliminary
inquiries may be made to the FOI officer on +61 3 9905 5137. Formal
FOI requests for access to University records under the Freedom
of Information Act 1982 must be made in writing, addressed to the
FOI Officer and be accompanied by an application fee of $25.70,
as prescribed by the Act. Such requests for access should contain
sufficient detail to enable the specific documents required to be
identified.
Applicants would be notified in writing of the decision on a request as
soon as possible but at maximum within 45 days of the application
being received. If access were granted, the applicant would be
advised at this time of the arrangements for gaining access to the
requested documents.
Charges for access complied with the Freedom of Information (Access
Charges) Regulations 2014.
Requests should be sent to:
Ms Fiona Hunt
Freedom of Information Officer
Executive Services
Building 3A
Monash University 3800 Victoria
Further information about FOI could be found at the Executive Services
website at www.adm.monash.edu/execserv

Privacy
Monash is required to comply with the Privacy and Data Protection
Act 2014 (Vic), the Health Records Act 2001 (Vic) and the Freedom of
Information Act 1982 (Vic).
Monash is committed to the protection of personal information and
has established a privacy regimen that strives to:
promote understanding and acceptance of the privacy principles
and their objectives throughout the University community
educate people within the University about information privacy
handle any complaints received in an efficient and appropriate
manner
monitor privacy compliance and keep the University informed of
updates to procedures.
Guidelines and advice on privacy regarding staff and students were
provided to staff via the Monash intranet. Most faculties and divisions
had privacy coordinators, and staff, students and members of the
public were able to contact the University privacy officer if they had
any questions or complaints.

Website address for current and

previous annual reports
Copies of the Universitys annual reports may be accessed at
www.monash.edu/pubs/ar.

Compliance with the Protected Disclosures Act 2012

The Victorian Government Protected Disclosure Act 2012 (the PD
Act), the Independent Broad-Based Anti-Corruption Commission Act
2011 (the IBAC Act) and the Ombudsman Act 1973 (the Ombudsman
Act) aim to encourage and facilitate the making of disclosures of
improper conduct or detrimental action, in contravention of those
Acts, by public officers and public bodies. They provide protection to
whistleblowers who make disclosures in accordance with the PD Act,
and establish systems for the matters disclosed to be investigated
and for remedial action to be taken.
Monash University is a public body under the IBAC Act. Employees at
Monash University, as well as Council members of Monash University,
are public officers under the IBAC Act.
It is the complainants right and responsibility to elect to take a
complaint of improper conduct or detrimental action in reprisal for a
protected disclosure to IBAC or the Ombudsman.
Any person contemplating making a disclosure of improper conduct
or detrimental action related to Monash University should contact
IBAC in the first instance. Monash Universitys protected disclosure
coordinator is not authorised under the PD Act and IBAC Act to
receive or assess a disclosure.
Any person who chooses to make a complaint directly to Monash,
rather than to IBAC or the Ombudsman, will have their complaint
dealt with under Monash Universitys policies and procedures, unless
Monash University is otherwise instructed by IBAC or the Ombudsman.
Monash University does not tolerate improper conduct by employees,
Monash University Council members, or any person performing public
services or public functions on behalf of Monash University. Monash
University does not tolerate the taking of reprisals against those
people who disclose such conduct.
Further information can be found at: http://www.adm.monash.edu.
au/workplace-policy/conduct-compliance/whistleblowers.html

National competition policy

The University continued to implement its established policies and
practices consistent with its obligations in relation to the National
Competition Policy. During 2014, the University was not the subject of
any National Competition Policy-related action.
An online Australian Consumer Law Compliance Manual provides
guidance for compliance with the Competition and Consumer Act
2010 (Cth) (known as the Australian Consumer Law) (as amended
from time to time). The Office of the General Counsel provides advice
on the law of consumer law, trade practices and competition.

SOCIAL PERFORMANCE

27

Environmental
performance

28

MONASH UNIVERSITY ANNUAL REPORT 2014

Introduction and scope

Commitments, governance and resources

Monash University seeks to improve the human condition through

research and education that is framed by a commitment to social
justice, human rights, sustainable progress and enduring wellbeing.
Consistent with this goal, Monash has committed to improving the
environmental sustainability of its operations in Australia and overseas.

Public commitments

The environmental performance section focuses mainly on Australian

operations; with particular references to the Malaysian campus stated.
With Laureate International Universities taking majority control of
Monash South Africa in 2013, the campus is no longer included in this
report. Results for the period 1 July 2013 to 30 June 2014 (financial
year 2013/14) are referenced as such, where provided. References to
2014 are for the calendar year.

2013/14 environmental sustainability at a glance

710,460 gigajoules of energy used (electricity, gas and fuel).
504,860 kilolitres of potable water consumed.
solar photovoltaic capacity increased by 135 kWp at Peninsula
Campus to reach a University total of 563 kWp.

Priority: To continually strive to lead the sector toward

environmental sustainability
The Universitys Environmental Sustainability Policy can be viewed
at http://fsd.monash.edu.au/environmental-sustainability/whatwere-doing/environmental-documents. It states: the University
acknowledges the adverse impacts that human activity can impose
and takes actions to prevent degradation of our natural systems. In
order to reduce its environmental impact in Australia, the University is
committed to:
advancing sustainability in line with the Talloires Declaration signed
in 2007
reducing energy (electricity and gas) consumption by 30 per cent
by 2020 (from 2010 levels)
reducing potable water consumption by 30 per cent by 2020 (from
2010 levels), and to zero consumption on grounds and ovals by
2015

3523 tonnes of waste generated: of which 1080 tonnes (31 per

cent) was recycled.

incorporating environmentally sustainable design aspects into

all maintenance, refurbishment and capital works activities and
projects

2013 carbon footprint inventory showed a reduction of 4,122

tonnes CO2-e (2 per cent).

reducing total waste to landfill by 30 per cent by 2020 (from 2010

levels) and increasing the proportion of waste recycled to 50 per
cent of total waste (general and recycled)

70 per cent of the Universitys carbon emissions came from

electricity, 15 per cent from air travel and 9 per cent from natural
gas.
3884 students and staff liked the Environment Sustainability
Facebook page through a variety of campaigns.
69 per cent of staff and students used sustainable transport to get
to campus which included public transport, carpooling, riding and
walking.

2014 awards and acknowledgements

Monash was a finalist in two categories of the Banksia Awards in
2014:
Monash Sustainability Institutes (MSIs) partnership program
with the Yorta Yorta Nation Aboriginal Corporation Indigenous
voices in climate change adaptation brought together Monash
University research with indigenous leaders to study how the deep
knowledge of Victorias Yorta Yorta people could be used to help
strengthen the communitys participation in the decision-making
processes governing their traditional lands in the Barmah-Millewa,
and to respond to climate change.
Monash Universitys sustainability plan to reduce its dependence on
fossil fuels and to progress towards an economically viable transition
to 100 per cent renewable energy through the development of
energy neutral buildings and holistic asset replacement plans that
achieve deep energy savings was also recognised.
MSI Sir Louis Matheson Fellow, Sir Bob Watson, received a 2014
United Nations Champions of the Earth Award for his services to
science. Sir Bob leads MSIs highly-lauded Sustainable Development
Solutions Program, and was awarded the prize for promoting the
science behind ozone depletion, global warming and the impacts of
biodiversity loss.

improving the use of sustainable transport so that 80 per cent of

staff and students use sustainable transport options for travel to
the University by 2020
applying sustainability criteria to all major procurement contracts
advancing fair trade in line with the Fair Trade University accreditation
complying with government environmental reporting processes.

Governance
Priority: To increase and broaden stakeholder engagement in the
Universitys strategic environmental directions and planning
During 2013/14, SMT (Senior Management Team) (Property), a
management committee of the Estates Committee, chaired by the
Vice-Chancellor and with senior management representation, had
responsibility for monitoring the environmental performance and
legislative responsibilities of the University. Following review by SMT
(Property), environmental matters were considered by the Estates
Committee, a committee of Council chaired by the Chancellor and
attended by the Vice-Chancellor, external stakeholders and senior
University management. A number of sub-committees continued to
focus on a broad range of environmental issues with four committees
reporting to SMT(Property), two to relevant University departments/
divisions and two committees to the Facilities and Services Executive.
Other committees with environmental responsibility included the
Occupational Health, Safety and Environment committees based
in faculties and divisions. All committees were supported by the
Facilities and Services Division (FSD) team to ensure a consistent and
coordinated approach. This governance structure brought together
more than 200 academic and professional staff and students to drive
environmental sustainability planning and activities across teaching,
research and campus operations.

MSIs Director, Professor Dave Griggs, won a William Morris Endeavor

Leaders List 2014 award for inspiring leadership in sustainability.
The Monash Green Program for departments won the Skills for
Sustainability Green Gown award awarded by Australian Campuses
Towards Sustainability.

Environmental performance

29

Staff resources
Priority:To provide staff resources to support University
environmental improvements, sustainable behaviour, public
commitments and compliance requirements
In addition to the many activities dedicated to sustainability taking place
throughout the University, there were three distinct groups dedicated
to environmental sustainability: Facilities and Services Division (FSD),
the Monash Sustainability Institute (MSI) and ClimateWorks Australia.
FSD was responsible for supporting operational, infrastructural and
sustainable behaviour to improve environmental sustainability within
the University. Environmental Sustainability within FSD has been in
operation for nine years and draws on the expertise of 11 staff from
a number of areas within FSD. In the 2014 calendar year, University
funding of $1.9 million was provided for environmental improvements,
projects and compliance programs. Further information on the work of
FSD can be found at http://www.fsd.monash.edu.au/environmentalsustainability.
Monash Sustainability Institute
Creating a sustainable future is one of the most complex issues facing
society today. Monash, through the Monash Sustainability Institute
(MSI) is tackling the major sustainability challenges head-on with
a distinctive interdisciplinary approach. MSI boasts over 50 staff,
working across 14 interdisciplinary programs. MSI has built extensive
relationships with over 180 industry, government and academic
partners around the world, and its work is driven by a passion for
sustainability research and education that makes a practical difference.
Further information on MSIs work can be found at www.monash.edu/
sustainability-institute.
The Monash Sustainability Institutes Sustainable Development
Program continued to make headlines in 2014, with the second of
two workshops held in Australia in May and the second of two regional
workshops held in Indonesia in November. The Australian workshop
drew together senior leaders from academia, government, business
and civil society to consider what sustainable development goals
Australia should aim for and the interlinkages between them.
MSI also hosted a visit by world-renowned economist and Director
of the UN Sustainable Development Solutions Network, Professor
Jeffrey D Sachs. Professor Sachs met with key government ministers
during his trip to Australia. He spoke to an enthusiastic audience of
over 1100 people in the Melbourne Town Hall about the sustainability
challenges facing the world and Australias place in ensuring a safer
planet.
In June, MSI Director Dave Griggs also represented the Science and
Technology Major Group in New York during the UN Open Working
Groups deliberations on the international Sustainable Development
Goals. MSIs work on Sustainable Development Goals was credited
with directly impacting the groups deliberations by Hungarys
permanent representative to the United Nations and Co-Chair of the
UN Open Working Group.
In September, ClimateWorks Australia launched the Pathways to
Deep Decarbonisation in 2050: How Australia can prosper in a low
carbon world report in New York. The report presents an illustrative
deep decarbonisation pathway for Australia, showing how Australia
can achieve net zero emissions by 2050 while maintaining economic
prosperity. The work was conducted in partnership with the Australian
National University as part of the UN Sustainable Development
Solutions Network global Deep Decarbonisation Pathways Project.
In October the first successful customer led rule change to reform
the National Energy Market for connecting cleaner energy went into
operation. The rule change was led by ClimateWorks Australia, in
partnership with the Property Council of Australia and Seed Advisory.
The reforms will make it cheaper and faster to connect co/trigeneration
plants and renewable energy to the electricity distribution grid.
MSIs Green Steps program was one of six successful projects to
receive a grant from Monash inaugural Dragons Den initiative. The
grant will go towards gamifying Green Steps, helping embed learning
on sustainability to more Monash students as part of our Green Steps
@ Uni program. Green Steps will be developing online learning games
that challenge participants to think about their role as a sustainability
change agent.

30

MSIs Professor Carol Adams was the only woman named by the
Australian Financial Review in October 2014 as a person changing
accountings DNA for her work in corporate sustainability.

Staff and student engagement

Priority: To engage staff and students to embed sustainability
within their work, study and on-campus activities
Staff and students continued to be an integral part of environmental
programs across the University. Engagement with the University
community about waste, energy, water, procurement, food,
and transport underpinned the environmental work for 2014. A
restructure of the Green Program saw Environmental Officers and
Green Representatives merge into the single role of Sustainability
Representative. The network of 249 staff and student volunteer
Sustainability Representatives remained the strength of Monash
environmental programs.
Do One Thing was the University-wide message for environmental
sustainability this year. The message encouraged students and staff
to adopt a single sustainable behaviour and contribute to campus
sustainability. Communication of this message occurred primarily
through electronic newsletters, web site information, social media,
displays and emails. Face-to-face communication occurred through
meetings, information sessions and participation in events. Posters
and videos were used as visual communication.
The University continued to support its relationships with student
representatives, clubs, societies and non-government organisations
such as the Environment and Social Justice Collective, V Gen, Oxfam
Australia, Engineers without Borders, and Fair Trade Australia and
New Zealand.
Program highlights for 2014 year were:
The Monash University Green Program expanded with 41
departments registering to participate. The Green Program
supported and inspired the network of Sustainability
Representatives. The program is structured in tiered levels
comprised of a number of activities for completion. Tasks included
audits, assessments, events, implementing new strategies to
save energy and water, changing purchasing arrangements,
rewarding environmentally sustainable behaviour, networking and
communication.
As Australias fourth Fairtrade University, efforts to promote fair
trade continued. Fair trade products were embedded though
procurement practices, student activities and on-campus retail
support.
Facebook continued to be a prominent tool to communicate events
and initiatives to students. At the end of the 2013/14 financial year,
Facebook posts reached an audience of 7654 Facebook users: an
increase of 3884 from the previous year.
A self-guided sustainability walking map of Clayton campus was
released. The map features a 3.8 km walking loop that highlights
more than 20 sustainability initiatives across campus, from share
bikes to solar power to stormwater capture. The walk also includes
biodiversity features of the campus such as the Aboriginal garden,
Rainforest Walk and the oldest tree on campus, a River Red Gum,
estimated to be more than 400 years old.
Environmental sustainability was showcased at a significant
range of events throughout the 2013/14 period, often supported
by student associations. These events included enrolments,
Orientation Week, Open Day, Ride to Work Day and the Race for
Sustainability.
Integration of student environmental coursework and campus
sustainability continued. FSD staff members provided a range of
lectures to various courses and co-coordinated the Energy and
the Environment unit. Students audited and reviewed a number of
buildings, identifying a range of significant energy saving opportunities.
In addition, a group of final year engineering students conducted
a detailed energy review of the Clayton campus to determine the
potential for energy savings and onsite renewable energy generation.
From this study, a ten-year deployment plan was developed to achieve
potential energy savings of greater than 50 per cent and significant
ongoing financial savings. Students participating in MSIs Green Steps

MONASH UNIVERSITY ANNUAL REPORT 2014

program undertook projects in FSD to investigate recycling of organic

waste, sustainable orientation activities and energy use in offices.
Monash Residential Services (MRS), with support from student
environment coordinators, ran a range of events for residents,
including Earth Hour and Clean up Australia Day. Halls of residence
held challenges to reduce energy and water consumption, and for
the design, maintenance and innovation of community gardens. A
student-based environmental committee was active in facilitating
positive environmental change. MRS continued to expand vegetable
gardens, tree plantings and infrastructure improvements, such as
installation of a shower timers and water-efficient washing machines.
Monash University participated in the Australasian Campuses Toward
Sustainability Conference, presenting on the findings of research into
the drivers, barriers, and key success factors for the integration of
environmental sustainability into universities.

Education for sustainability

A number of new sustainability-related education programs were
developed this year with effort directed at both program design and
individual unit development. This has included work on a Master of
Education for Sustainability, which is being developed by the Faculty
of Education, as well as cross faculty programs on sustainability at
both the undergraduate and postgraduate levels.
The Education for Sustainability Advisory Group met this year and
provided valuable feedback on current and proposed initiatives. As part
of a multi-year evaluation of the outcomes from the initiative to embed
sustainability into first year engineering, a further survey of first year
engineering students was undertaken and interviews conducted with
academic staff who teach in the engineering program. This research
is providing insight into implications for the new first year engineering
program which will launch in 2015. The role of transformative learning
in Education for Sustainability is being explored through a research
project involving staff from the Faculty of Education. These research
initiatives are designed to provide insight that may be transferable
to other Faculties where efforts are being directed at embedding
sustainability in the curriculum.

Biodiversity
FSD undertook a comprehensive tree inventory during 2014. Over
11,000 trees across all campuses were assessed and a report
produced detailing the overall environmental value of these trees.
The assessment was undertaken using a tool developed by the
US Forestry Service, and Victorian climate information. In addition
to attributing a value to Monashs tree inventory, the total species
diversity was assessed and can be used to inform landscape planning
in the future.

Carbon management
The Monash University carbon footprint has been measured for each
calendar year since 2005. Since the 2009 calendar year, the carbon
footprint has included the greenhouse gas (GHG) emissions associated
with Australian activities over which the University has operational
control as defined by the National Greenhouse and Energy Reporting
Act 2007. This definition expanded the University boundary to include
all properties occupied by Monash staff and students, whether owned
or leased by Monash from a third party, including those located outside
campus boundaries.

Table 1: Monash Universitys carbon footprints

(tonnes CO2-e emitted/year) 2009 2013 calendar years
2009

2010

2011

2012

2013

Scope 1
(On-site emissions
arising from combustion
of gas and fuels and the
use of refrigerants and
livestock)

20,922

19,053

18,387

19,759

19,958

Scope 2
(Indirect emissions
arising from the
generation of imported
electricity)

120,128

122,172

118,749

121,177

119,060

43,814

52,569

57,775

56,625

57,453

N/A

2,354

2,367

2,435

2,386

184,865

196,148

197,278

202,980

198,858

Emissions offsets (tonnes

CO2-emitted/year)

14,286

13,980

20,371

21,035

20,693

Net total of all emissions

after including offsets
(tonnes CO2-e emitted/
year)

170,579

182,168

176,907

181,945

178,165

Scope 3
(Indirect emissions
arising from the
extraction, production
and transport of gas,
fuels and electricity;
electricity lost in
delivery; waste disposal;
embodied energy
in paper and water;
business travel by staff,
and transport)
Additional estimate for
small facilities
Total

Notes:
1. Data is collected and calculated according to the National Greenhouse
and Energy Reporting (Measurement) Determination 2008, the
National Greenhouse Accounts (NGA) Factors, July 2012 workbook
and the Australian Standard 14064.1-2006.
2. Data from previous years has been recalculated as more accurate
data became available.

Electricity (70 per cent) and gas (nine per cent) consumption and
air travel (15 per cent) continued to be the major contributors to the
footprint (see Figure 1). Approximately 14 per cent of the Universitys
electricity consumption was accredited GreenPower supplied from
wind generation. Solar photovoltaic arrays at the Berwick, Caulfield,
Clayton, Gippsland and Parkville campuses generated 585,869 kWh
of electricity (0.6 per cent). Car fleet fuel consumption was offset with
permanent biodiverse native forests planted by a Greenhouse Friendly
approved abatement provider.

In 2013, gross total emissions for the University decreased by two

per cent when compared to the 2012 carbon footprint (see Table 1).
The GHG emissions arising from gas used for heating and cooling
(included in scope 1 emissions) decreased by 1.4 per cent, with the
emissions from electricity consumption (scope 2 emissions) increased
by 0.2 per cent, compared to the previous year. The decrease in GHG
emissions was the result of a reduction in the electricity emission factor
for Victoria (1.5 per cent) and a decrease in the emissions associated
with international air travel (14 per cent). Since 2009 the Universitys
carbon footprint has increased by 7.5 per cent, which is four per cent
below business as usual growth of the University. Data for 2014 was
not available when this report was prepared.

ENVIRONMENTAL PERFORMANCE

31

Figure 1: Major contributors to the 2013 Carbon footprint Size of

numbers

Transport
Vehicle Fuel

Others

1%

Waste to landfill

4%

1%

Energy conservation
Energy conservation remained a major component of infrastructural
and sustainable behaviour initiatives. Improvements in the energy
efficiency of heating, ventilation and air conditioning (HVAC) systems
continued to be a major focus in 2013/14, together with continuing roll
out of light-emitting diode (LED) lighting upgrades.
Energy conservation projects included:

Natural Gas

9%

implementation of fresh air, heating, cooling and lighting control

into the majority of lecture theatres at the Clayton campus

Air travel

continuation of a building re-commissioning program targeting

the Universitys top energy-consuming buildings on Clayton
campus resulted in reductions in monthly electricity consumption
in individual buildings when compared to the same period in the
previous year

15%

upgrades of HVAC control systems in two buildings on Clayton

campus and one building on the Parkville campus

Electricity

70%

upgrading lighting in the book stacks of the Matheson Library to

LED lamps with a 60-70 per cent expected reduction in lighting
electricity consumption

Energy consumption
Total energy (electricity, gas and fuel) used in 2013/14 was 710,460
gigajoules (GJ; see Table 2), an increase of 0.1 per cent from that used
in 2011/12 and two per cent from that used in 2010/11. Electricity and
gas represent more than 95 per cent of this energy use.
Table 2: Energy consumption (gas, electricity and fuel use; GJ)
by site as reported under the National Greenhouse and Energy
Reporting Act 2007
Total
energy
(GJ)

Total
energy
(GJ)

Total
energy
(GJ)

Total
energy
(GJ)

2010/11

2011/12

2012/13

2013/14

Change in
energy
2012/13
to
2013/14

Berwick

9,402

8,450

8,247

7,477

-9.3%

Caulfield

79,330

73,230

81,812

82,706

1.1%

470,348 452,162 458,403 476,869

4.0%

Clayton

Renewable energy
A 135 kW (peak; kWp) solar photovoltaic array was installed at
Peninsula campus increasing the total installed capacity of solar
photovoltaic at Monash University to 563 kWp (excluding Gippsland
solar system), which generated over 609,468 kWh of renewable
energy in 2013/14 (see Figure 2).
Figure 2: Renewable energy generated in 2013/14
80,000

Renewable Energy Generated (kWh)

Source: Carbon footprint calculation, FSD.

Facility

reduction of off-peak mechanical power consumption by up to 2030 per cent in a number of buildings on Clayton campus when
compared to the same period in the previous year

60,000

40,000

Gippsland

32,682

35,032

32,619

21,249

Parkville

20,560

32,775

36,690

39,314

7.2%

Peninsula

20,295

21,120

20,292

21,417

5.5%

Alfred Hospital

17,637

19,764

20,448

21,029

2.8%

4,927

17,740

14,127

-20.4%

32,276

28,226

14,872

7,000

-52.9%

Monash University
Foundation

1. Data from Gippsland campus not included from 1 January 2014;

transferred to Federation University.

4,952

9,197

8,575

7,387

-13.9%

2. Source: Solar management and monitoring web system.

Small rural and city

sites

8,748

9,116

10,072

11,885

18.0%

696,230 693,989 709,770 710,460

0.1%

Total

Berwick campus

1. Data from the following facilities/properties/buildings has not been

not included:
- Building 220 (770 Blackburn Road) from 1 July 2012

- 
Gippsland campus (excluding MARP facility), transferred to
Federation University on 1 January 2014

Clayton campus

Gippsland campus

Parkville campus

Peninsula campus

Water consumption
The total potable water consumed by Monash University in 2013/14
was 504,860 kilolitres (kL), a two per cent increase compared to
2012/13 and 22 per cent increase from that used in 2010/11. Table 3
shows the total potable water consumed by each campus.
Table 3: Potable water consumed per campus (2013/14) in
comparison to levels in previous years
Campus

- Monash Institute of Medical Research (MIMR), transferred to the

MIMR-PHI Institute of Medical Research on 1 January 2014.

2. 
Monash Accommodation Services was not occupied for all of
2011/12.
3. Data has been extracted from invoices by Facilities and Services and
includes use by Monash Residential Services.

Total
Kilolitres
(kL)
2010/11

Total
Kilolitres
(kL)
2011/12

Total
Kilolitres
(kL)
2012/13

Total
Kilolitres
(kL)
2013/14

Change
in Water
Consumption
2012/13 to
2013/14

Berwick

12,265

11,451

8,698

9,816

13%

Caulfield

58,231

57,646

56,459

61,568

9%

Clayton

285,118

315,923

366,951

391,602

7%

31,755

29,493

30,320

13,757

Gippsland

32

Caulfield campus

Notes:

Notes:

0
Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14

Monash
Accommodation
Services
Monash Medical
Centre

20,000

MONASH UNIVERSITY ANNUAL REPORT 2014

Campus

Parkville
Peninsula
Total

Total
Kilolitres
(kL)
2010/11

7,542

Total
Kilolitres
(kL)
2011/12

7,751

Total
Kilolitres
(kL)
2012/13

Total
Kilolitres
(kL)
2013/14

9,551

Change
in Water
Consumption
2012/13 to
2013/14

9,791

3%

18,585

20,334

22,181

18,426

-17%

413,496

442,597

494,164

504,860

2%

Figure 3: Contributions to recycled waste, by weight in 2013/14

Other

1.5%

Notes:
1. Data from Gippsland campus not included from 1 January 2014;
transferred to Federation University.
2. Data has been extracted from invoices by Facilities and Services and
includes use by Monash Residential Services.

Co-mingle

59%

Polystyrene

0.6%

Paper and
Cardboard

39%

3. Past figures are updated as actual data becomes available and as

such historically reported values may not equal currently reported
values.

The University focused on water conservation, water harvesting and

community awareness as the main strategies in its water management
plan. Key water management projects undertaken in 2013/14 were:
installation of the Rain Forest Walk water harvesting and use
system in the courtyard of South 1 lecture theatre
introduction of alarms on water meters to assist with the rapid
identifications of leaks
optimisation of existing grey water and water harvesting systems
across Clayton campus, resulting in all systems operating as
designed
integration of 3-4 star water efficient toilets and fittings into
amenities upgrades across all campuses
preparation of voluntary Water Management Action Plans for
Caulfield, Clayton, Parkville and Peninsula campuses for submission
to local water authorities.

Waste
The University produced 3523 tonnes of waste in 2013/14, a two
per cent decrease compared to 2012/13. A total of 1080 tonnes
of waste was recycled. The amount of waste recycled decreased
from 33 per cent in 2012/13 to 31 per cent of total waste generated
(general and recycled waste) in 2013/14 (see Table 4).
Table 4: Total waste generated, waste recycled and percentage of
waste recycled (2010/11 to 2013/14)
Year

Total Waste
Generated (Tonnes)

Waste Recycled
(Tonnes)

Percentage of
Waste Recycled

Source:
1. 
Based on data provided by Monash Universitys waste collection
companies.
2. Conversion factors are from Appendix C of the National Greenhouse
and Energy Reporting System Measurement Technical Guidelines for
the Estimation of Greenhouse Gas Emissions by facilities in Australia,
July 2012.

The Universitys waste management strategy continued to focus

on communication and education, as well as improving waste and
recycling infrastructure. Some of the key programs in 2013/14
included the following:
Continuation of the office bin replacement program at Clayton
campus. This program replaced an additional 1573 conventional
under-desk bins with small desktop bins. Previous audits have
shown this program consistently reduces the mass of recyclable
material placed in landfill bins by 20 to 25 per cent.
The Furniture Re-use Program, which continued to redistribute
the Universitys surplus furniture to other departments within the
University, diverting furniture from landfill. In 2013/14 this program
redistributed more than 2622 individual items weighing over 69
tonnes, including furniture donated to charities and community
groups.
A comprehensive audit of the waste generated by students and
staff at the Clayton campus was undertaken. The audit identified
opportunities to increase the recycling rates and reduce the overall
waste produced on campus.

2010/11

3,695

1,006

27%

2011/12

3,440

1,052

31%

Sustainable transport

2012/13

3,610

1,180

33%

2013/14

3,523

1,080

31%

Priority: For 80 per cent of staff and students to travel to Monash

campuses using sustainable transport options by 2020

Notes:
1. Data from Gippsland campus not included from 1 January 2014;
transferred to Federation University.
2. 
Source: Based on data provided by Monash Universitys waste
collection companies.

The contributions to recycled waste are shown in Figure 3.

The Monash Transport Strategy aimed to reduce GHG emissions

associated with travelling to University campuses through a shift away
from single occupancy vehicles towards sustainable alternatives, such
as public transport, carpooling, walking and cycling, while reducing
the overall need for travel in general.
The 601 shuttle bus service, a high frequency express route from
Huntingdale Railway Station to Clayton campus, was the most highly
patronised bus route in Victoria with more than 5700 passengers
per day. The University continued to advocate for public transport
improvements to campuses in 2013/14, including high frequency
express buses to Clayton campus and an upgrade of Huntingdale
Railway Station. A free weekday bus service for students travelling
between Mornington Peninsula Shire and Peninsula and Clayton
campuses commenced in August 2013 and saw strong demand
throughout 2014.
Several projects were undertaken during 2013/14 to improve the
infrastructure supporting bike use and to create a culture of bike
riding, including the installation of additional bike hoops outside key
buildings. In March 2014 the Bike Arrival Station reached its maximum
capacity of 100 riders for the first time.

Environmental performance

33

The number of free parking spaces for carpool vehicles was maintained
at 527, with innovative ID card activated boom gate access operating
successfully at Clayton campus carpool car parks. Carpooling was
actively promoted to staff and students. The membership and usage
of the car share program at Monash Residential Services continued
to increase, achieving a 20 per cent utilisation rate. Each car sharing
vehicle replaces an average of 15 private vehicles and is associated
with reduced GHG emissions.

2010/11 financial year (see Figure 4). The volume of paper consumed
from the main paper providers (Monash Print Services, Gippsland
campus and Staples) decreased by 2447 reams (two per cent) in
2013/14, compared to 2012/13. Of the paper purchased in 2013/14,
84.4 per cent was recycled content paper with 84.3 per cent of that
having more than 80 per cent recycled content. Carbon neutral paper
purchased increased from 36 per cent in 2012/13 to 72 per cent in
2013/14

Sustainable transport options were highlighted during the Race for

Sustainability, Ride to Uni and Ride to Work Day events conducted
during the year.

Figure 4: Paper purchased (virgin and recycled content) by major

users from 2010/11 to 2013/14

Motor vehicles

Paper purchased (reams)

Between the 2013 and 2014 calendar years, the number of vehicles
in the fleet decreased by 14 per cent. The number of four-cylinder,
six-cylinder and 4WD vehicles in the car fleet decreased (4, 24 and 37
per cent respectively) with diesel and five-cylinder vehicles increasing
(1 and 33 percent, respectively). Total fleet vehicle fuel use increased
by 0.8 per cent in 2013/14, when compared to 2012/13.
The majority of vehicles purchased by Monash were sourced from
companies with Australian-based manufacturing plants.

Green information technology

Priority: To reduce the environmental impacts of information
and communication technologies and to leverage information
technology (IT) to deliver more sustainable outcomes
The Monash Green IT Committee focussed on the reduction of
resources associated with IT in 2013/14:
the migration of staff and student personal computers (~15,000)
to Windows 7 has been completed, enabling the embedding
of standard and managed power saving settings, resulting in
electricity savings
a significant number of servers and associated services were
migrated from Clayton campus data centre to a highly efficient
off-campus facility. Continued efforts in server consolidation have
resulted in over 240 physical servers and disks decommissioned
in 2014
the automatic power down of HVAC, lighting and audiovisual
equipment in teaching spaces based on presence detection
technology has been deployed to over 19 lecture theatres

Procurement
Priority: To include consideration of sustainability in all University
purchases
The Procurement Framework implemented in 2012 continued to
ensure environmental and social sustainability, value for money and
probity were included in all procurement processes and categories.
This framework ensured there was consideration of environmental and
social criteria for tenders greater than $200,000. Practical guidelines
were developed for staff to use when scoring sustainability criteria in
tenders.

Office supplies
Priority: To increase the percentage of EarthSaver purchases to 50
per cent of office supply purchases
The University continued to work closely with the provider of office
supplies to increase the purchase of EarthSaver products in place
of non-sustainable goods. The percentage of EarthSaver products
purchased decreased by 1.3 per cent for 2013/2014, comprising
37% per cent of total expenditure of all Monash University purchases
from the supplier.

Paper
Priorities:To decrease overall volume of paper purchased
To increase percentage of recycled content (more than 80 per
cent) paper purchased
Monash has achieved a progressive reduction in paper use through
automation and online delivery, with a 31 per cent decrease since the

34

200,000

150,000

100,000

50,000

0
2010/11

2011/12

2012/13

Recycled paper

2013/14

Virgin paper

Notes:
1. Data from Gippsland campus not included from 1 January 2014;
transferred to Federation University.
2. Source: Based on data provided by Monash Universitys main paper
providers.

The built environment and landscape

Priority: To incorporate ecologically sustainable development
(ESD) into all new buildings and refurbishments
Two buildings achieved Green Star Certification during 2014. The
Monash Peninsula Activity and Recreation Centre achieved a 5-star Asbuilt certification with a number of ESD initiatives, including connection
to a campus-wide rainwater harvesting system that significantly reduces
the demand for potable water on the campus. The new Green Chemical
Futures building at Clayton campus achieved a 5-Star Design rating that
is expected to translate into a similar level As-built rating.
The Peninsula Campus Library underwent a number of retrofit actions in
an effort to make the building Monashs first electricity-neutral building.
With a 135kWp solar array, energy reduction efforts focussed on a
complete LED lighting and control retrofit, and high engagement with
occupants to exhibit best-practice in operation.
The Monash University EcoAccord was updated to Version 3 for use as
a design guide for ESD in all projects, setting all-inclusive performance
requirements in an easy-to-understand format. With increased
compliance to the EcoAccord, the sustainability performance of new
works improved.

Legislative compliance
Priority: To be fully compliant with federal and state environmental
legislative and reporting requirements
The University complied with the legislative requirements outlined in
the following state and federal legislation:
Environment Protection Act 1970 (Vic)
Environment Protection (Industrial Waste Resource) Regulations
2009 (Vic)
Environment Protection (Prescribed Waste) Regulations 1998 (Vic)
Environment Protection and Biodiversity Conservation Act 1999
(Cth)
National Greenhouse and Energy Reporting Act 2007 (Cth)
National Greenhouse and Energy Reporting Regulations 2008 (Cth)
National Greenhouse and Energy Reporting (Measurement)
Determination 2008 (Cth)

MONASH UNIVERSITY ANNUAL REPORT 2014

 National Measurement Act 1960 (Cth)

Clayton campus

Water Act 1989 (Vic)

The $79.56 million Green Chemistry Futures building and associated

landscape works was completed, with gross floor area of 9,306m2.
It received a five star Education Design rating and is expected to
achieve a five star As Built rating. The building houses research and
teaching laboratories, offices, as well as meeting and collaborative
spaces. The Education Investment Fund DIISRTE contributed funding
of $29.12 million.

Water (Resource Management) Regulations 2007 (Vic)

During 2014 Commonwealth legislation enabling the Energy
Efficiency Opportunities Program was repealed and the University
was exempted from relevant provisions of the Victorian Environment
Protection (Environment and Resource Efficiency Plans) Regulations
2007, reducing the Universitys environmental regulatory requirements.
Compliance with current legislation and achievement of environmental
best practice is managed through risk and compliance strategies,
contractor engagement, auditing and waste discharge monitoring.

Monash University Malaysia

Monash University Malaysia implemented the Monash Sustainability
Institutes Green Steps programme for students in 2013/14. Fifteen
students undergraduate and postgraduate participated, and
carried out five projects that analysed University operations and
proposed sustainable alternatives. This programme acted as a pilot for
a Green Steps at Work programme to be conducted in 2015, which
will see a group of staff members attending a training programme on
sustainability at work.
The campus established a butterfly garden and, through the Green
Representatives Network, also participated in a tree planting effort in
the state of Selangor, which was organised by a local environmental
non-governmental organisation.

Statements of compliance
Compliance with the building and maintenance
provisions of the Building Act 1993
The Facilities and Services Division was responsible for all buildings,
grounds and service infrastructure at Victorian campuses, including
refurbishment and maintenance of existing buildings and construction
of new buildings. Monash University continued the development and
maintenance of its infrastructure with an emphasis on efficient, lowmaintenance, safe and environmentally sound facilities.
The University engaged independent registered building surveyors
to ensure all works requiring building approval had building permits
issued, plans certified, and on completion had Certificates of
Occupancy/Certificates of Final Inspection issued in compliance with
the Building Act 1993.

Compliance major works 2014

A summary of the development of new buildings and major
refurbishments is provided below.
Caulfield campus
A major re-development to enhance the Library in Building A commenced
with a project budget of $37.3 million, with a further $2.0 million spend
for sub-station and electrical infrastructure works. Provisional and early
enabling works required existing occupants to be relocated from the
building with the electrical infrastructure works well underway.
The adjacent $6.5 million Caulfield Campus Green is the first stage of major
landscape works associated with the development, and incorporates a
$700,000 soundshell for student use.
A major refurbishment totalling $7.4 million to Level 1 of Buildings B and
C commenced to house the Monash Connect front of house, Monash
Residential Services, Employment and Careers Development, the Caulfield
Campus Community Development offices, informal study spaces and a
small caf.
The $2.25 million Journalism Laboratory in level 5 of Building B is under
design, with works to commence in the first quarter of 2015 and aiming
for completion in time for semester two teaching.
The Office of Future Students was successfully relocated to Level 8 of
Building H mid 2014 at a cost of $850,000.

Environmental performance

Construction commenced on the $165 million stage one residential

project. The development comprises 1,000 single bed units,
increasing the on-campus residential population and supporting the
campus aspiration as a morning-to-midnight activated and inviting
campus that attracts enriches and fully engages with the surrounding
community. The works include services infrastructure upgrades in the
eastern precinct to service potential future developments, landscape
works and some ground floor occupation for University use.
Major landscape works completed included the $4.4 million northwest precinct works (including areas of College Walk west and
Campus Walk central), the $2.3 million Campus Walk north and the
$2.9 million Campus Walk south. Design was progressed on the
eastern precinct landscape works, estimated at $18 million, and will
be completed concurrently with the stage one residential project.
Similarly the $6.5 million western landscape design was progressed
for tender early 2015, with a $500,000 early works package let and
works undertaken late 2014.
Architects were appointed for the design of the proposed $180 million
Teaching and Learning Building in the southern precinct. The building
will showcase and reinforce Monash Universitys commitment to
innovative learning and teaching practices and provide a new front-door
experience for visitors at the Universitys Wellington Road entrance.
The scope also includes an additional $5 million for enhancements to
the existing Transport Interchange, currently at capacity and in need
of expansion and improvement to be a highly integrated, multi-modal
regional hub. The project is planned for completion by end 2017.
A major re-development to enhance the Matheson Library began with
stage one works totalling $2 million commencing in late 2014. The
total project cost is estimated at $25 million with the stage two design
progressing to tender in the second quarter of 2015, with works to
commence in earnest shortly after.
The provision of comfort cooling to a number of levels in the Menzies
building was designed and tendered with works to commence in early
2015. The project requires associated new mechanical plant and is
expected to cost $6.6 million.
The $5.2 million re-development of Building 56 was completed to
consolidate the Facilities and Services Division personnel, and entailed
the first Passivhaus designed and constructed facility, providing a
highly efficient building envelope to achieve significant energy savings
and a favourable tenant environment.
The $2.75 million new Centre for Structural Cryo-EM Facility was
completed and forms part of the Medicine Biological Imaging
Research Platform, with the 240m2 PC2-equivalent labs housing
laboratory operations and SEM/TEM microscopes.
The $5.43 million Sports Building Pool Hall works involved replacement
of the failing roof, acoustic works, a new mechanical services
system, new roof-mounted thermal water heating system and other
infrastructure services upgrades and faade treatments. Planning
commenced for the $700,000 replacement of the failed variable floor
buoyancy panels to the east variable floor pool with work scheduled
for mid-2015.
The $8.5 million Maths Building 28 project commenced and entails
laboratory, major office, amenities and teaching space refurbishments
on levels one and three, as well as associated infrastructure
services (new mechanical plant, vertical risers and two passenger
lift replacements) to reposition the building into the future for flexible
planning of accommodation.
The $4.55 million University Club refurbishment and associated
landscape works was completed, achieving a high quality, multipurpose meeting place for staff and guests to relax, meet, dine and
work temporarily, bringing the club to a level commensurate with
Monashs overall ambitions for staff amenity.

35

The $3.3 million refurbishment of the 400-seat S1 lecture theatre and

break-out spaces, including high-tech AV equipment, was completed,
and a $2.7 million renewal of the 400-seat C1 lecture theatre
commenced with completion anticipated in late February 2015.
$3.25 million was spent on a 510m2 University Health Services
refurbishment in the Campus Centre, including a 150m2 fitout for
optometry and pharmacy tenancies, achieving the Super Clinic
concept service delivery model, consolidating medical and counselling
services into a holistic health service delivery precinct.
Biology Building 17 works entails a $5.42 million refurbishment to
the ground floor to achieve PC2 and QC2 certified laboratories for
evolution physiology research, to be completed in April 2015. Design
for the major faade rectification and infrastructure services works
totalling $14.0 million commenced with construction works likely to
start mid-2015.
Design progressed on the $4.4 million Astrophysics levels one and two
refurbishment of Building 27, entailing a mix of office and open-plan
accommodation, 3rd Year Teaching Laboratories, flat-floor teaching
laboratories in highly transparent spaces and associated BCA and
infrastructure services.
Infrastructure works included a new $350,000 lift to the Law Building
completed early 2014, a $700,000 high temperature hot water pipe
upgrade required for the Green Chemical Futures Building, and a third
high voltage ring main at a cost of $4.4 million that is underway and
will be complete in readiness for the stage one residential buildings
commissioning from the third quarter of 2015.
Parkville campus
The $2.1 million Nano Medicine Lab fit-out on level four of Building
404 was completed, creating a 660m2 state-of-the-art, world leading
aggregated polymer chemistry research facility and is part of the
Monash University and Warwick University alliance.
Peninsula campus
A $740,000, 290m2 refurbishment of Building U was completed in
late November. The refurbishment of the University Health Services
aligns with the Super Clinic concept service delivery model being
rolled out in the general community, consolidating both medical and
counselling services into a holistic health service delivery precinct.

36

MONASH UNIVERSITY ANNUAL REPORT 2014

Financial
performance

Financial performance

37

State Government Funding

Report on financial operations

2013

2%

2014

Exenses*

In 2014 the University operating result is $161.8 million (2013,

$35.0 million) and the consolidated result is $213.2 million (2013,
$56.6 million). The transition to a new investment portfolio structure
completed in early November 2014 resulted in a significant positive
impact on revenue. As a result of selling out of the old investment
structure the Universitys revenue includes a reversal of previous
impairments and realised gains on the transition totalling $51.6 million.
The total impact included in the consolidated result is $74.6 million
(2013 consolidated impairment reversal $10.2 million), which was a
non-cash impact. Costs of transition were not material.

Expenses*

Student revenue, both domestic CSP and international fee-paying,

had a large increase in 2014, particularly international fee revenue
which was up by $72.1 million.

* Percentages based on expenses excluding discontinued operations

The University operating margin is 8.6% (2013 4.7% from continuing

operations) and 10.7% on a consolidated basis (2013 6.2% from
continuing operations). Excluding the impact of the change in
investment structure, the ratios would be 6.0% for the University and
7.2% for the group.
Under a methodology broadly agreed between the Go8 universities,
the consolidated underlying result is $49.4 million, which excludes net
investment revenue in excess of borrowing costs, capital grants and
unspent research and other specific grants. The 2013 consolidated
underlying result was $53.6 million, which also excluded the impact of
discontinued operations at Gippsland and South Africa.
Other comments on the comparison of 2013 and 2014 group revenue
and expenses:
Investment revenue excluding the transitional impacts has
increased significantly (by $16.0 million);
Non-government research grants increased by $15.9 million;
Staff numbers were sensibly contained with the staff salaries
expense (excluding on costs and leave provisions) increasing by
less than 1%, an effective decrease when taking into account a
2.25% annualised EBA increase;
Scholarships and prizes increased by $18.2 million or 17%;
Impairment on asset values of $11.4 million in 2014 mainly related
to the library collection due to obsolescence and the impending
major refurbishment works commencing in 2015; and
Payments under shared grant arrangements increased by $26.3
million.
On the Balance Sheet, net assets increased by 6.0%, largely due to
the increase in value of investments and capital expenditure. Total
drawn borrowings decreased by $11.9 million to $281.1 million.
Revenues*

Revenues*
40%
38%

Australian Government funding

13%
13%

HECS HELP and FEE HELP

Consultancy and contracts
State Government Funding

4%
3%
2%
2%

2013

2014

* Percentages based on revenue excluding discontinued operations and

investment restructure

Exenses*
57%
53%

Employee benefits and on costs

24%
28%

Other operating
Scholarships and prizes

7%
7%

Repair and maintenance and rent

leasing and utilities

6%
6%

Depreciation and amortisation

38

6%
6%

Scholarships and prizes

7%
7%

Repair and maintenance and rent

leasing and utilities

6%
6%

Depreciation and amortisation

2013

6%
6%

2013

2014

Statement of consolidated financial performance for

the year ended 31 December 2014
2010
$million

2011
$million

2012
$million

2013
2014
$million $million

Revenue from continuing and discontinued operations:

Australian Government funding

572.6

646.4

731.5

674.4

734.1

HECS HELP and FEE HELP

168.5

206.4

223.3

215.1

246.6

State Government funding

40.0

35.1

37.9

34.7

35.1

54.0

55.1

61.9

61.8

54.0

Fees and charges

446.9

462.8

470.1

454.3

527.8

Investment income

37.1

46.2

31.7

43.5

63.3

185.8

146.3

165.0

216.6

252.5

Consultancy and contracts

Other revenue
Subtotal
Realised gain on transition to
new investment structure
Total revenue from
continuing and discontinued
operations

1,504.9 1,598.3 1,721.4 1,700.3 1,913.4

74.6

1,504.9 1,598.3 1,721.4 1,700.3 1,988.0

Expenses from continuing and discontinued operations:

Employee benefits and on
costs

841.3

841.3

931.9

901.6

934.3

Depreciation and amortisation

78.6

86.5

90.4

94.0

106.7

Repair and maintenance and

rent, leasing and utilities

83.4

94.4

95.5

102.7

107.1

Scholarships and prizes

Other operating
Total expenses
from continuing and
discontinued operations
Operating result from
continuing and discontinued
operations before income tax

89.2

95.2

99.7

107.1

125.3

379.5

383.9

411.4

388.3

498.2

1,472.1 1,501.3 1,628.9 1,593.7 1,771.6

32.8

97.0

92.5

106.6

216.4

0.3

(1.0)

1.0

3.2

32.8

96.7

93.5

105.6

213.2

Net result from discontinued

operations

(49.20)

Net result from discontinued

operations

(74.6)

32.8

96.7

93.5

56.4

138.6

Net operating margin

(including discontinued
operations and
investment restructure)

2.2%

6.0%

5.4%

3.3%

10.7%

Net operating margin

(excluding discontinued
operations and
investment restructure)

2.2%

6.0%

5.4%

6.2%

7.2%

Net operating result

from continuing and
discontinued operations

15%
17%

Investment and other income

24%
28%

Other operating

Income tax

27%
28%

Fees and charges

57%
53%

Employee benefits and on costs

Net operating result from

continuing operations

2014

MONASH UNIVERSITY ANNUAL REPORT 2014

Statement of consolidated financial position as at 31

December 2014
2010
$million

2011
$million

2012
$million

2013
$million

2014
$million

Assets
1,823.5 1,953.6 2,221.4 2,115.0 2,197.0

Property, Plant and

Equipment
Available-for-sale financial
assets

320.1

305.3

352.7

430.1

495.9

Deferred Government
Superannuation Contributions

184.9

183.8

231.9

166.5

161.0

355.4

328.8

376.8

406.6

421.6

Other

2,683.9 2,771.5 3,182.8 3,118.2 3,275.5

Liabilities
Borrowings

320.2

325.5

313.8

293.1

281.1

Provisions

146.2

159.2

169.6

187.4

198.1

Deferred Employee Benefits

for Superannuation

184.9

183.8

231.9

166.5

161.0

Other
Net Assets

128.6

133.4

173.5

184.7

210.8

779.9

801.9

888.8

831.7

851.0

1,904.0 1,969.6 2,294.0 2,286.5 2,424.5

Statement of consolidated cashflows for the year ended

31 december 2014
2010
$million

Net cash inflows from

operating activities

2011
$million

2012
$million

2013
$million

2014
$million

102.4

181.5

200.6

155.3

212.2

(109.4)

(210.3)

(156.6)

(148.2)

(207.6)

Net cash inflows/

(outflows) from
financing activities

(6.5)

9.5

(8.2)

(19.4)

(16.0)

Net increase/
(decrease) incash
assets held

(13.5)

(19.3)

35.8

(12.3)

(11.4)

Net cash outflows

from investing activities

Statement on ex-gratia payments

There were no ex-gratia payments made by the University during
the year. Fees and sundry receivable amounts forgiven during the year
are disclosed as bad debts in Note 15 to the financial statements.

Statement on risk management

The University Councils risk management strategy centralises the coordination of risk management and devolves the responsibility for the
management of risk using the lines of defence model.
The Universitys Enterprise Risk Management framework supports the
University Councils delegation of responsibility for risk management.
The framework is designed to ensure effective management of risks
in the following areas: strategic, operational, regulatory and project.
The Audit and Risk Committee monitors the adequacy of arrangements
in place to ensure that risks are effectively managed across
the University.
The Universitys key risk profile is reviewed by the Universitys executive
management, Audit and Risk Committee and Council at least twice
a year.

FINANCIAL PERFORMANCE

Attestation
I, Professor Margaret Gardner, certify that Monash University has risk
management processes in place to enable the University to manage
its key risk exposures in accordance with Australian/New Zealand
Risk Management Standard: AS/NZS ISO 31000: 2009 (Australian
Standard). The Audit and Risk Committee verifies this assurance. The
key risk profile of Monash University has been reviewed within the last
12 months.

Professor Margaret Gardner, AO

Vice-Chancellor and President, Monash University
March 2015

Risk analysis subsidiaries

The following table is an indicative summary of the risk related to
subsidiaries of the University where Monash has a capital investment
in excess of $100,000 or where the entity has revenue of more than
$500,000.
Controlled Entity

Objects

Monash
Accommodation
Services Pty Ltd

Construction and supply

of affordable rental
accommodation.

Monash College
Pty Ltd

Investment Turnover
$000
$000

11,963

13,820

Education activities on behalf

of Monash University or in its
own right.

500

90,160

Monash Investment
Trust

Manage investments on
behalf of Monash University.

10

2,936

Monash University
Foundation Trust

Generation of investment
income for the future benefit
of Monash University.

59,581

All companies had some exposure to risk, but in the context of

Monash Universitys asset base the level of financial and reputational
risk was modest.
Monash University and its subsidiaries had a suite of policies designed
to mitigate risk. These included:
regular monitoring of subsidiaries performance and outlook;
crisis management and recovery processes;
occupational health and safety policies;
business continuity strategic plan;
physical security;
good staff management, training and development practices with a
sound staff selection process;
segregation of duties; and
financial delegation policy.

Statement on allocation of public funds

Public funds allocated to the University were allocated to the purposes
specified by the government or other funding body.

39

Major financial and performance statistics

2010
$000
Net result*

32,825

2011
$000

2012
$000

96,622

2013
$000

93,505

2014
$000

56,588

213,238

Revenue

1,531,298 1,597,175 1,769,529 1,700,303 1,988,012

Expenses

1,498,473 1,500,250 1,676,997 1,593,675 1,771,553

Assets

2,683,850 2,771,451 3,182,852 3,118,205 3,275,500

Liabilities
Equity

779,888

801,892

888,820

831,672

850,983

1,903,962 1,969,559 2,294,032 2,286,533 2,424,517

* After tax and non-controlling interests. 2014 includes the impact of

transition to new investment structure (2013 includes the impact of
discontinued operations).

Consultants
The University engaged a wide range of consultants to assist in the
implementation of new systems, and to provide advisory services and
information for business developments and a variety of research projects.
The table below lists the consultants used by the University and the fees
paid for their services during the year ended 31 December 2014.
Name /
Description of services
Price Waterhouse Coopers
Business advisory services
Strategic Project Partners Pty Ltd
Planning and advising services
The Nous Group
Management consulting services
Squiz Australia Pty Ltd
Web related services
Moore Stephens
Taxation, accounting and business
consulting services
Exiron (Aust) Pty Ltd
Web related services
Precedent Communications
Australia
IT system services
Netspot Pty Ltd
IT system services
Presence Of It
Payroll consulting services
Donald Cant Watts Corke
Project management services
Cortell Australia Pty Ltd
IT system services
Bmc Software Asia Pacific Pte Ltd
Software services
Deloitte Touche Tohmatsu
Business advisory services
Sms Consulting Group Limited
Project consultation services
Magellan Consulting Pty Ltd
Workplace relations advice
Mcgauran Giannini Soon Pty Ltd
Architectural and urban design advice
Vincent Chrisp Architects
Architectural services
So I.R. Pty Ltd
Employment relations advice
Solutions At Work Pty Ltd
Industrial relations advice
Miller Consulting Group Pty Ltd
Management consulting services
Offor Sharp Family Trust
Specialist advice on research project
Ian Thorp Consulting Pty Ltd
Architectural services
40

Commitments

2,420,221

1,246,095

1,869,383

285,384

1,835,330

1,280,937

1,015,435

47,830

988,753

374,236

839,600

497,600

772,744

423,151

709,375

2,000

423,780

190,553

422,500

496,000

419,260

279,365

402,650

364,754

257,761

332,489

257,602

37,398

257,462

328,885

222,450

66,550

209,295

85,705

205,140

4,860

203,040

260,250

178,232

19,614

163,900

136,125

Name /
Description of services
John Charleson Advisory
HR strategic advice
Dunlop International Pty Ltd
Project management services
Unisolve Pty Ltd
IT service development
Woods Bagot Pty Ltd
Architectural services
Peter Elliott Pty Ltd
Project feasibility consulting
Dlm Investments (Aust) Pty Ltd
Mechanical engineering advice
Pitt & Sherry (Operations) Pty Ltd
Energy Productivity Improvement
consulting
Worklogic Pty Ltd
Employment relations advice
Focus Energy Solutions
Building construction and
commissioning services
Sustainable Melbourne Fund
Environmental advisory services
Stephen Bambery Pty Ltd
Occupational health advice
Subtotal > $100,000
241 Consultancies < $ 100,000
Total Consultancies

Commitments

154,400

25,600

152,016

116,555

132,980

242,407

130,000

121,465

59,360

119,175

82,865

117,750

116,189

68,899

112,576

274,986

110,244

61,471

107,550

43,450

15,813,012
5,571,871
21,384,883

7,370,619

7,370,619

Statement on compulsory
non-academic fees
The Higher Education Legislation Amendment (Student Services and
Amenities) Bill 2011 was passed by the Parliament on October 2011
and allows higher education providers to charge a Student Services
and Amenities Fee from 1 January 2012. The Student Services and
Amenities Fee (SSAF) in 2014 is calculated and charged based on a
students enrolment, mode (off or on campus) and study load (full or part
time) for the entire calendar year. The maximum SSAF amount a student
could pay in 2014 is $281 and eligible students were able to defer their
SSAF to the government loan scheme, SA-HELP. Revenue from the fee
was spent in accordance with the Higher Education Support Act 2003.

Statement on private provision

of public infrastructure
The University has not entered into any arrangement that has resulted
in the private provision of public infrastructure.

MONASH UNIVERSITY ANNUAL REPORT 2014

Disclosure index

Clause

The Annual Report of Monash University was prepared in accordance

with:

Disclosure

Page

FRD 21B

Responsible Person and Executive Officer

Disclosure in the Financial Report

8587

FRD 22E

Consultants:
Report of Operations includes a statement
disclosing each of the following
1. Full details of consultancies over $100,000
2. Total number of consultancies individually
valued at less than $100,000 and the total
expenditure for the reporting period.

FRD 22E

Manner of establishment and the relevant

Minister

40

FMA

Financial Management Act 1994

FRD

Financial Reporting Directions

SD

Directions of the Minister for Finance issued under section

8 of the Financial Management Act 1994

AAS

Australian Accounting Standards

AASB

Australian Accounting Standards Board

ETRA 2006

Education and Training Reform Act 2006

FRD 22E

Objectives, functions, powers and duties

PAEC

Decision of Public Accounts and Estimates Committee

ofParliament

FRD 22E

Nature and range of services provided including

communities served

FRD 22E

Organisational structure and chart, including

accountabilities

FRD 22E

Names of Council members

FRD22E

Operational and budgetary objectives,

performance against objectives and
achievements

1112

FRD 22E

Occupational health and safety statement

including performance indicators, performance
against those indicators, and how they affected
outputs

2122

FRD 22E

Workforce data for current and previous

reporting period including a statement on
employment and conduct principles

1725

FRD 22E

Summary of the financial results for the year

including previous 4 year comparisons

3839

FRD 22E

Significant changes in financial position during

the year

3839

FRD 22E

Major changes or factors affecting performance

2, 3,
1015

51

FRD 22E

Post-balance sheet date events likely to

significantly affect subsequent reporting periods

88

51

FRD 22E

Summary of application and operation of the

Freedom of Information Act 1982

26

FRD 22E

Statement of compliance with building and

maintenance provisions of the Building Act 1993

4445
44

FRD 22E

Statement on National Competition Policy

27

FRD 22E

27

50
51111

Summary of application and operation of the

Protected Disclosure Act 2012

FRD 22E

Statement, to the extent applicable, on the

application and operation of the Carers
Recognition Act 2012 (Carers Act), and the
actions that were taken during the year to
comply with the Carers Act

NA

This index was prepared to facilitate identification of compliance with

statutory disclosure requirements.
Clause

Disclosure

Page

Report of Operations contains general

information about the entity and its activities,
highlights for reporting period and future
initiatives and is prepared on a basis consistent
with financial statements pursuant to the
Financial Management Act 1994.

1112

SD 4.2(h)

Report of Operations is prepared in accordance

with Financial Reporting Directions.

1112

SD 4.2(j)

Letter of Transmittal is signed and dated by

Chancellor or equivalent and includes date of
Council Meeting at which Annual Report was
approved.

SD 4.2(g)

SD 4.2(a)

SD 4.2(b)

SD 4.2(c)

SD 4.2(d)

Financial Statements are prepared in

accordance with:
Australian Accounting Standards (AAS and
AASB standards) and other mandatory
professional reporting requirements;
Financial Reporting Directions; and
Business Rules.
Financial Statements available, including:
Income statement and balance sheet;
Statement of Recognised Income and
Expense;
Cash Flows Statement; and
Notes to the financial statements.
Signed and dated statement by Accountable
Officer stating that financial statements:
Present fairly the financial transactions
during reporting period and the financial
position at end of the period;
Were prepared in accordance with Standing
Direction 4.2(c) and applicable Financial
Reporting Directions; and
Comply with applicable Australian
Accounting Standards (AAS and AASB
standards) and other mandatory professional
reporting requirements.
Financial Statements are expressed in the
nearest dollar except where the total assets,
or revenue, or expenses of the institution are
greater than:
$10,000,000, the amounts shown in the
financial statements may be expressed by
reference to the nearest $1,000.

51

112

78
45

3536

FRD 22E

Summary of Environmental Performance

FRD 22E

List of other information available on request

from the Accountable Officer, and which must
be retained by the Accountable Officer (refer to
list at (a) (l) in the FRD))

42

FRD 24C

Reporting of office based environmental

impacts

34

FRD 25B

Victorian Industry Participation Policy in the

Report of Operations

NA

FRD 26A

Accounting for VicFleet Motor Vehicle Lease

Arrangements on or after 1 February 2004

NA

FRD 101

First time adoption

FRD 102

Inventories

FRD 103E

Non-current physical assets

FRD 104

Foreign currency

FRD 105A

Borrowing Costs

55, 65

FRD 106

Impairment of assets

53, 64

FRD 107A

Investment properties

56, 72,
103

51
5859

FRD 109

Intangible assets

5455,
7778

NA

112
112

51

112

2935

NA
53, 69
NA

SD 4.2(e)

Declaration by authorised officers that the financial

statements have been reviewed by Monash
University Council.

SD 4.5.5

Attestation on compliance with the Australian/

New Zealand Risk Management Standard.

FRD 03A

Accounting for Dividends

FRD 07A

Early Adoption of Authoritative Accounting

Pronouncements

FRD 9A

Administered assets and liabilities

FRD 110

Cash Flow Statements

FRD 10

Disclosure Index

41

FRD 112D

Defined benefit superannuation obligations

87, 88

FRD 113

Investments in Subsidiaries, Jointly Controlled

Associates and Entities

51,
7071,
9395

FRD 119A

Transfers through contributed capital

39
N/A

FRD 11A

Disclosure of Ex-gratia Payments

39

FRD 17B

Long Service Leave Wage Inflation and Discount

Rates

57

FRD 19

Private Provision of Public Infrastructure

40

Financial performance

52, 53

50

NA

41

Clause

Disclosure

FRD 120H

Accounting and reporting pronouncements

applicable to the reporting period

FMA 1994
49(a)
49 (b)
49 (c)

Financial Statements:
Contain such information as required by the
Minister;
Are prepared in a manner and form
approved by the Minister;
Present fairly the financial transactions of the
university during the relevant financial year to
which they relate;
Present fairly the financial position of the
university as at the end of that year; and
Are certified by the accountable officer in the
manner approved by the Minister.

49 (d)
49 (e)

Page
5859

51
51
112
112
112

ETRA,
s. 3.2.8

Statement on compulsory non-academic fees,

subscriptions and charges payable in 2014

40

PAEC

Financial and other information relating to the

universitys international operations

1214,
60,
7071,
9495

UNIVERSITY
COMMERCIAL
ACTIVITY
GUIDELINES

Summary of the university commercial activities

If the university has a controlled entity, include
the accounts of that entity in the universitys
Annual Report

93
9495

Other relevant information available on request

Additional information is available on request about the following
topics, subject to the provisions of the Freedom of Information Act
1982:
FRD 22E Statement regarding declaration of pecuniary interest:
contact Ms Karen Haywood, Divisional Director Human
Resources Division, telephone +61 3 9902 9675, karen.haywood@
monash.edu
FRD 22E Shares held by senior officers: contact Mr Tony Calder,
Director Executive Services, telephone +61 3 9905 2010,
[email protected]
FRD 22E Publications: contact Ms Margot Burke, Director
Marketing, telephone +61 3 9903 4819, margot.burke@monash.
edu or visit www.monash.edu/pubs
FRD 22E Changes in prices, fees, charges, rates and levies:
contact Ms Jessica Lightfoot, Divisional Director Financial
Resources Management Division, telephone +61 3 9905 6356,
[email protected]
FRD 22E Major external reviews: contact Mr Tony Calder, Director
Executive Services, telephone +61 3 9905 2010, anthony.calder@
monash.edu
FRD 22E Major research and development activities: contact
Professor Edwina Cornish, Office of the Senior Vice President and
Provost [email protected], telephone +61 3 9902 9468
FRD 22E Overseas visits: contact Mr Tony Calder, Director
Executive Services, telephone +61 3 9905 2010, anthony.calder@
monash.edu
FRD 22E Major promotional, public relations and marketing
activities: contact Ms Martgot Burke, Director Marketing,
telephone +61 3 9903 4819, [email protected]
FRD 22E General statement on industrial relations and details
of time lost due to industrial disputes and accidents: contact Ms
Karen Haywood, Divisional Director Human Resources Division,
telephone +61 3 9902 9675, [email protected]
FRD 22E Major committees: contact Mr Tony Calder, Director
Executive Services, telephone +61 3 9905 2010, anthony.calder@
monash.edu or visit www.adm.monash.edu/execserv

42

MONASH UNIVERSITY ANNUAL REPORT 2014

Financial
statements

Financial statements

43

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2014
Consolidated
2014
Notes

$000's

2013
$000's

Monash University
2014
2013
$000's

$000's

Revenue from continuing operations

Australian Government financial assistance
Australian Government Grants
HECS-HELP - Australian Government payments

734,066

674,484

729,330

669,820

196,675

171,286

196,675

171,286

49,938

43,782

49,433

42,922

State and Local Government financial assistance

35,084

34,701

33,505

33,147

Non-Government financial assistance

FEE-HELP

HECS-HELP student payments

92,191

64,075

92,195

64,102

33,250

32,680

33,250

32,680
379,872

Fees and charges

527,815

454,270

431,865

Investment revenue

137,910

43,386

105,208

38,400

Royalties, trademarks and licences

20,227

17,461

27,420

16,754

Consultancy and contracts

53,987

61,837

53,988

61,837

Other revenue

10

106,731

101,189

122,195

111,617

Share of net results of associates and joint venture entities

accounted for using the equity method

23

138

1,152

1,988,012

1,700,303

1,875,064

1,622,437
870,911

Total revenue from continuing operations

Expenses from continuing operations

Employee benefits and on costs

11

934,282

901,550

895,543

Depreciation, amortisation and impairment

12

106,701

93,979

103,114

89,118

Repairs and maintenance

13

41,570

40,477

40,234

39,117

Finance costs

14

16,662

16,726

17,540

17,373

Bad and impaired receivables

15

1,059

946

857

851

Assurance and other services

16

458

564

347

447

Other expenses

17

670,821

539,433

655,677

528,624

1,771,553

1,593,675

1,713,312

1,546,441

216,459

106,628

161,752

75,996

3,221

890

213,238

105,738

Total expenses from continuing operations

Net result from continuing operations before income
tax
Income tax expense

18

Net result from continuing operations after tax

Net result from discontinued operations

19

Net result attributable to members of the parent entity

213,238

(49,150)
56,588

161,752
161,752

75,996
(40,967)
35,029

Other comprehensive income

Items that will not be reclassified to profit or loss:
Gain / (loss) on revaluation of land and buildings, net of tax

27,35

Gain on revaluation of cultural assets

27,35

(Decrease) / increase in deferred government

superannuation contributions

40(b)

(5,549)

(65,355)

(5,549)

(65,355)

Decrease / (increase) in deferred employee benefits for

superannuation

40(b)

5,549

65,355

5,549

65,355

Items that may be reclassified subsequently to profit or

loss:
Change in fair value of available for sale financial assets,
net of tax

35

6,349

55,060

4,784

36,753

Exchange differences on translation of foreign operations,

net of tax

35

3,363

2,604

Currency and interest rate contract

35

(6,658)

Total other comprehensive income

Total comprehensive income

(1,200)
330

2,184

(117,343)
5,835

(53,844)

(2,471)
330

(6,658)
(4,015)

(116,593)
5,835

(74,005)

215,422

2,744

157,737

(38,976)

215,422

2,744

157,737

(38,976)

Total comprehensive income for the year is attributable to:

Members of the parent entity
Non-controlling interests

The above statement of comprehensive income should be read in conjunction with the accompanying notes.

44

MONASH UNIVERSITY ANNUAL REPORT 2014

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2014
Consolidated
Notes

Monash University

2014

2013

2014

2013

$000's

$000's

$000's

$000's

ASSETS
CURRENT ASSETS
Cash and cash equivalents

20

62,979

72,770

48,189

51,776

Receivables

21

78,277

74,740

70,229

66,217

Inventories

22

493

370

493

370

Other financial assets

25

Available-for-sale financial assets

24

Other assets

29

TOTAL CURRENT ASSETS

NON-CURRENT ASSETS
Receivables

21

7,425

70

101

17,071

13,109

16,334

12,445

158,890

168,515

135,245

130,808

27,781

27,595

59,530

19,708

Investments accounted for using the

equity method

23

30,351

29,868

16,539

16,539

Available-for-sale financial assets

24

495,916

430,051

316,526

281,753

Other financial assets

25

13,572

13,385

25,924

37,430

Investment properties

26

88,971

68,830

51,471

34,930

Property, plant and equipment

27

2,197,016

2,114,962

2,094,211

2,049,168

Intangible assets

28

91,670

87,706

89,430

84,929

Other assets

29

10,347

10,758

10,347

10,758

Deferred Government superannuation

contributions

40

160,986

166,535

160,986

166,535

TOTAL NON-CURRENT ASSETS

3,116,610

2,949,690

2,824,964

2,701,750

TOTAL ASSETS

3,275,500

3,118,205

2,960,209

2,832,558

154,185

LIABILITIES
CURRENT LIABILITIES
Payables

30

149,862

142,611

165,195

Borrowings

31

18,291

47,054

18,278

47,037

Provisions

32

171,673

149,812

166,547

142,329

Other liabilities

33

51,310

36,095

42,806

30,335

391,136

375,572

392,826

373,886

TOTAL CURRENT LIABILITIES

NON-CURRENT LIABILITIES
Payables

30

2,930

5,947

2,930

5,947

Borrowings

31

262,844

246,001

262,844

246,001

Provisions

32

26,429

37,617

25,707

36,870

Other financial liabilities

33

6,658

Deferred employee benefits for

superannuation

40

160,986

166,535

160,986

166,535

TOTAL NON-CURRENT LIABILITIES

459,847

456,100

459,125

455,353

TOTAL LIABILITIES

850,983

831,672

851,951

829,239

2,424,517

2,286,533

2,108,258

2,003,319

NET ASSETS

6,658

EQUITY
Parent entity interest
Capital

34

234,509

232,269

83,102

83,102

Reserves

35

997,076

1,072,330

994,501

1,051,314

Retained earnings

36

1,192,932

981,934

1,030,655

868,903

2,424,517

2,286,533

2,108,258

2,003,319

TOTAL EQUITY

The above statement of financial position should be read in conjunction with the accompanying notes.

Financial statements

45

46

MONASH UNIVERSITY ANNUAL REPORT 2014

27,35

32(c),35

35

24

35(b)

36

36

35

Gain on revaluation of cultural assets

Deferred tax on other comprehensive

income

Currency translation differences arising

during the year

Change in fair value of available for sale

financial assets, net of tax

Realised gain on sale of investments transfer to net profit

Realised gain on previously impaired

investments - transfer to net profit

Remeasurement of deferred government

superannuation contributions

Remeasurement of deferred employee

benefits for superannuation

Currency and interest rate contract

234,509

1,192,932

5,549

(5,549)

(2,240)

213,238

981,934

$000's

2,240

232,269

$000's

Capital Retained Earnings

The above statement of changes in equity should be read in conjunction with the accompanying notes.

Balance at 31 December 2014

27,35

Gain / (loss) on revaluation of land and

buildings

34

36

Net result for the year

Transfer to original capital

36

Notes

Preservation of capital

Balance at 1 January 2014

2014 Consolidated

FOR THE YEAR ENDED 31 DECEMBER 2014

STATEMENT OF CHANGES IN EQUITY

$000's

1,017,224

1,271

330

(2,471)

(23,504)

2,804

559

(26,867)

$000's

Asset Revaluation
Reserve
1,018,094

Foreign Currency
Translation
Reserve

10,014

(54,368)

(23,070)

6,349

81,103

$000's

Available-for-sale
Investment
Revaluation
Reserve

Total

(6,658)

(6,658)

2,424,517

(6,658)

5,549

(5,549)

(54,368)

(23,070)

6,349

2,804

1,830

330
-

(2,471)

(2,240)

2,240
213,238

2,286,533

$000's
-

$000's

Hedge Reserve

Financial statements

47

19,35

32(c),35

35

24

36

36

Gain on revaluation of cultural assets

Deferred tax on other comprehensive

income

Currency translation differences arising

during the year

Change in fair value of available for sale

financial assets, net of tax

Realised gain on previously impaired

investments - transfer to net profit

Remeasurement of deferred government

superannuation contributions

Remeasurement of deferred employee

benefits for superannuation

$000's

232,269

981,934

65,355

(65,355)

(3,463)

56,588

928,809

3,463

228,806

$000's

Capital Retained Earnings

The above statement of changes in equity should be read in conjunction with the accompanying notes.

Balance at 31 December 2013

19,35

Gain / (loss) on revaluation of land and

buildings

34

36

Transfer to original capital

36

Net result for the year

Notes

Preservation of capital

Balance at 1 January 2013

2013 Consolidated

FOR THE YEAR ENDED 31 DECEMBER 2014

STATEMENT OF CHANGES IN EQUITY

$000's

$000's
-

1,018,094

764

5,835

(118,107)

(26,867)

2,765

(161)

(29,471)

Asset Revaluation
Reserve
1,129,602

Foreign Currency
Translation
Reserve

81,103

(10,243)

55,060

36,286

$000's

Available-for-sale
Investment
Revaluation
Reserve

$000's

Hedge Reserve

2,286,533

65,355

(65,355)

(10,243)

55,060

2,765

603

5,835

(118,107)

(3,463)

56,588

3,463

2,294,032

$000's

Total

48

MONASH UNIVERSITY ANNUAL REPORT 2014

35(b)

36

36

35

Realised gain on sale of investments transfer to net profit

Realised gain on previously impaired

investments - transfer to net profit

Remeasurement of deferred government

superannuation contributions

Remeasurement of deferred employee

benefits for superannuation

Currency and interest rate contract

83,102

83,102

$000's

1,030,655

5,549

(5,549)

161,752

868,903

$000's

Capital Retained Earnings

The above statement of changes in equity should be read in conjunction with the accompanying notes.

Balance at 31 December 2014

24

27,35

Gain on revaluation of cultural assets

Change in fair value of available for sale

financial assets

27,35

36

Notes

Gain / (loss) on revaluation of land and

buildings

Net result for the year

Balance at 1 January 2014

2014 Monash University

FOR THE YEAR ENDED 31 DECEMBER 2014

STATEMENT OF CHANGES IN EQUITY

$000's

997,058

330

(2,471)

$000's

Asset Revaluation
Reserve
999,199

Foreign Currency
Translation
Reserve

4,101

(40,638)

(12,160)

4,784

52,115

$000's

Available-for-sale
Investment
Revaluation
Reserve

Total

(6,658)

(6,658)

2,108,258

(6,658)

5,549

(5,549)

(40,638)

(12,160)

4,784

330
-

(2,471)
-

161,752
-

2,003,319

$000's
-

$000's

Hedge Reserve

Financial statements

49

36

36

Realised gain on previously impaired

investments - transfer to net profit

Remeasurement of deferred government

superannuation contributions

Remeasurement of deferred employee

benefits for superannuation
83,102

83,102

$000's

868,903

65,355

(65,355)

35,029

833,874

$000's

Capital Retained Earnings

The above statement of changes in equity should be read in conjunction with the accompanying notes.

Balance at 31 December 2013

24

27, 35

Gain on revaluation of cultural assets

Change in fair value of available for sale

financial assets

27,35

36

Notes

Gain / (loss) on revaluation of land and

buildings

Net result for the year

Balance at 1 January 2013

2013 Monash University

FOR THE YEAR ENDED 31 DECEMBER 2014

STATEMENT OF CHANGES IN EQUITY

$000's

999,199

5,835

(116,593)

$000's

Asset Revaluation
Reserve
1,109,957

Foreign Currency
Translation
Reserve

52,115

(6,376)

36,753

21,738

$000's

Available-for-sale
Investment
Revaluation
Reserve

$000's

Hedge Reserve

Total

2,003,319

65,355

(65,355)

(6,376)

36,753

5,835

(116,593)

35,029

2,048,671

$000's

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2014
Consolidated
Notes

Monash University

2014

2013

2014

2013

$000's

$000's

$000's

$000's

Cash from operating activities:

Australian Government Financial Assistance
CGS and Other EDUCATION Grants

49
(a)

Higher Education Loan Programs

332,620

323,837

332,620

323,837

247,086

229,566

246,581

228,706

Scholarships

(c)

23,282

21,179

23,282

21,179

EDUCATION Research

(d)

118,043

112,557

118,043

112,557

(e)

8,546

5,900

8,546

5,900

(f)(i)

51,832

48,647

51,832

48,647

ARC grants - Linkages

(f)(ii)

14,069

14,491

14,069

14,491

ARC grants - Networks and Centres

(f)(iii)

10,891

4,335

10,891

4,335

178,119

167,864

173,383

163,200

State and Local Government Grants

35,084

35,813

33,505

34,259

HECS-HELP - Student payments

33,250

34,589

33,250

34,589

868,745

770,404

801,555

692,546

4,246

4,479

3,210

3,630

412

385

5,432

4,092

Other Capital Funding

ARC grants - Discovery

Other Australian Government Grants

Receipts from student fees and other

customers
Dividends received
Distributions received
Interest received
Payments to suppliers and employees
(inclusive of goods and services tax)

(1,696,854) (1,602,772)

Finance costs
Income taxes paid
Net cash provided by operating activities

45

Cash flows from investing activities:

Proceeds from sale of property, plant and
equipment
Repayment of loans received from related
parties

(21,076)

(19,947)

(1,522)

(160)

Cash disposed on discontinued subsidiary

operations

(1,638,812) (1,550,528)
(21,954)
-

(20,496)
-

194,715

120,545

5,997

1,660

750

1,660

(211,206)

Loans provided to related parties

3,693

155,259

2,245

Payments for property, plant and equipment

4,714

212,205

107,111

Proceeds from investments

7,085

2,245

1,280

109,062

13,948

(147,734)

(172,014)

(146,083)

(2,794)

(31,749)

(3,965)

(3,592)

(111,735)

(2,777)

(100,418)

(2,750)

Net cash used in investing activities

(207,588)

(148,152)

(192,124)

(135,910)

Cash flows from financing activities:

Proceeds from borrowings

93,300

192,943

93,300

192,800

Payments for investments

Distribution from related parties

8,226

9,523

(109,304)

(212,299)

(109,300)

(211,800)

Net cash provided by / (used in) financing

activities

(16,004)

(19,356)

(7,774)

(9,477)

Net cash increase / (decrease) in cash and

cash equivalents
Cash and cash equivalents at beginning of year

(11,387)
72,770

(12,249)
83,833

(5,183)
51,776

(24,842)
75,432

Effects of exchange rate changes on cash and

cash equivalents

(1,812)

1,186

(1,812)

1,186

59,571

72,770

44,781

51,776

Repayment of borrowings

Cash and cash equivalents at end of year

20

The above statement of cash flows should be read in conjunction with the accompanying notes.

50

MONASH UNIVERSITY ANNUAL REPORT 2014

NOTES TO THE FINANCIAL STATEMENTS

1

STATEMENT OF ACCOUNTING POLICIES

The principal accounting policies adopted in the preparation of
these financial statements are set out below. These policies
have been consistently applied for all years reported unless
otherwise stated. The financial statements include separate
financial statements for Monash University as the parent entity
and the consolidated entity consisting of Monash University and
its subsidiaries.
(a)

Basis of Preparation

The general purpose financial reports have been prepared on

an accruals basis in accordance with:

Australian Accounting Standards;

other authoritative pronouncements of the Australian

Accounting Standards Board

the Higher Education Support Act 2003;

the disclosure requirements of the Victorian Financial

Management Act 1994;

applicable directions from the Minister of Finance of

the Parliament of Victoria; and

the requirements of the Australian Charities and Notfor-Profits Commission Act 2012.

There was no early adoption of authoritative accounting

pronouncements.
Monash University is a not-for-profit entity and these statements
have been prepared on that basis. Some of the Australian
Accounting Standards requirements for not-for-profit entities are
inconsistent with the IFRS requirements.
Historical cost convention
These financial statements have been prepared on the basis of
historical cost unless otherwise stated, except for the
revaluation of available-for-sale financial assets, land and
buildings, investment properties and cultural assets which are at
fair value. Fair value includes market value or depreciated
replacement cost.
(b)

Principles of consolidation

Inter-company transactions, balances and unrealised gains on

transactions within the consolidated group are eliminated.
Unrealised losses are also eliminated unless the transaction
provides evidence of the impairment of the assets transferred.
Accounting policies of subsidiaries have been changed where
necessary to ensure consistency with the policies adopted by
the consolidated entity.
Associates:
Associates are those entities over which the consolidated entity
exercises significant influence, but not control. Investments in
associated entities are accounted for in the parent entity
financial statements using the cost method and in the
consolidated financial statements using the equity method of
accounting, after initially being recognised at cost. The Group's
investment in associates includes goodwill (net of any
accumulated impairment loss) identified on acquisition (refer to
Note 23). Under the equity method, the consolidated entity's
share of the post-acquisition profits or losses of the associate
are recognised in the consolidated Statement of
Comprehensive Income, and its share of post-acquisition
movements in reserves are recognised in Consolidated
Reserves. The post-acquisition movements are adjusted
against the cost of the investment.
When the Group's share of losses in an associate equals or
exceeds its interest in the associate, including any other
unsecured receivables, the Group does not recognise further
losses, unless it has incurred obligations or made payments on
behalf of the associate.
Joint ventures:
The interest in a joint venture entity is accounted for in the
consolidated financial statements using the equity method and
is carried at cost by the parent entity. Under the equity method,
the share of the profits or losses of the entity is recognised in
the statement of comprehensive income, and the share of
movements in reserves is recognised in reserves in the
statement of comprehensive income and the statement of
changes in equity. Details relating to joint ventures are set out in
Note 23.
(c)

Rounding

All values in these financial statements are expressed in

rounded thousands with the exception of directors' and
executives' remuneration.

Subsidiaries:
The consolidated financial statements incorporate the assets
and liabilities of all subsidiaries of the University as at 31
December 2014 and the results of all subsidiaries for the year
then ended. The effects of all transactions between entities
incorporated in the consolidated financial report are eliminated
in full.

(d)

A subsidiary is an entity, including an unincorporated entity

such as a partnership, which is controlled by the University.
Control exists where the University has power over the
investee, exposure or rights to variable returns from its
involvement with the investee and the ability to use its power
over the investee to affect the amount of the investor's returns.
Subsidiaries consolidated into this financial report are outlined
in Note 46.

Grants received from Australian Government entities

are recognised as income in the year of receipt, or
when the right to receive the grant has been
established.

Revenues received from other sources in respect of

future years are treated as income in the year they
are received where the financial assistance is
considered non-reciprocal in nature.

Revenue Recognition

Revenue is measured at the fair value of the consideration

received or receivable. Amounts disclosed as revenue are net
of returns, trade allowances and duties and taxes paid.
Revenue is recognised for the major business activities as
follows:

The financial statements of subsidiaries are included from the

date control commences and are de-consolidated from the date
control ceases.

Financial statements

51

NOTES TO THE FINANCIAL STATEMENTS

1

STATEMENT OF ACCOUNTING POLICIES (continued)

(d)

Revenue Recognition (continued)

Donations and bequests are recognised as income in

the year of receipt, or when the right to receive the
funds has been established.

Fees and charges revenue is recognised over the

period of tuition. Where revenue is received in
advance for courses or programs to be delivered in
the following year the fees relating to the future year
are treated as fees in advance under other liabilities.

Revenue from sale of goods is recognised upon

delivery to the customer.

Revenue from rendering services is recognised in

accordance with the percentage completion method.

(g)

Interest revenue is recognised on a proportional basis

taking into account the interest rates appropriate to
the financial assets.

Dividend revenue is recognised when the right to

receive a dividend has been established.

Revenues, expenses and assets are recognised net of the

amount of goods and services tax (GST), except where the
amount of GST incurred is not recoverable from the Australian
Tax Office (ATO).
In these circumstances the GST is
recognised as part of the cost of acquisition of the asset or as
part of an item of the expense.

Revenue received from royalties, trademarks and

licences is recognised as income when earned.

(e)

Taxation

The University and certain subsidiaries are exempt from income

tax under Part 50.1 of the Income Tax Assessment Act 1997.
The controlled entities subject to income tax adopt the following
method of tax effect accounting.
The income tax expense or revenue for the year is the tax
payable/receivable on the current year's taxable income based
on the notional income tax rate for each jurisdiction adjusted by
changes in deferred tax assets and liabilities attributable to
temporary differences between the tax bases of assets and
liabilities and their carrying amounts in the financial statements,
and to unused tax losses.
Deferred tax assets and liabilities are recognised for temporary
differences at the tax rates expected to apply when the assets
are recovered or liabilities are settled, based on those tax rates
which are enacted or substantially enacted for each jurisdiction.
The relevant tax rates are applied to the cumulative amounts of
deductible and taxable temporary differences to measure the
deferred tax asset or liability. No deferred tax asset or liability is
recognised in relation to these temporary differences if they
arose in a transaction, other than a business combination, that
at the time of the transaction did not affect either accounting
profit or taxable profit or loss.
Deferred tax assets are recognised for deductible temporary
differences and unused tax losses only if it is probable that
future taxable amounts will be available to utilise those
temporary differences and losses.
Deferred tax liabilities and assets are not recognised for
temporary differences between the carrying amount and tax
bases of investments in controlled entities where the parent
entity is able to control the timing of the reversal of the
temporary differences and it is probable that the differences will
not reverse in the foreseeable future.
Current and deferred tax balances attributable to amounts
recognised directly in equity are also recognised directly in
equity.

52

(f)

Segment Reporting

A business segment is a group of assets and operations

engaged in providing products or services that are subject to
risks and returns that are different to those of other business
segments. A geographical segment is engaged in providing
products or services within a particular economic environment
and is subject to risks and returns that are different from those
of segments operating in other economic environments.
Goods and Services Tax

Receivables and payables are stated with the amount of GST

included.
The net amount of GST recoverable from, or payable to, the
ATO is included as a current asset or liability in the Statement
of Financial Position.
Cash flows are included in the statement of cash flows on a
gross basis. The GST components of cash flows arising from
investing and financing activities which are recoverable from, or
payable to the ATO are classified as operating cash flows.
Capital and lease commitments reported are GST exclusive.
(h)

Foreign Currency

Functional and presentation currency

Items 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's
functional and presentation currency.
Transaction and balances
Foreign currency transactions in the parent entity are converted
to Australian dollars at the date of the transaction using the rate
of exchange applicable on that day.
Amounts receivable (monetary assets) and payable (monetary
liabilities) denominated in foreign currencies at the end of the
year are translated at the rates of exchange ruling at balance
date.
Exchange differences relating to amounts payable and
receivable in foreign currencies are brought to account as
exchange gains or losses in the Statement of Comprehensive
Income in the financial year in which the exchange rates
change.

MONASH UNIVERSITY ANNUAL REPORT 2014

NOTES TO THE FINANCIAL STATEMENTS

1

STATEMENT OF ACCOUNTING POLICIES (continued)

(h)

Foreign Currency (continued)

Translation of Foreign Subsidiaries

(j)

The results and financial position of all the Group entities (none
of which has the currency of a hyperinflationary economy) that
have a functional currency different from the presentation
currency are translated into the presentation currency as
follows:

Cash and cash equivalents include cash on hand, deposits

held-at call with financial institutions, other short-term, highly
liquid investments with original maturities of three months or
less that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of changes in value,
and bank overdrafts.
Bank overdrafts are shown within
borrowings in current liabilities on the Statement of Financial
Position.

assets and liabilities for each Statement of Financial

Position presented are translated at the closing rate
at the date of that Statement of Financial Position;

income and expenses for each Statement of

Comprehensive Income are translated at average
exchange rates;

all resulting exchange differences are recognised as

a separate component of equity; and

non-monetary assets and liabilities and components

of shareholders' equity remain translated at exchange
rates current at the transaction date, or where a nonmonetary item has been revalued, assets and
liabilities are translated at the rates used to translate
the associated asset or liability.

(i)

Impairment of Assets

(k)

Cash and Cash Equivalents

Receivables

Receivables represent debts on invoiced student fee income,

sundry and student loan debtors.
Receivables are recognised initially at fair value and
subsequently measured at amortised cost less provision for
impairment. The collectability of all debts is assessed at
balance date and provision is made for any impaired debt.
Student debts are written off after being outstanding for a period
of 2 years. Sundry debts are assessed individually for
collectability and are written off when the debt is considered to
be unrecoverable.

At each reporting date, all assets except for those held at fair
value including inventories and financial assets are assessed to
determine whether there is any indication of impairment.
Goodwill and intangible assets that have an indefinite useful life
are tested more frequently if events or changes in
circumstances indicate that they might be impaired.

Receivables from related entities resulting from commercial

dealings, are made on commercial terms and conditions, and
are settled regularly.

If there is an indication of impairment, the assets concerned are

tested as to whether their carrying amount exceeds the
recoverable amount. Any difference is written-off by a charge to
the Statement of Comprehensive Income except to the extent
that the write-down can be debited to an asset revaluation
reserve applicable to that class of asset.

Inventories include books and retail, central building

maintenance stores, stationery, academic services, laboratory
and departmental supplies and other inventories.

At each reporting date, assets previously determined to be

impaired are assessed for circumstances indicating that an
impairment loss recognised in prior periods no longer exists or
may have decreased. If there is an indication that the
impairment loss has been reversed, the assets concerned are
tested as to whether the recoverable amount exceeds the
carrying amount. The difference not exceeding the original
impairment is credited to the Statement of Comprehensive
Income, except for:

Revalued assets - which are credited to an asset

revaluation reserve, and

Available-for-sale financial assets - for which

impairment expenses are only reversed on sale.

Policies relating to impairment of available-for-sale financial

assets are disclosed in Note 1(m).

Financial statements

(l)

Inventories

Stock on hand is valued using the lower of cost and net

realisable value and stocktakes were completed at year end.
Cost is measured on the basis of weighted average cost.
(m)

Available-for-sale financial assets

The Group classifies its investments as available-for-sale

financial assets. Management determines the classification of
its investments at initial recognition.
Available-for-sale financial assets, comprising principally
marketable securities, are non-derivatives that are either
designated in this category or not classified in any of the other
categories. They are included in non-current assets unless
management intends to dispose of the investment within 12
months of the reporting date.
Purchases and sales of investments are recognised on tradedate - the date on which the Group commits to purchase or sell
the asset. Investments are initially recognised at fair value plus
transaction costs for all financial assets not carried at fair value
through the Statement of Comprehensive Income. 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.

53

NOTES TO THE FINANCIAL STATEMENTS

1

STATEMENT OF ACCOUNTING POLICIES (continued)

(m)

Available-for-sale financial assets (continued)

Available-for-sale financial assets are subsequently carried at

fair value. Unrealised gains and losses arising from changes in
the fair value of non monetary securities classified as availablefor-sale are recognised in equity in the available-for-sale
investments revaluation reserve. When securities classified as
available-for-sale are sold or impaired, the accumulated fair
value adjustments are included in the Statement of
Comprehensive Income as gains and losses from investment
securities.
The fair values of investments (excluding unlisted investments,
refer note 48) and other financial assets are based on quoted
market prices in an active market. If the market for a financial
asset is not active, the Group establishes fair value by using
valuation techniques that maximise the use of relevant data.
The Group assesses at each reporting date whether there is
objective evidence that a financial asset or group of financial
assets is impaired. 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 or loss - is removed from
equity and recognised in the Statement of Comprehensive
Income. Impairment losses recognised in the Statement of
Comprehensive Income on equity instruments are not reversed
through the Statement of Comprehensive Income until disposal
occurs.
The Group impairs a financial asset or group of financial assets
if its decline in value is considered to be significant or
prolonged.
The Group has determined that a downturn will be considered
significant when the fair value of the financial asset or group of
financial assets is below cost by an amount exceeding 20% of
its original cost.
The Group has determined that a down turn will be considered
prolonged when the fair value of the financial asset or group of
financial assets is below cost for a period of twelve consecutive
months.
(n)

Derivative financial instruments

A derivative is a financial instrument whose value changes in

response to an underlying variable, requires little or no initial
investment and is settled at a future date. Derivatives are
initially recognised at fair value and remeasured subsequently
at fair value. Fair values are obtained from quoted market
prices.
All derivative instruments of the group are included in the
statement of financial position as derivatives held for risk
management. Realised and unrealised gains or losses for
derivatives used for cash flow hedging are recognised in other
comprehensive income within cash flow hedges.
The method of recognising the resulting gain or loss on the
derivative depends on whether the derivative is designated as a
hedging instrument and, if so, the nature of the item being
hedged.

54

Derivatives can be designated as:

hedges of the fair value of recognised liabilities and

assets (fair value hedge)

hedges of particular risk associated with a recognised

liability, asset or a highly probable forecast
transaction (cash flow hedge)

hedges of a net investment in a foreign operation (net

investment hedge).

Monash University applies only cash flow hedge accounting.

Monash University documents, at the inception of the
transaction, the relationship between hedging instruments and
hedged items, as well as its risk management objectives and
strategy for undertaking various hedging transactions. Monash
University also documents its assessment, both at hedge
inception and on an ongoing basis, of whether the derivatives
that are used in hedging transactions are highly effective in
offsetting changes in fair values or cash flows of hedged items.
Movements on the hedging reserve are shown in other
comprehensive income within cash flow hedges. The full fair
value of a hedging derivative is classified as a non-current
asset or liability when the remaining period of the hedged item
is more than 12 months; it is classified as a current asset or
liability when the remaining period of the hedged item is less
than 12 months. Trading derivatives are classified as current
assets or liabilities.
(o)

Fair value measurement

The 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.
The carrying value less impairment provision of trade
receivables and payables are assumed to approximate their fair
values due to their short-term nature.
(p)

Loans receivable

Loans receivable are non derivative assets with fixed or

determinable payments that are not quoted in an active market.
They arise when the Group provides money, goods or services
directly to a debtor with no intention of selling the receivable.
They are included in current assets, except for those with
maturities greater than 12 months after the Statement of
Financial Position date which are classified as non-current
assets. Loans and receivables are included as other nonfinancial assets in the Statement of Financial Position and are
carried at amortised cost using the effective interest method.
(q)

Intangible Assets

Intellectual Property
Intellectual property is valued in the accounts at cost of
acquisition and is amortised over the period in which its benefits
are expected to be realised.

MONASH UNIVERSITY ANNUAL REPORT 2014

NOTES TO THE FINANCIAL STATEMENTS

1

STATEMENT OF ACCOUNTING POLICIES (continued)

(q)

Intangible Assets (continued)

Software Development
Internal use of software is capitalised and amortised where the
expected useful life is 3 years or greater and the costs to be
capitalised exceed $0.5M. Where costs do not exceed $0.5M,
they are expensed as incurred. Software capitalised to date has
a useful life of 7 years (2013, 7 years).
Web development costs are expensed as incurred. Where web
development costs are significant, they are capitalised in line
with Software Development guidelines. Software development
included capitalised borrowing costs of $0.1M (2013, $0.1M).
Goodwill
Goodwill represents the excess of the cost of an acquisition
over the fair value of the Group's share of the net identifiable
assets of the acquired subsidiary / associate at the date of
acquisition. Goodwill on acquisitions of subsidiaries is included
in intangible assets. Goodwill on acquisitions of associates is
included in investments in associates. Goodwill acquired in
business combinations is not amortised. Instead, goodwill is
tested for impairment annually or more frequently if events or
changes in circumstances indicate that it might be impaired,
and is carried at cost less accumulated impairment losses.
Gains and losses on the disposal of an entity include the
carrying amount of goodwill relating to the entity sold.
Electronic Publications
Electronic publications are split into perpetual access and
annual subscription based access to database licences.
Perpetual access based publications are capitalised and
amortised over a period of 30 years. Annual subscription based
publications are expensed as incurred.
(r)

Property, Plant and Equipment

Increases in the carrying amounts arising on revaluation of each

class of land and buildings are recognised, net of tax, in other
comprehensive income and accumulated in equity. To the
extent that the increase reverses a decrease previously
recognised in profit or loss, the increase is first recognised in
profit or loss. Decreases that reverse previous increases of the
same asset class are also recognised in other comprehensive
income to the extent of the remaining reserve attributable to the
asset class. All other decreases are charged to the income
statement.
Borrowing Costs
Borrowing costs are expensed as incurred unless they relate to
a qualifying asset. Qualifying assets are assets which take more
than 12 months to develop and are for internal use. Borrowing
costs are capitalised when the qualifying asset is greater than
$0.5M, the expected useful life of the asset is 3 years or
greater, and the period of construction or development of the
qualifying assets is 12 months or more. As the University's
borrowings support the general capital program, interest is
capitalised at a weighted average rate. Borrowing costs not
capitalised are expensed in the year in which they are incurred.
Borrowing costs have been recognised as part of the carrying
value of property and software development assets (where
relevant). The capitalisation rate used to determine the amount
of capitalised borrowing costs is 6.85% (2013, 6.96%).
Depreciation / Amortisation
Depreciation on property, plant and equipment is included in the
Statement of Comprehensive Income as an expense item.
Depreciation is computed using the straight line method over
the useful life of the asset to the economic entity. Rates are
outlined in each of the following asset categories.

Acquisitions

Property

Assets are initially recorded at cost to the economic entity.

Constructed building and equipment values include labour,
materials, professional fees and borrowing costs. Expenditure is
only recognised as an asset when the entity controls future
economic benefits as a result of the costs incurred, it is
probable those future economic benefits will eventuate, and the
costs can be measured reliably.

The fair value of land and buildings was established by formal

valuation by certified practicing valuers of Urbis Valuations Pty
Ltd as at 31 December 2012. A full external valuation is
undertaken every 3 years with independent desktop valuations
conducted in the intervening years. Campus buildings have
been valued using a depreciated replacement cost approach.
Land has been valued using the direct comparison approach.
There is a market based approach whereby the subject property
is compared to sales of comparable development sites and an
appropriate rate per square metre of land area is selected. Land
values assume highest and best use of the land after
consideration of the current zoning.

Revaluations
Subsequent to initial recognition as assets, land, buildings and
cultural assets are measured at fair value being the amounts for
which the assets could be exchanged between willing parties in
an arms length transaction. Revaluations are made with
sufficient regularity to ensure that the carrying amount of these
classes of assets does not differ materially from its fair value at
the reporting date. Annual assessments are made of the values
of land and buildings, and formal revaluations are carried out at
least every 3 years.

Land and building projects are capitalised when asset related

expenditure exceeds $0.25M. To capitalise additions to existing
buildings, expenditure must meet this threshold on a project
basis or increase the area or useful life of the building. In 2014,
property includes capitalised borrowing costs of $4.3M (2013,
$1.2M).
Land is not depreciated.

Financial statements

55

NOTES TO THE FINANCIAL STATEMENTS

1

STATEMENT OF ACCOUNTING POLICIES (continued)

(r)

Property, Plant and Equipment (continued)

Depreciation on buildings completed during the year is

calculated from the date of completion of the building. The
Group's portfolio of buildings have an average useful life of 33
years (2013, 33 years). Refer Note 48.
Equipment
Equipment is capitalised where the cost is greater than $5,000.
Items less than this threshold are expensed. Useful lives to the
economic entity of equipment range from 2 years to 20 years.
Library Books
Library books are valued at cost and depreciated over their
estimated useful lives, which are 30 years for serials and 20
years for monographs (no change from 2013).
Cultural Assets
Cultural assets include artworks and rare books. These assets
are valued at 'fair value'.
The fair value of the University's artworks was assessed
through formal valuation by Dwyer Fine Art at 31 December
2013. These items are not depreciated as they generally
appreciate in value. A full external valuation is undertaken every
3 years, with an internal review completed in intervening years
by expert Monash University staff with regard to market values
of comparative items.

Leasehold improvements are carried at cost or formal valuation

and amortised over the term of the lease to which the
improvements relate. Leasehold improvements are capitalised
in line with the property capitalisation policy. This policy is
consistent with the prior year.
(s)

Investment Properties

Investment properties represent properties held to earn rentals

or for capital appreciation or both.
Investment properties exclude properties held to meet the
service delivery objectives of the University.
Investment properties are initially recognised at cost. Costs
incurred subsequent to initial acquisition are capitalised when it
is probable that future economic benefits in excess of the
original assessed performance of the asset will flow to the
entity. Where an investment property is acquired at no cost or
for nominal consideration, its cost shall be deemed to be its fair
value as at the date of acquisition.
Subsequent to initial recognition at cost, investment properties
are re-valued to fair value with changes recognised as revenues
or expenses in the year that they arise. The properties are not
depreciated. The fair value of investment properties was
established by formal valuation by certified practicing valuers of
Urbis Valuations Pty Ltd as at 31 December 2014.

The fair value of the University's rare book collection is

assessed annually by expert Monash University staff with
regard to market values of comparable items. These items are
not depreciated as they generally appreciate in value.

Rental revenue from the leasing of investment properties is

recognised in the Statement of Comprehensive Income in the
year in which it is receivable, as this represents the pattern of
services rendered through the provision of properties.

Leased Assets

(t)

Leases of property, plant and equipment where the Group has

substantially all the risks and rewards incidental to ownership
are classified as finance leases. Finance leases are capitalised
at the lease's inception at the lower of the fair value of the
leased property and the present value of the minimum lease
payments.

The University has an interest in 12 Cooperative Research

Centres. The University has previously provided funding to the
Cooperative Research Centres through cash contributions and
continues to provide research resources (in-kind support).

The corresponding rental obligations, net of finance charges,

are included in other long term payables. Each lease payment
is allocated between the liability and finance charges so as to
achieve a constant rate on the finance balance outstanding.
The interest element of the finance cost is charged to the
Statement of Comprehensive Income over the lease period so
as to produce a constant periodic rate of interest on the
remaining balance of the liability for each year. The property,
plant and equipment acquired under finance lease is
depreciated over the shorter of the asset's useful life and the
lease term.
Leases in which a significant portion of the risks and rewards of
ownership are retained by the lessor are classified as operating
leases (Note 43). Payments made under operating leases are
charged to the Statement of Comprehensive Income on a
straight-line basis over the period in which they are incurred, as
this represents the pattern of benefits derived from the leased
assets.

56

Leasehold Improvements

(u)

Interest in Cooperative Research Centres

Payables

Payables are recognised for amounts to be paid in the future for

goods or services received. Trade accounts payable are
normally settled within 30 days from the month of billing.
(v)

Borrowings

Borrowings 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 statement over the period of the
borrowings using the effective interest method.

MONASH UNIVERSITY ANNUAL REPORT 2014

NOTES TO THE FINANCIAL STATEMENTS

1

STATEMENT OF ACCOUNTING POLICIES (continued)

(w)

Employee Benefits

Annual Leave
Annual leave has been calculated on an individual liability basis
based on salary rates when the leave is expected to be taken
as per AASB 119 'Employee Benefits' and includes related oncosts.
Provision made in respect of annual leave expected to be
wholly settled within 12 months are measured at their nominal
values using the salary rate and related on-cost expected to
apply at the time of settlement.
Provisions made in respect of annual leave which are not
expected to be wholly settled within 12 months are measured at
their present value of the estimated future cash outflows to be
made by the University in respect of services provided by
employees up to the reporting date.
Long Service Leave
The provision for employee entitlements to long service leave
represents the present value of the estimated future cash
outflows to be made by the employer resulting from employees'
services provided up to the reporting date.
Provisions for employee entitlements which are not expected to
be wholly settled within twelve months are discounted using
interest rates applicable to Australian Government Securities at
reporting date of 2.83% (2013, 4.28%), which most closely
match the terms of maturity of the related liabilities.
In determining the provision for employee entitlements,
consideration has been given to future increases in wage and
salary rates (including performance based increases) of 4.33%
(2013, 4.00%), and the consolidated entity's experience with
staff departures. Related on-costs have also been included in
the liability.
Where an employee is presently entitled to payment of their
long service leave entitlement and the group has no right to
defer payment, the provision is shown as a current liability.
Other Employee Benefits
The other employee benefits provisions include remuneration
withheld until termination of employment contracts and bonus
payments.
Superannuation
Employee contributory superannuation funds exist to provide
benefits for the University's employees and their dependants on
retirement, disability or death. The contributions that are made
to these funds by the University are recorded in the Statement
of Comprehensive Income. Further details are provided in Note
40.

Termination benefits
Termination benefits are payable when employment is
terminated before the normal retirement date, or when an
employee accepts an offer of benefits in exchange for the
termination of employment. The Group recognises termination
benefits when it can no longer withdraw the offer of those
benefits.
(x)

Unfunded superannuation

The unfunded superannuation liabilities recorded in the

statement of financial position have been determined by an
actuarial valuation. For details refer to Note 40.
(y)

Comparative amounts

Where necessary, comparative information has been

reclassified to enhance comparability in respect of changes in
presentation adopted in the current year.
The disclosure of the impact of realised gains on previously
impaired investments have been removed from other
comprehensive income in the Statement of Comprehensive
Income as these realised gains are already accounted for in
Profit or Loss under Investment Revenue. Comparative figures
for total comprehensive income have been adjusted
accordingly.
There has been a reclassification from other financial assets to
cash and cash equivalents in the consolidated entity. The
statement of cash flows disclosure has been updated
accordingly.
The Group has previously recognised the net units sold in the
externally managed portfolio (availablefor-sale assets) each
month rather than the gross movement. No change has been
made to the comparative figures as it is impractical given
impairment dates back to 2008. The impact of this would affect
the retained earnings and reserves balances. During the year
the Group restructured its investment portfolio and realised
substantially all of the previously impaired investments in 2014,
which would result in equity balances as at 31 December 2014
being correct.
(z)

Cash Flow

For the purposes of the Statement of Cash Flows, cash and

cash equivalents include cash on hand, in banks and at call
deposits.
(aa)

Discontinued Operations

A discontinued operation is a component of the Groups

business, the operations and cash flows of which can be clearly
distinguished from the rest of the Group and which:

represents a separate major line of business or

geographical area of operations; or

is part of a single co-ordinated plan to dispose of a

separate major line of business or geographical area
of operations.

Refer Note 19.

Financial statements

57

NOTES TO THE FINANCIAL STATEMENTS

1

STATEMENT OF ACCOUNTING POLICIES (continued)

(ab)

New Accounting Standards and Interpretations issued but not yet effective

As at balance date, the following standards and interpretations had been issued but were not mandatory for the financial year. Monash
University Group has not, and does not intend to, adopt these standards early.

Standard /
Interpretation

Standard
Applicable
applicable for
date for
annual
Monash
reporting
University
periods:
Group
AASB 9 Financial instruments This standard simplifies requirements Beginning
1 Jan 2018
for the classification and measurement 1 Jan 2018
of financial assets resulting from
Phase 1 of the IASBs project to
replace IAS 39 Financial instruments:
recognition and measurement (AASB
139 Financial Instruments: recognition
and measurement).
AASB 15 Revenue from
This standard establishes principles
Beginning
1 Jan 2017
Contracts with Customers
for reporting useful information to
1 Jan 2017
users of financial statements about the
nature, amounts, timing and
uncertainty of revenue and cash flows
arising from an entity's contracts with
customers. It also includes a cohesive
set of disclosure requirements that
provide users of financial statements
with comprehensive information about
the nature, amount, timing and
uncertainty of revenue and cash flows
arising from the entity's contracts with
customers.
AASB 2010-7 Amendments to These amendments are in relation to Beginning
1 Jan 2018
Australian Accounting
the introduction of AASB 9.
1 Jan 2018
Standards arising from AASB
9 (December 2010) [AASB 1,
3, 4, 5, 7, 101, 102, 108, 112,
118, 120, 121, 127, 128, 131,
132, 136, 137, 139, 1023 &
1038 and Interpretations 2, 5,
10, 12, 19 & 127]
AASB 2014-1
Amendments to Australian
Accounting Standards [Part E
Financial Instruments]
AASB 2014-3
Amendments to AASB 1 & 11
Acquisitions of investments in
Joint Operations

AASB 2014-4
Amendments to Australian
Accounting Standards Clarification of Acceptable
Methods of Depreciation and
Amortisation

58

Summary

Amends various Australian Accounting

standards to defer the mandatory
application date of AASB 9 to annual
reporting periods beginning on or after
1 January 2018 and to amend reduced
disclosure requirements.
Amends this disclosure requirements
in AASB 136 Impairment of Assets.
The amendments include the
requirement to disclose the additional
information about the fair value
measurement when the recoverable
amount of impaired assets is based on
fair value less costs of disposal.
These amendments amend AASB 116
Property, Plant & Equipment and
AASB 138 Intangible Assets to limit
the use of revenue based depreciation
and amortisation methods. The
changes flow from the IASB's decision
that revenue based methods are not
appropriate as they do not reflect the
underlying principle that
depreciation/amortisation should be
based on the 'consumption of the
expected future economic benefits
embodied in the asset'.

Impact on Monash
University
Consolidated
financial statements
Detail of impact is still
being assessed.

Detail of impact is still

being assessed.

This amendment may

have an impact on
departments and
public sector bodies
as AASB 9 is a new
standard and it
changes the
requirements of
numerous standards.
Detail of impact is still
being assessed.
As above for AASB 9

Beginning
1 Jul 2014

1 Jan 2015

Beginning
1 Jan 2016

1 Jan 2016

No significant impact
is expected from these
consequential
amendments on
Group reporting.

Beginning
1 Jan 2016

1 Jan 2016

No significant impact
is expected from these
consequential
amendments on
Group reporting.

MONASH UNIVERSITY ANNUAL REPORT 2014

NOTES TO THE FINANCIAL STATEMENTS

1

STATEMENT OF ACCOUNTING POLICIES (continued)

(ab)

New Accounting Standards and Interpretations issued but not yet effective (continued)
Standard /
Summary
Standard
Applicable
Interpretation
applicable for
date for
annual
Monash
reporting
University
periods:
Group
AASB 2014-5 Amendments to These amendments incorporate the
Beginning
1 Jan 2017
Australian Accounting
consequential amendments arising
1 Jan 2017
Standards arising from AASB from the issuance of AASB 15.
15
AASB 2014-7 Amendments to These amendments incorporate the
Beginning
1 Jan 2018
Australian Accounting
consequential amendments arising
1 Jan 2018
Standards arising from AASB from the issuance of AASB 9.
9 (December 2014)
AASB 2014-8 Amendments to
Australian Accounting
Standards arising from AASB
9 (December 2014)
Application of AASB 9
(December 2009) and AASB 9
(December 2010)
[AASB 9 (2009 & 2010)]

This Standard limits the application of

the existing versions of AASB 9
(December 2009) and AASB 9
(December 2010) such that for annual
reporting periods beginning on or after
1 January 2015, an entity may apply
AASB 9 (December 2009) or AASB 9
(December 2010) if, and only if, the
entitys date of initial application is
before 1 February 2015.
2014-9 Amendments to
This Standard amends AASB 127,
Australian Accounting
AASB 1 and AASB 128 to allow
Standards Equity Method in entities to use the equity method of
Separate Financial Statements accounting for investments in
[AASB 1, 127 & 128]
subsidiaries, joint ventures and
associates in their separate financial
statements.
AASB 2014-10 Amendments This Standard amends AASB 10 and
to Australian Accounting
AASB 128 to address an
Standards Sale or
inconsistency in dealing with the sale
Contribution of Assets
or contribution of assets between an
between an Investor and its
investor and its associate or joint
Associate or Joint Venture
venture.
[AASB 10 & AASB 128]

Financial statements

Impact on Monash
University
Consolidated
financial statements
Detail of impact is still
being assessed.
No significant impact
is expected from these
consequential
amendments on
Group reporting.
No significant impact
is expected from these
consequential
amendments on
Group reporting.

Beginning
1 Jan 2015

1 Jan 2015

Beginning
1 Jan 2016

1 Jan 2016

Detail of impact is still

being assessed.

Beginning
1 Jan 2016

1 Jan 2016

Detail of impact is still

being assessed.

59

NOTES TO THE FINANCIAL STATEMENTS

2.

Disaggregated information
Revenue
2014
2013
$000's
Geographical
Australia
Malaysia
South Africa

Results
2014
2013

$000's

1,985,797 1,683,060
26,816

24,128

6,582

25,473

$000's

$000's

216,600

Assets
2014
2013
$000's

$000's

63,972 3,262,683 3,084,438

138
(1,313)

1,152

21,280

20,592

10,671

5,380

42,345

AUSTRALIAN GOVERNMENT FINANCIAL ASSISTANCE INCLUDING HECS-HELP AND OTHER AUSTRALIAN GOVERNMENT
LOAN PROGRAMS
(a)

Commonwealth Grants Scheme and Other Grants

Consolidated

Monash University

2014

2013

2014

2013

$000's

$000's

$000's

$000's

313,252

284,989

313,252

284,989

Indigenous support fund

613

581

613

581

Equity programs #2

212

204

212

204

11,117

10,515

11,117

10,515

Higher Education Participation Program

4,951

5,552

4,951

5,552

Promotion of Excellence in Learning and Teaching

1,573

1,348

1,573

1,348

Total Commonwealth Grants Scheme and Other Grants

331,718

303,189

331,718

303,189

(b)
Higher Education Loan Program
HECS-HELP

196,675

171,286

196,675

171,286

49,938

43,782

49,433

42,922

246,613

215,068

246,108

214,208

21,205

19,943

21,205

19,943

1,715

1,681

1,715

1,681

Commonwealth grants scheme #1

Superannuation program

FEE-HELP
Total Higher Education Loan Program
(c)
Scholarships
Australian postgraduate awards
International postgraduate research
Commonwealth educational cost #3

114

(173)

114

(173)

Commonwealth accommodation #3

145

(247)

145

(247)

Indigenous access

103

(25)

103

(25)

Total Scholarships

23,282

21,179

23,282

21,179

(d)
EDUCATION Research
Research training scheme

52,800

49,806

52,800

49,806

Research infrastructure block grants

22,487

20,388

22,487

20,388

Commercialisation Training Scheme

(384)

(384)

Joint research engagement program

27,363

25,521

27,363

25,521

Sustainable research excellence

15,777

14,972

15,777

14,972

118,043

110,687

118,043

110,687

Total EDUCATION Research Grants

#1 Includes the basic CGS grant amount, CGS-Regional loading, CGS-Facilitation Funding, Science and Maths Transition Loading,
Medical Student Loading, Allocated Place Advance, Non-designated Courses Advance.
#2 Includes amounts for Students with Disabilities Program and Regional Disability Liaison Officer Initiative.
#3 Includes National Priority Scholarships.

60

MONASH UNIVERSITY ANNUAL REPORT 2014

NOTES TO THE FINANCIAL STATEMENTS

3

AUSTRALIAN GOVERNMENT FINANCIAL ASSISTANCE INCLUDING HECS-HELP AND OTHER AUSTRALIAN GOVERNMENT
LOAN PROGRAMS (continued)
(e)

Other Capital Funding

Consolidated

Monash University

2014

2013

2014

2013

$000's

$000's

$000's

$000's

Education investment fund

8,546

5,900

8,546

5,900

Total Other Capital Funding

8,546

5,900

8,546

5,900

(f)

Australian Research Council

(i)
Projects

Discovery

34,478

32,929

34,478

32,929

Fellowships

17,867

14,023

17,867

14,023

Total Discovery

52,345

46,952

52,345

46,952

(ii)
Linkages
Infrastructure

1,551

2,952

1,551

2,952

Projects

9,185

9,676

9,185

9,676

Special research initiatives

5,146

2,967

5,146

2,967

15,882

15,595

15,882

15,595

6,131

3,913

6,131

3,913

6,131

3,913

6,131

3,913

74,358

66,460

74,358

66,460

Non-capital
National Health and Medical Research Council

91,780

80,448

91,780

80,448

Other Australian government financial assistance

81,241

77,668

76,505

73,004

173,021

158,116

168,285

153,452

Total Linkages
(iii)
Centres

Networks and Centres

Total networks and centres

Total Australian Research Council Grants

(g)

Other Australian Government financial assistance

Total non-capital other Australian Government financial

assistance
Capital
National Health and Medical Research Council

700

796

700

796

Other Australian government financial assistance

4,398

8,157

4,398

8,157

Total capital other Australian Government financial

assistance

5,098

8,953

5,098

8,953

Total other Australian Government financial assistance

178,119

167,069

173,383

162,405

Total Australian Government financial assistance

980,679

889,552

975,438

884,028

Reconciliation
Australian Government grants (a+c+d+e+f+g)

734,066

674,484

729,330

669,820

HECS-HELP - Australian Government payments

196,675

171,286

196,675

171,286

49,938

43,782

49,433

42,922

980,679

889,552

975,438

884,028

Other Australian Government loan programs (FEE-HELP)

Total Australian Government financial assistance

Financial statements

61

NOTES TO THE FINANCIAL STATEMENTS

4

STATE AND LOCAL GOVERNMENT FINANCIAL ASSISTANCE

Consolidated

Monash University

2014

2013

2014

2013

$000's

$000's

$000's

$000's

State Government financial assistance

Non-capital
Operating

1,965

2,168

386

614

Research

29,323

27,046

29,323

27,046

1,623

3,621

1,623

3,621

32,911

32,835

31,332

31,281

Non-research
Total non-capital

Capital
Research
Non-research
Total capital
Total State Government financial assistance

385

385

327

327

385

327

385

327

33,296

33,162

31,717

31,608

Local Government financial assistance

Non-capital
Research

99

554

99

554

1,689

985

1,689

985

1,788

1,539

1,788

1,539

Total Local Government financial assistance

Total State and Local Government financial assistance

1,788
35,084

1,539
34,701

1,788
33,505

1,539
33,147

NON-GOVERNMENT FINANCIAL ASSISTANCE

Research

68,189

52,288

68,189

52,288

Non-research

24,002

11,787

24,006

11,814

Total Non-Government financial assistance

92,191

64,075

92,195

64,102

432,094

360,021

369,433

312,189

17,008

15,329

17,008

15,329

1,556

1,823

1,556

1,823

Non-research
Total Non-capital

FEES AND CHARGES

Course fees and charges
Fee paying overseas students
Fee paying domestic postgraduate students
Fee paying domestic undergraduate students

811

1,158

811

1,158

4,861

3,243

4,861

3,243

28,301

23,592

8,720

8,971

484,631

405,166

402,389

342,713

4,631

5,333

4,631

5,333

6,014

5,752

6,023

5,758

Student accommodation

24,714

25,129

12,913

14,662

Other fees and charges

7,825

12,890

5,909

11,406

Total other fees and charges

43,184

49,104

29,476

37,159

527,815

454,270

431,865

379,872

Fee paying domestic non-award students

Fee offshore programs
Other domestic course fees and charges
Total course fees and charges
Other fees and charges
Amenities and service fees
Parking fees

Total fees and charges

62

MONASH UNIVERSITY ANNUAL REPORT 2014

NOTES TO THE FINANCIAL STATEMENTS

7

INVESTMENT REVENUE

2014

Consolidated
2013

$000's

10

$000's

16,553

25,088

15,703

Interest

5,996

3,492

5,669

4,299

Fair value gain on investment properties

5,975

500

2,375

Trust distributions

15,255

8,682

12,156

9,523

Realised profit on sale of investments

30,192

3,916

19,282

2,499

Realised gain on previously impaired investments - transfer

from investment revaluation reserve

54,368

10,243

40,638

6,376

137,910

43,386

105,208

38,400

Total investment revenue

$000's

26,124

Dividends

$000's

Monash University
2014
2013

ROYALTIES, TRADEMARKS AND LICENCES

Student related
Enrolment royalties

12,635

11,506

21,651

11,506

Total student related royalties, trademarks and licences

12,635

11,506

21,651

11,506

Intellectual property related

Patents and licences

7,592

5,955

5,769

5,248

Total intellectual property related royalties, trademarks

and licences

7,592

5,955

5,769

5,248

Total royalties, trademarks and licences

20,227

17,461

27,420

16,754

CONSULTANCY AND CONTRACTS

Consultancy

17,201

28,402

17,202

28,402

Contract research

36,786

33,435

36,786

33,435

Total consultancy and contracts

53,987

61,837

53,988

61,837

OTHER REVENUE
Donations and bequests

9,136

8,133

9,127

11,123

Scholarships and prizes

6,040

6,260

6,040

6,260

Commercial operations

19,695

21,947

21,900

24,067

Rentals and hirings

24,135

22,990

23,589

22,571

Sale of goods and services

5,055

5,635

5,062

5,709

Secondment recoveries

7,902

7,534

8,890

8,535

Administration recoveries

7,905

6,985

13,269

12,111

Foreign exchange gains (net)

Other revenue
Total other revenue
(a)
Net foreign exchange gains
Net foreign exchange gains included in other income for the
year
Net foreign exchange gains / (losses) recognised in
operating result before income tax for the year (as either
other revenue or other expenses)

Financial statements

(a)

1,186

1,186

26,863

20,519

34,318

20,055

106,731

101,189

122,195

111,617

(1,815)

1,186

1,186

(1,812)

1,186

1,186

63

NOTES TO THE FINANCIAL STATEMENTS

11

EMPLOYEE BENEFITS AND ON COSTS

Consolidated

Academic
Staff salaries

2013

2014

2013

$000's

$000's

$000's

$000's

392,880

383,343

362,308

359,552

Contribution to superannuation and pension schemes:

Funded

52,215

51,655

48,309

48,361

Payroll tax

21,527

21,122

19,781

19,706

Workers compensation

1,153

836

911

660

Fringe benefits tax

1,442

1,527

1,442

1,527

Long service leave provision

9,633

(438)

Recreation leave provision

1,365

818

Recreation leave loading

2,910

2,982

2,910

2,982

Total academic

483,125

461,845

444,554

431,400

Non-academic
Staff salaries

9,055
(162)

(989)
(399)

363,275

365,766

363,107

365,572

Contribution to superannuation and pension schemes:

Funded

49,667

49,920

49,667

49,920

Payroll tax

20,025

19,768

20,025

19,768

Workers compensation

1,366

1,180

1,366

1,180

Fringe benefits tax

1,442

1,527

1,442

1,527

10,877

(1,732)

10,877

(1,732)

(58)

1,208

Long service leave provision

12

Monash University

2014

Recreation leave provision

1,208

Recreation leave loading

3,297

3,334

3,297

3,334

Total non-academic

451,157

439,705

450,989

439,511

Total employee benefits and on costs

934,282

901,550

895,543

870,911

Buildings

44,278

41,298

42,374

39,062

Equipment

31,527

31,810

31,218

31,532

Library books

5,016

5,215

5,016

5,215

Total depreciation

80,821

78,323

78,608

75,809

Leasehold improvements

7,318

6,947

6,556

6,293

Software development

4,271

5,265

3,659

4,473

Electronic publications

2,854

2,543

2,854

2,543

14,443

14,755

13,069

13,309

(58)

DEPRECIATION, AMORTISATION AND IMPAIRMENT

Depreciation

Amortisation

Total amortisation
Impairment
Equipment
Library books

118

10,993

Software

326

326

901

11,437

901

11,437

106,701

93,979

103,114

89,118

Buildings

41,570

40,477

40,234

39,117

Total repairs and maintenance

41,570

40,477

40,234

39,117

Total depreciation, amortisation and

impairment

64

Goodwill
Total impairment

13

118
10,993

REPAIRS AND MAINTENANCE

MONASH UNIVERSITY ANNUAL REPORT 2014

NOTES TO THE FINANCIAL STATEMENTS

14

FINANCE COSTS
Consolidated

15

17

2014

2013

$000's

$000's

$000's

$000's

21,076

19,849

21,954

20,496

Less:
Amounts included in the cost of qualifying assets

(4,414)

(3,123)

(4,414)

(3,123)

Total finance costs

16,662

16,726

17,540

17,373

BAD AND IMPAIRED RECEIVABLES

Bad debts

328

988

191

872

Doubtful debts

731

(42)

666

(21)

1,059

946

857

851

ASSURANCE AND OTHER SERVICES

Assurance and other services

458

564

347

447

Total assurance and other services

458

564

347

447

107,111

OTHER EXPENSES
Scholarships and prizes

125,282

107,112

125,282

Advertising, marketing and promotional

11,808

15,047

10,485

8,920

Rent, leasing and utilities

65,570

62,266

60,965

61,534

Motor vehicle expenses

10,059

10,178

10,048

10,168

Student related

26,434

11,981

21,762

8,216

Laboratory

42,707

43,446

42,707

43,446

Other equipment

13,359

12,196

13,175

12,113

Communication

13,641

13,660

13,217

12,899

Information technology

34,008

28,803

33,780

28,620

Printing and stationery

8,062

8,107

7,826

7,928

Books and library

13,494

10,086

13,481

10,076

Travel

44,787

41,855

44,386

41,383

Financial and administration

97,598

49,252

96,443

48,042

Staff related

53,080

48,362

47,712

43,242

Fair value adjustment on loans to Monash South Africa Limited

(921)

193

Foreign exchange losses (net)

1,815

1,812

Net loss on disposal of property, plant and equipment

3,748

278

3,748

278

Unrealised foreign exchange losses on translation of

transactions and balances with foreign subsidiaries

84,822

Grant payments
Restructuring expenses
Other expenses
Total other expenses
18

2013

Loans from banks and other non-related sources

Total bad and impaired receivables

16

Monash University

2014

(6)
58,536

91,596

531
67,061

760

2,010

760

2,010

19,787

17,185

16,492

14,853

670,821

539,433

655,677

528,624

INCOME TAX EXPENSE

The income tax expense for the financial year differs from the amount calculated on the profit.

Australian income tax

Australian deferred tax
South African provisional income tax
South African deferred tax
Total income tax expense

Financial statements

(a)

1,406
225

341

1,522

15

68

534

3,221

890

65

NOTES TO THE FINANCIAL STATEMENTS

18

INCOME TAX EXPENSE (continued)

(a)

Reconciliation of income tax

The prima facie tax on profit for ordinary activities before income tax is reconciled to income tax as follows:
Consolidated
Monash University

Profit from ordinary activities before income tax

expense
Prima facie tax payable on profit from ordinary activities
before income tax at 30% (2013: 30%)
Add / (deduct) tax effect of timing differences
Tax losses brought to account
Income tax expense
19

2014

2013

2014

2013

$000's

$000's

$000's

$000's

(283)
(85)
2,105
(614)
1,406

537

161

242

(403)

DISCONTINUED OPERATIONS
In 2013, the transfer of the Gippsland Campus from Monash University to Federation University and the sale of the Monash South
Africa (MSA) Campus to Laureate International B.V. (which has resulted in a loss of control over the MSA subsidiary) were both
regarded as discontinued operations. Refer Note 1(aa) and Note 23. The impacts of these discontinued operations are disclosed
below.
Results from discontinued operations
Revenue

69,398

52,615

Expenses

(75,710)

(59,074)

Operating result from discontinued operations

Impairment of library and equipment

(6,312)
(6,122)

(6,459)
(6,122)

Restructuring expenses *

(26,923)

(26,923)

Accrued unspent grants, bequests, prizes and awards

(1,463)

(1,463)

Results from operating activities

Loss on deconsolidation of Monash South Africa Limited

(40,820)
(8,330)

(40,967)
-

Net result from discontinued operations

(49,150)

(40,967)

* The above restructuring expenses relate to the provision for future payout of leave provision balances for staff transferred at the
transition date and other restructuring support payments to assist Federation University over the next two to three year transition
period.

66

Impairment of land and buildings through the Asset

Revaluation Reserve

(108,949)

(108,949)

Cash flows from discontinued operations

Net cash from / (used in) operating activities

(1,619)

(4,102)

Net cash from / (used in) investing activities

(1,004)

(520)

Net cash from / (used in) financing activities

(268)

Net cash flows generated by discontinued operations

(2,891)

Carrying amounts of assets and liabilities

Property, plant and equipment

118,846

Trade and other receivables

7,925

Cash and cash equivalents

3,592

Trade and other payables

(9,368)

Borrowings and provisions

(1,477)

Net assets and liabilities

119,518

(4,622)

115,071

115,071

MONASH UNIVERSITY ANNUAL REPORT 2014

NOTES TO THE FINANCIAL STATEMENTS

Below is a breakdown of the various categories of income, expenses and other comprehensive income related to discontinued
operations. These amounts are excluded in the total value of the related category as presented on the face of the Statement of
Comprehensive Income and in the related income and expense note disclosures.
Consolidated
Note

Monash University

2014

2013

2014

2013

$000's

$000's

$000's

$000's

Revenue from discontinued operations

Australian Government financial assistance
Australian Government Grants

23,572

23,572

HECS-HELP - Australian Government payments

11,670

11,670

FEE-HELP

1,588

1,588

1,112

1,112

State and Local Government financial assistance

20

Non-Government financial assistance

536

211

HECS-HELP student payments

1,909

1,909
10,940

Fees and charges

26,852

Investment revenue

103

46

Royalties, trademarks and licences

329

329

Consultancy and contracts

209

209

Other revenue

1,518

1,029

Total revenue from discontinued operations

69,398

52,615

Expenses from discontinued operations

Employee benefits and on-costs

32,929

26,272

Depreciation, amortisation and impairment

4,443

3,686

Repairs and maintenance

1,415

1,415

Finance costs

99

Bad and impaired receivables and investments

323

Assurance and other services

114

Other expenses

36,387

27,701

Total expenses from discontinued operations

75,710

59,074

Net operating result from discontinued operations

(6,312)

(6,459)

Other comprehensive income

Gain / (loss) on revaluation of land and buildings, net of tax

(108,949)

(108,949)

Exchange differences on translation of foreign operations, net

of tax

(3,390)

Total comprehensive income from discontinued

operations

(112,339)

(108,949)

CASH AND CASH EQUIVALENTS

Cash at bank and on hand

(a)

2,734

7,176

112

2,894

Managed funds

(b)

48,077

48,882

48,077

48,882

Short-term deposits

(b)

12,168

16,712

62,979

72,770

Total cash and cash equivalents

48,189

51,776

Reconciliation to cash at the end of the year

The above figures are reconciled to cash at the end of the year as shown in the Statement of Cash Flows as follows:
62,979

Balances as above
Bank overdraft
Balance per Statement of Cash Flows

Financial statements

31

(3,408)
59,571

72,770
72,770

48,189
(3,408)
44,781

51,776
51,776

67

NOTES TO THE FINANCIAL STATEMENTS

20

CASH AND CASH EQUIVALENTS (continued)

(a)

Cash at bank
Cash at bank had floating interest rates between 2.25% and 2.66% (2013: 2.15% and 2.54%).

(b)

Managed funds and short-term deposits

This includes short-term deposits and those held in managed funds and had floating interest rates between 2.83% and 3.43%
(2013: 2.94% and 3.77%). Managed funds had an average maturity of 59 days (2013: 62 days).

21

RECEIVABLES

Consolidated

Monash University

2014

2013

2014

2013

$000's

$000's

$000's

$000's

Current
External
Sundry receivables

46,721

42,622

43,789

38,913

Provision for impaired sundry receivables

(2,040)

(1,404)

(2,009)

(1,336)

3,144

3,516

3,144

3,516

Student fees
Provision for impaired student fees

(289)

(270)

(263)

(270)

Other amounts receivable

20,445

18,425

13,352

13,345

GST refundable (net)

10,296

5,631

9,880

5,603

Total external receivables

78,277

68,520

67,893

59,771

Amounts receivable from related parties

Monash Property South Africa Pty Ltd

511

Monash College Pty Ltd

2,329

4,677

Monash University Foundation Trust

38

Monash South Africa Ltd

1,220

1,220

Other related party receivables

5,000

Total amounts receivable from related parties

6,220

2,336

6,446

78,277

74,740

70,229

66,217

External
Non-current receivables

75

100

75

100

Total external receivables

75

100

75

100

Loans receivable from related parties:

Monash Property South Africa Pty Ltd

Monash Accommodation Services Pty Ltd

Total current receivables

Non-current

17,113
-

2,590

2,495

2,589

Other related party receivables

25,116

25,000

25,116

Total loans receivable from related parties

Total non-current receivables

27,706
27,781

27,495
27,595

59,455
59,530

19,608
19,708

106,058

102,335

129,759

85,925

Monash South Africa Ltd

Total receivables

68

31,750

2,495
-

MONASH UNIVERSITY ANNUAL REPORT 2014

NOTES TO THE FINANCIAL STATEMENTS

21

RECEIVABLES (continued)

(a)

Provision for impaired sundry and student receivables

The ageing of these receivables is as follows:

Consolidated

Less than 30 days

30 - 60 days

Monash University

2014

2013

2014

2013

$000's

$000's

$000's

$000's

243

243

49

28

34

15

60 - 90 days

329

55

326

55

90 - 120 days

189

217

189

172

120 days +

(b)

1,519

1,373

1,480

1,363

2,329

1,674

2,272

1,606

Sundry and student receivables

The following is an ageing of the Group's sundry and student receivables that are due at the reporting date for which the Group has not
provided as there has not been a significant change in credit quality and the Group believes that the amounts are still considered
recoverable. The Group does not hold any securities over these balances.
24,665

22,991

21,896

19,706

30 - 60 days

9,577

7,282

9,542

7,076

60 - 90 days

5,428

8,424

5,389

8,371

90 - 120 days

4,000

1,769

3,983

1,763

120 days +

3,866

3,998

3,851

3,907

47,536

44,464

44,661

40,823

4,119

1,606

1,627

Less than 30 days

(c)
Movements in provision for impaired receivables are as follows:
At 1 January
Provision for impaired receivables recognised during the year
Receivables written off during the year as uncollectable
At 31 December

1,674
970
(315)
2,329

(2,351)
(94)
1,674

857
(191)
2,272

(21)
1,606

The creation and release of the provision for impaired receivables has been included in Note 15 to the Statement of Comprehensive
Income. Amounts charged to the provision account are generally written off where there is no expectation of recovery. The other
amounts within receivables do not contain impaired assets and are not past due. Based on credit history, it is expected that these
amounts will be received when due.
22

INVENTORIES
Books, retail, laboratory and other

493

370

493

370

Total current inventories

493

370

493

370

Financial statements

69

NOTES TO THE FINANCIAL STATEMENTS

23

INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD

Consolidated
2014
$000's

2013
$000's

Monash University
2014
$000's

2013
$000's

Shares in associates

30,351

29,868

16,539

16,539

Total investments accounted for using the equity method

30,351

29,868

16,539

16,539

Interest in Associates

Ownership / membership Interest

Monash University
2014

2013

Monash University Malaysia Sdn Bhd (formally known as

Monash University Sunway Campus Malaysia Sdn Bhd)

45

45

Prince Henry's Institute of Medical Research (Business name:

MIMR-PHI Institute of Medical Research)

50

Fair value of listed investments in associates

There are no listed investments in associates.
Summarised financial information of associates
Monash University Malaysia
2014
2013
$000's

$000's

2013
$000's

Financial Position
Current assets

29,401

31,332

16,616

Non-current assets

17,887

14,427

18,528

Total assets
Current liabilities

47,288
14,157

45,759
13,806

35,144
15,532

573

470

504

Total liabilities
Net assets

14,730
32,558

14,276
31,483

16,036
19,108

Share of associates' net assets

14,651

14,167

9,554

Reconciliation of carrying amounts

Balance at 1 January

Non-current liabilities

70

$000's

MIMR-PHI
2014

29,868

27,696

Share of profits after income tax

138

1,152

Share of foreign currency gain / (loss) on translation

345

1,020

Balance at 31 December

30,351

29,868

Financial Performance
Income

59,591

53,617

Profit / (loss) from continuing operations

502

2,632

45,238
(30)

Share of associates' profit / (loss)

138

1,152

(15)

MONASH UNIVERSITY ANNUAL REPORT 2014

NOTES TO THE FINANCIAL STATEMENTS

23

INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (continued)

Investments in jointly controlled entities

Ownership interest
Monash University

GNUCO Pty Ltd (sole member of Monash South Africa Ltd)

2014

2013

25

75

On 23 August 2013 Monash University (MU) entered into a partnership arrangement with Laureate International B.V. (Laureate) over
its South African campus operations. The partnership was structured and effected through the creation of a 100% MU owned holding
company GNUCO Pty Ltd (sole member of the campus operating company Monash South Africa Ltd), with MU selling 25% of its
shares to Laureate. The arrangement requires joint decision making by the respective parties on major matters affecting the campus
operations. As a result Monash University is deemed to have joint control of Monash South Africa Ltd (MSA) via GNUCO Pty Ltd. The
financial impact of the loss of full control over the operations of MSA has been disclosed in Note 19.
On 14 February 2014 Monash University under the partnership agreement sold an additional 50% of shares in GNUCO Pty Ltd to
Laureate, taking the shareholding of parties to Monash University 25% and Laureate 75%. The share sale agreement has a future
performance consideration component. Refer Note 39.
Summarised financial information of jointly controlled entities
GNUCO Pty Ltd
2014
2013
$000's

$000's

Financial Position
Current assets

2,498

4,889

Cash and cash equivalents

4,542

2,443

Non-current assets

3,831

4,063

10,871

11,395

Total assets

7,198

7,004

Non-current financial liabilities

10,620

6,138

Total liabilities
Net assets

17,818
(6,947)

13,142
(1,747)

Share of joint ventures' net assets

(1,737)

(1,310)

Financial Performance
Income

24,952

7,103

Current financial liabilities

Interest income
Expenses
Interest expense
Profit / (loss from continuing operations
Share of joint ventures' profit / (loss)

Financial statements

310

20

28,661

9,920

544

47

(3,943)

(2,844)

(986)

(2,133)

71

NOTES TO THE FINANCIAL STATEMENTS

24

AVAILABLE-FOR-SALE FINANCIAL ASSETS

Consolidated
Notes

Monash University

2014

2013

2014

2013

$000's

$000's

$000's

$000's

At beginning of year

430,152

352,694

281,753

231,045

Additions

428,640

21,955

274,472

14,824

(369,155)

Disposals (sale and redemption)

Revaluation surplus / (deficit) transferred to
equity

35(b)

Net loss on disposal of available-for-sale

financial assets

6,349
-

At end of year

(869)
55,060
1,312

(244,483)
4,784
316,526

(869)
36,753
-

495,986

430,152

Listed securities

70

101

Total current

70

101

281,753

Listed securities and managed funds

Current

Non-current
Listed securities

2,162

2,553

797

803

Managed funds

493,754

427,498

315,729

280,950

495,916

430,051

316,526

281,753

495,986

430,152

316,526

281,753

Total non-current
Total available-for-sale financial assets
25

48

OTHER FINANCIAL ASSETS

Current
Other financial assets
Total current other financial assets

7,425

48

7,425

46

24,436

36,080

(11,962)

(11,962)

Non-current
Shares in subsidiaries
Provision for non-recovery of investments
Unlisted securities

48

Total non-current other financial assets

Total other financial assets
26

13,385

13,450

13,312

13,572
13,572

13,385
20,810

25,924
25,924

37,430
37,430

45,061

42,774

33,626

32,306

INVESTMENT PROPERTIES
Land
Valuation as at 1 January
Additions

9,000

9,000

Net fair value gain / (loss)

9,910

967

3,030

Transfer from another class

2,180

1,320

2,180

1,320

Valuation as at 31 December

66,151

45,061

47,836

33,626

Buildings
Valuation as at 1 January

23,769

23,854

1,304

922

1,900

1,900

(3,935)

(467)

1,086

382

Valuation as at 31 December

22,820

23,769

3,635

1,304

Total investment properties

88,971

68,830

51,471

34,930

3,274

3,123

1,430

1,327

388

454

67

188

2,886

2,669

1,363

1,139

Additions
Net fair value gain / (loss)
Transfer from another class

(a)
Amounts recognised in profit or loss for investment properties
Rental income
Direct operating expenses
Total recognised in profit or loss

72

13,572

(655)
1,086

382

MONASH UNIVERSITY ANNUAL REPORT 2014

Financial statements

73

Movements in Carrying Amounts

116,455

Year ended 31 December 2014

Opening net book amount

(258,900)
123,437

Accumulated depreciation /
amortisation

Net book amount

382,337

At 31 December 2014
Cost

Valuation

123,437

(118)

Closing net book amount

Impairment

66,478

(27,383)

93,861

66,478

(10,993)

(5,016)

(6)

(31,527)

Transfer (to) / from another class

Depreciation / amortisation

(1,871)

(1,120)

Disposals - written down value

3,226

39,753

81,132

81,132

(37,339)

118,471

$000's

65,007

58,967

6,040

65,007

(6)

636

330

64,039

64,039

58,637

5,402

$000's

Library books Cultural Assets

Additions

116,455

Net book amount

Revaluation increment / (decrement)

(244,599)

361,054

Accumulated depreciation /
amortisation

Valuation

At 1 January 2014
Cost

$000's

Equipment

Land, buildings and cultural assets are held at fair value. Refer note 48.

PROPERTY, PLANT AND EQUIPMENT

Consolidated 2014

27

NOTES TO THE FINANCIAL STATEMENTS

317,296

315,620

1,676

317,296

(2,180)

319,476

319,476

316,282

3,194

$000's

Land

1,499,254

(188,216)

1,178,776

508,694

1,499,254

68,997

(44,278)

79,246

(2,471)

1,397,760

1,397,760

(144,245)

1,118,420

423,585

$000's

Buildings

66,891

66,891

66,891

(71,677)

(265)

67,588

71,245

71,245

71,245

$000's

Buildings under
Construction

58,653

(46,214)

630

104,237

58,653

1,591

(7,318)

(289)

(186)

64,855

64,855

(39,503)

630

2,197,016

(520,713)

1,553,993

1,163,736

2,197,016

(11,111)

(3,267)

(88,139)

(3,551)

190,263

(2,141)

2,114,962

2,114,962

(465,686)

1,493,969

1,086,679

$000's

103,728

Total
$000's

Leasehold
Improvements

74

MONASH UNIVERSITY ANNUAL REPORT 2014

Movements in Carrying Amounts (continued)

PROPERTY, PLANT AND EQUIPMENT (continued)

120,093

Year ended 31 December 2013

Opening net book amount

(230)

(244,599)
116,455

Accumulated depreciation /
amortisation

Net book amount

361,054

At 31 December 2013
Cost

Valuation

116,455

(2,510)

Deconsolidation of subsidiary

Closing net book amount

(143)

(1,223)

Foreign currency translation

Impairment

Transfer (to) / from another class

(32,713)

(1,862)

Disposals

Depreciation / amortisation

35,043

Additions

120,093

Net book amount

Revaluation increment / (decrement)

(230,731)

350,824

$000's

Equipment

Accumulated depreciation /
amortisation

Valuation

At 1 January 2013
Cost

Consolidated 2013

27

NOTES TO THE FINANCIAL STATEMENTS

81,132

(37,339)

118,471

81,132

(1,082)

(55)

(4,899)

(5,408)

(171)

3,912

88,835

88,835

(36,070)

124,905

$000's

64,039

58,637

5,402

64,039

(5)

1,833

5,835

56,376

56,376

52,802

3,574

$000's

Library books Cultural Assets

319,476

316,282

3,194

319,476

(319)

(1,320)

(6,158)

1,820

(2,919)

328,372

328,372

318,854

9,518

$000's

Land

1,397,760

(144,245)

1,118,420

423,585

1,397,760

(1,285)

166,622

(44,588)

(23,673)

30,040

(115,188)

1,385,832

1,385,832

(103,530)

1,234,296

255,066

$000's

Buildings

71,245

71,245

71,245

(166,774)

(287)

64,746

173,560

173,560

173,560

$000's

Buildings under
Construction

64,855

(39,503)

630

103,728

64,855

374

(7,050)

(222)

3,413

68,340

68,340

(34,701)

630

2,114,962

(465,686)

1,493,969

1,086,679

2,114,962

(3,592)

(1,802)

(6,122)

(1,328)

(89,759)

(32,378)

140,807

(112,272)

2,221,408

2,221,408

(405,032)

1,606,582

1,019,858

$000's

$000's

102,411

Total

Leasehold
Improvements

Financial statements

75

Movements in Carrying Amounts (continued)

PROPERTY, PLANT AND EQUIPMENT (continued)

115,904

Year ended 31 December 2014

Opening net book amount

(1,025)
(8)

(258,068)
122,071

Accumulated depreciation /
amortisation

Net book amount

380,138

At 31 December 2014
Cost

Valuation

122,071

(118)

Closing net book amount

Impairment

Transfer (to) / from another class

(31,218)

Disposals

Depreciation / amortisation

38,536

Additions

115,904

Net book amount

Revaluation increment / (decrement)

(243,966)

359,870

$000's

Equipment

Accumulated depreciation /
amortisation

Valuation

At 1 January 2014
Cost

Monash University 2014

27

NOTES TO THE FINANCIAL STATEMENTS

66,478

(27,383)

93,861

66,478

(10,993)

(5,016)

(1,871)

3,226

81,132

81,132

(37,339)

118,471

$000's

65,007

58,967

6,040

65,007

(6)

636

330

64,039

64,039

58,637

5,402

$000's

Library books Cultural Assets

317,296

315,620

1,676

317,296

(2,180)

319,476

319,476

316,282

3,194

$000's

Land

1,440,235

(184,407)

1,115,948

508,694

1,440,235

68,997

(42,374)

79,247

(2,471)

1,336,836

1,336,836

(142,341)

1,118,420

360,757

$000's

Buildings

28,870

28,870

28,870

(70,084)

(265)

28,142

71,077

71,077

71,077

$000's

Buildings under
Construction

54,254

(43,739)

630

97,363

54,254

(6,556)

(260)

366

60,704

60,704

(37,723)

630

2,094,211

(513,597)

1,491,166

1,116,642

2,094,211

(11,111)

(3,267)

(85,164)

(3,427)

150,153

(2,141)

2,049,168

2,049,168

(461,369)

1,493,969

1,016,568

$000's

97,797

Total
$000's

Leasehold
Improvements

76

MONASH UNIVERSITY ANNUAL REPORT 2014

Movements in Carrying Amounts (continued)

PROPERTY, PLANT AND EQUIPMENT (continued)

116,385

Year ended 31 December 2013

Opening net book amount

Transfer (to) / from another class

(230)

(243,966)
115,904

Accumulated depreciation /
amortisation

Net book amount

359,870

At 31 December 2013
Cost

Valuation

115,904

(1,223)

Closing net book amount

Impairment

(31,928)

(1,686)

Disposals

Depreciation / amortisation

34,586

Additions

116,385

Net book amount

Revaluation increment / (decrement)

(225,507)

341,892

$000's

Equipment

Accumulated depreciation /
amortisation

Valuation

At 1 January 2013
Cost

Monash University 2013

27

NOTES TO THE FINANCIAL STATEMENTS

81,132

(37,339)

118,471

81,132

(4,899)

(5,215)

(171)

3,783

87,634

87,634

(34,814)

122,448

$000's

64,039

58,637

5,402

64,039

(5)

1,834

5,835

56,375

56,375

52,802

3,573

$000's

Library books Cultural Assets

319,476

316,282

3,194

319,476

(1,320)

(283)

1,820

(2,567)

321,826

321,826

318,849

2,977

$000's

Land

1,336,836

(142,341)

1,118,420

360,757

1,336,836

166,622

(42,352)

(17)

29,982

(114,026)

1,296,627

1,296,627

(100,805)

1,232,446

164,986

$000's

Buildings

71,077

71,077

71,077

(166,774)

(287)

64,576

173,562

173,562

173,562

$000's

Buildings under
Construction

60,704

(37,723)

630

97,797

60,704

(6,293)

(222)

3,134

64,085

64,085

(33,388)

630

2,049,168

(461,369)

1,493,969

1,016,568

2,049,168

(6,122)

(1,702)

(85,788)

(2,671)

139,715

(110,758)

2,116,494

2,116,494

(394,514)

1,604,727

906,281

$000's

96,843

Total
$000's

Leasehold
Improvements

NOTES TO THE FINANCIAL STATEMENTS

28

INTANGIBLE ASSETS
Consolidated 2014

At 1 January 2014
Cost

Software
Development

Goodwill

Electronic
Publications

Total

$000's

$000's

$000's

$000's

50,559

4,500

80,690

135,749

(31,481)

(2,679)

(13,883)

(48,043)

Net book amount

19,078

1,821

66,807

87,706

Year ended 31 December 2014

Opening net book amount

19,078

1,821

66,807

87,706

9,884

14,485

Accumulated amortisation and impairment

Additions

4,601

Disposals

(3,070)

Amortisation charge

(4,271)

(326)

Impairment
Closing net book amount
At 31 December 2014
Cost
Accumulated amortisation and impairment
Net book amount

16,012

1,821

(2,854)
-

(3,070)
(7,125)
(326)

73,837

91,670

50,774

3,500

90,574

144,848

(34,762)

(1,679)

(16,737)

(53,178)

16,012

1,821

73,837

91,670

Consolidated 2013
At 1 January 2013
Cost

53,468

4,500

71,997

129,965

(30,992)

(1,778)

(11,345)

(44,115)

Net book amount

22,476

2,722

60,652

85,850

Year ended 31 December 2013

Opening net book amount

22,476

2,722

Accumulated amortisation and impairment

Additions
Amortisation charge
Transfer

60,652

85,850

2,137

8,885

11,022

(5,161)

(2,558)

(7,719)

(374)

(374)

Impairment

(901)

(901)

Foreign currency translation

(4)

(4)

Deconsolidation of subsidiary

(168)

(168)

Closing net book amount

At 31 December 2013
Cost
Accumulated amortisation and impairment
Net book amount

Financial statements

19,078

1,821

66,807

87,706

50,559

4,500

80,690

135,749

(31,481)

(2,679)

(13,883)

(48,043)

19,078

1,821

66,807

87,706

77

NOTES TO THE FINANCIAL STATEMENTS

28 INTANGIBLE ASSETS (continued)

Monash University 2014

At 1 January 2014
Cost

Software
Development

Goodwill

Electronic
Publications

Total

$000's

$000's

$000's

$000's

47,488

80,689

128,177

(29,365)

(13,883)

(43,248)

Net book amount

18,123

66,806

84,929

Year ended 31 December 2014

Opening net book amount

18,123

66,806

84,929

9,884

14,281

Accumulated amortisation and impairment

Additions

4,397

Disposals

(2,941)

Amortisation charge

(3,659)

(326)

Impairment
Net book amount
At 31 December 2014
Cost
Accumulated amortisation and impairment
Net book amount

15,594

(2,854)
-

(2,941)
(6,513)
(326)

73,836

89,430

47,870

90,573

138,443

(32,276)

(16,737)

(49,013)

15,594

73,836

89,430

Monash University 2013

At 1 January 2013
Cost

49,778

71,907

121,685

(29,195)

(11,340)

(40,535)

Net book amount

20,583

60,567

81,150

Year ended 31 December 2013

Opening net book amount

20,583

60,567

81,150

2,013

8,782

10,795

Amortisation charge

(4,473)

(2,543)

(7,016)

Closing net book amount

18,123

66,806

84,929

Accumulated amortisation and impairment

Additions

At 31 December 2013
Cost
Accumulated amortisation and impairment
Net book amount

78

47,488

80,689

128,177

(29,365)

(13,883)

(43,248)

18,123

66,806

84,929

MONASH UNIVERSITY ANNUAL REPORT 2014

NOTES TO THE FINANCIAL STATEMENTS

29

OTHER ASSETS

Current
Prepayments
Tax receivable
Deposits

30

Consolidated

Monash University

2014

2013

2014

2013

$000's

$000's

$000's

$000's

15,720

13,006

101

103

1,250

15,084
1,250

12,445
-

Total current other assets

17,071

13,109

Non-current
Other assets

10,347

10,758

10,347

10,758

Total other non-current assets

10,347

10,758

10,347

10,758

Total other assets

27,418

23,867

26,681

23,203

16,334

12,445

PAYABLES
Current payables
External
Creditors

79,358

73,332

77,949

72,828

Accrued charges

18,294

21,106

17,191

19,052

Funds under administration

10,651

9,334

10,651

9,334

2,930

3,073

2,930

3,073

38,629

35,762

37,447

33,220

Restructuring leave provisions payable

Other
Related party payables
Total external payables

149,862

4
142,611

146,168

137,507

4,793

Intercompany
Monash Investment Trust

6,485

Monash Property South Africa Pty Ltd

671

Monash College Pty Ltd

10,221

10,297

Monash Accommodation Services Pty Ltd

1,650

1,588

19,027
165,195

16,678
154,185

Total intercompany
Total current payables

149,862

142,611

Non-current payables
External
Restructuring leave provisions payable

2,930

5,947

2,930

5,947

Total non-current payables

2,930

5,947

2,930

5,947

152,792

148,558

168,125

160,132

Secured
Finance leases

13

17

Total current secured borrowings

13

17

14,870

47,037

Total payables
31

BORROWINGS
Current

Unsecured
Bank loans - commercial bills
Bank overdrafts

3,408

14,870
3,408

47,037
-

Total current unsecured borrowings

18,278

47,037

18,278

47,037

Total current borrowings

18,291

47,054

18,278

47,037

Financial statements

79

NOTES TO THE FINANCIAL STATEMENTS

31

BORROWINGS (continued)
Consolidated

Monash University

2014

2013

2014

2013

$000's

$000's

$000's

$000's

Non-current
Unsecured
Bank loans - Commercial Bills
Repayable 1-5 years

28,377

35,292

28,377

35,292

234,467

210,709

234,467

210,709

Total non-current unsecured borrowings

Total non-current borrowings

262,844
262,844

246,001
246,001

262,844
262,844

246,001
246,001

Total borrowings

281,135

293,055

281,122

293,038

341,450

386,338

339,714

386,338

13

17

341,463

386,355

Repayable over 5 years

Unrestricted access was available at balance date to the following lines of credit:
Credit standby arrangements

Total facilities
Borrowings
Finance leases

Used at balance date

Bank overdrafts
Bank loans
Finance leases

Unused at balance date

Bank loans

339,714

(3,408)
(277,714)

386,338

(277,714)

(293,038)

(13)

(17)

(281,135)

(293,055)

(281,122)

(293,038)

63,736

93,300

62,000

93,300

63,736

93,300

62,000

93,300

(293,038)
-

Bank loan facilities

Total facilities

341,463

386,355

339,714

386,338

Used at balance date

(281,135)

(293,055)

(281,122)

(293,038)

60,328

93,300

58,592

93,300

Unused at balance date

80

(3,408)

MONASH UNIVERSITY ANNUAL REPORT 2014

NOTES TO THE FINANCIAL STATEMENTS

32

PROVISIONS
Consolidated
Note

Monash University

2014

2013

2014

2013

$000's

$000's

$000's

$000's

Current
155

Provision for remuneration withheld

Provision for bonus payments
Restructuring provision
Provision for deferred tax

19
32(c)

41

1,267

573

11,698

7,729

3,783

155
11,698
-

42
7,729
-

Employee benefits:
Academic:
Provision for long service leave

56,589

46,744

54,962

45,856

Provision for recreation leave

31,948

31,670

30,516

30,678

16

Provision for parental leave

Non-Academic:
Provision for long service leave

44,549

34,834

44,312

34,328

Provision for recreation leave

25,424

24,438

24,904

23,696

27

Provision for parental leave

Total current provisions

171,673

149,812

166,547

142,329

Non-Current
-

Provision for remuneration withheld

Restructuring provision

19

102

101

136

12,041

136

12,041

10,961

10,912

10,429

10,479

15,332

14,562

15,142

14,249

26,429

37,617

25,707

36,870

198,102

187,429

192,254

179,199

Employee benefits:
Academic:
Provision for long service leave
Non-Academic:
Provision for long service leave
Total non-current provisions
Total provisions
(a)

Current long service leave and recreation leave:

Expected to be settled within 12 months
Academic:
Provision for Long Service Leave - nominal value

8,892

7,288

7,265

6,399

Provision for Recreation Leave - nominal value

21,542

21,184

20,111

20,192

Non-Academic:
Provision for Long Service Leave - nominal value

5,928

5,017

5,691

4,511

Provision for Recreation Leave - nominal value

20,577

20,048

20,057

19,307

56,939

53,537

53,124

50,409

Academic:
Provision for Long Service Leave - present value

47,697

39,456

47,697

39,456

Provision for Recreation Leave - present value

10,406

10,486

10,406

10,486

Non-Academic:
Provision for Long Service Leave - present value

38,621

29,817

38,621

29,817

Provision for Recreation Leave - present value

4,847

4,390

4,847

4,390

Total beyond 12 months

101,571

84,149

101,571

84,149

Total current long service leave and recreation leave

158,510

137,686

154,695

134,558

Total within 12 months

Expected to be settled beyond 12 months

Financial statements

81

NOTES TO THE FINANCIAL STATEMENTS

32

PROVISIONS (continued)
(b)

Movements in provisions
Consolidated
2013

2014

2013

$000's

$000's

$000's

$000's

Restructuring provisions
Carrying amount at start of year

19,770

Additional provisions recognised

216

19,770

19,770

Amounts used

(8,152)

Carrying amount at end of year

11,834

19,770

3,783

3,593

(c)

Monash University

2014

216
(8,152)

11,834

19,770
19,770

Deferred Tax

(i) Reconciliation of opening and closing balances

Balance at the beginning of the year

Movement through equity:

South African deferred tax
Change in tax rate
Revaluation of land and buildings

(492)

(272)

Realisation of land and buildings

(1,271)

Australian deferred tax

Foreign exchange on loan liabilities

(2,776)

161

(83)

Foreign exchange on translation

(28)

Movement through profit or loss:

South African deferred tax
Foreign exchange loss on loan liability
Net deductible temporary differences
Australian deferred tax
Unused tax losses
Deductible temporary differences
Balance at the end of the year

526

68

211

346

14

(4)

3,783

(ii) Analysis of deferred tax balances

South African deferred tax

Revaluation of land and buildings

1,299

Equipment

Minor assets

(70)

Australian deferred tax

Unrealised exchange gains on loans

1,232

2,776

Unused tax losses

(211)

Accruals

(14)

Total deferred tax

82

2,551

3,783

MONASH UNIVERSITY ANNUAL REPORT 2014

NOTES TO THE FINANCIAL STATEMENTS

33

OTHER LIABILITIES
Consolidated

Current
Prepaid rentals
Student fees received in advance
Income received in advance
Current tax liability
Total current other liabilities

2013

2014

2013

$000's

$000's

$000's

$000's

192

183

41,822

28,259

34,916

22,682

7,890

7,653

7,890

7,653

1,406
51,310

36,095

42,806

30,335

Non-current
Derivative liability - Note 47(a)

6,658

6,658

Total non-current other liabilities

6,658

6,658

Total other liabilities

34

18

Monash University

2014

57,968

36,095

49,464

149,167

145,704

2,240

3,463

151,407

149,167

Commonwealth and State Government financial

assistance
Contributions to capital works and land

83,102

83,102

83,102

83,102

Total contributed capital

83,102

83,102

83,102

83,102

234,509

232,269

83,102

83,102

1,018,094

1,129,602

999,199

1,109,957

30,335

CAPITAL
Funds held in perpetuity:
Monash University Foundation
Funds held in perpetuity at 1 January
Preservation of capital
Funds held in perpetuity at 31 December
Contributed capital:

Total capital
35

RESERVES
Asset revaluation reserve
Asset revaluation reserve at 1 January
Transfers (from) / to asset revaluation reserve
Asset revaluation reserve at 31 December

(870)

(111,508)

1,017,224

1,018,094

Available-for-sale investments revaluation reserve

Available-for-sale investments revaluation reserve at 1 January

81,103

Transfers to available-for-sale investments revaluation reserve

(71,089)

Available-for-sale investments revaluation reserve at 31

December
Foreign currency translation reserve
Foreign currency translation reserve at 1 January

(2,141)

(110,758)

997,058

999,199

36,285

52,115

21,738

44,818

(48,014)

30,377

10,014

81,103

4,101

52,115

(26,867)

(29,471)

Transfers to / (from) foreign currency translation reserve

3,363

2,604

Foreign currency translation reserve at 31 December

(23,504)

(26,867)

Hedge reserve
Hedge reserve at 1 January

Transfers to / (from) hedge reserve

(6,658)

(6,658)

Hedge reserve at 31 December

(6,658)

(6,658)

Total reserves
Financial statements

997,076

1,072,330

994,501

1,051,314
83

NOTES TO THE FINANCIAL STATEMENTS

35

RESERVES (continued)
Movements:
(a)

Asset revaluation reserve:

Consolidated
Note

Balance 1 January
Gain on revaluation of cultural assets
Deferred tax on land and buildings
Balance 31 December
(b)
Available-for-sale investment revaluation reserve:
Balance 1 January

2013

$000's

$000's

$000's

1,018,094

1,129,602

999,199

330

5,835

330

(118,107)

1,271

764

1,017,224

1,018,094

81,103

36,286

(2,471)
-

1,109,957
5,835
(116,593)
-

997,058

999,199

52,115

21,738

(23,070)

Realised gain on previously impaired investments - transfer to

net profit

(54,368)

(10,243)

(40,638)

(6,376)

6,349

55,060

4,784

36,753

10,014

81,103

4,101

52,115

(26,867)

(29,471)

2,804

2,765

(161)

(26,867)

Balance 31 December
(c)

(12,160)

Foreign currency translation reserve:

Balance 1 January
Currency translation differences arising during the year

559

Deferred tax

(23,504)

Balance 31 December
(d)
Hedge reserve:
Balance 1 January
Currency and interest rate contract

47(a)

Balance 31 December

(6,658)

(6,658)

(6,658)

(6,658)

RETAINED EARNINGS
Retained earnings at 1 January

981,934

928,809

868,903

833,874

Net result for the year

213,238

56,588

161,752

35,029

Deferred government superannuation contributions

(5,549)

(65,355)

(5,549)

(65,355)

Deferred employee benefits for superannuation

Transfer to original capital

5,549

65,355

5,549

65,355

(2,240)

(3,463)

Retained earnings at 31 December

37

2014

$000's

Realised gain on sale of investments - transfer to net profit

Revaluation - gross

36

2013

(2,471)

Gain / (loss) on revaluation of land and buildings

Monash University

2014

1,192,932

981,934

1,030,655

868,903

ASSURANCE AND OTHER SERVICES

During the year the following fees were paid for services provided by the auditor of the parent entity, its related practices and nonrelated audit firms:
Assurance services
Fees paid to Auditor-General of Victoria:
Audit of financial reports
Fees paid to Non-Auditor-General of Victoria audit firms for the
audit of financial reports of any entity in the consolidated
group
Total remuneration for assurance services

84

377

388

284

275

81

290

63

172

458

678

347

447

MONASH UNIVERSITY ANNUAL REPORT 2014

NOTES TO THE FINANCIAL STATEMENTS

38

RESPONSIBLE PERSONS AND EXECUTIVE OFFICERS

From 1 January 2014 to 17 March 2014 the responsible Minister for Higher
Education and Skills was the Hon. P. Hall MLC. From 18 March 2014 to 3
December 2014 the responsible Minister for Higher Education and Skills
was the Hon. N. Wakeling MLA. From 4 December 2014 the responsible
Minister for Training and Skills was The Hon. S. Herbert MLC.
The names of members of Council of Monash University who held office
during the financial year are shown below.
Mr Y.Blacher PSM
Professor R. Brown
Mr S.Buggle
Professor E.Byrne AC *
Professor B. Canny
Ms H.Carmody
The Hon. S. Crean
Mr M. Cubit *

Dr. H Drennen
Dr A Finkel AO
Professor M. Gardner AO *
Ms M. Hopper
Dr C. Nixon APM
Mr I. Pyman *
Mr J. Simpson *
The Hon. P. Young QC

* Professor E. Byrne AC resigned on 29 August 2014 and Mr I. Pyman

resigned on 31 December 2014. Professor M Gardner AO commenced
on 1 September 2014; Mr M. Cubit and Mr J. Simpson commenced
on 21 October 2014.
Related party transactions
The following transactions were entered into with related entities of
members of Council. All transactions were conducted on an arms length
basis in the normal course of business and on normal terms and conditions.
Mr Y. Blacher PSM is a Senior Advisor of Nous Group. During the year the
University paid $2.1M (2013: $2.2M) to Nous Group for the provision of
consultancy services. Mr Blacher was not directly nor indirectly involved in
the provision of any of the consultancy services provided to the University.
Mr Blacher is also a Director of VicTrack. Amounts received from VicTrack
were not material ($82,500 for the reporting period) and are therefore not
reported.
Mr S. Buggle is Deputy Chief Financial Officer at Australia and New
Zealand Banking Group Ltd (ANZ). During the year the University received
$0.5M (2013: $1.1M) from ANZ for industry based learning scholarships,
contract research and various grants from ANZ Trustees (e.g. Holsworth
Wildlife Research Award funding). The University paid $8.1M (2013:
$9.9M) in interest during the year and had borrowings outstanding of
$106.4M (2013: $133.7M) to ANZ. The University Group received interest
of $166,619 (2013: $54,600) on $49.7M (2013: $6.0M) of term deposits
held with ANZ during the year.
Professor E. Byrne AC is a Director of Cochlear Pty Ltd, and was a Monash
University Council member up until 29 August 2014. During this period
amounts received from Cochlear Pty Ltd were not material ($27,500 during
the year) and are therefore not reported.
Professor B. Canny is a Director of Mannix College Council, Inc (the
governing body of Mannix College). Mannix College is an affiliated
institution of Monash University. Amounts received and paid between
Monash and Mannix College were not material ($80,741 or below during
the reporting period) and are therefore not reported.
Ms H. Carmody is a Senior Advisor of Nous Group. During the year the
University paid $2.1M (2013: $2.2M) to Nous Group for the provision of
consultancy services. Ms Carmody was not directly nor indirectly involved
in the provision of consultancy services to the University.
Dr A Finkel AO is a Director of Finkel Foundation Pty Ltd (Trustee Company
for A & E Finkel Foundation). During the year the University received $0.7M
(2012: $0.4M) of various donations from A & E Finkel Foundation.
Additionally Dr Finkel is President of the Australian Academy of
Technological Sciences and Engineering (ATSE). Amounts received and
paid between Monash and ATSE were not material ($52,711 or below
during the reporting period) and are therefore not reported. Dr Finkel is a
Director of Cosmos Media Pty Ltd from which incidental purchases (i.e.
advertising, magazine subscriptions) may have been made by faculties or
staff. However no material transactions have occurred between Monash
and Cosmos and are therefore not reported. Dr Finkel is a Director of
STILE Pty Ltd and amounts paid by the University were not material and
are therefore not reported.

Financial statements

Professor M. Gardner AO was appointed to the Monash University Council

on 1 September 2014. Professor Gardners spouse is the Vice-Chancellor
of The University of Melbourne (UniMelb). From 1 September 2014 to 31
December 2014 the University received $4.9M from and paid $6.6M to
UniMelb predominantly relating to research collaboration and/or shared
research grant activities. Professor Gardner had no direct nor indirect
involvement in financial arrangements relating to these collaborative
activities. Professor Gardner is also President of the Museums Board of
Victoria. Amounts paid to Museum Victoria were not material ($3,022
during the reporting period) and are therefore not reported.
Mr J. Simpson is a member of the Scotch College Council and was
appointed to Monash University Council on 21 October 2014. Since then
the amounts received and paid between Monash and Scotch College were
not material ($17,495 or below to the end of the reporting period) and are
therefore not reported. Mr Simpson is also a Director of the Emergency
Services Superannuation Board (ESSB). Monash University has, in its
staffing profile, a number of employees who are members of the State
Superannuation fund, which is a defined benefits scheme administered by
the Government Superannuation Office (an operating division of the ESSB).
Total contributions by the University for the year ended 31 December 2014
were $11.0M (2013: $11.0M). Refer Note 40 (b).
There are no other matters to report as related party disclosures under the
directions of the Minister for Finance.
Monash University - Remuneration of Directors
The number of Directors (Directors being defined as members of University
Council) and their total remuneration during the reporting period are shown
in the first two columns of the table below, with relevant income bands.
Base remuneration of Directors is shown in the third and fourth columns.
Base remuneration is exclusive of end-of-contract, bonus and retention
payments, payment in lieu of annual and long service leave on termination
of employment, redundancy payments and annual performance related
payments.
In 2014, Monash had four Directors who were staff members of the
University. Their remuneration as a staff member is reported; they received
no additional remuneration for being a member of the University Council
(Director).
There are eleven external members of the University Council who in 2014
elected to receive remuneration for carrying out their University Council
roles, and these amounts are reported in the table below. Remuneration
rates and arrangements for Council members is determined by the Minister.
Under a Ministerial direction issued in 2013, remuneration for 2014 was set
at $43,000 per annum for new or reappointed Councillors. Sitting
Councillors were not eligible to receive this rate, and hence remained on the
previous rate, which was approximately 50 per cent below the new rate. Of
the eleven external Directors who received payment, eight were paid as per
the new (higher) rate, and three were paid as per the old (lower) rate.
Additionally, where Council members are also directors of Monash
Universitys controlled entities, they may elect to receive their Council
remuneration plus 50 per cent of the relevant remuneration as approved by
the Board of the controlled entity. One Director elects to receive
remuneration in this way.
The change in the Total Amounts paid in the table below (from 2013 to
2014), can be principally attributed to two factors; the impact of the new
rates for some new/reappointed Council members; and, one Director who
was also a staff member concluded employment and resigned from the
University. On resignation, that employee Director received one-off end-ofcontract payments, including payment in lieu of accrued but untaken annual
and long service leave, as well as a pro-rata annual performance payment.

85

NOTES
THE
FINANCIAL
STATEMENTS
NOTES
TOTO
THE
FINANCIAL
STATEMENTS
38

38

RESPONSIBLE PERSONS AND EXECUTIVE OFFICERS

RESPONSIBLE PERSONS AND EXECUTIVE OFFICERS

Base
Total
Total
Base
Total
Base
Total
Base
Remuneration
Remuneration
Remuneration
Remuneration
Remuneration
Remuneration
Remuneration
Remuneration
Income Band
2014
2013
2014
2013
Income Band
2014
2013
2014
2013
Income Band
2014
2013
2014
2013
Income Band
2014
2013
2014
2013
$0 - 9,999
2
2
$0 - 9,999
2
2
$50,000 - 59,999
1
$50,000 - 59,999
1
$20,000 - 29,999
3
6
3
6
$20,000 - 29,999
3
6
3
6
$130,000 - 139,999
1
1
1
$130,000 - 139,999
1
1
1
$40,000 - 49,999
4
4
$40,000 - 49,999
4
4
$140,000 - 149,999
1
1
$140,000 - 149,999
1
1
$50,000 - 59,999
1
1
$50,000 - 59,999
1
1
$190,000 - 199,999
1
$190,000 - 199,999
1
$70,000 - 79,999
1
1
$70,000 - 79,999
1
1
$200,000 - 209,999
1
$200,000 - 209,999
1
$90,000 - 99,999
1
1
$90,000 - 99,999
1
1
$220,000 - 229,999
1
$220,000 - 229,999
1
$180,000 - 189,999
1
1
$180,000 - 189,999
1
1
$230,000 - 239,999
1
1
$230,000 - 239,999
1
1
$260,000 - 269,999
1
1
$260,000 - 269,999
1
1
$240,000 - 249,999
1
$240,000 - 249,999
1
$300,000 - 309,999
1
1
$300,000 - 309,999
1
1
$250,000 - 259,999
1
$250,000 - 259,999
1
$310,000 - 319,999
1
$310,000 - 319,999
1
$260,000 - 269,999
1
1
$260,000 - 269,999
1
1
$330,000 - 339,999
1
$330,000 - 339,999
1
$270,000 - 279,999
1
1
$270,000 - 279,999
1
1
$640,000 - 649,999
1
$640,000 - 649,999
1
$280,000 - 289,999
1
2
1
2
$280,000 - 289,999
1
2
1
2
$910,000 - 919,000
1
$910,000 - 919,000
1
$290,000 - 299,999
1
2
$290,000 - 299,999
1
2
$970,000 - 979,999
1
$970,000 - 979,999
1
$300,000 - 309,999
1
2
4
2
$300,000 - 309,999
1
2
4
2
$1,010,000 - 1,019,999
1
$1,010,000 - 1,019,999
1
$310,000 - 319,999
1
2
1
2
$310,000 - 319,999
1
2
1
2
Total Numbers:
15
9
15
9
Total Numbers:
15
9
15
9
$320,000 - 329,999
2
4
1
2
$320,000 - 329,999
2
4
1
2
Total Amount:
$2,275,034 $1,457,431 $1,886,166 $1,394,551
Total Amount:
$2,275,034 $1,457,431 $1,886,166 $1,394,551
$330,000 - 339,999
1
1
1
1
$330,000 - 339,999
1
1
1
1
$340,000 - 349,999
2
1
2
2
$340,000 - 349,999
2
1
2
2
Monash University - Remuneration of Executives
$350,000 - 359,999
1
1
2
Monash University - Remuneration of Executives
$350,000 - 359,999
1
1
2
$360,000 - 369,999
1
1
1
$360,000
369,999
1
1
1
Executive officers are defined as officers within the University occupying a $370,000 - 379,999
1
Executive officers are defined as officers within the University occupying a $370,000
- 379,999
1
senior management position that has a direct influence on the operation of $380,000
- 389,999
2
3
2
senior management position that has a direct influence on the operation of $380,000
- 389,999
2
3
2
the University. A restructure of the Universitys senior executive committees $390,000
- 399,999
1
1
the University. A restructure of the Universitys senior executive committees $390,000
- 399,999
1
1
occurred during the year, which resulted in the total number of executives $400,000
- 409,999
1
3
1
occurred during the year, which resulted in the total number of executives $400,000 - 409,999
1
3
1
reported for 2014 being 35. Comparative data for 2013 has been adjusted $410,000 - 419,999
1
2
1
3
reported for 2014 being 35. Comparative data for 2013 has been adjusted $410,000 - 419,999
1
2
1
3
to ensure consistency in reported information, and represents all members $420,000 - 429,999
3
1
1
to ensure consistency in reported information, and represents all members $420,000
429,999
3
1
1
of the Universitys senior executive committees.
$430,000 - 439,999
1
of the Universitys senior executive committees.
$430,000 - 439,999
1
$440,000 - 449,999
1
1
$440,000 - 449,999
1
1
All executives with an annual base salary set at $200,000 or above have
$450,000 - 459,999
1
1
All executives with an annual base salary set at $200,000 or above have $450,000
- 459,999
1
1
been subject to a salary freeze since 2012. Following settlement of the $470,000
- 479,999
1
1
2
1
been subject to a salary freeze since 2012. Following settlement of the $470,000 - 479,999
1
1
2
1
Universitys enterprise bargaining agreement during 2014, staff of the $480,000 - 489,999
1
1
1
Universitys enterprise bargaining agreement during 2014, staff of the $480,000
489,999
1
1
1
University received a 3% pay increase. The application of the salary freeze $490,000 - 499,999
1
1
2
University received a 3% pay increase. The application of the salary freeze $490,000
- 499,999
1
1
2
over the majority of 2014 is the principal reason for the marginal increase of $500,000
- 509,999
2
1
over the majority of 2014 is the principal reason for the marginal increase of $500,000
- 509,999
2
1
0.2% in base remuneration of executives between 2013 and 2014.
$510,000 - 519,999
2
1
1
0.2% in base remuneration of executives between 2013 and 2014.
$510,000 - 519,999
2
1
1
$530,000 - 539,999
1
1
$530,000 - 539,999
1
1
$540,000 - 549,999
1
1
2
$540,000
549,999
1
1
2
Total executive remuneration has increased by 4.3% in 2014. This is due to $560,000 - 569,999
1
Total executive remuneration has increased by 4.3% in 2014. This is due to $560,000
569,999
1
a range of factors, including the departure of some senior executive staff $570,000 - 579,999
1
a range of factors, including the departure of some senior executive staff $570,000
- 579,999
1
during 2014. On resignation, these executives received payment in lieu of $580,000
- 589,999
1
1
during 2014. On resignation, these executives received payment in lieu of $580,000
- 589,999
1
1
accrued but untaken annual and long service leave, and pro-rata annual $600,000
- 609,999
1
1
accrued but untaken annual and long service leave, and pro-rata annual $600,000 - 609,999
1
1
performance payment. There were also a small number of once-off $610,000 - 619,999
1
performance payment. There were also a small number of once-off $610,000
- 619,999
1
performance or retention payments made to key executives during the $620,000
- 629,999
1
performance or retention payments made to key executives during the $620,000 - 629,999
1
period.
$630,000 - 639,999
1
period.
$630,000 - 639,999
1
$640,000 - 649,999
1
$640,000 - 649,999
1
$650,000 - 659,999
2
1
$650,000 - 659,999
2
1
$680,000 - 689,999
1
$680,000 - 689,999
1
$720,000 - 729,999
1
$720,000 - 729,999
1
Total Numbers:
35
35
35
35
Total Numbers:
35
35
35
35
32.9
33.5
Total annualised
32.9
33.5
32.9
33.5
Total annualised
32.9
33.5
employee
employee
equivalent (AEE)
equivalent (AEE)
Total Amount:
$14,677,550 $14,069,236 $13,168,951 $13,137,856
Total Amount:
$14,677,550 $14,069,236 $13,168,951 $13,137,856

86

MONASH UNIVERSITY ANNUAL REPORT 2014

NOTES
NOTES
TOTO
THE
THE
FINANCIAL
FINANCIAL
STATEMENTS
STATEMENTS
38 38 RESPONSIBLE
RESPONSIBLE
PERSONS
PERSONS
AND
AND
EXECUTIVE
EXECUTIVE
OFFICERS
OFFICERS
39 39 CONTINGENT
CONTINGENT
LIABILITIES
LIABILITIES
AND
AND
CONTINGENT
CONTINGENT
ASSETS
ASSETS

Subsidiaries
Subsidiaries
- Remuneration
- Remuneration
of Directors
of Directors

Remuneration
Remuneration
for for
Directors
Directors
of Monash
of Monash
University
University
controlled
controlled
entities
entities
is is
Contingent
assets
assets
reported
reported
in the
in the
table
table
below,
below,
using
using
thethe
same
same
remuneration
remuneration
definitions
definitions
as as Contingent
those
those
used
used
for for
Monash
Monash
University.
University.
Directors
Directors
of controlled
of controlled
entities
entities
who
who
areare
also
also
members
members
of University
of University
Council
Council
have
have
their
their
remuneration
remuneration
reported
reported
under
under
Note
Note
23 23
refers
refers
to the
to the
additional
additional
sale
sale
of 50%
of 50%
of GNUCO
of GNUCO
shares
shares
by by
Monash
Monash
Monash
Monash
University
University
andand
areare
notnot
included
included
in this
in this
table.
table.
University
University
to Laureate
to Laureate
International
International
B.V.
B.V.
on on
14 14
February
February
2014,
2014,
which
which
hashas
a a
future
future
performance
performance
consideration
consideration
attached
attached
to to
it that
it that
hashas
notnot
yetyet
been
been
ceased
to to
be be
a subsidiary
of of
thethe
In In
2013,
2013,
Monash
Monash
South
South
Africa
Africa
Limited
Limited
ceased
a subsidiary
recognised.
recognised.
Finalisation
Finalisation
of the
of the
actual
actual
performance
performance
consideration
consideration
amount
amount
to to
University
and,
accordingly,
there
is no
remuneration
reported
for for
Monash
University
and,
accordingly,
there
is no
remuneration
reported
Monash
be be
received
received
by by
Monash
Monash
University
University
is due
is due
to be
to be
formally
formally
assessed
assessed
at the
at the
endend
South
Africa
Limited
in 2014.
South
Africa
Limited
in 2014.
of 2017.
of 2017.
TheThe
increase
in base
andand
total
remuneration
of Directors
of controlled
increase
in base
total
remuneration
of Directors
of controlled
Contingent
Contingent
liabilities
liabilities
entities
between
2013
andand
2014
is principally
duedue
to the
impact
of aoffull
year
entities
between
2013
2014
is principally
to the
impact
a full
year
of remuneration
for for
oneone
Director
who
commenced
during
2013,
andand
also
an an
of remuneration
Director
who
commenced
during
2013,
also
increase
in performance
payments
following
thethe
return
to profit
of Monash
increase
in performance
payments
following
return
to profit
of Monash Monash
Monash
South
South
Africa
Africa
LtdLtd
hashas
a finance
a finance
leasing
leasing
facility
facility
from
from
a South
a South
African
African
College
PtyPty
Ltd.Ltd.
College
financial
financial
institution.
institution.
TheThe
value
value
of the
of the
facility
facility
is $2.0M
is $2.0M
(2013:
(2013:
$2.1M)
$2.1M)
of which
of which
approximately
approximately
$1.4M
$1.4M
(2013:$1.4M)
(2013:$1.4M)
hashas
been
been
utilised
utilised
at 31
at 31
December
December
2014.
2014.
Total
Base
Total
Base
TheThe
facility
facility
is secured
is secured
by by
a bank
a bank
guarantee
guarantee
provided
provided
by by
Westpac
Westpac
Banking
Banking
Remuneration
Remuneration
Remuneration
Remuneration
Corporation,
Corporation,
which
which
is is
supported
supported
by by
a letter
a letter
of of
indemnity
indemnity
from
from
Monash
Monash
Income
Band
2014
2013
2014
2013
Income
Band
2014
2013
2014
2013
University
University
Australia.
Australia.
- 9,999
$0 $0
- 9,999
- 3 3
- 3 3
$10,000
- 19,999
$10,000
- 19,999
- 1 1
- 1 1
No No
other
other
bank
bank
guarantees
guarantees
have
have
been
been
provided
provided
to third
to third
parties
parties
(2013:
(2013:
nil).nil).
$20,000
- 29,999
$20,000
- 29,999
- 1 1
- 1 1
$40,000
- 49,999
$40,000
- 49,999
1 1
2 2
1 1
2 2
$50,000
- 59,999
$50,000
- 59,999
2 2
- 2 2
- There
There
areare
a number
a number
of legal
of legal
claims
claims
andand
exposures
exposures
which
which
arise
arise
from
from
thethe
$320,000
- 329,999
$320,000
- 329,999
- - - 1 1
ordinary
ordinary
course
course
of of
business,
business,
none
none
of of
which
which
areare
individually
individually
significant.
significant.
$340,000
- 349,999
$340,000
- 349,999
- - 1 1
- Where
Where
thethe
asset
asset
is not
is not
virtually
virtually
certain
certain
andand
thethe
liability
liability
is not
is not
probable
probable
thethe
$350,000
- 359,999
$350,000
- 359,999
- 1 1
- - Group
Group
hashas
notnot
provided
provided
for for
such
such
amounts
amounts
in these
in these
financial
financial
statements.
statements.
$410,000
- 419,999
$410,000
- 419,999
1 1
- - - Additionally,
Additionally,
there
there
areare
a number
a number
of legal
of legal
claims
claims
or potential
or potential
claims
claims
against
against
Total
Numbers:
Total
Numbers:
4 4
8 8
4 4
8 8
thethe
Group,
Group,
thethe
outcome
outcome
of which
of which
cannot
cannot
be be
foreseen
foreseen
at present,
at present,
andand
for for
Total
Amount:
$559,845 $518,220
$518,220 $491,845
$491,845$486,720
$486,720 which
Total
Amount:
$559,845
which
no no
amounts
amounts
have
have
been
been
included.
included.
40 40 SUPERANNUATION
SUPERANNUATION
FUNDS
FUNDS
Subsidiaries
- Remuneration
of Executives
Subsidiaries
- Remuneration
of Executives

TheThe
University
University
contributes
contributes
to the
to the
following
following
superannuation
superannuation
funds
funds
on on
behalf
behalf
of its
of employees:
its employees:
Overall,
base
total
remuneration
executives
controlled
entities
executives
of of
controlled
entities
Overall,
base
andand
total
remuneration
of of
decreased
between
2013
2014.TheThe
principal
reason
is the
decreased
between
2013
andand
2014.
principal
reason
for for
thisthis
is the
(a) (a) UniSuper
UniSuper
LtdLtd
impact
reported
remuneration
2014
Monash
South
Africa
impact
of of
no no
reported
remuneration
in in
2014
for for
Monash
South
Africa
Limited,
it no
longer
being
a subsidiary
of the
University.This
This
Limited,
duedue
to itto no
longer
being
a subsidiary
of the
University.
is is
partly
offset
increase
some
executives,
in line
growth
partly
offset
by by
an an
increase
for for
some
executives,
in line
withwith
thethe
growth
andand
UniSuper
UniSuper
LtdLtd
offers
offers
eligible
eligible
members
members
thethe
choice
choice
of of
three
three
schemes
schemes
return
to profit
of Monash
College
return
to profit
of Monash
College
PtyPty
Ltd.Ltd.
known
known
as:as:
Total
Total
Remuneration
Remuneration
2014
2013
2014
2013
- 1 1
- 1 1
- 2 2
1 1
1 1
1 1
2 2
- - - 1 1
- 2 2
1 1
- 2 2
- - 1 1
2 2
1 1
1 1
- 1 1
- 9 9
12 12
8.58.5
9.89.8

Base
Base
Remuneration
Remuneration
2014
2014
2013
2013
- 2 2
2 2
1 1
- 4 4
- 1 1
2 2
1 1
1 1
- 1 1
- 1 1
1 1
- 1 1
1 1
1 1
1 1
- - - - - - - 9 9
12 12
8.58.5
9.89.8

Income
Band
Income
Band
$100,000
- 109,999
$100,000
- 109,999
$130,000
- 139,999
$130,000
- 139,999
$140,000
- 149,999
$140,000
- 149,999
$150,000
- 159,999
$150,000
- 159,999
$160,000
- 169,999
$160,000
- 169,999
$170,000
- 179,999
$170,000
- 179,999
$180,000
- 189,999
$180,000
- 189,999
$190,000
- 199,999
$190,000
- 199,999
$200,000
- 209,999
$200,000
- 209,999
$210,000
- 219,999
$210,000
- 219,999
$220,000
- 229,999
$220,000
- 229,999
$230,000
- 239,999
$230,000
- 239,999
$240,000
- 249,999
$240,000
- 249,999
$260,000
- 269,999
$260,000
- 269,999
Total
Numbers:
Total
Numbers:
Total
annualised
Total
annualised
employee
equivalent
employee
equivalent
(AEE)
(AEE)
Total
Amount:
$1,993,177$2,053,868
$2,053,868$1,585,597
$1,585,597$1,878,736
$1,878,736
Total
Amount:
$1,993,177

Defined
Defined
Benefit
Benefit
Division
Division
Accumulation
Accumulation
2 2
Accumulation
Accumulation
1 1
(i) (i)

Defined
Defined
Benefit
Benefit
Division
Division

TheThe
UniSuper
UniSuper
Defined
Defined
Benefit
Benefit
Division
Division
(DBD)
(DBD)
is a
is defined
a defined
benefit
benefit
plan
plan
under
under
Superannuation
Superannuation
Law
Law
but,but,
as as
a result
a result
of of
amendments
amendments
to to
Clause
Clause
34 34
of of
thethe
UniSuper
UniSuper
Trust
Trust
Deed,
Deed,
a a
defined
defined
contribution
contribution
plan
plan
under
under
Accounting
Accounting
Standard
Standard
AASB
AASB
119.
119.
TheThe
University
University
makes
makes
contributions
contributions
at the
at the
raterate
of 14%
of 14%
of gross
of gross
salary.
salary.
Employees
Employees
contribute
contribute
at aatrate
a rate
between
between
0%0%
andand
7%7%
of gross
of gross
salary.
salary.
(ii) (ii)

Accumulation
Accumulation
2 2

This
This
section
section
of the
of the
scheme
scheme
is ais cash
a cash
accumulation
accumulation
scheme
scheme
andand
thethe
University
University
makes
makes
contributions
contributions
at at
a rate
a rate
of of
14%
14%
of of
gross
gross
salary.
salary.

Financial statements

87

NOTES
NOTES
TOTO
THE
THE
FINANCIAL
FINANCIAL
STATEMENTS
STATEMENTS
40 40SUPERANNUATION
SUPERANNUATION
FUNDS
FUNDS
(continued)
(continued)
(a) (a) UniSuper
UniSuper
Ltd Ltd
(continued)
(continued)
(ii) (ii) Accumulation
Accumulation
2 (continued)
2 (continued)
Employees
Employees
contribute
contribute
at aatrate
a rate
between
between
0% 0%
andand
7% 7%
of gross
of gross
salary.
salary.
TheThe
totaltotal
contributions
contributions
by the
by the
University
University
to the
to the
Defined
Defined
Benefit
Benefit
Division
Division
andand
Accumulation
Accumulation
2 for2 the
for the
yearyear
ended
ended
31 December
31 December
2014
2014
were
were
$65,063,135
$65,063,135
(2013,
(2013,
$65,262,153).
$65,262,153).
(iii) (iii) Accumulation
Accumulation
1 1

(c) (c) Other

Other
Superannuation
Superannuation
Funds
Funds
Contributions
Contributions
are are
made
made
by by
the the
University
University
to to
other
other
approved
approved
superannuation
superannuation
funds.
funds.
These
These
funds
funds
include
include
accumulation
accumulation
andand
defined
defined
benefit
benefit
funds
funds
andand
have
have
no unfunded
no unfunded
liabilities.
liabilities.
Total
Total
contributions
contributions
of $413,012
of $413,012
were
were
made
made
in 2014
in 2014
(2013,
(2013,
$308,778).
$308,778).

41 41SEGMENT
SEGMENT
INFORMATION
INFORMATION
ThisThis
section
section
of the
of the
scheme
scheme
is a iscash
a cash
accumulation
accumulation
productivity
productivity
scheme
scheme
andand
the the
University
University
makes
makes
contributions
contributions
at aatrate
a rate
of of
TheThe
University
University
operates
operates
predominantly
predominantly
in the
in the
fieldfield
of education
of education
in Australia
in Australia
3% 3%
to 9.5%
to 9.5%
of gross
of gross
salary.
salary.
andand
provides
provides
teaching
teaching
andand
research
research
services.
services.
Total
Total
contributions
contributions
by the
by the
University
University
for for
the the
yearyear
ended
ended
31 31
TheThe
South
South
African
African
Campus
Campus
is operated
is operated
through
through
a joint
a joint
venture
venture
arrangement
arrangement
December
December
2014
2014
were
were
$33,775,347
$33,775,347
(2013,
(2013,
$33,153,904).
$33,153,904).
withwith
Laureate
Laureate
International
International
B.V.B.V.
Refer
Refer
Note
Note
23. 23.
(b) (b) Government
Government
Superannuation
Superannuation
Office
Office
(GSO)
(GSO)
Malaysian
Malaysian
Campus
Campus
through
through
a 45%
a 45%
(2013,
(2013,
45%)
45%)
ownership
ownership
of associated
of associated
(an (an
operating
operating
division
division
of the
of the
Emergency
Emergency
Services
Services
Super
Super
entity
entity
Monash
Monash
University
University
Malaysia
Malaysia
SdnSdn
BhdBhd
(formally
(formally
known
known
as Monash
as Monash
Board)
Board)
University
University
Sunway
Sunway
Campus
Campus
Malaysia
Malaysia
SdnSdn
Bhd).
Bhd).
Monash
Monash
University
University
has,has,
in its
in staffing
its staffing
profile,
profile,
a number
a number
of employees
of employees
42 42EVENTS
EVENTS
SUBSEQUENT
SUBSEQUENT
TO TO
BALANCE
BALANCE
DATE
DATE
whowho
are are
members
members
of the
of the
State
State
Superannuation
Superannuation
Fund,
Fund,
which
which
is ais a
defined
defined
benefits
benefits
scheme
scheme
administered
administered
by GSO.
by GSO.
On On
17 November
17 November
2014
2014
Monash
Monash
University
University
entered
entered
intointo
a 25a year
25 year
$150
$150
million
million
notenote
purchase
purchase
agreement
agreement
withwith
international
international
investors
investors
to fund
to fund
the the
As at
As30
at June
30 June
2014,
2014,
the the
State
State
Superannuation
Superannuation
Fund
Fund
waswas
carrying
carrying
totaltotal
construction
construction
of additional
of additional
student
student
accommodation
accommodation
ready
ready
for occupancy
for occupancy
in in
liabilities
liabilities
for member
for member
benefits,
benefits,
in excess
in excess
of the
of the
value
value
of the
of the
scheme's
scheme's
firstfirst
semester
semester
2016.
2016.
A currency
A currency
andand
interest
interest
raterate
swap
swap
hashas
been
been
put put
in in
assets.
assets.
Hence,
Hence,
unfunded
unfunded
superannuation
superannuation
liabilities
liabilities
existexist
which
which
are are
place
place
to remove
to remove
these
these
financial
financial
risks.
risks.
Total
Total
funds
funds
were
were
received
received
latelate
recognised
recognised
in the
in the
financial
financial
statements
statements
of the
of the
scheme.
scheme.
TheThe
notional
notional
February
February
2015.
2015.
share
share
of of
this this
public
public
sector
sector
employee
employee
superannuation
superannuation
scheme's
scheme's
unfunded
unfunded
liabilities
liabilities
attributable
attributable
to Monash
to Monash
University,
University,
as assessed
as assessed
by by
Monash
Monash
Accommodation
Accommodation
Services
Services
will will
ownown
the the
student
student
accommodation
accommodation
the the
scheme
scheme
as at
as 30
at June
30 June
2014,
2014,
amounted
amounted
to $160,986,000
to $160,986,000
(2013,
(2013,
buildings
buildings
under
under
a ground
a ground
lease
lease
andand
will will
be funded
be funded
by abymatching
a matching
loanloan
fromfrom
$166,535,000).
$166,535,000).
the the
University
University
to Monash
to Monash
Accommodation
Accommodation
Services
Services
on equivalent
on equivalent
terms.
terms.
TheThe
movement
movement
in the
in the
notional
notional
liability
liability
is recorded
is recorded
as aasdecrease
a decrease
of of
$5,549,000
$5,549,000
(2013,
(2013,
decrease
decrease
of $65,355,890).
of $65,355,890).
TheThe
decrease
decrease
in the
in the
liability
liability
is principally
is principally
duedue
to atochange
a change
in the
in the
discount
discount
raterate
used
used
in in
determining
determining
the the
accrued
accrued
benefit
benefit
liability.
liability.
It should
It should
be noted
be noted
thatthat
an arrangement
an arrangement
exists
exists
between
between
the the
Australian
Australian
Government
Government
andand
the the
State
State
Government
Government
to meet
to meet
the the
unfunded
unfunded
liability
liability
attributable
attributable
to the
to the
Monash
Monash
University's
University's
beneficiaries
beneficiaries
of the
of the
State
State
Superannuation
Superannuation
Scheme
Scheme
on an
on emerging
an emerging
costcost
basis.
basis.
TheThe
arrangement
arrangement
is evidenced
is evidenced
by the
by the
State
State
Grants
Grants
(General
(General
Revenue)
Revenue)
Amendment
Amendment
Act Act
1987,
1987,
Higher
Higher
Education
Education
Funding
Funding
Act Act
1988
1988
andand
subsequent
subsequent
amending
amending
legislation.
legislation.
Accordingly,
Accordingly,
the the
unfunded
unfunded
liability
liability
(Deferred
(Deferred
employee
employee
benefits
benefits
for for
superannuation)
superannuation)
andand
corresponding
corresponding
asset
asset
(Deferred
(Deferred
Government
Government
superannuation
superannuation
contributions)
contributions)
have
have
been
been
recognised
recognised
on on
the the
Statement
Statement
of Financial
of Financial
Position.
Position.
TheThe
recognition
recognition
of both
of both
the the
asset
asset
andand
the the
liability
liability
consequently
consequently
does
does
not not
affect
affect
the the
yearyear
endend
net net
asset
asset
position
position
of the
of the
University.
University.
Total
Total
contributions
contributions
by the
by the
University
University
for the
for the
yearyear
ended
ended
31 December
31 December
2014
2014
were
were
$11,117,382
$11,117,382
(2013,
(2013,
$11,048,500).
$11,048,500).
TheThe
policy
policy
adopted
adopted
for calculating
for calculating
employer
employer
contributions
contributions
is based
is based
on on
the the
advice
advice
of the
of the
schemes
schemes
trustees,
trustees,
but but
generally
generally
the the
contribution
contribution
raterate
represents
represents
84.5%
84.5%
of pensions
of pensions
payable.
payable.

88

MONASH UNIVERSITY ANNUAL REPORT 2014

NOTES TO THE FINANCIAL STATEMENTS

43

COMMITMENTS
(a)

Capital commitments

Consolidated

Monash University

2014

2013

2014

2013

$000's

$000's

$000's

$000's

Capital expenditure contracted for at the reporting date but not

recognised as liabilities is as follows:
Property, Plant and Equipment, payable:
153,848

57,744

26,575

57,744

2,861

2,196

2,861

2,196

156,709

59,940

29,436

59,940

Within one year

25,788

18,023

17,468

16,407

Later than one year but not later than five years

94,753

61,954

57,177

59,282

191,860

187,198

173,156

187,182

312,401

267,175

247,801

262,871

293,032

249,736

233,062

245,432

19,369

17,439

14,739

17,439

312,401

267,175

247,801

262,871

Within one year

20,340

15,376

14,543

13,760

Later than one year but not later than five years

80,831

49,878

45,362

47,207

191,861

184,482

173,157

184,465

293,032

249,736

233,062

245,432

Within one year

Later than one year but not later than five years

(b)

Lease Commitments - as Lessee

Commitments in relation to leases contracted for at the

reporting date but not recognised as liabilities, payable:

Later than five years

Representing:
Non-cancelable operating leases
Cancelable operating leases

Operating leases
Commitments for minimum lease payments in relation to
non-cancelable operating leases are payable as follows:

Later than five years

Commitments for minimum lease payments in relation to

cancelable operating leases are payable as follows:
Within one year
Later than one year but not later than five years
Later than five years

5,448

2,647

2,925

2,647

13,921

12,075

11,814

12,075

19,369

Financial statements

2,717
17,439

14,739

2,717
17,439

89

NOTES TO THE FINANCIAL STATEMENTS

43

COMMITMENTS (continued)
Finance leases
Consolidated

Monash University

2014

2013

2014

2013

$000's

$000's

$000's

$000's

Commitments in relation to finance leases are payable as

follows:
Within one year

13

Later than one year but not later than five years

13

Minimum lease payments

13

17

Recognised as a liability

13

17

Representing these liabilities:

Current

13

17

13

17

Non-current

(c)

Lease Commitments - as Lessor

Future minimum rentals receivable under non-cancellable operating leases at the reporting date but not recognised as assets are as
follows:

Within one year

5,013

6,149

5,253

6,293

Later than one year but not later than five years

7,701

12,075

13,756

16,806

Later than five years

Total lease commitments as lessor
44

356

619

5,123

7,326

13,070

18,843

24,132

30,425

RELATED PARTIES
(a)

Parent entities
The ultimate parent entity is Monash University.

(b)

Subsidiaries
Interests in subsidiaries are set out in Note 46.

(c)

Directors and specified executives

Disclosures relating to directors and specified executives are set out in Note 38.

90

MONASH UNIVERSITY ANNUAL REPORT 2014

NOTES TO THE FINANCIAL STATEMENTS

44

RELATED PARTIES (continued)

(d)

Transactions with related parties

The following transactions occurred with related parties:
Monash University

Amounts received from:

Monash Accommodation Services Pty Ltd
Monash College Pty Ltd
Monash Investment Trust
Monash Property South Africa Pty Ltd

2014

2013

$000's

$000's

3,049

2,965

32,880

16,931

1,851

692

508

1,281

240

27

Monash University Foundation Trust

10,569

10,046

Monash University Malaysia Sdn Bhd

13,450

12,905

Monash South Africa Limited

MIMR-PHI

5,873
68,420

Amounts paid to:

Monash Accommodation Services Pty Ltd

44,847

31,769

22

Monash College Pty Ltd

834

478

Monash Investment Trust

925

173

85

380

9,547

11,723

403

831

Monash South Africa Limited

Monash University Foundation Trust
Monash University Malaysia Sdn Bhd
MIMR-PHI

35,972
79,535

13,607

Amounts receivable and payable between related parties are disclosed in notes 21 and 30 respectively.

Financial statements

91

NOTES TO THE FINANCIAL STATEMENTS

45

RECONCILIATION OF NET RESULT AFTER INCOME TAX TO NET CASH INFLOW FROM OPERATING ACTIVITIES
Consolidated
Monash University

Net result for the year

Donated assets
Share of profits of associated and joint venture partnerships
not received as dividends or distributions
Net income from Monash University Foundation and Monash
Investment Trust
Net gain on investments
Net (gain) / loss on investment properties
Net (gain) / loss on sale of non-current assets
Net exchange differences
Depreciation, amortisation and impairment
Capitalised finance costs
Bad and impaired debt expense
Provisions

2013

2014

2013

$000's

$000's

$000's

213,238

56,588
(1,305)

(157)

(138)

(1,152)

(8,226)

(9,523)
(14,573)

(5,975)

(500)

(2,375)

3,883

838

3,748

838

1,812
106,701

(1,808)
104,544

2,343
103,114

(3,123)

1,059

1,269

857

851

14,456

17,688

13,055

16,746

(54,368)

8,330
(10,243)

Provision for current and deferred tax

1,698

730

Other non-cash items

2,469

977

(4,414)

(586)
98,926

(4,414)

(921)

(Increase)/decrease in inventories

(44,570)

(Increase)/decrease in prepayments

(1,305)

(25,599)

Changes in assets and liabilities:

(Increase)/decrease in receivables

35,029

(70,323)

Capitalised interest revenue

Realised gain on previously impaired investments

161,752

(157)

Fair value adjustment of loans receivable

Deconsolidation of Monash South Africa Ltd

(1,625)
(40,638)
3,464

(3,123)

193
(1,149)
(6,376)
976

(10,787)

(12,805)

(6,060)

(3,947)

2,471

(2,624)

2,353

(123)

1,038

(123)

1,042

(7,510)

Decrease in other current assets

396

381

396

381

Increase/(decrease) in payables

2,916

19,285

4,327

9,204

3,567

12,235

Increase/(decrease) in student fees received in advance

Increase/(decrease) in other income received in advance
Net cash inflow from operating activities

92

2014
$000's

13,563
246
212,205

(4,991)
155,259

236
194,715

3,045
(4,894)
120,545

MONASH UNIVERSITY ANNUAL REPORT 2014

Financial statements

93

46

Victoria

Victoria

Monash College Pty Ltd

Monash University Foundation Pty Ltd

Total

Victoria

Victoria

Monash Property South Africa Pty Ltd

Monash Accommodation Services Pty Ltd

South Africa

Monash Educational Enterprises NPC

Victoria

Victoria

Monash South Africa Limited

Monash University Foundation Trust

Victoria

Victoria

Monash Investment Holdings Pty Ltd

Monash Investment Trust

Victoria

Place of
Incorporation

Monash Commercial Pty Ltd

SUBSIDIARIES
Entity

NOTES TO THE FINANCIAL STATEMENTS

Australia

Australia

Australia

Australia

Australia /
South Africa

South Africa

South Africa

Australia

Australia

Australia

Countries
where
business
carried on

Construction and supply of affordable rental

accommodation.

Generation of investment income for future benefit of

Monash University.

Trustee of Monash University Foundation Trust.

Education activities on behalf of Monash University or

in its own right.

Ownership and development of the South African

campus property. Sold property in 2013. Operations
wound down in 2014.

Operation of non-core educational activities at Monash

University's South African campus. No longer trading.

No longer controlled. Refer to Note 23.

Manage investments on behalf of Monash University.

Trustee of Monash Investment Trust.

Commercialisation of research and the provision of

other services. No longer trading.

Principal Activities

2013
%
100%
100%
100%
75%
100%
100%

100%
100%
100%
100%

2014
%
100%
100%
100%
25%
100%
100%

100%
100%
100%
100%

Details of Group Beneficial

Interest

24,436

11,963

500

10

11,962

2014
$000

36,080

11,963

500

11,645

10

11,962

2013
$000

Details of Investment

94

MONASH UNIVERSITY ANNUAL REPORT 2014

46

3
5,677
47,742

11

12,008

25,033

99,602

60,924

429,423

102,984

14

2,750

29,127
1
8,644
285,903

392,056

66,794

35

33,765

22,757
1
7,985
260,719

2013
$000

3,221

3,221

2014
$000

Total Assets
2014
$000

2013
$000

Tax

890

890

2013
$000

63,281

3,417

(3,504)

2,292
2,874
58,194

2014
$000

Net Result

36,276

2,910

(1)

145
(353)

976
1,013
31,586

2013
$000

63,281

3,417

(3,504)

2,292
2,874
58,194

36,276

2,910

(1)

145
(353)

976
1,013
31,586

Contribution to
Consolidated
Net Result
2014
2013
$000
$000

* Monash South Africa Limited was a subsidiary up until 23 August 2013. The above Summary of Financial Results reflect only statement of comprehensive income figures for MSA up until that date. Refer Note 23.

140,305

90,770

4,778
33,900

15,940

99,871

1,294

103,482

10,612

12,035
37,500

136,147

166,763

10,403

11

(4,241)
1
6,200
24,162

13,522

13,820

17

16,641
3,690

(8,744)
1
7,209
13,254

10

25

3,745

67,651
62
1,204

2014
$000

Monash College Pty Ltd

Monash Commercial Pty Ltd
Monash Investment Trust
Monash University Foundation
Trust
Monash South Africa Limited*
Monash Property South Africa
Pty Ltd
Monash Educational
Enterprises NPC
Monash Accommodation
Services Pty Ltd
Total

16,786
3,337

241

87,868
62
1,387

2013
$000

Foreign Exchange
Gain / (Loss)

Physical Assets
2014
2013
$000
$000

68,627
1,075
32,790

90,160
2,936
59,581

2014
$000

Total Expenditure

Working Capital
2014
2013
$000
$000

2013
$000

2014
$000

Total Revenue

Entity

Statement of Financial Position

Monash College Pty Ltd

Monash Commercial Pty Ltd
Monash Investment Trust
Monash University Foundation
Trust
Monash South Africa Limited*
Monash Property South Africa
Pty Ltd
Monash Educational
Enterprises NPC
Monash Accommodation
Services Pty Ltd
Total

Entity

Statement of Comprehensive Income

Summary of Financial Results

SUBSIDIARIES (continued)

NOTES TO THE FINANCIAL STATEMENTS

Financial statements

95

46

1,554
17,113
54,217
72,884

1,554

86,976

88,530

13

13
-

17

17
-

External Borrowings
2014
2013
$000
$000

114,822

87,182

1,456

24,319
12
1,850

98,146

54,409

32

21,608

20,241
10
1,846

Total Liabilities
2014
2013
$000
$000

314,601

15,801

12

1,294

4,808
1
8,632
284,053

Equity
2014
$000

294,038

12,384

12,157

2,645
1
7,975
258,873

2013
$000

* Monash South Africa Limited was a subsidiary up until 23 August 2013. The above Summary of Financial Results reflect only statement of comprehensive income figures for MSA up until that date. Refer
Note 23.

Monash College Pty Ltd

Monash Commercial Pty Ltd
Monash Investment Trust
Monash University Foundation
Trust
Monash South Africa Limited *
Monash Property South Africa
Pty Ltd
Monash Educational
Enterprises NPC
Monash Accommodation
Services Pty Ltd
Total

Internal Borrowings
2014
2013
$000
$000

Statement of Financial Position (continued)

SUBSIDIARIES (continued)

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS

47

FINANCIAL INSTRUMENTS DISCLOSURE

(a) Significant accounting policies, terms and conditions
Financial Assets
Receivables (Note 21)
Sundry debtors are generally required to be settled within 30 days. No interest is currently charged on student loans. The Group impairs
specific amounts receivable where it considers recovery unlikely.
The Group does not specifically provide for all receivables over 120 days because historical experience is such that these receivables are
generally collected regardless of their age.
Receivables from related entities result from commercial dealings and are made on commercial terms and conditions.
Available-for-Sale Financial Assets (Note 24)
Available-for-sale financial assets on hand comprise investments in managed funds. These financial instruments are traded in an organised
financial market and are recorded at market value. Unrealised market adjustments are initially recognised in equity. Investment gains and
losses realised from the sale of investments are then transferred from equity and reflected in the Statement of Comprehensive Income.
In respect of managed funds, where the manager considers it in the interests of prudent support, management, protection or enhancement of
any existing or proposed investment, the manager may enter into futures, options, hedging, interest or currency swaps or arrangements. Under
no circumstances can an external fund manager or internal treasury staff member enter into such a financial arrangement unless there is
sufficient assets (or liabilities) to support the transaction.
Managed funds include investments in various pooled funds, including overseas investments. The foreign currency and other risks are
managed for the pool by the fund manager.
Management of Monash University and Monash University Foundation review the managed portfolios monthly and both report to either
University Council or the Board of Trustees at least quarterly.
Financial Liabilities
Payables (Note 30)
Payables are recognised for amounts to be paid in the future for goods and services received, whether or not billed to the economic entity.
Payables are normally settled within 30 days from the month of billing. Generally, no interest is charged on payables as the Group has controls
in place to ensure payables are paid within the credit timeframe. The economic entity generally makes payment to its suppliers within agreed
terms of trade.
Borrowings - Bank (Note 31)
The bank loans are drawn on a commercial bill facility and are carried at amortised cost. Interest is charged at a fixed rate, repayable quarterly,
and expensed as it accrues.
Derivative Financial Instruments (Note 33)
Monash University entered into a note purchase agreement with international investors, refer Note 42. A currency and interest rate swap has
been put in place to remove these financial risks. The liability reflects the bank's market value of the exposure to the University if the swap
contract were to be broken at balance date.
Hedge accounting has been applied whereby the fair value movements are recognised in a hedge reserve, refer Note 1(n).
(b)

Financial Risk Management Objectives

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. On occasions the Group and/or its fund
managers use derivative financial instruments such as foreign exchange contracts and interest rate swaps to hedge certain risk exposures. The
Group uses different methods to measure different types of risk exposures. These methods include sensitivity analysis on investment returns
and other price risks, and ageing analysis for credit risk. As far as possible, borrowings are made on a fixed interest rate basis.
Policies cover specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and nonderivative financial instruments, and investment of excess liquidity. Risk management is carried out by a central treasury department under
policies approved by the University's Council. Treasury identifies, evaluates and hedges financial risks in co-operation with the Group's
operating units. These policies provide written principles for overall risk management.

96

MONASH UNIVERSITY ANNUAL REPORT 2014

NOTES TO THE FINANCIAL STATEMENTS

(c) Foreign Exchange Risk
The Group undertakes certain transactions denominated in foreign currencies, hence exposures to exchange rate fluctuations arise. Significant
exchange rate exposures are managed within approved parameters, and cross currency swaps are used where appropriate to hedge exposure.
The hedging instrument is entered into once the exposure is firm and ascertainable.
The carrying value of the Group's foreign currency denominated monetary assets and monetary liabilities at the reporting date is shown in the
table below, together with sensitivity analysis which details the Group's sensitivity to a 10% decrease and 10% increase (2013: 5% decrease
and 5% increase) in the Australian Dollar against the relevant foreign currencies. The sensitivity analysis includes only outstanding foreign
currency denominated monetary items for the Group and adjusts their translation at the period end for a change in foreign currency rates.
Translation of foreign subsidiary monetary assets and liabilities only impact equity.
Consolidated 2014

Foreign exchange risk

Equity
Result

Result

Equity

Carrying Amount

-10%

-10%

+10%

+10%

$000's

$000's

$000's

$000's

$000's

Financial Assets
Cash at Bank

7,901

789

790

(789)

(790)

Bank Call Deposits

2,639

264

(264)

111

11

(11)

Receivables
Total financial assets

10,651

789

1,065

(789)

(1,065)

Financial Liabilities
Payables

44

(4)

Total financial liabilities

44

(4)

Consolidated 2013

Foreign exchange risk

Equity
Result

Result

Equity

Carrying Amount

-5%

-5%

+5%

+5%

$000's

$000's

$000's

$000's

$000's

Financial Assets
Cash at Bank

11,473

572

574

(572)

(574)

Bank Call Deposits

2,712

136

(136)

950

48

(48)

572

758

(572)

(758)

Receivables
Total financial assets

15,135

Financial Liabilities
Payables

204

(10)

10

Total financial liabilities

204

(10)

10

Financial statements

97

NOTES TO THE FINANCIAL STATEMENTS

(d) Market Risk - Other Price Risk
Exposure to other price risk arises due to the inherent risk of the possibility of unfavourable movements in the market value of the
investments. The Group's objective in managing equity market risk is to minimise negative impacts on investment values due to the
volatility of the stock market.
The Group appoints external, independent investment managers to monitor the volatility of stock market investments in light of the
performance benchmark set out in the investment policy.
The investment managers are expected to achieve this performance benchmark while recognising the risk, through the appropriate
diversification of investments in different asset classes as per the mandated allocations set out in the investment policy.
The Group has maintained a long-term strategy to manage its investment portfolio which aims to reduce the impact of investment
volatility on the value of the portfolio over the longer term.
The investment managers are expected to undertake extensive analysis of the variables that may influence market prices, including
economic and market cycles, currency movements and stock specific risks in achieving these benchmarks.
The following tables show the Group's maximum exposure to equity market risk, and a sensitivity analysis of other price risk:
Consolidated 2014

Financial Assets
Listed shares

Market price risk

Equity

Equity

Equity

Carrying Amount

-5%

+5%

+10%

$000's

$000's

$000's

$000's

2,232

(112)

112

223

Available-for-sale financial
assets

493,754

(24,688)

24,688

49,375

Total financial assets

495,986

(24,800)

24,800

49,598

Consolidated 2013

Financial Assets
Listed shares

Market price risk

Equity

Equity

Equity

Carrying Amount

-5%

+5%

+10%

$000's

$000's

$000's

$000's

2,654

(133)

133

265

Available-for-sale financial
assets

427,498

(21,375)

21,375

42,750

Total financial assets

430,152

(21,508)

21,508

43,015

(e) Interest Rate Risk

The University is not exposed to interest rate risk as it borrows funds at fixed interest rates. Some companies within the group are
exposed to interest rate risks as they borrow at floating interest rates (through finance leasing facilities). This risk is managed by these
entities by ensuring facilities are appropriately approved and monitored regularly. Such facilities are not significant to the Group.
The sensitivity analysis below has been determined based on the exposure to interest rates at the reporting date and the stipulated
change taking place at the beginning of the financial year and held constant throughout the reporting period. A 50 basis point decrease
and a 25 basis point increase (2013: 50 basis point decrease and a 50 basis point increase) is used when reporting interest rate risk
as these represent management's assessment of the possible changes in interest rates:

98

MONASH UNIVERSITY ANNUAL REPORT 2014

NOTES TO THE FINANCIAL STATEMENTS

(e) Interest Rate Risk (continued)
Consolidated 2014

Interest rate risk

Equity

Result

Equity

Carrying Amount

-0.5%

-0.5%

+0.25%

+0.25%

$000's

$000's

$000's

$000's

$000's

Result

Financial Assets
Cash at Bank

2,622

(13)

(13)

Bank Call Deposits

12,168

(61)

(61)

30

30

Total financial assets

14,790

(74)

(74)

37

37

Financial Liabilities
Bank overdraft

3,408

(17)

(17)

Total financial liabilities

3,408

(17)

(17)

Consolidated 2013

Result

Interest rate risk

Equity

Result

Equity

Carrying Amount

-0.5%

-0.5%

+0.5%

+0.5%

$000's

$000's

$000's

$000's

$000's

Financial Assets
Cash at Bank

7,041

(35)

(35)

35

35

Bank Call Deposits

16,712

(84)

(84)

84

84

Other Managed Investments

Total financial assets

7,425

(37)

(37)

37

37

31,178

(156)

(156)

156

156

(f) Credit Risk Management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The
Group has adopted a policy of only dealing with creditworthy counterparties. The Group's exposure is continuously monitored and the
aggregate value of transactions concluded is spread amongst approved counterparties.
Trade receivables consist of a large number of customers, spread across diverse industries and geographical areas. Ongoing credit
evaluation is performed on the financial condition of accounts receivable.
The Group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar
characteristics. The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by
international credit-rating agencies.
(g) Liquidity Risk Management
An appropriate liquidity risk management framework is in place for the management of the Group's short, medium and long-term
funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves, banking facilities
and reserve borrowing facilities by continuously monitoring forecast and actual cash flows and matching the maturity profiles of
financial assets and liabilities. Included in Note 30 is a listing of additional undrawn facilities that the Group has at its disposal to further
reduce liquidity risk.

Financial statements

99

NOTES TO THE FINANCIAL STATEMENTS

(g) Liquidity Risk Management (continued)
Consolidated 2014
Fixed Interest Rate Maturities
Weighted
average
interest
rate
%
Financial Assets
Cash at Bank

2.04

Managed Funds

2.74

Bank Call Deposits

3.18

Shares
Managed Trusts
Receivables

$000's
2,622
12,168
-

112

2,734

48,077

15,804

15,804

12,168

493,754

493,754

26,807

68,955

95,762

26,807

578,625

668,299

14,790

3,408
-

6.85

48,077

152,792
-

3,408
152,792

14,870

28,390

234,467

3,408

14,870

28,390

234,467

152,792

433,927

11,382

33,207

(28,390)

(207,660)

425,833

234,372

Consolidated 2013

277,727

Fixed Interest Rate Maturities

Weighted
average
interest
rate
%

Financial Assets
Cash at Bank

2.69

Managed Funds

2.90

Bank Call Deposits

3.70
-

Other Managed Investments

3.11

Receivables

7.13

Total financial assets

100

Net financial assets

Net financial assets

$000's

Total financial liabilities

Total financial liabilities

$000's

Loans - Bank

Total

$000's

Financial Liabilities
Payables

5+ years

Payables

Managed Trusts

48,077

$000's

Non
interest
bearing

Financial Liabilities
Bank overdrafts

Shares

$000's

1 to 5
years

7.13

Total financial assets

Loans - Bank

Variable
interest Less than
1 year
rate

Variable
interest Less than
1 year
rate
$000's
7,041
16,712

$000's
48,882

1 to 5
years
$000's

5+ years

Non
interest
bearing

Total

$000's

$000's

$000's

135

7,176

48,882

16,039

16,039

427,498

427,498

26,574

70,130

96,704

26,574

513,802

620,436

7,425
31,178

48,882

148,558

7,425

47,037

47,037

35,308

210,710

148,558

441,613

1,845

(35,308)

(184,136)

365,244

178,823

35,308

16,712

6.96

31,178

210,710

148,558
293,055

MONASH UNIVERSITY ANNUAL REPORT 2014

NOTES TO THE FINANCIAL STATEMENTS

(g) Liquidity Risk Management (continued)
Monash University 2014

Fixed Interest Rate Maturities

Weighted
average
interest
rate
%

Variable
interest Less than
1 year
rate
$000's

Financial Assets
Cash at bank

2.50

Managed Funds

2.74

Shares

Managed Trusts

7.13

Receivables
Total financial assets

Financial Liabilities
Bank overdraft
Loans - Bank
Payables

3,408

6.85

Total financial liabilities

Net financial assets

112

112

26,721

26,721

315,729

315,729

26,807

93,072

119,879

26,807

435,634

510,518

48,077

48,077

14,870
-

28,377
-

234,467
-

48,077

3,408

277,714

168,125

168,125

28,377

234,467

168,125

449,247

(28,377)

(207,660)

267,509

61,271

Variable
interest Less than
1 year
rate
$000's

2.90

Shares

Managed Trusts

7.74

Total financial assets

Financial statements

$000's

33,207

2.74

Net financial assets

$000's

14,870

Managed Funds

Total financial liabilities

Total

$000's

3,408

Financial Assets
Cash at bank

Payables

5+ years

Fixed Interest Rate Maturities

Weighted
average
interest
rate

Financial Liabilities
Loans - Bank

$000's

Non
interest
bearing

(3,408)

Monash University 2013

Receivables

$000's

1 to 5
years

2,762

14,931
17,693

6.96

17,693

$000's
-

1 to 5
years
$000's

5+ years

Non
interest
bearing

Total

$000's

$000's

$000's

132

2,897

48,882

38,233

38,233

280,950

280,950

1,574

63,817

80,322

1,574

383,132

451,281

48,882

48,882

47,037
-

35,291
-

210,710
-

293,038

160,132

160,132
453,170

47,037

35,291

210,710

160,132

1,845

(35,291)

(209,136)

223,000

(1,889)

101

NOTES TO THE FINANCIAL STATEMENTS

48

Fair Value Measurements

(a)

Fair value measurements

Total consolidated carrying
amount as per statement
of financial position
2014
2013
$000's

2014

2013

$000's

$000's

Financial Assets
Cash and cash equivalents

14,902

23,888

14,902

23,888

Managed Cash Funds

48,077

48,882

48,077

48,882

Receivables

95,762

96,704

95,762

96,704

Other financial assets

7,425

7,425

Available-for-sale financial assets

495,986

430,152

495,986

430,152

Total financial assets

654,727

607,051

654,727

607,051

Non-financial assets
Investment properties

88,971

68,830

88,971

68,830

1,499,254

1,397,760

1,499,254

1,397,760

317,296

319,476

317,296

319,476

65,007

64,039

65,007

64,039

1,970,528

1,850,105

1,970,528

1,850,105

Financial Liabilities
Payables

152,792

148,558

152,792

148,558

Borrowings

281,135

293,055

281,135

293,055

Buildings
Land
Cultural assets
Total non-financial assets

Derivative liability
Total financial liabilities

102

$000's

Aggregate net
fair value

6,658
440,585

441,613

6,658
440,585

441,613

MONASH UNIVERSITY ANNUAL REPORT 2014

NOTES TO THE FINANCIAL STATEMENTS

48

Fair Value Measurements (continued)

Receivables, payables and borrowings:
Receivables, payables and borrowings are measured at amortised cost. All other financial instruments are measured at fair value.
Where their value cannot be reliably measured they are measured at cost. Receivables excludes net GST refundable.
Investment properties:
Investment properties are independently revalued on a recurring basis, at least annually. Values are based on market information and
are performed by Urbis Valuations Pty Ltd, a registered independent valuer.
The fair value of investment property land has been determined using the direct comparison approach. This is a market based
approach whereby the subject property is compared to sales of comparable development sites and an appropriate rate per square
metre of land area is selected. Land values assume highest and best use of the land after consideration of the current zoning.
The fair value of investment property buildings has been determined using a market based approach (capitalisation of net income and
direct comparison on a rate per square metre of building area). Market based approaches apply to buildings where there is a quoted
active and liquid market and therefore similar market evidence.
Land and buildings:
Land and buildings are independently valued on a recurring basis every three years.
Land fair values have been determined using the direct comparison approach. This is a market based approach whereby the subject
property is compared to sales of comparable development sites and an appropriate rate per square metre of land area is selected.
Land values assume highest and best use of the land after consideration of the current zoning.
Building fair values have been determined by either a depreciated replacement cost (DRC) model or a market based approach. The
DRC model is applied where there is no quoted price in active and liquid markets and therefore no similar market evidence (University
campus buildings). The current replacement cost of the building is determined by observable industry based building cost indices and
is depreciated at a rate that reflects the percentage of the remaining useful life of the building. The market based approach is applied
where there is a quoted price in active and liquid markets and similar market evidence exists. This approach applies to buildings (e.g.
houses/units) surrounding or external to the various campus sites using a direct comparison approach on a rate per square metre of
building area.
A desktop review based on market information was performed in 2014 by Urbis Valuations Pty Ltd, a registered independent valuer.
There is no major movement noted since the December 2012 revaluation. There were no transfers between levels during the current
or prior periods.
Investments in unlisted securities:
Fair value has not been disclosed for the investments in unlisted securities as their fair value cannot be reliably measured. The fair
value of these investments cannot be reliably measured due to no current active market and no recent on-selling activity to interested
parties. The carrying amount of these investments, disclosed under other financial assets is $13.6 million (refer Note 25).
At the date of preparing these financial statements, the Group has no intention to dispose these investments.

Investments in managed funds are included in the accounts on the basis of statements from investment managers and are
valued at closing market prices, adjusted for any transaction costs necessary to realise the asset. The money market
securities are valued at net realisable market prices.

Discount securities are recorded at net fair values and bank call deposits are stated at cost.

The balance of Monash University's investments also includes direct property holdings which are shown at valuations advised annually
by qualified independent valuers.
(b)

Fair value hierarchy

Monash University categorises assets and liabilities measured at fair value into a hierarchy based on the level of inputs used to derive
their fair value.
Level 1 - quoted prices in active markets for identical assets or liabilities.
Level 2 - quoted prices in non-active markets and inputs other than quoted prices that are observable, either directly or indirectly.
Level 3 - inputs that are not based on observable market data.

Financial statements

103

NOTES TO THE FINANCIAL STATEMENTS

48

Fair Value Measurements (continued)

(b)

Fair value hierarchy (continued)

Level 1
$000's
Consolidated 2014
Available-for-sale financial assets

$000's

Carrying Value
Level 2
Level 3
$000's

$000's

495,986

495,986

Managed Cash Funds

48,077

48,077

Investment land

66,151

66,151

Investment buildings

22,820

22,820

251,144

Campus land
Off-campus land

66,152

1,431,683

Off-campus buildings

16,977

Specialised off-campus buildings

50,594

Cultural assets

65,007

Campus buildings

Derivative liability

Consolidated 2013
Available-for-sale financial assets

6,658

6,658

2,521,249

550,721

66,152
16,977

251,144
1,431,683
-

50,594

65,007

172,100

1,798,428

430,152

430,152

Managed Cash Funds

48,882

48,882

Investment land

45,061

45,061

Investment buildings

23,769

23,769

251,144

Campus land
Off-campus land

251,144

68,332

1,326,946

Off-campus buildings

18,606

Specialised off-campus buildings

52,208

52,208

Cultural assets

64,039

64,039

Campus buildings

2,329,139

479,034

68,332

18,606

155,768

1,326,946
-

1,694,337

There were no transfers between levels during the current or prior periods.

104

MONASH UNIVERSITY ANNUAL REPORT 2014

Financial statements

105

48

Fair value measurements using significant unobservable inputs (level 3)

Total gains / (losses)

Recognised in other comprehensive

income

166,482

1,326,947

(116,473)

(116,473)

52,208

522

(1,597)

504

52,779

50,594

(1,614)

** Cultural assets comprises rare books and artworks.

64,039

5,835

5,835

(5)

1,833

56,376

65,007

330

330

(6)

636

64,039

$000's

$000's

52,208

Cultural assets **

Specialised offcampus buildings

* Campus buildings contains an insignificant component of infrastructure, for example, sports fields, carparks, landscaping, underground tunnels and service infrastructure.

251,144

Recognised in other comprehensive

income

Closing balance

Total gains / (losses)

(42,416)

Depreciation

Transfers out of capital work in

progress

(23,656)

Disposals

29,536

1,313,474

1,431,684

(2,471)

(2,471)

70,084

(42,121)

79,245

1,326,947

Acquisitions

251,144

Transfers out of capital work in

progress

Level 3 fair value measurements

2013
Opening balance

Depreciation

251,144

Disposals

Closing balance

251,144

$000's

$000's

Acquisitions

Level 3 fair value measurements

2014
Opening balance

Campus buildings *

Campus land

The following table is a reconciliation of level 3 items for the periods ended 31 December 2014 and 2013:

(c)

Fair Value Measurements (continued)

NOTES TO THE FINANCIAL STATEMENTS

Total

1,694,338

(110,638)

(110,638)

167,004

(44,013)

(23,661)

31,873

1,673,773

1,798,429

(2,141)

(2,141)

70,092

(43,735)

(6)

79,881

1,694,338

$000's

106

MONASH UNIVERSITY ANNUAL REPORT 2014

48

Valuation inputs and relationship to fair value

28.28% - 35.76%
(33.62%)

Community Service Obligation (CSO)

adjustment

24,335 Market Approach.

Market price per item
Expert external assessment of auction
results and known private sales,
closely reviewed by gallery staff

Artworks

$100 - $1,100,000
($12,089)**

$10 - $55,000
($193)**

$330 - $900,000
($31,730)**

6 - 57 years
(32.48 years)

$1,050/m2 - $5,250/m2
(3,457/m2)

A significant increase or decrease in auction

and/or private sales results in a significantly
higher or lower fair value

A significant increase or decrease in estimated

market price would result in a significantly
higher or lower fair value

A significant increase or decrease in auction

results would result in a significantly higher or
lower fair value

A significant increase or decrease in $/m 2

and/or useful life would result in a significantly
higher or lower fair value

A significant increase or decrease in $/m 2

and/or useful life would result in a significantly
higher or lower fair value

A significant increase or decrease in $/m 2

and/or CSO adjustment would result in a
significantly higher or lower fair value

Sensitivity of fair value measurement to

changes in significant unobservable inputs

* Fair value is measured by using a varirty of inputs, for example, remaining useful life, cost per court $44,500, cost per campus footprint $60/m2 and Gross Floor Area where applicable.

* Valued on a Cost/Depreciated Replacement Cost approach applied by independent valuers using recognised construction cost indicators and/or Quantity Surveyors for specialised

* Contains an insignificant component of infrastructure, for example, sports fields, openair carparks, landscaping, underground tunnels and related service infrastructure.

Estimated market price of

volumes/collections

37,721 Internal valuation by Rare Books

Librarian with reference to equivalent
values in similar collections

Rare books < $5,000

Market price per title

2,951 Market Approach assessed annually

against auction results and quoted
prices on rare materials websites.

50,594 Cost/Depreciated Replacement Cost

Cost per square metre
approach applied by independent
valuers using recognised building cost
indicators and or Quantity Surveyors
Remaining useful life
or examples of current costs.

1 - 60 years
(33.84 years)

$500/m2 - $9,500/m2
($3,705/m2)

$71/m2 - $937/m2
($149/m2)

Unit of value by comparative basis

($/m2)

1,431,683 Cost/Depreciated Replacement Cost

Direct Cost per square metre
approach applied by independent
valuers using recognised building cost
indicators and or Quantity Surveyors
Remaining useful life
for specialised buildings or examples
of current costs.

251,144 Market/Direct comparison approach

adjusted for unobservable inputs

Rare books > $5,000

Specialised off-campus
buildings

Campus buildings*

Campus land

The following table summarises the quantitative information about the significant unobservable inputs used in level 3 fair value measurements.
Asset
Fair value at 31 Valuation technique
Significant unobservable inputs
Range (weighted average /
December
average**)
2014
$'000s

(d)

Fair Value Measurements (continued)

NOTES TO THE FINANCIAL STATEMENTS

Financial statements

107

(a)

Total revenue including

accrued revenue
Less expenses including
accrued expenses
Surplus for the year

Surplus from the previous year

Revenue for the year

Financial assistance received

in cash during the year
Net accrual adjustments

Total revenue including

accrued revenue
Less expenses including
accrued expenses
Surplus / (deficit) for the year

Surplus from the previous year

Revenue for the year

305,237
-

313,252

10,515
10,515
10,515
-

11,117

11,117

10,515

11,117

$000

$000

11,117

2013

2014

Superannuation Program

305,237

313,252

305,237

305,237

313,252

$000

$000

313,252

2013

2014

Commonwealth Grants Scheme

Education - CGS and Other EDUCATION Grants

581

581

581

581

$000

(170)

(170)

(170)

$000

(170)

219

49

49

$000

Diversity and Structural

Adjustment Fund
2014
2013

613

613

613

613

$000

Indigenous Support
Program
2014
2013

2,464

5,062

7,526

1,739

5,787

$000

2014

5,787

$000

$000

2013

Transitional Cost Program

2,392

5,023

7,415

2,464

4,951

(902)

5,853

$000

Partnership
and Participation Program
2014
2013

2013 acquittals include allocations related to Gippsland campus (discontinued operations), refer Note 19.

ACQUITTAL OF AUSTRALIAN GOVERNMENT FINANCIAL ASSISTANCE

Financial assistance received

in cash during the year
Net accrual adjustments

49

NOTES TO THE FINANCIAL STATEMENTS

2013
$000
-

Other

42

381

423

219

204

204

$000

2013

2014
$000

254

254

42

212

212

$000

Disability Support
Program
2014

2,222

331,832

334,054

2,336

331,718

(902)

332,620

$000

2014

1,573

1,573

1,573

1,573

$000

Total

2,336

323,343

325,679

2,007

323,672

(165)

323,837

$000

2013

1,348

1,348

1,348

(165)

1,513

$000

Promotion of Excellence in
Learning and Teaching
2014
2013

108

MONASH UNIVERSITY ANNUAL REPORT 2014

(b)

Scholarships

Financial assistance received

in cash during the year
Net accrual adjustments
Revenue for the year
Surplus / (deficit) from the
previous year
Total revenue including
accrued expenses
Less expenses including
accrued expenses
Surplus / (deficit) for the year

(c)

(220)
182,956
182,956
182,956
-

(249)
196,675
196,675

196,675

2013
$000

19,943

19,943
1,993

21,936

19,251

2,685

2014
$000

21,205

21,205
2,685

23,890

21,216

2,674

40,697

(130)
40,697
40,697

40,827

$000

FEE - HELP
2014

36,944

(1,607)
36,944
36,944

38,551

$000

2013

1,277

3,351

4,448
180
4,628

4,448

$000

OS - HELP
2014

(299)

2,014

1,715

1,715
-

1,715

1,681

1,681

1,681
-

1,681

334

107

441

114
327

114

327

112

439

(173)
612

(173)

Commonwealth Education
International
Cost Scholarships
Postgraduate Research
Scholarships
2014
2013
2014
2013
$000
$000
$000
$000

183,176

196,924

Australian Postgraduate
Awards

$000

2013

$000

HECS - HELP
2014

Higher Education Loan Programmes

ACQUITTAL OF AUSTRALIAN GOVERNMENT FINANCIAL ASSISTANCE (continued)

Financial assistance received

in cash during the year
Net accrual adjustments
Revenue for the year
Deficit from the previous year
Total revenue including
accrued revenue
Less expenses including
accrued expenses
Deficit for reporting period

49

NOTES TO THE FINANCIAL STATEMENTS

101

82

183

145
38

145

38

84

122

(247)
369

(247)

Commonwealth
Accommodation
Scholarships
2014
2013
$000
$000

180

2,803

3,499
(516)
2,983

3,499

$000

2013

4,067

590
4,067
4,067

3,477

$000

2013

42

75

117

103
14

103

2014
$000

14

58

72

(25)
97

(25)

2013
$000

Indigenous Access
Scholarships

4,289

(96)
4,288
4,288

4,384

$000

SA-HELP
2014

Total

2,852

23,494

26,346

23,282
3,064

23,282

2014
$000

1,276

245,012

(475)
246,108
180
246,288

246,583

$000

Total
2014

3,064

21,186

24,250

21,179
3,071

21,179

2013
$000

180

226,770

(1,237)
227,466
(516)
226,950

228,703

$000

2013

Financial statements

109

(d)

Education Research

25,521

25,521
-

27,363

27,363

5,900

5,900
10,641
16,541

30,884

(14,343)

8,519

8,519
(14,343)
(5,824)

(5,824)

Education Investment
Fund
2014
2013
$000
$000

Other Capital Funding

Financial assistance received

in cash during the year
Net accrual adjustments
Revenue for the year
Surplus from the previous year
Total revenue including
accrued revenue
Less expenses including
accrued expenses
Surplus for reporting period

(e)

25,521
-

27,363
-

52,800

52,800

52,800
-

52,800

51,463

51,463

51,463
-

51,463

Research Training
Scheme
2014
2013
$000
$000

22,487

22,487

22,487
-

22,487

20,601

20,601

20,601
-

20,601

Research Infrastructure
Block Grants
2014
2013
$000
$000

(384)
384

(384)

(5,824)

8,519
(14,343)
(5,824)

8,519

2014
$000

Total

(14,343)

30,884

5,900
10,641
16,541

5,900

2013
$000

384

389

389

15,777

15,777

15,777
-

15,777

14,972

14,972

14,972
-

14,972

Commercialisation
Sustainable Research
Training Scheme
Excellence in Universities
2014
2013
2014
2013
$000
$000
$000
$000

The reported surplus for the Commercialisation Training Scheme of $389k for 2014 is expected to be rolled over for future use.

25,521

27,363

Joint Research
Engagement
2014
2013
$000
$000

ACQUITTAL OF AUSTRALIAN GOVERNMENT FINANCIAL ASSISTANCE (continued)

Financial assistance received

in cash during the year
Net accrual adjustments
Revenue for the year
Surplus / (deficit) from the
previous year
Total revenue including
accrued revenue
Less expenses including
accrued expenses
Surplus / (deficit) for the year

49

NOTES TO THE FINANCIAL STATEMENTS

118,427

118,427

118,043
384

118,043

2014
$000

Total

384

112,562

112,946

112,557
389

112,557

2013
$000

110

MONASH UNIVERSITY ANNUAL REPORT 2014

(f)

(i)

Discovery

Linkages

Financial assistance received

in cash during the year
Net accrual adjustments
Revenue for the year
Surplus from the previous year
Total revenue including
accrued revenue
Less expenses included in
accrued expenses
Surplus for the year

(ii)

(874)
33,353
18,308
51,661
32,801
18,860

514
34,478
18,860
53,338

31,413

21,925

2,125
842
2,967
400
3,367
2,946
421

4,237

909
5,146
421
5,567

3,166

2,401

Special Research Initiatives

2014
2013
$000
$000

34,227

2013
$000

33,964

Projects
2014
$000

Australian Research Council Grants

1,518

2,612

1,109
1,551
2,579
4,130

442

Infrastructure
2014
$000

2,579

4,129

762
2,952
3,756
6,708

2,190

2013
$000

12,085

15,657

17,867
9,875
27,742

17,867

Fellowships
2014
$000

ACQUITTAL OF AUSTRALIAN GOVERNMENT FINANCIAL ASSISTANCE (continued)

Financial assistance received

in cash during the year
Net accrual adjustments
Revenue for the year
Surplus from the previous year
Total revenue including
accrued revenue
Less expenses included in
accrued expenses
Surplus for the year

49

NOTES TO THE FINANCIAL STATEMENTS

9
9

11
11

2013
$000

7,451

9,083

(206)
9,185
7,349
16,534

9,391

Projects
2014
$000

Indigenous Researchers Development

2014
2013
$000
$000

International
2014
$000

9,875

12,968

(397)
14,023
8,820
22,843

14,420

2013
$000

7,349

7,874

(500)
9,676
5,547
15,223

10,176

2013
$000

Total

11,378

14,862

1,812
15,882
10,358
26,240

14,070

Total
2014
$000

34,010

47,070

514
52,345
28,735
81,080

51,831

2014
$000

10,358

14,951

1,104
15,595
9,714
25,309

14,491

2013
$000

28,735

45,769

(1,271)
47,376
27,128
74,504

48,647

2013
$000

Financial statements

111

(f)

(iii)

4,335

(422)
3,913
3,388
7,301

4,893

2,408

(4,760)
6,131
2,408
8,539

3,944

4,595

2013
$000

10,891

Networks and Centres

Centres
2014
$000

Australian Research Council Grants (continued)

4,595

3,944

(4,760)
6,131
2,408
8,539

10,891

Total
2014
$000

2,408

4,893

(422)
3,913
3,388
7,301

4,335

2013
$000

ACQUITTAL OF AUSTRALIAN GOVERNMENT FINANCIAL ASSISTANCE (continued)

Financial assistance received

in cash during the year
Net accrual adjustments
Revenue for the year
Surplus from the previous year
Total revenue including
accrued revenue
Less expenses including
accrued expenses
Surplus for the year

49

NOTES TO THE FINANCIAL STATEMENTS

112

MONASH UNIVERSITY ANNUAL REPORT 2014

Financial statements

113

114

MONASH UNIVERSITY ANNUAL REPORT 2014

Monash University
Annual Report 2014
Published by Monash University
Victoria 3800

Copyright Monash University 2015

monash.edu/pubs/ar

Printed on paper made from 60% post consumer waste fibre and 40% FSC certified fibre by a 100% carbon neutral printer.

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