Volume 2...2 UNSW 2016 Contents UNSW Annual Report 2016 – Volume 2 03 Council Report 09 Statement by Members of Council 10 Independent Auditor’s Report 12 2016 Financial Report

Financial Report 2016Volume 2

UNSW • Annual Report 2016 1

UNSW’s Financial Results

2016Annual Report

2 UNSW • Annual Report 2016

Contents

UNSW Annual Report 2016 – Volume 2

03 Council Report

09 Statement by Members of Council

10 Independent Auditor’s Report

12 2016 Financial Report

13 Income statement

14 Statement of comprehensive income

15 Statementoffinancialposition

16 Statement of changes in equity

17 Statementofcashflows

18 Notestothefinancialstatements

105 Supplementary Information

109 2016 Statutory Report

110 Privacy and Access to Information

110 2016 GIPAA Access Applications

113 Disclosure Requirements

114 Statistical Information on EEO Target Groups


Council Report 31 December 2016

The members of The University of New South Wales Council present their report on the consolidated entity consisting of UNSW Australia (The University of New South Wales), referred to as “UNSW” and the entities it controlled at the end of or during the year ended 31 December 2016.

UNSW is governed by a Council led by the Chancellor under the University of New South Wales Act 1989 (“TheAct”).TheActwasamendedduring2012toadoptnewgovernanceprovisionsunderThe Universities Governing Bodies Act 2011.

MembersThefollowingpersonsweretheCouncilmembersofUNSWat31December2016:

Ex-Officio Council Members

• Mr David M. Gonski AC • Professor Ian Jacobs • Professor Prem Ramburuth

Ministerial Appointments

• Mr Brian Long• Ms Jillian S. Segal AM

Elected Council Members

• Mr Aaron Magner• Scientia Professor John Piggott• MsJantapond(Emma)Purinatunawut• Professor Kristy Muir• Mr Michael Murdocca

Members Appointed by Council

• Dr Jennifer Alexander• Ms Maxine Brenner• Mr Nicholas Carney• MrMatthewGrounds• MrWarwickNegus

Former Members

• Professor Dorottya Fabian1

• Mr Ben Heenan1

• Ms Emma Lovell1

1ProfessorDorottyaFabian,MrBenHeenanandMsEmmaLovellwereCouncilmembersfromthebeginningoftheyearandcompletedtheirtermsofofficeon30June2016.



Meetings of Council and Committees

ThenumberofmeetingsofthemembersofTheUniversityofNewSouthWalesCouncilandeachcommitteeheldduringtheyearended31December2016,andthenumbersofmeetingsattendedbyeachmemberwere:

Member Council MeetingsA B

Ex-Officio Council Members Mr David M. Gonski AC 6 6Professor Ian Jacobs 6 6Professor Prem Ramburuth 6 6Ministerial Appointments Mr Brian Long 3 6Ms Jillian S. Segal AM 6 6Elected Council Members Mr Michael Murdocca2 2 3Professor Kristy Muir2 2 3MsJantapond(Emma)Purinatunawut2 0 3Mr Aaron Magner 6 6Scientia Professor John Piggott 6 6Members Appointed by CouncilDr Jennifer Alexander 5 6Ms Maxine Brenner 2 6Mr Nicholas Carney 5 6MrMatthewGrounds 5 6MrWarwickNegus 6 6Former Member Professor Dorottya Fabian1 2 3Mr Ben Heenan1 3 3Ms Emma Lovell1 3 3

A = Number of meetings attended as a member.B=Numberofmeetingsheldduringthetimethememberheldofficeduringtheyear.1 Term ended 30 June 20162 Term began 1 July 2016



Meetings of Committees

AUDIT FINANCE NOMINATIONS & REMUNERATION RISK HONORARY

DEGREES

A B A B A B A B A B

Ex-Officio Council Members

Mr David M. Gonski AC1 5 5 2 2 2 2

Professor Ian Jacobs2 3 5 2 2 3 4 1 2

Professor Prem Ramburuth 5 5 2 2 2 2

Ministerial Appointments

Mr Brian Long 5 5

Ms Jillian S. Segal AM3 2 5 5 5 2 2 3 4 1 2

Elected Council Members

Mr Michael Murdocca# 1 2

Professor Kristy Muir# 1 2

MsEmmaPurinatunawut# 0 0

Mr Aaron Magner 5 5

Scientia Professor John Piggott 0 3 5 5

Members Appointed by Council

Dr Jennifer Alexander 3 4

Ms Maxine Brenner 1 2

Mr Nicholas Carney 3 4

MrMatthewGrounds 1 5

MrWarwickNegus 5 5 2 2

Former Member

Mr Ben Heenan##

Professor Dorottya Fabian## 1 2

Ms Emma Lovell## 2 2

External Committee Members

Mr Daniel Gauchat* 4 4

Mr Bruce Moore* 4 5

Mr George Sutton* 3 4

Mr Michael Wright* 5 5

Academic Board Nominees

Professor Louise Chappell* 2 2

Emeritus Professor Richard Henry AM* 2 2

A = Number of meetings attended as a member.B=Numberofmeetingsheldduringthetimethememberheldofficeduring the year.* Not a member of Council.# Term commenced 1 July 2016.## Term ended 30 June 2016.

1TheChancellorisexofficioamemberofallCouncilcommitteesandhas the right but not the obligation to attend all meetings.2TheVice-ChancellorisexofficioamemberofallCouncilcommitteesexcept the Audit Committee and has the right but not the obligation to attend all meetings.3TheDeputyChancellorisexofficioamemberofallCouncilcommitteesand has the right but not the obligation to attend all meetings.



Principal Activities

Duringtheyear,theprincipalcontinuingactivitiesoftheconsolidatedentityconsistedof:

• The provision of education and research facilities of university standard;• Theencouragementofthedissemination,advancement,developmentandapplicationofknowledgeinformedby

free inquiry;• Theprovisionofcoursesofstudyorinstructionacrossarangeoffields,andthecarryingoutofresearch,tomeetthe

needs of the community;• The participation in public discourse;• The conferring of degrees, including those of Bachelor, Master and Doctorate;• Theprovisionofteachingandlearningthatengagewithadvancedknowledgeandinquiry;• Thedevelopmentofgovernance,proceduralrules,admissionpolicies,financialarrangementsandqualityassuranceprocessesthatareunderpinnedbythevaluesandgoalsofUNSW’scoreactivities,andthataresufficienttoensurethe integrity of all UNSW programs.

Review of Operations

TheoperatingresultusingtheagreedGroupofEightmethodologyisaprofitof$53m.

The operating result is driven by the university’s core activities of teaching and research. Consequently, funding from non-coreoperatingactivitiesandthoserestrictedforspecificpurposesareexcludedasthesefundsarenotavailableto support the university’s day-to-day operations.

Consolidated2016 2015

$’000 $’000Total revenue and income 1,911,942 1,761,317Employee costs (1,003,663) (964,009)Other expenses (761,931) (719,804)Accounting result 146,348 77,504

Restricted for specific purposes:Philanthropic funds (30,977) (17,668)Capital grants (9,513) (6,720)Specificpurposegrants (23,796) (24,382)

Non-core operating:Investment funds (29,431) (30,509)Operating result 52,631 (1,775)



Theconsolidatedgroup’soperatingresultfor2016hasincreasedby$54mcomparedto2015,drivenbygrowthincourse fee revenue from international students.

Netassetsincreasedby$234min2016dueprimarilytothenetaccountingresultfortheperiodof$146mandrevaluationgainsonproperty,plantandequipmentof$74m.

Significant Changes in the State of Affairs

TherewerenosignificantchangesintheStateofAffairsofUNSWoranyofitssubsidiariesduringtheyearanduptothe date of this report.

Matters Subsequent to the End of the Financial Year

Therewerenosignificantmatterssubsequenttotheendofthefinancialyearthatrequiredisclosure.

Likely Developments and Expected Results of Operations

TheUniversityiscurrentlyintheimplementationphaseoftheUNSW2025StrategicPlan,whichwillinfluencefuturepriorities and directions.

Environmental regulations

ThesignificantenvironmentalregulationstowhichUNSWissubjectareasfollows:

- Environment Protection and Biodiversity Conservation Act 1999 (Cth) - Environmental Planning and Assessment Act 1979 (NSW) - Environmentally Hazardous Chemicals Act 1985 (NSW) - Heritage Act 1977 (NSW) - National Greenhouse and Energy Reporting Act 2007 (Cth) - Native Vegetation Act 2003 (NSW) - Noxious Weeds Act 1993 (NSW) - Ozone Protection Act 1989 (NSW) - Protection of the Environment Operations (POEO) Act 1997 (NSW) - Threatened Species Conservation Act 1995 (NSW) - Waste Avoidance and Resource Recovery Act 2001 (NSW) - Water Management Act 2000 (NSW) - Water Management Amendment Act 2010 (NSW) - National Environment Protection Measures (Implementation) Act 1998 (Cth)

UNSWhasnotbeenissuedwithanyenvironmentallicensesalthoughsomeoftheactivities,inparticularresearchactivities,involvinghazardousmaterialsanddangerousgoods,aswellasconstructionactivitiesandgroundsmaintenance, involve risks that have the potential to cause material environmental harm. Appropriate and proportionate emphasisisgiventoidentifying,controllingandminimisingtheseriskswithinUNSW’senvironmentalmanagementsystemandtheUniversity’sriskmanagementframework.



Insurance of officers

UNSWobtainscommercialinsurancetoindemnifypersonswhoserveonUNSWBoardsandCommitteesandonBoardsandCommitteesofallentitiesintheGroup.CoveragealsoextendstoUNSWappointeeswhoserveontheBoardsofotherentities,asdesignatedrepresentativesofUNSW,andwhoarenototherwiseindemnified.ThisinsuranceprovidesfundstodefendeachofficerandBoardappointeeofUNSWagainstclaimsfromthirdpartieswhichresultfromactualorallegedwrongacts,aspermittedbylaw.

ThepremiumforthiscommercialinsuranceispaidforbyUNSW,andUNSWself-insuresallclaimsexpenseswhichfallbelowthepolicydeductibleorforliabilitieswhichareexcludedornotcoveredbythecommercialinsurancecontract.

Proceedings on behalf of UNSW

There are no material proceedings against or on behalf of UNSW or its controlled entities.

ThisreportismadeinaccordancewitharesolutionofthemembersofUNSW.

Mr David M. Gonski AC Chancellor, 18 April 2017


Statement by Members of Council

Pursuant to Section 41C (1B), (1C) and (1D) of the Public Finance and Audit Act 1983 (as amended) and clause 7 of the Public Finance and Audit Regulation 2015,westatethat:

1. Thefinancialreportexhibitsatrueandfairviewofthefinancialpositionasat31December2016andthefinancialperformance for the year then ended for the University and Controlled Entities; and

2. Thefinancialreportfortheyearended31December2016hasbeenpreparedinaccordancewith:

(a) the provisions of the Public Finance and Audit Act 1983, Public Finance and Audit Act Regulation 2010 and theCommonwealthDepartmentofEducationFinancial Statement Guidelines for Australian Higher Education Providers for the 2016 Reporting Period; and

(b) Australian Accounting Standards, Australian Accounting Standards Board Interpretations and other mandatory professional reporting requirements.

3. Asatthedateofthestatement,wearenotawareofanycircumstancesthatwouldrenderanyparticularsincludedinthefinancialreporttobemisleadingorinaccurate.

As required by the Financial Statement Guidelines for Australian Higher Education Providers for the 2016 Reporting Period issuedbytheCommonwealthDepartmentofEducationandTraining,wealsocertifytothebestofourknowledgeandbeliefthatalltheAustralianGovernmentFinancialAssistanceexpendedbytheUniversityduringtheyearended31December2016wasexpendedforthepurposesforwhichitwasintendedandthatTheUniversityofNewSouthWaleshascompliedwithapplicablelegislation,contracts,agreementsandprogramguidelinesinmakingthat expenditure.

SignedinaccordancewitharesolutionofCouncil.

Professor Ian Jacobs Mr David M. Gonski AC President and Vice-Chancellor Chancellor

18 April 2017


Independent Auditor’s Report


From Last Year


2016Financial Report


Income statementFor the year ended 31 December 2016

The University of New South Wales

Income statement

For the year ended 31 December 2016

Consolidated Parent

Note

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Income from continuingoperations

Australian Government financialassistance

Australian Government grants 2(f) 703,064 698,850 702,959 698,850

HELP - Australian Governmentpayments 2(b) 204,075 203,548 204,075 203,548

State and local government financialassistance 3 33,679 26,303 33,679 26,303

HECS-HELP - Student payments 30,328 31,197 30,328 31,197

Fees and charges 4 758,640 629,492 630,195 522,857

Investment revenue 5 34,837 37,822 32,779 36,864

Royalties, trademarks and licences 6,987 6,752 3,428 4,701

Consultancy and contracts 6 68,845 67,135 62,114 60,246

Other revenue 7 50,102 36,890 94,136 69,906

Gains on disposal of assets 4,933 66 3,560 49

Share of profit or loss on investmentsaccounted for using the equitymethod 17 (9,913) 2,903 - -

Other investment income 5 9,804 6,569 9,164 5,521

Other income 7 16,561 13,790 13,051 11,769

Total income from continuingoperations 1,911,942 1,761,317 1,819,468 1,671,811

Expenses from continuingoperations

Employee related expenses 8 1,007,298 959,439 947,565 906,447

Depreciation and amortisation 9 156,088 143,763 153,363 141,546

Repairs and maintenance 10 35,460 34,361 34,212 32,968

Borrowing costs 11 2,440 2,485 2,440 2,483

Impairment of assets 12 3,490 14,967 2,438 13,287

Loss on disposal of assets 936 458 800 370

Deferred superannuation expense 8 (3,635) 4,570 (3,635) 4,570

Other expenses 13 563,517 523,778 529,372 495,337

Total expenses from continuingoperations 1,765,594 1,683,821 1,666,555 1,597,008

Net result before income tax 146,348 77,496 152,913 74,803

Income tax (expense)/benefit 14 - 8 - -

Net result after income tax for theperiod 146,348 77,504 152,913 74,803

Net result from continuingoperations after income tax for theperiod attributable to members ofThe University of New SouthWales 146,348 77,504 152,913 74,803

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

2


Statement of comprehensive incomeFor the year ended 31 December 2016


Statement of comprehensive income


Consolidated Parent

Note

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Net result after income tax for theperiod 146,348 77,504 152,913 74,803

Items that may be reclassified to profit orloss

Net gains/(losses) on revaluation ofavailable-for-sale financial assets 28(a) 9,244 (18,557) 8,752 (17,773)

Exchange differences on translation offoreign operations 28(a) (7) 108 - -

Total 9,237 (18,449) 8,752 (17,773)

Items that will not be reclassified to profitor loss

Net gains on revaluation of property,plant and equipment 28(a) 73,794 61,487 73,794 61,487

Net actuarial gains/(losses) on definedbenefit superannuation plans 28(b) 4,298 (7,165) 4,298 (7,159)

Total 78,092 54,322 78,092 54,328

Total other comprehensive income forthe year, net of tax 87,329 35,873 86,844 36,555

Total comprehensive income for theyear 233,677 113,377 239,757 111,358

Total comprehensive incomeattributable to members of TheUniversity of New South Wales 233,677 113,377 239,757 111,358

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

3


Statement of financial positionAs at 31 December 2016


Statement of financial position

31 December 2016

Consolidated Parent

Note

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Assets

Current assets

Cash and cash equivalents 15 386,155 217,739 280,824 128,933

Receivables 16 176,147 170,068 208,291 195,265

Inventories 1,095 1,146 - -

Other financial assets 18 1,350 24,057 1,331 24,057

Total current assets 564,747 413,010 490,446 348,255

Non-current assets

Receivables 16 1,259,897 1,305,437 1,259,816 1,305,383

Investments accounted forusing the equity method 17 8,447 16,139 - -

Other financial assets 18 461,544 449,526 457,399 445,635

Property, plant andequipment 20 2,277,266 2,157,448 2,269,324 2,150,321

Investment properties 19 8,867 8,851 8,867 8,851

Intangible assets 22 65,305 67,190 62,057 64,243

Total non-current assets 4,081,326 4,004,591 4,057,463 3,974,433

Total assets 4,646,073 4,417,601 4,547,909 4,322,688

Liabilities

Current liabilities

Trade and other payables 23 147,377 105,801 134,048 93,827

Borrowings 24 910 761 910 761

Provisions 25 325,056 303,388 316,445 296,409

Other financial liabilities 26 594 451 594 436

Other liabilities 27 118,155 100,885 61,514 51,541

Total current liabilities 592,092 511,286 513,511 442,974

Non-current liabilities

Borrowings 24 37,431 38,341 37,431 38,341

Provisions 25 1,370,922 1,452,799 1,369,316 1,450,255

Other financial liabilities 26 21 10 21 10

Other liabilities 27 16,063 19,298 16,063 19,298

Total non-currentliabilities 1,424,437 1,510,448 1,422,831 1,507,904

Total liabilities 2,016,529 2,021,734 1,936,342 1,950,878

Net assets 2,629,544 2,395,867 2,611,567 2,371,810

Equity

Reserves 28 828,793 751,334 820,374 743,400

Retained earnings 28 1,800,751 1,644,533 1,791,193 1,628,410

Total equity 2,629,544 2,395,867 2,611,567 2,371,810

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

4


Statement of changes in equityFor the year ended 31 December 2016


Statement of changes in equity


Consolidated

Retainedearnings

$'000

Reserves

$'000

Total

$'000

Balance at 1 January 2015 1,573,939 708,551 2,282,490

Net result for the period 77,504 - 77,504

Net gains on revaluation of property, plant and equipment - 61,487 61,487

Net gains/(losses) on revaluation of available-for-sale financial assets - (18,557) (18,557)

Exchange differences on translation of foreign operations - 108 108

Net actuarial gains/(losses) on defined benefit superannuation plans (7,165) - (7,165)

Transfers from reserves 255 (255) -

Total comprehensive income 70,594 42,783 113,377

Balance at 31 December 2015 1,644,533 751,334 2,395,867




Net gains/(losses) on revaluation of available-for-sale financial assets - 9,244 9,244

Exchange differences on translation of foreign operations - (7) (7)

Net actuarial gains/(losses) on defined benefit superannuation plans 4,298 - 4,298

Transfers from reserves 5,572 (5,572) -



Parent

Retainedearnings

$'000

Reserves

$'000

Total

$'000




Net gains/(losses) on revaluation of available-for-sale financial assets - (17,773) (17,773)

Net actuarial gains/(losses) on defined benefit superannuation plans (7,159) - (7,159)

Transfers from reserves 255 (255) -






Net gains/(losses) on revaluation of available-for-sale financial assets - 8,752 8,752

Net actuarial gains/(losses) on defined benefit superannuation plans 4,298 - 4,298

Transfers from reserves 5,572 (5,572) -



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

5


Statement of cash flowsFor the year ended 31 December 2016


Statement of cash flows


Consolidated Parent

Note

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Cash flows from operating activities:

Australian Government grants 2(g) 924,498 918,310 924,393 918,310

OS-HELP (net) 2(g) (113) 408 (113) 408

Superannuation Supplementation 84,403 61,633 84,403 61,633

State and Local Government grants 35,084 25,093 35,084 25,304

HECS-HELP - Student payments 30,222 31,046 30,222 31,046

Receipts from student fees and othercustomers 907,780 754,359 731,470 590,508

Payments to suppliers and employees (1,716,940) (1,605,279) (1,589,250) (1,490,064)

Contributions to related parties - - (8,431) (7,352)

Investment income received 26,114 25,433 25,807 26,047

Contribution from related parties - - 38,493 26,431

Interest received 12,681 10,120 10,929 8,549

Interest and other costs of finance paid (2,440) (2,485) (2,440) (2,483)

GST recovered 32,516 29,131 32,058 28,959

Income taxes paid (21) (4) - -

Net cash provided by operating activities 34 333,784 247,765 312,625 217,296

Cash flows from investing activities:

Proceeds from sale of property, plant andequipment 6,891 222 6,857 194

Proceeds from sale of available-for-saleand other financial assets 165,555 465,714 164,800 462,448

Payments for property, plant andequipment (191,867) (146,987) (189,398) (141,965)

Payments for available-for-sale and otherfinancial assets (136,047) (427,823) (136,047) (427,205)

Payments for intangible assets (8,891) (21,425) (5,937) (19,319)

Payments for investment properties (248) (601) (248) (601)

Net cash used in investing activities (164,607) (130,900) (159,973) (126,448)

Cash flows from financing activities:

Repayment of borrowings (761) (625) (761) (625)

Net cash used in financing activities (761) (625) (761) (625)

Net increase/(decrease) in cash and cashequivalents 168,416 116,240 151,891 90,223

Cash and cash equivalents at thebeginning of the financial year 217,739 101,499 128,933 38,710

Cash and cash equivalents at the endof the financial year 15 386,155 217,739 280,824 128,933

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

6


Notes to the financial statements31 December 2016

The University of New South WalesNotes to the financial statementsFor the year ended 31 December 2016

Note Contents Page No1 Summary of significant accounting policies 192 Australian Government financial assistance including Australian Government loan programs

(HELP)32

3 State and Local Government financial assistance 354 Fees and charges 365 Investment revenue and other investment income 366 Consultancy and contracts 377 Other revenue and income 378 Employee related expenses 389 Depreciation and amortisation 3910 Repairs and maintenance 3911 Borrowing costs 3912 Impairment of assets 4013 Other expenses 4014 Income tax 4115 Cash and cash equivalents 4116 Receivables 4217 Investments accounted for using the equity method 4518 Other financial assets 4719 Investment properties 4820 Property, plant and equipment 4921 Public Private Partnerships (PPP) 5422 Intangible assets 5523 Trade and other payables 5624 Borrowings 5725 Provisions 5926 Other financial liabilities 6027 Other liabilities 6128 Reserves and retained earnings 6229 Key management personnel disclosures 6430 Remuneration of auditors 6731 Contingencies 6732 Commitments 6833 Subsidiaries 6934 Reconciliation of net result after income tax to net cash provided by operating activities 7035 Financial risk management 7136 Fair value measurements 7737 Defined benefit plans 8438 Acquittal of Australian Government financial assistance 95

7




Notes to the financial statements


1 Summary of significant accounting policies

The principal accounting policies adopted in the preparation of the financial statements are set out below. Thesepolicies have been consistently applied to all the years presented, unless otherwise stated. The financial statementsinclude separate financial statements for UNSW Sydney (The University of New South Wales), referred to as "UNSW",an individual entity (the "parent entity") and the consolidated entity (the "Group") consisting of UNSW and its controlledentities.

(a) Basis of preparation

These general purpose financial statements have been prepared on an accrual basis in accordance with therequirements of the Public Finance and Audit Act 1983 and Public Finance and Audit Act Regulations 2015, theAustralian Accounting Standards, other authoritative pronouncements of the Australian Accounting StandardsBoard, Australian Accounting Interpretations and the Higher Education Support Act 2003 (Financial StatementGuidelines) and other State/Australian Government legislative requirements.

UNSW is a not-for-profit entity and the financial statements and notes of UNSW have been prepared on thatbasis. Some of the Australian Accounting Standards requirements for not-for-profit entities are inconsistent withthe International Financial Reporting Standards (IFRSs) requirements.

Date of authorisation for issueThe financial statements were authorised for issue on 18 April 2017 by the Council.

Historical cost convention These financial statements have been prepared under the historical cost convention, as modified by therevaluation of available-for-sale financial assets at fair value through other comprehensive income, financialassets and liabilities (including derivative instruments) and certain classes of property, plant and equipment.

Critical accounting estimatesThe preparation of financial statements in conformity with Australian Accounting Standards requires the use ofcertain critical accounting estimates. It also requires management to exercise its judgement in the process ofapplying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, orareas where assumptions and estimates are significant to the financial statements are disclosed below:

(i) Superannuation liability - Deferred Government ReceivablesUNSW contributes to three State superannuation schemes, namely the State Authorities SuperannuationScheme (SASS), the State Superannuation Scheme (SSS) and the State Authorities Non-contributorySuperannuation Scheme (SANCS).

On 5 December 2014, a Memorandum of Understanding (MOU) was signed between the Commonwealth andNSW Governments providing confirmation of the governments' intention to fund the superannuation liabilitiesassociated with these schemes (including contributions tax and other taxes) subject to the terms set out in theMOU.

An amendment to the Other Grants Guidelines (Education) 2012, made under the Higher Education SupportAct 2003 (HESA), as well as a grant made under those Guidelines (Grant), enables the Commonwealth toprovide funds to UNSW.

Accordingly, the liabilities have been recognised in the statement of financial position under provisions withcorresponding assets recognised under receivables. The recognition of both the asset and liability does notaffect the year end net asset position and net result of UNSW for those schemes, except as otherwisedisclosed.

The MOU stipulates that UNSW receives funding from governments when assets in the State Super reserveaccounts are run down to a one year asset buffer level. Accordingly, a proportion of both the liability andreceivable is recognised as current, representing the amounts payable, and therefore receivable, in the nextyear.

The calculation of the liability requires the use of various assumptions. Refer to note 37 for details of variousassumptions used in calculating the superannuation liabilities and the corresponding deferred Governmentreceivables.

(ii) Employee related provisions and obligationsThe Group makes provisions in respect of superannuation obligations and additional on-costs on paymentsmade to employees.

8







(a) Basis of preparation

The Group assesses the appropriateness of these provisions at each reporting date by evaluating conditionsspecific to the Group. The calculation of these provisions requires the use of various assumptions, such asexpected rate of return on the funds and superannuation entitlements, and is based on a range of possibleoutcomes.

(iii) Long-term leases of UNSW propertiesThe Group considers the substance of the leasing arrangements and the likelihood of continuance of the leasesthrough exercise of renewal options in order to determine the appropriate accounting treatment of the leasedproperties. Where at the inception of a lease, management considered that it would be reasonably certain thatan option to extend a lease would be exercised, the assumed lease term is inclusive of the additional optionperiod. This assessment impacts management's determination of the accounting treatment of the leasedproperties.

(b) Basis of consolidation

The consolidated financial statements incorporate the assets and liabilities of all entities controlled by theparent entity as at 31 December 2016 and the results of all controlled entities for the year then ended.

Controlled entities are all those entities (including structured entities) over which the Group has control. TheGroup has control over an investee when it is exposed, or has rights, to variable returns from its involvementwith the investee and has the ability to affect those returns through its power over the investee. Power over theinvestee exists when the Group has existing rights that give it current ability to direct the relevant activities ofthe investee. The existence and effect of potential voting rights that are currently exercisable or convertible areconsidered when assessing whether the Group controls another entity. Returns are not necessarily monetaryand can be only positive, only negative, or both positive and negative.

Controlled entities are fully consolidated from the date on which control is transferred to the Group. They arede-consolidated from the date that control ceases.

The acquisition method of accounting is used to account for the acquisition of controlled entities by the Group.

Intercompany transactions, balances and unrealised gains on transactions between Group companies areeliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment ofthe asset transferred. Accounting policies of controlled entities have been changed where necessary to ensureconsistency with the policies adopted by the Group.

(c) Associates

Associates are all entities over which the Group has significant influence but not control, generallyaccompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates areaccounted for in the parent entity's financial statements using the cost method and in the consolidated financialstatements using the equity method of accounting, after initially being recognised at cost. The Group'sinvestment in associates includes goodwill (net of any accumulated impairment loss) identified on acquisition.

The Group's share of its associates' post-acquisition profits or losses is recognised in the income statement,and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative postacquisition movements are adjusted against the carrying amount of the investment. Dividends receivable fromassociates are recognised in the parent entity's income statement, while in the consolidated financialstatements they reduce the carrying amount of the investment.

When the Group's share of losses in an associate equals or exceeds its interest in the associate, including anyother unsecured receivables, the Group does not recognise further losses, unless it has incurred obligations ormade payments on behalf of the associate.

9







(d) Joint arrangements

The interest in a joint venture entity is accounted for in the consolidated financial statements using the equitymethod and is carried at cost by the parent entity. Under the equity method, the share of the profits or losses ofthe entity is recognised in the income statement, and the share of movements in reserves is recognised inreserves in the statement of comprehensive income and the statement of changes in equity.

(e) Public Private Partnerships (PPP)

The Group has PPP with the private sector in relation to the construction and operation of new studentaccommodation. Each individual PPP is accounted for in accordance with its substance and economic reality,and not merely its legal form. The Group recognises the new buildings that are the subject of the PPP as anemerging asset, incrementally over the lease period. Land leased to the private sector and any other serviceelements that are part of the PPP, excluding the buildings, are accounted for separately in accordance with theapplicable Australian Accounting Standards.

The private entity will retain rental revenue during the operating phase and will transfer the studentaccommodation to UNSW at the end of the concession period. The details of the Group's PPP arrangementsare included in note 21.

(f) Foreign currency translation

(i) Functional and presentation currencyItems included in the financial statements of each of the controlled entities are measured using the currency ofthe primary economic environment in which the entity operates (‘the functional currency’). The consolidatedfinancial statements are presented in Australian dollars, which is the parent entity’s functional and presentationcurrency.

(ii) Transactions and balancesForeign currency transactions are translated into the functional currency using the exchange rates prevailing atthe dates of the transactions. Foreign exchange gains and losses resulting from the settlement of suchtransactions and from the translation at year-end exchange rates of monetary assets and liabilitiesdenominated in foreign currencies are recognised in the income statement.

If gains or losses on non-monetary items are recognised in other comprehensive income, translation gains orlosses are also recognised in other comprehensive income. Similarly, if gains or losses on non-monetary itemsare recognised in the income statement, translation gains or losses are also recognised in profit or loss.

(iii) Controlled entitiesThe results and financial position of all the controlled entities (none of which has the currency of ahyperinflationary economy) that have a functional currency different from the presentation currency aretranslated into the presentation currency as follows:

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 income statement are translated at average exchange rates (unless this

is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction

dates, in which case income and expenses are translated at the dates of the transactions); and

all resulting exchange differences are recognised as a separate component in other comprehensive

income.

On consolidation, exchange differences arising from the translation of any net investment in foreign entities,and of borrowings, are taken to other comprehensive income.

Goodwill and fair value adjustments arising on the acquisition of foreign entities are treated as assets andliabilities of the foreign entities and translated at the closing rate.

10







(g) Revenue recognition

The Group recognises revenue when the amount of revenue can be reliably measured, it is probable that futureeconomic benefits will flow to the Group and specific criteria have been met for each of the Group’s activities asdescribed below.

Amounts disclosed as revenue are net of returns, duties and taxes paid, and amounts collected on behalf ofthird parties.

(i) Government grantsGrants from the government are recognised at their fair value where the Group obtains control of the right toreceive the grant, it is probable that economic benefits will flow to the Group and it can be reliably measured.

(ii) Student fees and chargesStudent fees are recognised as revenue in the year in which the service is provided. Student fees received thatrelate to courses to be held in future periods are treated as income in advance.

(iii) Sale of goodsSales revenue comprises revenue earned (net of returns, discounts and allowances) from the supply ofproducts to entities outside the Group. Sales revenue is recognised when significant risks and rewards ofownership are transferred to the customer.

(iv) Fees and charges for servicesRevenue from services rendered is recognised in the period in which the service is provided, having regard tothe stage of completion of the service.

(v) Investment incomeInterest income is recognised as it accrues. Dividends are recognised as revenue when the right to receivepayment is established.

(vi) Other revenue and incomeOther revenue represents donations, bequests and contributions from external organisations which isrecognised when the Group becomes entitled to receive other revenue and it can be reliably measured.

Other income includes subscriptions, sponsorships, publishing sales and miscellaneous income not derivedfrom core business and is recognised when it is earned.

(h) Income tax

The parent entity is exempt from income tax under Commonwealth income taxation legislation. Within theGroup, however, there are some entities domiciled in foreign jurisdictions that are not exempt from payingincome tax.

For those entities not exempt from tax, the income tax expense or benefit for the period is the tax payable onthe current period's taxable income, based on the income tax rate for each jurisdiction, adjusted by changes indeferred tax assets and liabilities attributable to temporary differences between the tax bases of assets andliabilities and their carrying amounts in the financial statements, and unused tax losses.

Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to applywhen the assets are recovered or liabilities are settled, based on those tax rates which are enacted orsubstantially enacted for the jurisdiction where the entity is situated. An exception is made for certain temporarydifferences arising from the initial recognition of an asset or a liability. No deferred tax asset or liability isrecognised in relation to these temporary differences if they arose in a transaction, other than a businesscombination, 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 isprobable 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 amountand tax bases of investments in controlled entities where the parent entity is able to control the timing of thereversal of the temporary differences and it is probable that the differences will not reverse in the foreseeablefuture.

11







(i) Operating leases

Leases in which a significant portion of the risks and rewards of ownership are retained by the Group as alessor are classified as operating leases. Payments made under operating leases (net of any incentivesreceived from the lessor) are charged to the income statement on a straight-line basis over the period of thelease. Lease income from operating leases, where the Group is a lessor, is recognised in the income statementon a straight-line basis over the lease term.

(j) Impairment of assets

Intangible assets that have an indefinite useful life are not subject to depreciation or amortisation and are testedannually for impairment. All other assets are reviewed for impairment whenever events or changes incircumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised inthe income statement for the amount by which the asset's carrying amount exceeds its recoverable amount. Animpairment loss on a revalued asset is recognised against the revaluation reserve of that class of asset to theextent that the impairment reverses a previous revaluation surplus. The recoverable amount is the higher of anasset's fair value less costs of disposal and value in use.

In accordance with AASB 136 Impairment of assets in respect of not-for-profit entities, value in use is thedepreciated replacement cost of an asset when the future economic benefits of the asset are not primarilydependent on the asset's ability to generate net cash inflows and where the entity would, if deprived of theasset, replace its remaining future economic benefits. In respect of for profit components of the Group, for thepurposes of assessing impairment, assets are grouped at the lowest levels for which there are separatelyidentifiable cash flows (cash generating units).

(k) Cash and cash equivalents

Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less from date of purchase that arereadily 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 offinancial position.

(l) Receivables

Trade receivables are recognised initially at fair value and subsequently measured at amortised cost less anyprovision for impairment. Receivables are due for settlement generally no more than 30 days from the date ofrecognition. Cash flows relating to short-term receivables are not discounted if the effect of discounting isimmaterial.

Collectability of receivables is reviewed on an ongoing basis. Debts which are known to be uncollectible arewritten off. Subsequent recoveries of amounts previously written off are credited to the income statement.

A provision for impaired receivables is established when there is objective evidence that the Group will not beable to collect all amounts due according to the original terms of receivables. Significant financial difficulties ofthe debtor, probability that the debtor will enter bankruptcy or financial reorganisation and default ordelinquency in payments are considered indicators that the receivable is impaired. The amount of the provisionis the difference between the asset’s carrying amount and the present value of estimated future cash flows.The amount of the provision is recognised in the income statement within impairment of assets.

(m) Inventories

Inventories are measured on weighted average cost basis at the lower of cost and net realisable value. Netrealisable value is the estimated selling price in the ordinary course of business less the estimated costsnecessary to make the sale.

12







(n) Investments and other financial assets

The Group classifies its investments in the following categories: financial assets at fair value through profit orloss, loans and receivables, held-to-maturity investments, and available-for-sale financial assets. Theclassification depends on the purpose for which the investments were acquired. Management determines theclassification of its investments at initial recognition and, in the case of assets classified as held-to-maturity,re-evaluates this designation at each reporting date.

(i) Financial assets at fair value through profit or lossFinancial assets at fair value through profit or loss include financial assets held for trading. A financial asset isclassified in this category if acquired principally for the purpose of selling in the near term or if so designated bymanagement. The policy of the Group is to designate a financial asset if the possibility it will be sold in the nearterm exists and if the asset is subject to frequent changes in fair value. Derivatives are held for trading unlessthey are designated as hedges.

(ii) Loans and receivablesLoans and receivables are non-derivative financial assets with fixed or determinable payments that are notquoted in an active market. They arise when the Group provides money, goods or services directly to a debtorwith no intention of selling the receivable. They are included in current assets, except for those with maturitiesgreater than 12 months after the reporting date which are classified as non-current assets. Loans andreceivables are included in receivables in the statement of financial position.

(iii) Held-to-maturity investmentsHeld-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixedmaturities that the Group's management has the positive intention and ability to hold to maturity. Held-to-maturity investments are included in non-current assets, except for those with maturities less than 12 monthsfrom the reporting date, which are classified as current assets. Held-to-maturity investments are carried atamortised cost using the effective interest method.

(iv) Available-for-sale financial assetsAvailable-for-sale financial assets, comprising principally marketable equity securities (held through managedfunds), are non-derivatives that are either designated in this category or not classified in any of the othercategories. They are included in non-current assets unless the Group intends to dispose of the investmentwithin 12 months of the reporting date.

Regular purchases and sales of investments are recognised on the trade date, being the date on which theGroup commits to purchase or sell the asset. Investments are initially recognised at fair value plus transactioncosts for all financial assets not carried at fair value through profit or loss. Financial assets are derecognisedwhen the rights to receive cash flows from the financial assets have expired or have been transferred, and theGroup has transferred substantially all the risks and rewards of ownership.

(v) Subsequent measurementAvailable-for-sale financial assets and financial assets at fair value through profit or loss are subsequentlycarried at fair value. Realised and unrealised gains and losses arising from changes in the fair value of the'financial assets at fair value through profit or loss' category are included in the income statement in the periodin which they arise. Unrealised gains and losses arising from changes in the fair value of securities classified asavailable-for-sale are recognised in other comprehensive income. When securities classified as available-for-sale are sold or impaired, the accumulated fair value adjustments recognised in other comprehensive incomeare included in the income statement as gains and losses from investment securities.

(vi) Fair valueThe fair values of investments and other financial assets are based on quoted prices in an active market. If themarket for a financial asset is not active (and for unlisted securities), the Group establishes fair value by usingvaluation techniques, that maximise the use of relevant data. These include reference to the estimated price inan orderly transaction that would take place between market participants at the measurement date. Othervaluation techniques used are the cost approach and the income approach based on the characteristics of theasset and the assumptions made by market participants.

13







(n) Investments and other financial assets

(vii) ImpairmentThe Group assesses at each reporting date whether there is objective evidence that a financial asset or groupof financial assets is impaired. In the case of equity securities classified as available-for-sale, a significant orprolonged decline in the fair value of a security below its cost is considered in determining whether the securityis impaired. If any such evidence exists for available-for-sale financial assets, the cumulative loss, measured asthe difference between the acquisition cost and the current fair value, less any impairment loss on that financialasset previously recognised in the income statement is removed from equity and recognised in the incomestatement. Impairment losses recognised in the income statement on equity instruments are not reversedthrough the income statement.

(o) Derivatives

Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and aresubsequently remeasured to their fair value. Changes in the fair value of derivative instruments that do notqualify for hedge accounting are recognised immediately in the income statement.

(p) Fair value measurement

The fair value of assets and liabilities must be measured for recognition and disclosure purposes. Refer to note36 for further disclosure.

(q) Investment property

Investment properties exclude properties held to meet service delivery objectives of UNSW.

Investment properties are initially recognised at cost. Costs incurred subsequent to initial acquisition arecapitalised when it is probable that future economic benefits in excess of the originally assessed performanceof the asset will flow to UNSW. Where an investment property is acquired at no cost or for nominalconsideration, its cost shall be deemed to be its fair value, as at the date of acquisition.

Subsequent to initial recognition at cost, investment property is carried at fair value, which is based on activemarket prices, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset.If this information is not available, the Group uses alternative valuation methods such as recent prices in lessactive markets or discounted cash flow projections. These valuations are reviewed annually by externalindependent valuers. Changes in fair values are recorded in the income statement as part of the other incomeor other expense.

Rental revenue from the leasing of investment properties is recognised in the income statement in the periodsin which it is receivable, as this represents the pattern of service rendered though the provision of theproperties.

(r) Property, plant and equipment

Land and buildings (including campus land, campus buildings, off-campus properties and leaseholdimprovements), works of art and rare books are shown at their fair value, based on annual valuations byexternal independent valuers. Off-campus properties includes Crown Land. Any accumulated depreciation atthe date of revaluation is restated proportionately with the change in the gross carrying amount of the asset sothat the carrying amount of the asset after revaluation equals its revalued amount. All other property, plant andequipment are stated at cost less any accumulated depreciation and impairment. Cost includes expenditurethat is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, asappropriate, only when it is probable that future economic benefits associated with the item will flow to theGroup and the cost of the item can be measured reliably. All other repairs and maintenance are charged to theincome statement during the financial period in which they are incurred.

14







(r) Property, plant and equipment

Increases in the carrying amounts arising on revaluation of land and buildings are recognised in othercomprehensive income and accumulated in equity under the heading of property, plant and equipmentrevaluation reserve. To the extent that the increase reverses a decrease previously recognised in the incomestatement, the increase is first recognised in the income statement. Decreases that reverse previous increasesin that class of asset are first charged against revaluation reserves in other comprehensive income, to theextent of the remaining reserve attributable to the asset class; all other decreases are charged to the incomestatement.

Land, works of art and rare books are not depreciated. Depreciation on the other classes of assets is calculatedusing the straight-line method to allocate their cost or revalued amounts, net of their residual values, over theirestimated useful lives. The depreciation rates are as follows:

ControlledEntities Parent

Campus buildings and off-campus properties 2.50% to 6.67% 2.50% to 6.67%

Computer equipment 20% to 33.33% 33.33%

Other equipment 10% 10% to 20%

Motor vehicles 12.50% to 33.33% 12.50%

Library collections 10% 10%

Leasehold improvements 2.50% to 20% 2.50% to 20%

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amountis greater than its estimated recoverable amount (note 1(j)).

Gains and losses on disposals are determined by comparing net disposal proceeds with the carrying amount.The net gains and losses from the sale of assets are included in the income statement when the asset isderecognised. When revalued assets are sold, it is the Group's policy to transfer the amounts included inproperty, plant and equipment revaluation reserves in respect of those assets to retained earnings.

(s) Intangible assets

(i) Research and development - PatentsExpenditure on research activities, undertaken with the prospect of obtaining new scientific or technicalknowledge and understanding, is recognised in the income statement as an expense when it is incurred.

Expenditure on development activities, being the application of research findings or other knowledge to a planor design for the production of new or substantially improved products or services before the start ofcommercial production or use, is capitalised if the product or service is technically and commercially feasible;adequate resources are available to complete development and if it is sufficiently certain that the futureeconomic benefits to the Group will cover not only the usual operational and administrative costs but also thedevelopment costs themselves. There are also several other criteria relating to the development projects andthe processes or products being developed, all of which have to be met to justify asset recognition.

The expenditure capitalised comprises all directly attributable costs, including costs of materials, services,direct labour, and an appropriate proportion of overheads. Other development expenditure is recognised in theincome statement as an expense as incurred. Capitalised development expenditure is stated at cost lessaccumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost over theperiod of the expected benefit, which will vary depending on useful life, usually 20 years.

(ii) Computer softwareComputer software, includes both acquired licenses and internally generated software, and is stated at costless accumulated amortisation and impairment. Subsequent costs are included in the asset's carrying amountor recognised as a separate asset, as appropriate, only when it is probable that future economic benefitsassociated with the item will flow to the Group and the cost of the item can be measured reliably. All otherupgrades and maintenance are charged to the income statement during the financial period in which they areincurred.

Computer software is amortised using the straight line method to allocate its cost, net of any residual value,over its estimated useful life usually between 5 to 10 years.

15







(s) Intangible assets

(iii) Digitalised library research collectionsDigitalised library research collections are perpetual licences to access online research material. Digitalisedlibrary research collections are stated at cost less accumulated amortisation and impairment. Amortisation iscalculated using the straight line method to allocate the cost over its estimated useful life of 10 years.

(t) Trade and other payables

These amounts represent liabilities for goods and services provided to the Group prior to the end of thefinancial year, which are unpaid. The amounts are unsecured and are usually paid within 30 days ofrecognition.

(u) Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequentlymeasured at amortised cost. Any difference between the proceeds (net of transaction costs) and theredemption amount is recognised in the income statement over the period of the borrowings using the effectiveinterest method. Fees paid on the establishment of loan facilities, which are not an incremental cost relating tothe actual draw-down of the facility, are recognised as prepayments and amortised on a straight-line basis overthe term of the facility.

Borrowings are removed from the statement of financial position when the obligation specified in the contract isdischarged, cancelled or expired. The difference between the carrying amount of a financial liability that hasbeen extinguished or transferred to another party and the consideration paid, including any non-cash assetstransferred or liabilities assumed, is recognised in other income or other expenses.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement ofthe liability for at least 12 months after the reporting date and does not expect to settle the liability for at least 12months after the reporting date.

(v) Borrowing costs

Borrowing costs incurred for the construction of any qualifying asset are capitalised during the period of timethat is required to complete and prepare the asset for its intended use or sale. Other borrowing costs areexpensed.

The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weightedaverage interest rate applicable to the entity's outstanding borrowings during the year.

(w) Provisions

Provisions are recognised when the Group has a present legal or constructive obligation as a result of pastevents; it is probable that an outflow of resources will be required to settle the obligation and the amount can bereliably estimated. Provisions are not recognised for future operating losses.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement isdetermined by considering the class of obligations as a whole. A provision is recognised even if the likelihood ofan outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of management’s best estimate of the expenditure required tosettle the present obligation at the reporting date. The discount rate used to determine the present valuereflects current market assessments of the time value of money and the risks specific to the liability. Theincrease in the provision due to the passage of time is recognised as a borrowing cost and includes unwindingof discounts.

16







(x) Employee benefits

(i) Short-term obligationsLiabilities for short-term employee benefits including wages and salaries and non-monetary benefits aremeasured at the amount expected to be paid when the liability is settled, if it is expected to be settled whollybefore twelve months after the end of the reporting period, and is recognised in other payables. Liabilities fornon-accumulating sick leave are recognised when the leave is taken and measured at the rates payable.

(ii) Other long-term obligationsThe liability for other long-term benefits is recognised in current provisions for employee benefits if they are notexpected to be settled wholly before twelve months after the end of the annual reporting period. Other long-termemployee benefits include such things as annual leave and long service leave liabilities.

It is measured at the present value of expected future payments to be made in respect of services provided byemployees up to the reporting date using the projected unit credit method. Consideration is given to theexpected future wage and salary levels, experience of employee departures and periods of service. Expectedfuture payments are discounted using market yields at the reporting date on national government bonds withterms to maturity and currency that match, as closely as possible, the estimated future cash outflows.

Regardless of the expected timing of settlements, provisions made in respect of employee benefits areclassified as a current liability, unless there is an unconditional right to defer the settlement of the liability for atleast 12 months after the reporting date, in which case it would be classified as a non-current liability.

(iii) Bonus plansThe Group recognises a liability and an expense for bonuses where contractually obliged or where there is apast practice that has created a constructive obligation and when a reliable estimate of the obligation can bemade.

(iv) Retirement benefit obligationsAll employees of the Group are entitled to benefits on retirement, disability or death, from the superannuationplans contributed to by the Group. The plans have both defined benefit sections and defined contributionsections. The defined benefit sections provide defined lump sum benefits based on years of service and finalaverage salary. The defined contribution section receives fixed contributions from the Group and its legal orconstructive obligation is limited to these contributions.

A liability or asset in respect of each defined benefit superannuation plan is recognised in the statement offinancial position, and is measured as the present value of the defined benefit obligation at the reporting dateless the fair value of the superannuation fund's assets at that date and any unrecognised past service cost. Thepresent value of the defined benefit obligation is based on expected future payments which arise frommembership of the plan to the reporting date, calculated annually by independent actuaries using the projectedunit credit method. Consideration is given to the expected future wage and salary levels, experience ofemployee departures and periods of service.

Expected future payments are discounted using market yields at the reporting date on national governmentbonds with terms to maturity and currency that match, as closely as possible, the estimated future cashoutflows.

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptionsare recognised in the period in which they occur, outside of the income statement, in the statement ofcomprehensive income.

Past service costs are recognised immediately in the income statement.

Contributions to the defined contribution plan are recognised as an expense as they become payable.

17







(x) Employee benefits

(v) Unfunded superannuation obligationsThe superannuation liabilities recorded in the statement of financial position have been determined byindependent actuaries relating to the defined benefit superannuation plans: State Superannuation Scheme(SSS), State Authorities Superannuation Scheme (SASS), State Authorities Non-Contributory SuperannuationScheme (SANCS) and the UNSW Professorial Superannuation Fund. Information relating to these schemes isset out in note 37 and note 1(a)(i). Since 5 December 2014 when the Memorandum of Understanding wassigned by the Commonwealth and NSW Governments, the only unfunded liabilities comprise of the UNSWProfessorial Superannuation Fund, and the SSS, SASS and SANCS liabilities relating solely to UNSWCanberra at Australian Defence Force Academy (ADFA).

In May 2016, UNSW entered into a Memorandum of Understanding (MOU) of Superannuation FundingArrangement for UNSW Canberra at ADFA with SAS Trustee Corporation (STC) to maintain a three year assetbuffer for the UNSW Canberra at ADFA defined benefit superannuation liabilities. Due to the level of reservesfalling below the required asset buffer, UNSW started to make payments to STC towards UNSW Canberra atADFA liabilities from June 2016.

(vi) Workers compensationThe parent entity is a licensed self-insurer for workers compensation in New South Wales (NSW) and theAustralian Capital Territory (ACT).

Workers compensation matters are managed through two funds, one to record the parent entity's workerscompensation activities in New South Wales (known as the NSW Fund) and one to record the parent entity'sworkers compensation activities in the Australian Capital Territory (known as the ACT Fund). The provision forthe outstanding claims liability for each fund is recognised based on an independent actuarial assessment atreporting date.

As a self-insurer, the parent entity sets a notional annual premium, which is charged on all employee salaries.Costs of workers compensation claims, claims administration expenses and actuarially assessedincreases/decreases in the provision for outstanding claims liability are met from the notional premium. Theoutstanding claims liability includes an amount for injuries that have already occurred but have not yet beenreported. The annual purchase of reinsurance protects UNSW from the adverse effects of large claims. UNSWpays a number of administration costs to the workers compensation scheme regulators. In NSW, costs includethe State Insurance Regulatory Authority and icare. In the ACT, the Default Insurance Fund Levy and ACTDepartment of Justice and Community Safety are recurrent costs.

(vii) Termination benefitsTermination benefits are payable when employment is terminated before the normal retirement date, or whenan employee accepts an offer of benefits in exchange for the termination of employment. The Grouprecognises termination benefits either when it can no longer withdraw the offer of those benefits or when it hasrecognised costs for restructuring within the scope of AASB 137 that involves the payment of terminationbenefits, or when it is demonstrably committed to either terminating the employment of current employeesaccording to a detailed formal plan without possibility of withdrawal, or providing termination benefits as a resultof an offer made to encourage voluntary redundancy. Benefits not expected to be settled wholly before 12months after the end of the reporting period are discounted to present value.

(y) Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurredis not recoverable from the taxation authority. In this case, it is recognised as part of the acquisition cost of theasset or as part of the expense.

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

Cash flows are presented on a gross basis. The GST components of cash flows arising from investing orfinancing activities which are recoverable from, or payable to the taxation authority, are presented as operatingcash flows.

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, thetaxation authority. Any GST payable (and recoverable from the Taxation Authority) on the commitments isdisclosed separately as part of the same note.

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(z) Key management personnel

For the Group, key management personnel are members of UNSW Council and persons having authority andresponsibility for planning, directing and controlling the activities of the Group, directly or indirectly.

(aa) Standards and interpretations issued but not effective for the reporting period

(i) StandardsName Application Date

AASB 9 Financial Instruments Annual reporting periods beginningon or after 1 January 20181

AASB 15 Revenue from Contracts with Customers Annual reporting periods beginningon or after 1 January 20192

AASB 1058 Income of Not-for-Profit Entities Annual reporting periods beginningon or after 1 January 20193

AASB 16 Leases Annual reporting periods beginningon or after 1 January 20194

AASB2010-7

Amendments to Australian Accounting Standardsarising from AASB 9 (December 2010)

Annual reporting periods beginningon or after 1 January 20181

AASB2014-1

Amendments to Australian Accounting Standards(Part E: Financial Instruments)


AASB2014-5

Amendments to Australian Accounting Standardsarising from AASB 15


AASB2014-7

Amendments to Australian Accounting Standardsarising from AASB 9 (December 2014)


AASB2015-6

Amendments to Australian Accounting Standards -Extended Related Party Disclosures to Not-for-Profit Public Sector Entities [AASB 10 & AASB124]


AASB2015-8

Amendments to Australian Accounting Standards -Effective Date of AASB 15


AASB2016-2

Amendments to Australian Accounting Standards -Disclosure Initiative: Statements of Cash flows(AASB 107)


AASB2016-3

Amendments to Australian Accounting Standards –Clarifications to AASB 15


AASB2016-4

Amendments to Australian Accounting Standards -Recoverable Amount of Non-Cash-GeneratingSpecialised Assets of Not-for-profit entities [AASB136]


AASB2016-7

Amendments to Australian Accounting Standards -Deferral of AASB 15 for Not-for-Profit Entities


AASB2016-8

Amendments to Australian Accounting Standards -Australian Implementation Guidance for Not-for-Profit Entities [AASB 9 & AASB 15]


1The likely impact on the first time adoption of the standard for the year ending 31 December 2018 may include increasedvolatility in the income statement. This is primarily as a result of changes in available-for-sale financial assets recognition

criteria.2The mandatory effective date of AASB 15 for Not-for-profit entitites is on or after 1 January 2019. The likely impact on thefirst time adoption of the standard for the year ending 31 December 2019 may include a change to the timing of when revenuefrom contracts with customers can be recognised.

3This replaces AASB1004 Contributions and will work in conjunction with AASB 15. The likely impact on the first timeadoption of the standard for the year ending 31 December 2019 may include a change to the timing of when revenue fromgrants and donations can be recognised.

19







(aa) Standards and interpretations issued but not effective for the reporting period

(i) Standards4The likely impact on the first time adoption of the standard for the year ending 31 December 2019 is recognition of assetsand liabilities for all leases with a term of more than 12 months, unless the underlying asset is low value. The initialmeasurement of assets and liabilities arising from a lease are initially measured on a present value basis, and recognition ofdepreciation of lease assets and interest on lease liabilities will be recorded in the income statement over the lease term.

5The likely impact on the first time adoption of the standard for the year ending 31 December 2017 may include increaseddisclosure requirements relating to related party transactions. Comparative information will not be required in the first year ofapplication

(ii) InterpretationsName Application date

127 Evaluating the Substance of TransactionsInvolving the Legal Form of a Lease


132 Intangible Assets - Web Site costs Annual reporting periods beginningon or after 1 January 2018

(ab) Rounding of amounts

Amounts in the financial statements have been rounded to the nearest thousand dollars, or in certain cases, thenearest dollar.

(ac) Comparative amounts

Comparative figures have been reclassified and repositioned in the financial statements, where necessary, toconform to the basis of presentation and classification used in the current year.

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2 Australian Government financial assistance including Australian Government loanprograms (HELP)

(a) Commonwealth Grant Scheme and Other Grants

Consolidated Parent

Note

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Commonwealth Grant Scheme 285,386 269,050 285,386 269,050

Indigenous Support Program 1,105 1,151 1,105 1,151

Higher Education ParticipationProgram 4,144 3,837 4,144 3,837

Disability Support Program 214 189 214 189

Promotion of Excellence inLearning and Teaching 40 100 40 100

Other 261 522 261 522

Total Commonwealth GrantScheme and Other Grants 38(a) 291,150 274,849 291,150 274,849

(b) Higher Education Loan Programs

HECS-HELP 166,238 161,156 166,238 161,156

FEE-HELP 34,797 39,453 34,797 39,453

SA-HELP 38(i) 3,040 2,939 3,040 2,939

Total Higher Education LoanPrograms 38(b) 204,075 203,548 204,075 203,548

(c) Scholarships

Australian Postgraduate Awards 24,701 24,508 24,701 24,508

International PostgraduateResearch Scholarships 1,970 1,969 1,970 1,969

Commonwealth Education CostScholarships 64 10 64 10

Commonwealth AccommodationScholarships 26 (44) 26 (44)

Indigenous Access Scholarships - 5 - 5

Total Scholarships 38(c) 26,761 26,448 26,761 26,448

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(d) Education Research

Consolidated Parent

Note

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Joint Research EngagementProgram (JRE) 32,611 32,381 32,611 32,381

JRE Engineering Cadetships 545 523 545 523

Research Training Scheme 63,961 63,419 63,961 63,419

Research Infrastructure BlockGrants 21,900 22,034 21,900 22,034

Sustainable Research Excellencein Universities 18,303 17,435 18,303 17,435

Total Education ResearchGrants 38(d) 137,320 135,792 137,320 135,792

(e) Australian Research Council (ARC)

(i) Discovery

Projects 24,565 25,706 24,565 25,706

Fellowships 17,923 20,637 17,923 20,637

Indigenous ResearchersDevelopment 27 379 27 379

Total Discovery 38(f)(i) 42,515 46,722 42,515 46,722

(ii) Linkages

Infrastructure 3,926 5,248 3,926 5,248

Projects 9,314 9,036 9,314 9,036

Industrial TransformationalResearch Program 1,221 2,172 1,221 2,172

Total Linkages 38(f)(ii) 14,461 16,456 14,461 16,456

(iii) Networks and Centres

Centres 4,708 4,397 4,708 4,397

Total Networks and Centres 38(f)(iii) 4,708 4,397 4,708 4,397

Total ARC 61,684 67,575 61,684 67,575

22







(f) Other Australian Government financial assistance

Consolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Non-capital

Health and Ageing 86,805 81,114 86,805 81,114

Department of Defence 63,580 61,394 63,580 61,394

AUSAID 9,403 12,444 9,403 12,444

Various Other AustralianGovernment 26,361 39,234 26,256 39,234

Total 186,149 194,186 186,044 194,186

Total Other AustralianGovernment financialassistance 186,149 194,186 186,044 194,186

Total Australian GovernmentFinancial Assistance 907,139 902,398 907,034 902,398

Consolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Reconciliation

Australian Government Grants1 703,064 698,850 702,959 698,850

HECS-HELP 166,238 161,156 166,238 161,156

FEE-HELP 34,797 39,453 34,797 39,453

SA-HELP 3,040 2,939 3,040 2,939

Total Australian GovernmentFinancial Assistance 907,139 902,398 907,034 902,398

1Total of notes 2a, 2c, 2d, 2e and 2f.

23







(g) Australian Government Grants received - cash basis

Consolidated Parent

Note

2016

$'000

2015

$'000

2016

$'000

2015

$'000

CGS and Other Education Grants 289,309 274,077 289,309 274,077

Higher Education Loan Programs 204,290 203,667 204,290 203,667

Scholarships 26,845 26,701 26,845 26,701

Education research 137,320 135,792 137,320 135,792

ARC grants - Discovery 44,274 48,078 44,274 48,078

ARC grants - Linkages 16,521 17,445 16,521 17,445

ARC grants - Networks andCentres 9,697 9,534 9,697 9,534

Other Australian GovernmentGrants 196,242 203,016 196,137 203,016

Total Australian GovernmentGrants received - cash basis 924,498 918,310 924,393 918,310

OS-HELP (Net) 38(g) (113) 408 (113) 408

Superannuation Supplementation 38(h) 59,844 48,074 59,844 48,074

Total Australian Governmentfunding received - cash basis 984,229 966,792 984,124 966,792

3 State and Local Government financial assistance

Consolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Non-capital

Research financial assistance - State 27,030 23,763 27,030 23,763

Research financial assistance - Local 693 396 693 396

Other financial assistance 803 771 803 771

Total non-capital 28,526 24,930 28,526 24,930

Capital

Other financial assistance - State 5,153 1,373 5,153 1,373

Total capital 5,153 1,373 5,153 1,373

Total State and Local GovernmentFinancial Assistance 33,679 26,303 33,679 26,303

24






4 Fees and chargesConsolidated Parent

Note

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Course fees and charges

Fee-paying onshore overseasstudents 559,329 442,969 458,916 362,788

Fee-paying offshore overseasstudents 155 297 155 297

Continuing education 19,401 16,521 19,403 16,521

Fee-paying domestic postgraduatestudents 23,516 24,220 22,257 23,275

Fee-paying domestic undergraduatestudents 2,222 2,471 2,222 2,471

Total course fees and charges 604,623 486,478 502,953 405,352

Other non-course fees andcharges

Educational measurement andtesting 19,857 20,313 5,218 4,791

Rental charges 15,755 15,271 20,919 19,604

Student accommodation 34,327 32,091 29,516 27,457

Publication sales 568 553 20 125

Miscellaneous sales 24,162 23,138 10,926 10,541

Service fees 27,301 23,469 24,794 21,089

Cost recoveries1 25,090 23,665 28,892 29,384

Student services and amenities fee 38(i) 6,957 4,514 6,957 4,514

Total other fees and charges 154,017 143,014 127,242 117,505

Total fees and charges 758,640 629,492 630,195 522,857

1The parent entity recovers costs paid on behalf of controlled entities, associated organisations and external entities.

5 Investment revenue and other investment incomeConsolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Interest 9,925 8,324 8,174 6,752

Dividends 22,202 26,635 21,895 27,249

Other ATO franking credit 2,710 2,863 2,710 2,863

Total investment revenue 34,837 37,822 32,779 36,864

Net gains/(losses) on sale ofinvestments 2,815 (418) 2,815 (1,043)

Gains reclassified from equity 6,989 6,987 6,349 6,564

Total other investment income 9,804 6,569 9,164 5,521

Total investment income 44,641 44,391 41,943 42,385

25






6 Consultancy and contracts

Consolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Consultancy 8,593 9,012 1,862 2,353

Contract research 60,252 58,123 60,252 57,893

Total consultancy and contracts 68,845 67,135 62,114 60,246

7 Other revenue and income

Consolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Other revenue

Donations, bequests andcontributions1 42,008 30,087 86,042 63,103

Scholarships and prizes 6,452 6,280 6,452 6,280

Other external grants 1,642 523 1,642 523

Total other revenue 50,102 36,890 94,136 69,906

Other income

Subscription 95 203 95 203

Sponsorship 5,766 7,396 5,736 7,351

Miscellaneous income 10,700 6,191 7,220 4,215

Total other income 16,561 13,790 13,051 11,769

Total other revenue and income 66,663 50,680 107,187 81,675

1Donations, bequests and contributions for the year ended 31 December 2016 to the Parent include contributions of $43,639,000 fromUNSW Global Pty Ltd (2015: $32,734,000).

26




8 Employee related expensesConsolidated Parent

Note2016$'000

2015$'000

2016$'000

2015$'000

Academic1

Salaries 399,581 376,890 385,877 366,118

Contributions to superannuation andpension schemes:

Unfunded schemes3 6,164 195 6,164 195Funded schemes 58,414 56,058 56,433 54,505

Payroll tax 25,466 23,846 24,207 22,942Workers compensation 43 360 9 240Long service leave expense 12,520 11,541 12,301 11,103Annual leave 34,385 34,758 32,991 33,506Other 2,477 2,988 2,477 2,988

Total academic 539,050 506,636 520,459 491,597

Non-academic2

Salaries 349,412 338,276 316,195 308,028

Contributions to superannuation andpension schemes:

Unfunded schemes3 1,873 154 1,873 154Funded schemes 48,037 46,260 45,189 43,750

Payroll tax 21,278 21,037 19,605 19,134Workers compensation 99 428 7 206Long service leave expense 11,471 10,727 10,859 10,112Annual leave 28,463 28,777 26,652 26,928Other 7,615 7,144 6,726 6,538

Total non-academic 468,248 452,803 427,106 414,850

Total employee related expenses 1,007,298 959,439 947,565 906,447

Deferred superannuation expense 37(e) (3,635) 4,570 (3,635) 4,570

Total employee related expenses,including deferred employment benefitsfor superannuation 1,003,663 964,009 943,930 911,017

1Academic staff includes teaching staff, sessional teaching staff, guest lecturers and academic research staff.2Non-academic staff includes general and administrative staff, professional staff, examination supervisors and casual general staff .3Contributions made to unfunded superannuation pension schemes represent amounts paid to the Professorial Superannuation Fundand the UNSW Canberra at ADFA component of the three superannuation schemes. Refer to further details in note 37(e) for amountsrecognised in the income statement - employer contributions.

27






9 Depreciation and amortisationConsolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Depreciation

Campus buildings and off-campusproperties 110,671 103,281 109,827 102,577

Computer equipment 5,695 6,502 5,062 6,008

Motor vehicles 156 154 115 109

Leasehold improvements 1,374 1,339 1,268 1,218

Other equipment 28,101 25,778 28,073 25,743

Library collections 895 875 895 875

Total depreciation 146,892 137,929 145,240 136,530

Amortisation

Computer software 8,196 5,094 7,297 4,442

Patents 174 166 - -

Digitalised library research collections 826 574 826 574

Total amortisation 9,196 5,834 8,123 5,016

Total depreciation and amortisation 156,088 143,763 153,363 141,546

10 Repairs and maintenanceConsolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Service contracts 12,432 11,394 12,186 10,966

Buildings 15,512 15,927 14,510 14,965

Other equipment 7,516 7,040 7,516 7,037

Total repairs and maintenance 35,460 34,361 34,212 32,968

11 Borrowing costs

Consolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Interest expense 2,440 2,485 2,440 2,483

Total borrowing costsexpensed 2,440 2,485 2,440 2,483

28






12 Impairment of assetsConsolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Student debtors 875 503 875 503

Sundry debtors 573 (2) 208 (177)

Available-for-sale and other financial assets 156 178 892 -

Property, plant and equipment 463 (29) 463 (29)

Intangible assets 1,423 14,317 - 12,990

Total impairment of assets 3,490 14,967 2,438 13,287

13 Other expensesConsolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Scholarships, grants and prizes 116,992 112,554 125,576 119,589

Non-capitalised equipment 44,042 46,643 45,401 50,138

Advertising, marketing and promotionalexpenses 17,690 16,090 15,544 14,598

Audit fees 946 935 486 474

Consumables 38,316 37,054 36,627 35,483

Travel and entertainment 42,700 45,163 41,224 43,970

Commission to agents 37,014 28,621 25,662 19,739

Contract services (including consultants) 175,204 146,231 168,079 139,937

Cost of books sold 5,162 5,352 - -

Energy, utilities, postage and telephone 20,650 22,109 20,026 21,550

Fees, charges and insurance 31,874 31,625 30,051 30,436

Operating lease expenses 12,632 12,089 6,175 5,937

Other operating expenses 20,295 19,312 14,521 13,486

Total other expenses 563,517 523,778 529,372 495,337

29






14 Income tax

(a) Income taxConsolidated

2016

$'000

2015

$'000

Current income tax (expense)/benefit - 8

Income tax (expense)/benefit is attributable:

- Net result from continuing operations - 8

Aggregate income tax (expense)/benefit - 8

(b) Numerical reconciliation of income tax expense/(benefit) to prima facie tax payable

Net result before income tax 146,348 77,496

Tax at the Australian tax rate of 30% (2015: 30%) (43,904) (23,249)

Tax effect of amounts which are not deductible/(taxable) in calculatingtaxable income:

Net income of tax exempt entities 43,926 23,311

Difference in overseas tax rates (53) (58)

Adjustment for current tax of prior periods 40 4

Tax write-off non-recoverable from overseas (9) -

Total income tax (expense)/benefit - 8

15 Cash and cash equivalentsConsolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Cash at bank and on hand 101,131 90,221 66,300 59,415

Deposits at call and investments originallymaturing within three months 285,024 127,518 214,524 69,518

Total cash and cash equivalents 386,155 217,739 280,824 128,933

(a) Reconciliation to cash and cash equivalents at the end of the financial year

The above figures are reconciled to cash and cash equivalents at the end of the financial year as shown in thestatement of cash flows.

(b) Cash at bank

Cash at bank earns floating interest rates between 0.68% and 1.44% (2015: 0.53% and 2.38%).

(c) Deposits at call and investments originally maturing within three months

The deposits are bearing interest rates between 1.25% and 2.67% (2015: 1.86% and 2.85%).

30






16 ReceivablesConsolidated Parent

Note

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Current

Sundry debtors 39,649 36,441 28,863 29,471

Less: Provision for impaired receivables (1,790) (1,268) (887) (715)

37,859 35,173 27,976 28,756

Student debtors 9,021 5,965 9,021 5,965

Less: Provision for impaired receivables (2,420) (2,253) (2,420) (2,253)

6,601 3,712 6,601 3,712

Loans and other receivables1 - - 43,664 32,819

Payments in advance 31,695 33,480 29,984 32,028

Sundry advances 594 608 574 572

Deferred government contributions forsuperannuation2 37(d) 83,647 80,692 83,647 80,692

Accrued income 15,364 12,058 15,459 12,343

Investment income receivable 387 4,345 386 4,343

Total current receivables 176,147 170,068 208,291 195,265

Non-current

Payments in advance 23,800 4,848 23,800 4,848

Deferred government contributions forsuperannuation2 37(d) 1,232,354 1,296,838 1,232,354 1,296,838

Other receivables 3,743 3,751 3,662 3,697

Total non-current receivables 1,259,897 1,305,437 1,259,816 1,305,383

Total receivables 1,436,044 1,475,505 1,468,107 1,500,648

1As at 31 December 2016, loans and other receivables include contributions of $43,639,000 (2015: $32,734,000) due from UNSWGlobal Pty Ltd, refer to note 7.

2As at 31 December 2016, a total of $1,316,001,000 (2015: $1,377,530,000) is receivable from the Commonwealth and NSWGovernments. These amounts include the net assets of UNSW Global Pty Ltd of $2,571,000 (2015: $2,523,000). The correspondingprovisions for Deferred government benefits for superannuation is a total of $1,418,378,000 (2015: $1,488,208,000) (refer to note 25),with the net provision of $102,377,000 (2015: $110,678,000) relating to UNSW Canberra at ADFA $101,022,000 (2015:$108,722,000) and other unfunded superannuation costs $1,355,000 (2015: $1,956,000).

31






16 Receivables

(a) Impaired receivables

Terms of trade are generally 30 days. As at 31 December 2016, current receivables of the Group and theparent entity with a nominal value of $4,210,000 and $3,307,000, respectively (2015: $3,521,000 and$2,968,000, respectively) were impaired. The impaired receivables relate to non-government customers, whoare in unexpectedly difficult economic situations.

The ageing of the provision of these receivables are as follows:

Consolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

91 to 180 days 1,221 722 796 495

181 to 270 days 323 222 155 136

271 to 365 days 670 876 616 746

over 365 days 1,996 1,701 1,740 1,591

4,210 3,521 3,307 2,968

(b) Past due but not impaired receivables

As at 31 December 2016 current receivables of the Group and the parent entity with a nominal value of$9,881,000 and $6,252,000 respectively (2015: $9,555,000 and $7,472,000 respectively) were past due but notimpaired.

The ageing of the nominal values of these receivables are as follows:

Consolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

31 - 60 days 6,284 6,116 4,640 4,584

61 - 90 days 2,837 2,246 1,278 1,861

91 - 180 days 688 1,021 310 884

181 - 270 days 65 111 24 104

271 - 365 days 7 61 - 39

9,881 9,555 6,252 7,472

32






16 Receivables

(c) Movements

Movements in the provision for impaired receivables are as follows:

Consolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Sundry debtors

Opening balance at 1 January 1,268 1,569 715 966

Provision for impairmentadded/(released) during the year 573 (2) 208 (177)

Receivables written off during the year (51) (299) (36) (74)

Closing balance at 31 December 1,790 1,268 887 715

Student debtors

Opening balance at 1 January 2,253 2,290 2,253 2,290

Provision for impairment added duringthe year 875 503 875 503

Receivables written off during the year (708) (540) (708) (540)

Closing balance at 31 December 2,420 2,253 2,420 2,253

Loans and other receivables

Opening balance at 1 January - - - 414

Loans and other receivables forgivenduring the year - - - (414)

Closing balance at 31 December - - - -


The creation and release of the provision for impaired receivables have been included in 'impairment of assets'in the income statement, refer to note 12. Amounts charged to the provision account are generally written offwhen there is no expectation of recovering additional cash.

The other classes within receivables do not contain impaired assets and are not past due. Based on credithistory of these other classes, it is expected that these amounts will be received when due.

33






17 Investments accounted for using the equity method2016

$'000

2015

$'000

Associates 7,150 16,139

Joint ventures 1,297 -

Total investments accounted for using the equity method 8,447 16,139

(a) AssociatesCarrying value Ownership Interest %

Name of EntityPlace

of businessMeasurement

method

2016

$'000

2015

$'000 2016 2015

UIIT Trust No. 3 Australia Equity method 4,710 10,477 100.00 100.00

UIIT Trust No. 6 Australia Equity method 1,199 471 100.00 100.00

Cicada Innovations Pty Ltd1 Australia Equity method 1,241 5,191 25.00 25.00

Acyte Biotech Pty Ltd2 Australia Equity method - - 43.00 43.00

BioParticle Technologies Pty Ltd2 Australia Equity method - - 35.00 35.00

Bionic Vision Technologies Pty Ltd2 Australia Equity method - - 40.00 40.00

The Health-Science Alliance2,3 Australia Equity method - - 30.00 30.00

Sydney Institute of Marine Science2 Australia Equity method - - 25.00 25.00

Centre for Eye Health2 Australia Equity method - - 38.00 38.00

7,150 16,139

1Change of name from Australian Technology Park Innovations Pty Ltd.2These companies are public companies limited by guarantee. The constitutions of these companies prohibit profitdistributions of funds to the members. Accordingly, the results of these companies are equity accounted at nil value.3Change of name from Randwick Health and Medical Research Institute.

(b) Summarised financial information - associates

Summarised financial information for individually material associates is set out below:UIIT Trust No. 3 Cicada Innovations Pty Ltd

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Current assets 122 1,449 5,411 5,857

Non-current assets 4,614 10,329 566 16,345

Total assets 4,736 11,778 5,977 22,202

Current liabilities 26 1,301 966 1,420

Non-current liabilities - - 49 12

Total liabilities 26 1,301 1,015 1,432

Net assets 4,710 10,477 4,962 20,770

Share of associates' net assets 4,710 10,477 1,241 5,191

Reconciliation of carrying amounts:

Balance at 1 January 10,477 9,594 5,191 4,394

Share of profit for year (5,620) 2,135 (3,950) 797

Dividends (147) (1,252) - -

Balance at 31 December 4,710 10,477 1,241 5,191

Financial Performance

Income 35 2,572 2,751 6,138

Profit/(loss) from continuing operations (5,620) 2,135 (15,800) 3,188

Total comprehensive income (5,620) 2,135 (15,800) 3,188

Share of associates' profit/(loss) (5,620) 2,135 (3,950) 797

34






17 Investments accounted for using the equity method

(c) Joint VenturesCarrying value Ownership Interest %

Name of EntityPlace

of businessMeasurement

method

2016

$'000

2015

$'000 2016 2015

Zhejiang Hangdian Graphene Tech Co. Ltd1 China Equity method 1,297 - 20.00 -

1The agreement to establish the joint venture was duly signed and executed on 17 June 2016 by NewSouth Innovations PtyLimited and Hangzhou Cable Co. Ltd.

Summarised financial information for Zhejiang Hangdian Graphene Tech Co. Ltd is set out below:2016

$'000

Financial Position

Current assets 3,531

Non-current assets 2,642

Total assets 6,173

Current liabilities 2

Total liabilities 2

Net assets 6,171

Share of joint ventures' net assets 1,234

Reconciliation of carrying amounts:

Balance at 1 January -

Share of profit/(loss) for year (71)

Additions 1,368

Balance at 31 December 1,297

Financial Performance

Income -

Loss from continuing operations (354)

Total comprehensive income (354)

Share of joint venture's profit/(loss) (71)

(d) Individually immaterial associates

Aggregate carrying amount of interests in associates accounted for using the equity method that are notindividually material in the consolidated financial statements:

2016

$'000

2015

$'000

Profit/(loss) from continuing operations (272) (29)

Loss from continuing operations afterincome tax (272) (29)

Total comprehensive income (272) (29)

Share of associates' profit/(loss) (272) (29)

35






18 Other financial assetsConsolidated Parent

Note

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Current

Available-for-sale financial assets

Other available-for-sale financialassets 43 142 43 142

Held-to-maturity investments

Term deposit (a) - 23,394 - 23,394

Derivative financial instruments

Forward foreign exchange contracts (b) 1,307 521 1,288 521

Total current other financial assets 1,350 24,057 1,331 24,057

Non-current


Unlisted unit trusts 447,660 438,091 440,041 430,215

Listed equities 6 6 - -

Unlisted equities 13,851 11,402 11,028 9,198

Total non-current available-for-salefinancial assets 461,517 449,499 451,069 439,413


Forward foreign exchange contracts (b) 23 23 23 23

Total non-current derivative financialinstruments 23 23 23 23

Other financial assets at cost

Unlisted companies (c) 4 4 97 97

Unincorporated venture capitalinvestment

(c)- - 6,210 6,102

Total non-current other financialassets at cost 4 4 6,307 6,199

Total non-current other financialassets 461,544 449,526 457,399 445,635

Total other financial assets 462,894 473,583 458,730 469,692

(a) Held-to-maturity investmentsThe average interest rate for held-to-maturity investments to which the Group is exposed at the end of thereporting period was nil (2015: 2.61%).

(b) Derivative financial instrumentsThe Group entered into forward foreign exchange contracts, which are economic hedges but do not satisfy therequirements for hedge accounting. Changes in the fair value of these instruments are recognised in theincome statement as part of net foreign exchange gains/losses.

Information about the Group and the parent entity’s exposure to foreign exchange risk is provided in note 35.

(c) Other financial assetsThe Group and the parent entity's investments are shown at cost less impairment losses.

36






19 Investment propertiesConsolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

At fair value


Completed capital projects 111 - 111 -

Capital Work in Progress 137 601 137 601

Valuation gain/(loss) (232) 3 (232) 3


(a) Amounts recognised in profit or loss for investment propertiesConsolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Rental income 665 659 665 659

Direct operating expenses (rentgenerating properties) (424) (562) (424) (562)

Total recognised in profit orloss 241 97 241 97

(b) Valuation basis

Investment properties (comprising of land and buildings) are fair valued, based on the highest and best use ofthe assets. The value reflects the amounts for which the assets could be exchanged between willing parties inan arm's length transaction, based on current prices in an active market for similar properties in the samelocation and condition. Fair value reflects, among other things, rental income from current leases and otherassumptions that market participants would use when pricing the investment property under current marketconditions. The valuation for 2016 was based on an independent assessment by CBRE Valuations Pty Ltd asat 31 December 2016.

(c) Leasing arrangements

The investment properties are leased to tenants under long-term operating leases with rentals payable monthly.Minimum lease payments receivable on investment properties are as follows:

Consolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Within one year 587 726 587 726

Later than one year but not laterthan five years 1,081 1,846 1,081 1,846

Total future minimum leasepayments receivable 1,668 2,572 1,668 2,572

Applicable GST recoverable fromthe Taxation Authority 167 257 167 257

37


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s

$'0

00

Rare

bo

oks

$'0

00

To

tal

$'0

00

At

1 J

an

uary

2015

Cost

204,9

14

--

--

60,0

13

1,0

28

-288,0

78

91,1

10

-645,1

43

Valu

atio

n-

271,3

04

227,5

43

2,4

79,3

93

5,1

61

--

22,8

71

--

11,8

95

3,0

18,1

67

Acc

um

ula

ted d

epre

ciatio

n-

-(4

5,4

10)

(1,2

37,2

15)

-(4

8,9

45)

(369)

(9,7

59)

(147,4

39)

(86,5

21)

-(1

,575,6

58)

Acc

um

ula

ted im

pairm

ent

--

--

--

--

(400)

--

(400)

Net book

am

ount

204,9

14

271,3

04

182,1

33

1,2

42,1

78

5,1

61

11,0

68

659

13,1

12

140,2

39

4,5

89

11,8

95

2,0

87,2

52

Year

en

ded

31 D

ecem

ber

2015

Openin

g n

et book

am

ount

204,9

14

271,3

04

182,1

33

1,2

42,1

78

5,1

61

11,0

68

659

13,1

12

140,2

39

4,5

89

11,8

95

2,0

87,2

52

Additi

ons

101,2

88

-4,3

59

-42

2,8

79

342

60

37,7

62

388

-147,1

20

Ass

ets

dis

posa

l-

--

--

(4,9

10)

(79)

-(7

,925)

--

(12,9

14)

Tra

nsf

ers

(245,2

35)

-17,3

07

226,5

08

-1,3

62

-58

--

--

Exc

hange d

iffere

nce

s-

--

--

13

-29

12

--

54

Revalu

ati

on

:

Adju

stm

ent to

cost

and v

alu

atio

n-

7,1

12

10,3

01

57,1

20

(104)

--

2,2

59

--

54

76,7

42

Adju

stm

ent to

acc

um

ula

ted d

epre

ciatio

n-

-(1

,266)

(12,0

65)

--

-(1

,924)

--

-(1

5,2

55)

Dep

recia

tio

n/im

pair

men

t:

Depre

ciatio

n-

-(3

,430)

(99,8

51)

-(6

,502)

(154)

(1,3

39)

(25,7

78)

(875)

-(1

37,9

29)

Wr ite

-back

for

ass

ets

dis

pose

d-

--

--

4,9

08

65

-7,4

15

--

12,3

88

Exc

hange d

iffere

nce

s-

--

--

(14)

-(1

7)

(8)

--

(39)

(Im

pairm

ent ch

arg

es)

/reve

rsal o

f im

pairm

ent

--

--

--

--

29

--

29

Clo

sing n

et book

am

ount

60,9

67

278,4

16

209,4

04

1,4

13,8

90

5,0

99

8,8

04

833

12,2

38

151,7

46

4,1

02

11,9

49

2,1

57,4

48

At

31 D

ecem

ber

2015

Cost

60,9

67

--

--

59,3

57

1,2

91

-317,9

27

91,4

98

-531,0

40

Valu

atio

n-

278,4

16

259,5

10

2,7

63,0

21

5,0

99

--

25,2

77

--

11,9

49

3,3

43,2

72

Acc

um

ula

ted d

epre

ciatio

n-

-(5

0,1

06)

(1,3

49,1

31)

-(5

0,5

53)

(458)

(13,0

39)

(165,8

10)

(87,3

96)

-(1

,716,4

93)

Acc

um

ula

ted im

pairm

ent

--

--

--

--

(371)

--

(371)

Net

bo

ok a

mo

un

t60,9

67

278,4

16

209,4

04

1,4

13,8

90

5,0

99

8,8

04

833

12,2

38

151,7

46

4,1

02

11,9

49

2,1

57,4

48

38


Note

s to

the

finan

cial

sta

tem

ents

31 D

ecem

ber 2

016

Th

e U

niv

ers

ity

of

Ne

w S

ou

th W

ale

s

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts

Fo

r th

e y

ear

en

ded

31 D

ecem

ber

2016

20

Pro

pe

rty,

pla

nt

an

d e

qu

ipm

en

t

Co

nso

lid

ate

d

Wo

rks in

pro

gre

ss

$'0

00

Cam

pu

sla

nd

$'0

00

Off

-cam

pu

sp

rop

ert

ies

$'0

00

Cam

pu

sb

uild

ing

s

$'0

00

Wo

rks o

fa

rt

$'0

00

Co

mp

ute

req

uip

men

t

$'0

00

Mo

tor

veh

icle

s

$'0

00

Leaseh

old

imp

rovem

en

ts

$'0

00

Oth

er

eq

uip

men

t

$'0

00

Lib

rary

co

llecti

on

s

$'0

00

Rare

bo

oks

$'0

00

To

tal

$'0

00

Year

en

ded

31 D

ecem

ber

2016

Openin

g n

et book

am

ount

60,9

67

278,4

16

209,4

04

1,4

13,8

90

5,0

99

8,8

04

833

12,2

38

151,7

46

4,1

02

11,9

49

2,1

57,4

48

Additi

ons

145,4

21

-5,9

95

-114

4,5

90

33

59

40,9

66

299

-197,4

77

Ass

ets

dis

posa

l-

-(3

,476)

(16,6

36)

-(5

,867)

(54)

(15)

(8,5

65)

--

(34,6

13)

Tra

nsf

ers

(46,4

65)

-939

45,5

26

--

--

--

--

Exc

hange d

iffere

nce

s-

--

--

(4)

-1

(3)

--

(6)

Revalu

ati

on

:

Adju

stm

ent to

cost

and v

alu

atio

n-

5,1

35

18,1

66

29,1

26

498

--

(1,3

12)

--

53

51,6

66

Adju

stm

ent to

acc

um

ula

ted d

epre

ciatio

n-

-(1

,972)

22,4

64

--

-1,6

36

--

-22,1

28

Dep

recia

tio

n/im

pair

men

t:

Depre

ciatio

n-

-(3

,676)

(106,9

95)

-(5

,695)

(156)

(1,3

74)

(28,1

01)

(895)

-(1

46,8

92)

Wr ite

-back

for

ass

ets

dis

pose

d-

-553

16,4

39

-5,8

61

38

15

7,6

08

--

30,5

14

Exc

hange d

iffere

nce

s-

--

--

4-

(4)

7-

-7

(Im

pairm

ent ch

arg

es)

/reve

rsal o

f im

pairm

ent

--

--

--

--

(463)

--

(463)

Clo

sing n

et book

am

ount

159,9

23

283,5

51

225,9

33

1,4

03,8

14

5,7

11

7,6

93

694

11,2

44

163,1

95

3,5

06

12,0

02

2,2

77,2

66

At

31 D

ecem

ber

2016

Cost

159,9

23

--

--

58,0

76

1,2

70

-350,3

25

91,7

97

-661,3

91

Valu

atio

n-

283,5

51

281,1

34

2,8

21,0

37

5,7

11

--

24,0

10

--

12,0

02

3,4

27,4

45

Acc

um

ula

ted d

epre

ciatio

n-

-(5

5,2

01)

(1,4

17,2

23)

-(5

0,3

83)

(576)

(12,7

66)

(186,2

96)

(88,2

91)

-(1

,810,7

36)

Acc

um

ula

ted im

pairm

ent

--

--

--

--

(834)

--

(834)

Net book

am

ount

159,9

23

283,5

51

225,9

33

1,4

03,8

14

5,7

11

7,6

93

694

11,2

44

163,1

95

3,5

06

12,0

02

2,2

77,2

66

39


Note

s to

the

finan

cial

sta

tem

ents

31 D

ecem

ber 2

016

Th

e U

niv

ers

ity

of

Ne

w S

ou

th W

ale

s

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts

Fo

r th

e y

ear

en

ded

31 D

ecem

ber

2016

20

Pro

pe

rty,

pla

nt

an

d e

qu

ipm

en

t

Pare

nt

Wo

rks in

pro

gre

ss

$'0

00

Cam

pu

sla

nd

$'0

00

Off

-cam

pu

sp

rop

ert

ies

$'0

00

Cam

pu

sb

uild

ing

s

$'0

00

Wo

rks o

fa

rt

$'0

00

Co

mp

ute

req

uip

men

t

$'0

00

Mo

tor

veh

icle

s

$'0

00

Leaseh

old

imp

rovem

en

ts

$'0

00

Oth

er

eq

uip

men

t

$'0

00

Lib

rary

co

llecti

on

s

$'0

00

Rare

bo

oks

$'0

00

To

tal

$'0

00

At

1 J

an

uary

2015

Cost

204,1

81

--

--

56,5

38

735

-287,5

70

91,1

10

-640,1

34

Valu

atio

n-

271,3

04

227,5

43

2,4

71,6

36

5,1

56

--

22,5

61

--

11,8

95

3,0

10,0

95

Acc

um

ula

ted d

epre

ciatio

n-

-(4

5,4

10)

(1,2

31,4

44)

-(4

5,9

14)

(191)

(9,5

73)

(147,0

24)

(86,5

21)

-(1

,566,0

77)

Acc

um

ula

ted im

pairm

ent

--

--

--

--

(400)

--

(400)

Net book

am

ount

204,1

81

271,3

04

182,1

33

1,2

40,1

92

5,1

56

10,6

24

544

12,9

88

140,1

46

4,5

89

11,8

95

2,0

83,7

52

Year

en

ded

31 D

ecem

ber

2015

Openin

g n

et book

am

ount

204,1

81

271,3

04

182,1

33

1,2

40,1

92

5,1

56

10,6

24

544

12,9

88

140,1

46

4,5

89

11,8

95

2,0

83,7

52

Additi

ons

96,4

13

-4,3

59

-42

2,8

56

279

-37,7

61

388

-142,0

98

Ass

ets

dis

posa

ls-

--

--

(4,5

39)

(25)

-(7

,925)

--

(12,4

89)

Tra

nsf

ers

(239,9

56)

-17,3

07

222,5

91

--

-58

--

--

Revalu

ati

on

:

Adju

stm

ent to

cost

and v

alu

atio

n-

7,1

12

10,3

01

57,6

44

(104)

--

2,2

59

--

54

77,2

66

Adju

stm

ent to

acc

um

ula

ted d

epre

ciatio

n-

-(1

,266)

(12,5

89)

--

-(1

,924)

--

-(1

5,7

79)

Dep

recia

tio

n/im

pair

men

t:

Depre

ciatio

n-

-(3

,430)

(99,1

47)

-(6

,008)

(109)

(1,2

18)

(25,7

43)

(875)

-(1

36,5

30)

Wr ite

-back

of ass

ets

dis

pose

d-

--

--

4,5

37

21

-7,4

16

--

11,9

74

(Im

pairm

ent ch

arg

es)

/reve

rsal o

f im

pairm

ent

--

--

--

--

29

--

29

Clo

sing n

et book

am

ount

60,6

38

278,4

16

209,4

04

1,4

08,6

91

5,0

94

7,4

70

710

12,1

63

151,6

84

4,1

02

11,9

49

2,1

50,3

21

At

31 D

ecem

ber

2015

Cost

60,6

38

--

--

54,8

55

989

-317,4

06

91,4

98

-525,3

86

Valu

atio

n-

278,4

16

259,5

10

2,7

51,8

71

5,0

94

--

24,8

78

--

11,9

49

3,3

31,7

18

Acc

um

ula

ted d

epre

ciatio

n-

-(5

0,1

06)

(1,3

43,1

80)

-(4

7,3

85)

(279)

(12,7

15)

(165,3

51)

(87,3

96)

-(1

,706,4

12)

Acc

um

ula

ted im

pairm

ent

--

--

--

--

(371)

--

(371)

Net book

am

ount

60,6

38

278,4

16

209,4

04

1,4

08,6

91

5,0

94

7,4

70

710

12,1

63

151,6

84

4,1

02

11,9

49

2,1

50,3

21

40


Note

s to

the

finan

cial

sta

tem

ents

31 D

ecem

ber 2

016

Th

e U

niv

ers

ity

of

Ne

w S

ou

th W

ale

s

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts

Fo

r th

e y

ear

en

ded

31 D

ecem

ber

2016

20

Pro

pe

rty,

pla

nt

an

d e

qu

ipm

en

t

Pare

nt

Wo

rks in

pro

gre

ss

$'0

00

Cam

pu

sla

nd

$'0

00

Off

-cam

pu

sp

rop

ert

ies

$'0

00

Cam

pu

sb

uild

ing

s

$'0

00

Wo

rks o

fa

rt

$'0

00

Co

mp

ute

req

uip

men

t

$'0

00

Mo

tor

veh

icle

s

$'0

00

Leaseh

old

imp

rovem

en

ts

$'0

00

Oth

er

eq

uip

men

t

$'0

00

Lib

rary

co

llecti

on

s

$'0

00

Rare

bo

oks

$'0

00

To

tal

$'0

00

Year

en

ded

31 D

ecem

ber

2016

Openin

g n

et book

am

ount

60,6

38

278,4

16

209,4

04

1,4

08,6

91

5,0

94

7,4

70

710

12,1

63

151,6

84

4,1

02

11,9

49

2,1

50,3

21

Additi

ons

143,4

08

-5,9

95

-114

4,2

02

-25

40,9

66

299

-195,0

09

Ass

ets

dis

posa

ls-

-(3

,476)

(16,6

36)

-(5

,633)

(19)

-(8

,533)

--

(34,2

97)

Tra

nsf

ers

(44,4

27)

-939

43,4

88

--

--

--

--

Revalu

ati

on

:

Adju

stm

ent to

cost

and v

alu

atio

n-

5,1

35

18,1

66

29,1

26

498

--

(1,3

12)

--

53

51,6

66

Adju

stm

ent to

acc

um

ula

ted d

epre

ciatio

n-

-(1

,972)

22,4

64

--

-1,6

36

--

-22,1

28

Dep

recia

tio

n/im

pair

men

t:

Depre

ciatio

n-

-(3

,676)

(106,1

51)

-(5

,062)

(115)

(1,2

68)

(28,0

73)

(895)

-(1

45,2

40)

Wr ite

-back

for

ass

et dis

pose

d-

-553

16,4

39

-5,6

27

3-

7,5

78

--

30,2

00

(Im

pairm

ent ch

arg

es)

/reve

rsal o

f im

pairm

ent

--

--

--

--

(463)

--

(463)

Clo

sing n

et book

am

ount

159,6

19

283,5

51

225,9

33

1,3

97,4

21

5,7

06

6,6

04

579

11,2

44

163,1

59

3,5

06

12,0

02

2,2

69,3

24

At

31 D

ecem

ber

2016

Cost

159,6

19

--

--

53,4

24

970

-349,8

39

91,7

97

-655,6

49

Valu

atio

n-

283,5

51

281,1

34

2,8

07,8

49

5,7

06

--

23,5

91

--

12,0

02

3,4

13,8

33

Acc

um

ula

ted d

epre

ciatio

n-

-(5

5,2

01)

(1,4

10,4

28)

-(4

6,8

20)

(391)

(12,3

47)

(185,8

46)

(88,2

91)

-(1

,799,3

24)

Acc

um

ula

ted im

pairm

ent

--

--

--

--

(834)

--

(834)

Net book

am

ount

159,6

19

283,5

51

225,9

33

1,3

97,4

21

5,7

06

6,6

04

579

11,2

44

163,1

59

3,5

06

12,0

02

2,2

69,3

24

41






20 Property, plant and equipment

(a) Valuations of campus land and off-campus properties

Campus land and off-campus properties (comprises land and buildings) are fair valued based on the highestand best use of the assets. The value reflects the amounts for which the assets could be exchanged betweenwilling parties in an arm's length transaction, based on current prices in an active market for similar propertiesin the same location and condition. The revaluations for 2016 were based on independent assessments byCBRE Valuations Pty Ltd as at 31 December 2016.

(b) Valuations of campus buildings and leasehold improvements

Campus buildings and leasehold improvements are fair valued using the depreciated replacement cost basis.The 2016 revaluations were based on independent assessments by CBRE Valuations Pty Ltd as at 31December 2016.

(c) Valuations of rare books

Rare books are stated at fair value to reflect the amounts for which the assets could be exchanged betweenwilling parties in an arm's length transaction, based on current prices in an active market. The 2016revaluations were based on independent assessments by McWilliam & Associates Pty Ltd as at 31 December2016.

(d) Valuations of works of art

Works of art are stated at fair value to reflect the amounts for which the assets could be exchanged betweenwilling parties in an arm's length transaction, based on current prices in an active market. The 2016revaluations were based on independent assessments by McWilliam & Associates Pty Ltd as at 31 December2016.

(e) Leasing arrangements

Certain parts of campus land, campus buildings and off-campus properties are leased to tenants under short-term and long-term operating leases with rentals payable monthly.

Minimum lease payments receivable on the properties are as follows:

Consolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Within one year 7,589 6,725 12,719 10,851

Later than one year but no later than fiveyears 13,341 15,806 33,826 33,623

Later than five years 1,764 2,886 22,142 26,333

Total future minimum lease paymentsreceivable 22,694 25,417 68,687 70,807

Applicable GST payable to the TaxationAuthority 2,212 2,494 6,822 7,030

42






21 Public Private Partnerships (PPP)

(a) High Street Housing Project

In 2007, the parent entity entered into a PPP with UNSW Village Pty Limited to finance, design, construct andcommission student accommodation and maintain, manage and operate it for a period of 40 years.

On 1 January 2010, the parent entity granted to UNSW Village Pty Limited a 40 year lease, the concessionperiod for the land making up the site. The parent entity retains the legal title to the land. The arrangement istreated as an operating lease with the parent entity being a lessor and the land is leased at a peppercorn rent.The land is recorded at fair value at the reporting date.

Management estimates that the fair value of the student accommodation at the end of the concession periodwill be nil, refer to note 1(e).

(b) New College Postgraduate Village Project

In 2007, the parent entity entered into a PPP with New College Postgraduate Village to finance, design,construct and commission student accommodation and maintain, manage and operate it for a period of 49years.

During 2009 the parent entity granted to New College Postgraduate Village a 49 year lease, the concessionperiod for the land making up the site. The parent entity retains the legal title to the land. The arrangement istreated as an operating lease with the parent entity being a lessor and the land is leased at a peppercorn rent.The land is recorded at fair value at the reporting date.

Management estimates that the fair value of the student accommodation at the end of the concession periodwill be nil, refer to note 1(e).

43






22 Intangible assets

Consolidated

Work inprogress

$'000

Patentsdevelopment

$'000

Computersoftware

$'000

Digitalisedlibrary

researchcollections

$'000

Total

$'000

At 1 January 2015

Cost 25,137 9,471 79,458 5,185 119,251

Accumulated amortisation and impairment - (8,283) (44,336) (639) (53,258)

Net book amount 25,137 1,188 35,122 4,546 65,993

Year ended 31 December 2015

Opening net book amount 25,137 1,188 35,122 4,546 65,993

Additions 17,859 1,415 - 2,160 21,434

Disposals - (482) - - (482)

Transfers (18,534) - 18,534 - -

Exchange differences - - 6 - 6

Amortisation - (166) (5,094) (574) (5,834)

Impairment charge (12,990) (1,327) - - (14,317)

Write-back of amortisation and impairmenton disposal - 394 - - 394

Exchange differences - - (4) - (4)

Closing net book amount 11,472 1,022 48,564 6,132 67,190

At 31 December 2015

Cost 11,472 10,404 97,998 7,345 127,219

Accumulated amortisation and impairment - (9,382) (49,434) (1,213) (60,029)

Net book amount 11,472 1,022 48,564 6,132 67,190


Opening net book amount 11,472 1,022 48,564 6,132 67,190

Additions 3,620 1,817 - 3,454 8,891

Disposals - (486) (19) - (505)

Transfers (12,330) - 12,330 - -

Amortisation - (174) (8,196) (826) (9,196)

Write-back of amortisation and impairmenton disposal - 344 4 - 348

Impairment charges (305) (1,118) - - (1,423)

Closing net book amount 2,457 1,405 52,683 8,760 65,305

At 31 December 2016

Cost 2,457 11,735 110,309 10,799 135,300

Accumulated amortisation and impairment - (10,330) (57,626) (2,039) (69,995)

Net book amount 2,457 1,405 52,683 8,760 65,305

44






22 Intangible assets

Parent

Work inprogress

$'000

Computersoftware

$'000

Digitalisedlibrary

researchcollections

$'000

Total

$'000

At 1 January 2015

Cost 24,423 76,842 5,185 106,450

Accumulated amortisation and impairment - (42,881) (639) (43,520)

Net book amount 24,423 33,961 4,546 62,930


Opening net book amount 24,423 33,961 4,546 62,930

Additions 17,159 - 2,160 19,319

Transfers (17,528) 17,528 - -

Amortisation - (4,442) (574) (5,016)

Impairment charge (12,990) - - (12,990)

Closing net book amount 11,064 47,047 6,132 64,243

At 31 December 2015

Cost 24,054 94,370 7,345 125,769

Accumulated amortisation and impairment (12,990) (47,323) (1,213) (61,526)

Net book amount 11,064 47,047 6,132 64,243


Opening net book amount 11,064 47,047 6,132 64,243

Additions 2,483 - 3,454 5,937

Transfers (12,000) 12,000 - -

Amortisation - (7,297) (826) (8,123)

Closing net book amount 1,547 51,750 8,760 62,057

At 31 December 2016

Cost 1,547 106,370 10,799 118,716

Accumulated amortisation and impairment - (54,620) (2,039) (56,659)

Net book amount 1,547 51,750 8,760 62,057

23 Trade and other payablesConsolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Current

OS-HELP liability to Australian Government 2,861 2,974 2,861 2,974

Sundry creditors 62,060 44,262 55,375 38,407

Accrued expenses 53,668 37,135 46,890 30,872

Employee related liabilities 28,788 21,430 28,922 21,574

Total current trade and other payables 147,377 105,801 134,048 93,827

45






24 BorrowingsConsolidated Parent

Note

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Current

Unsecured

Financing arrangement (a) 910 761 910 761

Total current borrowings 910 761 910 761

Non-current

Unsecured

Financing arrangement (a) 37,431 38,341 37,431 38,341

Total non-current borrowings 37,431 38,341 37,431 38,341

Total borrowings 38,341 39,102 38,341 39,102

(a) Financing arrangements

On 15 December 2006, an agreement was signed with Westpac, in which the parent entity granted a 99 yearground lease over 221-227 Anzac Parade to Westpac Office Trust for an amount of $41,000,000 (excludingGST), and agreed to take a lease-back on the property for an initial period of 25 years. The parent entity alsoholds two ten year options. The lease-back transaction is a “triple net lease” with the parent entity beingresponsible for all outgoings, management and capital expenditure/maintenance expenditure for the full periodof the lease-back periods. The transaction was completed on 12 January 2007.

On 22 December 2009, Westpac Office Trust sold the rights and assigned their rights and obligations under thetenancy lease agreements to the new owners.

The parent entity has retained the significant risks and rewards of ownership of the property, thus it has treatedthe transaction as a financing arrangement. Funds received under the transaction have been disclosed as aninterest bearing liability. Payments of “rent” under the lease-back agreement have been treated as interest andprincipal repayments. The building will continue to be carried in accordance with the parent entity’s accountingpolicy for property, plant and equipment.

The financing arrangement has a borrowing rate of 6% (2015: 6%).

As at 31 December 2016, the maturity analysis of the borrowing costs and principal repayments was as follows:

Consolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Within one year 3,298 3,202 3,298 3,202

Later than one year but not later thanfive years 14,210 13,796 14,210 13,796


Borrowing costs (23,140) (25,580) (23,140) (25,580)

Total 38,341 39,102 38,341 39,102

Within one year 910 761 910 761

Later than one year but not later thanfive years 5,386 4,658 5,386 4,658


Present value of loan principal 38,341 39,102 38,341 39,102

46






24 Borrowings

(b) Bank loan facilities

Unrestricted access was available at balance date to the following line of credit:

Consolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Bank loan facilities

Total facilities 250,000 250,000 250,000 250,000

Unused at balance date 250,000 250,000 250,000 250,000

(c) Fair value

The carrying amounts of borrowings at reporting date are approximate to their fair value. More information isprovided in note 36.

(d) Risk exposures

Information about the Group and the parent entity's exposure to risk arising from borrowings is provided in note35.

47






25 ProvisionsConsolidated Parent

Note

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Current provisions expected to besettled within 12 months

Employee benefits

Annual leave 45,313 45,477 42,168 42,568

Long service leave 30,746 24,949 29,835 24,208

Employment on-costs 26 718 26 718

Deferred government benefits forsuperannuation2 37(d) 91,967 81,607 91,967 81,607

Workers compensation 579 710 583 716

Other 15,707 11,426 15,454 11,173

Subtotal 184,338 164,887 180,033 160,990

Current provisions expected to besettled after more than 12 months

Employee benefits

Annual leave 7,121 8,470 7,059 8,406


Subtotal 140,718 138,501 136,412 135,419

Total current provisions 325,056 303,388 316,445 296,409

Non-current provisions

Employee benefits


Deferred non-governmentbenefits for superannuation1 37(d) 8,919 9,578 8,919 9,578

Deferred government benefitsfor superannuation2 37(d) 1,326,411 1,406,601 1,326,411 1,406,601

Workers compensation 5,822 6,074 5,822 6,074

Other 419 395 419 395

Total non-current provisions 1,370,922 1,452,799 1,369,316 1,450,255

Total provisions 1,695,978 1,756,187 1,685,761 1,746,664

1This relates to the net liabilities of the Professorial Superannuation Fund (refer to note 37(d)).

2These amounts relate to the net liabilities of the SASS, SSS and SANCS superannuation schemes (refer to note 37(d)). Note thatthese amounts also include the net liabilities of UNSW Global Pty Ltd of $2,571,000 (2015: $2,523,000).

48






25 Provisions

(a) Movements in provisions

Movements in each class of provision during the financial year, other than employee benefits, are set out below:

Consolidated 2016

Workerscompensation

$'000

Other

$'000

Total

$'000

Carrying amount at start of year 6,784 11,821 18,605

Additional provisions recognised 1,026 4,305 5,331

Amounts used (589) - (589)

Unused amounts reversed (820) - (820)

Carrying amount at end of year 6,401 16,126 22,527

26 Other financial liabilitiesConsolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Current

Forward foreign exchange contracts 594 451 594 436

Total current other financial liabilities 594 451 594 436

Non-current

Forward foreign exchange contracts 21 10 21 10

Total non-current other financial liabilities 21 10 21 10

Total other financial liabilities 615 461 615 446

Further information about forward foreign exchange contracts is provided in note 35.

49






27 Other liabilities

Consolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Current

Income in advance1 101,465 90,413 52,755 48,768

Monies held from associatedparties 4,191 285 4,108 202

Other 12,499 10,187 4,651 2,571

Total current other liabilities 118,155 100,885 61,514 51,541

Non-current

Income in advance1 12,853 14,657 12,853 14,657

Other 3,210 4,641 3,210 4,641

Total non-current other liabilities 16,063 19,298 16,063 19,298

Total other liabilities 134,218 120,183 77,577 70,839

1Income in advance (current) includes research income of $39,186,000 (2015: $31,819,000), prepaid tuition fees of $52,992,000(2015: $45,042,000), the current portion of the rental income received in advance from the Children's Cancer Institute Australia forMedical Research (CCIA) of $1,754,000 (2015: $1,862,000), and the current portion of grant received in advance to fund theconstruction of the Bright Alliance building (formerly known as the Australian Advanced Treatment Centre) of nil (2015: $5,153,000).Income in advance (non-current) represents the non-current portion of the rental income received in advance from the CCIA of$12,853,000 (2015: $14,657,000).

50






28 Reserves and retained earnings

(a) Reserves

Consolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Reserves

Property, plant and equipmentrevaluation surplus 752,194 683,972 749,893 681,671

Available-for-sale financial assetsrevaluation surplus 77,132 67,888 70,481 61,729

Foreign currency translation reserve (533) (526) - -

Total reserves 828,793 751,334 820,374 743,400

Movements

Property, plant and equipmentrevaluation surplus


Revaluation of campus land 5,135 7,112 5,135 7,112

Revaluation of campus buildings 51,590 45,055 51,590 45,055

Revaluation of off-campus properties 16,194 9,035 16,194 9,035

Revaluation of rare books 53 54 53 54

Revaluation of works of art 498 (104) 498 (104)

Revaluation of leaseholdimprovements 324 335 324 335

Transfer to retained earnings (5,572) (255) (5,572) (255)


Available-for-sale financial assetsrevaluation surplus


Gains/(losses) on revaluation 16,233 (11,570) 15,101 (11,209)

Transfer to income statement (6,989) (6,987) (6,349) (6,564)


Foreign currency translation reserve

Opening balance at 1 January (526) (634) - -

Exchange differences on translation offoreign operations (7) 108 - -

Closing balance at 31 December (533) (526) - -

Total reserves 828,793 751,334 820,374 743,400

51






28 Reserves and retained earnings

(b) Retained earningsConsolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Opening balance at 1 January 1,644,533 1,573,939 1,628,410 1,560,511

Net result for the period 146,348 77,504 152,913 74,803

Actuarial gains/(losses) on definedbenefit superannuation plans 4,298 (7,165) 4,298 (7,159)

Transfer from reserves 5,572 255 5,572 255

Closing balance at 31 December 1,800,751 1,644,533 1,791,193 1,628,410

(c) Nature and purpose of reserves

(i) Property, plant and equipment revaluation surplusThe property, plant and equipment revaluation reserve is used to record increments and decrements on therevaluation of non-current assets, as described in note 1(r).

(ii) Available-for-sale financial assets revaluation surplusChanges in the fair value and exchange differences arising on translation of investments classified as available-for-sale financial assets are taken to the available-for-sale financial assets revaluation surplus, as described innote 1(n). Amounts are included in the income statement when the associated assets are sold or impaired.

(iii) Foreign currency translation reserveExchange differences arising on translation of the foreign controlled entities are taken to the foreign currencytranslation reserve, as described in note 1(f). The reserve is recognised in the income statement when the netinvestment is disposed.

52






29 Key management personnel disclosures

(a) Council Members

The following persons were responsible persons and executive officers of the parent entity during the financialyear:

(i) Official Council Members

Mr David M. Gonski, AC, Chancellor

Professor Ian Jacobs, President and Vice-Chancellor

Professor Prem Ramburuth, President of the Academic Board

(ii) Ministerial Appointments

Ms Jillian S. Segal, AM, Deputy Chancellor

Mr Brian Long, Pro-Chancellor

(iii) Elected Council Members

Professor Kristy Muir (commenced 30 June 2016)

Scientia Professor John Piggott

Mr Aaron Magner

Mr Michael Murdocca (commenced 30 June 2016)

Ms Jantapond (Emma) Purintanawut (commenced 30 June 2016)

(iv) Council-appointed Members

Dr Jennifer Alexander, Pro-Chancellor

Ms Maxine Brenner

Mr Nicholas Carney

Mr Matthew T. Grounds

Mr Warwick Negus

(v) Council Members' term of office completed in 2016

Professor Dorottya Fabian (elected until 30 June 2016)

Mr Ben Heenan (elected until 30 June 2016)

Ms Emma Lovell (elected until 30 June 2016)

(b) Other key management personnel

The following persons also had authority and responsibility for planning, directing and controlling the activitiesof the Group, directly or indirectly, during the financial year:

Professor Les D. Field, AM Vice-President and Deputy Vice-Chancellor (Research)

Professor Merlin Crossley Deputy Vice-Chancellor (Education) (commenced 29 February 2016)

Professor Nicholas Fisk Deputy Vice-Chancellor (Research) (commenced 1 August 2016)

Professor Brian Boyle Acting Deputy Vice-Chancellor (Research) (29 February 2016 - 10 July2016)

Deputy Vice-Chancellor (Enterprise) (commenced 11 July 2016)

Mr Peter Noble Vice-President and Chief of Staff

Mr Andrew Walters Vice-President, Finance and Operations

Professor Eileen Baldry Academic Lead for Equity, Diversity and Inclusion (commenced 26 May2016)

Mrs Fiona Docherty Vice-President (International, Marketing & Communications) (commenced26 May 2016)

53







(b) Other key management personnel

Other key management personnel's term of office completed in 2016:

Professor Iain Martin Vice-President and Deputy Vice-Chancellor (Academic) (membershipceased 29 February 2016)

Ms Jennie Lang Vice-President, Advancement (membership ceased 29 February 2016)

Mr Neil D. Morris Vice-President, Campus Life and Community Engagement (membershipceased 29 February 2016)

Mr David Ward Vice-President, Human Resources (membership ceased 29 February2016)

(c) Remuneration of Council Members and other key management personnelConsolidated Parent

2016 2015 2016 2015

Remuneration of Council Members

Nil 12 10 12 10

$100,000 to $114,999 1 - 1 -

$130,000 to $144,999 1 - 1 -

$170,000 to $184,999 - 1 - 1

$225,000 to $239,999 - 1 - 1

$235,000 to $249,999 1 - 1 -

$300,000 to $314,999 1 1 1 1

$375,000 to $389,999 1 1 1 1

$425,000 to $439,999 - 1 - 1

$1,010,000 to $1,024,999 - 1 - 1

$1,205,000 to $1,219,999 1 - 1 -

Total 18 16 18 16

Council members include the Group's employees who may be ex-officio members or elected staff members. NoCouncil member (including Chancellor and Deputy Chancellor) has received any remuneration in his/hercapacity as a Council member.

Council members may also be executive officers of the parent entity. Where this is the case they have beenincluded in the remuneration above but excluded from the remuneration band of the executive officers.

There were six Council members (2015: six) who received remuneration as employees of the parent entity.

There were twelve Council members (2015: ten) who did not receive remuneration as employees of the parententity.

54







(c) Remuneration of Council Members and other key management personnelConsolidated Parent

2016 2015 2016 2015

Remuneration of other keymanagement personnel

$100,000 to $114,999 1 - 1 -

$115,000 to $129,999 1 - 1 -

$130,000 to $144,999 1 - 1 -

$145,000 to $159,999 - 1 - 1

$170,000 to $184,999 1 1 1 1

$200,000 to $214,999 1 1 1 1

$230,000 to $244,999 - 2 - 2

$245,000 to $259,999 1 1 1 1

$260,000 to $274,999 1 - 1 -

$380,000 to $394,999 - 1 - 1

$395,000 to $409,999 1 - 1 -

$410,000 to $424,999 1 - 1 -

$440,000 to $454,999 - 1 - 1

$455,000 to $469,999 - 1 - 1

$470,000 to $484,999 1 - 1 -

$515,000 to $529,999 1 - 1 -

$535,000 to $549,999 1 - 1 -

$610,000 to $624,999 - 1 - 1

Total 12 10 12 10

(d) Key management personnel compensation

Consolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Short-term employee benefits 5,348 4,920 5,348 4,920

Post-employment benefits 692 624 692 624

Termination benefits - 199 - 199

Total 6,040 5,743 6,040 5,743

55






30 Remuneration of auditors

During the year, the following fees were incurred for services provided by the auditor of the parent entity, its relatedpractices and non-related audit firms:

(a) Audit of the financial statements

Consolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Audit Office of NSW

Audit of financial statements 736 708 417 405

Audit of subsidiaries' financialstatements paid by parent entity 69 69 69 69

Other audit firms 141 158 - -

Total 946 935 486 474

(b) Other audit and assurance servicesAudit Office of NSW 26 25 26 25

Total 972 960 512 499

31 Contingencies

(a) Contingent liabilities

GuaranteesThe parent entity has a bank guarantee of $650,000 issued by the ANZ Banking Group in favour of HarinaCompany Limited for the lease of premises at 1 O'Connell Street, Sydney.

UNSW Global Pty Ltd has a bank guarantee of $583,000 issued by the ANZ Banking Group as a rental bond inrelation to student accommodation at 159-171 Anzac Parade, Kensington and this will expire on 11 June 2020.

The parent entity has a bank guarantee of $260,000 issued by the ANZ Banking Group in connection with anATA Carnet for the temporary admission of goods. This bank guarantee is for the life of the Carnet for which itwas issued and will continue until the Carnet has actually been acquitted by the issuing Body or the relevantNational Guaranteeing Organisation.

The parent entity is a licensed self-insurer for workers compensation in New South Wales (NSW) and theAustralian Capital Territory (ACT). In NSW the licence is issued under Division 5 of Part 7 of the WorkersCompensation Act 1987 and under Chapter 8, Part 8.1 of the ACT Workers Compensation Act 1951. Inaccordance with both licences the Group has the following bank guarantees:

(i) $2,413,000 with the ANZ Banking Group in favour of WorkCover New South Wales, and

(ii) $750,000 with the ANZ Banking Group in favour of the Default Insurance Fund.

Letters of CommitmentThe parent entity has issued letters of commitment to controlled entities to ensure that those entities are able to meet their debts when they become due. The total of letters of commitment for parent in 2016 is $11,200,000.

LitigationsFrom time to time, the Group is subject to claims arising from activities undertaken in the normal course of business. Such claims may result in litigation. UNSW has considered those cases in reference to the disclosure criteria for contingent liabilities. UNSW is satisfied that none of the contingent liabilities are material for disclosure in the Group financial statements.

56






32 Commitments

(a) Capital commitments

Capital expenditure contracted for at the reporting date but not recognised as liabilities are as follows:

Consolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Property, plant and equipment

Within one year 131,096 136,610 131,096 136,610

Later than one year but not later than fiveyears 26,209 18,765 26,209 18,765

Total 157,305 155,375 157,305 155,375

(b) Lease commitments

Commitments for minimum lease payments in relation to non-cancellable operating leases which are notrecognised in the financial statements are as follows:

Consolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Within one year 8,955 9,031 4,124 3,832

Later than one year but not later than fiveyears 22,208 27,550 9,536 10,454


Total future minimum lease payments 35,487 44,316 17,984 21,710

Total commitments 192,792 199,691 175,289 177,085

Applicable GST recoverable fromthe Taxation Authority 18,768 19,840 17,030 17,638

57






33 Subsidiaries

The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries inaccordance with the accounting policy described in note 1(b).

Ownership interest

Name of EntityPrincipal place of

business

2016

%

2015

%

NewSouth Innovations Pty Ltd Australia 100 100

- Cystemix Pty Ltd Australia 100 100

Qucor Pty Ltd1 Australia 60 60

UNSW Global Pty Ltd Australia 100 100

- UNSW Global (Singapore) Pte Ltd Singapore 100 100

- UNSW Global India Pvt Ltd2 India 100 100

- Australian Education Consultancy Ltd Hong Kong 100 100

UNSW (Hong Kong) Ltd Hong Kong 100 100

The University of New South WalesFoundation Ltd Australia 100 100

- as Trustee for the University of NewSouth Wales Foundation Australia 100 100

- as Trustee for the New South WalesMinerals Industry/University of New SouthWales Education Trust Australia 100 100

UNSW Hong Kong Foundation Ltd Hong Kong 100 100

UNSW & Study Abroad - Friends and USAlumni, Inc USA 100 100

UK Foundation of UNSW Australia3 UK 100 100

University of New South Wales Press Ltd Australia 100 100

Scientia Clinical Research Ltd Australia 100 100

1Ownership split: 30% UNSW, 30% NewSouth Innovations Pty Ltd, 40% held for the benefit of the Researchers.

2Ownership split: 99.6% UNSW Global Pty Ltd, 0.4% Australian Education Consultancy Ltd. The Board resolved to place thecompany in a dormant stage from 31 October 2013.

3Change of name from UK Friends of UNSW Australia.

58






34 Reconciliation of net result after income tax to net cash provided by operating activitiesConsolidated Parent

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Net result for the period 146,348 77,504 152,913 74,803

Depreciation and amortisation 156,088 143,763 153,363 141,546

Write-down of investments to recoverableamount 156 178 892 -

Write-down/(reversal) of property, plant andequipment and intangible assets 1,886 14,288 463 12,961

Net (gains)/losses on disposal of property,plant and equipment (3,997) 392 (2,760) 321

Net gains on sale of investments (9,804) (6,569) (9,164) (5,521)

Other non-cash items (5,611) (162) (5,611) (136)

Share of (profit)/loss of associates and jointventures not received as dividends ordistributions 9,913 (2,903) - -

Revaluation of investment property 232 - 232 -

295,211 226,491 290,328 223,974

Change in operating assets and liabilities

(Increase)/decrease in sundry and studentdebtors (5,574) 1,604 (12,954) (9,831)

(Increase)/decrease in investment incomereceivable 3,958 (2,269) 3,957 (2,268)

(Increase)/decrease in accrued income (3,306) 6,129 (3,116) 6,108

(Increase)/decrease in inventories 51 9 - -

(Increase)/decrease in sundry advances 14 (41) (2) (27)

(Increase) in payments in advance (17,168) (4,141) (16,908) (3,957)

(Increase)/decrease in other assets (778) 1,036 (732) 1,032

Increase/(decrease) in deferredsuperannuation (4,662) 4,564 (4,662) 4,570

Increase/(decrease) in trade and otherpayables 41,576 (1,318) 40,221 (2,879)

Increase/(decrease) in income in advance 9,248 8,658 2,183 (3,434)

Increase/(decrease) in other liabilities 4,934 (612) 4,724 (2,740)

Increase in provisions 10,280 7,655 9,586 6,748

38,573 21,274 22,297 (6,678)

Net cash provided by operating activities 333,784 247,765 312,625 217,296

59






35 Financial risk management

The Group's activities expose it to a variety of financial risks: market risk (including foreign exchange risk, price riskand cash flow interest rate risk), credit risk and liquidity risk. The Group's overall risk management program focuses onthe unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performanceof the Group.

Financial risk management is governed by the UNSW Treasury Policy and Procedure ("Policy") and managed by theUNSW Treasury and Investment Services (UNSW Treasury).

The Policy specifically covers:

Foreign exchange risk

Interest rate risk

Credit risk

Liquidity risk

The Group uses different methods to measure different types of risk to which it is exposed at the reporting date. Thesemethods include foreign exchange exposure analysis, sensitivity analyses (foreign exchange, price and interest raterisks); approved counterparty limits linked to credit ratings for financial institution credit risk; and ageing analysis fornon-financial institution credit risk.

Policy prohibits any speculative trading in derivative instruments. Derivative instruments are only entered into for thepurposes of managing financial risk, such as foreign exchange risk.

(a) Market risk

(i) Foreign exchange risk

Foreign exchange risk refers to the risk that the value of a financial commitment, recognised financial asset orfinancial liability will fluctuate due to changes in foreign currency rates.

The Group and the parent entity operate internationally and are exposed to foreign exchange risk arising fromcommitted transactions such as research grants, expenditure to which the Group is bound or will imminentlyincur, and financial assets and financial liabilities which have been recognised in the accounts. The economicexposure to foreign exchange risk is minimised by entering derivative transactions in foreign exchange markets.The financial instruments used to manage foreign exchange risk are spot and forward foreign exchangecontracts. The major currency to which the Group is exposed is the US Dollar (USD).

The group companies are required to fully hedge the foreign exchange risk exposure arising from foreigncurrency denominated borrowings that exceed the prescribed threshold. Any exception to this requires approvalby the Director of Finance.

The sensitivity analysis below shows the effect on the post-tax net result and equity as at reporting date had theAustralian dollar weakened/strengthened by 11.6% against the US dollar (2015: 11.7%) at that date with allother variables held constant.

The method used to arrive at the possible risk percentages is based on both statistical and non-statisticalanalyses. The statistical analysis is based on currency movements for the last twelve months. This informationis then reviewed and if necessary adjusted for reasonableness under current economic circumstances.

60







(a) Market risk

The carrying amounts of the Group’s and the parent entity's financial instruments that are exposed to foreigncurrency risk are primarily denominated in US dollars, as set out below:

2016

A$'000

2015

A$'000

Consolidated

Cash at bank and on hand 4,540 3,606

Sundry debtors 309 2,051

Sundry creditors (162) (177)

Accruals - (241)

Forward foreign exchange contracts

- sell foreign currency 5,752 4,715

- buy foreign currency 25,256 21,459

Parent

Cash at bank and on hand 4,460 3,386

Sundry debtors - 2,051

Sundry creditors (162) (177)

Accruals - (241)


- sell foreign currency 5,752 4,715

- buy foreign currency 24,789 20,790

(ii) Price risk

Price risk refers to the risk that the fair value or future cash flows of a financial instrument will fluctuate becauseof changes in market prices, whether those changes are caused by factors specific to the individual financialinstruments or its issuer, or factors affecting all similar financial instruments traded in the market.

The Group and the parent entity are exposed to securities price risk arising from available-for-sale investmentson the statement of financial position. Neither the Group nor the parent entity is exposed to commodity pricerisk.

61







(a) Market risk

The Group maintains investment portfolios characterised as beneficial, endowment and long term. Theinvestment portfolios are governed by the UNSW Investment Policy and Procedure and are managed by theUNSW Treasury who report to the Investment Sub Committee of the Finance Committee of UNSW Council.The investment objectives of the beneficial, endowment and long term investment portfolios are determined bythe Investment Sub Committee giving consideration to primary and secondary objectives of each portfolio, riskappetite and investment time frame. Portfolio performance is reported to the Finance Committee.

The Investment Sub Committee meets periodically to review portfolio performance, fund manager selection,asset allocation, and other high level investment policy issues (for example the choice of benchmarks andobjectives of the investment portfolios), and to make recommendations on any proposed changes to the UNSWInvestment Policy and Procedure.

The method used to arrive at the possible risk of 8% (2015: 12%) is based on both statistical and non-statisticalanalyses. The statistical analysis is based on an observed range of actual historical price data for comparableindices for the last twelve months. This information is then reviewed and if necessary adjusted forreasonableness under current economic circumstances.

(iii) Cash flow and fair value interest rate risk

Interest rate risk refers to the risk that the value of a financial instrument or cash flows associated with theinstrument will fluctuate due to changes in market interest rates.

The Group and the parent entity are exposed to interest rate risk predominantly from holding cash and cashequivalents, and interest bearing borrowings. Financial instruments issued at variable rates give exposure tocash flow interest rate risk. Financial instruments issued at fixed rates and carried at fair value expose theGroup to fair value interest rate risk.

As a result of obtaining committed 5 year debt facilities (refer Note 24(b)) UNSW has adopted an interest ratehedging strategy in accordance with UNSW Treasury Policy. No interest rate hedging has been transacted.During 2016 and 2015, the Group's borrowings at variable rates were denominated in Australian Dollars.

Following a review of the consensus forecast of the Reserve Bank of Australia (RBA) cash rate for 2016 byprivate sector economists published by Bloomberg, a 25 basis point change (2015: 50 basis point change) isdeemed to be reasonably likely and is used for reporting interest rate risk.

62







(a) Market risk

(iv) Summarised sensitivity analysisThe following table summarises the sensitivity of the Group's and the parent entity's financial assets andfinancial liabilities to foreign exchange risk, price risk and interest rate risk.

Consolidated

31 December 2016 Foreign exchange risk Price risk Interest rate risk

-11.6% USD +11.6% USD -8% +8% -0.25% +0.25%

Carryingamount

Result

$'000

Equity

$'000

Result

$'000

Equity

$'000

Result

$'000

Equity

$'000

Result

$'000

Equity

$'000

Result

$'000

Equity

$'000

Result

$'000

Equity

$'000

Financial assets

Cash at bank and on hand 101,131 597 - (472) - - - - - (253) - 253 -

Deposit at call andinvestments originallymaturing within three months 285,024 - - - - - - - - (713) - 713 -

Sundry debtors 39,649 40 - (32) - - - - - - - - -

Unlisted unit trusts 447,660 - - - - - (35,813) - 35,813 - - - -

Listed equities 6 - - - - - - - - - - - -

Unlisted equities 13,851 - - - - - (1,108) - 1,108 - - - -

Forward foreign exchangecontracts 1,330 3,074 - (2,435) - - - - - - - - -

Financial liabilities

Sundry creditors 62,060 (21) - 17 - - - - - - - - -

Accrued expenses 53,668 - - - - - - - - - - - -

Forward foreign exchangecontracts 615 (505) - 400 - - - - - - - - -

Total increase/(decrease) 3,185 - (2,522) - - (36,921) - 36,921 (966) - 966 -

Consolidated


-11.7% USD +11.7% USD -12% +12% -0.5% +0.5%

Carryingamount

Result

$'000

Equity

$'000

Result

$'000

Equity

$'000

Result

$'000

Equity

$'000

Result

$'000

Equity

$'000

Result

$'000

Equity

$'000

Result

$'000

Equity

$'000

Financial assets


Deposit at call andinvestment originally maturingwithin three months 127,518 - - - - - - - - (638) - 638 -

Sundry debtors 36,441 271 - (214) - - - - - - - - -


Listed equities 6 - - - - - - - - - - - -


Forward foreign exchangecontracts 544 2,093 - (1,652) - - - - - - - - -



Accrued expenses 37,135 (32) - 25 - - - - - - - - -


Total increase/(decrease) 2,657 - (2,035) - - (53,939) - 53,939 (1,089) - 1,089 -

63







(a) Market riskParent


-11.6% USD +11.6% USD -8% +8% -0.25% +0.25%

Carryingamount

Result

$'000

Equity

$'000

Result

$'000

Equity

$'000

Result

$'000

Equity

$'000

Result

$'000

Equity

$'000

Result

$'000

Equity

$'000

Result

$'000

Equity

$'000

Financial assets



Sundry debtors 28,863 - - - - - - - - - - - -


Unlisted equities 11,028 - - - - - (882) - 882 - - - -

Forward foreign exchangecontracts 1,311 3,013 - (2,386) - - - - - - - - -



Accrued expenses 46,890 - - - - - - - - - - - -

Forward foreign exchangecontacts 615 (505) - 400 - - - - - - - - -


Parent


-11.7% USD +11.7% USD -12% +12% -0.5% +0.5%

Carryingamount

Result

$'000

Equity

$'000

Result

$'000

Equity

$'000

Result

$'000

Equity

$'000

Result

$'000

Equity

$'000

Result

$'000

Equity

$'000

Result

$'000

Equity

$'000

Financial assets



Sundry debtors 29,471 271 - (214) - - - - - - - - -



Forward foreign exchangecontracts 544 2,093 - (1,652) - - - - - - - - -



Accrued expenses 30,872 (32) - 25 - - - - - - - - -



64







(b) Credit risk

Credit risk is the risk that a counterparty will cause a financial loss for the Group by not fulfilling its contractualobligations.

The Group and the parent entity are exposed to credit risk arising from its dealings with financial institutions forholdings of cash and cash equivalents, derivative financial instruments, fixed interest investments and deposits,interest bearing investments classified as held to maturity and classified as available for sale. Non-financialinstitution credit risk arises from credit exposures to customers, including outstanding receivables andcommitted transactions.

Credit exposures arising from the UNSW's investment activities other than cash are outside the scope of Policy.Exposures to individual cash investments and classes of cash investments with financial institutions areincluded in the calculation of UNSW's maximum credit exposures.

Credit risk arising from cash and cash equivalents, derivative financial instruments and deposits with financialinstitutions is managed by UNSW Treasury on a Group basis. The maximum permitted credit exposure to anyfinancial institution is determined on that financial institution’s current external credit rating issued by one of thecredit rating agencies, Standard and Poor’s (S&P), Moody's Investors Service (Moody's) or Fitch Ratings(Fitch). Counterparties holding ratings from more than one rating agency have their limit determined byreference to the lowest rating held.

The Group's practise is to spread credit exposure among major financial institutions with short-term ratings ofA2/P2/F2 or above. The net exposure and the credit ratings of financial institution counterparties arecontinuously monitored and the aggregate value of transactions is spread among approved counterparties. Thecounterparties to the financial instruments are major Australian and international financial institutions.

The carrying amounts of financial assets recognised in the statement of financial position are disclosed in moredetail in notes 15, 16 and 18. This amount best represents the consolidated entity’s maximum exposure tocredit risk at the reporting date. In respect to those financial assets and the credit risk embodied within them,the consolidated entity holds no significant collateral as security and there are no other significant creditenhancements in respect of these assets. The credit quality of all financial assets that are neither past due norimpaired is in accordance with the Policy and is consistently monitored in order to identify any potential adversechanges in the credit quality. There are no significant financial assets that have had renegotiated terms thatwould otherwise, without that renegotiation, have been past due or impaired.

(c) Liquidity risk

Liquidity risk refers to the risk that an entity will encounter difficulty in meeting obligations associated withfinancial liabilities that are settled by delivering cash or another financial asset.

Prudent liquidity risk management includes the continuing availability of Commonwealth government funding,maintaining sufficient cash and marketable securities to meet short term needs, and the ability to close outmarket positions. Daily monitoring of cash flow is carried out by UNSW Treasury to ensure there is adequateliquidity to meet the Group’s expected obligations over the near term.

The Group and the parent entity held cash and cash equivalents of $386,155,000 and $280,824,000,respectively as at 31 December 2016 (2015: $217,739,000 and $128,933,000 respectively), which includedeposits at call of $285,024,000 and $214,524,000, respectively (2015: $127,518,000 and $69,518,000respectively), that are expected to readily generate cash inflows for managing liquidity risk.

The average interest rate of cash at bank was 1.15% (2015: 2.13%) per annum.

The tables below analyse the Group’s and the parent entity's financial liabilities into relevant maturity groupingsbased on the remaining period at the reporting date to the contractual maturity date. The amounts disclosed inthe table are the contractual undiscounted cash flows, which may not reconcile to the statement of financialposition. For forward foreign exchange contracts the cash flows have been estimated using spot ratesapplicable at the reporting date.

65







(c) Liquidity riskWithin 1 year 1 - 5 years 5+ years Total

2016

$'000

2015

$'000

2016

$'000

2015

$'000

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Consolidated

Sundry creditors 62,060 44,262 - - - - 62,060 44,262

Accrued expenses 53,668 37,135 - - - - 53,668 37,135

Monies held from associated parties 4,191 285 - - - - 4,191 285

Financing arrangement 3,298 3,202 14,210 13,796 43,973 47,684 61,481 64,682


- (inflow) (39,273) (42,255) (802) (541) - - (40,075) (42,796)

- outflow 38,700 42,412 784 506 - - 39,484 42,918

Total financial liabilities 122,644 85,041 14,192 13,761 43,973 47,684 180,809 146,486

Within 1 year 1 - 5 years 5+ years Total

2016

$'000

2015

$'000

2016

$'000

2015

$'000

2016

$'000

2015

$'000

2016

$'000

2015

$'000

Parent

Sundry creditors 55,375 38,407 - - - - 55,375 38,407

Accrued expenses 46,890 30,872 - - - - 46,890 30,872

Monies held from associated parties 4,108 202 - - - - 4,108 202

Financing arrangement 3,298 3,202 14,210 13,796 43,973 47,684 61,481 64,682


- (inflow) (38,806) (41,586) (802) (541) - - (39,608) (42,127)

- outflow 38,254 41,729 784 506 - - 39,038 42,235

Total financial liabilities 109,119 72,826 14,192 13,761 43,973 47,684 167,284 134,271

36 Fair value measurements

(a) Fair value measurements

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

The Group measures and recognises the following assets and liabilities at fair value on a recurring basis:



Investment properties

Land and buildings (campus land, campus buildings, off-campus properties and leasehold

improvements)

Works of art

Rare books

Fair value measurement of non-financial assets is based on the highest and best use of the asset.

66







(b) Fair value hierarchy

The Group categorises assets and liabilities measured at fair value into a hierarchy based on the level of inputsused in measurements.

Level 1 quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2 inputs other than quoted prices included within Level 1 that are observable for the assetor liability, either directly or indirectly

Level 3 inputs for the asset or liability that are not based on observable market data(unobservable inputs)

(i) Recognised fair value measurements

Fair value measurements recognised in the statement of financial position are categorised into the followinglevels at 31 December 2016.

Fair value measurements at 31 December 2016

Consolidated Note

Total

$'000

Level 1

$'000

Level 2

$'000

Level 3

$'000

Recurring fair value measurements

Financial assets

Available-for-sale financial assets 18

Unlisted unit trusts 447,660 - 447,660 -


Unlisted equities 13,851 - 2,823 11,028

Other 43 43 - -

Derivative financial instruments 18

Forward foreign exchange contracts 1,330 - 1,330 -

Total financial assets 462,890 49 451,813 11,028

Non-financial assets

Investment property 19 8,867 - 8,867 -

Land and buildings 20

Campus land 283,551 - 283,551 -

Off-campus buildings 225,933 - 225,933 -

Campus buildings 1,403,814 - - 1,403,814

Leasehold improvements 11,244 - - 11,244

Works of art 20 5,711 - 5,711 -

Rare books 20 12,002 - 12,002 -

Total non-financial assets 1,951,122 - 536,064 1,415,058



Forward foreign exchange contracts 615 - 615 -

Total financial liabilities 615 - 615 -

67







(b) Fair value hierarchyFair value measurements at 31 December 2015

Consolidated Note

Total

$'000

Level 1

$'000

Level 2

$'000

Level 3

$'000


Financial assets




Unlisted equities 11,402 - 2,204 9,198

Other 142 142 - -





Investment properties 19 8,851 - 8,851 -


Campus land 278,416 - 278,416 -




Works of art 20 5,099 - 5,099 -

Rare books 20 11,949 - 11,949 -







Parent Note

Total

$'000

Level 1

$'000

Level 2

$'000

Level 3

$'000


Financial assets



Unlisted equities 11,028 - - 11,028

Other 43 43 - -


Forward foreign exchange contracts 1,311 - 1,311 -


68







(b) Fair value hierarchy

Parent Note

Total

$'000

Level 1

$'000

Level 2

$'000

Level 3

$'000




Campus land 283,551 - 283,551 -




Works of art 20 5,706 - 5,706 -

Rare books 20 12,002 - 12,002 -







Parent Note

Total

$'000

Level 1

$'000

Level 2

$'000

Level 3

$'000


Financial assets



Unlisted equities 9,198 - - 9,198

Other 142 142 - -







Campus land 278,416 - 278,416 -




Works of art 20 5,094 - 5,094 -

Rare books 20 11,949 - 11,949 -






There were no transfers between fair value hierarchy levels during the year.

UNSW's policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of thereporting period.

69







(b) Fair value hierarchy(ii) Disclosed fair values

The Group has a number of assets and liabilities which are not measured at fair value, but for which fair valuesare disclosed in the notes.

The fair value of financial instruments traded in active markets (such as publicly traded derivatives, andavailable-for-sale listed securities) are based on quoted market prices on the Australian Securities Exchangefor identical assets or liabilities, at the reporting date, unless otherwise stated. The quoted market price used forfinancial assets held by the Group is the current bid price, which is the most representative of fair value in thecircumstances. These instruments are included in level 1.

The carrying value less any impairment provision of short term financial assets, current receivables andpayables are assumed to approximate their fair values due to their short term nature.

The fair value of current borrowings approximates the carrying amount, as the impact of discounting is notsignificant (level 2). The carrying amounts of non-current borrowings at reporting date are approximate to theirfair value. The fair values of the financing arrangement are based on cash flows discounted at the borrowingrate of 6% (level 2).

(c) Valuation techniques used to derive level 2 and level 3 fair values

(i) Recurring fair value measurements

The fair value of financial instruments that are not traded in an active market (for example, over-the-counterderivatives) are determined using valuation techniques. These valuation techniques maximise the use ofobservable market data where it is available and rely as little as possible on entity specific estimates. If allsignificant inputs required to fair value an instrument are observable, the instrument is included in level 2. Thisis the case for unlisted unit trusts.

If one or more of the significant inputs is not based on observable market data, the instrument is included inlevel 3. This is the case for some unlisted equities.

The Group uses a variety of methods and makes assumptions that are based on market conditions existing ateach balance date. Specific valuation techniques used to value financial instruments include:

the use of quoted market prices or dealer quotes for similar instruments;

quoted market bid prices declared by fund managers are used to estimate fair value for unlisted unit

trusts;

the fair value of forward foreign exchange contracts is determined using forward exchange rates at the

reporting date; and

other techniques, such as discounted cash flow analysis, are used to determined fair value for the

remaining financial instruments.

All of resulting fair value estimates are included in level 2 except for some unlisted equities, explained in (d)below.

The level in the fair value hierarchy is determined on the basis of the lowest level input that is significant to themeasurement in its entirety.

Campus land, campus buildings, off-campus properties, leasehold improvements, investment properties, worksof art and rare books are valued independently each year. At the end of each reporting period, the Groupupdates their assessment of the fair value of each item, taking into account the most recent independentvaluations.

70







(c) Valuation techniques used to derive level 2 and level 3 fair values

The best evidence of fair value is current prices in an active market for similar properties. Where suchinformation is not available, the valuer considers information from a variety of sources including:

current prices in an active market for properties of a different nature or recent prices of similar properties

in less active markets, adjusted to reflect those differences; and

multiples derived from prices in observed transactions involving comparable buildings in similar locations

(e.g. price per square metre).

All resulting fair value estimates for properties are included in level 2 except for campus buildings and leaseholdimprovements.

Campus buildings and leasehold improvements are valued using the depreciated replacement cost (DRC)approach. These buildings are considered specialised assets for which there is no active secondary market. Assuch, the resulting fair value estimates are included in level 3.

(d) Fair value measurements using significant unobservable inputs (level 3)

The following table is a reconciliation of level 3 items for the periods ended 31 December 2016 and 2015.

Consolidated

Level 3 Fair Value Measurements 2016

Campusbuildings

$'000

Leaseholdimprovements

$'000

Unlistedequities

$'000

Total

$'000

Opening balance at 1 January 1,413,890 12,238 9,198 1,435,326

Additions - 59 - 59

Asset disposals (16,636) (15) - (16,651)

Transfers from Work in progress 45,526 - - 45,526

Foreign exchange differences - (3) - (3)

Revaluation 51,590 324 - 51,914

Depreciation (106,995) (1,374) - (108,369)

Writeback for asset disposals 16,439 15 - 16,454

Net gains in other comprehensive income - - 1,830 1,830

Closing balance at 31 December 1,403,814 11,244 11,028 1,426,086


Opening balance 1,242,178 13,112 4,853 1,260,143

Additions - 60 - 60

Transfers from Work in progress 226,508 58 - 226,566

Foreign exchange differences - 12 - 12

Revaluation 45,055 335 - 45,390

Depreciation (99,851) (1,339) - (101,190)


Closing balance 1,413,890 12,238 9,198 1,435,326

71







(d) Fair value measurements using significant unobservable inputs (level 3)

Parent


Campusbuilding

$'000

Leaseholdimprovements

$'000

Otherfinancialassets

$'000

Total

$'000

Opening balance 1 January 1,408,691 12,163 9,198 1,430,052

Additions - 25 - 25

Asset disposals (16,636) - - (16,636)

Transfers from Work in progress 43,488 - - 43,488

Revaluation 51,590 324 - 51,914

Depreciation (106,151) (1,268) - (107,419)

Write back for asset disposals 16,439 - - 16,439


Closing balance at 31 December 1,397,421 11,244 11,028 1,419,693

Level 3 Fair Value Measurement 2015

Opening balance 1,240,192 12,988 4,853 1,258,033

Transfers from Work in progress 222,591 58 - 222,649

Revaluation 45,055 335 - 45,390

Depreciation (99,147) (1,218) - (100,365)


Closing balance 1,408,691 12,163 9,198 1,430,052

(i) Transfers between levels 2 and 3 and changes in valuation techniques

There have been no transfers between levels in 2016.

(ii) Valuation inputs and relationships to fair value

The following table summarises the quantitative information about the significant unobservable inputs used inlevel 3 fair value measurements. See (c) above for the valuation techniques adopted.

Description Consolidated2016

$'000

Fair value

Parent2016

$'000

Fair value

Unobservableinputs1

Rangeof inputs

Relationship of unobservableinputs to fair value

Unlistedequities 11,028 11,028 Discount rate 30%

The higher the discount rate, thelower the value

1There were no significant inter-relationships between unobservable inputs that materially affect fair value.

(iii) Valuation processes

UNSW engages qualified external valuers to provide a valuation of the Group's unlisted equities at the end ofevery financial year.

72






37 Defined benefit plans

All employees of the Group are entitled to benefits from the Group's superannuation plan on retirement, disability ordeath. The Group's superannuation plan has defined benefits sections and defined contribution sections. The definedbenefit sections provide lump sum benefits based on years of service and final average salary. The definedcontribution section receives fixed contributions and the Group's legal or constructive obligation is limited to thesecontributions.

The following sets out details in respect of the parent entity defined benefit section only.

(a) Fund specific disclosure

(i) Nature of the benefits provided by the fund

State schemes (SSS, SANCS, SASS)The Pooled Fund holds in trust the investments of the closed NSW public sector superannuation schemes:

- State Authorities Superannuation Scheme (SASS)- State Superannuation Scheme (SSS)- State Authorities Non-Contributory Superannuation Scheme (SANCS)

These schemes are all defined benefit schemes - at least a component of the final benefit is derived from amultiple of member salary and years of membership. Members receive lump sum or pension benefits onretirement, death, disablement and withdrawal. All the schemes are closed to new members.

Professorial Superannuation Fund (PSF)The Fund is closed to new members and provides active members with a combination of accumulation benefitsand defined benefits based on professorial salary levels. Pensioner members receive pension payments fromthe Fund based on professorial salary levels.

(ii) Description of the regulatory framework

State schemes (SSS, SANCS, SASS)The schemes in the Pooled Fund are established and governed by the following NSW legislation:

- Superannuation Act 1916- State Authorities Superannuation Act 1987- Police Regulation (Superannuation) Act 1906- State Authorities Non-Contributory Superannuation Scheme Act 1987and their associated regulations.

The schemes in the Pooled Fund are exempt public sector superannuation schemes under the CommonwealthSuperannuation Industry (Supervision) Act 1993 (SIS). The SIS legislation treats exempt public sectorsuperannuation funds as complying funds for concessional taxation and superannuation guarantee purposes.

Under a Heads of Government agreement, the New South Wales Government undertakes to ensure that thePooled Fund will conform to the principles of Commonwealth's retirement incomes policy relating topreservation, vesting and reporting to members and that those members' benefits are adequately protected.

The New South Wales Government prudentially monitors and audits the Pooled Fund and the Trustee Boardactivities in a manner consistent with the prudential controls of SIS legislation. These provisions are in additionto the other legislative obligations on the Trustee Board and internal processes that monitor the Trustee Board'sadherence to the principles of the Commonwealth's retirement incomes policy.

An actuarial investigation of the Pooled Fund is performed every three years. The last actuarial investigationwas performed as at 30 June 2015.

Professorial Superannuation FundThe Fund is subject to the provisions of the Superannuation Industry (Supervision) Act 1993, the Income TaxAssessment Act 1997, and various other legislation and regulation applicable to Australian superannuationfunds. Any surplus Fund assets are subject to a limit of the asset ceiling. Under Superannuation Guaranteelaws, employers are required to make a minimum contribution of 9.5% of gross Ordinary Times Earnings into afund for active members or to provide a minimum level of defined benefit.

73







(iii) Description of other entities' responsibilities for the governance of the funds

State Schemes (SSS, SANCS, SASS)The Fund's Trustee is responsible for the governance of the Fund. The Trustee has a legal obligation to actsolely in the best interests of fund beneficiaries. The Trustee has the following roles:

- Administration of the Fund and payment to the beneficiaries from Fund assets when required in accordancewith the Fund rules;- Management and investment of the Fund assets; and - Compliance with other applicable regulations.

Professorial Superannuation FundThe Fund's Trustee is responsible for the prudential operation of the Fund and is required to act in the bestinterest of all members.

(iv) Description of risks

State Schemes (SSS, SANCS, SASS)There are a number of risks to which the Fund exposes the entity. The more significant risks relating to definedbenefits are:

- Investment risk - The risk that investment returns will be lower than assumed and the Group will need toincrease contributions to offset this shortfall.- Longevity risk - The risk that pensioners live longer than assumed.- Pension indexation risk - The risk that pensions will increase at a rate greater than assumed, increasing futurepensions.- Salary growth risk - The risk that wages or salaries (on which future benefit amounts for active members willbe based) will rise more rapidly than assumed, increasing defined benefit amounts and thereby requiringadditional employer contributions.- Legislation risk - The risk that legislative changes could be made which increases the cost of providing thedefined benefits.

The defined benefit fund assets are invested with independent fund managers and have a diversified asset mix.Each Fund has no significant concentration of investment risk or liquidity risk. The Trustees of the Fund are notaware of any asset and liability matching strategies currently adopted by the plans to manage risk.

Professorial Superannuation FundWhilst the Fund remains an ongoing arrangement the main risk to the Group is the need to make additionalcontributions to the Fund resulting from adverse investment experience, members and their spouses livinglonger than expected, salary increases being greater than expected and Fund expenses being greater thanexpected and allowed for in the recommended contribution rate.

(v) Description of any plan amendments, curtailments and settlements

State Schemes (SSS, SANCS, SASS)There were no amendments, curtailments or settlements during the year.

Professorial Superannuation FundThere were no amendments, curtailments or settlements during the year.

(vi) Funding arrangements

State Schemes (SSS, SANCS, SASS)Funding arrangements are reviewed at least every three years following the release of the triennial actuarialreview and were last reviewed following completion of the triennial review as at 30 June 2015. Contributionrates are set after discussions between the Group, SAS Trustee Corporation (STC) and NSW Treasury.Funding positions are reviewed annually and funding arrangements may be adjusted as required after eachannual review.

Refer to note 1x(v) for information on changes to Government funding for the State Schemes.

Professorial Superannuation FundIn the latest actuarial review as at 31 December 2016 it was recommended that the Parent will make nilcontributions to all defined benefit and pensioner members until 31 December 2017, subject to a further reviewin 2017.

74







(vii) Expected contributions

The Parent expects to receive and make contributions excluding UNSW Canberra at ADFA estimated at$83,647,000 (2015: $80,692,000) towards the SSS, SANCS and SASS Schemes to maintain a one year assetbuffer level in the Scheme's reserves in the next financial year. The Parent expects to make a further$3,124,000 (2015: $3,657,000) contribution to the defined benefit plans.

The Parent on behalf of UNSW Canberra at ADFA expects to make contributions estimated at $8,320,000towards the SSS, SANCS and SASS Schemes of UNSW Canberra at ADFA to maintain a three year assetbuffer level in the Scheme's reserves in the next financial year. UNSW Canberra at ADFA expects to make afurther $310,000 (2015: $331,000) contribution to the defined benefit plans.

(viii) Maturity profile

The weighted average duration of the State Schemes defined benefit obligation is 10.9 years to 12.5 years.

The weighted average duration of the Professorial Superannuation Fund defined benefit obligation is 7 years.

(b) Categories of plan assets

State Schemes (SSS, SANCS, SASS)

All Pooled Fund assets are invested by STC at arm's length through independent fund managers and assetsare not separately invested for each entity. As such, the disclosures below relate to total assets of the PooledFund.

The analysis of the plan assets as at 31 December 2016 is as follows:

$'000

Total

Quoted pricesin active markets

for identical assetsLevel 1

Significantobservable

inputsLevel 2

Unobservableinputs

Level 3

Assets category

Short term securities 2,229,551 1,900,292 329,259 -

Australian fixed interest 2,166,440 (22,099) 2,188,539 -

International fixed interest 734,274 28 734,246 -

Australian equities 9,637,533 9,158,485 479,024 24

International equities 12,111,061 8,529,666 2,556,170 1,025,225

Property 3,517,904 926,207 592,386 1,999,311

Alternatives 8,600,715 347,149 4,487,130 3,766,436

Total 38,997,478 20,839,728 11,366,754 6,790,996

Level 1 - quoted prices in active markets for identical assets or liabilities. The assets in this level are listed shares and listedunit trusts.Level 2 - inputs other than quoted prices observable for the asset or liability, either directly or indirectly. The assets in thislevel are cash, notes, government, semi-government and corporate bonds, unlisted trusts where quoted prices are availablein active markets for identical assets or liabilities.Level 3 - inputs for the asset or liability that are not based on observable market data. The assets in this level are unlistedproperty, unlisted shares, unlisted infrastructure, distressed debt and hedge funds.

The fair value of the Pooled Fund assets includes $103,700,000 (2015: $179,000,000) in NSW Governmentbonds.

75





(b) Categories of plan assets

Professorial Superannuation Fund

The analysis of the plan assets as at 31 December 2016 is as follows:

$'000

Total

Quoted pricesin active markets

for identical assetsLevel 1

Significantobservable

inputsLevel 2

Unobservableinputs

Level 3

Asset categoryCash and Cash Equivalents 2,054 2,054 - -Equity instruments 21,583 21,583 - -Debt securities 15,112 15,112 - -

Total 38,749 38,749 - -

Level 1 - quoted prices in active markets for identical assets or liabilities. The Fund's assets are invested in various portfolioswhere unit price changes occur on a daily basis. On this basis, it is not unreasonable to assume the Fund's assets are tradedin an active market.

The fair value of the plan assets does not include amounts relating to any of the controlling entity's ownfinancial instruments and any property occupied by, or other assets used by, the controlling entity.

(c) Actuarial assumptions and sensitivity

(i) Significant actuarial assumptions

The principal assumptions used for the purposes of the actuarial valuations were as follows (expressed asweighted averages):

2016%

2015%

State schemes (SSS, SANCS, SASS)Discount rate 2.78 2.90Expected rate(s) of salary inflation 2.50 to 3.50 3.00 to 3.50

Professorial Superannuation FundDiscount rate 2.60 2.70Expected rate(s) of salary inflation 3.00 3.00

76







(c) Actuarial assumptions and sensitivity

(ii) Sensitivity analysis

The sensitivity of the defined benefit obligation to change in the significant assumptions is as follows:

State schemes (SSS, SANCS, SASS)Change in

assumptionIncrease inassumption

Decrease inassumption

Discount rate 1% -9.77% 11.66%

Expected rate of salary inflation 0.50% 0.16% -0.15%

Professorial Superannuation FundChange in

assumptionIncrease inassumption

Decrease inassumption

Discount rate 0.50% -2.20% 0%

Expected rate of salary inflation 0.50% 7.20% -6.70%

The above sensitivity analyses are based on a change in an assumption while holding all the other assumptionsconstant. In practice this is unlikely to occur, and changes in some of the assumptions may be correlated.When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the samemethod has been applied as when calculating the defined benefit liability recognised in the statement offinancial position.

(d) Statement of financial position amountsAmounts recognised in thestatement of financialposition - 2016 Note

$'000

SASS

$'000

SANCS

$'000

SSS

$'000

PSF

$'000

Total

Liabilities

Deferred non-governmentbenefits for superannuation 25 - - - (8,919) (8,919)

Deferred government benefitsfor superannuation 25 (57,433) (10,188) (1,348,186) - (1,415,807)

Deferred benefits forsuperannuation (57,433) (10,188) (1,348,186) (8,919) (1,424,726)

Assets

Deferred governmentcontribution forsuperannuation1 16 55,346 10,389 1,247,695 - 1,313,430

Net liability/(asset)recognised in the statementof financial position (2,087) 201 (100,491) (8,919) (111,296)

Net liability reconciliation -2016

Defined benefit obligation 98,456 15,626 1,450,869 47,668 1,612,619

Fair value of plan assets (41,023) (5,438) (102,683) (38,749) (187,893)

Net liability/deferred benefitsfor superannuation 25 57,433 10,188 1,348,186 8,919 1,424,726

Reimbursement right1 16 (55,346) (10,389) (1,247,695) - (1,313,430)

Total net liability/(asset) 2,087 (201) 100,491 8,919 111,296

77







(d) Statement of financial position amounts

Present value obligations -2016 Note

$'000

SASS

$'000

SANCS

$'000

SSS

$'000

PSF

$'000

Total

Opening defined benefitobligation 105,631 16,638 1,506,933 50,636 1,679,838

Current service cost 2,940 611 523 471 4,545

Interest expense/(income) 2,878 440 42,483 1,386 47,187

Remeasurements

Actuarial losses/(gains)arising from changes infinancial assumptions 375 81 3,248 417 4,121

Actuarial losses/(gains)arising from changes inexperience assumptions 930 479 (30,159) (33) (28,783)

Contributions

From plan participants 1,251 - 593 - 1,844

Benefits paid (15,549) (2,623) (72,752) (5,209) (96,133)

Closing defined benefitobligation 98,456 15,626 1,450,869 47,668 1,612,619

Fair value of plan assets -2016

Opening fair value of planassets 45,887 6,568 91,062 41,058 184,575

Remeasurements

Actual return on plan assetsless interest income 1,246 166 2,602 1,039 5,053

Interest income 1,223 44 (104) 1,861 3,024

Contributions

Employers 6,966 1,282 81,282 - 89,530

Plan participants 1,251 - 593 - 1,844

Benefits paid (15,549) (2,623) (72,752) (5,209) (96,133)

Closing fair value of plansassets 41,024 5,437 102,683 38,749 187,893

Reimbursement rights -2016

Opening value ofreimbursement right 58,010 10,249 1,306,748 - 1,375,007

Expected return onreimbursement rights 4,316 843 37,276 - 42,435

Remeasurements (72) 494 (23,496) - (23,074)

Contributions from employer (6,757) (1,227) (73,555) - (81,539)

Recognition of newreimbursement rights (151) 30 722 - 601

Closing value ofreimbursement right1 16 55,346 10,389 1,247,695 - 1,313,430

78







(d) Statement of financial position amountsAmounts recognised in thestatement of financialposition - 2015 Note

$'000

SASS

$'000

SANCS

$'000

SSS

$'000

PSF

$'000

Total

Liabilities

Deferred non-governmentbenefits for superannuation 25 - - - 9,578 9,578

Deferred government benefitsfor superannuation 25 59,745 10,069 1,415,871 - 1,485,685

Deferred benefits forsuperannuation 59,745 10,069 1,415,871 9,578 1,495,263

Assets

Deferred governmentcontributions forsuperannuation1 16 (58,010) (10,249) (1,306,748) - (1,375,007)

Net liability/(asset)recognised in the statementof financial position 1,735 (180) 109,123 9,578 120,256

Net liability reconciliation -2015

Defined benefit obligation 105,631 16,638 1,506,933 50,636 1,679,838

Fair value of plan assets (45,886) (6,569) (91,062) (41,058) (184,575)

Net liability 25 59,745 10,069 1,415,871 9,578 1,495,263

Reimbursement right1 16 (58,010) (10,249) (1,306,748) - (1,375,007)

Total net liability/(asset) 1,735 (180) 109,123 9,578 120,256

Present value obligations -2015

Opening defined benefitobligation 98,813 17,917 1,516,619 48,009 1,681,358

Current service cost 3,098 701 1,076 294 5,169

Interest expense 2,684 479 41,728 1,245 46,136

Remeasurements

Actuarial losses/(gains)arising from changes indemographic assumptions 2,102 (192) 52,344 4,689 58,943

Actuarial losses/(gains)arising from changes infinancial assumptions (47) 4 (12,330) (407) (12,780)

Actuarial losses/(gains)arising from changes inexperience assumptions 6,367 (599) (23,995) 1,432 (16,795)

Contributions

From plan participant 1,205 - 905 - 2,110

Benefits paid (8,591) (1,673) (69,413) (4,626) (84,303)

Closing defined benefitobligation 105,631 16,637 1,506,934 50,636 1,679,838

79







(d) Statement of financial position amounts

Fair value of plan assets -2015 Note

$'000

SASS

$'000

SANCS

$'000

SSS

$'000

PSF

$'000

Total

Opening fair value of planassets 77,727 7,670 64,999 43,836 194,232

Remeasurements

Actual return on plan assetsless interest income 1,338 19 129 768 2,254

Interest income 1,698 194 1,956 1,080 4,928

Contributions

Employers (27,490) 358 92,486 - 65,354

Plan participants 1,205 - 905 - 2,110

Benefits paid (8,591) (1,673) (69,413) (4,626) (84,303)

Closing value of plansassets 45,887 6,568 91,062 41,058 184,575

Reimbursement rights -2015

Opening value ofreimbursement right 20,229 10,564 1,347,805 - 1,378,598

Expected return onreimbursement rights 3,786 939 37,681 - 42,406

Remeasurements 7,046 (702) 14,651 - 20,995

Contributions from employer 27,714 (325) (92,425) - (65,036)

Recognition of newreimbursement rights (765) (227) (964) - (1,956)

Closing value ofreimbursement right1 16 58,010 10,249 1,306,748 - 1,375,007

1$1,313,430,000 (2015: $1,375,007,000) of the net liabilities of the superannuation funds is payable by the Commonwealthand NSW Governments under the new funding arrangement as detailed in the MOU (see note 1(x)(v)). This is based on thenet liabilities of SASS of $57,433,000 (2015: $59,745,000), the net liabilities of SSS of $1,348,186,000 (2015:$1,415,871,000) and the net liabilities of SANCS of $10,188,000 (2015: $10,069,000) less the net liabilities of thesuperannuation funds of UNSW Canberra at ADFA and other unfunded superannuation costs totalling $101,022,000 (2015:$108,722,000) and $1,355,000 (2015: $1,956,000) respectively.

The financial impact on funds guaranteed by the Commonwealth Government is in respect of the parent entitydefined benefits only. This results in a difference between the closing value of the net liability arising fromdefined benefit obligations and reimbursement right per note 37 and the closing value per note 25 and note 16respectively. The difference is $2,571,000 (2015: $2,523,000) and is attributable to the funds guaranteed by theCommonwealth Government in respect of UNSW Global Pty Ltd's defined benefits.

The amount of $25,535,000 contributed by the Commonwealth Government in 2004 for UNSW Canberra atADFA is managed as part of the pool of general investments of the Group. These funds are included as part ofavailable-for-sale financial assets disclosed in the statement of financial position, refer to note 18.

If a net surplus exists in a Fund, the Group may be able to take advantage of it in the form of a reduction in therequired contribution rate, depending on the advice of the Fund's actuary.

Where a net deficiency exists, the Group is responsible for any difference between the employer's share of fundassets and the defined benefit obligation, except for instances in SASS, SANCS and SSS (as described above),where the difference will ultimately be borne by the Commonwealth and NSW Governments.

80







(e) Amounts recognised in other statements

Amounts recognised in the Income statement - 2016

The amounts recognised in the income statement are restricted to the Professorial Superannuation Fund, andthe UNSW Canberra at ADFA component of the three superannuation schemes.

Amounts recognised in theIncome statement - 2016 Note

$'000

SASS

$'000

SANCS

$'000

SSS

$'000

PSF

$'000

Total

Current service cost 231 54 104 471 860

Interest expense 258 34 3,197 1,386 4,875

Interest income (233) (47) (172) (1,039) (1,491)

Other 94 19 - - 113

350 60 3,129 818 4,357

Less: employer contributions (210) (55) (7,727) - (7,992)

Total expense recognised indeferred superannuationexpense 8 140 5 (4,598) 818 (3,635)

Amounts recognised in other comprehensive income - 2016

The amounts recognised in the statement of comprehensive income are restricted to the ProfessorialSuperannuation Fund, and the UNSW Canberra at ADFA component of the three superannuation schemes.The amounts are included in retained earnings.

$'000

SASS

$'000

SANCS

$'000

SSS

$'000

PSF

$'000

Total

Actuarial gains/(losses) arisingfrom changes in financialassumptions 36 8 321 417 782

Actuarial gains/(losses) arisingfrom experience adjustments 395 82 (3,428) (33) (2,984)

Actual return on plan assets lessinterest income (277) (68) (205) (1,861) (2,411)

Other 152 32 131 - 315

Total amounts recognised in theStatement of comprehensiveincome 28(b) 306 54 (3,181) (1,477) (4,298)

81







(e) Amounts recognised in other statements

Amounts recognised in the Income statement - 2015

The amounts recognised in the income statement are restricted to the Professorial Superannuation Fund, andthe UNSW Canberra at ADFA component of the three superannuation schemes.

Amounts recognised in theIncome statement - 2015 Note

$'000

SASS

$'000

SANCS

$'000

SSS

$'000

PSF

$'000

Total

Current service cost 277 57 231 294 859

Interest expense 228 35 3,109 1,245 4,617

Interest income (207) (44) (173) (1,080) (1,504)

Other - 61 854 - 915

298 109 4,021 459 4,887

Less: employer contributions (224) (32) (61) - (317)

Total expense recognised indeferred superannuationexpense 8 74 77 3,960 459 4,570

Amounts recognised in other comprehensive income - 2015

The amounts recognised in the statement of comprehensive income are restricted to the ProfessorialSuperannuation Fund, and the UNSW Canberra at ADFA component of the three superannuation schemes.The amounts are included in retained earnings.

$'000

SASS

$'000

SANCS

$'000

SSS

$'000

PSF

$'000

Total

Actuarial losses (gains) arisingfrom changes in demographicassumptions 191 (12) 3,409 4,689 8,277

Actuarial gains/(losses) arisingfrom changes in financialassumptions - 1 (1,012) (407) (1,418)

Actuarial gains/(losses) arisingfrom experience adjustments 102 (38) (815) 1,432 681

Actual return on plan assets lessinterest income (255) (55) (343) (768) (1,421)

Other 765 165 110 - 1,040

Total amounts recognised in theStatement of comprehensiveincome 28(b) 803 61 1,349 4,946 7,159

82







(f) Financial impact on other funds

UniSuper

The parent entity also contributes to the UniSuper Defined Benefit Division (DBD), formerly known as theSuperannuation Scheme for Australian Universities (SSAU), for academic staff appointed since 1 March 1988and for all other staff from 1 July 1991. DBD is a defined benefit plan under Superannuation Law but isconsidered to be a defined contribution plan under AASB 119 Employee Benefits.

As at 30 June 2016, the assets of the DBD in aggregate were estimated to be $2,252,000,000 above vestedbenefits, after allowing for various reserves (30 June 2015: $1,479,000,000 above vested benefits). The vestedbenefits are benefits which are not conditional upon continued membership (or any factor other than leaving theservice of the participating institution) and include the value of indexed pensions being provided by the DBD.

As at 30 June 2016, the assets of the DBD in aggregate were estimated to be $3,757,000,000 above accruedbenefits, after allowing for various reserves (30 June 2015: $3,377,000,000 above accrued benefits). Theaccrued benefits have been calculated as the present value of expected future benefit payments to membersand indexed pensioners which arise from membership of UniSuper up to the reporting date.

The vested benefit and accrued benefit liabilities were determined by the Fund’s actuary using the actuarialdemographic assumptions outlined in their report on the actuarial investigation of the DBD as at 1 July 2016.

Assets have been included at their net market value; that is, after allowing for realisation costs. Clause 34 wasinitiated following the 30 June 2012 and 30 June 2013 actuarial investigations.

Following the end of the monitoring period commenced in relation to the 30 June 2012 actuarial investigation,the Fund’s actuary advised that the Trustee is not required to take any further action under Clause 34 in relationto that monitoring period, and that monitoring period is now ceased.

The monitoring period commencing on 30 June 2013 is still in place.

Other superannuation schemes

The Group also contributes to the Commonwealth Superannuation Scheme. This superannuation scheme isfully funded. The Commonwealth Government has ultimate funding risk when members retire.

83


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an

cia

l ass

ista

nce

re

ceiv

ed

in c

ash

du

rin

g t

he

report

ing p

eriod

165,5

25

161,3

17

35,4

96

39,4

14

3,2

69

2,9

36

204,2

90

203,6

67

Cash

ava

ilable

for

the p

eriod

163,8

60

159,4

91

34,6

40

38,5

97

3,2

64

2,9

34

201,7

64

201,0

22

Reve

nue e

arn

ed

2(b

)166,2

38

161,1

56

34,7

97

39,4

53

3,0

40

2,9

39

204,0

75

203,5

48

Cash

Paya

ble

/(R

ece

ivable

) at th

e e

nd o

f th

e y

ear

(2,3

78)

(1,6

65)

(157)

(856)

224

(5)

(2,3

11)

(2,5

26)

86


Note

s to

the

finan

cial

sta

tem

ents

31 D

ecem

ber 2

016

Th

e U

niv

ers

ity

of

Ne

w S

ou

th W

ale

s

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts

Fo

r th

e y

ear

en

ded

31 D

ecem

ber

2016

38

Acq

uit

tal

of

Au

str

ali

an

Go

ve

rnm

en

t fi

na

nc

ial

as

sis

tan

ce

(c)

Sch

ola

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ips

Au

str

alian

Po

stg

rad

uate

Aw

ard

s

Inte

rnati

on

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stg

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uate

Researc

hS

ch

ola

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ips

Co

mm

on

we

alt

hE

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3

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mm

on

we

alt

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Ind

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no

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Access

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hip

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ota

l

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nt

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te

2016

$'0

00

2015

$'0

00

2016

$'0

00

2015

$'0

00

2016

$'0

00

2015

$'0

00

2016

$'0

00

2015

$'0

00

2016

$'0

00

2015

$'0

00

2016

$'0

00

2015

$'0

00

Fin

an

cia

l a

ssis

tan

ce

re

ce

ive

d in

CA

SH

during the r

eport

ing p

eriod (

tota

l cash

rece

ive

d f

rom

th

e A

ust

ralia

n G

ove

rnm

en

tfo

r th

e p

rog

ram

)24,7

01

24,5

08

1,9

70

1,9

69

85

119

89

71

-34

26,8

45

26,7

01

Ne

t a

ccru

al a

dju

stm

en

ts-

--

-(2

1)

(109)

(63)

(115)

-(2

9)

(84)

(253)

Reve

nue for

the p

eriod

2(c

)24,7

01

24,5

08

1,9

70

1,9

69

64

10

26

(44)

-5

26,7

61

26,4

48

Su

rplu

s/(d

efic

it) f

rom

th

e p

revi

ou

s ye

ar

472

2,0

51

(24)

(12)

-46

-72

--

448

2,1

57

Tota

l reve

nue in

cludin

g a

ccru

ed r

eve

nue

25,1

73

26,5

59

1,9

46

1,9

57

64

56

26

28

-5

27,2

09

28,6

05

Le

ss e

xpe

nse

s in

clu

din

g a

ccru

ed

exp

ense

s(2

5,1

73)

(26,0

87)

(1,9

46)

(1,9

81)

(64)

(56)

(26)

(28)

-(5

)(2

7,2

09)

(28,1

57)

Su

rplu

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efic

it) f

or

the

re

po

rtin

g p

erio

d-

472

-(2

4)

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--

--

-448

3In

clu

de

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ran

dfa

the

red

Sch

ola

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ips

an

d N

atio

na

l Prio

rity

Sch

ola

rsh

ips.

87


Note

s to

the

finan

cial

sta

tem

ents

31 D

ecem

ber 2

016

Th

e U

niv

ers

ity

of

Ne

w S

ou

th W

ale

s

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts

Fo

r th

e y

ear

en

ded

31 D

ecem

ber

2016

38

Acq

uit

tal

of

Au

str

ali

an

Go

ve

rnm

en

t fi

na

nc

ial

as

sis

tan

ce

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ucati

on

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int

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ag

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h T

rain

ing

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me

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hIn

frastr

uctu

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lock G

ran

ts

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sta

ina

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hE

xc

ell

en

ce

in

Un

ivers

itie

sT

ota

l

Pare

nt

No

te

2016

$'0

00

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$'0

00

2016

$'0

00

2015

$'0

00

2016

$'0

00

2015

$'0

00

2016

$'0

00

2015

$'0

00

2016

$'0

00

2015

$'0

00

2016

$'0

00

2015

$'0

00

Fin

an

cia

l a

ssis

tan

ce

re

ce

ive

d in

CA

SH

during the r

eport

ing p

eriod (

tota

l cash

rece

ive

d f

rom

Au

stra

lian

Go

vern

me

nt

for

the

pro

gra

m)

32,6

11

32,3

81

545

523

63,9

61

63,4

19

21,9

00

22,0

34

18,3

03

17,4

35

137,3

20

135,7

92

Ne

t a

ccru

al a

dju

stm

en

ts-

--

--

--

--

--

-

Reve

nue for

the p

eriod

2(d

)32,6

11

32,3

81

545

523

63,9

61

63,4

19

21,9

00

22,0

34

18,3

03

17,4

35

137,3

20

135,7

92

Su

rplu

s/(d

efic

it) f

rom

th

e p

revi

ou

s ye

ar

--

837

347

--

--

--

837

347

Tota

l reve

nue in

cludin

g a

ccru

ed r

eve

nue

32,6

11

32,3

81

1,3

82

870

63,9

61

63,4

19

21,9

00

22,0

34

18,3

03

17,4

35

138,1

57

136,1

39

Le

ss e

xpe

nse

s in

clu

din

g a

ccru

ed

exp

ense

s(3

2,6

11)

(32,3

81)

290

(33)

(63,9

61)

(63,4

19)

(21,9

00)

(22,0

34)

(18,3

03)

(17,4

35)

(136,4

85)

(135,3

02)

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the

re

po

rtin

g p

erio

d-

-1,6

72

837

--

--

--

1,6

72

837

88


Note

s to

the

finan

cial

sta

tem

ents

31 D

ecem

ber 2

016

Th

e U

niv

ers

ity

of

Ne

w S

ou

th W

ale

s

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

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r th

e y

ear

en

ded

31 D

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2016

38

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of

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$'0

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00

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$'0

00

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an

cia

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ssis

tan

ce

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ce

ive

d in

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SH

during the r

eport

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)-

--

-

Reve

nue for

the p

eriod

--

--

Su

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rom

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35

1,7

43

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1,7

43

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l reve

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g a

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35

1,7

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1,7

43

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ss e

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po

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d-

35

-35

89


Note

s to

the

finan

cial

sta

tem

ents

31 D

ecem

ber 2

016

Th

e U

niv

ers

ity

of

Ne

w S

ou

th W

ale

s

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts

Fo

r th

e y

ear

en

ded

31 D

ecem

ber

2016

38

Acq

uit

tal

of

Au

str

ali

an

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rnm

en

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na

nc

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as

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jects

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2016

$'0

00

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$'0

00

2016

$'0

00

2015

$'0

00

2016

$'0

00

2015

$'0

00

2016

$'0

00

2015

$'0

00

Fin

an

cia

l ass

ista

nce

re

ceiv

ed

in C

AS

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urin

g t

he

rep

ort

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pe

rio

d (

tota

l ca

sh r

ece

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d f

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th

eA

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en

t fo

r th

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)26,1

97

27,1

18

17,7

87

20,5

81

290

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44,2

74

48,0

78

Ne

t a

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ts(1

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56

(263)

-(1

,759)

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56)

Reve

nue for

the p

eriod

2(e

)(i)

24,5

65

25,7

06

17,9

23

20,6

37

27

379

42,5

15

46,7

22

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rplu

s/(d

efic

it) f

rom

th

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revi

ou

s ye

ar

18,5

78

16,9

89

16,0

30

16,5

22

799

767

35,4

07

34,2

78

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l reve

nue in

cludin

g a

ccru

ed r

eve

nue

43,1

43

42,6

95

33,9

53

37,1

59

826

1,1

46

77,9

22

81,0

00

Less

exp

ense

s in

cludin

g a

ccru

ed e

xpense

s(2

5,4

81)

(24,1

17)

(19,9

15)

(21,1

29)

(457)

(347)

(45,8

53)

(45,5

93)

Su

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or

the

re

po

rtin

g p

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62

18,5

78

14,0

38

16,0

30

369

799

32,0

69

35,4

07

4In

cludes

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er

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arc

her

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ard

.

90


Note

s to

the

finan

cial

sta

tem

ents

31 D

ecem

ber 2

016

Th

e U

niv

ers

ity

of

Ne

w S

ou

th W

ale

s

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts

Fo

r th

e y

ear

en

ded

31 D

ecem

ber

2016

38

Acq

uit

tal

of

Au

str

ali

an

Go

ve

rnm

en

t fi

na

nc

ial

as

sis

tan

ce

(f)

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str

ali

an

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se

arc

h C

ou

nc

il G

ran

tsIn

du

str

ial

Tra

nsfo

rmati

on

Researc

h P

rog

ram

Infr

astr

uctu

reP

roje

cts

To

tal

(ii)

Lin

ka

ge

s

Pare

nt

No

te

2016

$'0

00

2015

$'0

00

2016

$'0

00

2015

$'0

00

2016

$'0

00

2015

$'0

00

2016

$'0

00

2015

$'0

00

Fin

an

cia

l ass

ista

nce

re

ceiv

ed

in C

AS

H d

urin

g t

he

rep

ort

ing

pe

rio

d (

tota

l ca

sh r

ece

ive

d f

rom

th

eA

ust

ralia

n G

ove

rnm

en

t fo

r th

e p

rog

ram

)1,3

95

1,3

35

4,3

95

5,8

75

10,7

31

10,2

35

16,5

21

17,4

45

Ne

t a

ccru

al a

dju

stm

en

ts(1

74)

837

(469)

(627)

(1,4

17)

(1,1

99)

(2,0

60)

(989)

Reve

nue for

the p

eriod

2(e

)(ii)

1,2

21

2,1

72

3,9

26

5,2

48

9,3

14

9,0

36

14,4

61

16,4

56

Su

rplu

s/(d

efic

it) f

rom

th

e p

revi

ou

s ye

ar

2,4

62

991

7,5

52

8,0

39

7,6

09

7,7

79

17,6

23

16,8

09

Tota

l reve

nue in

cludin

g a

ccru

ed r

eve

nue

3,6

83

3,1

63

11,4

78

13,2

87

16,9

23

16,8

15

32,0

84

33,2

65

Less

exp

ense

s in

cludin

g a

ccru

ed e

xpense

s(1

,002)

(701)

(3,2

52)

(5,7

35)

(8,9

43)

(9,2

06)

(13,1

97)

(15,6

42)

Su

rplu

s/(d

efic

it) f

or

the

re

po

rtin

g p

erio

d2,6

81

2,4

62

8,2

26

7,5

52

7,9

80

7,6

09

18,8

87

17,6

23

91


Note

s to

the

finan

cial

sta

tem

ents

31 D

ecem

ber 2

016

Th

e U

niv

ers

ity

of

Ne

w S

ou

th W

ale

s

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts

Fo

r th

e y

ear

en

ded

31 D

ecem

ber

2016

38

Acq

uit

tal

of

Au

str

ali

an

Go

ve

rnm

en

t fi

na

nc

ial

as

sis

tan

ce

(f)

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str

ali

an

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se

arc

h C

ou

nc

il G

ran

tsC

en

tres

To

tal

(iii

) N

etw

ork

s a

nd

Cen

tres

Pare

nt

No

te

2016

$'0

00

2015

$'0

00

2016

$'0

00

2015

$'0

00

Fin

an

cia

l ass

ista

nce

re

ceiv

ed

in C

AS

H d

urin

g t

he

rep

ort

ing

pe

rio

d (

tota

l ca

sh r

ece

ive

d f

rom

th

eA

ust

ralia

n G

ove

rnm

en

t fo

r th

e p

rog

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)9,6

97

9,5

34

9,6

97

9,5

34

Ne

t a

ccru

al a

dju

stm

en

ts(4

,989)

(5,1

37)

(4,9

89)

(5,1

37)

Reve

nue for

the p

eriod

2(e

)(iii

)4,7

08

4,3

97

4,7

08

4,3

97

Su

rplu

s/(d

efic

it) f

rom

th

e p

revi

ou

s ye

ar

1,1

83

508

1,1

83

508

Tota

l reve

nue in

cludin

g a

ccru

ed r

eve

nue

5,8

91

4,9

05

5,8

91

4,9

05

Less

exp

ense

s in

cludin

g a

ccru

ed e

xpense

s(4

,729)

(3,7

22)

(4,7

29)

(3,7

22)

Su

rplu

s/(d

efic

it) f

or

the

re

po

rtin

g p

erio

d1,1

62

1,1

83

1,1

62

1,1

83

92






38 Acquittal of Australian Government financial assistance

(g) OS-HELP

Parent Note

2016

$'000

2015

$'000

Cash received during the reporting period 4,492 4,736

Cash spent during the reporting period (4,605) (4,328)

Net cash received 2(g) (113) 408

Cash surplus/(deficit) from the previous period 2,974 2,566

Cash surplus/(deficit) for the reporting period 2,861 2,974

(h) Superannuation supplementation

Parent Note

2016

$'000

2015

$'000

Cash received during the reporting period 2(g) 59,844 48,074

University contribution in respect of current employees 4,815 3,403

Cash available 64,659 51,477

Cash available for current period 64,659 51,477

Contributions to specified defined benefit funds 16 / 37 (64,659) (51,477)

Cash surplus/(deficit) for this period - -

(i) Student Services and Amenities Fee

Parent Note

2016

$'000

2015

$'000

Unspent/(overspent) revenue from previous period - -

SA-HELP revenue earned 2(b) 3,040 2,939

Student Services and Amenities Fee 4 6,957 4,514

Total revenue expendable in period 9,997 7,453

Student services expenses during period (9,997) (7,453)

Unspent/(overspent) student services revenue - -

END OF THE AUDITED FINANCIAL STATEMENTS

93


Supplementary InformationFor the year ended 31 December 2016 (Parent entity only)

Budget and Actual Performance (Parent entity only)

Budget Actual Budget

2016 2016 2017

$’000 $’000 $’000

Revenue from continuing operations AustralianGovernmentfinancialassistance Australian Government grants 658,556 702,959 693,761 HELP - Australian Government payments 205,005 204,075 216,896 StateandLocalGovernmentfinancialassistance 24,121 33,679 24,626 HECS-HELP - Student payments 52,280 30,328 55,939 Fees and charges 608,033 630,195 753,534 Investment revenue 25,031 32,779 26,390 Royalties, trademarks and licences 1,860 3,428 1,573 Consultancy and contracts 47,135 62,114 44,613 Other revenue 61,297 94,136 78,251 Total revenue from continuing operations 1,683,318 1,793,693 1,895,583

Gains on disposal of assets - 3,560 - Other investment income - 9,164 - Other income 5,272 13,051 5,859Total other income from continuing operations 5,272 25,775 5,859

Total revenue and income from continuing operations 1,688,590 1,819,468 1,901,442

Expenses from continuing operations Employee related expenses 997,507 947,565 1,089,398 Depreciation and amortisation 155,118 153,363 165,025 Repairs and maintenance 33,230 34,212 35,980 Borrowingcosts 2,440 2,440 2,594 Impairment of assets 1,000 2,438 1,030 Loss on disposal of assets - 800 - Deferredemploymentbenefitsforsuperannuation - (3,635) - Other expenses 520,917 529,372 658,166Total expenses from continuing operations 1,710,212 1,666,555 1,952,193

Net result before income tax from continuing operations (21,622) 152,913 (50,751)



Investment performance (Parent entity only)

UNSW’sinvestmentsareallocatedtothefollowinginvestmentPools:

• PoolLandPoolE:long-terminvestmentfundsthathaveaperpetualinvestmenthorizon.ThePoolshavethesameassetallocation,thecomponentsofwhichweremanagedduringtheyearbythesameexternalfundmanagersotherthancashwhichwasmanagedinternallybyUNSWTreasuryandInvestmentServices;

• PoolB:short-terminvestmentfundswithaninvestmenthorizonuptothreeyearsandacapitalpreservationinvestmentobjective.50%ofthePoolisinvestedincashmanagedinternallybyUNSWTreasuryandInvestmentServiceswiththebalancemanagedbyexternalfundmanagers;

• PoolS:UNSWFinanceCommitteeresolvedinJuly2014toestablishPoolBandwindupPoolS,withPoolSfundstobeinvestedinPoolB.Inlate2015afternegotiationswithManagementtwoendowmentsthatwereinvestedinPoolSagreedfortheirfundstobeinvestedinPoolB.PoolSwasclosedinJanuary2016.

InaccordancewiththeAnnual Report (Statutory Bodies) Act 1984 and its regulation 2010, the performance of Pool L, E,BandSaremeasuredinthetablebelowagainstNSWTreasuryCorporationFacilities.

Fund Manager

(i) Return for 12 months to 31/12/2016

(ii) Treasury Corporation Facility Performance for 12 months to 31/12/2016

(i) Return for 12 months to 31/12/2015

(ii) Treasury Corporation Facility Performance for 12 months to 31/12/2015

% % % %Pool L & E Internal/External 8.99 5.29 2.85 4.21Pool B Internal/External 2.93 2.46 3.01 2.47Pool S Internal N/A N/A 2.95 2.47

(i) The investment returns for Pool L and Pool E are calculated as the change in market value of investments from the beginning of the year to the end of the year. The return for Pool B is calculated as the change in market value of investments from the beginning of the year to the end of theyearandtheweightedaverageyieldachievedonthecashinvestments.ThereturnforPoolSistheweightedaverageyieldachieved.

(ii) TheweightedaverageoftheperformanceoftheNSWTreasuryCorporationmediumterm(25%)andlongtermfacilities(75%)isemployedforthePoolLandPoolEcomparison.ThisweightingreflectsthestrategicassetallocationofthePools.ThelongterminvestmentperformanceshownabovedoesnotincluderefundsfromtheATOinrespectoffrankingcredits.Frankingcreditscontributeapproximately0.5%inadditionalreturn.TheNSWTreasuryCorporationCashfacilityreturnisusedforthePoolBcomparisonreflectingthecapitalpreservationinvestmentobjective.



Account payment performance (Parent entity only)

Total accounts paid on time Total amount paid Target (i) % Actual (i) % $’000 $’0002015January - March 70 89 214,637 232,609April - June 70 91 185,020 203,767July - September 70 92 186,861 219,257October - December 70 93 227,443 266,217

2016January - March 70 90 179,445 215,733April - June 70 93 218,496 248,854July - September 70 92 217,219 250,651October - December 70 94 262,827 300,095

(i) The%isbasedonthenumberoftransactionsprocessedandnotonmonetaryterms.



Land Appendix (Parent entity only)

InaccordancewithSection41B1(d)ofthePublic Finance and Audit Act,belowistheunauditedLandAppendixtotheFinancialStatementsoftheUniversityofNewSouthWales,referredtoas‘UNSW’,fortheyearended31December2016.

Land Value Land Value2016 2015

Land Use $’000 $’000T Teaching, Research and other University purposes 318,927 311,994A Student Accommodation 29,097 32,514LR Leased to residential tenants 74,267 52,131LC Leased to commercial tenants 37,124 38,976

459,415 435,615

Thetotalvalueoflandownedoroccupiedishigherthanthelandvaluerecognisedwithinthecategories“Land”and“Off-campus properties” in the Statement of Financial Position. The value of the Land disclosed in the Statement of FinancialPositionhasbeenadjustedforimpairment.


2016StatutoryReport


Statutory Report 2016For the year ended 31 December 2016

Privacy and Access to InformationPrivacy

TheUniversity’sPrivacyManagementPlanoutlineshowtheUniversitycomplieswiththePrivacy and Personal Information Protection Act 1998 (NSW) (“the PPIP Act”) and the Health Records and Information Privacy Act 2002 (NSW).

AreviewoftheUniversity’sPrivacyManagementPlancommencedinlate2016andisexpectedtobecompletedin2017.

SixinternalreviewswerecompletedunderPart5ofthePPIPActduringthereportingperiod.ThreeofthesereviewsidentifiedabreachofeithertheInformationProtectionPrinciples(IPPs)ortheHealthPrivacyPrinciples(HPPs).Actionstaken in response to these breaches included changes in the procedures for sending broadcast emails, changes to the procedures for providing access to an individual’s health information, and the inclusion of privacy information in theinductionmaterialsforcertainsessionalstaff.OneapplicationwasreceivedbytheNSWCivilandAdministrativeTribunalforreviewofoneoftheUniversity’sinternalreviewdecisions.

Government Information (Public Access) Act 2009 (NSW)

Under section 125 of the Government Information (Public Access) Act 2009 (NSW) (“the Act”) and clause 7 of the Government Information (Public Access) Regulation 2009 (NSW), the University is required to report annually on its obligationsundertheAct.Therequiredstatisticalinformationon2016accessapplicationstotheUniversityfollows.

Review of proactive release program

Undersection7oftheGIPAAct,theUniversitymustreviewitsprogramforthereleaseofgovernmentinformationtoidentify the kinds of information that can be made publicly available.

The University’s program for the proactive release of information involves making much of the information that it holds freelyavailableviatheUniversity’swebsite,including:

• the UNSW 2025 Strategic Plan;• details of the governance and management of the University, including the University Council, Academic Board and

Management Board;• thelatestUNSWAnnualReport(plusaccesstopreviousAnnualReports)includingdetailedfinancialreports;• a range of publications that document the activities of the University including UNSWorld (biannual alumni and

community magazine) and Uniken (quarterly magazine for staff, students and visitors that reports on issues affecting the tertiary education sector and the latest developments in UNSW’s research and teaching);

• the UNSW Handbook, that contains the rules and procedures relating to the University’s undergraduate and postgraduate programs; and

• listing and full text access to UNSW policies, procedures and guidelines.

In addition to the above, in 2016 the University proactively made additional information concerning ATAR cut-offs publiclyavailabletoprospectivestudentsviatheUniversity’swebsite.Thisincluded,foreachdegreeprogram,themedianATARofdomesticschoolleaversreceivingoffers,therange(minimum,lowerquartile,upperquartile,and maximum), the number of offers made to school leavers, the average number of bonus points (ie. HSC Plus, EducationalAccessSchemeorEliteAthlete&Performerspoints),andwhetheranyothercriteria(suchasportfoliosorinterviews)wererequired.TheUniversityalsoincludedinformationonthenumberofoffersmadetostudentswheretheywereassessedforadmissiononcriteriaotherthantheirATAR(suchasthroughaccreditedaccessandequitypathwayprograms),andthenumberofoffersmadetonon-schoolleavers.



Duringthereportingperiod,wereviewedtheproactivereleaseprogrambyassessingtheinformationrequestedunderboth formal access applications and informal requests to determine if such information could be made available to the publicbyproactiverelease.Asaresultofthisreview,itwasdeterminedthattheUniversity’scurrentprogramfortheproactivereleaseofinformationissufficientgiventheexistingrequestsforinformationbythepublic.

Number of access applications received

During the reporting period, our agency received a total of sixteen formal access applications.

Number of refused applications for Schedule 1 information

During the reporting period, the University refused in part one formal access applications because the information requestedwasinformationreferredtoinSchedule1totheGIPAAct.

Table A: Number of applications by type of applicant and outcome*

Access granted in

full

Access granted in

part

Access refused in

full

Information not held

Information already

available

Refuse to deal with

application

Refuse to confirm/

deny whether information is

held

Application withdrawn

Media 2 1 0 0 0 0 0 0

Members of Parliament 0 0 0 0 0 0 0 0

Private sector business 0 0 0 0 0 0 0 0

Notforprofitorganisations or community groups

0 0 0 0 0 0 0 0

Members of the public (application by legal representative)

1 1 0 0 0 0 0 0

Members of the public (other) 7 6 0 2 1 0 0 0

*More than one decision can be made in respect of a particular access application.

Table B: Number of applications by type of application and outcome

Access granted in

full

Access granted in

part

Access refused in

fullInformation

not held

Information already

available

Refuse to deal with

application

Refuse to confirm/

deny whether information

is held

Application withdrawn

Personal information applications* 2 2 0 1 0 0 0 0

Access applications (other than personal information applications)

7 3 0 1 1 0 0 0

Access applications that are partly personal information applications and partly other

1 3 0 0 0 0 0 0

*Apersonalinformationapplicationisanaccessapplicationforpersonalinformation(asdefinedinclause4ofSchedule 4 to the Act) about the applicant (the applicant being an individual).


Table C: Invalid applicationsReason for invalidity Number of applicationsApplicationdoesnotcomplywithformalrequirements(section41oftheAct) 0Application is for excluded information of the agency (section 43 of the Act) 0Application contravenes restraint order (section 110 of the Act) 0Total number of invalid applications received 0Invalid applications that subsequently became valid applications 0

Table D: Conclusive presumption of overriding public interest against disclosure: matters listed in Schedule 1 of the Act

Number of times consideration used*Overridingsecrecylaws 0Cabinet information 0Executive Council information 0Contempt 0Legal professional privilege 1Excluded information 0Documentsaffectinglawenforcementandpublicsafety 0Transport safety 0Adoption 0Care and protection of children 0Ministerial code of conduct 0Aboriginal and environmental heritage 0

*More than one public interest consideration may apply in relation to a particular access application and, if so, each such consideration is to be recorded (but only once per application). This also applies in relation to Table E.

Table E: Other public interest considerations against disclosure: matters listed in table to section 14 of the ActNumber of occasions when application

not successfulResponsible and effective government 3Lawenforcementandsecurity 0Individualrights,judicialprocessesandnaturaljustice 5Business interests of agencies and other persons 2Environment, culture, economy and general matters 0Secrecy provisions 0Exempt documents under interstate Freedom of Information legislation 1

Table F: TimelinessNumber of applications

Decidedwithinthestatutorytimeframe(20daysplusanyextensions) 13Decidedafter35days(byagreementwithapplicant) 1Notdecidedwithintime(deemedrefusal) 2Total 16




Table G: Number of applications reviewed under Part 5 of the Act (by type of review and outcome)Decision varied Decision upheld Total

Internalreview 0 0 0ReviewbyInformationCommissioner* 0 2 2Internalreviewfollowingrecommendationundersection93ofAct 0 0 0ReviewbyNCAT 1 0 1Total 1 2 3

*The Information Commissioner does not have the authority to vary decisions, but can make recommendation to the original decision-maker. The data in this case indicates that a recommendation to vary or uphold the original decision has been made.

Table H: Applications for review under Part 5 of the Act (by type of applicant)Numberofapplicationsforreview

Applications by access applicants 3Applicationsbypersonstowhominformationthesubjectofaccessapplication relates (see section 54 of the Act)

0

Disclosure Requirements Average total remuneration package of senior executives

2016 $445,190 2015 $443,732 2014 $486,567

Total remuneration package includes base salary, superannuation and performance pay (if applicable).

Percentage of total employee related expenditure that relates to senior executives

2016 0.48% 2015 0.37% 2014 0.41%



Statistical Information on EEO target groupsA. Trends in the Representation of EEO Groups

% of Total Staff

General Staff Benchmark or Target 2013 2014 2015 2016

Women 50% 62.42% 62.62% 63.45% 64.64%Aboriginal people and Torres Strait Islanders 2% 1.26% 1.17% 1.28% 1.09%PeoplewhosefirstlanguagewasnotEnglish 19% 27.78% 27.93% 28.63% 28.01%Peoplewithadisability 12% 3.41% 3.65% 3.37% 2.87%Peoplewithadisabilityrequiringwork-relatedadjustment 7% 0.54% 0.56% 0.54% 0.65%

% of Total Staff

Academic Staff Benchmark or Target 2013 2014 2015 2016

Women 50% 37.68% 37.46% 38.28% 39.06%Aboriginal people and Torres Strait Islanders 2% 0.51% 0.53% 0.56% 0.62%PeoplewhosefirstlanguagewasnotEnglish 19% 22.82% 24.12% 23.65% 31.04%Peoplewithadisability 12% 2.47% 2.70% 2.67% 2.67%Peoplewithadisabilityrequiringwork-relatedadjustment 7% 0.59% 0.64% 0.64% 0.72%

B. Trends in the Distribution of EEO GroupsDistribution Index

General Staff Benchmark or Target 2013 2014 2015 2016

Women 100 89 89 91 91Aboriginal people and Torres Strait Islanders 100 85 88 86 93PeoplewhosefirstlanguagewasnotEnglish 100 99 99 99 101Peoplewithadisability 100 98 100 101 105Peoplewithadisabilityrequiringwork-relatedadjustment 100 n/a n/a n/a n/a

Distribution Index

Academic Staff Benchmark or Target 2013 2014 2015 2016

Women 100 85 85 85 86Aboriginal people and Torres Strait Islanders 100 98 100 102 n/aPeoplewhosefirstlanguagewasnotEnglish 100 107 104 105 100Peoplewithadisability 100 118 120 123 116Peoplewithadisabilityrequiringwork-relatedadjustment 100 123 125 127 n/a

Notes:1.Staffnumbersareasat31March2.Figuresexcludecasualstaff3.Figuresfor2016excludeConjoints,AdjunctsandVisitors3.ADistribution Index of 100 indicates that the centre of the distribution of the EEO group across salary levels is equivalent to that of other staff. Valueslessthan100meanthattheEEOgrouptendstobemoreconcentratedatlowersalarylevelsthanisthecaseforotherstaff.Themorepronouncedthistendencyis,thelowertheindexwillbe.Insomecasestheindexmaybemorethan100,indicatingthattheEEOgroupislessconcentratedatlowersalarylevels.TheDistributionIndexisautomaticallycalculatedbythesoftwareprovidedbytheOfficeofEmploymentEquity and Diversity.4.TheDistributionIndexisnotcalculatedwhereEEOgroupornon-EEOgroupnumbersarelessthan20.

Notes

UNSW AustraliaUNSW SYDNEY NSW 2052 Tel +61 2 9385 1000www.unsw.edu.au

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This report is published online atwww.annualreport.unsw.edu.au

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© UNSW 2015ISSN 0726-8459 Volume 1CRICOS Provider Code 00098GAssociation of Pacific Rim Universities

UNSW Australia UNSW Sydney NSW 2052 Tel +61 2 9385 1000 unsw.edu.au

Hours of business Switchboard:Monday–Friday,9am–5pm Many departments of the University operate beyond standard business hours.

This report is available online atannualreport.unsw.edu.au

© UNSW 2016 ISSN 0726-8459 Volume 2 CRICOS Provider Code 00098G