Department of Education and Training Annual Report 2016 – 2017 ...

Department of Education and Training Annual Report 2016 ? 2017 Financial Statements

Financial statements

These financial statements cover the Department of Education and Training as an individual entity. The Department of Education and Training is a government department of the State of Victoria. A description of the nature of the Department's operations and its principal activities is included in the Report of Operations.

Accountable Officer's and Chief Finance and Accounting Officer's declaration ......... 88 Auditor-General's independent auditor's report ............................................................. 89 Comprehensive operating statement for the financial year ended 30 June 2017......... 91 Balance sheet as at 30 June 2017 ..................................................................................... 92 Statement of changes in equity for the financial year ended 30 June 2017.................. 93 Cash flow statement for the financial year ended 30 June 2017 .................................... 94 Notes to the financial statements ..................................................................................... 95

DET Annual Report 2016?17

Page | 87

Accountable Officer's and Chief Finance and Accounting Officer's declaration

DET Annual Report 2016?17

Page | 88

Auditor-General's independent auditor's report

DET Annual Report 2016?17

Page | 89

DET Annual Report 2016?17

Page | 90

Comprehensive operating statement for the financial year ended 30 June 2017

Income from transactions

Output appropriations Special appropriations Grants Sales of goods and services Other

Total income from transactions

Expenses from transactions

Employee expenses Depreciation and amortisation Grants and other expense transfers Capital asset charge Supplies and services Other operating expenses

Total expenses from transactions

Note

2017 $m

2016 $m

2.3.1 2.3.2 2.4.1 2.4.2 2.4.3

12,184.3 13.0 13.5

138.8 598.8

12,948.4

11,172.0 22.0 23.4

209.6 543.9

11,970.9

3.1.1 5.1.1 3.1.2 3.1.3 3.1.4 3.1.5

(6,107.7) (355.7)

(1,812.4) (1,467.4) (2,689.2)

(193.8)

(5,817.9) (310.5)

(1,466.4) (1,291.7) (2,677.3)

(176.3)

(12,626.2) (11,740.0)

Net result from transactions (net operating balance)

Other economic flows included in net result

Net gain/(loss) on non-financial assets

9.2

Net gain/(loss) on financial instruments

9.2

Other gains/(losses) from other economic flows

9.2

Total other economic flows included in net result

Net result

Other economic flows--other comprehensive income Items that will not be classified to net result

Changes in physical asset revaluation surplus

9.6

Total other economic flows--other comprehensive income

Comprehensive result

322.2

230.9

0.7 (1.9) 87.2

86.0

408.2

0.1 (17.4) (31.1)

(48.4)

182.5

(0.1)

(0.1)

3,018.4

3,018.4

408.1 3,200.9

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

DET Annual Report 2016?17

Page | 91

Balance sheet as at 30 June 2017

Assets

Financial assets

Cash and deposits Receivables Other financial assets

Total financial assets

Note

2017 $m

7.3

740.8

6.1

2,280.7

5.3

296.3

3,317.8

Non-financial assets

Intangible assets Property, plant and equipment Other non-financial assets

Total non-financial assets Total assets Liabilities

Payables Borrowings Provisions Unearned income

Total liabilities Net assets Equity

Accumulated surplus/(deficit) Physical asset revaluation surplus Contributed capital

Net worth

Contingent assets and contingent liabilities Commitments for expenditure

5.2

59.4

5.1

20,393.5

6.2

47.9

20,500.8

23,818.6

6.3 7.1 3.1.1

685.8 457.0 1,415.8

48.5

2,607.1 21,211.5

2,117.9

9.6

10,400.6

8,693.0

21,211.5

8.3

7.5

The above balance sheet should be read in conjunction with the accompanying notes.

2016 $m

703.3 1,990.8

274.9

2,969.0

67.7 19,869.9

48.9

19,986.5 22,955.5

461.4 249.6 1,425.1

30.7

2,166.9 20,788.6

1,710.8 10,400.7

8,677.1

20,788.6

DET Annual Report 2016?17

Page | 92

Statement of changes in equity for the financial year ended 30 June 2017

Balance at 1 July 2015

Net result for the year Prior year adjustments Other comprehensive income for the year Capital appropriations Contributed capital transfers in Contributed capital transfers (out)

Balance at 30 June 2016

Physical asset

revaluation surplus $m

7,382.3

?

(165.4)

3,183.8

Accumulated surplus/ (deficit) $m

1,478.6

182.5

49.8

?

Contributed capital $m

8,806.8

?

?

?

?

?-

3.5

?

?

0.1

?

?

(133.3)

10,400.7

1,710.8

8,677.1

Total equity

$m

17,667.7

182.5 (115.6) 3,183.8

3.5 0.1 (133.3)

20,788.6

Net result for the year

Prior year adjustments

Other comprehensive income for the year

Capital appropriations

Contributed capital transfers in

Contributed capital transfers (out)

Balance at 30 June 2017

? ? (0.1)

? ? ?

10,400.6

408.2 (1.1)

?

? ? ?

2,117.9

?

408.2

?

(1.1)

?

(0.1)

33.8 7.2

(25.1)

33.8 7.2

(25.1)

8,693.0 21,211.5

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

DET Annual Report 2016?17

Page | 93

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