financial report 2012 · unsw annual report 2012 01 unsw annual report – volume 2 02 council...

Never Stand Still

Financial Report 2012The University of New South Wales

2012Annual Report

UNSW ANNUAL REPORT 2012 01

UNSW Annual Report – Volume 2

02 Council Report07 Statement by Members of Council08 Independent Auditor’s Report10 2012 Financial Report 10 Income statement 11 Statement of comprehensive income 12 Statementoffinancialposition 13 Statement of changes in equity 14 Statementofcashflows 15 Notestothefinancialstatements97 Supplementary Information101 2012 Statutory Report

Contents

02 UNSW ANNUAL REPORT 2012

Council Report31 December 2012

The members of the UNSW Council present their report on the consolidated entity consisting of The University of New South Wales and the entities it controlled at the end of or during the year ended 31 December 2012.

The University is governed by a Council led by the Chancellor under the University of New South Wales Act 1989 (“The Act”). The Act wasamendedduring2012toadoptnewgovernanceprovisionsunderThe Universities Governing Bodies Act 2011. The Council size wasreducedfrom22to15memberseffectivefrom1July2012.

MembersThefollowingpersonsweretheCouncilmembersofTheUniversityofNewSouthWalesat31December2012:

Ex-Officio Council Members

•MrDavidM.GonskiAC•ProfessorFrederickG.HilmerAO•ProfessorPremRamburuth

Ministerial Appointments

•MrBrianLong•MsJillianS.SegalAM

Elected Council Members

•MsSamanthaBobba•MrPaulKeighley•ProfessorRakeshKumar•MrKarlNatschev•ScientiaProfessorJohnPiggott

Members Appointed by Council

•MrNicholasCarney•DrChristineClifton•MrTerryDavis•MrMatthewGrounds•MrWarwickNegus

Former Members

ProfessorAnthonyDooleywasamemberfromthebeginningoftheyearandcompletedhistermofofficeon27April2012.

ThefollowingwereCouncilmembersfromthebeginningoftheyearandcompletedtheirtermofofficeon30June2012:DrJenniferAlexander,MsEvelynDouek,MsJaninaJancu,DrWallaceKingAO,MrGeoffreyF.LawsonOAM,MrSimonLindsay,DrElizabethMcMahon,MrPaulR.PearceandProfessorJosephA.Wolfe.



MEMBER COUNCIL MEETINGS

A B

Ex-Officio Council Members MrDavidM.GonskiAC 6 6ProfessorFrederickG.HilmerAO 5 6Professor Prem Ramburuth 6 6Ministerial Appointments MrBrianLong 5 6

MsJillianS.SegalAM 5 6Elected Council Members

MsSamanthaBobba 2 3MrPaulKeighley 3 3ProfessorRakeshKumar 5 6MrKarlNatschev 3 3ScientiaProfessorJohnPiggott 2 3Members Appointed by Council

Mr Nicholas Carney 6 6Dr Christine Clifton 6 6Mr Terry Davis 6 6MrMatthewGrounds 3 6MrWarwickNegus 4 6Former Members

DrJenniferAlexander 2 3

Professor Anthony Dooley 2 2MsEvelynDouek 3 3MsJaninaJancu 3 3DrWallaceKingAO 1 3MrGeoffreyLawsonOAM 1 3Mr Simon Lindsay 3 3Dr Elizabeth McMahon 1 3Mr Paul R. Pearce 3 3ProfessorJosephA.Wolfe 3 3

A = Number of meetings attended as a member.B=Numberofmeetingsheldduringthetimethememberheldofficeduringtheyear.

Meetings of Council and Committees

ThenumberofmeetingsofthemembersofTheUniversityofNewSouthWalesCouncilandeachcommitteeheldduringtheyearended31December2012,andthenumbersofmeetingsattendedbyeachmemberwere:


Council Report 31 December 2012MEETINGS OF COMMITTEES

AUDIT FINANCE NOMINATIONS & REMUNERATION

RISK MANAGEMENT

HONORARY DEGREES

STUDENT AFFAIRS**

A B A B A B A B A B A B

Ex-Officio Council Members

MrDavidM.GonskiAC a 4 a 3 3 a 2 2 aProfessorFrederickG.HilmerAO 4 b 3 b b 2 b 1 bProfessor Prem Ramburuth 3 4 3 3 2 2 1 2Ministerial Appointments

MrBrianLong 5 5 MsJillianS.SegalAM 5 c 4 c 1 c 3 c 1 c cElected Council Members

MsSamanthaBobba MrPaulKeighley ProfessorRakeshKumar 2 2 MrKarlNatschev ScientiaProfessorJohnPiggott 2 2 2 3 Members Appointed by Council Mr Nicholas Carney 3 3 Dr Christine Clifton 3 3 Mr Terry Davis 2 3 1 2MrMatthewGrounds 1 4MrWarwickNegus 4 4Former Members DrJenniferAlexander 2 3 Professor Anthony Dooley 2 2 1 1MsEvelynDouek 3 3 2 2MsJaninaJancu 2 2DrWallaceKingAO 2 2MrGeoffreyLawsonOAMMr Simon Lindsay 2 2Dr Elizabeth McMahon 0 1Mr Paul R. Pearce 1 1ProfessorJosephA.Wolfe 2 2External Committee Members MrBruceMoore* 2 2 MrGeorgeSutton* 3 3 MrMichaelWright* 2 2Former External Committee Member

MrGregCouttas* 2 3Vice-Chancellor's Nominees ProfessorRichardHenryAM* 1 2MrNeilD.Morris* 1 2Academic Board Nominees ProfessorJohnGascoigne* 2 2 ProfessorRichardHenryAM* 1 1ProfessorMariaSkyllas-Kazacos* Former Academic Board Nominees

ProfessorChristineAlexander*ProfessorRobertKing* 0 1

A = Number of meetings attended as a member.B=Numberofmeetingsheldduringthetimethememberheldofficeduringtheyear.* Not a member of Councila=AsChancellor,isexofficioamemberofallCouncilcommitteesandhastherightbut not the obligation to attend all meetings.

b=AsVice-Chancellor,isexofficioamemberofallCouncilcommitteesexcepttheAudit Committee and has the right but not the obligation to attend all meetings.c=AsDeputyChancellor,isexofficioamemberofallCouncilcommitteesandhasthe right but not the obligation to attend all meetings.**StudentAffairsCommitteedisestablished20August2012



Principal Activities

Duringtheyear,theprincipalcontinuingactivitiesoftheconsolidatedentityconsistedof:

•TheprovisionofeducationandresearchfacilitiesofUniversitystandard;•Theencouragementofthedissemination,advancement,developmentandapplicationofknowledgeinformedbyfreeinquiry;•Theprovisionofcoursesofstudyorinstructionacrossarangeoffields,andthecarryingoutofresearch,tomeettheneedsofthecommunity;

•Theparticipationinpublicdiscourse;•Theconferringofdegrees,includingthoseofBachelor,MasterandDoctorate;•Theprovisionofteachingandlearningthatengagewithadvancedknowledgeandinquiry;•Thedevelopmentofgovernance,proceduralrules,admissionpolicies,financialarrangementsandqualityassuranceprocessesthatareunderpinnedbythevaluesandgoalsoftheUniversity’scoreactivities,andthataresufficienttoensuretheintegrityofallUniversity programs.

Theseactivitieswerecarriedoutwithintheframeworkof“B2BBlueprinttoBeyond–UNSWStrategicIntent”,whichreflectsthefundamentalUniversitymissionofeducation,researchandcommunityengagement.TheUNSWStrategicIntentprovidesaframeworkofguidingprinciples,objectivesandstrategiestoachievetheUniversity’saspirationtocontinuouslyimproveitspositionasaleadingresearch-intensiveuniversityintheAsia-Pacificregion,focusingoncontemporaryandsocialissuesthroughdefinedstrengthsinprofessional,scientificandtechnologicalfields.

Review of Operations

The consolidated group reports an accounting result of $93m. These results incorporate an accounting result of $94m for the University.

CONSOLIDATED UNIVERSITY

2012 2011 2012 2011

$’000 $’000 $’000 $’000

Total revenue and income 1,095,045 1,044,433 1,031,218 980,997

Employee costs (632,259) (619,195) (592,176) (580,083)

Otherexpenses (449,144) (429,239) (415,056) (393,434)

Operating result 13,642 (4,001) 23,986 7,480

Restricted surplus 30,996 32,999 30,548 28,616

Investment earnings 27,293 34,518 27,293 34,518

Incomeforcapitalprojects 24,783 47,502 24,783 47,502

Asset Transfer1 - - - 67,835

Loss on deconsolidation2 - (6,941) - -

Forgiveness of loan3 - - (5,815) -

Gainonsaleofassets4 2,984 - 2,984 -

Impairment of assets5 (11,079) (15,191) (9,993) (17,602)

Revaluation of ATPi6 4,167 - - -

Accounting result 92,786 88,886 93,786 168,348

1ReceiptofinvestmentsfromtheUniversityofNewSouthWalesFoundationTruston1June2011.2DeconsolidationofUniversityofNewSouthWalesInternationalHouseLtdasof1January2011.3ForgivenessofintercompanyloantoNewSouthInnovationsPtyLtd.4Includesgainonsaleof78-82BaySt,Botany,NSWproperties.5Includesimpairmentonallassetsexceptforstudentreceivablesandsundrydebtors.6RevaluationofinvestmentinAustralianTechnologyParkInnovationPtyLtd(ATPi).



TheUniversity’sunderlyingfinancialperformancefor2012hasincreasedby$17mcomparedto2011.Theoperatingresultwasaffectedbyanincreaseingovernmentgrants,offsetbyaslowerincreaseinemployeerelatedandotherexpenses.

Theincomeforcapitalprojectshasdecreasedby$23m,mainlyrelatingtothecompletionoftheTyreeEnergyTechnologiesBuilding.

Totalassetsoftheconsolidatedgroupin2012increasedto$3.6bwithnetassetsincreasedby$173mto$1.9bin2012.Thisismainlyattributedtoanincreaseinfixedassetsandintangibles.

Theconsolidatedgroup’scashbalancesincludingcashandcashequivalentsandcurrentportionofheld-to-maturityinvestmentsdecreased by $34m from $251m in 2011 to $217m in 2012. The cash balances held by the consolidated group forms part of the University’sworkingcapitalandisusedtosettlecurrentliabilities,capitalcommitmentsformajorcapitalworks,researchgrantsheldasincomeinadvance,andvariousothercommitmentsduewithinoneyear.

Significant Changes in the State of Affairs

TherewerenosignificantchangesintheStateofAffairsoftheUniversityoranyofitssubsidiariesduringtheyearanduptothedate of this report.

Matters Subsequent to the End of the Financial Year

Therewerenosignificantmatterssubsequenttotheendofthefinancialyearthatrequiredisclosure.

Likely Developments and Expected Results of Operations

ThelikelydevelopmentsintheoperationsandtheexpectedresultsofthoseoperationsoftheconsolidatedentityconstitutedbytheUniversity and the entities it controls from time to time are included in this report.

Environmental regulations

The primary environmental legislation impacting UNSW is the Protection of the Environment Operations (POEO) Act (NSW) 1997,asamended.WhiletheUniversitydoesnotholdanylicencesunderthePOEOAct,activitiesundertakenoncampusdoinvolvesomeenvironmentalrisks.Inparticularactivitiesundertakeninresearchlaboratories,andactivitiesimpactingtheBotanySandsAquiferinvolverisksthatcouldresultinmaterialenvironmentalharm.AppropriateandproportionateemphasisisgivenwithinUNSW’sEnvironmentalManagementSysteminordertominimiseandmanagetheserisks.UNSWhasalsometitscurrentreportingobligationsunder the National Greenhouse and Energy Reporting Act 2007.

Insurance of officers

TheUniversityobtainscommercialinsurancetoindemnifypersonswhoserveonUniversityBoardsandCommitteesandonBoardsandCommitteesofallentitiesintheGroup.CoveragealsoextendstoUniversityappointeeswhoserveontheBoardsofotherentities,asdesignatedrepresentativesoftheUniversityandwhoarenototherwiseindemnified.ThisinsuranceprovidesfundstodefendeachofficerandBoardappointeeoftheUniversityagainstclaimsfromthirdpartieswhichresultfromactualorallegedwrongacts,aspermittedbylaw.

ThepremiumforthiscommercialinsuranceispaidforbytheUniversity,andtheUniversityself-insuresallclaimsexpenseswhichfallbelowthepolicydeductibleorforliabilitieswhichareexcludedornotcoveredbythecommercialinsurancecontract.

Proceedings on behalf of The University of New South Wales

TherearenomaterialproceedingsagainstoronbehalfofTheUniversityofNewSouthWalesoritscontrolledentities.

ThisreportismadeinaccordancewitharesolutionofthemembersofTheUniversityofNewSouthWales.

Mr David M. Gonski AC Chancellor,8April2013


Statement by Members of Council

PursuanttoSection41C(1B),(1C)and(1D)ofthePublic Finance and Audit Act 1983 (asamended)westatethat:

1.Thefinancialreportexhibitsatrueandfairviewofthefinancialpositionasat31December2012andthefinancialperformancefortheyearthenendedfortheUniversityandControlledEntities;and

2.Thefinancialreportfortheyearended31December2012hasbeenpreparedinaccordancewith:

(a) the provisions of the Public Finance and Audit Act 1983 andtheCommonwealthDepartmentIndustry,Innovation,Science,Research and Tertiary Education Financial Statement Guidelines for Australian Higher Education Providers for the 2012 Reporting Period;and

(b)AustralianAccountingStandards,AustralianAccountingStandardsBoardInterpretationsandothermandatoryprofessionalreporting requirements.

As required by the Financial Statement Guidelines for Australian Higher Education Providers for the 2012 Reporting Period issued bytheCommonwealthDepartmentIndustry,Innovation,Science,ResearchandTertiaryEducation,wealsocertifytothebestofourknowledgeandbeliefthatalltheAustralianGovernmentFinancialAssistanceexpendedbytheUniversityduringtheyearended31December2012wasexpendedforthepurposesforwhichitwasintendedandthatTheUniversityofNewSouthWaleshascompliedwithapplicablelegislation,contracts,agreementsandprogramguidelinesinmakingthatexpenditure.

SignedinaccordancewitharesolutionofCouncil.

Professor Frederick G. Hilmer AO Mr David M. Gonski AC PresidentandVice-Chancellor Chancellor

8 April 2013


Independent Auditor’s Report


The University of New South WalesIncome statement

For the year ended 31 December 2012

Consolidated Parent2012 2011 2012 2011

Notes $'000 $'000 $'000 $'000

Income from continuing operations

Australian Government financial assistanceAustralian Government Grants 2 698,225 632,261 698,225 632,261HELP - Australian Government Payment 2 154,313 139,592 154,313 139,592

State and Local Government financialassistance 3 28,672 27,145 28,672 27,145HECS-HELP - Student payments 32,077 29,462 32,077 29,462Fees and charges 4 488,442 493,565 422,480 422,485Investment revenue 5 39,937 45,616 38,950 41,474Royalties, trademarks and licences 7,074 5,607 5,694 4,521Consultancy and contracts 6 57,628 58,175 50,981 51,673Other revenue 7 20,464 26,456 31,509 110,255

Total revenue from continuing operations 1,526,832 1,457,879 1,462,901 1,458,868

Gains on disposal of assets 3,256 45 3,253 39Investment accounted for using the equitymethod 18 190 45 - -Other income 7 17,400 11,768 13,081 10,845

Total other income from continuing operations 20,846 11,858 16,334 10,884

Total revenue and income from continuingoperations 1,547,678 1,469,737 1,479,235 1,469,752

Expenses from continuing operations

Employee related expenses 8 832,151 786,033 792,068 746,921Depreciation and amortisation 9 114,960 104,038 113,556 102,412Repairs and maintenance 10 25,964 27,884 25,085 27,348Borrowing costs 11 3,901 4,340 3,901 4,340Impairment of assets 12 11,553 15,964 10,552 18,391Losses on disposal of assets 1,362 1,164 1,159 913Other expenses 13 463,087 432,147 437,272 398,817Deferred employment benefits forsuperannuation 8 1,856 2,262 1,856 2,262Loss on deconsolidation - 6,941 - -

Total expenses from continuing operations 1,454,834 1,380,773 1,385,449 1,301,404

Operating result before income tax 92,844 88,964 93,786 168,348

Income tax expense 14 (58) (78) - -Operating result after income tax for theperiod 92,786 88,886 93,786 168,348

Operating result attributable to members ofThe University of New South Wales 30(b) 92,786 88,886 93,786 168,348

Operating result attributable to members from:Continuing Operations 92,786 88,886 93,786 168,348

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

-2-

2012 Financial ReportIncome statementFor the year ended 31 December 2012


Statement of comprehensive incomeFor the year ended 31 December 2012

The University of New South WalesStatement of comprehensive income



Notes $'000 $'000 $'000 $'000

Operating result after income tax for theperiod 92,786 88,886 93,786 168,348

Net gains on revaluation of property, plant andequipment 30(a) 48,116 39,573 48,116 39,573Net change in revaluation surplus of available-for-sale financial assets 30(a) 36,556 (13,837) 36,028 (14,972)Exchange differences on translation of foreignoperations 30(a) 2 (33) - -Net actuarial losses on defined benefitsuperannuation plans 30(b) (4,869) (35,884) (4,709) (35,239)Total other comprehensive income 79,805 (10,181) 79,435 (10,638)

Total comprehensive income 172,591 78,705 173,221 157,710

Total comprehensive income attributable tomembers of The University of New SouthWales 172,591 78,705 173,221 157,710

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

-3-


Statement of financial positionAs at 31 December 2012

The University of New South WalesStatement of financial position

As at 31 December 2012


Notes $'000 $'000 $'000 $'000

AssetsCurrent assets

Cash and cash equivalents 15 73,306 94,608 41,177 67,888Receivables 16 76,080 79,578 82,159 76,383Inventories 1,829 2,142 - -Held-to-maturity investments 20 143,433 155,999 143,433 155,999Derivative financial instruments 21 327 30 327 30Non-current assets classified as held for sale 17 - 4,074 - 4,074

Total current assets 294,975 336,431 267,096 304,374

Non-current assetsReceivables 16 1,049,898 960,431 1,049,868 960,379Investments accounted for using the equitymethod 18 4,744 387 - -Available-for-sale financial assets 19 426,683 369,320 416,923 360,585Property, plant and equipment 23 1,750,089 1,576,165 1,746,387 1,571,998Intangible assets 25 27,065 10,590 24,736 8,402Other financial assets 22 4,467 3,934 4,559 3,934Derivative financial instruments 21 38 3 38 3Held-to-maturity investments 20 5,254 12,398 5,254 12,398

Total non-current assets 3,268,238 2,933,228 3,247,765 2,917,699

Total assets 3,563,213 3,269,659 3,514,861 3,222,073

LiabilitiesCurrent liabilities

Trade and other payables 26 96,116 92,907 88,514 85,193Borrowings 27 3,902 24,098 3,902 24,098Derivative financial instruments 21 359 1,582 359 1,582Provisions 28 187,862 174,045 182,322 169,359Other liabilities 29 83,909 78,734 68,226 63,084

Total current liabilities 372,148 371,366 343,323 343,316

Non-current liabilitiesBorrowings 27 57,096 40,612 57,096 40,612Derivative financial instruments 21 - 28 - 28Provisions 28 1,194,326 1,099,176 1,190,838 1,096,309Other liabilities 29 31,722 23,147 31,722 23,147

Total non-current liabilities 1,283,144 1,162,963 1,279,656 1,160,096

Total liabilities 1,655,292 1,534,329 1,622,979 1,503,412

Net assets 1,907,921 1,735,330 1,891,882 1,718,661

EquityParent entity interest

Reserves 30(a) 556,747 473,898 546,904 464,585Retained earnings 30(b) 1,351,174 1,261,432 1,344,978 1,254,076

Parent entity interest 1,907,921 1,735,330 1,891,882 1,718,661

Total equity 1,907,921 1,735,330 1,891,882 1,718,661

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

-4-


Th

e U

niv

ers

ity o

f N

ew

So

uth

Wa

les

Sta

tem

en

t o

f c

ha

ng

es

in

eq

uit

yF

or

the

ye

ar

en

de

d 3

1 D

ec

em

be

r 2

01

2

Reserv

es

Co

ns

oli

da

ted

Re

tain

ed

ea

rnin

gs

To

tal

Re

se

rve

s

Pa

ren

t

Re

tain

ed

ea

rnin

gs

To

tal

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

Ba

lan

ce

at

1 J

an

ua

ry 2

01

14

45

,69

51

,21

0,9

30

1,6

56

,62

54

37

,12

91

,12

3,8

22

1,5

60

,95

1

Op

era

tin

g r

esu

lt f

or

the

pe

rio

d-

88

,88

68

8,8

86

-1

68

,34

81

68

,34

8N

et

ga

ins o

n r

eva

lua

tio

n o

f p

rop

ert

y,

pla

nt

an

d e

qu

ipm

en

t3

9,5

73

-3

9,5

73

39

,57

3-

39

,57

3N

et

ch

an

ge

in

re

va

lua

tio

n s

urp

lus o

f a

va

ilab

le-f

or-

sa

le f

ina

ncia

l a

sse

ts(1

3,8

37

)-

(13

,83

7)

(14

,97

2)

-(1

4,9

72

)E

xch

an

ge

diffe

ren

ce

s o

n t

ran

sla

tio

n o

f fo

reig

n o

pe

ratio

ns

(33

)-

(33

)-

--

Ne

t a

ctu

ari

al lo

sse

s o

n d

efin

ed

be

ne

fit

su

pe

ran

nu

atio

n p

lan

s-

(35

,88

4)

(35

,88

4)

-(3

5,2

39

)(3

5,2

39

)T

ran

sfe

r fr

om

re

se

rve

s2

,50

0(2

,50

0)

-2

,85

5(2

,85

5)

-T

ota

l co

mp

reh

en

siv

e in

co

me

28

,20

35

0,5

02

78

,70

52

7,4

56

13

0,2

54

15

7,7

10

Ba

lan

ce

at

31

De

ce

mb

er

20

11

47

3,8

98

1,2

61

,43

21

,73

5,3

30

46

4,5

85

1,2

54

,07

61

,71

8,6

61

Ba

lan

ce

at

1 J

an

ua

ry 2

01

24

73

,89

81

,26

1,4

32

1,7

35

,33

04

64

,58

51

,25

4,0

76

1,7

18

,66

1

Op

era

tin

g r

esu

lt f

or

the

pe

rio

d

-9

2,7

86

92

,78

6-

93

,78

69

3,7

86

Ne

t g

ain

s o

n r

eva

lua

tio

n o

f p

rop

ert

y,

pla

nt

an

d e

qu

ipm

en

t4

8,1

16

-4

8,1

16

48

,11

6-

48

,11

6N

et

ch

an

ge

in

re

va

lua

tio

n s

urp

lus o

f a

va

ilab

le-f

or-

sa

le f

ina

ncia

l a

sse

ts3

6,5

56

-3

6,5

56

36

,02

8-

36

,02

8E

xch

an

ge

diffe

ren

ce

s o

n t

ran

sla

tio

n o

f fo

reig

n o

pe

ratio

ns

2-

2-

--

Ne

t a

ctu

ari

al lo

sse

s o

n d

efin

ed

be

ne

fit

su

pe

ran

nu

atio

n p

lan

s-

(4,8

69

)(4

,86

9)

-(4

,70

9)

(4,7

09

)T

ran

sfe

r fr

om

re

se

rve

s(1

,82

5)

1,8

25

-(1

,82

5)

1,8

25

-T

ota

l c

om

pre

he

ns

ive

in

co

me

82

,84

98

9,7

42

17

2,5

91

82

,31

99

0,9

02

17

3,2

21

Ba

lan

ce

at

31

De

ce

mb

er

20

12

55

6,7

47

1,3

51

,17

41

,90

7,9

21

54

6,9

04

1,3

44

,97

81

,89

1,8

82

Th

e a

bo

ve

sta

tem

en

t o

f ch

an

ge

s in

eq

uity s

ho

uld

be

re

ad

in

co

nju

nctio

n w

ith

th

e a

cco

mp

an

yin

g n

ote

s.

-5-

Sta

tem

ent o

f ch

ang

es in

eq

uit

yFo

r the

yea

r end

ed 3

1 D

ecem

ber 2

012


Statement of cash flowsFor the year ended 31 December 2012

The University of New South WalesStatement of cash flows



Notes $'000 $'000 $'000 $'000

Cash flows from operating activitiesAustralian Government Grants Received 2(h) 885,278 782,538 885,278 782,538OS - HELP (net) 2(h) (60) 201 (60) 201State and Local Government Grants 42,374 29,218 42,374 29,218HECS-HELP - student payments 30,940 30,704 30,940 30,704Receipts from student fees and othercustomers 587,341 611,387 510,049 531,887Payments to suppliers and employees(inclusive of goods and services tax) (1,378,486) (1,255,569) (1,303,064) (1,177,630)Contributions to related parties - - (5,350) -Investment income received 24,417 26,309 24,232 40,804Interest received 19,531 19,419 18,207 17,953Interest and other costs of finance paid (3,727) (4,045) (3,727) (4,045)GST recovered 28,767 24,817 29,204 25,098Income taxes paid (54) (102) - -

Net cash provided by operating activities 37 236,321 264,877 228,083 276,728

Cash flows from investing activitiesProceeds from sale of property, plant andequipment 7,791 305 7,774 295Proceeds from sale of available-for-sale andother financial assets 371,394 213,733 371,477 213,403Payments for property, plant and equipment (241,744) (224,711) (241,071) (223,997)Payments for available-for-sale and otherfinancial assets (373,243) (329,314) (372,864) (324,154)Loans to related parties - - - (5,200)Payment for intangible assets (18,162) (8,689) (16,451) (6,965)Outflows from deconsolidation - (3,980) - -

Net cash used in investing activities (253,964) (352,656) (251,135) (346,618)

Cash flows from financing activitiesRepayment of borrowings (3,659) (3,562) (3,659) (3,562)

Net cash used in financing activities (3,659) (3,562) (3,659) (3,562)

Net decrease in cash and cash equivalents (21,302) (91,341) (26,711) (73,452)Cash and cash equivalents at the beginningof the financial year 94,608 185,949 67,888 141,340

Cash and cash equivalents at the end of thefinancial year 15 73,306 94,608 41,177 67,888

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

-6-


Notes to the financial statements 31 December 2012

Note Contents of the notes to the financial statements Page

1 Summaryofsignificantaccountingpolicies 16 Income2 AustralianGovernmentfinancialassistanceincludingAustralianGovernment loanprograms(HELP) 283 StateandLocalGovernmentfinancialassistance 304 Fees and charges 315 Investment revenue 316 Consultancy and contracts 327 Other revenue and income 32 Expenses8 Employeerelatedexpenses 339 Depreciation and amortisation 3410 Repairs and maintenance 3411 Borrowingcosts 3412 Impairment of assets 3513 Otherexpenses 3514 Incometax 36 Assets15 Cash and cash equivalents 3616 Receivables 3717 Non-currentassetsclassifiedasheld-for-sale 3918 Investments accounted for using the equity method 3919 Available-for-salefinancialassets 4120 Held-to-maturityinvestments 4221 Derivativefinancialinstruments 4222 Otherfinancialassets 4323 Property,plantandequipment 4424 Public Private Partnerships (PPP) 4925 Intangible assets 50 Liabilities26 Trade and other payables 5127 Borrowings 5228 Provisions 5429 Other liabilities 55 Equity30 Reserves and retained earnings 56 Disclosure Notes31 Keymanagementpersonneldisclosures 5832 Remuneration of auditors 6133 Contingencies 6134 Commitments 6235 Subsidiaries 6336 Jointventureoperations 6437 Reconciliationofoperatingresultafterincometaxtonetcashflowsfromoperatingactivities 6638 Financialriskmanagement 6739 Definedbenefitplans 7840 AcquittalofAustralianGovernmentfinancialassistance 85


Notes to the financial statements31 December 2012

The University of New South WalesNotes to the financial statements

31 December 2012

1 Summary of significant accounting policies

The principal accounting policies adopted in the preparation of the financial reports are set out below. These policies havebeen consistently applied to all the years presented, unless otherwise stated. The financial report includes separatefinancial statements for The University of New South Wales (the "University") as an individual entity (the "parent entity")and the consolidated entity (the "Group") consisting of the University and its controlled entities.

(a) Basis of preparation

This general purpose financial report has been prepared on an accrual basis in accordance with the requirements of thePublic Finance and Audit Act 1983 and Public Finance and Audit Act Regulations 2010, Australian Accounting Standards,other authoritative pronouncements of the Australian Accounting Standards Board, Australian Accounting Interpretationsand Higher Education Support Act 2003 (Financial Statement Guidelines) and other State/Australian Governmentlegislative requirements.

The University is a not-for-profit entity and the financial statements and notes of the University have been prepared on thatbasis. Some of the requirements for not-for-profit entities are inconsistent with the International Financial ReportingStandards (IFRSs) requirements.

Date of authorisation for issueThe financial statements were authorised for issue on 8 April 2013 by the Council.

Historical cost conventionThese financial statements have been prepared under the historical cost convention, as modified by the revaluation ofavailable-for-sale financial assets, financial assets and liabilities (including derivative instruments) at fair value through theincome statement and certain classes of property, plant and equipment.

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

i. Superannuation liability - Deferred Government ReceivablesCertain superannuation liabilities are expected to be fully funded by the Federal Government as recognised in theDEEWR 2004-2005 financial statements and confirmed in correspondence from DEEWR. The calculation of theliability requires the use of various assumptions. Refer to note 39 for details of various assumptions used incalculating the superannuation liabilities and the corresponding deferred Government receivables.

ii. Employee related provisions and obligationsThe Group makes provisions in respect of superannuation contributions and additional on-costs on payments madeto employees.

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. Lease term in the lease agreement for part of the Lowy Cancer Research CentreThe contracted lease term in the operating lease agreement with the lessee is for 35 years. However, the actuallease term is dependent on specific terms and conditions, which draw reference to the lessee’s intention toexercise certain options available in the agreement. Management has assessed the probability of the lesseeexercising the options and has estimated the lease term, at the inception of the lease, as being approximately nineyears. Consequently, prepaid lease income of $35 million received during 2009 is to be recognised in income on astraight-line basis over that period.

iv. 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 leased

properties. 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 option period.This assessment impacts management's determination of the accounting treatment of the leased properties.

-8-


Notes to the financial statements 31 December 2012 The University of New South Wales


(continued)

1 Summary of significant accounting policies (continued)

(b) Basis of consolidation

The consolidated financial statements incorporate the assets and liabilities of all entities controlled by the parent entity asat 31 December 2012 and the results of all controlled entities for the year then ended.

Controlled entities are all those entities (including special purpose entities) over which the Group has the power to governthe financial and operating policies, generally accompanying a shareholding of more than one half of the voting rights. Theexistence and effect of potential voting rights that are currently exercisable or convertible are considered when assessingwhether the Group controls another entity.

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

All inter-entity transactions, balances and unrealised gains on transactions between Group companies are eliminated infull on consolidation. 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, generally accompanying ashareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for in the parententity's financial statements using the cost method and in the consolidated financial statements using the equity method ofaccounting, after initially being recognised at cost. The Group's investment in associates includes goodwill (net of anyaccumulated 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 shareof post acquisition movements in reserves is recognised in reserves. The cumulative post acquisition movements areadjusted against the carrying amount of the investment. Dividends receivable from associates are recognised in the parententity's income statement, while in the consolidated financial statements they reduce the carrying amount of theinvestment.

When the Group's share of losses in an associate equals or exceeds its interest in the associate, including any otherunsecured receivables, the Group does not recognise further losses, unless it has incurred obligations or made paymentson behalf of the associate.

(d) Joint ventures and Cooperative Research Centres

The Group has interests in Cooperative Research Centres (CRC) which requires the Group to contribute in cash and in-kind based on the proportion of the interest in the CRC.

Contributions in cash and in-kind are expensed and included in the income statement. The Group's share of contributionsare not included in the statement of financial position. In the event that a CRC's research results in a move tocommercialisation, a separate legal entity is established and the Group's share of the new entity is treated as an available-for-sale financial asset, joint venture, associate or controlled entity as appropriate.

(e) Public Private Partnerships (PPP)

The Group enters into 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 notmerely its legal form. The Group recognises the new buildings that are the subject of the PPP as an emerging asset,incrementally over the lease period. Land leased to the private sector and any other service elements that are part of thePPP, excluding the buildings, are accounted for separately in accordance with the applicable Australian AccountingStandards.

The private entity will retain rental revenue during the operating phase and will transfer the student accomodation toUNSW at the end of the concession period.

-9-


Notes to the financial statements31 December 2012 The University of New South Wales


(continued)


(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 of the primaryeconomic environment in which the entity operates ('the functional currency'). The consolidated financial statements arepresented in Australian dollars, which is the parent entity's functional and presentation currency.

(ii) Transactions and balancesForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the datesof the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from thetranslation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognisedin the income statement.

Translation differences on non-monetary items, such as equities held at fair value through income statement, are reportedas part of the fair value gain or loss. Translation differences on non-monetary items, such as equities classified asavailable-for-sale financial assets, are included in other comprehensive income.

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

assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balancesheet;

income and expenses for each income statement are translated at average exchange rates (unless this is not areasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which caseincome 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 ofborrowings are taken to other comprehensive income. When a foreign operation is sold or borrowings repaid, aproportionate share of such exchange differences are recognised in the income statement as part of the gain or loss onsale.

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

(g) Revenue recognition

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

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

(i) Government grantsFinancial assistance provided by the Australian Government is recognised in the year in which it is received or whenentitlement for the revenue is established.

(ii) Student fees and chargesStudent fees are recognised as revenue in the year in which the service is provided. Student fees received that relate tocourses 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 of products toentities outside the Group. Sales revenue is recognised when significant risks and rewards of ownership are transferred tothe customer.

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

-10-




(continued)


(g) Revenue recognition (continued)

(v) Investment incomeInterest income is recognised as it accrues. Dividend income is recognised when the dividend is declared by thesubsidiary or investee.

(vi) Other revenueThis represents miscellaneous income and other grant income not derived from core business and is recognised when it isearned.

(h) Income tax

The parent entity is exempt from income tax under Commonwealth income taxation legislation. Within the Group, however,there are entities that are not exempt from paying income tax.

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

Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when theassets are recovered or liabilities are settled, based on those tax rates which are enacted or substantially enacted for thejurisdiction where the entity is situated. An exception is made for certain temporary differences arising from the initialrecognition of an asset or a liability. No deferred tax asset or liability is recognised in relation to these temporarydifferences if they arose in a transaction, other than a business combination, that at the time of the transaction did notaffect either accounting profit or taxable profit or loss.

Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable thatfuture taxable amounts will be available to utilise those temporary differences and losses.

Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and taxbases of investments in controlled entities where the parent entity is able to control the timing of the reversal of thetemporary differences and it is probable that the differences will not reverse in the foreseeable future.

(i) Operating leases

Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified asoperating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged tothe income statement on a straight line basis over the period of the lease. Lease income from operating leases, where theGroup is a lessor, is recognised in the income statement on a straight-line basis over the lease term.

(j) Non-current assets (or disposal group) held for sale and discontinued operations

Non-current assets (or disposal group) are classified as held for sale and stated at the lower of their carrying amount andfair value less costs to sell, if their carrying amount will be recovered principally through a sale transaction rather thanthrough continuing use.

A gain is recognised for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not inexcess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date ofthe sale of the non-current asset (or disposal group) is recognised at the date of derecognition. An impairment loss isrecognised for any initial or subsequent write down of the asset (or disposal group) to fair value less costs to sell.

Non-current assets (including those that are part of a disposal group) are not depreciated or amortised while they areclassified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as heldfor sale continue to be recognised.

Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presentedseparately from the other assets in the statement of financial position. The liabilities of a disposal group classified as heldfor sale are presented separately from other liabilities in the statement of financial position.

-11-




(continued)


(j) Non-current assets (or disposal group) held for sale and discontinued operations (continued)

A discontinued operation is a component of the Group that has been disposed of or is classified as held for sale and thatrepresents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan todispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. Theresults of discontinued operations are presented separately on the face of the income statement.

(k) Impairment of assets

Intangible assets that have an indefinite useful life are not subject to depreciation or amortisation and are tested annuallyfor impairment. All other assets are reviewed for impairment whenever events or changes in circumstances indicate thatthe carrying amount may not be recoverable. An impairment loss is recognised in the income statement for the amount bywhich the asset's carrying amount exceeds its recoverable amount. An impairment loss on a revalued asset is recognisedagainst the revaluation reserve of that class of asset to the extent that the impairment reverses a previous revaluationsurplus. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use.

In accordance with AASB 136 Impairment of assets in respect of not for profit entities, value in use is the depreciatedreplacement cost of an asset when the future economic benefits of the asset are not primarily dependent on the asset'sability to generate net cash inflows and where the entity would, if deprived of the asset, replace its remaining futureeconomic benefits. In respect of for profit components of the Group, for the purposes of assessing impairment, assets aregrouped at the lowest levels for which there are separately identifiable cash flows (cash generating units).

(l) Cash and cash equivalents

Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highlyliquid investments with original maturities of three months or less from date of purchase that are readily convertible toknown amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bankoverdrafts are shown within borrowings in current liabilities in the statement of financial position.

(m) Receivables

Trade receivables are recognised initially at fair value and subsequently measured at amortised cost less any provision forimpairment. Receivables are due for settlement no more than 30 days from the date of recognition. Cash flows relating toshort-term receivables are not discounted if the effect of discounting is immaterial.

Collectability of receivables is reviewed on an ongoing basis. Debts which are known to be uncollectible are written off byreducing the carrying amount directly. Subsequent recoveries of amounts previously written off are credited to the incomestatement.

A provision for impaired receivables is established when there is objective evidence that the Group will not be able tocollect all amounts due according to the original terms of receivables. Significant financial difficulties of the debtor, theprobability that the debtor will enter bankruptcy or financial reorganisation and default or be delinquent in makingpayments are considered indicators that the receivable is impaired. The amount of the provision is the difference betweenthe asset’s carrying amount and the present value of estimated future cash flows. The amount of the provision isrecognised in the income statement within impairment of assets.

(n) Inventories

Inventories are measured on weighted average cost basis at the lower of cost and net realisable value. Net realisablevalue is the estimated selling price in the ordinary course of business less the estimated costs necessary to make thesale.

(o) Investments and other financial assets

The Group classifies its investments in the following categories: financial assets at fair value through income statement,loans and receivables, held-to-maturity investments, and available-for-sale financial assets. The classification depends onthe purpose for which the investments were acquired. Management determines the classification of its investments atinitial recognition and re-evaluates this designation at each reporting date.

-12-




(continued)


(o) Investments and other financial assets (continued)

(i) Financial assets at fair value through income statementThis comprises financial assets at fair value through the income statement on initial recognition. A financial asset isclassified in this category if acquired principally for the purpose of selling in the short-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 short-termexists and if the asset is subject to frequent changes in fair value. Assets in this category are classified as current assets.

(ii) Loans and receivablesLoans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in anactive market. They arise when the Group provides money, goods or services directly to a debtor with no intention ofselling the receivable. They are included in current assets, except for those with maturities greater than 12 months afterthe balance sheet date, which are classified as non-current assets. Loans and receivables are included in receivables inthe statement of financial position (note 16).

(iii) Held-to-maturity investmentsHeld-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturitiesthat the Group's management has the positive intention and ability to hold to maturity. If the Group were to sell other thanan insignificant amount of held-to-maturity financial assets, the whole category would be reclassified as available-for-sale.Held-to-maturity investments are included in non-current assets, except for those with maturities less than 12 months fromthe reporting date, which are classified as current assets. Held-to-maturity investments are carried at amortised cost usingthe effective interest method.

(iv) Available-for-sale financial assetsAvailable-for-sale financial assets, comprising principally marketable equity securities (held through managed funds), arenon-derivatives that are either designated in this category or not classified in any of the other categories. They areincluded in non-current assets unless the Group intends to dispose of the investment within 12 months of the balancesheet date.

Purchases and sales of investments are recognised on the settlement date, being the date on which the Group commits topurchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assetsnot carried at fair value through income statement. Financial assets are derecognised when the rights to receive cashflows from the financial assets have expired or have been transferred, and the Group has transferred substantially all therisks and rewards of ownership.

(v) Subsequent measurementAvailable-for-sale financial assets and financial assets at fair value through income statement are subsequently carried atfair value. Realised and unrealised gains and losses arising from changes in the fair value of the 'financial assets at fairvalue through income statement' category are included in the income statement in the period in which they arise.Unrealised gains and losses arising from changes in the fair value of non-monetary securities classified as available-for-sale are recognised in other comprehensive income. When securities classified as available-for-sale are sold or impaired,the accumulated fair value adjustments are included in the income statement as gains and losses from investmentsecurities.

(vi) ImpairmentThe Group assesses at each balance sheet date whether there is objective evidence that a financial asset or group offinancial assets is impaired. In the case of equity securities classified as available-for-sale, a significant or prolongeddecline in the fair value of a security below its cost is considered in determining whether the security is impaired. If anysuch evidence exists for available-for-sale financial assets, the cumulative loss, measured as the difference between theacquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in theincome statement is removed from equity and recognised in the income statement. Impairment losses recognised in theincome statement on equity instruments are not reversed through the income statement.

(p) Derivatives

Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and are subsequentlyremeasured to their fair value. Changes in the fair value of derivative instruments that do not qualify for hedge accountingare recognised immediately in the income statement.

-13-




(continued)


(q) Fair value estimation

The fair value of financial assets and financial liabilities are estimated for recognition and measurement or for disclosurepurposes. Refer to note 38(d) for further disclosure.

(r) Property, plant and equipment

Land and buildings (including student accommodation and leasehold improvements), works of art and rare books areshown at fair value, based on annual valuations by external independent valuers, less any subsequent accumulateddepreciation. Any accumulated depreciation at the date of revaluation is restated proportionately with the change in thegross carrying amount of the asset so that the carrying amount of the asset after revaluation equals its revalued amount.All other property, plant and equipment are stated at cost less any accumulated depreciation and impairment, which isassumed to approximate their fair values. Cost includes expenditure that is directly attributable to the acquisition of theitems.

Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, onlywhen it is probable that future economic benefits associated with the item will flow to the Group and the cost of the itemcan be measured reliably. All other repairs and maintenance are charged to the income statement during the financialperiod in which they are incurred.

Increases in the carrying amounts arising on revaluation of land and buildings are recognised in other comprehensiveincome and accumulated in equity under the heading of property, plant and equipment revaluation reserve. To the extentthat the increase reverses a decrease previously recognised in the income statement, the increase is first recognised inthe income statement. Decreases that reverse previous increases in that class of assets are first charged againstrevaluation reserves in other comprehensive income, to the extent of the remaining reserve attributable to the asset class;all other decreases are charged to the income statement.

Land, works of art and rare books are not depreciated. Depreciation on the other classes of assets is calculated using thestraight line method to allocate their cost or revalued amounts, net of their residual values, over their estimated usefullives. The depreciation rates are as follows:

Asset Controlled Entities Parent- Buildings, including student accommodation 2.50% to 6.67% 2.50% to 6.67%- Computer equipment 20% to 33% 33%- Other equipment 10% 10% to 20%- Motor Vehicles 12% to 30% 12%- Library holdings 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 balance sheet date.

An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greaterthan its estimated recoverable amount (note 1(k)).

Gains and losses on disposals are determined by comparing net disposal proceeds with the carrying amount. The netgains and losses from the sale of assets are included in the income statement when the asset is derecognised. Whenrevalued assets are sold, it is the Group's policy to transfer the amounts included in property, plant and equipmentrevaluation 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 technical knowledge andunderstanding, is recognised in the income statement as an expense when it is incurred.

-14-




(continued)


(s) Intangible assets (continued)

Expenditure on development activities, being the application of research findings or other knowledge to a plan or designfor the production of new or substantially improved products or services before the start of commercial production or use,is capitalised if the product or service is technically and commercially feasible; adequate resources are available tocomplete development and if it is sufficiently certain that the future economic benefits to the Group will cover not only theusual operational and administrative costs but also the development costs themselves. There are also several othercriteria relating to the development projects and the processes or products being developed, all of which have to be met tojustify 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 less accumulatedamortisation. Amortisation is calculated using the straight line method to allocate the cost over the period of the expectedbenefit, which will vary depending on useful life, usually 20 years.

(ii) Computer softwareComputer software is stated at cost less accumulated amortisation and impairment.

Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, onlywhen it is probable that future economic benefits associated with the item will flow to the Group and the cost of the itemcan be measured reliably. All other repairs and maintenance are charged to the income statement during the financialperiod in which they are incurred.

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

(iii) Digitalised library research collectionsDigitalised library research collections are perpetual licences to access online research material. Digitalised libraryresearch collections are stated at cost less accumulated amortisation and impairment. Amortisation is calculated using thestraight 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 the financial yearwhich are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition.

(u) Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measuredat amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount isrecognised in the income statement over the period of the borrowings using the effective interest method.

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 has beenextinguished or transferred to another party and the consideration paid, including any non-cash assets transferred orliabilities 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 of the liabilityfor at least 12 months after the balance sheet date.

(v) Borrowing costs

Borrowing costs incurred for the construction of any qualifying asset are capitalised during the period of time that isrequired to complete and prepare the asset for its intended use or sale. Other borrowing costs are expensed.

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

-15-




(continued)


(w) Provisions

Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events; it isprobable that an outflow of resources will be required to settle the obligation; and the amount can be reliably 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 is determinedby considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow withrespect 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 to settle thepresent obligation at the balance sheet date. The discount rate used to determine the present value reflects current marketassessments of the time value of money and the risks specific to the liability. The increase in the provision due to thepassage of time is recognised as a borrowing cost.

(x) Employee benefits

(i) Wages and salaries, sick leaveLiabilities for short-term employee benefits including wages and salaries and non-monetary benefits due to be settledwithin 12 months after the end of the period are measured at the amount expected to be paid when the liability is settledand recognised in other payables. Liabilities for non-accumulating sick leave are recognised when the leave is taken andmeasured at the rates paid or payable.

(ii) Annual leaveThe liability for long-term employee benefits such as annual leave is recognised in current provisions for employeebenefits as it is not due to be settled within 12 months after the end of the reporting period. It is measured at the amountexpected to be paid when the liability is settled. Regardless of the expected timing of settlements, provisions made inrespect of employee benefits are classified as a current liability, unless there is an unconditional right to defer thesettlement of the liability for at least 12 months after the reporting date, in which case it would be classified as a non-current liability.

(iii) Long service leaveThe liability for long service leave is recognised as a provision and measured as the present value of expected futurepayments to be made in respect of services provided by employees up to the reporting date using the projected unit creditmethod. Consideration is given to the expected future wage and salary levels, experience of employee departures andperiods of service. The expected future payments are discounted using market yields at the reporting date on nationalGovernment bonds with terms to maturity and currency that match, as closely as possible, the estimated future cashoutflows.

(iv) Retirement benefit obligationsAll employees of the Group are entitled to benefits on retirement, disability or death, from the superannuation planscontributed to by the Group. The plans have both defined benefit sections and defined contribution sections. The definedbenefit sections provide defined lump sum benefits based on years of service and final average salary. The definedcontribution section receives fixed contributions from the Group and its legal or constructive obligation is limited to thesecontributions.

A liability or asset in respect of each defined benefit superannuation plan is recognised in the statement of financialposition, and is measured as the present value of the defined benefit obligation at the reporting date plus unrecognisedactuarial gains (less unrecognised actuarial losses) less the fair value of the superannuation fund's assets at that date andany unrecognised past service cost. The present value of the defined benefit obligation is based on expected futurepayments which arise from membership of the plan to the reporting date, calculated annually by independent actuariesusing the projected unit 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 government bonds withterms to maturity and currency that match, as closely as possible, the estimated future cash outflows.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised inthe period in which they occur, outside of the income statement, in the statement of comprehensive income.

-16-




(continued)


(x) Employee benefits (continued)

Past service costs are recognised immediately in the income statement, unless the changes to the superannuation planare conditional on the employees remaining in service for a specified period of time (the vesting period). In this case, thepast service costs are amortised on a straight line basis over the vesting period.

Future taxes that are funded by the entity and are part of the provision of the existing benefit obligation (for example, taxeson investment income and employer contributions) are taken into account in measuring the net liability or asset.

Contributions to the defined contribution plan are recognised as an expense as they become payable. Prepaidcontributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.

(v) Unfunded superannuationThe unfunded liabilities recorded in the statement of financial position under provisions have been determined byindependent actuaries relating to the defined benefit superannuation plans: State Superannuation Scheme (SSS), StateAuthorities Superannuation Scheme (SASS), State Authorities Non-Contributory Superannuation Scheme (SANCS) andthe UNSW Professorial Superannuation Fund. Information relating to these schemes is set out in note 39.

The Australian Government and the State Government are reviewing the current arrangements relating to superannuationpayments in respect of current and past members of unfunded (or partly funded) State superannuation schemes.

This arrangement is evidenced by the Higher Education Funding Act 1988 and subsequent amended legislation.Accordingly the unfunded liabilities have been recognised in the statement of financial position under provisions with acorresponding asset recognised under receivables. The recognition of both the asset and liability consequently does notaffect the year end net position of the University and its controlled entities for those schemes, except as otherwisedisclosed.

(vi) Workers' CompensationThe parent entity is a licensed self insurer for workers compensation in New South Wales (NSW) and the AustralianCapital Territory (ACT).

Workers' compensation matters are managed through two funds, one to record the parent entity's workers' compensationactivities in New South Wales (known as the NSW Fund) and one to record the parent entity's workers' compensationactivities in the Australian Capital Territory (known as the ACT Fund). The provision for outstanding claims liability for eachfund is recognised based on an independent actuarial assessment at balance sheet date.

As a self insurer, the parent entity sets a notional annual premium, which is charged on all employee salaries. Costs ofworkers' compensation claims, claims administration expenses and actuarially assessed increases/decreases in theprovision for outstanding claims liability are met from the notional premium. The outstanding claims liability includes anamount for injuries that have already occurred but have not yet been reported. The annual purchase of reinsuranceprotects the University from the adverse effects of large claims. The University pays a number of administration costs tothe workers compensation scheme regulators. In NSW, costs include the WorkCover Fund Contribution and DustDiseases Fund. In the ACT, the Default Insurance Fund Levy and Magistrates Court Levy are recurrent costs.

(vii) Termination benefitsTermination benefits are payable when employment is terminated before the normal retirement date, or when an employeeaccepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it isdemonstrably committed to either terminating the employment of current employees according to a detailed formal planwithout possibility of withdrawal or providing termination benefits as a result of an offer made to encourage voluntaryredundancy. Benefits falling due more than 12 months after balance sheet date 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 incurred is notrecoverable from the taxation authority. In this case, it is recognised as part of the cost of acquisition of the asset or aspart of the expense.

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

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

-17-




(continued)


(y) Goods and Services Tax (GST) (continued)

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxationauthority. Any GST payable (and recoverable from the Taxation Authority) on the commitments is disclosed separately aspart of the same note.

(z) Trusts and other liabilities

Revenue and expenses in respect of Trusts, Cooperative Research Centres and investments held on behalf of associatedentities are recognised under other liabilities. Funds held and invested on behalf of controlled entities are recognised asother liabilities in the statement of financial position of the parent entity and are eliminated on consolidation.

(aa) Key Management Personnel

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

(ab) Standards and interpretations issued but not effective for the year ending 31 December 2012

(i) Standards

Standard Name Application Date

AASB 9 Financial Instruments Annual reporting periods beginningon or after 1 January 2015

AASB 10 Consolidated Financial Statements Annual reporting periods beginningon or after 1 January 20131

AASB 11 Joint Arrangements Annual reporting periods beginningon or after 1 January 20131

AASB 12 Disclosure of Interests in Other Entities Annual reporting periods beginningon or after 1 January 20131

AASB 13 Fair Value Measurement Annual reporting periods beginningon or after 1 January 2013

AASB 119 Employee Benefits Annual reporting periods beginningon or after 1 January 2013

AASB 127 Separate Financial Statements Annual reporting periods beginningon or after 1 January 20131

AASB 128 Investments in Associates and Joint Ventures Annual reporting periods beginningon or after 1 January 20131

AASB 1053 Application of Tiers of Australian AccountingStandards

Annual reporting periods beginningon or after 1 July 2013

AASB 2012-2 Amendments to Australian Accounting Standards- Disclosures - Offsetting Financial Assets andFinancial Liabilities (Amendments to AASB 7)

Annual reporting periods beginningon or after 1 January 2013

AASB 2012-3 Amendments to Australian Accounting Standards- Offsetting Financial Assets and FinancialLiabilities (Amendments to AASB 132)


AASB 2012-5 Amendments to Australian Accounting Standardsarising from Annual Improvements 2009 - 2011cycles


1The effective date of these standards has been deferred to 01 January 2014 for not-for profit entities.

-18-




(continued)


(ab) Standards and interpretations issued but not effective for the year ending 31 December 2012 (continued)

Following an assessment of applicable new accounting standards with an effective date beginning on or after 1 January2013, and an initial review of the accounting standards with an effective date beginning on or after 1 January 2014 and 1January 2015, UNSW management is of the opinion that there will be no material implications for the operations, financialor otherwise for UNSW.

(ii) Interpretations

There are no interpretations applicable to financial reporting periods later than those ending 31 December 2012.

(ac) Rounding of amounts

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

(ad) Comparative amounts

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

(ae) Working capital

At 31 December 2012, the Group had current assets of $294,975,000 (2011: $336,431,000) and current liabilities of$372,148,000 (2011: $371,366,000).

At 31 December 2012, the parent entity had current assets of $267,096,000 (2011: $304,374,000) and current liabilities of$343,323,000 (2011: $343,316,000) - including long service leave provisions of $113,346,000 (2011: $100,966,000)expected to be settled after more than 12 months, resulting in an excess of current liabilities of $76,227,000 (2011:$38,942,000). The parent entity's non-current available-for-sale financial assets of $416,923,000 (2011: $360,585,000) arereadily convertible to cash.

-19-




(continued)

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


Notes $'000 $'000 $'000 $'000

(a) Commonwealth Grants Scheme andOther Grants 40.1Commonwealth Grants Scheme 242,889 202,617 242,889 202,617Indigenous Support Program 878 878 878 878Partnership and Participation Program 4,498 2,470 4,498 2,470Disability Support Program 189 199 189 199Capital Development Pool - 2,645 - 2,645Diversity and Structural Adjustment Fund - 261 - 261Transitional Cost Program 252 517 252 517Promotion of Excellence in Learning andTeaching 289 - 289 -Reward Funding 1,200 - 1,200 -

Total Commonwealth Grants Scheme andOther Grants 250,195 209,587 250,195 209,587

(b) Higher Education Loan Programs 40.2HECS-HELP 119,934 111,432 119,934 111,432FEE-HELP 32,658 28,160 32,658 28,160SA HELP 1,721 - 1,721 -

Total Higher Education Loan Programmes 154,313 139,592 154,313 139,592

(c) Scholarships 40.3Australian Postgraduate Awards 20,847 17,442 20,847 17,442International Postgraduate ResearchScholarships 1,858 1,745 1,858 1,745Commonwealth Education CostScholarships 3 1,666 3 1,666Commonwealth AccommodationScholarships 78 82 78 82Indigenous Access Scholarships 18 22 18 22

Total Scholarships 22,804 20,957 22,804 20,957

(d) DIISRTE Research 40.4Joint Research Engagement Program 31,481 29,405 31,481 29,405Research Training Scheme 59,155 55,556 59,155 55,556Research Infrastructure Block Grants 22,880 21,449 22,880 21,449Commercialisation Training Scheme - 617 - 617Sustainable Research Excellence inUniversities 16,512 11,593 16,512 11,593

Total DIISRTE Research Grants 130,028 118,620 130,028 118,620

(e) Other Capital Funding 40.5Education Investment Fund 17,827 45,389 17,827 45,389

Total Other Capital Funding 17,827 45,389 17,827 45,389

-20-




(continued)

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


Notes $'000 $'000 $'000 $'000

(f) Australian Research Council (ARC) 40.6(i) Discovery 40.6(a)Project 33,641 27,003 33,641 27,003Fellowships 17,805 12,904 17,805 12,904Indigenous Researchers Development 447 - 447 -Total Discovery 51,893 39,907 51,893 39,907

(ii) Linkages 40.6(b)Infrastructure 3,218 3,170 3,218 3,170Projects 14,493 15,472 14,493 15,472Total Linkages 17,711 18,642 17,711 18,642

(iii) Networks and Centres 40.6(c)Centres 2,964 6,256 2,964 6,256Total Networks and Centres 2,964 6,256 2,964 6,256

Total Australian Research Council 72,568 64,805 72,568 64,805

(g) Other Australian Government financialassistanceNon-capitalHealth and Ageing 80,124 70,586 80,124 70,586Department of Defence 55,641 53,802 55,641 53,802AUSAID 10,972 9,381 10,972 9,381Various Other Australian Government 50,566 29,665 50,566 29,665Total 197,303 163,434 197,303 163,434

CapitalHealth and Ageing 5,000 6,152 5,000 6,152Various Other Australian Government 2,500 3,317 2,500 3,317Total 7,500 9,469 7,500 9,469

Total Other Australian Government financialassistance 204,803 172,903 204,803 172,903

Total Australian Government financialassistance 852,538 771,853 852,538 771,853

ReconciliationAustralian Government grants 698,225 632,261 698,225 632,261HECS-HELP payments 119,934 111,432 119,934 111,432FEE-HELP payments 32,658 28,160 32,658 28,160SA-HELP payments 1,721 - 1,721 -

Total Australian Government financialassistance 852,538 771,853 852,538 771,853

-21-




(continued)

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


Notes $'000 $'000 $'000 $'000

(h) Australian Government Grants received- cash basisCGS and Other DIISRTE Grants 255,380 209,587 255,380 209,587Higher Education Loan Programs 154,746 144,788 154,746 144,788Scholarships 23,592 20,957 23,592 20,957DIISRTE Research 130,028 118,620 130,028 118,620Other Capital Funding 18,200 46,400 18,200 46,400ARC grants - Discovery 53,421 40,927 53,421 40,927ARC grants - Linkages 18,704 19,904 18,704 19,904ARC grants - Networks and Centres 8,966 9,777 8,966 9,777Other Australian Government Grants 222,241 171,578 222,241 171,578

Total Australian Government Grantsreceived - cash basis 885,278 782,538 885,278 782,538

OS-HELP (Net) 40.7 (60) 201 (60) 201Total Australian Government fundingreceived - cash basis 885,218 782,739 885,218 782,739

3 State and Local Government financial assistance

Consolidated Parent2012 2011 2012 2011$'000 $'000 $'000 $'000

Non-CapitalResearch financial assistance - State 27,365 25,648 27,365 25,648Research financial assistance - Local 146 185 146 185Other financial assistance 1,161 1,312 1,161 1,312

Total 28,672 27,145 28,672 27,145

Total State and Local Government financialassistance 28,672 27,145 28,672 27,145

-22-




(continued)

4 Fees and charges


Course fees and chargesFee-paying overseas students 327,523 334,246 294,189 295,413Continuing education 15,766 15,502 15,781 15,502Fee-paying domestic postgraduate students 24,673 28,881 23,720 28,881Fee-paying domestic undergraduate students 6,495 7,458 6,495 7,458

Total course fees and charges 374,457 386,087 340,185 347,254

Other non-course fees and chargesEducational measurement and testing 20,092 20,189 4,396 3,739Late fees 1,146 1,009 1,146 1,009Library fees 122 121 312 357Parking fees and fines 3,840 3,253 3,840 3,253IT fees 1,329 954 1,618 1,302Photocopying 959 940 959 940Rental charges 13,348 12,441 15,750 15,608Student accommodation 13,270 15,557 8,910 11,046Gym & Sport Fee 4,740 4,769 4,740 4,769Publication sales 666 1,544 1,018 1,350Miscellaneous sales 20,940 20,126 7,065 6,135Other services 6,898 7,218 5,052 5,286Cost recoveries1 22,029 19,357 22,883 20,437Student Service Fees from students 4,606 - 4,606 -

Total other fees and charges 113,985 107,478 82,295 75,231

Total fees and charges 488,442 493,565 422,480 422,485

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

5 Investment revenue


Investment revenueInterest 17,624 20,277 16,769 19,181Dividends 22,169 24,605 21,885 22,054Net gain on investments 144 734 296 239Total investment revenue 39,937 45,616 38,950 41,474

-23-




31 December 2012(continued)

6 Consultancy and contracts


Consultancy 10,753 13,256 5,044 6,763Contract research 46,875 44,919 45,937 44,910Total consultancy and contracts 57,628 58,175 50,981 51,673

7 Other revenue and income


Other revenueDonations, bequests and contributions1 11,636 14,897 22,681 98,776Scholarships and prizes 6,706 6,332 6,706 6,275Other external grants 2,122 5,227 2,122 5,204

Total other revenue 20,464 26,456 31,509 110,255

Other incomeSubscription 138 267 138 267Sponsorship 6,541 5,978 6,543 5,983Miscellaneous income2 8,472 3,818 4,151 2,890Refund from ATO franking credits 2,249 1,705 2,249 1,705

Total other income 17,400 11,768 13,081 10,845

Total other revenue and income 37,864 38,224 44,590 121,100

1Donations, bequests and contributions for the year ended 31 December 2012 to the Parent include contributions of $11,030,000 from

UNSW Global Pty Ltd (2011: $17,000,000) and nil disbursements received from the University of New South Wales Foundation Trust

(2011: $67,835,000).

2$4,167,000 for the year ended 31 December 2012 relates to the revaluation of Australian Technology Park Innovation Pty Ltd.

Refer to note 18.

-24-




(continued)

8 Employee related expenses


Academic1

Salaries 323,398 299,246 316,113 290,467Contribution to superannuation and pensionschemes:

Emerging cost 6,963 6,945 6,963 6,945Funded 43,655 39,775 42,692 38,714Provisions for future emerging costs (3,831) (3,745) (3,831) (3,745)

Payroll tax 20,469 19,104 19,866 18,466Workers' compensation 532 1,182 435 1,084Long service leave expense 15,609 25,787 15,179 25,181Annual leave 29,925 25,873 29,072 25,151Other 2,301 1,837 2,301 1,837

Total academic 439,021 416,004 428,790 404,100

Non-academic2

Salaries 298,259 266,508 275,486 245,112Contribution to superannuation and pensionschemes:

Emerging cost 1,993 2,144 1,993 2,144Funded 37,828 34,581 35,732 32,507Provisions for future emerging costs (8,646) 895 (8,646) 895

Payroll tax 19,232 16,848 16,917 15,532Workers' compensation 578 1,073 375 916Long service leave expense 13,191 21,648 12,516 20,779Annual leave 25,124 21,849 23,731 20,590Other 5,571 4,483 5,174 4,346

Total non-academic 393,130 370,029 363,278 342,821

Total employee related expenses 832,151 786,033 792,068 746,921

Deferred superannuation expense 1,856 2,262 1,856 2,262

Total employee related expenses, includingdeferred employment benefits for superannuation 834,007 788,295 793,924 749,183

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.

-25-




(continued)

9 Depreciation and amortisationConsolidated Parent

2012 2011 2012 2011$'000 $'000 $'000 $'000

DepreciationBuildings and student accommodation 82,016 73,951 81,544 73,347Computer equipment 11,247 10,748 10,725 10,146Motor vehicles 90 104 47 50Other equipment 18,873 16,563 18,847 16,523Library holdings 696 897 696 897

Total depreciation 112,922 102,263 111,859 100,963

AmortisationComputer software 193 94 66 14Leasehold improvements 1,623 1,494 1,580 1,435Patents 171 187 - -Digitalised library research collections 51 - 51 -

Total amortisation 2,038 1,775 1,697 1,449

Total depreciation and amortisation 114,960 104,038 113,556 102,412

10 Repairs and maintenanceConsolidated Parent

2012 2011 2012 2011$'000 $'000 $'000 $'000

Service contracts 11,135 11,130 10,949 11,027Buildings 11,574 12,386 10,900 11,980Other equipment 3,255 4,368 3,236 4,341Total repairs and maintenance 25,964 27,884 25,085 27,348

11 Borrowing costsConsolidated Parent

2012 2011 2012 2011$'000 $'000 $'000 $'000

Interest expense 3,901 4,340 3,901 4,340Total borrowing costs 3,901 4,340 3,901 4,340

-26-




(continued)

12 Impairment of assetsConsolidated Parent

2012 2011 2012 2011$'000 $'000 $'000 $'000

Student debtors 852 821 852 821Sundry debtors (282) 589 (293) 351Loans and other receivables 9,500 - 9,500 5,563Available-for-sale and other financial assets 599 13,573 695 11,611Property, plant and equipment (202) 45 (202) 45Intangible assets 1,086 910 - -Investments in associates - 26 - -Total impairment of assets 11,553 15,964 10,552 18,391

13 Other expenses


Scholarships, grants and prizes 100,205 94,791 100,715 95,505Non-capitalised equipment 41,298 37,346 41,195 37,241Advertising, marketing and promotional expenses 14,124 14,235 12,326 12,724Audit fees 1,090 1,181 461 546Consumables 33,850 32,335 32,409 30,881Travel and entertainment 41,106 39,707 40,115 38,737Catering expenses 5,365 5,179 5,349 5,156Commission to agents 15,616 15,927 11,859 10,953Contract services (including consultants) 124,199 118,944 119,464 113,620Cost of books sold 7,255 8,835 - -Energy and utilities 13,650 11,659 13,296 11,308Fees and charges 5,239 6,314 4,601 5,758Freight and carriage 4,599 3,727 2,051 1,655Operating lease expenses 11,263 11,278 8,981 9,073Insurance 3,716 3,610 3,713 3,605Licence fees 14,469 12,053 14,341 11,978Overheads - postage and telephone 9,582 9,407 9,271 8,938Residential 3,115 3,277 165 260Net foreign exchange gains (174) (649) (336) (730)Forgiveness of loans1 - - 5,815 -Other operating expenses2 13,520 2,991 11,481 1,609Total other expenses 463,087 432,147 437,272 398,817

1Refer to note 16(c).2Other operating expenses include $10,043,000 relating to a retail buyout agreement with Arc @ UNSW Limited.

-27-




31 December 2012(continued)

14 Income taxConsolidated

2012 2011$'000 $'000

(a) Income tax expense

Current tax 58 78

Income tax expense is attributable to:- Operating result from continuing operations 58 78Aggregate income tax expense 58 78

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

Operating result before income tax 92,844 88,964Tax at the Australian tax rate of 30% (2011: 30%) 27,853 26,689

Tax effect of amounts which are not deductible/(taxable) in calculating taxable income:Net income of tax exempt entities (27,831) (26,526)Different tax rates applicable in other jurisdictions (24) (85)Adjustment for current tax of prior periods 25 -Current year temporary difference not recognised 35 -Total income tax expense 58 78

15 Cash and cash equivalents


Cash at bank and on hand 59,374 36,383 40,845 28,263Deposits at call and investments originally maturingwithin three months 13,932 58,225 332 39,625Total cash and cash equivalents 73,306 94,608 41,177 67,888

(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 the statementof cash flows.

(b) Cash at bank

The average interest rate was 3.39% (2011: 4.88%) per annum.

(c) Deposits at call

The average interest rate was 5.04% (2011: 5.49%) per annum.

-28-




(continued)

16 Receivables


Notes $'000 $'000 $'000 $'000

CurrentSundry debtors 37,364 38,628 32,519 34,151Less: Provision for impaired receivables (1,129) (2,580) (659) (1,470)

36,235 36,048 31,860 32,681

Student debtors 3,993 3,634 3,993 3,634Less: Provision for impaired receivables (1,371) (1,161) (1,371) (1,161)

2,622 2,473 2,622 2,473

Loans and other receivables1 - - 11,280 10,932Less: Provision for impaired loans - - - (10,682)

- - 11,280 250

Sundry advances 794 1,009 751 958Accrued income 8,998 9,002 9,640 9,926Payments in advance 25,197 26,906 23,774 25,958Investment income receivable 2,234 4,140 2,232 4,137

Total current receivables 76,080 79,578 82,159 76,383

Non-currentDeferred government contribution forsuperannuation 39(b) 1,058,719 960,312 1,058,719 960,312Less: Provision for impaired receivables 39(b) (9,500) - (9,500) -

1,049,219 960,312 1,049,219 960,312

Other 679 119 649 67Total non-current receivables 1,049,898 960,431 1,049,868 960,379

Total receivables 1,125,978 1,040,009 1,132,027 1,036,762

1As at 31 December 2012, loans and other receivables include contributions of $11,030,000 from UNSW Global Pty Ltd, refer to note 7.

(a) Impaired receivables

Terms of trade are 30 days. As at 31 December 2012, current receivables of the Group and the parent entity with anominal value of $6,515,000 and $6,038,000, respectively (2011: $8,772,000 and $7,662,000, respectively) wereassessed for impairment. The amount of the provision is disclosed in note 16(c).

For student and non-government debtors, the Group has provided fully for all receivables over 365 days because historicalinformation indicates that these are not generally recoverable. For government and semi-government receivables, theGroup has provided 30 per cent (2011: 30 per cent) on its outstanding amounts based on past default experience. Pastdue receivables between 61 days to 365 days have been provided an impairment charge based on estimatedirrecoverable amounts by reference to past default experience.

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


91 - 180 days 3,887 4,679 3,707 4,458181 - 270 days 555 592 510 491271 - 365 days 1,203 1,218 1,152 1,188over 365 days 870 2,283 669 1,525

6,515 8,772 6,038 7,662

-29-




(continued)

16 Receivables (continued)

(b) Past due but not impaired receivables

As at 31 December 2012, current receivables of the Group and the parent entity with a nominal value of $11,406,000 and$10,261,000 respectively (2011: $11,323,000 and $9,971,000 respectively) were past due but not impaired. These relateto a number of government and semi-government customers for whom there is no recent history of default.

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


31 - 60 days 7,756 4,948 6,964 4,07061 - 90 days 1,862 3,658 1,666 3,33091 - 180 days 1,698 1,976 1,595 1,830181 - 270 days 90 741 36 741

11,406 11,323 10,261 9,971

(c) Movements

Movements in the provision for impaired receivables are as follows:


Sundry debtorsOpening balance at 1 January 2,580 2,650 1,470 1,502Provision for impairment added during the year (282) 589 (293) 351Receivables written off during the year (1,169) (659) (518) (383)Closing balance at 31 December 1,129 2,580 659 1,470

Student debtorsOpening balance at 1 January 1,161 809 1,161 809Provision for impairment added during the year 852 821 852 821Receivables written off during the year (642) (469) (642) (469)Closing balance at 31 December 1,371 1,161 1,371 1,161

Loans and other receivables1

Opening balance at 1 January - - 10,682 5,119Provision for impairment added during the year - - 5,815 5,563Loans written off during the year - - (16,497) -Closing balance at 31 December - - - 10,682

Deferred government contribution forsuperannuationOpening balance at 1 January - - - -Provision for impairment added during the year 9,500 - 9,500 -Closing balance at 31 December 9,500 - 9,500 -

The creation and release of the provision for impaired receivables has been included in ‘impairment of assets' in theincome statement, refer to note 12. Amounts charged to the provision account are generally written off when there is noexpectation of recovering additional cash.

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

1As at 31 December 2012, UNSW agreed to release NewSouth Innovations Pty Ltd from its obligation to repay the loan amounts

outstanding, totalling principal and interest of $16,497,000, which includes $5,815,000 for the current year, which has been reclassified

from Impairment of assets to Other expenses (refer to note 13).

-30-




(continued)

17 Non-current assets classified as held-for-sale


Student accommodation - 4,074 - 4,074Total non-current assets classified as held for sale - 4,074 - 4,074

The properties are located at 78-82 Bay Street, Botany, NSW and were sold in 2012.

18 Investments accounted for using the equity method


Investments in associates accounted for using theequity method 4,744 387 - -

ReconciliationOpening balance at 1 January 387 368 - -Share of profit for the year 190 45 - -Impairment (charge)/reversal 4,167 (26) - -Closing balance at 31 December 4,744 387 - -

(a) Details of investments accounted for using the equity method

Associates DescriptionOwnership

Interest2012

%2011

%

- Dosimetry & Imaging Pty Ltd Biotec 40.00 40.00- Acyte Biotech Pty Ltd Biotec 43.01 43.01- Australian Technology Park Innovation Pty Ltd Facilitation of

commercialisation of start upcompanies 25.00 25.00

- DigitalCore Pty Ltd1 IT 9.70 9.70- BioParticle Technologies Pty Ltd Medical 35.06 35.06- Bionic Vision Technologies Pty Ltd Medical 40.00 40.00- Randwick Health and Medical Research Institute Medical 30.00 30.00

1The Group retains 20% representation on the Board of Digital Core Laboratories Pty Ltd and is therefore considered to have significant

influence over the entity's operations.

-31-




(continued)

18 Investments accounted for using the equity method (continued)

(b) Summarised financial information in respect of associates is set out below:


Financial PositionTotal assets 24,610 22,015 - -Total liabilities 4,025 2,709 - -Net assets 20,585 19,306 - -Share of associates' net assets 5,270 4,892 - -

Financial PerformanceTotal revenue 5,365 2,940 - -Total expenses 5,623 5,934 - -Loss (258) (2,994) - -

Share of associates' profit 190 45 - -

Contingent liabilities and capital commitments arising from the Group's interests in associates and joint ventures aredisclosed in notes 33 and 34 respectively.

-32-




(continued)

19 Available-for-sale financial assets


Non-currentUnlisted unit trusts - Listed domestic equities (a) 175,155 146,526 172,013 143,937 - Unlisted domestic/international fixed interest (b) 161,632 151,225 158,759 148,610 - Listed international equities (a) 84,743 69,261 83,295 68,033Listed equities (c) 9 32 - 5Unlisted equities (d) 5,144 2,276 2,856 -Total non-current available-for-sale financial assets 426,683 369,320 416,923 360,585

Total available-for-sale financial assets 426,683 369,320 416,923 360,585

The movement in the available-for-sale financial assets revaluation reserves are detailed in note 30(a).

(a) Unlisted unit trusts - listed equities

Unlisted unit trusts are measured at year end by reference to the exit prices declared by fund managers. The fundmanagers measure the listed equities at year end by reference to published price quotations in an active market.

(b) Unlisted unit trusts - unlisted domestic/international fixed interest

Unlisted fixed interest unit trusts are measured at year end by reference to the exit prices declared by fund managers.

(c) Listed equities

The fair value of listed available-for-sale investments is determined by reference to published price quotations in an activemarket.

(d) Unlisted equities

Unlisted equities are measured at year end at fair value.

-33-




(continued)

20 Held-to-maturity investments


CurrentTerm deposit (a) 138,438 155,999 138,438 155,999Bonds (b) 4,995 - 4,995 -Total current held-to-maturity investments 143,433 155,999 143,433 155,999

Non-currentTerm deposit (a) - 2,156 - 2,156Bonds (b) 5,254 10,242 5,254 10,242Total non-current held-to-maturity investments 5,254 12,398 5,254 12,398

Total held-to-maturity investments 148,687 168,397 148,687 168,397

(a) Term deposit

The average interest rate for 2012 was 4.90% (2011: current 6.05% and non-current 9.06%).

(b) Bonds

Bonds include a 5 year bond of $5,000,000 (nominal value) at coupon rate of 8.50% per annum and a 10 year bond of$5,250,000 (nominal value) at coupon rate of 10.00% per annum.

21 Derivative financial instruments


Current assetsForward foreign exchange contracts 327 30 327 30Total current derivative financial instruments 327 30 327 30

Non-current assetsForward foreign exchange contracts 38 3 38 3Total non-current derivative financial instruments 38 3 38 3

Total derivative financial instruments - assets 365 33 365 33

Current liabilitiesForward foreign exchange contracts 359 1,582 359 1,582Total current derivative financial instruments 359 1,582 359 1,582

Non-current liabilitiesForward foreign exchange contracts - 28 - 28Total non-current derivative financial instruments - 28 - 28

Total derivative financial instruments - liabilities 359 1,610 359 1,610

Net derivative financial instrumentsassets/(liabilities) 6 (1,577) 6 (1,577)

-34-




(continued)

21 Derivative financial instruments (continued)

The Group is party to derivative financial instruments in the normal course of business in order to hedge exposure tofluctuations in foreign exchange rates in accordance with the Group’s financial risk management policies, refer to note 38.

The parent entity 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 the income statementas part of net foreign exchange gains/losses.

Information about the Group’s and the parent entity’s exposure to foreign exchange risk is provided in note 38.

22 Other financial assets


Non-currentUnlisted companies (a) 5 6 97 6Unincorporated venture capital investment (b) 4,462 3,928 4,462 3,928Total non-current other financial assets 4,467 3,934 4,559 3,934

(a) Unlisted companies

The Group's and the parent entity's investments are shown at cost less impairment losses.

(b) Unincorporated venture capital investment

The unincorporated venture capital investment represents the parent entity's investment in University Innovation andInvestment Trust No. 3 which is shown at cost less impairment losses.

-35-


Th

e U

niv

ers

ity o

f N

ew

So

uth

Wa

les

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts3

1 D

ec

em

be

r 2

01

2(c

on

tin

ue

d)

23

Pro

pe

rty,

pla

nt

an

d e

qu

ipm

en

t

Conso

lidate

dW

ork

in

pro

gre

ssLand

Stu

dent

acc

om

mo

da

tion

Build

ings

Work

s of art

Com

pute

requip

ment

Moto

rve

hic

les

Lease

hold

impro

vem

ents

Oth

er

equip

ment

Lib

rary

hold

ings

Rare

books

To

tal

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

At

1 J

an

uary

2011

Cost

67,2

54

--

--

51,7

79

1,1

08

-183,6

45

87,7

51

-391,5

37

Valu

atio

n-

246,2

28

144,4

37

1,8

22,4

59

7,3

32

--

19,9

07

--

15,0

36

2,2

55,3

99

Acc

um

ula

ted d

epre

ciatio

n-

-(1

7,3

75)

(991,8

61)

-(2

8,5

40)

(677)

(8,3

22)

(93,9

85)

(83,7

18)

-(1

,224,4

78)

Acc

um

ula

ted im

pairm

ent

--

--

--

--

(865)

--

(865)

Net book

am

ount

67,2

54

246,2

28

127,0

62

830,5

98

7,3

32

23,2

39

431

11,5

85

88,7

95

4,0

33

15,0

36

1,4

21,5

93

Mo

vem

en

ts:

Co

st:

A

dditi

ons

176,4

22

-1,7

02

-26

7,9

98

-157

37,9

09

946

-225,1

60

Ass

et dis

posa

ls-

--

-(3

0)

(4,2

34)

(145)

(1,5

20)

(7,8

15)

--

(13,7

44)

Recl

ass

ified to a

sset held

for

sale

--

(5,0

89)

--

--

--

--

(5,0

89)

Tra

nsf

ers

(58,9

53)

-10,7

70

45,1

74

--

-3,0

09

--

--

Exc

hange d

iffere

nce

s-

--

5-

4-

-1

--

10

Revalu

ati

on

:A

dju

stm

ent to

cost

and v

alu

atio

n-

600

14,7

55

21,4

51

83

--

772

--

317

37,9

78

Adju

stm

ent to

acc

um

ula

ted d

epre

ciatio

n-

-(1

1,7

62)

13,3

64

--

-(7

)-

--

1,5

95

Dep

recia

tio

n/im

pair

men

t:A

dditi

onal d

epre

ciatio

n c

harg

es

--

(2,0

09)

(71,9

42)

-(1

0,7

48)

(104)

(1,4

94)

(16,5

63)

(897)

-(1

03,7

57)

Write

back

for

ass

et dis

pose

d-

--

--

4,1

88

137

608

6,5

25

--

11,4

58

Exc

hange d

iffere

nce

s-

--

(6)

-(1

)-

-(2

)-

-(9

)A

ssets

cla

ssifi

ed a

s held

for

sale

--

1,0

15

--

--

--

--

1,0

15

(Im

pairm

ent ch

arg

es)

/reve

rsal o

fim

pairm

ent

--

--

--

--

(45)

--

(45)

Clo

sing n

et book

am

ount

184,7

23

246,8

28

136,4

44

838,6

44

7,4

11

20,4

46

319

13,1

10

108,8

05

4,0

82

15,3

53

1,5

76,1

65

At

31 D

ecem

ber

2011

Cost

184,7

23

--

--

55,5

47

963

-213,7

40

88,6

97

-543,6

70

Valu

atio

n-

246,8

28

166,5

75

1,8

89,0

89

7,4

11

--

22,3

25

--

15,3

53

2,3

47,5

81

Acc

um

ula

ted d

epre

ciatio

n-

-(3

0,1

31)

(1,0

50,4

45)

-(3

5,1

01)

(644)

(9,2

15)

(104,0

25)

(84,6

15)

-(1

,314,1

76)

Acc

um

ula

ted im

pairm

ent

--

--

--

--

(910)

--

(910)

Net book

am

ount

184,7

23

246,8

28

136,4

44

838,6

44

7,4

11

20,4

46

319

13,1

10

108,8

05

4,0

82

15,3

53

1,5

76,1

65

-36

-

No

tes

to t

he

fin

anci

al s

tate

men

ts31

Dec

embe

r 201

2


Th

e U

niv

ers

ity o

f N

ew

So

uth

Wa

les

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts3

1 D

ec

em

be

r 2

01

2(c

on

tin

ue

d)

23

Pro

pe

rty,

pla

nt

an

d e

qu

ipm

en

t(c

on

tin

ue

d)

Co

nso

lid

ate

dW

ork

in

pro

gre

ss

Lan

dS

tud

en

tacco

mm

od

ati

on

Bu

ild

ing

sW

ork

s o

f art

Co

mp

ute

req

uip

men

tM

oto

rveh

icle

sL

easeh

old

imp

rovem

en

tsO

ther

eq

uip

men

tL

ibra

ryh

old

ing

sR

are

bo

oks

To

tal

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

At

1 J

an

uary

2012

Cost

184,7

23

--

--

55,5

47

963

-213,7

40

88,6

97

-543,6

70

Valu

atio

n-

246,8

28

166,5

75

1,8

89,0

89

7,4

11

--

22,3

25

--

15,3

53

2,3

47,5

81

Acc

um

ula

ted d

epre

ciatio

n-

-(3

0,1

31)

(1,0

50,4

45)

-(3

5,1

01)

(644)

(9,2

15)

(104,0

25)

(84,6

15)

-(1

,314,1

76)

Acc

um

ula

ted im

pairm

ent

--

--

--

--

(910)

--

(910)

Net book

am

ount

184,7

23

246,8

28

136,4

44

838,6

44

7,4

11

20,4

46

319

13,1

10

108,8

05

4,0

82

15,3

53

1,5

76,1

65

Mo

vem

en

ts:

Co

st:

Additi

ons

200,6

08

-3,6

62

-34

5,6

93

497

24

30,4

16

1,0

13

-241,9

47

Ass

et dis

posa

ls-

--

--

(3,7

57)

(284)

-(7

,957)

--

(11,9

98)

Tra

nsf

ers

(143,6

66)

-3,0

64

140,1

82

--

-420

--

--

Exc

hange d

iffere

nce

--

--

-3

--

--

-3

Revalu

ati

on

:A

dju

stm

ent to

cost

and v

alu

atio

n-

81

10,2

44

33,5

24

(2,2

53)

--

(735)

--

(3,5

54)

37,3

07

Adju

stm

ent to

acc

um

ula

ted d

epre

ciatio

n-

-(4

,703)

13,9

45

--

-1,5

67

--

-10,8

09

Dep

recia

tio

n/im

pair

men

t:A

dditi

onal d

epre

ciatio

n c

harg

es

--

(2,2

95)

(79,7

21)

-(1

1,2

47)

(90)

(1,6

23)

(18,8

73)

(696)

-(1

14,5

45)

Write

back

for

ass

et dis

pose

d-

--

--

3,4

41

190

-6,5

74

--

10,2

05

Exc

hange d

iffere

nce

s-

--

(3)

-(3

)-

--

--

(6)

(Im

pairm

ent ch

arg

es)

/reve

rsal o

fim

pairm

ent

--

--

--

--

202

--

202

Clo

sing n

et book

am

ount

241,6

65

246,9

09

146,4

16

946,5

71

5,1

92

14,5

76

632

12,7

63

119,1

67

4,3

99

11,7

99

1,7

50,0

89

At

31 D

ecem

ber

2012

Cost

241,6

65

--

--

57,4

86

1,1

76

-236,1

99

89,7

10

-626,2

36

Valu

atio

n-

246,9

09

183,5

45

2,0

62,7

95

5,1

92

--

22,0

34

--

11,7

99

2,5

32,2

74

Acc

um

ula

ted d

epre

ciatio

n-

-(3

7,1

29)

(1,1

16,2

24)

-(4

2,9

10)

(544)

(9,2

71)

(116,3

24)

(85,3

11)

-(1

,407,7

13)

Acc

um

ula

ted im

pairm

ent

--

--

--

--

(708)

--

(708)

Net book

am

ount

241,6

65

246,9

09

146,4

16

946,5

71

5,1

92

14,5

76

632

12,7

63

119,1

67

4,3

99

11,7

99

1,7

50,0

89

-37

-

No

tes

to t

he

fin

anci

al s

tate

men

ts31

Dec

embe

r 201

2


Th

e U

niv

ers

ity o

f N

ew

So

uth

Wa

les

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts3

1 D

ec

em

be

r 2

01

2(c

on

tin

ue

d)

23

Pro

pe

rty,

pla

nt

an

d e

qu

ipm

en

t(c

on

tin

ue

d)

Pare

nt

Work

in

pro

gre

ssLand

Stu

dent

acc

om

modatio

nB

uild

ings

Work

s of art

Com

pute

requip

ment

Moto

r ve

hic

les

Lease

hold

impro

vem

ents

Oth

er

equip

ment

Lib

rary

hold

ings

Rare

books

Tota

l$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

At

1 J

an

uary

2011

Cost

67,2

54

--

--

47,7

62

708

-182,0

28

87,7

51

-385,5

03

Valu

atio

n-

246,2

28

144,4

37

1,8

14,7

06

7,2

97

--

18,2

53

--

15,0

36

2,2

45,9

57

Acc

um

ula

ted d

epre

ciatio

n-

-(1

7,3

75)

(988,0

39)

-(2

5,4

82)

(437)

(7,5

81)

(92,6

45)

(83,7

18)

-(1

,215,2

77)

Acc

um

ula

ted im

pairm

ent

--

--

--

--

(865)

--

(865)

Net book

am

ount

67,2

54

246,2

28

127,0

62

826,6

67

7,2

97

22,2

80

271

10,6

72

88,5

18

4,0

33

15,0

36

1,4

15,3

18

Mo

vem

en

ts:

Co

st:

Additi

ons

176,2

59

-1,7

02

346

26

7,6

27

-11

37,8

76

946

-224,7

93

Ass

et dis

posa

ls-

--

--

(3,8

24)

(70)

-(6

,706)

--

(10,6

00)

Recl

ass

ified fro

m a

sset held

for

sale

--

(5,0

89)

--

--

--

--

(5,0

89)

Tra

nsf

ers

(58,7

90)

-10,7

70

45,0

11

--

-3,0

09

--

--

Revalu

ati

on

:A

dju

stm

ent to

cost

and v

alu

atio

n-

600

14,7

55

21,4

51

83

--

772

--

317

37,9

78

Adju

stm

ent to

acc

um

ula

ted d

epre

ciatio

n-

-(1

1,7

62)

13,3

64

--

-(7

)-

--

1,5

95

Dep

recia

tio

n/im

pair

men

t:A

dditi

onal d

epre

ciatio

n c

harg

es

--

(2,0

09)

(71,3

38)

-(1

0,1

46)

(50)

(1,4

35)

(16,5

23)

(897)

-(1

02,3

98)

Write

back

for

ass

et dis

pose

d-

--

--

3,7

84

62

-5,5

85

--

9,4

31

Ass

ets

cla

ssifi

ed a

s held

for

sale

--

1,0

15

--

--

--

--

1,0

15

(Im

pairm

ent ch

arg

es)

/reve

rsal o

fim

pairm

ent

--

--

--

--

(45)

--

(45)

Clo

sing n

et book

am

ount

184,7

23

246,8

28

136,4

44

835,5

01

7,4

06

19,7

21

213

13,0

22

108,7

05

4,0

82

15,3

53

1,5

71,9

98

At

31 D

ecem

ber

2011

Cost

184,7

23

--

--

51,5

65

638

-213,1

98

88,6

97

-538,8

21

Valu

atio

n-

246,8

28

166,5

75

1,8

81,5

14

7,4

06

--

22,0

45

--

15,3

53

2,3

39,7

21

Acc

um

ula

ted d

epre

ciatio

n-

-(3

0,1

31)

(1,0

46,0

13)

-(3

1,8

44)

(425)

(9,0

23)

(103,5

83)

(84,6

15)

-(1

,305,6

34)

Acc

um

ula

ted im

pairm

ent

--

--

--

--

(910)

--

(910)

Net book

am

ount

184,7

23

246,8

28

136,4

44

835,5

01

7,4

06

19,7

21

213

13,0

22

108,7

05

4,0

82

15,3

53

1,5

71,9

98

-38

-

No

tes

to t

he

fin

anci

al s

tate

men

ts31

Dec

embe

r 201

2


No

tes

to t

he

fin

anci

al s

tate

men

ts31

Dec

embe

r 201

2T

he

Un

ive

rsit

y o

f N

ew

So

uth

Wa

les

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts3

1 D

ec

em

be

r 2

01

2(c

on

tin

ue

d)

23

Pro

pe

rty,

pla

nt

an

d e

qu

ipm

en

t(c

on

tin

ue

d)

Pare

nt

Wo

rk in

pro

gre

ss

Lan

dS

tud

en

tacco

mm

od

ati

on

Bu

ild

ing

sW

ork

s o

f art

Co

mp

ute

req

uip

men

tM

oto

rveh

icle

sL

easeh

old

imp

rovem

en

tsO

ther

eq

uip

men

tL

ibra

ryh

old

ing

sR

are

bo

oks

To

tal

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

At

1 J

an

uary

2012

Cost

184,7

23

--

--

51,5

65

638

-213,1

98

88,6

97

-538,8

21

Valu

atio

n-

246,8

28

166,5

75

1,8

81,5

14

7,4

06

--

22,0

45

--

15,3

53

2,3

39,7

21

Acc

um

ula

ted d

epre

ciatio

n-

-(3

0,1

31)

(1,0

46,0

13)

-(3

1,8

44)

(425)

(9,0

23)

(103,5

83)

(84,6

15)

-(1

,305,6

34)

Acc

um

ula

ted im

pairm

ent

--

--

--

--

(910)

--

(910)

Net book

am

ount

184,7

23

246,8

28

136,4

44

835,5

01

7,4

06

19,7

21

213

13,0

22

108,7

05

4,0

82

15,3

53

1,5

71,9

98

Mo

vem

en

ts:

Co

st:

Additi

ons

200,5

59

-3,6

62

-34

5,1

03

497

24

30,3

82

1,0

13

-241,2

74

Ass

et dis

posa

ls-

--

--

(3,4

54)

(255)

-(7

,924)

--

(11,6

33)

Tra

nsf

ers

(143,6

17)

-3,0

64

140,1

33

--

-420

--

--

Revalu

ati

on

:A

dju

stm

ent to

cost

and v

alu

atio

n-

81

10,2

44

33,5

24

(2,2

53)

--

(735)

--

(3,5

54)

37,3

07

Adju

stm

ent to

acc

um

ula

ted d

epre

ciatio

n-

-(4

,703)

13,9

45

--

-1,5

67

--

-10,8

09

Dep

recia

tio

n/im

pair

men

t:A

dditi

onal d

epre

ciatio

n c

harg

es

--

(2,2

95)

(79,2

49)

-(1

0,7

25)

(47)

(1,5

80)

(18,8

47)

(696)

-(1

13,4

39)

Write

back

for

ass

et dis

pose

d-

--

--

3,1

50

161

-6,5

58

--

9,8

69

(Im

pairm

ent ch

arg

es)

/reve

rsal o

fim

pairm

ent

--

--

--

--

202

--

202

Clo

sing n

et book

am

ount

241,6

65

246,9

09

146,4

16

943,8

54

5,1

87

13,7

95

569

12,7

18

119,0

76

4,3

99

11,7

99

1,7

46,3

87

At

31 D

ecem

ber

2012

Cost

241,6

65

--

--

53,2

14

880

-235,6

56

89,7

10

-621,1

25

Valu

atio

n-

246,9

09

183,5

45

2,0

55,1

71

5,1

87

--

21,7

54

--

11,7

99

2,5

24,3

65

Acc

um

ula

ted d

epre

ciatio

n-

-(3

7,1

29)

(1,1

11,3

17)

-(3

9,4

19)

(311)

(9,0

36)

(115,8

72)

(85,3

11)

-(1

,398,3

95)

Acc

um

ula

ted im

pairm

ent

--

--

--

--

(708)

--

(708)

Net book

am

ount

241,6

65

246,9

09

146,4

16

943,8

54

5,1

87

13,7

95

569

12,7

18

119,0

76

4,3

99

11,7

99

1,7

46,3

87

-39

-




(continued)

23 Property, plant and equipment (continued)

(a) Valuations of land and student accommodation

The valuation basis of land is fair value based on an 'in use' basis. The valuation basis of student accommodation is fairvalue on a 'highest best use' basis, being 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 same location andcondition. The revaluations for 2012 were based on independent assessments by CBRE Valuations Pty Ltd as at 31December 2012.

(b) Valuations of buildings and leasehold improvements

The valuation basis of buildings and leasehold improvements is depreciated replacement cost. The 2012 revaluationswere based on independent assessments by CBRE Valuations Pty Ltd as at 31 December 2012.

(c) Valuations of rare books

The valuation basis of rare books is fair value, being the amounts for which the assets could be exchanged between willingparties in an arm's length transaction, based on current prices in an active market. The revaluation was carried out byMcWilliam & Associates Pty Ltd as at 31 December 2012.

(d) Valuations of works of art

The valuation basis of works of art is fair value, being 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 revaluation was carried outby McWilliam & Associates Pty Ltd as at 31 December 2012.

(e) Leasing arrangements

Certain parts of freehold land, buildings and student accommodation are leased to tenants under short-term and long-termoperating leases with rentals payable monthly.

Minimum lease payments by lessees to the Group and the parent entity (exclusive of GST) under non-cancellableoperating leases of properties not recognised in the financial statements are receivable as follows:


Within one year 5,128 3,199 7,613 5,612Later than one year but no later than five years 13,086 7,189 16,491 12,987Later than five years 6,175 6,786 6,175 6,786

Net book amount 24,389 17,174 30,279 25,385

Total GST payable (at 10%) 2,417 1,709 3,006 2,530

-40-




(continued)

24 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 and commissionstudent 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 concession period for theland making up the site. The parent entity retains the legal title to the land. The arrangement is treated as an operatinglease with the parent entity being a lessor and the land is leased at a peppercorn rent. The land is recorded at fair value atthe balance sheet date.

Management estimates that the fair value of the student accommodation at the end of the concession period will 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 andcommission student accommodation and maintain, manage and operate it for a period of 49 years.

During 2009 the parent entity granted to New College Postgraduate Village a 49 year lease, the concession period for theland making up the site. The parent entity retains the legal title to the land. The arrangement is treated as an operatinglease with the parent entity being a lessor and the land is leased at a peppercorn rent. The land is recorded at fair value atthe balance sheet date.

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

-41-




(continued)

25 Intangible assets

ConsolidatedWork in

progress PatentComputersoftware

Digitalisedlibrary

researchcollections Total

$'000 $'000 $'000 $'000 $'000

At 1 January 2011Cost 1,904 8,258 38,234 - 48,396Accumulated amortisationand impairment - (6,974) (38,183) - (45,157)Net book amount 1,904 1,284 51 - 3,239

MovementsAdditions 7,201 1,437 51 - 8,689Disposals - (1,951) (15) - (1,966)Write back of assets - 31 - - 31Transfer (520) - 520 - -

Accumulated amortisationand impairment:Amortisation charge - (187) (94) - (281)Write back of amortisationand impairment on disposal - 1,774 15 - 1,789Impairment charge - (910) - - (910)Exchange difference - - (1) - (1)Closing net book amount 8,585 1,478 527 - 10,590

At 31 December 2011Cost 8,585 7,775 38,789 - 55,149Accumulated amortisationand impairment - (6,297) (38,262) - (44,559)Net book amount 8,585 1,478 527 - 10,590

MovementsAdditions 14,476 1,218 942 1,526 18,162Disposals - (505) - - (505)Transfer (12) - 12 - -

Accumulated amortisationand impairment:Amortisation charge - (171) (193) (51) (415)Write back of amortisationand impairment on disposal - 319 - - 319Impairment charge - (1,086) - - (1,086)Closing net book amount 23,049 1,253 1,288 1,475 27,065

At 31 December 2012Cost 23,049 8,488 39,743 1,526 72,806Accumulated amortisationand impairment - (7,235) (38,455) (51) (45,741)Net book amount 23,049 1,253 1,288 1,475 27,065

-42-




(continued)

25 Intangible assets (continued)

ParentWork in

progressComputersoftware

Digitalisedlibrary

researchcollections Total

$'000 $'000 $'000 $'000

At 1 January 2011Cost 1,437 37,239 - 38,676Accumulated amortisationand impairment - (37,225) - (37,225)Net book amount 1,437 14 - 1,451

MovementsAdditions 6,965 - - 6,965Amortisation charge - (14) - (14)Closing net book amount 8,402 - - 8,402

At 31 December 2011Cost 8,402 37,239 - 45,641Accumulated amortisationand impairment - (37,239) - (37,239)Net book amount 8,402 - - 8,402

MovementsAdditions 14,167 758 1,526 16,451Amortisation charge - (66) (51) (117)Closing net book amount 22,569 692 1,475 24,736

At 31 December 2012Cost 22,569 37,997 1,526 62,092Accumulated amortisationand impairment - (37,305) (51) (37,356)Net book amount 22,569 692 1,475 24,736

26 Trade and other payables


CurrentOS-HELP liability to Australian Government - 33 - 33Sundry creditors 33,121 35,462 29,200 32,460Accrued expenses 31,388 32,576 28,410 29,231Employee related liabilities 30,756 24,137 30,053 22,760Other payables 851 699 851 709

Total current trade and other payables 96,116 92,907 88,514 85,193

-43-




(continued)

27 Borrowings


CurrentUnsecured

Financing arrangement (a) 384 278 384 278Loans from ANZ bank (b) 3,518 23,820 3,518 23,820

Total current unsecured borrowings 3,902 24,098 3,902 24,098

Non-currentUnsecured

Loans from ANZ bank (b) 16,869 - 16,869 -Financing arrangement (a) 40,227 40,612 40,227 40,612

Total non-current unsecured borrowings 57,096 40,612 57,096 40,612

Total borrowings 60,998 64,710 60,998 64,710

(a) Financing arrangement

On 15 December 2006 an agreement was signed with Westpac, in which the parent entity granted a 99 year ground leaseover 222-227 Anzac Parade to Westpac Office Trust for an amount of $41,000,000 (excluding GST), and agreed to take alease-back on the property for an initial period of 25 years. The parent entity also holds two ten year options. The lease-back transaction is a “triple net lease” with the parent entity being responsible for all outgoings, management and capitalexpenditure/maintenance expenditure for the full period of the lease-back periods. The transaction was completed on 12January 2007.

On 22 December 2009, Westpac Office Trust sold the rights and assigned their rights and obligations under the tenancylease agreements.

The parent entity has retained the significant risks and rewards of ownership of the property, thus it has treated thetransaction as a financing arrangement. Funds received under the transaction have been disclosed as an interest bearingliability. Payments of “rent” under the lease-back agreement have been treated as interest and principal repayments. Thebuilding will continue to be carried in accordance with the parent entity’s accounting policy for property, plant andequipment.

As at 31 December 2012, the maturity analysis of the borrowing costs and principal repayments was as follows:


Within one year 2,930 2,846 2,930 2,846Later than one year but not later than five years 12,626 12,259 12,626 12,259Later than five years 58,183 61,480 58,183 61,480Borrowing costs (33,128) (35,695) (33,128) (35,695)Total 40,611 40,890 40,611 40,890

Within one year 384 278 384 278Later than one year but not later than five years 2,795 2,270 2,795 2,270Later than five years 37,432 38,342 37,432 38,342Present value of loan principal 40,611 40,890 40,611 40,890

-44-




(continued)

27 Borrowings (continued)

(b) Loans from ANZ bank

Following the closure of UNSW Asia in 2007, its loan has been assigned to the parent entity and it was subsequentlyrenegotiated to be repaid on quarterly instalments over a notional term of 10 years until July 2018. The loan facility wasdue to mature in February 2012. In January 2012, the loan facility was extended to February 2015.

On 1 December 2008, an additional loan was secured from the ANZ bank to be repaid quarterly over a notional term of 10years until December 2018. The proceeds of these loans were used to repay the Economic Development Board,Singapore (EDB) loan and to pay an instalment due under the EDB grant. The loan facility was due to mature in November2012. The loan facility has been extended to mature in February 2015.

These loans bear an average interest rate of 4.93% (2011: 5.63%).

(c) Assets pledged as security

The Group and parent entity had no assets pledged as security in 2012 and 2011.

(d) Credit standby arrangements

The Group and the parent entity did not have any undrawn borrowing facilities at the balance sheet date.

(e) Fair value

The carrying amounts of borrowings at balance sheet date are approximate to their fair value.

(i) On-balance sheet

The fair value of current borrowings equals their carrying amount, as the impact of discounting is not significant. The fairvalues of the financing arrangement are based on cash flows discounted at 6% interest rate (2011: 6%).

(ii) Contingent liabilities

The parent entity and certain controlled entities have potential financial liabilities which may arise from certaincontingencies disclosed in note 33. As explained in this note, no material losses are anticipated in respect of any of thosecontingencies.

(f) Risk exposures

Information about the Group and the parent entity's exposure to risk arising from borrowings is provided in note 38.

-45-




(continued)

28 Provisions


Current provisions expected to be settled within 12months

Employee benefitsAnnual leave 50,276 50,801 47,947 48,939Long service leave1 20,099 18,583 19,537 17,773Employment on-costs 505 578 501 557Workers' compensation 1,159 1,124 991 1,124

Subtotal 72,039 71,086 68,976 68,393

Current provisions expected to be settled after morethan 12 months

Employee benefitsLong service leave1 115,823 102,959 113,346 100,966

Total current provisions 187,862 174,045 182,322 169,359

Non-current provisionsEmployee benefits

Long service leave1 25,339 22,584 23,800 21,496Deferred non-government benefits forsuperannuation2 17,299 22,058 17,299 22,058Deferred government benefits for superannuation3 1,148,296 1,050,871 1,146,347 1,049,092Workers' compensation 3,392 3,663 3,392 3,663

Total non-current provisions 1,194,326 1,099,176 1,190,838 1,096,309

Total provisions 1,382,188 1,273,221 1,373,160 1,265,668

1The liability for long service leave is recognised as the present value of expected future payments to be made.

Key assumptions used are:

2012%

2011%

General salary inflation 4.00 4.00Promotional wage inflation 1.70 1.40Discount rate 3.39 4.01

2This relates to the net liabilities of the Professorial Superannuation Fund (refer to note 39(c)).

3This includes $1,058,719,000 (2011: $960,312,000) net liabilities of the State Authorities Superannuation Scheme and the State

Superannuation Scheme (refer to note 16), $6,645,000 (2011: $15,473,000) net liabilities of the parent entity’s State Authorities Non-

Contributory Superannuation Scheme (refer to note 39(c)) and $80,983,000 (2011: $73,306,000) net liabilities of the superannuation funds

of University College ADFA (refer to note 39(b)).

-46-




(continued)

29 Other liabilities


CurrentIncome in advance1 76,531 66,214 64,825 54,846Monies held from associated parties 715 671 706 662Other 6,663 7,298 2,695 3,025EDB Grant2 - 4,551 - 4,551

Total current other liabilities 83,909 78,734 68,226 63,084

Non-currentIncome in advance1 24,953 23,147 24,953 23,147Other 6,769 - 6,769 -

Total non-current other liabilities 31,722 23,147 31,722 23,147

Total other liabilities 115,631 101,881 99,948 86,231

1Income in advance (current) includes research income of $40,263,000 (2011: $39,681,000), prepaid tuition fees of $17,079,000 (2011:

$17,600,000), the current portion of the rental income received in advance from the Children's Cancer Institute Australia for Medical

Research (CCIA) of $3,883,000 (2011: $3,910,000) and the current portion of grant received in advance from the Health Administration

Corporation (HAC) to fund the construction of the Australian Advanced Treatment Centre of $4,847,000 (2011: nil). Income in advance

(non-current) mainly represents the non-current portion of the rental income received in advance from the CCIA of $19,502,000 (2011:

$23,147,000) and the non-current portion of grant received in advance from the HAC of $5,153,000 (2011: nil).

2This represents the Service Capability Development Program Grant provided by the Economic Development Board (EDB) Singapore to

UNSW Asia in 2006 to support the development of its Singapore campus. Following the closure of UNSW Asia in 2007, the parent entity

entered into a settlement agreement with EDB and all other concerned parties on 10 December 2007 to repay the grant (SGD17,439,000)

in six instalments over five years starting from 2007 at nil interest. As at 31 December 2012, the grant has been fully settled. As at 31

December 2011, the outstanding balance amounted to SGD 5,939,000 and was recorded at fair value based on the discounted future

cash flows using 4.15% discounting rate.

-47-




(continued)

30 Reserves and retained earnings


(a) Reserves

Property, plant and equipment revaluation surplus 508,242 461,951 505,941 459,650Available-for-sale financial assets revaluation surplus 49,303 12,747 40,963 4,935Foreign currency translation reserve (798) (800) - -Total reserves 556,747 473,898 546,904 464,585

Movements

Property, plant and equipment revaluation surplusOpening balance at 1 January 461,951 419,523 459,650 417,222Revaluation of land 81 600 81 600Revaluation of buildings 47,469 34,857 47,469 34,857Revaluation of student accommodation 5,541 2,987 5,541 2,987Revaluation of rare books (3,554) 317 (3,554) 317Revaluation of works of art (2,253) 83 (2,253) 83Revaluation of leasehold improvements 832 729 832 729Transfer to retained earnings (1,825) 2,855 (1,825) 2,855Closing balance 31 December 508,242 461,951 505,941 459,650

Available-for-sale investments revaluation surplusOpening balance at 1 January 12,747 26,939 4,935 19,907Gains/(losses) on revaluation 36,556 (26,165) 36,028 (25,797)Transfer to income statement - 12,328 - 10,825Transfer to retained earnings - (355) - -Closing balance 31 December 49,303 12,747 40,963 4,935

Foreign currency translation reserveOpening balance at 1 January (800) (767) - -Exchange differences on translation of foreignoperations 2 (33) - -Closing balance 31 December (798) (800) - -

(b) Retained earnings


Opening balance at 1 January 1,261,432 1,210,930 1,254,076 1,123,822

Operating result for the period 92,786 88,886 93,786 168,348Actuarial losses on defined benefit superannuationplans (4,869) (35,884) (4,709) (35,239)Transfer from reserves 1,825 (2,500) 1,825 (2,855)Closing balance at 31 December 1,351,174 1,261,432 1,344,978 1,254,076

-48-




(continued)

30 Reserves and retained earnings (continued)

(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 the revaluation ofnon-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-salefinancial assets are taken to the available-for-sale investments revaluation reserve, as described in note 1(o). Amounts arerecognised 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 currency translationreserve, as described in note 1(f). The reserve is recognised in the income statement when the net investment isdisposed.

-49-




(continued)

31 Key management personnel disclosures

(a) Names of responsible persons and executive officers

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

(i) Official Council MembersMr David M. Gonski, AC, ChancellorProfessor Frederick G. Hilmer, AO, President and Vice-ChancellorProfessor Prem Ramburuth, President of the Academic Board

(ii) Ministerial AppointmentsMs Jillian S. Segal, AM, Deputy ChancellorMr Brian Long, Pro-Chancellor (commenced as Pro-Chancellor 1 July 2012)

(iii) Elected Council MembersMs Samantha Bobba (commenced 1 July 2012)Mr Paul Keighley (commenced 1 July 2012)Professor Rakesh KumarMr Karl Natschev (commenced 1 July 2012)Scientia Professor John Piggott (commenced 1 July 2012)

(iv) Council Appointed MembersMr Nicholas CarneyDr Christine L. Clifton, Pro-ChancellorMr Terry J. DavisMr Matthew T. Grounds Mr Warwick Negus

(v) Council Members term of office completed in 2012Dr Jennifer Alexander, Pro-Chancellor (term of membership completed 30 June 2012)Professor Anthony H. Dooley (term of membership completed 27 April 2012)Ms Evelyn Douek (term of membership completed 30 June 2012)Ms Janina Jancu (term of membership completed 30 June 2012)Dr Wallace M. King, AO (term of membership completed 30 June 2012)Mr Geoffrey F. Lawson, OAM (term of membership completed 30 June 2012)Mr Simon Lindsay (term of membership completed 30 June 2012)Dr Elizabeth McMahon (term of membership completed 30 June 2012)Mr Paul R. Pearce, Pro-Chancellor (term of membership completed 30 June 2012)Professor Joseph A. Wolfe (term of membership completed 30 June 2012)

(b) Other key management personnel

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

Professor Les D. Field, AM Vice-President and Deputy Vice-Chancellor (Research) Professor Iain Martin Vice-President and Deputy Vice-Chancellor (Academic) (commenced 15 October 2012)Mr Jonathan Blakeman Vice-President, Finance and OperationsMr Neil D. Morris Vice-President, University ServicesMs Jennie Lang Vice-President, Advancement (commenced 8 October 2012)Professor James Donald Dean, Faculty of Arts and Social SciencesProfessor Graham J. Davies Dean, Faculty of Engineering

Executive Officers term of office completed in 2012Professor Richard Henry, AM Vice-President and Deputy Vice-Chancellor (Academic) (retired 4 November 2012)Ms Jennifer Bott Executive Committee Member (retired 8 October 2012)

-50-




(continued)

31 Key management personnel disclosures (continued)

(c) Remuneration of Board Members and Executives


Remuneration of Board MembersNil 37 40 16 15$1 to $9,999 2 2 - -$10,000 to $19,999 1 2 - -$20,000 to $29,999 1 - - -$40,000 to $49,999 1 - - -$50,000 to $59,999 - 1 - -$80,000 to $89,999 1 - 1 -$110,000 to $119,999 1 1 1 1$130,000 to $139,999 1 1 1 1$140,000 to $149,999 1 - 1 -$180,000 to $180,999 1 1 1 1$240,000 to $249,999 1 1 - -$260,000 to $269,999 - 1 - 1$270,000 to $279,999 1 2 1 2$290,000 to $299,999 1 - 1 -$330,000 to $339,999 1 - 1 -$340,000 to $349,999 1 1 - -$530,000 to $539,999 - 1 - 1$870,000 to $879,999 - 1 - 1$910,000 to $919,999 1 - 1 -Total 53 55 25 23

Council members include the Group's employees who may be ex-officio members or elected staff members. No Councilmember (including Chancellor and Deputy Chancellor) has received any remuneration in his/her capacity as a Councilmember.

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

There were nine Council members (2011: eight) who received remuneration as employees of the parent entity.There were sixteen Council members (2011: fifteen) who did not receive remuneration as employees of the parent entity.

The consolidated board member numbers include those of controlled entities as well as the parent entity.

-51-




(continued)

31 Key management personnel disclosures (continued)

(c) Remuneration of Board Members and Executives (continued)


Remuneration of executive officersNil 3 2 - -$10,000 to $19,999 - 2 - -$90,000 to $99,999 1 - 1 -$120,000 to $129,999 1 1 - -$140,000 to $149,999 - 1 - -$190,000 to $199,999 - 1 - -$200,000 to $209,999 - 2 - -$220,000 to $229,999 2 - - -$230,000 to $239,999 2 1 - -$240,000 to $249,999 - 1 - -$250,000 to $259,999 - 1 - -$260,000 to $269,999 2 - - -$270,000 to $279,999 1 - - -$280,000 to $289,999 1 - - -$300,000 to $309,999 1 - 1 -$310,000 to $319,999 1 1 - -$350,000 to $359,999 - 2 - 2$360,000 to $369,999 1 1 1 -$380,000 to $389,999 1 - 1 -$390,000 to $399,999 - 1 - 1$400,000 to $409,999 1 - 1 -$410,000 to $419,999 - 1 - -$480,000 to $489,999 - 1 - 1$500,000 to $509,999 1 1 1 1$510,000 to $519,999 - 1 - 1$520,000 to $529,999 1 1 1 1$540,000 to $549,999 1 - 1 -$790,000 to $799,999 1 - 1 -Total 22 22 9 7

The consolidated executive officer numbers include those of controlled entities as well as the parent entity.

(d) Key management personnel compensation


Short-term employee benefits 8,224 7,638 5,362 4,868Post-employment benefits 875 852 670 609Termination benefits 402 701 371 305Total 9,501 9,191 6,403 5,782

-52-




(continued)

32 Remuneration of auditors

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


(a) Audit and review of the financial statements

Fees paid to Audit Office of NSWAudit and review of financial statements 868 920 380 470Audit and review of subsidiaries' financialstatements paid by parent entity 81 76 81 76

Fees paid to other audit firms 141 185 - -Total 1,090 1,181 461 546

(b) Other audit and assurance services

Fees paid to Audit Office of NSW 26 30 26 30Fees paid to KPMG - Advisory services 116 111 110 111Total 142 141 136 141

Total 1,232 1,322 597 687

33 Contingencies

(a) Contingent liabilities

GuaranteesThe parent entity has a bank guarantee of $650,000 issued by the ANZ Banking Group in favour of Harina CompanyLimited 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 in relation tostudent accommodation at 159-171 Anzac Parade, Kensington and this will expire on 11 June 2020.

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

(a) $6,625,000 with the ANZ Banking Group in favour of WorkCover New South Wales,(b) $750,000 with the ANZ Banking Group in favour of the Default Insurance Fund, and(c) $10,000 with the ANZ Banking Group in favour of Randwick City Council.

Letter of CommitmentThe parent entity has a contingent liability for potential losses which may be incurred by its controlled entities. It arisesfrom the issue of letters of commitment to controlled entities to ensure that the controlled entities are able to meet theirdebts when they become due and payable. The total of letters of commitment for parent in 2012 is $11,550,000 (2011:$11,050,000).

(b) Contingent assets

In August 2010, UNSW's G2 building was damaged by fire. In 2011, the insurance payout received for the building onlywas $4,030,000. Furthermore, potential claims due to business interruptions and loss of contents are currently beingascertained. At balance sheet date, the amount of possible inflows cannot be reliably estimated. The amount as assessedby the loss adjuster (excluding the building costs), is approximately $3,600,000.

-53-




(continued)

34 Commitments

(a) Capital commitments

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


Property, plant and equipmentWithin one year 144,160 136,534 144,160 136,534Later than one year but not later than five years 19,260 49,033 19,260 49,033

163,420 185,567 163,420 185,567

(b) Lease commitments

Commitments for minimum lease payments in relation to non-cancellable operating leases which are not recognised in thefinancial statements are as follows:


Within one year 13,482 9,048 8,867 4,596Later than one year but not later than five years 40,583 22,953 22,435 5,185Later than five years 13,207 17,901 - -

67,272 49,902 31,302 9,781

Total commitments 230,692 235,469 194,722 195,348

Applicable GST recoverable from the Taxation Authority 22,857 23,021 19,308 19,009

-54-




(continued)

35 Subsidiaries

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

Equity holdingName of entity Country of

incorporationClass of shares 2012

%2011

%

AGSM Ltd Australia Limited by guarantee - -University of New South Wales International House Ltd Australia Limited by guarantee - -University of New South Wales Press Ltd Australia Limited by guarantee - -NewSouth Innovations Pty Limited Australia Ordinary 100.00 100.00- Cystemix Pty Ltd Australia Ordinary 100.00 100.00Qucor Pty Limited1 Australia Ordinary 60.00 60.00UNSW Global Pty Ltd Australia Ordinary 100.00 100.00- UNSW Global (Singapore) Pte Limited Singapore Ordinary 100.00 100.00- UNSW Global India Pvt Limited2 India Ordinary 100.00 100.00- NewSouth Global (Thailand) Ltd3 Thailand Ordinary 48.75 48.75- UNSW (Thailand) Ltd4 Thailand Ordinary 73.86 73.86- Australian Education Consultancy Ltd Hong Kong Ordinary 100.00 100.00UNSW (Hong Kong) Ltd5 Hong Kong Ordinary 99.99 99.99The University of New South Wales Foundation Ltd Australia Limited by guarantee - -- as Trustee for the University of New South WalesFoundation Australia- as Trustee for the New South Wales MineralsIndustry / University of New South Wales EducationTrust Australia- as Trustee to the John Lewis and Pamela LightfootTrust6 AustraliaUNSW Hong Kong Foundation Limited Hong Kong Limited by guarantee - -UNSW & Study Abroad - Friends and U.S. Alumni, Inc USA Not applicable 100.00 100.00

1 Ownership split: 30% UNSW, 30% NewSouth Innovations Pty Ltd, 40% held for the benefit of the Researchers.2 Formerly NewSouth Global India Pvt Limited. Ownership split: 99.6% UNSW Global Pty Ltd, 0.4% UNSW (Hong Kong) Ltd.3 Ownership split: 48.75% UNSW Global Pty Ltd, remaining shareholding is held by alumni. Despite UNSW's equity interest being

lower than 50%, UNSW has control over the management decision making capacity of the company at balance sheet date.4 Ownership split: 49% UNSW Global Pty Ltd, 51% NewSouth Global (Thailand) Ltd.5 On 30 June 2012 UNSW purchased 99.99% of the issued shares of this Company from UNSW Global Pty Ltd.6 On 10 September 2012 the Trust was discontinued.

-55-




(continued)

36 Joint venture operations

The Group has interests in the following joint ventures in the same proportion as the total economic entity contributionbears to the total agreement contribution of all venturers.

Contributions in cash and in-kind are expensed and included in the income statement. The Group's interest % representsthe Group's share of contributions and is not included in the statement of financial position. Contributions are for the yearto 30 June 2012. In the event that a CRC's research results in a move to commercialisation a separate legal entity isestablished and the Group's share of the new entity is treated as an available-for-sale financial asset, joint venture,associated or controlled entity as appropriate.

Name and principal activityInterest

heldInterest

heldContribution Contribution

2012%

2011%

2012$'000

2011$'000

Advanced Manufacturing CRC: The Advanced Manufacturing CRC aims to set the standard ininnovation creation, practice and education. It plays a vital role inthe development and delivery of cutting edge technologies and ahighly skilled workforce to keep Australian manufacturing industriesglobally competitive and sustainable. 0.70 3.10 32 32

Capital Markets CRC: The Capital Markets CRC has a mission to develop newtechnologies and knowledge that drive the future of capital markets. - 34.00 159 519

Cotton Catchment Communities CRC: The Cotton Catchment Communities CRC’s mission is to undertakecollaborative research, education and commercialisation activities toprovide innovative knowledge that is adopted for the benefit of theAustralian Cotton Industry, Regional Communities and the Nation.The CRC completed the term of operation on 30 June 2012. 3.49 3.53 469 554

CRC for Advanced Composite Structures: The primary aim of the CRC for Advanced Composite StructuresLimited is to provide a focus for the development of advancedtechnologies which foster the growth of an efficient, globallycompetitive Australian composite industry. - - 690 538

CRC for Environmental Biotechnology: The vision of the Environmental Biotechnology CRC is to establishenvironmental biotechnology as a mainstream sector in thebiotechnology industry using natural bioprocesses to benefitindustry and the environment.The CRC completed the term of operation on 30 June 2012. 25.00 25.00 700 991

CRC for Greenhouse Gas Technology (CO2CRC): CRC for Greenhouse Gas Technology is focusing its efforts on thedevelopment and application of technologies to more effectivelycapture and geologically store carbon dioxide, and is nowacknowledged as one of the world's leading centres in the study ofcarbon dioxide capture and storage. 6.70 5.86 1,749 1,315

CRC for Polymers: The CRC for Polymers conducts leading edge polymer research todeliver the technically advanced polymeric materials and polymerengineering required to transform Australian industries and toestablish and expand companies in emerging high growth areas ofthe economy. 5.35 4.33 656 584

-56-




(continued)

36 Joint venture operations (continued)

Name and principal activityInterest

heldInterest

heldContribution Contribution

2012%

2011%

2012$'000

2011$'000

CRC for Spatial Information: The CRC for Spatial Information (CRCSI) conducts user-drivenresearch in emerging areas of spatial information that addressissues of national importance.UNSW rejoined this CRC as a non-essential (other) participant on 1July 2011. - - 420 -

Poultry CRC: The Poultry CRC's major challenge is to help Australia achievesustainable, ethical poultry production in the face of populationgrowth and climate change. UNSW is a non-essential (other)participant of this CRC and has no voting rights. - - 33 10

Smart Services CRC: The Smart Services CRC creates new and improved services forindustry to enable customers to receive affordably and easilypersonalised, continuous service from businesses, irrespective oftheir world-wide location, and which instantly adjusts for any mobileor fixed device they use. 14.34 14.22 2,047 1,877

Total cash and in-kind contributions 6,955 6,420

-57-




(continued)

37 Reconciliation of operating result after income tax to net cash flows from operatingactivities


Operating result for the period 92,786 88,886 93,786 168,348Depreciation and amortisation 114,960 104,038 113,556 102,412Write-down/(reversal) on investments to recoverableamount (3,568) 13,599 695 17,174Write-down/(reversal) on property, plant and equipmentand intangible assets 884 955 (202) 45Net (gains)/losses on disposal of property, plant andequipment (1,894) 1,119 (2,094) 874Net gains on sale of investments (144) (734) (296) (239)Loss on deconsolidation - 6,941 - -Other non-cash items1 - 103 - (62,740)Share of profit of associates (190) (45) - -

202,834 214,862 205,445 225,874

Change in operating assets and liabilitiesIncrease in sundry and student debtors (337) (2,654) (10,358) (4,952)(Increase)/decrease in investment income receivables 1,906 (859) 1,905 (1,219)Decrease in accrued income 4 779 286 15(Increase)/decrease in inventories 313 (389) - -(Increase)/decrease in sundry advances 215 (344) 207 (451)Decrease in payments in advance 1,709 1,439 2,184 877(Increase)/decrease in other assets (893) 25 (914) (11)Decrease in deferred superannuation (1,110) (558) (1,120) (588)Increase in trade and other payables 3,209 17,610 3,321 17,935Increase/(decrease) in income in advance 12,123 (1,849) 11,785 3,799Increase/(decrease) in other liabilities 45 (150) 346 (1,010)Increase in provisions 16,303 36,965 14,996 36,459

33,487 50,015 22,638 50,854

Net cash provided by operating activities 236,321 264,877 228,083 276,728

1$61,944,000 of $67,835,000 relates to the non-cash disbursements received from the University of New South Wales Foundation Trust

on 1 June 2011 (refer to note 7).

-58-




(continued)

38 Financial risk management

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

Financial risk management is governed by the UNSW Treasury Policy and managed by the UNSW Treasury andInvestment Services (UNSW Treasury). The UNSW Investment Policy is conformed to the UNSW Treasury Policy forfinancial risk management purposes.

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 potential loss for foreign exchange, sensitivity analyses in the case of price and interest rate risks;approved counterparty limits linked to credit ratings for financial institution credit risk; and ageing analysis for non financialinstitution credit risk.

UNSW Treasury Policy prohibits the Group engaging in any speculative trade in derivative instruments. Derivativeinstruments are entered into for the purposes of managing financial risk, such as foreign exchange risk. The financialinstruments used for foreign exchange risk management are spot and forward foreign exchange contracts.

(a) Market risk

(i) Foreign exchange riskForeign exchange risk refers to the risk that the value of a financial commitment, recognised financial asset or financialliability 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 from committedtransactions such as research grants, expenditure to which the Group is bound or will imminently incur, and financialassets and financial liabilities which have been recognised in the accounts. The economic exposure to foreign exchangerisk is minimised by entering hedge transactions in the spot and forward foreign exchange markets. The major currenciesto which the Group is exposed include US Dollar (USD) and Singapore Dollar (SGD).

The group companies are required to fully hedge the foreign exchange risk exposure arising from foreign currencydenominated borrowings. Any exception to this requires approval by the Director of Finance.

The Group and the parent entity were exposed to foreign exchange risk in relation to the repayment of the grant providedby the Economic Development Board (EDB) to UNSW Asia (grant denominated in Singapore Dollar). As at 31 December2012, the liability has been settled in full.

The sensitivity analysis below shows the effect on the post tax operating result as at balance sheet date had the Australiandollar weakened/strengthened by 2% against the Singapore dollar (2011: 2%) and by 3% against the US dollar (2011: 4%)at that date with all other variables held constant. The percentages used for assessing the sensitivity were selected asthey are considered reasonable given the current level of exchange rate volatility observed on an historical basis. Thechanges in the sensitivities from the prior period are a result of changes in the foreign currency market.

As at 31 December 2012, the Australian dollar exchange rate against the Singapore dollar was 1.2100 (2011: 1.2570).Had the Australian dollar weakened by 2% against the Singapore dollar to 1.1885 (2011: 1.2319 weakened by 2%), thepost tax operating result for the year of the Group and the parent entity would have been $11,035 higher (2011: $80,653and $77,698 higher respectively, based on a 2% change). Had the Australian dollar strengthened by 2% against theSingapore dollar to 1.2315 (2011: 1.2821 strengthened by 2%), the post tax operating result for the year of the Group andthe parent entity would have been $10,649 lower (2011: $75,602 and $72,763 lower respectively, based on a 2% change).This was mainly as a result of foreign exchange gains/losses on translation of Singapore dollar denominated cash.

-59-




(continued)

38 Financial risk management (continued)

As at 31 December 2012, the Australian dollar exchange rate against the US dollar was 0.9964 (2011: 0.9736). Had theAustralian dollar weakened by 3% against the US dollar to 0.9711 (2011: 0.9347 weakened by 4%), the post tax operatingresult for the year of the Group and the parent entity would have been $117,129 and $106,710 higher, respectively (2011:$290,322 and $288,738 higher respectively, based on a 4% change). Had the Australian dollar strengthened by 3%against the US dollar to 1.0217 (2011: 1.0125 strengthened by 4%), the post tax operating result of the Group and theparent entity would have been $111,184 and $101,282 lower, respectively (2011: $267,082 and $265,620 lowerrespectively, based on a 4% change). This was mainly as a result of foreign exchange gains/losses on translation of USdollar denominated cash and forward foreign exchange contracts.

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

2012A$'000

2011A$'000

USD SGD USD SGDConsolidated

Cash at bank and on hand 1,436 1,055 3,327 739Sundry debtors 987 42 568 24Sundry creditors (17) - (1,036) (1)Accruals (75) (487) (18) (81)EDB grant - - - (4,551)Forward foreign exchange contracts- sell foreign currency 8,913 - 5,651 -- buy foreign currency 10,943 - 9,360 4,773

Parent

Cash at bank and on hand 1,076 1,055 3,327 533Sundry debtors 948 42 530 3Sundry creditors (17) - (1,036) (1)Accruals (75) (487) (18) -EDB grant - - - (4,551)Forward foreign exchange contracts- sell foreign currency 8,913 - 5,651 -- buy foreign currency 10,943 - 9,360 4,773

(ii) Price riskPrice risk refers to the risk that the fair value or future cash flows of a financial instrument will fluctuate because ofchanges in market prices (other than those arising from interest rate risk or foreign exchange risk), whether those changesare caused by factors specific to the individual financial instruments or its issuer, or factors affecting all similar financialinstruments traded in the market.

The Group and the parent entity are exposed to securities price risk arising from investments held by and classified on thestatement of financial position as available-for-sale. Neither the Group nor the parent entity is exposed to commodity pricerisk.

The Group maintains investment portfolios characterised as short term, long term, and University projects (investmentsintended to produce an income stream for the University (for example student housing) entered into as a business ventureon the advice of the Finance Committee). The investment portfolios are governed by the UNSW Investment Policy andmanaged by the UNSW Treasury and Investment Services (UNSW Treasury).The investment objective of the short termand long term investment portfolios is to maximise investment returns while maintaining the liquidity requirements of theUniversity, within an acceptable level of risk.

-60-




(continued)


UNSW Investment Policy sets out the acceptable risk parameters for the portfolios. Risk parameters for the short termportfolio include a maturity of no greater than two years for any investment, limiting the impact of any increase in interestrates, and approved counterparty limits linked to credit ratings. Risk parameters of the long term portfolios set by theUNSW Investment Policy include asset allocation and portfolio re-balancing requirements. Portfolio performance isreported to the Finance Committee.

The Investment Sub Committee of the Finance Committee meets quarterly to review the long term portfolio performance,fund manager selection, asset allocation, and other high level investment policy issues (for example the choice ofbenchmarks and objectives of the investment portfolios), and to make recommendations on any proposed changes to theUNSW Investment Policy.

The majority of the available for sale financial assets held by the Group and the parent entity are units in unlisted managedfunds invested in debt and publicly traded equity securities. If financial asset prices as at 31 December 2012 hadincreased/decreased by 2% with all other variable held constant, this would have increased/decreased the Group's andparent’s equity by $8,534,000 (2011: $7,387,000, based on a 2% change) and $8,338,000 (2011: $7,212,000, based on a2% change) respectively.

A sensitivity of 2% (2011: 2%) is based on reasonably possible changes, over a financial year, determined using theobserved range of actual historical price data for comparable indices over the past year. The changes in the sensitivityfrom year to year are a result of changes in the market taking into account the composition of the Group's portfolios.

(iii) Cash flow and fair value interest rate riskInterest rate risk refers to the risk that the value of a financial instrument or cash flows associated with the instrument willfluctuate due to changes in market interest rates.

The Group and the parent entity are exposed to interest rate risk predominantly from holding cash and cash equivalents,and interest bearing borrowings. Financial instruments issued at variable rates give exposure to cash flow interest raterisk. Financial instruments issued at fixed rates and carried at fair value expose the Group to fair value interest rate risk.The Group is currently not exposed to fair value interest rate risk.

UNSW Treasury prepares an annual interest budget and manages interest rate risk against this budget, after prioritisingsecurity of investments and liquidity needs. In the event that a net debt balance exists, Group Treasury will develop aninterest rate hedging strategy in accordance with the UNSW Treasury Policy. During 2012 and 2011, the Group’sborrowings at variable rates were denominated in Australian Dollars.

A sensitivity of 125 basis points (2011: 50 basis points) was selected as this was considered reasonable given the currentlevel of both short term and long term Australian dollar interest rates. At 31 December 2012, if interest rates had changedby -/+ 125 basis points with all other variables held constant, post tax operating profit for the year for the Group and theparent entity would have been $661,000 lower/higher (2011: $354,000 lower/higher based on a change of 50 basis points)and $259,000 lower/higher (2011: $220,000 higher/lower based on a change of 50 basis points), respectively. This wasmainly as a result of lower/higher interest income from cash and cash equivalents and lower/higher interest expense fromborrowings.

-61-




(continued)


(iv) Summarised sensitivity analysis The following table summarises the sensitivity of the Group’s and the parent entity’s financial assets and financial liabilitiesto foreign exchange risk, price risk and interest rate risk.

Foreign exchange risk Price risk Interest rate risk

-3% USD/-2% SGD +3% USD/+2% SGD -2% +2% -1.25% +1.25%

ConsolidatedCarryingamount Profit Equity Profit Equity Profit Equity Profit Equity Profit Equity Profit Equity$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000

31 December 2012

Financial assetsCash at bank and on hand 59,374 56 - (54) - - - - - (742) - 742 -Deposit at call andinvestments originallymaturing within threemonths 13,932 - - - - - - - - (174) - 174 -Sundry debtors 30,249 27 - (25) - - - - - - - - -Unlisteddomestic/international fixedinterest 161,632 - - - - (3,233) - 3,233 - - - -Listed domestic equities 175,155 - - - - - (3,503) - 3,503 - - - -Listed international equities 84,743 - - - - - (1,695) - 1,695 - - - -Unlisted equities 5,144 - - - - - (103) - 103 - - - -Forward foreign exchangecontracts 365 (210) - 200 - - - - - - - - -

Financial liabilitiesSundry creditors 33,121 - - - - - - - - - - - -Accrued expenses 31,388 (11) - 10 - - - - - - - - -ANZ bank loan 20,387 - - - - - - - - 255 - (255) -EDB grant - - - - - - - - - - - - -Forward foreign exchangecontracts 359 266 - (253) - - - - - - - - -

Total increase/(decrease) 128 - (122) - - (8,534) - 8,534 (661) - 661 -


-4% USD/-2% SGD +4% USD/+2% SGD -2% +2% -0.5% +0.5%

ConsolidatedCarryingamount Profit Equity Profit Equity Profit Equity Profit Equity Profit Equity Profit Equity$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000

31 December 2011

Financial assetsCash at bank and on hand 36,383 154 - (142) - - - - - (182) - 182 -Deposit at call andinvestments originallymaturing within threemonths 58,225 - - - - - - - - (291) - 291 -Sundry debtors 29,747 24 - (22) - - - - - - - - -Unlisteddomestic/international fixedinterest 151,225 - - - - - (3,025) - 3,025 - - - -Listed domestic equities 146,526 - - - - - (2,931) - 2,931 - - - -Listed international equities 69,261 - - - - - (1,385) - 1,385 - - - -Unlisted equities 2,276 - - - - - (46) - 46 - - - -

Financial liabilitiesSundry creditors 35,462 (43) - 40 - - - - - - - - -Accrued expenses 32,576 (2) - 2 - - - - - - - - -ANZ bank loan 23,820 - - - - - - - - 119 - (119) -EDB grant 4,551 (93) - 89 - - - - - - - - -Forward foreign exchangecontracts 1,610 332 - (309) - - - - - - - - -


-62-




(continued)



-3% USD/-2% SGD +3% USD/+2% SGD -2% +2% -1.25% +1.25%

ParentCarryingamount Profit Equity Profit Equity Profit Equity Profit Equity Profit Equity Profit Equity$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000

31 December 2012

Financial assetsCash at bank and on hand 40,845 47 - (45) - - - - - (510) - 510 -Deposit at call andinvestments originallymaturing within threemonths 332 - - - - - - - - (4) - 4 -Sundry debtors 25,608 25 - (24) - - - - - - - - -Unlisteddomestic/international fixedinterest 158,759 - - - - - (3,175) - 3,175 - - - -Listed domestic equities 172,013 - - - - - (3,440) - 3,440 - - - -Listed international equities 83,295 - - - - - (1,666) - 1,666 - - - -Unlisted equities 2,856 - - - - - (57) - 57 - - - -Forward foreign exchangecontracts 365 (210) - 200 - - - - - - - - -

Financial liabilitiesSundry creditors 29,200 - - - - - - - - - - - -Accrued expenses 28,410 (10) - 10 - - - - - - - - -ANZ bank loan 20,387 - - - - - - - - 255 - (255) -Forward foreign exchangecontracts 359 266 - (253) - - - - - - - - -



-4% USD/-2% SGD +4% USD/+2% SGD -2% +2% -0.5% +0.5%

ParentCarryingamount Profit Equity Profit Equity Profit Equity Profit Equity Profit Equity Profit Equity$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000

31 December 2011

Financial assetsCash at bank and on hand 28,263 150 - (138) - - - - - (141) - 141 -Deposit at call andinvestments originallymaturing within threemonths 39,625 - - - - - - - - (198) - 198 -Sundry debtors 25,602 22 - (20) - - - - - - - - -Unlisteddomestic/international fixedinterest 148,610 - - - - - (2,972) - 2,972 - - - -Listed domestic equities 143,937 - - - - - (2,879) - 2,879 - - - -Listed international equities 68,033 - - - - - (1,361) - 1,361 - - - -

Financial liabilitiesSundry creditors 32,460 (43) - 40 - - - - - - - - -Accrued expenses 29,231 (1) - 1 - - - - - - - - -ANZ bank loan 23,820 - - - - - - - - 119 - (119) -EDB grant 4,551 (93) - 89 - - - - - - - - -Forward foreign exchangecontracts 1,610 332 - (309) - - - - - - - - -


-63-




(continued)


(b) Credit risk

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

The Group and the parent entity are exposed to credit risk arising from its dealings with financial institutions for holdings ofcash and cash equivalents, derivative financial instruments, fixed interest investments and deposits, interest bearinginvestments classified as held to maturity and classified as available for sale. Non-financial institution credit risk arisesfrom credit exposures to customers, including outstanding receivables and committed transactions.

Credit risk arising from cash and cash equivalents, derivative financial instruments and deposits with financial institutionsis managed by UNSW Treasury on a Group basis. The maximum permitted credit exposure to any financial institution isdetermined on that financial institution’s current external credit rating with Standard and Poor’s (S&P). If there is noindependent rating, risk control assesses the credit quality of the customer, taking into account its financial position, pastexperience and other factors.

The Group's practise is to spread the net credit exposure among major financial institutions which are rated the equivalentof A2 or above from S&P. The net exposure and the credit ratings of financial institution counterparties are continuouslymonitored and the aggregate value of transactions are spread among approved counterparties. The counterparties to thefinancial instruments are major international financial institutions.

The carrying amounts of financial assets recognised in the statement of financial position are disclosed in more detail innotes 15, 16 and 19.This amount best represents the consolidated entity’s maximum exposure to credit risk at thereporting date. In respect to those financial assets and the credit risk embodied within them, the consolidated entity holdsno significant collateral as security and there are no other significant credit enhancements in respect of these assets. Thecredit quality of all financial assets that are neither past due nor impaired is in accordance with the Treasury Policy and isconsistently monitored in order to identify any potential adverse changes in the credit quality. There are no significantfinancial assets that have had renegotiated terms that would otherwise, without that renegotiation, have been past due orimpaired.

(c) Liquidity risk

Liquidity risk refers to the risk that an entity will encounter difficulty in meeting obligations associated with financialliabilities that are settled by delivering cash or another financial asset.

Prudent liquidity risk management includes the continuing availability of Commonwealth government funding, maintainingsufficient cash and marketable securities to meet short term needs, and the ability to close out market positions. Dailymonitoring of cash flow is carried out by UNSW Treasury to ensure there is adequate liquidity to meet the Group’sexpected obligations over the near term.

The Group and the parent entity held cash and cash equivalents of $73,306,000 and $41,177,000, respectively as at 31December 2012 (2011: $94,608,000 and $67,888,000 respectively), which include deposits at call of $13,932,000 and $332,000, respectively (2011: $58,225,000 and $39,625,000 respectively), that are expected to readily generate cashinflows for managing liquidity risk.

-64-




(continued)


The tables below analyse the Group’s and the parent entity's financial liabilities into relevant maturity groupings based onthe remaining period at the reporting date to the contractual maturity date. The amounts disclosed in the table are thecontractual undiscounted cash flows, which may not reconcile to the statement of financial position. For forward foreignexchange contracts the cash flows have been estimated using spot rates applicable at the reporting date.

Consolidated Less than1 Year

1 to 5Years

5+Years

Total

$'000 $'000 $'000 $'000

31 December 2012

Sundry creditors 33,121 - - 33,121Accrued expenses 31,388 - - 31,388Other payables 851 - - 851Monies held from associated parties 715 - - 715ANZ bank loan 3,518 16,869 - 20,387Financing arrangement 384 2,795 37,432 40,611Forward foreign exchange contracts - (inflow) (25,350) (1,022) - (26,372) - outflow 25,169 995 - 26,164Total financial liabilities 69,796 19,637 37,432 126,865

31 December 2011

Sundry creditors 35,462 - - 35,462Accrued expenses 32,576 - - 32,576Other payables 699 - - 699Monies held from associated parties 671 - - 671ANZ bank loan 23,820 - - 23,820EDB grant 4,551 - - 4,551Financing arrangement 278 2,270 38,342 40,890Forward foreign exchange contracts - (inflow) (21,174) (3,447) - (24,621) - outflow 22,371 3,485 - 25,856Total financial liabilities 99,254 2,308 38,342 139,904

-65-




(continued)


Parent Less than1 Year

1 to 5Years

5+Years

Total

$'000 $'000 $'000 $'000

31 December 2012

Sundry creditors 29,200 - - 29,200Accrued expenses 28,410 - - 28,410Other payables 851 - - 851Monies held from associated parties 706 - - 706ANZ bank loan 3,518 16,869 - 20,387Financing arrangement 384 2,795 37,432 40,611Forward foreign exchange contracts - (inflow) (25,350) (1,022) - (26,372) - outflow 25,169 995 - 26,164Total financial liabilities 62,888 19,637 37,432 119,957

31 December 2011

Sundry creditors 32,460 - - 32,460Accrued expenses 29,231 - - 29,231Other payables 709 - - 709Monies held from associated parties 662 - - 662ANZ bank loan 23,820 - - 23,820EDB grant 4,551 - - 4,551Financing arrangement 278 2,270 38,342 40,890Forward foreign exchange contracts - (inflow) (21,174) (3,447) - (24,621) - outflow 22,371 3,485 - 25,856Total financial liabilities 92,908 2,308 38,342 133,558

-66-




(continued)


(d) Fair value estimation

The fair value of financial assets and financial liabilities are estimated for recognition and measurement or for disclosurepurposes.

The Group and the parent entity adopts AASB 7 Financial Instruments: Disclosures which requires disclosure of fair valuemeasurements by level of the following fair value measurement hierarchy:

(a) quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1);(b) inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (asprices) or indirectly (derived from prices) (level 2); and(c) inputs for the asset or liability that are not based on observable market data (unobservable inputs) (level 3).

The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and available-for-salelisted securities) are based on quoted market prices on the Australian Securities Exchange at the end of the reportingperiod, unless otherwise stated. The quoted market price used for financial assets held by the Group is the current bidprice. These instruments are included in level 1.

The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives)are determined using valuation techniques. The Group uses a variety of methods and makes assumptions that are basedon market conditions existing at the end of each reporting period. Quoted market exit prices declared by fund managersare used to estimate fair value for unlisted unit trusts.

Other techniques, such as estimated discounted cash flows, are used to determine fair value for the remaining financialinstruments. The fair value of forward exchange contracts is determined using forward exchange market rates at the end ofthe reporting period. These instruments are included in level 2 and comprise derivative financial instruments. In thecircumstances where a valuation technique for these instruments is based on significant unobservable inputs, suchinstruments are included in level 3.

The carrying value less any impairment provision of short term financial assets, current receivables and payables areassumed to approximate their fair values due to their short term nature. The fair value of financial liabilities for disclosurepurposes are estimated by discounting the future contractual cash flows at the current market interest rate that is availableto the Group for similar financial instruments.

Fair value measurements recognised in the statement of financial position are categorised into the following levels:

Fair value Level 1 Level 2 Level 3$'000 $'000 $'000 $'000

Consolidated

31 December 2012

Financial assetsAvailable-for-saleListed domestic equities 175,155 - 175,155 -Unlisted domestic/international fixed interest 161,632 - 161,632 -Listed international equities 84,743 - 84,743 -Listed equities 9 9 - -Unlisted equities1 5,144 - 2,288 2,856DerivativesForward foreign exchange contracts 365 - 365 -Total financial assets 427,048 9 424,183 2,856

Financial liabilitiesDerivativesForward foreign exchange contracts 359 - 359 -Total financial liabilities 359 - 359 -

-67-




(continued)



Consolidated

31 December 2011

Financial assetsAvailable-for-saleListed domestic equities 146,526 - 146,526 -Unlisted domestic/international fixed interest 151,225 - 151,225 -Listed international equities 69,261 - 69,261 -Listed equities 32 32 - -Unlisted equities 2,276 - 2,276 -DerivativesForward foreign exchange contracts 33 - 33 -Total financial assets 369,353 32 369,321 -

Financial liabilitiesDerivativesForward foreign exchange contracts 1,610 - 1,610 -Total financial liabilities 1,610 - 1,610 -

Parent

31 December 2012

Financial assetsAvailable-for-saleListed domestic equities 172,013 - 172,013 -Unlisted domestic/international fixed interest 158,759 - 158,759 -Listed international equities 83,295 - 83,295 -Unlisted equities1 2,856 - - 2,856DerivativesForward foreign exchange contracts 365 - 365 -Total financial assets 417,288 - 414,432 2,856

Financial liabilitiesDerivativesForward foreign exchange contracts 359 - 359 -Total financial liabilities 359 - 359 -

-68-




(continued)



Parent

31 December 2011

Financial assetsAvailable-for-saleListed domestic equities 143,937 - 143,937 -Unlisted domestic/international fixed interest 148,610 - 148,610 -Listed international equities 68,033 - 68,033 -Listed equities 5 5 - -DerivativesForward foreign exchange contracts 33 - 33 -Total financial assets 360,618 5 360,613 -

Financial liabilitiesDerivativesForward foreign exchange contracts 1,610 - 1,610 -Total financial liabilities 1,610 - 1,610 -

1This includes shares in Education Australia Limited, previously measured at cost less impairment. The investment has been valued as a

multiple of future maintainable earnings (EBITDA) with a discount applied to those earnings, refer to note 19(d).

Reconciliation of financial assets categorised as level 3:

Available-for-salefinancial assets Total

$'000 $'000Consolidated

Level 3 financial assets 2012Opening balance at 1 January - -Net gains in other comprehensive income 2,855 2,855Transfers into level 3 1 1Closing balance at 31 December 2,856 2,856

Parent

Level 3 financial assets 2012Opening balance at 1 January - -Net gains in other comprehensive income 2,855 2,855Transfers into level 3 1 1Closing balance at 31 December 2,856 2,856

-69-




(continued)

39 Defined benefit plans

All employees of the Group are entitled to benefits from the Group's superannuation plan on retirement, disability or death.The Group's superannuation plan has defined benefits sections and defined contribution sections. The defined benefitsections provide lump sum benefits based on years of service and final average salary.

The following sets out details in respect of the parent entity only.

(a) Fund specific disclosure

The Pooled Fund holds in trust the investments of the closed NSW public sector superannuation schemes:

- State Authorities Superannuation Scheme (SASS)- State Authorities Non-Contributory Superannuation Scheme (SANCS)- State Superannuation Scheme (SSS)

The above schemes are all defined benefit schemes or at least a component of the final benefit is derived from a multipleof member salary and years of membership. All schemes are closed to new members.

The Professorial Superannuation Fund (PSF) is a combination of accumulation and defined benefits. This scheme isclosed to new members.

The parent entity expects to make contributions of $8,832,000 (2011: $9,236,000) to the above defined benefit plansduring the next financial year.

The principal assumptions used for the purposes of the actuarial valuations were as follows (expressed as weightedaverages):

2012%

2011%

State schemes (SSS, SANCS, SASS) Discount rate(s) (gross of tax) 3.30 3.70Discount rate(s) (net of tax) 3.30 3.70Expected return on plan assets 8.60 8.60Expected rate(s) of salary increase 2.50 2.50Expected rate of CPI increase 2.50 2.50

Professorial Superannuation FundDiscount rate(s) (gross of tax) 3.20 3.60Discount rate(s) (net of tax) 3.20 3.10Expected return on plan assets 3.20 5.50Expected rate(s) of salary increase 4.00 4.00Expected rate of CPI increase 2.75 2.75

For State schemes, the expected return on assets assumption is determined by weighting the expected long-term returnfor each asset class by the target allocation of assets to each class. The returns used for each class are net of investmenttax and investment fees.

For the Professorial Superannuation Fund, the expected rate of return was based on the asset allocation provided as at 31December 2012 and the appropriate risk margin for each asset class in which the defined benefit monies are invested.

The analysis of the plan assets and expected rate of return at the balance sheets date is as follows:2012

%2011

%State schemes (SSS, SANCS, SASS) Equity instruments 55.00 61.00Debt instruments 9.00 8.00Property 9.00 10.00Cash and other 27.00 21.00Weighted average expected return 8.60 8.60

Professorial Superannuation FundEquity instruments 56.00 58.00Debt instruments 41.00 41.00Cash 4.00 1.00Weighted average expected return 3.20 5.50

-70-




(continued)

39 Defined benefit plans (continued)

(a) Fund specific disclosure (continued)

The fair value of the plan assets does not include amounts relating to any of the controlled entity's own financialinstruments and any property occupied by, or other assets used by, the controlled entity.

The history of experience adjustments is as follows:

2012 2011 2010 2009 2008$'000 $'000 $'000 $'000 $'000

State schemes (SSS, SANCS, SASS) Fair value of plan assets (228,874) (257,690) (310,396) (348,945) (362,917)Present value of defined benefit obligation 1,375,221 1,306,782 1,069,082 1,025,167 1,128,819Deficit 1,146,347 1,049,092 758,686 676,222 765,902Experience adjustments on plan liabilities 83,689 234,321 42,076 (99,096) 267,326Experience adjustments on plan assets (13,749) 23,493 10,450 (7,606) 116,445

Professorial Superannuation FundFair value of plan assets (36,805) (34,121) (36,039) (36,747) (33,321)Present value of defined benefit obligation 54,104 56,179 45,372 46,286 55,247Deficit 17,299 22,058 9,333 9,539 21,926Experience adjustments on plan liabilities (982) 5,029 513 384 3,026Experience adjustments on plan assets (2,433) 2,772 1,262 (3,841) 9,442

(b) Financial impact on funds guaranteed by the Commonwealth Government1

Notes SASS SSS Total $'000 $'000 $'000

Present value obligations - 2012Opening defined benefit obligation 79,714 1,209,037 1,288,751Current service cost 2,797 1,321 4,118Interest cost 2,779 43,515 46,294Actuarial losses 6,767 75,658 82,425Contributions from plan participants 1,267 1,986 3,253Benefits paid (7,948) (59,668) (67,616)Closing defined benefit obligation 85,376 1,271,849 1,357,225

Fair value of plan assets - 2012Opening fair value of plan assets 61,552 193,582 255,134Expected return on plan assets 4,897 13,814 18,711Actuarial gains 3,970 9,072 13,042Contributions from the employer 2,735 (7,735) (5,000)Contributions from plan participants 1,267 1,985 3,252Benefits paid (7,948) (59,668) (67,616)Closing fair value of plans assets 66,473 151,050 217,523

Reimbursement rights - 2012Opening value of reimbursement rights 17,044 943,268 960,312Expected return on reimbursement rights 668 28,797 29,465Contributions from employer (2,517) 7,896 5,379Actuarial losses 2,575 60,988 63,563Closing value of reimbursement rights1 16 17,770 1,040,949 1,058,719

-71-




(continued)


(b) Financial impact on funds guaranteed by the Commonwealth Government (continued)

Notes SASS SSS Total $'000 $'000 $'000

Net liability - 2012Present value of defined benefit obligations 85,376 1,271,849 1,357,225Fair value of plan assets (66,473) (151,050) (217,523)Net liability arising from defined benefit obligation 18,903 1,120,799 1,139,702

Reimbursement right (17,770) (1,040,949) (1,058,719)Net liability representing ADFA1 1,133 79,850 80,983

Expense recognised 2012Current service cost 2,797 1,321 4,118Interest on obligation 2,779 43,515 46,294Expected return on plan assets (4,897) (13,814) (18,711)Expected return on reimbursement rights (668) (28,797) (29,465)Expense 11 2,225 2,236

Actual returns - 2012Actual return on plan assets 7,236 19,868 27,104Actual return on reimbursement right (3,243) (89,784) (93,027)

Other comprehensive income - 2012Actuarial losses on defined benefit obligations (6,767) (75,658) (82,425)Actuarial gains on plan assets 3,970 9,072 13,042Actuarial losses on reimbursement rights 2,575 60,988 63,563Recognised in other comprehensive income (222) (5,598) (5,820)

Cumulative total net actuarial losses (2,635) (45,158) (47,793)

Present value obligations - 2011Opening defined benefit obligation 72,019 979,095 1,051,114Current service cost 2,652 960 3,612Interest cost 3,825 52,952 56,777Actuarial losses 3,974 229,831 233,805Contributions from plan participants 1,165 2,733 3,898Benefits paid (3,920) (56,534) (60,454)Closing defined benefit obligation 79,715 1,209,037 1,288,752

Fair value of plan assets - 2011Opening fair value of plan assets 60,136 246,489 306,625Expected return on plan assets 4,863 18,461 23,324Actuarial losses (3,407) (19,580) (22,987)Contributions from the employer 2,715 2,013 4,728Contributions from plan participants 1,165 2,733 3,898Benefits paid (3,920) (56,534) (60,454)Closing fair value of plan assets 61,552 193,582 255,134

Reimbursement rights - 2011Opening value of reimbursement rights 11,288 680,544 691,832Expected return on reimbursement rights 1,524 32,884 34,408Contributions from employer (2,494) (1,839) (4,333)Actuarial losses 6,726 231,679 238,405Closing value of reimbursement rights 16 17,044 943,268 960,312

-72-




(continued)


(b) Financial impact on funds guaranteed by the Commonwealth Government (continued)

SASS SSS Total $'000 $'000 $'000

Net liability - 2011Present value of defined benefit obligations 79,715 1,209,037 1,288,752Fair value of plan assets (61,552) (193,582) (255,134)Net liability arising from defined benefit obligation 18,163 1,015,455 1,033,618

Reimbursement right (17,044) (943,268) (960,312)Net liability representing ADFA1 1,119 72,187 73,306

Expense recognised 2011Current service cost 2,652 960 3,612Interest on obligation 3,825 52,952 56,777Expected return on plan assets (4,863) (18,461) (23,324)Expected return on reimbursement rights (1,524) (32,884) (34,408)Expense 90 2,567 2,657

Actual returns - 2011Actual return on plan assets (1,230) (4,536) (5,766)Actual return on reimbursement right (8,250) (264,563) (272,813)

Other comprehensive income - 2011Actuarial losses on defined benefit obligations (3,974) (229,831) (233,805)Actuarial losses on plan assets (3,407) (19,580) (22,987)Actuarial losses on reimbursement rights 6,726 231,679 238,405Recognised in other comprehensive income (655) (17,732) (18,387)


1$1,049,219,000 (2011: $960,312,000) of the net liabilities for superannuation funds will be settled by the Commonwealth Government.

This is based on the net liabilities of the State Authorities Superannuation Scheme of $18,903,000 (2011:$18,163,000) and the net

liabilities of the State Superannuation Scheme of $1,120,799,000 (2011: $1,015,455,000) less the net liabilities of the superannuation

funds of University College ADFA totalling $80,983,000 (2011: $73,306,000) and net of a provision of $9,500,000 representing a transfer

of reserves from SSS to SANCS during the year ended 31 December 2012, refer to note16.

The amount of $25,535,000 contributed by the Commonwealth Government in 2004 for University College ADFA is managed as part of

the pool of general investments of the Group. These funds are included as part of available-for-sale financial assets disclosed in the

statement of financial position, refer to note 19.

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 the requiredcontribution 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 fund assetsand the defined benefit obligation, except for SASS and SSS (as described above) where the difference will be ultimatelyborne by the Commonwealth Government.

-73-




(continued)


(c) Financial impact on other funds

SANCS PSF Total $'000 $'000 $'000

Present value obligations - 2012Opening defined benefit obligation 18,030 56,180 74,210Current service cost 732 928 1,660Interest cost 612 1,349 1,961Actuarial losses 1,263 765 2,028Contributions from plan participants - 6 6Benefits paid (2,642) (5,124) (7,766)Closing defined benefit obligation 17,995 54,104 72,099

Present value of plan assets - 2012Opening fair value of plan assets 2,557 34,121 36,678Expected return on plan assets 310 1,833 2,143Actuarial gains 706 2,433 3,139Contributions from the employer 10,419 3,536 13,955Contributions from plan participants - 6 6Benefits paid (2,642) (5,124) (7,766)Closing fair value of plans assets 11,350 36,805 48,155

Net liability - 2012Present value of defined benefit obligation 17,995 54,104 72,099Fair value of plan assets (11,350) (36,805) (48,155)Net liability 6,645 17,299 23,944

Expense recognised 2012Current service cost 732 928 1,660Interest on obligation 612 1,349 1,961Expected return on plan assets (310) (1,833) (2,143)Expense 1,034 444 1,478

Actual returns - 2012Actual return on plan assets 1,017 4,266 5,283

Other comprehensive income - 2012Actuarial losses on defined benefit obligations (1,263) (765) (2,028)Actuarial gains on plan assets 706 2,433 3,139Recognised in other comprehensive income (557) 1,668 1,111


-74-




(continued)


(c) Financial impact on other funds (continued)

SANCS PSF Total$'000 $'000 $'000

Present value obligations - 2011Opening defined benefit obligation 17,968 45,372 63,340Current service cost 766 1,023 1,789Interest cost 924 1,838 2,762Actuarial losses 515 13,059 13,574Contributions from plan participants - (4) (4)Benefits paid (2,143) (5,108) (7,251)Closing defined benefit obligation 18,030 56,180 74,210

Present value of plan assets - 2011Opening fair value of plan assets 3,771 36,039 39,810Expected return on plan assets 442 2,568 3,010Actuarial losses (506) (2,772) (3,278)Contribution from the employer 993 3,398 4,391Contributions from plan participants - (4) (4)Benefits paid (2,143) (5,108) (7,251)Closing fair value of plan assets 2,557 34,121 36,678

Net liability - 2011Present value of defined benefit obligation 18,030 56,180 74,210Fair value of plan assets (2,557) (34,121) (36,678)Net liability 15,473 22,059 37,532

Expense recognised 2011Current service cost 766 1,023 1,789Interest on obligation 924 1,838 2,762Expected return on plan assets (442) (2,568) (3,010)Expense 1,248 293 1,541

Actual returns - 2011Actual return on plan assets (64) (204) (268)

Other comprehensive income - 2011Actuarial losses on defined benefit obligations (515) (13,059) (13,574)Actuarial losses on plan assets (506) (2,772) (3,278)Recognised in other comprehensive income (1,021) (15,831) (16,852)


-75-




(continued)


(c) Financial impact on other funds (continued)

UniSuper

The parent entity also contributes to the UniSuper Defined Benefit Division (UniSuper), formerly known as theSuperannuation Scheme for Australian Universities (SSAU), for academic staff appointed since 1 March 1988 and for allother staff from 1 July 1991.

In 2012, UniSuper conducted an actuarial investigation of the Defined Benefit Division (DBD) as at 30 June 2012. Basedon the investigation, the DBD was found to be in an "unsatisfactory financial position" as defined by SIS Regulation 9.04.An "unsatisfactory financial position" for a defined benefit fund is defined as when “the value of the assets of the Fund isinadequate to cover the value of the liabilities of the Fund in respect of benefits vested in the members of the Fund”. Russell Employee Benefits (the Fund Actuary) and UniSuper have followed the procedure required by Section 130 of theSIS Act when funds were found to be in an unsatisfactory financial position.

The actuary currently believes, in respect of the long-term financial condition of the Fund, that assets as at 30 June 2012,together with current contribution rates, are not expected to be sufficient to provide for the current benefit levels for bothexisting members and anticipated new members if experience follows either the "best estimate" assumptions, or the moreconservative "funding assumptions".

The process set out in Clause 34 of the Trust Deed has been initiated following the 30 June 2012 actuarial investigation.The Trustee had notified employers and members of this in accordance with the requirement of Clause 34.

Clause 34 of the Trust Deed provides a mechanism for reducing benefits if after initially finding UniSuper may beinsufficient to provide benefits, and after a period of at least four years during which two further actuarial investigations arecompleted, the Trustee still considers that UniSuper continues to be insufficient to provide the current benefits.

The Group is not liable to fund any shortfall if the balance of the UniSuper fund is in deficit. The Trustee will continue tomonitor the DBD’s financial position on at least a quarterly basis.

As at 30 June 2012, the deficit of total assets over vested benefits of UniSuper were estimated to be $2,010,800,000(2011: deficit $906,500,000). Vested benefits are benefits which are not conditional upon continued membership (or anyfactor other than leaving the service of the participating institution) and include the value of indexed pensions beingprovided by the DBD.

As at 30 June 2012, the assets of the DBD in aggregate were estimated to be $906,800,000 in deficiency of accruedbenefits (2011: $426,700,000 in excess of accrued benefits). Accrued benefits have been calculated as the present valueof expected future benefits payments to members and indexed pensioners which arise from membership of UniSuper up tothe reporting date.

The vested benefit and accrued benefit liabilities were determined by the Fund Actuary, using the actuarial demographicassumptions outlined in their report dated 15 November 2012. The financial assumptions used were:

Vested benefits Accrued benefits% %

Gross of tax investment return 5.85 7.50Net of tax investment return 5.25 6.70Consumer Price Index 2.75 2.75Inflationary salary increases short-term (1 year) 5.00 5.00Inflationary salary increases long-term 3.75 3.75

Assets have been included at their net market value, i.e. allowing for realisation costs.

Other superannuation schemes

The Group also contributes to the Commonwealth Superannuation Scheme. This superannuation scheme is fully funded.The Commonwealth Government has ultimate funding risk when members retire.

-76-


Th

e U

niv

ers

ity o

f N

ew

So

uth

Wa

les

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts3

1 D

ec

em

be

r 2

01

2(c

on

tin

ue

d)

40

Acq

uit

tal

of

Au

str

ali

an

Go

ve

rnm

en

t fi

na

nc

ial

as

sis

tan

ce

40

.1D

IIS

RT

E -

CG

S a

nd

Oth

er

DIIS

RT

E G

ran

ts

Pare

nt

Co

mm

on

we

alt

hG

ran

ts S

ch

em

eIn

dig

en

ou

s S

up

po

rtP

rog

ram

Pa

rtn

ers

hip

an

dP

art

icip

ati

on

Pro

gra

m1

Dis

ab

ilit

y S

up

po

rtP

rog

ram

Learn

ing

& T

each

ing

Pe

rfo

rma

nc

e F

un

dC

ap

ita

l D

ev

elo

pm

en

tP

oo

l

Note

s2012

2011

2012

2011

2012

2011

2012

2011

2012

2011

2012

2011

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

Fin

an

cia

l ass

ista

nce

re

ceiv

ed

in C

AS

H d

urin

g t

he

re

po

rtin

gp

erio

d (

tota

l ca

sh r

ece

ive

d f

rom

th

e A

ust

ralia

n G

ove

rnm

en

t fo

rth

e P

rog

ram

s)

248,0

74

202,6

17

878

878

4,4

98

2,4

70

189

199

--

-2,6

45

Ne

t a

ccru

al a

dju

stm

en

ts(5

,185)

--

--

--

--

--

-

Reve

nue for

the p

eriod

2(a

)242,8

89

202,6

17

878

878

4,4

98

2,4

70

189

199

--

-2,6

45

Su

rplu

s/(d

efic

it) f

rom

th

e p

revi

ou

s ye

ar

--

--

2,9

32

1,4

04

(553)

(264)

6,4

65

9,4

60

1,2

84

921

Tota

l reve

nue in

cludin

g a

ccru

ed r

eve

nue

242,8

89

202,6

17

878

878

7,4

30

3,8

74

(364)

(65)

6,4

65

9,4

60

1,2

84

3,5

66

Le

ss e

xpe

nse

s in

clu

din

g a

ccru

ed

exp

en

ses/

ad

just

me

nts

(242,8

89)

(202,6

17)

(878)

(878)

(5,0

01)

(942)

395

(488)

(1,6

91)

(2,9

95)

(1,2

84)

(2,2

82)

Su

rplu

s/(d

efic

it) f

or

rep

ort

ing

pe

rio

d-

--

-2,4

29

2,9

32

31

(553)

4,7

74

6,4

65

-1,2

84

-77

-

No

tes

to t

he

fin

anci

al s

tate

men

ts31

Dec

embe

r 201

2


No

tes

to t

he

fin

anci

al s

tate

men

ts31

Dec

embe

r 201

2T

he

Un

ive

rsit

y o

f N

ew

So

uth

Wa

les

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts3

1 D

ec

em

be

r 2

01

2(c

on

tin

ue

d)

40

Acq

uit

tal

of

Au

str

ali

an

Go

ve

rnm

en

t fi

na

nc

ial

as

sis

tan

ce

(co

nti

nu

ed

)

40

.1D

IIS

RT

E -

CG

S a

nd

Oth

er

DIIS

RT

E G

ran

ts(c

on

tin

ue

d)

Pare

nt

Div

ers

ity a

nd

Str

uctu

ral

Ad

justm

en

t F

un

dT

ran

sit

ion

al C

ost

Pro

gra

m

Pro

mo

tio

n o

fe

xc

ell

en

ce

in

lea

rnin

g a

nd

teach

ing

Re

wa

rd F

un

din

gT

ota

l

Note

s2012

2011

2012

2011

2012

2011

2012

2011

2012

2011

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

Fin

an

cia

l ass

ista

nce

re

ceiv

ed

in C

AS

H d

urin

g t

he

re

po

rtin

gp

erio

d (

tota

l ca

sh r

ece

ive

d f

rom

th

e A

ust

ralia

n G

ove

rnm

en

t fo

rth

e P

rog

ram

s)

-261

252

517

289

-1,2

00

-255,3

80

209,5

87

Ne

t a

ccru

al a

dju

stm

en

ts-

--

--

--

-(5

,185)

-

Reve

nue for

the p

eriod

2(a

)-

261

252

517

289

-1,2

00

-250,1

95

209,5

87

Su

rplu

s/(d

efic

it) f

rom

th

e p

revi

ou

s ye

ar

130

372

--

--

--

10,2

58

11,8

93

Tota

l reve

nue in

cludin

g a

ccru

ed r

eve

nue

130

633

252

517

289

-1,2

00

-260,4

53

221,4

80

Le

ss e

xpe

nse

s in

clu

din

g a

ccru

ed

exp

en

ses/

ad

just

me

nts

(130)

(503)

(252)

(517)

(119)

-(1

,200)

-(2

53,0

49)

(211,2

22)

Su

rplu

s/(d

efic

it) f

or

rep

ort

ing

pe

rio

d-

130

--

170

--

-7,4

04

10,2

58

1In

clu

de

s E

qu

ity S

up

po

rt P

rog

ram

-78

-


No

tes

to t

he

fin

anci

al s

tate

men

ts31

Dec

embe

r 201

2T

he

Un

ive

rsit

y o

f N

ew

So

uth

Wa

les

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts3

1 D

ec

em

be

r 2

01

2(c

on

tin

ue

d)

40

Acq

uit

tal

of

Au

str

ali

an

Go

ve

rnm

en

t fi

na

nc

ial

as

sis

tan

ce

(co

nti

nu

ed

)

40

.2H

igh

er

Ed

uc

ati

on

Lo

an

Pro

gra

ms

(e

xc

lud

ing

OS

-HE

LP

)

Pare

nt

HE

CS

-HE

LP

FE

E-H

EL

PS

A-H

EL

PT

ota

l

Note

s2012

2011

2012

2011

2012

2011

2012

2011

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

Cash

Paya

ble

/(R

ece

ivable

) at begin

nin

g o

f ye

ar

1,4

64

-2,3

38

(1,3

94)

--

3,8

02

(1,3

94)

Fin

an

cia

l ass

ista

nce

re

ceiv

ed

in C

ash

du

rin

gth

e r

eport

ing p

eriod

122,4

25

112,8

96

30,7

03

31,8

92

1,6

18

-154,7

46

144,7

88

Cash

ava

ilable

for

period

123,8

89

112,8

96

33,0

41

30,4

98

1,6

18

-158,5

48

143,3

94

Reve

nue e

arn

ed

2(b

)(1

19,9

34)

(111,4

32)

(32,6

58)

(28,1

60)

(1,7

21)

-(1

54,3

13)

(139,5

92)

Cash

Paya

ble

/(R

ece

ivable

) at end o

f ye

ar

3,9

55

1,4

64

383

2,3

38

(103)

-4,2

35

3,8

02

-79

-


No

tes

to t

he

fin

anci

al s

tate

men

ts31

Dec

embe

r 201

2T

he

Un

ive

rsit

y o

f N

ew

So

uth

Wa

les

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts3

1 D

ec

em

be

r 2

01

2(c

on

tin

ue

d)

40

Acq

uit

tal

of

Au

str

ali

an

Go

ve

rnm

en

t fi

na

nc

ial

as

sis

tan

ce

(co

nti

nu

ed

)

40

.3S

ch

ola

rsh

ips

Pare

nt

Au

str

alian

Po

stg

rad

uate

Aw

ard

s

Inte

rnati

on

al

Po

stg

rad

uate

Researc

hS

ch

ola

rsh

ips

Co

mm

on

we

alt

hE

du

ca

tio

n C

os

tS

ch

ola

rsh

ips

2

Co

mm

on

we

alt

hA

cc

om

mo

da

tio

nS

ch

ola

rsh

ips

Ind

ige

no

us

Access

Sc

ho

lars

hip

sT

ota

l

Note

s2012

2011

2012

2011

2012

2011

2012

2011

2012

2011

2012

2011

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

Fin

an

cia

l ass

ista

nce

re

ceiv

ed

in C

AS

H d

urin

gth

e r

ep

ort

ing

pe

rio

d (

tota

l ca

sh r

ece

ive

d f

rom

the

Au

stra

lian

Go

vern

me

nt

for

the

Pro

gra

ms)

20,8

47

17,4

42

1,8

58

1,7

45

747

1,6

66

109

82

31

22

23,5

92

20,9

57

Ne

t a

ccru

al a

dju

stm

en

ts-

--

-(7

44)

-(3

1)

-(1

3)

-(7

88)

-

Reve

nue for

the p

eriod

2(c

)20,8

47

17,4

42

1,8

58

1,7

45

31,6

66

78

82

18

22

22,8

04

20,9

57

Su

rplu

s/(d

efic

it) f

rom

th

e p

revi

ou

s ye

ar

908

898

(40)

125

242

--

--

84

1,1

10

1,1

07

Tota

l reve

nue in

cludin

g a

ccru

ed r

eve

nue

21,7

55

18,3

40

1,8

18

1,8

70

245

1,6

66

78

82

18

106

23,9

14

22,0

64

Less

exp

ense

s in

cludin

g a

ccru

ed e

xpense

s(1

9,9

16)

(17,4

32)

(2,1

80)

(1,9

10)

(245)

(1,4

24)

(78)

(82)

(18)

(106)

(22,4

37)

(20,9

54)

Su

rplu

s/(d

efic

it) f

or

rep

ort

ing

pe

rio

d1,8

39

908

(362)

(40)

-242

--

--

1,4

77

1,1

10

2In

clu

de

s G

ran

dfa

the

red

Sch

ola

rsh

ips

an

d N

atio

na

l Prio

rity

Sch

ola

rsh

ips.

-80

-


No

tes

to t

he

fin

anci

al s

tate

men

ts31

Dec

embe

r 201

2T

he

Un

ive

rsit

y o

f N

ew

So

uth

Wa

les

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts3

1 D

ec

em

be

r 2

01

2(c

on

tin

ue

d)

40

Acq

uit

tal

of

Au

str

ali

an

Go

ve

rnm

en

t fi

na

nc

ial

as

sis

tan

ce

(co

nti

nu

ed

)

40

.4D

IIS

RT

E R

es

ea

rch

Pare

nt

Jo

int

Researc

hE

ng

ag

em

en

t P

rog

ram

3

Researc

h T

rain

ing

Sc

he

me

Researc

h In

frastr

uctu

reB

lock G

ran

tsIm

ple

me

nta

tio

nA

ssis

tan

ce P

rog

ram

Au

str

ali

an

Sc

he

me

for

Hig

he

r E

du

ca

tio

nR

ep

osit

ori

es

Note

s2012

2011

2012

2011

2012

2011

2012

2011

2012

2011

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

Fin

an

cia

l ass

ista

nce

re

ceiv

ed

in C

AS

H d

urin

gth

e r

ep

ort

ing

pe

rio

d (

tota

l ca

sh r

ece

ive

d f

rom

the

Au

stra

lian

Go

vern

me

nt

for

the

Pro

gra

ms)

31,4

81

29,4

05

59,1

55

55,5

56

22,8

80

21,4

49

--

--

Ne

t a

ccru

al a

dju

stm

en

ts-

--

--

--

--

-

Reve

nue for

the p

eriod

2(d

)31,4

81

29,4

05

59,1

55

55,5

56

22,8

80

21,4

49

--

--

Su

rplu

s/(d

efic

it) f

rom

th

e p

revi

ou

s ye

ar

--

--

--

-72

-216

Tota

l reve

nue in

cludin

g a

ccru

ed r

eve

nue

31,4

81

29,4

05

59,1

55

55,5

56

22,8

80

21,4

49

-72

-216

Less

exp

ense

s in

cludin

g a

ccru

ed e

xpense

s(3

1,4

81)

(29,4

05)

(59,1

55)

(55,5

56)

(22,8

80)

(21,4

49)

-(7

2)

-(2

16)

Su

rplu

s/(d

efic

it) f

or

rep

ort

ing

pe

rio

d-

--

--

--

--

-

-81

-


No

tes

to t

he

fin

anci

al s

tate

men

ts31

Dec

embe

r 201

2T

he

Un

ive

rsit

y o

f N

ew

So

uth

Wa

les

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts3

1 D

ec

em

be

r 2

01

2(c

on

tin

ue

d)

40

Acq

uit

tal

of

Au

str

ali

an

Go

ve

rnm

en

t fi

na

nc

ial

as

sis

tan

ce

(co

nti

nu

ed

)

40

.4D

IIS

RT

E R

es

ea

rch

(co

nti

nu

ed

)

Pare

nt

Co

mm

erc

iali

sa

tio

nT

rain

ing

Sc

he

me

Su

sta

inab

le R

esearc

hE

xc

ell

en

ce

in

U

niv

ers

itie

sO

ther

To

tal

Note

s2012

2011

2012

2011

2012

2011

2012

2011

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

Fin

an

cia

l ass

ista

nce

re

ceiv

ed

in C

AS

H d

urin

gth

e r

ep

ort

ing

pe

rio

d (

tota

l ca

sh r

ece

ive

d f

rom

the

Au

stra

lian

Go

vern

me

nt

for

the

Pro

gra

ms)

-617

16,5

12

11,5

93

--

130,0

28

118,6

20

Ne

t a

ccru

al a

dju

stm

en

ts-

--

--

--

-

Reve

nue for

the p

eriod

2(d

)-

617

16,5

12

11,5

93

--

130,0

28

118,6

20

Su

rplu

s/(d

efic

it) f

rom

th

e p

revi

ou

s ye

ar

291

256

500

785

107

107

898

1,4

36

Tota

l reve

nue in

cludin

g a

ccru

ed r

eve

nue

291

873

17,0

12

12,3

78

107

107

130,9

26

120,0

56

Less

exp

ense

s in

cludin

g a

ccru

ed e

xpense

s(2

91)

(582)

(17,0

12)

(11,8

78)

(107)

-(1

30,9

26)

(119,1

58)

Su

rplu

s/(d

efic

it) f

or

rep

ort

ing

pe

rio

d-

291

-500

-107

-898

3In

clu

de

s I

nstitu

tio

na

l G

ran

ts S

ch

em

e

-82

-


No

tes

to t

he

fin

anci

al s

tate

men

ts31

Dec

embe

r 201

2T

he

Un

ive

rsit

y o

f N

ew

So

uth

Wa

les

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts3

1 D

ec

em

be

r 2

01

2(c

on

tin

ue

d)

40

Acq

uit

tal

of

Au

str

ali

an

Go

ve

rnm

en

t fi

na

nc

ial

as

sis

tan

ce

(co

nti

nu

ed

)

40

.5O

the

r C

ap

ita

l F

un

din

g

Pare

nt

Te

ac

hin

g a

nd

Le

arn

ing

Ca

pit

al

Fu

nd

Ed

uc

ati

on

Inv

es

tme

nt

Fu

nd

To

tal

Note

s2012

2011

2012

2011

2012

2011

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

Fin

an

cia

l ass

ista

nce

re

ceiv

ed

in C

AS

H d

urin

gth

e r

ep

ort

ing

pe

rio

d (

tota

l ca

sh r

ece

ive

d f

rom

the

Au

stra

lian

Go

vern

me

nt

for

the

Pro

gra

ms)

--

18,2

00

46,4

00

18,2

00

46,4

00

Ne

t a

ccru

al a

dju

stm

en

ts-

-(3

73)

(1,0

11)

(373)

(1,0

11)

Reve

nue for

the p

eriod

2(e

)-

-17,8

27

45,3

89

17,8

27

45,3

89

Su

rplu

s/(d

efic

it) f

rom

th

e p

revi

ou

s p

erio

d3,4

64

14,8

44

14,6

09

43,8

26

18,0

73

58,6

70

Tota

l reve

nue in

cludin

g a

ccru

ed r

eve

nue

3,4

64

14,8

44

32,4

36

89,2

15

35,9

00

104,0

59

Less

exp

ense

s in

cludin

g a

ccru

ed e

xpense

s(3

,464)

(11,3

80)

(25,3

15)

(74,6

06)

(28,7

79)

(85,9

86)

Su

rplu

s/(d

efic

it) f

or

rep

ort

ing

pe

rio

d-

3,4

64

7,1

21

14,6

09

7,1

21

18,0

73

-83

-


No

tes

to t

he

fin

anci

al s

tate

men

ts31

Dec

embe

r 201

2T

he

Un

ive

rsit

y o

f N

ew

So

uth

Wa

les

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts3

1 D

ec

em

be

r 2

01

2(c

on

tin

ue

d)

40

Acq

uit

tal

of

Au

str

ali

an

Go

ve

rnm

en

t fi

na

nc

ial

as

sis

tan

ce

(co

nti

nu

ed

)

40

.6A

us

tra

lia

n R

es

ea

rch

Co

un

cil

Gra

nts

(a)

Dis

co

very

Pare

nt

Pro

ject

Fe

llo

ws

hip

sIn

dig

en

ou

s R

esearc

hers

Develo

pm

en

tT

ota

l

Note

s2012

2011

2012

2011

2012

2011

2012

2011

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

Fin

an

cia

l ass

ista

nce

re

ceiv

ed

in C

AS

H d

urin

gth

e r

ep

ort

ing

pe

rio

d (

tota

l ca

sh r

ece

ive

d f

rom

the

Au

stra

lian

Go

vern

me

nt

for

the

Pro

gra

ms)

34,9

53

28,0

11

18,0

14

12,9

16

454

-53,4

21

40,9

27

Ne

t a

ccru

al a

dju

stm

en

ts(1

,312)

(1,0

08)

(209)

(12)

(7)

-(1

,528)

(1,0

20)

Reve

nue for

the p

eriod

2(f

)(i)

33,6

41

27,0

03

17,8

05

12,9

04

447

-51,8

93

39,9

07

Su

rplu

s/(d

efic

it) f

rom

th

e p

revi

ou

s ye

ar

13,0

46

13,4

11

7,2

81

4,1

91

(1)

14

20,3

26

17,6

16

Tota

l reve

nue in

cludin

g a

ccru

ed r

eve

nue

46,6

87

40,4

14

25,0

86

17,0

95

446

14

72,2

19

57,5

23

Less

exp

ense

s in

cludin

g a

ccru

ed e

xpense

s(2

7,2

16)

(27,3

68)

(14,1

21)

(9,8

14)

(174)

(15)

(41,5

11)

(37,1

97)

Su

rplu

s/(d

efic

it) f

or

rep

ort

ing

pe

rio

d19,4

71

13,0

46

10,9

65

7,2

81

272

(1)

30,7

08

20,3

26

-84

-


No

tes

to t

he

fin

anci

al s

tate

men

ts31

Dec

embe

r 201

2T

he

Un

ive

rsit

y o

f N

ew

So

uth

Wa

les

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts3

1 D

ec

em

be

r 2

01

2(c

on

tin

ue

d)

40

Acq

uit

tal

of

Au

str

ali

an

Go

ve

rnm

en

t fi

na

nc

ial

as

sis

tan

ce

(co

nti

nu

ed

)

40

.6A

us

tra

lia

n R

es

ea

rch

Co

un

cil

Gra

nts

(co

nti

nu

ed

)

(b)

Lin

ka

ge

s

Pare

nt

Infr

astr

uctu

reIn

tern

ati

on

al

Pro

jects

To

tal

Note

s2012

2011

2012

2011

2012

2011

2012

2011

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

$'0

00

Fin

an

cia

l ass

ista

nce

re

ceiv

ed

in C

AS

H d

urin

gth

e r

ep

ort

ing

pe

rio

d (

tota

l ca

sh r

ece

ive

d f

rom

the

Au

stra

lian

Go

vern

me

nt

for

the

Pro

gra

ms)

3,3

15

3,5

70

--

15,3

89

16,3

34

18,7

04

19,9

04

Ne

t a

ccru

al a

dju

stm

en

ts(9

7)

(400)

--

(896)

(862)

(993)

(1,2

62)

Reve

nue for

the p

eriod

2(f

)(ii)

3,2

18

3,1

70

--

14,4

93

15,4

72

17,7

11

18,6

42

Su

rplu

s/(d

efic

it) f

rom

th

e p

revi

ou

s ye

ar

4,1

05

4,1

59

75

122

11,2

87

10,8

98

15,4

67

15,1

79

Tota

l reve

nue in

cludin

g a

ccru

ed r

eve

nue

7,3

23

7,3

29

75

122

25,7

80

26,3

70

33,1

78

33,8

21

Less

exp

ense

s in

cludin

g a

ccru

ed e

xpense

s(4

,102)

(3,2

24)

(17)

(47)

(15,3

86)

(15,0

83)

(19,5

05)

(18,3

54)

Su

rplu

s/(d

efic

it) f

or

rep

ort

ing

pe

rio

d3,2

21

4,1

05

58

75

10,3

94

11,2

87

13,6

73

15,4

67

-85

-


No

tes

to t

he

fin

anci

al s

tate

men

ts31

Dec

embe

r 201

2T

he

Un

ive

rsit

y o

f N

ew

So

uth

Wa

les

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts3

1 D

ec

em

be

r 2

01

2(c

on

tin

ue

d)

40

Acq

uit

tal

of

Au

str

ali

an

Go

ve

rnm

en

t fi

na

nc

ial

as

sis

tan

ce

(co

nti

nu

ed

)

40

.6A

us

tra

lia

n R

es

ea

rch

Co

un

cil

Gra

nts

(co

nti

nu

ed

)

(c)

Netw

ork

s a

nd

Cen

tres

Pare

nt

Cen

tres

To

tal

Note

s2012

2011

2012

2011

$'0

00

$'0

00

$'0

00

$'0

00

Fin

an

cia

l ass

ista

nce

re

ceiv

ed

in C

AS

H d

urin

gth

e r

ep

ort

ing

pe

rio

d (

tota

l ca

sh r

ece

ive

d f

rom

the

Au

stra

lian

Go

vern

me

nt

for

the

Pro

gra

ms)

8,9

66

9,7

77

8,9

66

9,7

77

Ne

t a

ccru

al a

dju

stm

en

ts(6

,002)

(3,5

21)

(6,0

02)

(3,5

21)

Reve

nue for

the p

eriod

2(f

)(iii

)2,9

64

6,2

56

2,9

64

6,2

56

Su

rplu

s/(d

efic

it) f

rom

th

e p

revi

ou

s ye

ar

3,8

74

546

3,8

74

546

Tota

l reve

nue in

cludin

g a

ccru

ed r

eve

nue

6,8

38

6,8

02

6,8

38

6,8

02

Less

exp

ense

s in

cludin

g a

ccru

ed e

xpense

s(4

,770)

(2,9

28)

(4,7

70)

(2,9

28)

Su

rplu

s/(d

efic

it) f

or

rep

ort

ing

pe

rio

d2,0

68

3,8

74

2,0

68

3,8

74

-86

-


No

tes

to t

he

fin

anci

al s

tate

men

ts31

Dec

embe

r 201

2T

he

Un

ive

rsit

y o

f N

ew

So

uth

Wa

les

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts3

1 D

ec

em

be

r 2

01

2(c

on

tin

ue

d)

40

Acq

uit

tal

of

Au

str

ali

an

Go

ve

rnm

en

t fi

na

nc

ial

as

sis

tan

ce

(co

nti

nu

ed

)

40

.7O

S-H

EL

P

Pa

ren

t

20

12

20

11

No

tes

$'0

00

$'0

00

Ca

sh

Re

ce

ive

d d

uri

ng

th

e r

ep

ort

ing

pe

rio

d1

,93

52

,00

4C

ash

Sp

en

t d

uri

ng

th

e r

ep

ort

ing

pe

rio

d(1

,99

5)

(1,8

03

)N

et

Ca

sh

re

ce

ive

d2

(h)

(60

)2

01

Ca

sh

Su

rplu

s /

(d

eficit)

fro

m t

he

pre

vio

us y

ea

r3

3(1

68

)C

ash

Su

rplu

s /

(d

eficit)

for

rep

ort

ing

pe

rio

d(2

7)

33

-87

-


No

tes

to t

he

fin

anci

al s

tate

men

ts31

Dec

embe

r 201

2T

he

Un

ive

rsit

y o

f N

ew

So

uth

Wa

les

No

tes

to

th

e f

ina

nc

ial

sta

tem

en

ts3

1 D

ec

em

be

r 2

01

2(c

on

tin

ue

d)

40

Acq

uit

tal

of

Au

str

ali

an

Go

ve

rnm

en

t fi

na

nc

ial

as

sis

tan

ce

(co

nti

nu

ed

)

40

.8S

tud

en

t S

erv

ice

s a

nd

Am

en

itie

s F

ee

Pa

ren

t

20

12

20

11

No

tes

$'0

00

$'0

00

Un

sp

en

t/(o

ve

rsp

en

t) r

eve

nu

e f

rom

pre

vio

us p

eri

od

--

SA

-HE

LP

Re

ve

nu

e E

arn

ed

2(b

)1

,72

1-

Stu

de

nt

Se

rvic

e F

ee

s d

ire

ct

fro

m S

tud

en

ts4

4,6

06

-T

ota

l re

ve

nu

e e

xp

en

da

ble

in

pe

rio

d6

,32

7-

Stu

de

nt

Se

rvic

es e

xp

en

se

s d

uri

ng

pe

rio

d(6

,32

7)

-U

nsp

en

t/(o

ve

rsp

en

t) S

tud

en

t S

erv

ice

s R

eve

nu

e-

-

EN

D O

F T

HE

AU

DIT

ED

FIN

AN

CIA

L R

EP

OR

T

-88

-


Budget Actual Budget2012 2012 2013

$'000 $'000 $'000

Revenue from continuing operations AustralianGovernmentfinancialassistance AustralianGovernmentgrants 649,087 698,225 672,415HELP-AustralianGovernmentPayment 160,098 154,313 198,740StateandLocalGovernmentfinancialassistance 34,934 28,672 37,379HECS-HELP-Studentpayments 38,796 32,077 41,512Fees and charges 385,906 422,480 468,812Investment revenue 29,407 38,950 25,603Royalties,trademarksandlicences 4,367 5,694 5,628Consultancy and contracts 67,652 50,981 1,037Other revenue 56,115 31,509 26,690

Total revenue from continuing operations 1,426,362 1,462,901 1,477,816

Gainsondisposalofassets - 3,253 -Other income 18,855 13,081 18,007

Total income from continuing operations 18,855 16,334 18,007

Total revenue and income from continuing operations 1,445,217 1,479,235 1,495,823 Expenses from continuing operations Employeerelatedexpenses 809,739 792,068 852,321Depreciation and amortisation 109,930 113,556 116,562Repairs and maintenance 33,191 25,085 34,356Borrowingcosts 4,317 3,901 4,246Impairment of assets 1,105 10,552 -Losses on disposal of assets 26 1,159 79Otherexpenses 424,374 437,272 478,548Deferredemploymentbenefitsforsuperannuation (30) 1,856 (2)

Totalexpensesfromcontinuingoperations 1,382,652 1,385,449 1,486,110 Operating result for the year (before income tax) 62,565 93,786 9,713

Supplementary InformationFor the year ended 31 December 2012 (University Only)


Investment and investment performance (University only)

TheUniversity’sinvestmentsareallocatedtothefollowinginvestmentPools:

•PoolLandPoolE:long-terminvestmentfundswithaninvestmenthorizonofmorethantwoyears.BothPoolshavethesameassetallocation,thecomponentsofwhichweremanagedduringtheyearbythesamesixexternalfundmanagers;

•PoolS:theUniversity’sliquidityandworkingcapitalreservewithaninvestmenthorizonoflessthantwoyears.PoolSismanagedinternallybyUNSWTreasuryandInvestmentServices;and

•PoolP:principallystudentaccommodationandresidentialproperties(95%)andsignificantventureinitiatives(5%).StudentaccommodationinvestmentsareheldforstrategicpurposesandaremanagedbytheUniversity’sStrategicPropertyGroup.Thesepropertiesarenotclassifiedasinvestmentpropertiesundercurrentaccountingstandards.

InaccordancewiththeAnnual Report (Statutory Bodies) Act 1984anditsregulation2005,theperformanceofPoolL,EandSaremeasuredinthetablebelowagainstNSWTreasuryCorporationFacilities.ItisnotappropriateforPoolP’sperformancetobebenchmarkedinthiswayasitisaprojectfundanditsinvestmentcriteriaandhorizondiffermarkedlyfromanyoftheNSWTreasuryCorporation’s facilities.

Fund Manager

(i)Return for 12 months to 31/12/2012

(ii)Treasury Corporation Facility

Performance for 12 months to

31/12/2012

(i)Return for 12 months to 31/12/2011

(ii)Treasury Corporation Facility

Performance for 12 months to

31/12/2011% % % %

Pool L & E External 15.30 13.52 (0.63) (2.31)

Pool S Internal 5.49 4.42 6.14 5.23

(i)TheinvestmentreturnsforPoolLandEarecalculatedasthechangeinmarketvalueofinvestmentsfromthebeginningoftheyeartotheendoftheyear.ThereturnforPoolSistheweightedaverageyieldachieved.

(ii)TheweightedaverageoftheperformanceoftheNSWTreasuryCorporationmediumterm(25%)andlongtermfacilities(75%)isemployedforthePoolLandPoolEcomparison.ThisweightingreflectsthestrategicassetallocationofthePools.ThelongterminvestmentperformanceshownabovedoesnotincluderefundsfromtheATOinrespectoffrankingcredits.Frankingcreditscontributeapproximately0.5%inadditionalreturn.

University account payment performance (University only)

Total accounts paid on time Total amount paid

Target(i) % Actual(i) % $’000 $’000

2011

January-March 70 69 113,477 149,401

April-June 70 74 154,449 189,660

July-September 70 75 156,446 201,136

October-December 70 76 199,646 237,905

2012

January - March 70 67 117,604 175,717

April - June 70 76 164,205 205,198

July - September 70 79 171,671 213,833

October - December 70 82 214,995 256,022

(i)The%isbasedonthenumberoftransactionsprocessedandnotonmonetaryterms.




Land Appendix (University only)

InaccordancewithSection41B1(d)ofthePublic Finance and Audit Act,belowistheunauditedLandAppendixtotheFinancialStatementsoftheUniversityofNewSouthWalesfortheyearended31December2012.

Land Use

Land Value 2012

$’000

Land Value 2011

$’000T Teaching,ResearchandotherUniversitypurposes 273,196 273,923

A Student Accommodation 26,840 25,708

LR Leased to residential tenants 27,474 23,080

LC Leased to commercial tenants 30,689 30,483

358,199 353,194

Thetotalvalueoflandownedoroccupiedishigherthanthelandvaluerecognisedwithinthecategories“Land”and“StudentAccommodation” in the Statement of Financial Position. The value of the Land disclosed in the Statement of Financial Position has beenadjustedforimpairment.

Statutory Report 2012



Disclosure RequirementsPerformance Payments of Executive Officers

PerformancepaymentsfortheseniorexecutiveofficersoftheUniversityareapprovedbytheNominationsandRemunerationCommittee of the University Council.

NAME ProfessorFredHilmer

POSITION Vice-Chancellor

BASEREMUNERATION $884,057

EMPLOYER SUPERANNUATION $27,501

PERFORMANCEPAY* Not applicable

PERIOD IN POSITION Fullyear(1/1/2012–31/12/2012)

PERFORMANCEACHIEVEMENTS Metand/orexceededperformanceexpectationsasdeterminedbyUniversityCouncilandconsistentwiththeUNSWStatementofStrategicIntent,BlueprinttoBeyond.Inassessingperformance,CouncilmakesdeterminationsofachievementsinthecontextoftheUniversity’sstrategicobjectives;leadershipbehaviourthatevidencesUNSWvalues;andimportantadditionalachievementsandservicestotheUniversityconsistentwiththecontractofemployment.

NAME ProfessorRichardHenry

POSITION Vice-PresidentandDeputyVice-Chancellor(Academic)



PERFORMANCEPAY* Not applicable

LEAVE PAYMENTS ON RETIREMENT $344,586

PERIOD IN POSITION Partyear(1/1/2012–4/11/2012)

PERFORMANCEACHIEVEMENTS Metand/orexceededperformanceexpectationsasdeterminedbytheVice-Chancellor and reported to the Nominations and Remuneration Committee of Council,withparticularemphasisonsuccessinrecruitinghigh-qualitystudentsandensuringahigh-qualitylearningexperience.Inassessingperformance,theVice-ChancellormakesdeterminationsofachievementsinthecontextoftheUniversity’sstrategicobjectives;leadershipbehaviourthatevidencesUNSWvalues;andimportantadditionalachievementsandservicestotheUniversityconsistentwiththecontract of employment.

NAME Professor Iain Martin

POSITION Vice-PresidentandDeputyVice-Chancellor(Academic)



PERFORMANCEPAY** Not applicable

PERIOD IN POSITION Partyear(15/10/2012–31/12/2012)

PERFORMANCEACHIEVEMENTS Metand/orexceededperformanceexpectationsasdeterminedbytheVice-Chancellor and reported to the Nominations and Remuneration Committee of Council since his appointment in October 2012.



NAME JonathanBlakeman

POSITION Vice-President,FinanceandOperations



PERFORMANCEPAY*** $86,528


PERFORMANCEACHIEVEMENTS Metand/orexceededperformanceexpectationsasdeterminedbytheVice-ChancellorandreportedtotheNominationsandRemunerationCommitteeofCouncil,withparticularreferencetocontinuedimprovementsintheUniversity’sfinancialperformancemanagement,developmentofmajorinformationtechnologystrategiesanddeliveryofthecapitalprogram.Inapprovingperformancepayments,theVice-ChancellormakesdeterminationsofachievementsinthecontextoftheUniversity’sstrategicobjectives;leadershipbehaviourthatevidencesUNSWvalues;andimportantadditionalachievementsandservicestotheUniversityconsistentwiththecontractofemployment.

NAME Neil Morris

POSITION Vice-President,UniversityServices





PERFORMANCEACHIEVEMENTS Metand/orexceededperformanceexpectationsasdeterminedbytheVice-ChancellorandreportedtotheNominationsandRemunerationCommitteeofCouncil,withparticularreferencetobuildingleadershipcapabilityacrosstheUniversity,majorbuildingprograms in childcare and residential services and driving outcomes around improving thestudentexperience.Inapprovingperformancepayments,theVice-ChancellormakesdeterminationsofachievementsinthecontextoftheUniversity’sstrategicobjectives;leadershipbehaviourthatevidencesUNSWvalues;andimportantadditionalachievementsandservicestotheUniversityconsistentwiththecontractofemployment.

Disclosure RequirementsPerformance Payments of Executive Officers

NAME Professor Les Field

POSITION Vice-PresidentandDeputyVice-Chancellor(Research)





PERFORMANCEACHIEVEMENTS Metand/orexceededperformanceexpectationsasdeterminedbytheVice-ChancellorandreportedtotheNominationsandRemunerationCommitteeofCouncil,withparticular reference to improving the University’s overall research performance. Inapprovingperformancepayments,theVice-ChancellormakesdeterminationsofachievementsinthecontextoftheUniversity’sstrategicobjectives;leadershipbehaviourthatevidencesUNSWvalues;andimportantadditionalachievementsandservicestotheUniversityconsistentwiththecontractofemployment.

*ThetermsoftheemploymentcontractsforFredHilmerandRichardHenryprovidedforfixedremunerationonlyin2012**IainMartinnoteligibleforaperformancepaymentin2012***PerformancepaymentsforLesField,JonathanBlakemanandNeilMorrismadein2012relatetoperformancein2011.



EEO Target Groups

A. Trends in the Representation of EEO Groups

% of Total Staff

General Staff Benchmark or Target

2009 2010 2011 2012

Women 50% 59.96% 61.46% 62.01% 62.60%Aboriginal people and Torres Strait Islanders 2.6% 1.24% 1.21% 1.27% 1.15%PeoplewhosefirstlanguagewasnotEnglish 19% 28.57% 28.43% 28.52% 27.84%Peoplewithadisability 12% 3.77% 3.81% 3.57% 3.54%Peoplewithadisabilityrequiringwork-relatedadjustment 1.3% 0.70% 0.55% 0.54% 0.49%

% of Total Staff

Academic Staff Benchmark or Target

2009 2010 2011 2012

Women 50% 33.16% 34.90% 35.48% 35.31%Aboriginal people and Torres Strait Islanders 2.6% 0.33% 0.38% 0.48% 0.60%PeoplewhosefirstlanguagewasnotEnglish 19% 26.20% 25.01% 25.38% 24.69%Peoplewithadisability 12% 3.49% 3.25% 3.06% 2.86%Peoplewithadisabilityrequiringwork-relatedadjustment 1.3% 0.80% 0.73% 0.65% 0.56%

B. Trends in the Distribution of EEO Groups

Distribution Index

General Staff Benchmark or Target

2009 2010 2011 2012

Women 100 92 90 90 91Aboriginal people and Torres Strait Islanders 100 84 71 76 90PeoplewhosefirstlanguagewasnotEnglish 100 98 97 98 99Peoplewithadisability 100 98 96 96 96Peoplewithadisabilityrequiringwork-relatedadjustment 100 n/a n/a n/a n/a

Distribution Index

Academic Staff Benchmark or Target

2009 2010 2011 2012

Women 100 84 84 84 84Aboriginal people and Torres Strait Islanders 100 n/a n/a 107 98PeoplewhosefirstlanguagewasnotEnglish 100 94 98 98 99Peoplewithadisability 100 115 119 118 112Peoplewithadisabilityrequiringwork-relatedadjustment 100 114 121 128 118

1. Staff numbers are as at 31 March. 2.Figuresexcludecasualstaff. 3.ADistributionIndexof100indicatesthatthecentreofthedistributionoftheEEOgroupacrosssalarylevelsisequivalenttothatofotherstaff.Values

lessthan100meanthattheEEOgrouptendstobemoreconcentratedatlowersalarylevelsthanisthecaseforotherstaff.Themorepronouncedthistendencyis,thelowertheindexwillbe.Insomecasestheindexmaybemorethan100,indicatingthattheEEOgroupislessconcentratedatlowersalarylevels.TheDistributionIndexisautomaticallycalculatedbythesoftwareprovidedbytheOfficeofEmploymentEquityandDiversity.

4.TheDistributionIndexisnotcalculatedwhereEEOgroupornon-EEOgroupnumbersarelessthan20.



Fraud and Corruption Prevention StrategyInaccordancewiththeUniversity’sStatementofStrategicIntent,Blueprint to Beyond,UNSWvaluesaccountability,integrity,transparencyandhighethicalstandards.TheUniversityhasdevelopedpolicies,proceduresandguidelines,includingaFraudandCorruptionPreventionPolicy,tomitigateitsexposuretofraudandcorruptionbystaff,students,clients,vendors or other third parties.

Access to Information and PrivacyGIPA

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),theUniversity is required to report annually on its obligations under the Act. The required statistical information on 2012 access applicationstotheUniversityfollows.

Review of proactive release program

Undersection7(1)oftheAct,theUniversityproactivelyreleasesasmuchofitsinformationaspracticablewherethereisnooverriding public interest against disclosure of the information. Informationismadeavailablethroughthewebfreeofcharge.The University’s program for the proactive release of government informationisconductedinaccordancewiththeobjectsoftheAct.During2012theUniversityrevieweditsprogramofproactiverelease by assessing the information requested both informally andunderformalaccessapplicationstodeterminewhethermore such information should be made available to the public byproactiveorinformalrelease.Asaresultofthisreview,itwasdetermined that the University’s current program for the proactive releaseofinformationissufficientgiventheexistingrequestsforinformation by the public.

Number of access applications received

TheUniversityreceived12freshapplicationsin2012,ofwhichsixwererequestsforpersonalinformationconcerningtheapplicant(orbylawyersseekingpersonalinformationonbehalfofaclient),andaseventhforamixtureofpersonalandnon-personalinformation.Inaddition,sixapplicationsreceivedanddecidedbefore2012werethesubjectsofreviews.

Number of refused access applications for Schedule 1 matters

In2012therewerenoapplicationsforwhichtheUniversityrefused access to information in reliance on the provisions of Schedule 1 of the Act relating to conclusive presumptions of an overriding public interest against disclosure.

Privacy

TheUniversity’sPrivacyManagementPlanoutlineshowtheUniversitycomplieswiththe Privacy and Personal Information Protection Act 1998 (NSW) (“the PPIP Act”) and the Health Records and Information Privacy Act 2002 (NSW). One internal reviewwascompletedunderPart5ofthePPIPActduringthereporting period.



2012 GIPAA access applications

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 0 0 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

Not-for-profitorganisations or community groups

0 0 1 1 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)

0 2 1 2 0 0 1 0

*Morethanonedecisioncanbemadeinrespectofaparticularaccessapplication.Ifso,arecordingmustbemadeinrelationtoeachsuchdecision. ThisalsoappliestoTableB.

Table B: Number of applications by type of application 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

Personal information applications*

1 1 0 0 0 0 0 0

Access applications (other than personal information applications)

1 1 1 3 0 0 1 0

Access applications that are partly personal information applications and partly other

0 1 0 0 0 0 0 0

*Apersonal information applicationisanaccessapplicationforpersonalinformation(asdefinedinclause4ofSchedule4totheAct)abouttheapplicant (the applicant being an individual).



Table C: Invalid applications

Reason for invalidity No. of applications

Applicationdoesnotcomplywithformalrequirements(section41oftheAct) 5

Applicationisforexcludedinformationoftheagency(section43oftheAct) 0

Application contravenes restraint order (section 110 of the Act) 0

Total number of invalid applications received 5

Invalid applications that subsequently became valid applications 2

Table D: Conclusive presumption of overriding public interest against disclosure: matters listed in Schedule 1 to Act

Number of times consideration used*

Overridingsecrecylaws 0

Cabinet information 0

ExecutiveCouncilinformation 0

Contempt 0

Legal professional privilege 0

Excludedinformation 0

Documentsaffectinglawenforcementandpublicsafety 0

Transport safety 0

Adoption 0

Care and protection of children 0

Ministerial code of conduct 0

Aboriginal and environmental heritage 0

*Morethanonepublicinterestconsiderationmayapplyinrelationtoaparticularaccessapplicationand,ifso,eachsuchconsiderationistoberecorded (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 Act

Number of occasions when application not successful

Responsible and effective government 1

Lawenforcementandsecurity 0

Individualrights,judicialprocessesandnaturaljustice 3

Businessinterestsofagenciesandotherpersons 1

Environment,culture,economyandgeneralmatters 0

Secrecy provisions 0

ExemptdocumentsunderinterstateFreedomofInformationlegislation 0




Table F: Timeliness

Number of applications

Decidedwithinthestatutorytimeframe(20daysplusanyextensions) 5

Decidedafter35days(byagreementwithapplicant) 1

Notdecidedwithintime(deemedrefusal) 2

Total 8

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 1 1

ReviewbyInformationCommissioner*

0 0 0

Internalreviewfollowingrecommendation under section 93 of Act

3 2 5

ReviewbyADT 0 0 0

Total 3 3 6

*TheInformationCommissionerdoesnothavetheauthoritytovarydecisions,butcanmakerecommendationstotheoriginaldecision-maker.Thedatainthiscase indicates that a recommendation to vary or uphold the original decision has been made by the Information Commissioner.

Table H: Applications for review under Part 5 of the Act (by type of applicant)

Number of applications for review

Applications by access applicants 1

Applicationsbypersonstowhominformationthesubjectofaccessapplicationrelates(see section 54 of the Act)

0


The University of New South Wales Sydney NSW 2052 Australia Tel +61 2 9385 1000 www.unsw.edu.au

Hours of business Switchboard: Monday – Friday, 9am – 5pm Many departments of the University operate beyond standard business hours.

For copies of the Annual Report please contact the Media Office on +61 2 9385 3192 or [email protected]

This report is also available online at www.annualreport.unsw.edu.au

© UNSW 2013

ISSN 0726-8459 Volume 2 CRICOS Provider 00098G

M E M B E RMember Universitas 21