Unearned income 67.2 48.5 Total liabilities 2,809.3 2,607.1 Net assets 24,962.4 21,211.5 Equity Accumulated surplus/(deficit) 2,430.8 2,117.9 Physical revaluation surplus 9.6 13,589.2 10,400.6 Contributed capital 8,942.4 8,693.0 Net worth 24,962.4 21,211.5 Contingent assets and contingent liabilities 8.3 Commitments for expenditure 7.5 The above balance sheet should be read in conjunction with the accompanying notes. Statement of changes in equity for the financial year ended 30 June 2018 Physical asset revaluation surplus $m Accumulated surplus/ (deficit) $m Contributed capital $m Total equity $m Balance at 1 July 2016 10,400.7 1,710.8 8,677.1 20,788.6 Net result for the year - 408.2 - 408.2 year adjustments - (1.1) - (1.1) Other comprehensive income for the year (0.1) - - (0.1) Capital appropriations - - 33.8 33.8 Contributed capital transfers in - - 7.2 7.2 Contributed capital transfers (out) - - (25.1) (25.1) Balance at 30 June 2017 10,400.6 2,117.9 8,693.0 21,211.5 Net result for the year - 311.9 - 311.9 Prior year adjustments - 1.1 - 1.1 Other comprehensive income for the year 3,188.5 - - 3,188.5
Capital appropriations - - 327.5 327.5 Contributed capital transfers in - - - - Contributed capital transfers (out) - - (78.1) (78.1) Balance at 30 June 2018 13,589.1 2,430.9 8,942.4 24,962.4 The above statement of changes in equity should be read in conjunction with the accompanying notes. Cash flow statement for the financial year ended 30 June 2018 Note 2018 $m 2017 $m Cash flows from operating activities Receipts Receipts from government 12,956.8 11,916.6 Receipts from other entities 814.3 756.9 and Services Tax recovered from the ATO 364.8 333.5 Interest received 17.4 15.8 Total receipts 14,153.3 13,022.8 Payments Payments of grants and other transfers (1,981.8) (1,759.3) Payments to suppliers and employees (9,841.1) (9,129.8) Goods and Services Tax paid to the ATO (15.6) (8.1) Capital asset charge payments (1,495.2) (1,467.4) Interest and costs of finance paid (29.6) (19.7) Total payments (13,363.3) (12,384.3) Net cash flows from/(used in) operating activities 7.3.1 790.0 638.5 Cash flows from investing activities Purchases of non-financial assets (1,106.3) (586.9) Proceeds from investments 63.6 55.7 Payments for investments (82.7) (77.9) Sales of plant and equipment 4.5 4.6 Proceeds from loan and advances 6.5 8.2 Payment of loan and advances (16.1) (24.1) Other adjustments 6.5 (0.2) Net cash from/(used in) investing activities (1,124.0) (620.7) Cash flows from financing activities contributions received from State Government Government GGovernmenGovernment GGovernmentGovernmentGovernment 327.5 33.8 Proceeds from borrowings - 0.2 Repayment of borrowings and finance leases (17.4) (14.3) Net cash from/(used in) financing activities 310.1 19.7
Victorian Curriculum and Assessment Authority 2.5 2.4 Payments made during the year The Institute of Public Administration Australia Victoria 0.3 0.2 Reserves 2018 $m 2017 $m Physical asset revaluation surplus Balance at beginning of financial year 10,400.6 10,400.7 Revaluation increment/(decrement) of land during the year 2,362.3 - Revaluation increment/(decrement) of buildings during the year 827.3 (0.1) Revaluation increment/(decrement) of leasehold buildings during the year (1.0) year adjustments - - Balance at the end of the financial year 13,589.2 10,400.6 The physical asset revaluation surplus is used to record increments and decrements on the revaluation of non-financial physical assets. 9.7 Remuneration of auditors 2018 $m 2017 $m Audit fees – Victorian Auditor-General’s Office 0.6 0.8 fees – other 5.1 7.1 Total remuneration of auditors 5.7 7.9 9.8 Australian Accounting Standards and interpretation issues that are not yet effective Certain new Australian Accounting Standards and interpretations have been published that are not mandatory for the 30 June 2018 reporting period. The Department of Treasury and Finance assesses the impact of these new standards and advises the Department of their applicability and early adoption where applicable. As at 30 June 2018, the following Australian Accounting Standards have been issued by the AASB, but are not mandatory for the financial year ending 30 June 2018. The Department has not, and does not intend to, these standards early. Standard/ Interpretation Summary Applicable for annual reporting periods beginning on Impact on public sector entity financial statements AASB 9 Financial Instruments The key changes include the simplified requirements for the classification and measurement of financial assets, a new hedge accounting model and a revised impairment loss model to recognise expected impairment 1 Jan 2018 The assessment has identified that the amendments are likely to result in earlier recognition of impairment losses and at more regular intervals.