About this report
In accordance with FRD 10, the department is required to include a disclosure index in its Annual Report that:
- lists relevant clauses of Victorian legislation with statutory disclosure requirements the department must comply with
- provides a short description of the relevant requirements
- provides a page reference for the Annual Report where the disclosure for each requirement is made.
Material not required under relevant legislation and pronouncements is not included in this report. A disclosure index that identifies the department’s compliance with statutory requirements is provided in Appendix 1.
Financial statements
These financial statements cover the Department of Education and Training as an individual entity.
The Department of Education and Training is a government department of the State of Victoria.
A description of the nature of the department’s operations and its principal activities is included at the start of this report.
The financial statements for the department have been prepared in accordance with Direction 5.2 of the Standing Directions of the Assistant Treasurer under the Financial Management Act 1994, applicable Financial Reporting Directions, Australian Accounting Standards, including interpretations, and other mandatory professional reporting requirements.
We further state that, in our opinion, the information set out in the comprehensive operating statement, balance sheet, statement of changes in equity, cash flow statement and accompanying notes, presents fairly the financial transactions during the year ended 30 June 2022, and the financial position of the department as at 30 June 2022.
At the time of signing, we are not aware of any circumstances that would render any particulars included in the financial statements to be misleading or inaccurate.
We authorise the financial statements for issue on 6 September 2022.
Jenny Atta
Secretary
Department
Melbourne
6 September 2022Tonella Costa
Chief Finance Officer
Department
Melbourne
6 September 2022Notes
2022
($m)2021
($m)Continuing operations
Revenue and income from transactions
Output appropriations
2.3.1
14,834.4
16,133.9
Special appropriations
2.3.2
6.2
5.8
Grants
2.4.1
48.3
62.2
Sale of goods and services
2.4.2
235.4
234.2
Other income
2.4.3
636.3
295.5
Total revenue and income from transactions
15,760.6
16,731.6
Expenses from transactions
Employee expenses
3.1.1
(8,351.2)
(8,021.7)
Interest expenses
7.1.1(b)
(24.3)
(24.9)
Depreciation and amortisation
5.1.1
(470.8)
(458.0)
Grant and other payments
3.1.2
(2,838.4)
(2,547.4)
Capital asset charge
3.1.3
–
(1,996.3)
Other operating expenses
3.1.4 / 9.6
(3,591.7)
(3,073.1)
Total expenses from transactions
(15,276.4)
(16,121.4)
Net result from transactions (net operating balance)
484.2
610.2
Other economic flows included in net result
Net gain/(loss) on non-financial assets
9.1
19.4
0.2
Net gain/(loss) on financial instruments
9.1
(2.2)
(2.4)
Other gains/(losses) from other economic flows
9.1
173.1
52.7
Total other economic flows included in net result
190.3
50.5
Net result
674.5
660.7
Other economic flows – other comprehensive income: Items that will not be reclassified to net result
Changes in physical asset revaluation surplus
9.5
5,384.8
2,833.0
Total other economic flows – other comprehensive income
5,384.8
2,833.0
Comprehensive result
6,059.3
3,493.7
The above comprehensive operating statement should be read in conjunction with the accompanying notes.
Notes
2022
($m)2021
($m)Assets
Financial assets
Cash and deposits
7.3
1,590.9
1,482.6
Receivables
6.1
3,195.1
2,758.4
Other financial assets
5.3
1.6
0.4
Total financial assets
4,787.6
4,241.4
Non-financial assets
Intangible assets
5.2
66.0
50.5
Property, plant and equipment
5.1
35,664.6
29,129.3
Other non-financial assets
6.2
109.0
114.2
Total non-financial assets
35,839.6
29,294.0
Total assets
40,627.2
33,535.4
Liabilities
Payables
6.3
890.3
668.4
Other liabilities
6.3.3
60.2
71.4
Borrowings
7.1
577.3
582.3
Provisions
3.1.1(b)
1,821.3
1,980.8
Total liabilities
3,349.1
3,302.9
Net assets
37,278.1
30,232.5
Equity
Accumulated surplus/(deficit)
4,897.8
4,223.5
Physical asset revaluations surplus
9.5
20,429.3
15,044.5
Contributed capital
11,951.0
10,964.5
Net worth
37,278.1
30,232.5
Contingent assets and contingent liabilities
8.2
(62.9)
(64.5)
Commitments for expenditure
7.5.3
3,975.0
2,615.4
The above balance sheet should be read in conjunction with the accompanying notes.
Physical asset revaluation surplus
[Note 9.5]
($m)Accumulated surplus/ (deficit)
($m)Contributed capital
($m)Total Equity
($m)Balance at 1 July 2020
12,211.5
3,563.2
10,098.7
25,873.4
Net results for the year
–
660.7
–
660.7
Prior‑year adjustments
–
(0.4)
(0.1)
(0.5)
Other comprehensive income for the year
2,833.0
–
–
2,833.0
Capital appropriations [1]
–
–
915.7
915.7
Contributed capital transfers (out)
–
–
(49.8)
(49.8)
Balance at 30 June 2021
15,044.5
4,223.5
10,964.5
30,232.5
Net results for the year
–
674.5
–
674.5
Prior‑year adjustments
–
(0.2)
–
(0.2)
Other comprehensive income for the year
5,384.8
–
–
5,384.8
Capital appropriations
–
–
1,047.7
1,047.7
Administrative restructure – net assets transferred
–
–
(6.5)
(6.5)
Contributed capital transfers (out)
–
–
(54.7)
(54.7)
Balance at 30 June 2022
20,429.3
4,897.8
11,951.0
37,278.1
The above statement of changes in equity should be read in conjunction with the accompanying notes.
[1] Reflects capital (Additions to the Net Asset Base) appropriation funding for the state capital program (Note 2.3.1(a)).
Notes
2022
($m)2021
($m)Cash flows from operating activities
Receipts
Receipts from government
14,422.0
15,725.3
Receipts from other entities
889.5
950.8
GST recovered from the Australian Taxation Office (ATO)
542.8
510.6
Interest received
5.5
4.0
Total receipts
15,859.8
17,190.7
Payments
Payments of grants and other transfers
(2,786.7)
(2,925.2)
Payments to suppliers and employees
(12,171.8)
(11,583.1)
GST paid to the ATO
(19.9)
(13.0)
CAC payments
–
(1,996.3)
Short‑term, low‑value and variable lease payments
(43.3)
(43.8)
Interest and other costs of finance paid
(24.4)
(23.6)
Total payments
(15,046.1)
(16,585.0)
Net cash flows from/(used in) operating activities
7.3.1
813.7
605.7
Cash flows from investing activities
Purchases of non-financial assets
(1,746.9)
(1,574.1)
Proceeds from investments
1.5
2.8
Payments for investments
(1.9)
(0.4)
Sale of plant and equipment
7.7
3.1
Proceeds from loan and advances [1]
1.0
0.2
Payment of loan and advances [2]
(12.1)
(1.5)
Cash transferred on activities transferred out – administrative restructuring
0.3
–
Prior‑year adjustments
(0.2)
(0.5)
Net cash flows from/(used in) investing activities
(1,750.6)
(1,570.4)
Cash flows from financing activities
Owner contributions received from Victorian Government
1,047.7
915.7
Cash transferred on activities transferred out – administrative restructuring
(6.8)
–
Proceeds from borrowings
85.1
63.3
Repayment of borrowings and principal portion of lease liabilities
(80.8)
(88.9)
Net cash flows from/ (used in) financing activities
1,045.2
890.1
Net increase/(decrease) in cash and deposits
108.3
(74.6)
Cash and deposits at the beginning of the financial year
1,482.6
1,557.2
Cash and deposits at the end of the financial year
7.3
1,590.9
1,482.6
The above cash flow statement should be read in conjunction with the accompanying notes.
[1] Includes inter-departmental loans repayments made by TAFEs for the Greener Government Buildings program.
[2] Includes an advance to Fordview Pty Ltd to build South Drive Rd to enable access to the McKinnon Secondary College site for school building works.
Updated