Appendix 2: A6 Financial report

A13/07

Ms Diane Joseph
Director-General
Education and Training Directorate
Level 6, 220 Northbourne Avenue
BRADDON ACT 2612

AUDIT REPORT – EDUCATION AND TRAINING DIRECTORATE
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013

The Audit Office has completed the audit of the financial statements of the Education and Training Directorate for the year ended 30 June 2013.

I have attached the audited financial statements and unqualified audit report.

I have provided a copy of the financial statements and audit report to the Minister for Education and Training, Ms Joy Burch MLA.

Yours sincerely

Signature Block – Dr Maxine Cooper

c.c. Mr Mark Whybrow, Director, Finance and Corporate Support
Ms Jenny Morison, Chair, Audit Committee
Mr Dougal Wilson, Manager, Risk Management and Audit

INDEPENDENT AUDIT REPORT EDUCATION AND TRAINING DIRECTORATE

To the Members of the ACT Legislative Assembly

Report on the financial statements

The financial statements of the Education and Training Directorate (the Directorate) for the year ended 30 June 2013 have been audited. These comprise the following financial statements and accompanying notes:

Controlled financial statements – operating statement, balance sheet, statement of changes in equity, cash flow statement and statement of appropriation.
Territorial financial statements – statement of income and expenses on behalf of the Territory, statement of assets and liabilities on behalf of the Territory, statement of recognised income and expenses on behalf of the Territory, cash flow statement on behalf of the Territory and territorial statement of appropriation.

Responsibility for the financial statements

The Director-General of the Directorate is responsible for the preparation and fair presentation of the financial statements in accordance with the Financial Management
Act 1996. This includes responsibility for maintaining adequate accounting records and internal controls that are designed to prevent and detect fraud and error, and the accounting policies and estimates used in the preparation of the financial statements.

The auditor's responsibility

Under the Financial Management Act 1996, I am responsible for expressing an independent audit opinion on the financial statements of the Directorate.

The audit was conducted in accordance with Australian Auditing Standards to obtain reasonable assurance that the financial statements are free of material misstatement.

I formed the audit opinion following the use of audit procedures to obtain evidence about the amounts and disclosures in the financial statements. As these procedures are influenced by the use of professional judgement, selective testing of evidence supporting the amounts and other disclosures in the financial statements, inherent limitations of internal control and the availability of persuasive rather than conclusive evidence, an audit cannot guarantee that all material misstatements have been detected.

Although the effectiveness of internal controls is considered when determining the nature and extent of audit procedures, the audit was not designed to provide assurance on internal controls.

The audit is not designed to provide assurance on the appropriateness of budget information included in the financial statements or to evaluate the prudence of decisions made by the Directorate.

Electronic presentation of the audited financial statements

Those viewing an electronic presentation of these financial statements should note that the audit does not provide assurance on the integrity of information presented electronically and does not provide an opinion on any other information which may have been hyperlinked to or from these financial statements. If users of these statements are concerned with the inherent risks arising from the electronic presentation of information, they are advised to refer to the printed copy of the audited financial statements to confirm the accuracy of this electronically presented information.

Independence

Applicable independence requirements of Australian professional ethical pronouncements were followed in conducting the audit.

Audit opinion

In my opinion, the financial statements of the Directorate for the year ended 30 June 2013:

(i) are presented in accordance with the Financial Management Act 1996, Australian Accounting Standards and other mandatory financial reporting requirements in Australia; and

(ii) present fairly the financial position of the Directorate as at 30 June 2013 and the results of its operations and cash flows for the year then ended.

The audit opinion should be read in conjunction with other information disclosed in this report.

Signature Block – Dr Maxine Cooper

Education and Training Directorate Financial Statements For the Year Ended 30 June 2013

Statement of Responsibility

In my opinion, the financial statements are in agreement with the Directorate's accounts and records and fairly reflect the financial operations of the Directorate for the year ended 30 June 2013 and the financial position of the Directorate on that date.

Signature Block – Leanne Cover

Education and Training Directorate Financial Statements For the Year Ended 30 June 2013

Statement by the Chief Finance Officer

In my opinion, the financial statements have been prepared in accordance with generally accepted accounting principles, and are in agreement with the Directorate's accounts and records and fairly reflect the financial operations of the Directorate for the year ended 30 June 2013 and the financial position of the Directorate on that date.

Signature Block – Mark Whybrow

EDUCATION AND TRAINING DIRECTORATE
CONTROLLED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013

Education and Training Directorate
Operating Statement
For the Year Ended 30 June 2013

	Note No.	Actual 2013 $'000	Original Budget 2013 $'000	Actual 2012 $'000
Income
Revenue
Government Payment for Outputs	4	559,045	558,459	516,071
User Charges – ACT Government	5	409	405	413
User Charges – Non-ACT Government	5	15,628	16,598	14,853
Interest	6	1,161	1,350	1,634
Distribution from Investments with the
Territory Banking Account	7	121	195	76
Resources Received Free of Charge	8	313	249	385
Other Revenue	9	20,304	19,086	19,785
Total Revenue		596,981	596,342	553,217

Gains
Gains on Investments	10	-	-	58
Total Gains		-	-	58

Total Income		596,981	596,342	553,275

Expenses
Employee Expenses	12	385,940	386,325	376,749
Superannuation Expenses	13	58,043	58,145	53,361
Supplies and Services	14	61,347	65,630	57,392
Depreciation and Amortisation	15	65,323	57,411	55,766
Grants and Purchased Services	16	26,136	28,244	25,143
Borrowing Costs	17	7	20	13
Other Expenses	18	60,138	62,774	59,023
Total Expenses		656,934	658,549	627,447

Operating (Deficit)		(59,953)	(62,207)	(74,172)

Other Comprehensive Income
Increase/(Decrease) in the Asset Revaluation Surplus		402	-	(9,020)
Total Other Comprehensive Income/(Deficit)		402	-	(9,020)

Total Comprehensive (Deficit)		(59,551)	(62,207)	(83,192)

The above Operating Statement should be read in conjunction with the accompanying notes.

Education and Training Directorate
Balance Sheet
As at 30 June 2013

	Note No.	Actual 2013 $'000	Original Budget 2013 $'000	Actual 2012 $'000
Current Assets
Cash and Cash Equivalents	21	63,938	41,806	53,394
Receivables	22	6,736	7,121	4,609
Investments	23	260	259	259
Other Assets	27	2,098	3,653	2,648
Total Current Assets		73,032	52,839	60,910

Non-Current Assets
Investments	23	1,831	1,774	1,832
Property, Plant and Equipment	24	1,964,954	1,914,581	1,878,214
Intangible Assets	25	895	150	122
Capital Works in Progress	26	17,622	77,980	38,543
Total Non-Current Assets		1,985,302	1,994,485	1,918,711
Total Assets		2,058,334	2,047,324	1,979,621

Current Liabilities
Payables	28	5,443	4,164	10,143
Finance Leases	29	44	149	76
Employee Benefits	30	116,715	107,141	111,259
Other Liabilities	32	4,171	3,787	3,853
Total Current Liabilities		126,373	115,241	125,331

Non-Current Liabilities
Finance Leases	29	60	53	27
Employee Benefits	30	11,878	11,023	10,582
Other Provisions	31	-	58	57
Other Liabilities	32	73	-	-
Total Non-Current Liabilities		12,011	11,134	10,666
Total Liabilities		138,384	126,375	135,997
Net Assets		1,919,950	1,920,949	1,843,624

Equity
Accumulated Funds		907,345	899,726	831,421
Asset Revaluation Surplus	33	1,012,605	1,021,223	1,012,203
Total Equity		1,919,950	1,920,949	1,843,624

The above Balance Sheet should be read in conjunction with the accompanying notes.

Education and Training Directorate
Statement of Changes in Equity
For the Year Ended 30 June 2013

	Note No.	Accumulated Funds Actual 2013 $'000	Asset Revaluation Surplus Actual 2013 $'000	Total Equity Actual 2013 $'000	Original Budget 2013 $'000
Balance at the Beginning of the
Reporting Period		831,421	1,012,203	1,843,624	1,860,838

Comprehensive Income
Operating (Deficit)		(59,953)	-	(59,953)	(62,207)
Increase in the Asset Revaluation Surplus		-	402	402	-
Total Comprehensive (Deficit) Income	33	(59,953)	402	(59,551)	(62,207)

Transactions Involving Owners Affecting Accumulated Funds
Capital Injections		100,489	-	100,489	122,318
Net Assets Transferred in as part of an Administrative Restructure	34	35,388	-	35,388	-
Total Transactions Involving Owners
Affecting Accumulated Funds		135,877	-	135,877	122,318

Balance at the End of the Reporting
Period		907,345	1,012,605	1,919,950	1,920,949

The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.

Education and Training Directorate
Statement of Changes in Equity - Continued
For the Year Ended 30 June 2013

	Note No.	Accumulated Funds Actual 2012 $'000	Asset Revaluation Surplus Actual 2012 $'000	Total Equity Actual 2012 $'000
Balance at the Beginning of the
Reporting Period		808,897	1,021,223	1,830,120

Comprehensive Income
Operating Deficit		(74,172)	-	(74,172)
Decrease in the Asset Revaluation Surplus		-	(9,020)	(9,020)
Total Comprehensive (Deficit)	33	(74,172)	(9,020)	(83,192)

Transactions Involving Owners Affecting
Accumulated Funds
Capital Injections		96,696	-	96,696
Total Transactions Involving Owners
Affecting Accumulated Funds		96,696	-	96,696

Balance at the End of the Reporting
Period		831,421	1,012,203	1,843,624

The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.

Education and Training Directorate
Cash Flow Statement
For the Year Ended 30 June 2013

	Note No.	Actual 2013 $'000	Original Budget 2013 $'000	Actual 2012 $'000
Cash Flows from Operating Activities
Receipts
Government Payment for Outputs		559,045	558,459	516,071
User Charges		15,947	17,003	16,062
Interest Received		1,163	1,350	1,634
Distribution from Investments with the Territory Banking Account		121	195	78
Schools And Other		20,319	19,086	19,495
Goods and Services Tax Received		25,547	24,491	24,356
Total Receipts from Operating Activities		622,142	620,584	577,696
Payments
Employee		379,184	382,008	354,967
Superannuation		57,988	58,147	53,040
Supplies and Services		62,362	65,029	56,129
Grants and Purchased Services		26,304	28,244	23,794
Borrowing Costs		7	20	13
Schools and Other		60,644	62,978	56,446
Goods and Services Tax Paid		24,792	24,491	23,750
Total Payments from Operating Activities		611,281	620,917	568,139
Net Cash Inflows/(Outflows) from Operating Activities	40	10,861	(333)	9,557
Cash Flows from Investing Activities
Receipts
Proceeds from Sale of Property, Plant and Equipment		30	-	1
Payments
Purchase of Property, Plant and Equipment		100,745	123,533	97,713
Net Cash (Outflows) from Investing Activities		(100,715)	(123,533)	(97,712)
Cash Flows from Financing Activities
Receipts
Capital Injection		100,489	122,318	96,696
Payments
Repayment of Finance Leases		91	50	149
Net Cash Inflows from Financing Activities		100,398	122,268	96,547
Net Increase / (Decrease) in Cash and Cash Equivalents		10,544	(1,598)	8,392
Cash and Cash Equivalents at the Beginning of the Reporting Period		53,394	43,404	45,002
Cash and Cash Equivalents at the End of the Reporting Period	40	63,938	41,806	53,394

The above Cash flow should be read in conjunction with the accompanying notes.

Education and Training Directorate
Summary of Output Classes
For the Year Ended 30 June 2013

	Output Class 1 $'000	Output Class 2 $'000	Output Class 3 $'000	Total $'000
2013
Total Income	559,821	3,541	33,619	596,981
Total Expenses	(622,859)	(3,663)	(30,412)	(656,934)
Operating (Deficit)/Surplus	(63,038)	(122)	3,207	(59,953)

2012
Total Income	520,715	2,200	30,360	553,275
Total Expenses	(595,734)	(1,840)	(29,873)	(627,447)
Operating (Deficit)/Surplus	(75,019)	360	487	(74,172)

Education and Training Directorate
Operating Statement for Output Class 1 – Public School Education
For the Year Ended 30 June 2013

Description
This output contributes to the provision of preschool, primary, high, secondary and special school education in public schools to all enrolled students, early intervention services and regulation of education and care services.

	Actual 2013 $'000	Original Budget 2013 $'000	Actual 2012 $'000
Income
Revenue
Government Payment for Outputs	522,441	519,378	483,659
User Charges – ACT Government	399	404	400
User Charges – Non-ACT Government	15,360	15,841	14,825
Interest	1,149	1,347	1,612
Distribution from Investments with the
Territory Banking Account	121	195	76
Resources Received Free of Charge	309	248	381
Other Revenue	20,042	19,057	19,704
Total Revenue	559,821	556,470	520,657

Gains
Gains on Investments	-	-	58
Total Gains	-	-	58
Total Income	559,821	556,470	520,715

Expenses
Employee Expenses	379,715	378,756	371,545
Superannuation Expenses	57,098	56,991	52,607
Supplies and Services	59,472	61,561	55,152
Depreciation and Amortisation	65,212	57,280	55,753
Grants and Purchased Services	1,598	1,185	1,693
Borrowing Costs	7	20	13
Other Expenses	59,757	62,658	58,971
Total Expenses	622,859	618,451	595,734

Operating (Deficit)	(63,038)	(61,981)	(75,019)

Education and Training Directorate
Operating Statement for Output Class 2 – Non-Government School Education
For the Year Ended 30 June 2013

Description
This output contributes to the maintenance of standards in non-government schools and home education through compliance and registration, accreditation and certification of senior secondary courses, support and liaison with the non-government sector, administration and payment of Commonwealth Government and Territory grants for the non-government sector and the conduct of an annual non-government schools census.

	Actual 2013 $'000	Original Budget 2013 $'000	Actual 2012 $'000
Income
Revenue
Government Payment for Outputs	3,240	3,629	2,093
User Charges – ACT Government	1	-	1
User Charges – Non-ACT Government	25	79	24
Interest	11	1	19
Resources Received Free of Charge	3	-	3
Other Revenue	261	-	60
Total Income	3,541	3,709	2,200

Expenses
Employee Expenses	1,100	1,856	609
Superannuation Expenses	174	285	99
Supplies and Services	749	1,568	1,121
Depreciation	102	85	1
Grants and Purchased Services	1,512	-	-
Other Expenses	26	3	10
Total Expenses	3,663	3,797	1,840

Operating (Deficit)/Surplus	(122)	(88)	360

Education and Training Directorate
Operating Statement for Output Class 3 – Vocational Education and Training
For the Year Ended 30 June 2013

Description
This output contributes to the planning, funding, managing and reporting services for Vocational Education and Training opportunities, programs and initiatives in the ACT.

	Actual 2013 $'000	Original Budget 2013 $'000	Actual 2012 $'000
Income
Revenue
Government Payment for Outputs	33,364	35,452	30,319
User Charges – ACT Government	9	1	12
User Charges – Non-ACT Government	243	678	4
Interest	1	2	3
Resources Received Free of Charge	1	1	1
Other Revenue	1	29	21
Total Income	33,619	36,163	30,360

Expenses
Employee Expenses	5,125	5,713	4,595
Superannuation Expenses	771	869	655
Supplies and Services	1,126	2,501	1,119
Depreciation and Amortisation	9	46	12
Grants and Purchased Services	23,026	27,059	23,450
Other Expenses	355	113	42
Total Expenses	30,412	36,301	29,873

Operating Surplus/(Deficit)	3,207	(138)	487

Education and Training Directorate
Controlled Statement of Appropriation
For the Year Ended 30 June 2013

	Note No.	Original Budget 2013 $'000	Total Appropriated 2013 $'000	Appropriation Drawn 2013 $'000	Appropriation Drawn 2012 $'000
Controlled
Government Payment for Outputs	4	558,459	583,083	559,045	516,071
Capital Injections		122,318	140,377	100,489	96,696
Total Controlled Appropriation		680,777	723,460	659,534	612,767

The above Controlled Statement of Appropriation should be read in conjunction with the accompanying notes.

Column Heading Explanations
The Original Budget column shows the amounts that appear in the Cash Flow Statement in the Budget Papers.
This amount also appears in these financial statements, in the Cash Flow Statement.

The Total Appropriated column is inclusive of all appropriation variations occurring after the Original Budget.

The Appropriation Drawn is the total amount of appropriation received by the Directorate during the year. This amount appears in these financial statements, in the Cash Flow Statement.

Variances between 'Original Budget' and 'Total Appropriated'
Government Payment for Outputs
The difference between the original budget and total appropriated relates to the transfer in of childcare policy and regulation services from the Community Services Directorate from November 2012 ($2.447m), increased Commonwealth grants ($1.949m) for Joint Group Training, Literacy and Numeracy and Industry and Indigenous Skills Centres national partnerships and funding transferred from 2011-12 ($20.228m). The funding transferred from 2011-12 primarily relates to the timing of course completions and associated payments under the Productivity Places Program and the receipt of Commonwealth payments for the Improving Teacher Quality and Literacy and Numeracy national partnerships in June 2013.

Capital Injections
The difference between the original budget and total appropriated relates to the transfer in of childcare policy and regulation services capital projects from the Community Services Directorate in November 2012 ($10.230m), increased Commonwealth payments for the Trade Training Centres national partnership ($6.015m) and the transfer of funds from 2011-12 ($1.814m). The transfer of funds from 2011-12 primarily relates to payments in July 2012 for the Digital Learning initiative.

Variances between 'Total Appropriated' and 'Appropriation Drawn'
Government Payment for Outputs
The difference between the total appropriated and appropriation drawn relates to lower than budgeted Commonwealth payments ($3.295m) primarily for the Improving Teacher Quality national partnership and funds transferred to 2013-14 ($20.618m). The transfer of funds into 2013-14 primarily relates to the timing of course completions associated with the Productivity Places Program, the receipt of the first upfront Commonwealth payment for the Skills Reform national partnership and the receipt in June 2013 of Commonwealth payments for More Support for Students with a Disability and Literacy and Numeracy national partnerships.

Education and Training Directorate
Controlled Statement of Appropriation - Continued
For the Year Ended 30 June 2013

Capital Injections
The difference between the total appropriated and appropriation drawn relates to the transfer of funds to 2013-14 ($29.053m) and savings in the delivery of Bonner Primary School and Franklin Early Childhood School ($10.5m). The transfer of funds primarily relates to Trade Training Centres ($7.145m), childcare projects ($7.3m) due to delays with the completion of scoping and design works and schools expansion projects ($8.586m) mainly due to minor delays in design and construction.

EDUCATION AND TRAINING DIRECTORATE
NOTE INDEX

	General Notes
Note	1.	Objectives of the Directorate
Note	2.	Summary of Significant Accounting Policies
Note	3.	Change in Accounting Policy and Accounting Estimates

	Income Notes
Note	4.	Government Payment for Outputs
Note	5.	User Charges - ACT and Non-ACT Government
Note	6.	Interest
Note	7.	Distribution from Investments with the Territory Banking Account
Note	8.	Resources Received Free of Charge
Note	9.	Other Revenue

	Gains
Note	10.	Gains on Investments
Note	11.	Gains from Disposal of Non-Current Asset

	Expense Notes
Note	12.	Employee Expenses
Note	13.	Superannuation Expenses
Note	14.	Supplies and Services
Note	15.	Depreciation and Amortisation
Note	16.	Grants and Purchased Services
Note	17.	Borrowing Costs
Note	18.	Other Expenses
Note	19.	Act of Grace Payments, Waivers and Write-Offs
Note	20.	Auditor's Remuneration

	Asset Notes
Note	21.	Cash and Cash Equivalents
Note	22.	Receivables
Note	23.	Investments
Note	24.	Property, Plant and Equipment
Note	25.	Intangible Assets
Note	26.	Capital Works in Progress
Note	27.	Other Assets

	Liability Notes
Note	28.	Payables
Note	29.	Finance Leases
Note	30.	Employee Benefits
Note	31.	Other Provisions
Note	32.	Other Liabilities

	Equity Notes
Note	33.	Equity
Note	34.	Restructure of Administrative Arrangements
Note	35.	Disaggregated Disclosure of Assets and Liabilities

EDUCATION AND TRAINING DIRECTORATE
NOTE INDEX

	Other Notes
Note	36.	Financial Instruments
Note	37.	Commitments
Note	38.	Contingent Liabilities and Contingent Assets
Note	39.	Interest in a Jointly Controlled Entity
Note	40.	Cash Flow Reconciliation

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 1. OBJECTIVES OF THE DIRECTORATE

Operations and Principal Activities

The Education and Training Directorate (the Directorate) works in partnership with parents and the community to ensure students are supported and engaged to achieve their full potential. The Directorate will work closely with the community to position the ACT as Australia's lifelong learning capital.

Services of the Directorate include the provision of public school education, preschool and early intervention education programs, regulation of education and care services, registration of non-government schools, registration for home education and the planning and coordination of vocational education and training.

The Directorate aims to ensure that all young people in the ACT learn, thrive and are equipped with the skills to lead fulfilling, productive and responsible lives.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Accounting

The Financial Management Act 1996 (FMA) requires the preparation of annual financial statements for the Directorate.

The FMA and the Financial Management Guidelines issued under the Act, requires the Directorate's financial statements to include:

an Operating Statement for the year;
a Balance Sheet at the end of the year;
a Statement of Changes in Equity for the year;
a Cash Flow Statement for the year;
a Statement of Appropriation for the year;
an Operating Statement for each class of output for the year;
a summary of the significant accounting policies adopted for the year; and
such other statements as are necessary to fairly reflect the financial operations of the Directorate during the year and its financial position at the end of the year.

These general purpose financial statements have been prepared in accordance with 'Generally Accepted Accounting Principles' (GAAP) as required by the FMA. The financial statements have been prepared in accordance with:

Australian Accounting Standards; and
ACT Accounting and Disclosure Policies.

The financial statements have been prepared using the accrual basis of accounting, which recognises the effects of transactions and events when they occur. The financial statements have also been prepared according to the historical cost convention, except for assets which were valued in accordance with the revaluation policies applicable to the Directorate during the reporting period.

These financial statements are presented in Australian dollars, which is the Directorate's functional currency.

The Directorate is an individual reporting entity.

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

(b) Controlled and Territorial Items

The Directorate produces Controlled and Territorial financial statements. The Controlled financial statements include income, expenses, assets and liabilities over which the Directorate has control. The Territorial financial statements include income, expenses, assets and liabilities that the Directorate administers on behalf of the ACT Government, but does not control.

The purpose of the distinction between Controlled and Territorial is to enable an assessment of the Directorate's performance against the decisions it has made in relation to the resources it controls, while maintaining accountability for all resources under its responsibility.

The basis of accounting described in Note 2(a) above applies to both Controlled and Territorial financial statements except where specified otherwise.

(c) The Reporting Period

These financial statements state the financial performance, changes in equity and cash flows of the Directorate for the year ending 30 June 2013 together with the financial position of the Directorate as at 30 June 2013.

(d) Comparative Figures

Budget Figures

To facilitate a comparison with Budget Papers, as required by the Financial Management Act 1996, budget information for 2012-13 has been presented in the financial statements. Budget numbers in the financial statements are the original budget numbers that appear in the Budget Papers.

Prior Year Comparatives

Comparative information has been disclosed in respect of the previous period for amounts reported in the financial statements, except where an Australian Accounting Standard does not require comparative information to be disclosed.

Where the presentation or classification of items in the financial statements is amended, the comparative amounts have been reclassified where practical. Where a reclassification has occurred, the nature, amount and reason for the reclassification is provided.

(e) Rounding

All amounts in the financial statements have been rounded to the nearest thousand dollars ($'000). Use of the "-" symbol represents zero amounts or amounts rounded up or down to zero.

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

(f) Revenue Recognition

Revenue is recognised at the fair value of the consideration received or receivable in the Operating Statement. All revenue is recognised to the extent that it is probable that the economic benefits will flow to the Directorate and the revenue can be reliably measured. In addition, specific recognition criterion applies to the following:

Interest

Interest revenue is recognised using the effective interest method.

Distribution

Distribution revenue is received from investments with the Territory Banking Account. This is recognised on an accrual basis.

(g) Resources Received and Provided Free of Charge

Resources received free of charge are recorded as a revenue and expense in the Operating Statement at fair value. The revenue is separately disclosed under resources received free of charge, with the expense being recorded in the line item to which it relates. Assets received free of charge as a result of administrative restructure are recorded as a net increase in assets from administrative restructure.

(h) Repairs and Maintenance

The Directorate undertakes major cyclical maintenance on its assets. Where the maintenance leads to an upgrade of the asset, and increases the service potential of the existing asset, the cost is capitalised. Maintenance expenses which do not increase the service potential of the asset are expensed.

(i) Borrowing Costs

Borrowing costs relate to finance leases. Borrowing costs are expensed in the period in which they are incurred.

(j) Waivers of Debt

Debts that are waived during the year under Section 131 of the Financial Management Act 1996 are expensed during the year in which the right to payment was waived. Further details of waivers are disclosed in Note 19: Act of Grace Payments, Waivers and Write-offs.

(k) Current and Non-Current Items

Assets and liabilities are classified as current or non-current in the Balance Sheet and in the relevant notes. Assets are classified as current where they are expected to be realised within 12 months after the reporting date. Liabilities are classified as current when they are due to be settled within 12 months after the reporting date or when the Directorate does not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

Assets or liabilities which do not fall within the current classification are classified as non-current.

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

(l) Impairment of Assets

The Directorate assesses, at each reporting date, whether there is any indication that an asset may be impaired. Assets are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is the amount by which the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset's 'fair value less the cost to sell' and its 'value in use'.

An asset's 'value in use' is its depreciated replacement cost, where the asset would be replaced if the Directorate were deprived of it.

If a material impairment loss results, the loss is recognised against the relevant class of asset in the Asset Revaluation Surplus with corresponding reduction to the carrying amount in the Balance Sheet. Where the impairment loss is greater than the balance in the Asset Revaluation Surplus, the difference is expensed in the Operating Statement.

(m) Cash and Cash Equivalents

For the purposes of the Cash Flow Statement and the Balance Sheet, cash includes cash at bank and cash on hand. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Bank overdrafts are included in cash and cash equivalents in the Cash Flow Statement and are included as borrowings in the Balance Sheet.

(n) Receivables

Accounts receivable (including trade receivables and other trade receivables) are initially recognised at fair value and are subsequently measured at amortised cost, with any adjustments to the carrying amount being recorded in the Operating Statement.

The allowance for impairment losses represents the amount of trade receivables and other trade receivables the Directorate estimates will not be repaid. The allowance for impairment losses is based on objective evidence and a review of overdue balances. The Directorate considers the following is objective evidence of impairment:

becoming aware of financial difficulties of debtors;
default payments; or
debts more than 90 days overdue.

The amount of the allowance is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the original effective interest rate. Cash flows relating to short-term receivables are not discounted if the effect of discounting is immaterial. The amount of the allowance is recognised in the Operating Statement. The allowance for impairment losses are written back against the receivables account when the Directorate ceases action to collect the debt as it considers that it will cost more to recover the debt than the debt is worth.

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

(o) Investments

Short-term investments are held with the Territory Banking Account in a unit trust called the Cash Enhanced Portfolio. Long-term investments are held with the Territory Banking Account in a unit trust called the Fixed Interest Portfolio. The price of units in both these unit trusts fluctuate in value. The net gains or losses do not include interest or dividend income.

These short-term and long term investments are measured at fair value with any adjustments to the carrying amount recorded in the Operating Statement. Fair value is based on an underlying pool of investments which have quoted market prices at the reporting date.

(p) Acquisition and Recognition of Property, Plant and Equipment

Property, plant and equipment is initially recorded at cost when they are acquired.

Where property, plant and equipment are acquired at no cost, or minimal cost, cost is its fair value as at the date of acquisition. However property, plant and equipment acquired at no cost or minimal cost as part of a Restructuring of Administrative Arrangements is measured at the transferor's book value.

Property, plant and equipment with a minimum value of $5,000 (exclusive of GST) are capitalised. Assets below $5,000 are expensed in the reporting period of purchase. Assets that are individually below the threshold, but for which the aggregate value is material, may be capitalised depending the nature of the assets.

(q) Measurement of Property, Plant and Equipment after Initial Recognition

Land and buildings are measured at fair value. Plant and equipment including leasehold improvements are measured at cost. Land and buildings are revalued every three years.

Fair value is the amount for which an asset could be exchanged between knowledgeable willing parties in an arm's length transaction. Fair value is measured using market based evidence available for that asset (or a similar asset), as this is the best evidence of an asset's fair value. Where the market price for an asset cannot be obtained because the asset is specialised and is rarely sold, depreciated replacement cost is used as fair value. Where the asset would not be replaced, the fair value is the asset's selling price, less costs to sell.

In the Directorate's case, land and buildings are held for their value in use rather than the assets' ability to generate net cash flows and these assets would be replaced if the Directorate was deprived of them. Based on the above, the fair value of buildings is determined by the depreciated replacement cost while the fair value of land is based on current market prices.

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

(r) Intangible Assets

Internally generated software is recognised when it meets the general recognition criteria and where it also meets the specific recognition criteria relating to intangible assets arising from the development phase of an internal project.

Capitalised software has a finite useful life. Software is amortised on a straight line basis over its useful life, over a period not exceeding five years.

Intangible assets are measured at cost.

(s) Depreciation of Non-Current Assets

Non-current assets with a limited useful life are systematically depreciated over their useful lives in a manner that reflects the consumption of their service potential.

Land has an unlimited useful life and is therefore not depreciated.

Depreciation for non-current assets is determined as follows:

Class of Asset	Depreciation	Useful Life (Years)
Buildings and Land Improvements	Straight Line	50
Leasehold Improvements	Straight Line	5
Plant and Equipment	Straight Line	5-20
Leased Assets	Straight Line	2-20
Externally Purchased Intangibles	Straight Line	2-5

Land improvements are included with buildings.

The aggregate amount of depreciation allocated for each class of asset during the reporting period is disclosed in Note 15 – Depreciation and Amortisation.

(t) Payables

Payables include Trade Payables and Accrued Expenses.

Trade Payables represent the amounts owing for goods and services received prior to the end of the reporting period and unpaid at the end of the reporting period and relating to the normal operations of the Directorate. Accrued Expenses represent goods and services provided by other parties during the period that are unpaid at the end of the reporting period and where an invoice has not been received by period end.

(u) Joint Venture

The Directorate is a venturer in a joint venture operation with the Catholic Education Office at Gold Creek Primary School and its share of assets, liabilities, income and expenses have been recognised in the Directorate's financial statements under appropriate headings consistent with AASB 131 'Interest in Joint Ventures'. Please refer to Note 39 – Interest in a Jointly Controlled Entity for details.

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

(v) Leases

The Directorate has entered into finance leases and operating leases.

Finance Leases

Finance leases effectively transfer to the Directorate substantially all the risks and rewards incidental to ownership of the assets under a finance lease. The Directorate's finance leases mainly relate to office equipment and motor vehicles. Finance leases are initially recognised as an asset and a liability at the lower of the fair value of the asset and the present value of the minimum lease payments each being determined at the inception of the lease. Leased assets are depreciated on a straight line basis. The depreciation is calculated after first deducting any residual values which remain for each leased asset. Each lease payment is allocated between interest expense and reduction of the lease liability. Lease liabilities are classified as current and non-current.

Operating Leases

Operating leases do not effectively transfer to the Directorate substantially the entire risks and rewards incidental to ownership of the asset under an operating lease. Operating lease payments are recorded as an expense in the Operating Statement on a straight-line basis over the term of the lease.

(w) Employee Benefits

Employee benefits include salaries and wages, annual leave, long service leave, annual leave loading and applicable on-costs. On-costs include annual leave, long service leave, superannuation and other costs that are incurred when employees take annual and long service leave. These benefits accrue as a result of services provided by employees up to the reporting date that remain unpaid. Accrued salaries and wages are measured at the amount that remains unpaid to employees at the end of the reporting period.

The measurement of annual leave and long service leave liabilities is based on the timing of the expected leave taken. Annual and long service leave expected to be taken in the next 12 months are measured on the nominal amounts of remuneration anticipated to be paid when leave is taken. The nominal amount is estimated with regard to the rates expected to be paid on settlement of the liability.

The liability for employee benefits includes provision for annual leave and long service leave. No provision has been made for sick leave as all sick leave is non-vesting and the average sick leave taken in the future years by employees of the Directorate is estimated to be less than the annual entitlement for sick leave.

Annual and long service leave including applicable on-costs that do not fall due within the next 12 months are measured at the present value of estimated future payments to be made in respect of services provided by employees up to the reporting date. Consideration is given to the future wage and salary levels, experience of employee departures and periods of service. At each reporting period, the present value of future payments is estimated using market yields on Commonwealth Government bonds with terms to maturity that match, as closely as possible, the estimated future cash flows. In 2012-13, the rate used to estimate the present value of these future payments is 101.3% (106.6% in 2011-12).

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

(w) Employee Benefits - Continued

The long service leave liability is estimated with reference to the minimum period of qualifying service. For employees with less than the required minimum period of 7 years qualifying service, the probability that employees will reach the required minimum period has been taken into account in estimating the provision for long service leave and the applicable on-costs.

The provision for annual leave and long service leave includes estimated on-costs. As these on-costs only become payable if the employee takes annual and long service leave while in-service, a probability factor has been incorporated.

Annual leave and long service leave liabilities are classified as current liabilities in the Balance Sheet where the Directorate has does not have an unconditional rights to defer the settlement of the liability for at least 12 months. However, where there is an unconditional right to defer settlement of the liability for at least 12 months, annual leave and long service leave have been classified as a non-current liability in the Balance Sheet.

(x) Superannuation

The Directorate receives funding for superannuation payments as part of the Government Payment for Outputs. The Directorate then makes payments on a fortnightly basis to the Territory Banking Account, to cover the Directorate's superannuation liability for the Commonwealth Superannuation Scheme (CSS) and the Public Sector Superannuation Scheme (PSS). This payment covers the CSS/PSS employer contribution, but does not include the productivity component. The productivity component is paid directly to ComSuper by the Directorate. The CSS and PSS are defined benefit superannuation plans meaning that the defined benefits received by employees are based on the employee's years of service and average final salary.

Superannuation payments have also been made directly to superannuation funds for those members of the Public Sector who are part of superannuation accumulation schemes. This includes the Public Sector Superannuation Scheme Accumulation Plan (PSSAP) and schemes of employee choice.

Superannuation employer contribution payments, for the CSS and PSS, are calculated, by taking the salary level at an employee's anniversary date and multiplying it by the actuarially assessed nominal CSS or PSS employer contribution rate for each employee. The productivity component payments are calculated by taking the salary level, at an employee's anniversary date, and multiplying it by the employer contribution rate (approximately 3%) for each employee. Superannuation payments for the PSSAP are calculated by taking the salary level, at an employee's anniversary date, and multiplying it by the appropriate employer contribution rate. Superannuation payments for fund of choice arrangements are calculated by taking an employee's salary each pay and multiplying it by the appropriate employer contribution rate.

A superannuation liability is not recognised in the Balance Sheet as the Superannuation Provision Account recognises the total Territory superannuation liability for the CSS and PSS, and ComSuper and the external schemes recognise the superannuation liability for the PSSAP and other schemes respectively.

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

(y) Equity Contributed by the ACT Government

Contributions made by the ACT Government, through its role as owner of the Directorate, are treated as contributions of equity.

Increases or decreases in net assets as a result of Administrative Restructures are also recognised in equity.

(z) Insurance

The Directorate insures its major risks through the ACT Insurance Authority. The excess payable, under this arrangement, varies depending on each class of insurance held.

(aa) Taxation

The Directorate's activities are exempt from all forms of taxation except Fringe Benefits Tax (FBT) and Goods and Services Tax (GST). The amount of FBT paid in the year was $0.073 million ($0.116 million; 2011-12). This amount is in the Operating Statement under employee expenses.

Revenue, expenses and assets are recognised net of GST except to the extent that the amount of GST incurred by the purchaser is not recoverable from the Australian Taxation Office.

Cash flows relating to GST are included in the Cash Flow Statement on a gross basis. The GST component of cash flows arising from investing and financing activities that are recoverable from, or payable to, the Australian Taxation Office are classified as operating cash flows. The net amount of GST recoverable from, or payable to, the Australian Taxation Office is included as part of receivables or payables in the Balance Sheet.

(ab) Contingent Liabilities and Assets

Contingent liabilities include all provisions not meeting both of the recognition criteria of a liability. These criteria are: whether it is probable that the future sacrifice of economic benefits will be required; and whether the amount of the liability can be measured reliably. Contingent assets include any assets that do not meet both of the recognition criteria for an asset. These criteria are: whether it is probable that the future economic benefits embodied in the asset will eventuate: and the asset possesses a cost or other value that can be measured reliably. The contingent liabilities are disclosed in Note 38 – Contingent Liabilities.

There are no contingent assets.

(ac) Significant Accounting Judgements and Estimates

In the process of applying the accounting policies listed in this note, the Directorate has made the following judgements and estimates that have the most significant impact on the amounts recorded in the financial statements:

Fair Value of Land and Buildings: The Directorate has made a significant judgement regarding the fair value of its land and buildings. Land has been recorded at the market value of similar properties as determined by an independent valuer. Buildings are valued at depreciated replacement cost as determined by an independent valuer.

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

(ac) Significant Accounting Judgements and Estimates – Continued

Employee Benefits: Significant judgements have been applied in estimating the liability for employee benefits. The estimated liability for employee benefits requires a consideration of the future wages and salary levels, experience of employee departures and periods of service. The estimate also includes an assessment of the probability that employees will meet the minimum service period required to qualify for long service leave and that on-costs will become payable. Further information on this estimate is provided in Note 2 (w) - Employee Benefits and Note 3 - Change in Accounting Policy and Accounting Estimates.
Estimation of Useful Lives of Property, Plant & Equipment: The Directorate disclosed that Property, Plant and Equipment is systematically depreciated over its estimated useful life. The estimated useful life of Property, Plant and Equipment is reassessed each year and adjusted when the condition and other factors affecting the useful life of Property, Plant and Equipment indicate an adjustment is warranted.
Impairment: The Directorate disclosed that Property, Plant and Equipment is annually assessed for impairment. If this assessment indicates an asset is impaired, then an assessment of the asset's recoverable amount must be estimated to determine whether an impairment loss must be recognised. For 2012-13, the Directorate has undertaken an assessment in relation to the school buildings and other property plant and equipment. An adjustment is reflected in the financial statements if there is an impairm

(ad) After Balance Date Events

There are no known events occurring after 30 June 2013 that will materially affect the financial statements.

(ae) Going Concern

As at 30 June 2013, the Directorate's current assets are insufficient to meet its current liabilities. However, this is not considered a liquidity risk as its cash needs are funded through appropriation from the ACT Government on a cash-needs basis. This is consistent with the whole-of-government cash management regime, which requires excess cash balances to be held centrally rather than within individual Directorate bank accounts.

(af) Impact of Accounting Standards Issued but yet to be Applied

The following new and revised accounting standards and interpretations that are applicable to the Directorate have been issued by the Australian Accounting Standards Board but do not apply to the current reporting period. These standards and interpretations are applicable to future reporting periods. The Directorate does not intend to adopt these standards and interpretations early. Where applicable, these Australian Accounting Standards will be adopted from their application date. It is estimated that the effect of adopting the below pronouncements, when applicable, will have no material financial impact on the Directorate in future reporting periods:

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

(af) Impact of Accounting Standards Issued but yet to be Applied – Continued

AASB 9 Financial Instruments (application date 1 January 2015);
AASB 11 Joint Arrangements (application date 1 January 2013);
AASB 13 Fair Value Measurement (application date 1 January 2014 for not-for-profit entities);
AASB 119 Employee Benefits (application date 1 January 2013);
AASB 127 Separate Financial Statements (application date 1 January 2014 for not-for-profit entities);
AASB 128 Investments in Associates and Joint Ventures (application date 1 January 2014 for not-for-profit entities);
AASB 1055 Budgetary Reporting (application date 1 July 2014);
AASB 2010-7 Amendments to Australian Accounting Standard arising from AASB 9 (December 2010) (application date 1 January 2015);
AASB 2011-7 Amendments to Australian Accounting Standards arising from the Consolidation and Joint Arrangements Standards (application date 1 January 2014 for not-for-profit entities);
AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13 (application date 1 January 2013);
AASB 2011-10 Amendments to Australian Accounting Standards arising from AASB 119 (September 2011) (application date 1 January 2013); and
AASB 2012-6 Amendments to Australian Accounting Standards – Mandatory Effective Date of AASB 9 and Transition Disclosures (application date of 1 January 2013).

NOTE 3. CHANGE IN ACCOUNTING POLICY AND ACCOUNTING ESTIMATES

Change in Accounting Estimates

As disclosed in Note 2 (w) – Employee Benefits, annual leave and long service leave, including applicable onâââ€š¬'costs that do not fall due in the next 12 months are measured at the present value of estimated payments to be made in respect of services provided by employees up to the reporting date. The present value of future payments is estimated using the Commonwealth Bond rate.

Last financial year the present value rate was 106.6%, however, due to a change in the Commonwealth Bond rate the rate as at 30 June 2013 is 101.3%. As such the estimate of the long service leave and annual leave liabilities has changed. This change has resulted in a decrease to the estimate of the long service leave liability and expense in the current reporting period of approximately $4.2 million. The Directorate's annual leave liability primarily relates to teachers whose leave is taken on an annual basis.

Change in Accounting Policy

There have been no changes to accounting policy in 2012-13.

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

	2013 $'000	2012 $'000
NOTE 4. GOVERNMENT PAYMENT FOR OUTPUTS Government Payment for Outputs (GPO) is revenue received from the ACT Government to fund the cost of delivering outputs.

Government Payment for Outputs
Government Payment for Outputs ¹	559,045	516,071
Total	559,045	516,071
The increase is mainly due to pay increases associated with enterprise bargaining agreements and new initiatives relating to new schools.
NOTE 5. USER CHARGES – ACT AND NON-ACT GOVERNMENT
User Charges - ACT Government
User Charges - ACT Government	409	413
Total	409	413

User Charges - Non-ACT Government
International Private Students Program	6,051	5,659
Active Leisure Centre - Hire of Facilities and Recreational Activities	3,521	3,109
Commonwealth National Agreements ¹	4,574	4,395
Commonwealth Own Purpose Payments (COPE) / Specific Projects	1,264	955
Other	218	735
Total	15,628	14,853
Primarily relates to National Agreements with the Commonwealth for the provision of services at Jervis Bay and the French Australia School.

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

	2013 $'000	2012 $'000
NOTE 6. INTEREST

Interest
Schools and Other Interest Received¹	1,161	1,634
Total	1,161	1,634
The decrease primarily relates to lower interest rates.
NOTE 7. DISTRIBUTION FROM INVESTMENTS WITH THE TERRIORY BANKING ACCOUNT
Revenue from ACT Government Entities
Distribution from Investments with the Territory Banking Account	121	76
Total	121	76
NOTE 8. RESOURCES RECEIVED FREE OF CHARGE
This relates to legal advice and other legal services provided by the Justice and Community Safety Directorate.
Resources Received Free of Charge	313	385
Total	313	385

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

	2013 $'000	2012 $'000
NOTE 9. OTHER REVENUE
Other revenue mainly comprises voluntary contributions, fund raising revenue and excursion funds.

Other Revenue
School Revenue	19,041	18,828
Other1	1,263	957
Total	20,304	19,785
The increase mainly relates to higher levels of regulatory fees through the Teacher Quality Institute for the registration of teachers.
NOTE 10. GAINS ON INVESTMENTS
Gains on Investments
Unrealised Gains on Investments with the Territory Banking Account	-	58
Total	-	58
NOTE 11. GAINS FROM DISPOSAL OF NON-CURRENT ASSET
Gains from the Sales of Assets¹	30	1
Total	30	1
The revenue associated with the disposal of assets is reported under Note 9 – Other /Revenue

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

	2013 $'000	2012 $'000
NOTE 12. EMPLOYEE EXPENSES

Wages and Salaries¹	369,749	345,888
Movement in Employee Benefits²	6,752	22,064
Workers' Compensation Premium	9,439	8,797
Total	385,940	376,749
The increase is mainly due to wage increases provided through enterprise bargaining agreements for teaching and non teaching staff. The decrease is primarily related to a reduction in the rate used to estimate the present value of long service leave liabilities (refer note 2(w) – Employee Benefits and 3(a) – Change in Accounting Estimates)
NOTE 13. SUPERANNUATION EXPENSES
Superannuation Contributions to the Territory Banking Account	35,871	33,244
Productivity Benefit	5,083	5,140
Superannuation Payment to ComSuper (for the PSSAP)	1,132	1,137
Superannuation to External Providers¹	15,957	13,840
Total	58,043	53,361
The increase is mainly due to increased staff using external superannuation providers following the closure of the Public Sector Superannuation Scheme, the Commonwealth Superannuation Scheme and the Public Sector Superannuation Accumulation Plan to new entrants.
NOTE 14. SUPPLIES AND SERVICES
Supplies and Services
Property and Maintenance	17,351	15,766
Materials and Services	27,292	25,939
Travel and Transport	6,556	5,815
Administrative	3,371	3,577
Financial	4,726	4,674
Operating Lease Costs	1,478	1,396
Audit Fees	236	205
Asset Write-Off	337	20
Total	61,347	57,392

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

	2013 $'000	2012 $'000
NOTE 15. DEPRECIATION AND AMORTISATION

Depreciation
Buildings and Land Improvements¹	51,197	43,215
Plant and Equipment²	13,708	11,810
Leasehold Improvements	418	741
Total	65,323	55,766
The increase primarily relates to the Directorate's significant capital investment (Refer to Note 24 – Property, Plant and Equipment). The increase primarily relates to the depreciation of new information and communication technology assets purchased through the Digital Education Revolution Program.
NOTE 16. GRANTS AND PURCHASED SERVICES
Grant Payments - educational, apprenticeships, user choice programs and productivity places program	26,136	25,143
Total	26,136	25,143
NOTE 17. BORROWING COSTS
Borrowing Costs
Finance Charges on Finance Leases	7	13
Total	7	13
NOTE 18. OTHER EXPENSES
Other expenses mainly comprise utilities, cleaning, security and maintenance costs in schools as well as educational enrichment activities.
School Expenses	59,237	56,375
Transfer of Asset Outside Administrative Arrangement Orders	-	2,171
Other Expenses	901	477
Total	60,138	59,023

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

	2013 $'000	2012 $'000
NOTE 19. ACT OF GRACE PAYMENTS, WAIVERS AND WRITE-OFFS

Write-Off of Assets	337	20
Total	337	20
NOTE 20. AUDITOR'S REMUNERATION
Auditor's remuneration consists of financial audit services provided to the Directorate by the ACT Auditor-General's Office. No other services were provided by the ACT Auditor-General's Office.
Audit Services
Audit Fees Paid to the ACT Auditor-General's Office	125	120
Total	125	120
NOTE 21. CASH AND CASH EQUIVALENTS
The Directorate holds a number of bank accounts with the Westpac Bank as part of the whole-of-government banking arrangements.
Central Office Bank Accounts	19,031	16,435
School Management Accounts¹	36,682	28,486
Other Operations Bank Accounts	8,214	8,462
Cash on Hand	11	11
Total	63,938	53,394
The increase primarily relates to the timing of expenditure associated with National Partnership programs for Literacy and Numeracy and Improving Teacher Quality combined with the timing of payments for excursions.

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

	2013 $'000	2012 $'000
NOTE 22. RECEIVABLES

Current Receivables
Trade Receivables	998	548
Less: Allowance for Impairment Losses	(89)	(5)
	909	543

Other Trade Receivables	3,187	675
Less: Allowance for Impairment Losses	-	-
	3,187	675

Accrued Revenue	36	33
Net Goods and Services Tax Receivable	2,604	3,358
Total Current Receivables	2,640	3,391

Total	6,736	4,609

Ageing of Receivables

	Not Overdue	Past Overdue			Total
	$'000	Less than 30 Days $'000	30 to 60 Days $'000	Greater than 60 Days1 $'000	$'000

2013
Not Impaired
Receivables	6,207	28	144	357	6,736
Impaired
Receivables	-	-	-	89	89

2012
Not Impaired
Receivables	4,290	54	20	245	4,609
Impaired
Receivables	-	-	-	5	5

Receivables that are not impaired and overdue by more than 60 days primarily relate to salary overpayments as well as an overpayment made to a registered training organisation. The Directorate anticipates to recover these debts.

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

	2013 $'000	2012 $'000
NOTE 22. RECEIVABLES - CONTINUED

Reconciliation of the Allowance for Impairment Losses
Allowance for Impairment Losses at the Beginning of the Reporting Period	5	5
Additional Allowance Recognised During the Reporting Period	84	-
Allowance for Impairment Losses at the End of the Reporting Period	89	5

Classification of ACT Government/Non-ACT Government Receivables

Receivables with ACT Government Entities
Net Trade Receivables	847	137
Net Other Trade Receivables	2,684	60
Accrued Revenue	5	-
Total Receivables with ACT Government Entities	3,536	197

Receivables with Non-ACT Government Entities
Net Trade Receivables	151	411
Net Other Trade Receivables	503	615
Accrued Revenue	31	33
Net Goods and Services Tax Receivable	2,604	3,358
Less: Allowance for Impairment Losses	(89)	(5)
Total Receivables with Non- ACT Government Entities	3,200	4,412

Total	6,736	4,609

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 23. INVESTMENTS

Short-term investments were held with the Territory Banking Account in the Cash Enhanced Portfolio throughout the year. These funds are able to be withdrawn upon request.

The purpose of the investment in the Fixed Interest Portfolio is to hold it for a period of longer than 12 months. The total carrying amount of the Fixed Interest Portfolio investment below has been measured at fair value.

	2013 $'000	2012 $'000
Current Investments
Investments with the Territory Banking Account - Cash Enhanced Portfolio	260	259
Total	260	259

Non-Current Investments
Investments with the Territory Banking Account - Fixed Interest Portfolio	1,831	1,832
Total	1,831	1,832

Total	2,091	2,091

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 24. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment includes the following classes of assets – land, buildings, Improvement to land, leasehold improvements, plant and equipment and community and heritage assets.

	2013 $'000	2012 $'000
Land
Land at Fair Value	275,799	259,873
Total Land Assets	275,799	259,873

Buildings and Improvements to Land
Buildings and Improvements to Land at Fair Value	1,754,642	1,621,156
Less: Accumulated Depreciation	(95,479)	(44,281)
Total Written Down Value of Buildings and Improvements to Land	1,659,163	1,576,875
Total Land and Written Down Value of Buildings and Improvements to Land	1,934,962	1,836,748

Leasehold Improvements
Leasehold Improvements at Cost	5,643	5,739
Less: Accumulated Depreciation	(4,118)	(3,704)
Total Written Down Value of Leasehold Improvements	1,525	2,035

Plant and Equipment
Plant and Equipment at Cost	82,049	83,033
Less: Accumulated Depreciation	(54,542)	(43,602)
Total Written Down Value of Plant and Equipment	27,507	39,431

Community and Heritage Assets
Community and Heritage Assets at Fair Value	960	-
Total Written Down Value of Community and Heritage Assets	960	-

Total	1,964,954	1,878,214

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 24. PROPERTY, PLANT AND EQUIPMENT - CONTINUED

Reconciliation of Property, Plant and Equipment

The following table shows the movement of Property, Plant and Equipment during 2012-13.

	Land $'000	Buildings $'000	Leasehold Improvements $'000	Plant and Equipment $'000	Community and Heritage Assets $'000	Total $'000

Carrying Amount at the Beginning of the Reporting Period	259,873	1,576,875	2,035	39,431	-	1,878,214
Additions	-	115,946	-	2,819	-	118,765
Revaluation Increment/(Decrement)	494	218	-	-	(310)	402
Depreciation	-	(51,197)	(418)	(13,677)	-	(65,292)
Assets transferred through Administrative Restructuring	15,432	16,557	-	-	1,270	33,259
Reclassification of Assets	-	766	-	(766)	-	-
Disposals	-	-	-	(30)	-	(30)
Write Offs/Other Movements	-	(2)	(92)	(270)	-	(364)
Carrying Amount at the End
of the Reporting Period	275,799	1,659,163	1,525	27,507	960	1,964,954

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 24. PROPERTY, PLANT AND EQUIPMENT - CONTINUED

Reconciliation of Property, Plant and Equipment

The following table shows the movement of Property, Plant and Equipment during 2011-12.

	Land $'000	Buildings $'000	Leasehold Improvements $'000	Plant and Equipment $'000	Total $'000

Carrying Amount at the Beginning of the Reporting Period	260,454	1,547,793	2,650	43,995	1,854,892
Additions	-	82,907	126	7,388	90,421
Impairment	-	(9,020)	-	-	(9,020)
Depreciation	-	(43,215)	(741)	(11,810)	(55,766)
Acquisition/(Disposal) from Transfers	(581)	(1,590)	-	-	(2,171)
Disposals	-	-	-	(1)	(1)
Write Offs	-	-	-	(19)	(19)
Carrying Amount at the End of
the Reporting Period	259,873	1,576,875	2,035	39,553	1,878,336

Less Carrying Amount for Intangible Assets (Refer
Note 25 – Intangible Assets)				(122)	(122)

Carrying Amount at the End
of the Reporting Period	259,873	1,576,875	2,035	39,431	1,878,214

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

	2013 $'000	2012 $'000
NOTE 25. INTANGIBLE ASSETS
The Directorate has externally purchased software. Other Intangibles recognised below are all externally purchased.
Computer Software
Externally Generated Software
Computer Software at Cost¹	1,010	206
Less: Accumulated Amortisation¹	(115)	(84)
Total Computer Software	895	122
The increase primarily relates to software developed for the Year 12 Certification project. Intangible assets additions totalled $0.804m and depreciation totalled $0.031m for 2012-13.
NOTE 26. CAPITAL WORKS IN PROGRESSCapital Works in Progress are assets being constructed over periods of time in excess of the present reporting period.
Capital Work in Progress1	17,622	38,543
Total	17,622	38,543
The decrease is mainly due to capitalisation of Bonner Primary School and Franklin Early Childhood School projects. Current works in progress primarily relates to the Taylor Primary School Upgrade and schools expansion projects at West Macgregor and North Watson, all of which are expected to reach completion in the first half of 2013-14.

Reconciliation of Capital Works in Progress The following table shows the movement of Capital Works in Progress during the reporting periods.
Balance at the Beginning of the Reporting Period	38,543	26,751
Additions	15,937	36,612
Capital Works in Progress Completed and Transferred to
Property, Plant and Equipment	(36,858)	(24,820)

Carrying Amount at the End of the Reporting Period	17,622	38,543
NOTE 27. OTHER ASSETS
Other Current Assets
Prepayments	2,098	2,648
Total	2,098	2,648

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

	2013 $'000	2012 $'000
NOTE 28. PAYABLES

Current Payables
Payables - ACT Government Entities	34	64
Payables - Non ACT Government Entities	202	144
Accrued Expenses¹	5,207	9,935
Total	5,443	10,143
The decrease primarily relates to capital works projects, particularly relating to the Neville Bonner primary school.
Payables are aged as followed
Not Overdue	5,406	10,121
Overdue for Less than 30 Days	24	10
Overdue for 30 to 60 Days	1	12
Overdue for More than 60 Days	12	-
Total	5,443	10,143

Classification of ACT Government/Non-ACT Government Payables

Payables with ACT Government Entities
Payables	34	64
Accrued Expenses	3,792	7,886
Total Payables with ACT Government Entities	3,826	7,950

Payables with ACT Non-Government Entities
Payables	202	144
Accrued Expenses	1,415	2,049
Total Payables with ACT Non-Government Entities	1,617	2,193

Total	5,443	10,143

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

	2013 $'000	2012 $'000
NOTE 29. FINANCE LEASES

Finance Lease commitments are payable as follows:
Within one year	49	80
Later than one year but not later than five years	60	28
Minimum Finance Lease Payments	109	108

Less: Future Finance Charges	(5)	(5)

Total Present Value of Minimum Finance Lease Payments	104	103

Comprising:

Within one year	44	76
Later than one year but not later than five years	60	27
Total	104	103

Current	44	76
Non-Current	60	27
Total	104	103

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

	2013 $'000	2012 $'000
NOTE 30. EMPLOYEE BENEFITS

Current Employee Benefits
Annual Leave	28,857	27,358
Long Service Leave	75,439	72,091
Accrued Salaries	12,061	11,448
Other Benefits	358	362
Total Current Employee Benefits	116,715	111,259

Non-Current Employee Benefits
Long Service Leave	11,878	10,582
Total Non-Current Employee Benefits	11,878	10,582

Total	128,593	121,841

Estimate of when Leave is Payable – for Disclosure Purposes
Estimated Amount Payable within 12 months
Annual Leave	28,857	27,358
Long Service Leave	6,445	5,765
Accrued Salaries	12,061	11,448
Purchased Leave	358	362
Total Employee Benefits Payable within 12 months	47,721	44,933

Estimated Amount Payable after 12 months
Long Service Leave	80,872	76,908
Total Employee Benefits Payable after 12 months	80,872	76,908

Total	128,593	121,841

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

	2013 $'000	2012 $'000
NOTE 31. OTHER PROVISIONS

Make Good Provision
Provision for Make Good¹	-	57
Total	-	57

As at 30 June 2013, the Directorate does not have a liability relating to the make good provision as the lease has been finalised.

NOTE 32. OTHER LIABILITIES

Current Other Liabilities
International Students Revenue Received in Advance	3,233	2,875
Schools Revenue Received in Advance	938	311
Other Revenue Received in Advance	-	667
Total	4,171	3,853

Non-Current Other Liabilities
Other Loans¹	73	-
Total	73	-

Total Other	4,244	3,853

In 2012-13 the Directorate received an interest-free loan from the Economic Development Directorate for a sustainability project at Erindale College. The loan will be repaid over six years.

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

	2013 $'000	2012 $'000
NOTE 33. EQUITY

Asset Revaluation Surplus
The Asset Revaluation Surplus is used to record the increments and decrements in the value of the property, plant and equipment.

Balance at the Beginning of the Reporting Period	1,012,203	1,021,223

Increment in Land due to Revaluation	402	-
Decrement in Buildings due to Impairment Loss	-	(9,020)
Total Increase/(Decrease) in the Asset Revaluation Surplus	402	(9,020)

Balance at the End of the Reporting Period	1,012,605	1,012,203

NOTE 34. RESTRUCTURE OF ADMINISTRATIVE ARRANGEMENTSIn November 2012, a restructuring of administrative arrangements occurred between Education and Training Directorate (ETD) and Community Services Directorate (CSD) involving the transfer of CSD's responsibility regarding education and child care services. The revenue, expense, assets and liabilities transferred as part of the restructuring of administrative arrangements at the date of transfer were as follows:
	Transferred Amounts 2012-13 $'000	Transferred Amounts 2011-12 $'000

Total Revenue	2,509	-
Total Expenses	2,952	-

Assets
Land	16,062	-
Buildings	17,197	-
Capital Works in Progress	2,435	-
Total Assets Transferred	35,694	-

Liability
Employee Benefits	(306)	-
Total Liabilities Transferred	(306)	-
Net Assets Transferred	35,388	-

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 35. DISAGGREGATED DISCLOSURE OF ASSETS AND LIABILTIES

Year Ended 30 June 2013
	Output Class 1 $'000	Output Class 2 $'000	Output Class 3 $'000	Unallocated $'000	Total $'000

Current Assets
Cash and Cash Equivalents1	36,787	-	-	27,151	63,938
Investments	-	-	-	260	260
Receivables	6,671	1	64	-	6,736
Other Assets	760	-	1,338	-	2,098
Total Current Assets	44,218	1	1,402	27,411	73,032

Non-Current Assets
Investments	1,292	-	-	539	1,831
Property, Plant and Equipment	1,964,954	-	-	-	1,964,954
Intangible Assets	895	-	-	-	895
Capital Works in Progress	17,622	-	-	-	17,622
Total Non-Current Assets	1,984,763	-	-	539	1,985,302
Total Assets	2,028,981	1	1,402	27,950	2,058,334

Current Liabilities
Payables	5,327	6	110	-	5,443
Finance Leases	44	-	-	-	44
Employee Benefits	116,436	60	219	-	116,715
Other	4,171	-	-	-	4,171
Total Current Liabilities	125,978	66	329	-	126,373

Non-Current Liabilities
Finance Leases	60	-	-	-	60
Employee Benefits	11,810	26	42	-	11,878
Other Liabilities	73				73
Total Non-Current Liabilities	11,943	26	42	-	12,011
Total Liabilities	137,921	92	371	-	138,384
Net Assets	1,891,060	(91)	1,031	27,950	1,919,950

1. Unallocated Cash and Cash Equivalents
Cash and cash equivalents have been included in the 'Unallocated' column above as this class cannot be reliably attributed to the Directorate's output classes. As the amount in cash and cash equivalents held by the Directorate is comprised of a number of disparate components, no single allocation driver can be used to reliably attribute this asset class. The components include working capital, cash for un-presented cheques and for specific purpose payments.

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 35. DISAGGREGATED DISCLOSURE OF ASSETS AND LIABILTIES - CONTINUED

Year Ended 30 June 2012
	Output Class 1 $'000	Output Class 2 $'000	Output Class 3 $'000	Unallocated $'000	Total $'000

Current Assets
Cash and Cash Equivalents1	28,578	-	-	24,816	53,394
Investments	-	-	-	259	259
Receivables	4,609	-	-	-	4,609
Other	720	-	1,928	-	2,648
Total Current Assets	33,907	-	1,928	25,075	60,910

Non-Current Assets
Investments	1,332	-	-	500	1,832
Property, Plant Equipment	1,878,214	-	-	-	1,878,214
Intangible Assets	122	-	-	-	122
Capital Works in Progress	38,543	-	-	-	38,543
Total Non-Current Assets	1,918,211	-	-	500	1,918,711
Total Assets	1,952,118	-	1,928	25,575	1,979,621

Current Liabilities
Payables	9,442	5	696	-	10,143
Finance Leases	76	-	-	-	76
Employee Benefits	110,146	-	1,113	-	111,259
Other	3,853	-	-	-	3,853
Total Current Liabilities	123,517	5	1,809	-	125,331

Non-Current Liabilities
Finance Leases	27	-	-	-	27
Employee Benefits	10,476	-	106	-	10,582
Other Provisions	57	-	-	-	57
Total Non-Current Liabilities	10,560	-	106	-	10,666
Total Liabilities	134,077	5	1,915	-	135,997
Net Assets	1,818,041	(5)	13	25,575	1,843,624

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 36. FINANCIAL INSTRUMENTS

Terms, Conditions and Accounting Policies

Details of the significant policies and methods adopted, including the criteria for recognition, the basis of measurement, with respect to each class of financial asset and financial liability are disclosed in Note 2 - Summary of Significant Accounting Policies.

Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

The Directorate's financial assets consist of cash and cash equivalents, investments and receivables and its financial liabilities are comprised of payables and finance leases. The Directorate's maximum exposure to interest rate risk relating to these financial assets and liabilities is shown below in the table later in this note on 'Maturity Analysis and Exposure to Interest Rates'.

As receivables and payables are held in non-interest bearing arrangements and finance leases are held in fixed interest arrangements, the Directorate is not exposed to movements in interest rates in respect of these financial assets and liabilities.

A significant proportion of the Directorate's financial assets consist of cash and cash equivalents. As these are held in floating interest arrangements with the Territory's banking provider, the Directorate is exposed to movements in the amount of interest it may earn on cash and cash equivalents.

As the Directorate's operating cash flows are not significantly dependant on interest earned from cash and cash equivalents, a sensitivity analysis of interest rate risk has not been performed.

Credit Risk

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss.

Financial assets consist of cash, investments and receivables. The Directorate's maximum exposure to credit is limited to the amount of these financial assets net of any allowance made for impairment. This is shown below in the table 'Maturity Analysis and Exposure to Interest Rates'.

Cash and investment accounts are held with high credit quality financial institutions under whole of government banking arrangements. Cash at the bank is held with the Commonwealth Bank and cash not immediately required is invested with the Territory Banking Account. The Chief Minister and Treasury Directorate coordinate the investment of this money with various fund managers. These fund managers have the discretion to invest money in a variety of different investments within certain parameters.

Most of the receivables are with other ACT Government Agencies that have a strong credit history. Credit risk for investments is managed by the Directorate through only investing with the Territory Banking Account, which has appropriate investment criteria for the external fund manager engaged to manage the Territory's surplus funds and therefore the credit risk is considered low.

Liquidity Risk

Liquidity risk is the risk that the Directorate will not be able to meet its financial obligations as they fall due.

The Directorate's maximum exposure to liquidity risk is shown below in the table later in this note on 'Maturity Analysis and Exposure to Interest Rates'. This note discloses when the Directorate expects its financial assets and financial liabilities to mature.

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 36. FINANCIAL INSTRUMENTS - CONTINUED

Liquidity Risk – Continued

Appropriations received to fund operations are drawn down progressively throughout the year to meet the operating requirements. Under the cash management framework, the Directorate cannot hold excess cash, however, in the event of cash pressure, access to additional appropriation can be gained through the Chief Minister and Treasury Directorate.

Price Risk

Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market price (other than arising from interest rate risk or currency risk).

The only price risk which the Directorate is exposed to results from its investments in the Fixed Interest and Cash Enhanced portfolios. The Directorate has units in the Fixed Interest Portfolio that fluctuate in value. The price fluctuations in the units of the Fixed Interest Portfolio are caused by movements in the underlying investments of the portfolio. To limit price risk, all bonds that make up the underlying investments of the Fixed Interest Portfolio must have a long term credit.

The Directorate's exposure to price risk and the management of this risk has not significantly changed since last reporting period. A sensitivity analysis has not been undertaken for the price risk of the Directorate as it has been determined that the possible impact on profit and loss or total equity from fluctuations in price is immaterial.

Currency Risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes to foreign currency rates.

The Directorate is not exposed to currency risk as all of its transactions are conducted in Australian dollars.

Unrecognised Financial Assets and Financial Liabilities

There were no unrecognised financial assets and liabilities.

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 36. FINANCIAL INSTRUMENTS – CONTINUED

Fair Value of Financial Assets and Liabilities

The carrying amounts and fair values of financial assets and financial liabilities to the end of the reporting period are:

	Carrying Amount 2013 $'000	Fair Value 2013 $'000	Carrying Amount 2012 $'000	Fair Value 2012 $'000

Financial Assets
Cash and Cash Equivalents	63,938	63,938	53,394	53,394
Investments with the Territory Banking Account	2,091	2,091	2,091	2,091
Receivables	4,132	4,132	1,251	1,251
Total	70,161	70,161	56,736	56,736

Financial Liabilities
Payables	5,443	5,443	10,143	10,143
Finance Leases	104	104	103	103
Other Loans	73	73	-	-
Total	5,620	5,620	10,246	10,246

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 36. FINANCIAL INSTRUMENTS - CONTINUED

Fair Value Hierarchy

The Directorate is required to classify financial assets and financial liabilities into a fair value hierarchy that reflects the significance of the inputs used in determining their fair value. The fair value hierarchy is made up of the following three levels:

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

The carrying amount of financial assets measured at fair value, as well as the methods used to estimate the fair value are summarised in the table below. All other financial assets and liabilities are measured, subsequent to initial recognition, at amortised cost and as such are not included in the table below.

2013
	Classification According to Fair Value Hierarchy
	Level 1 $'000	Level 2 $'000	Level 3 $'000	Total $'000

Financial Assets

Investments with the Territory Banking
Account - Cash Enhanced Portfolio	-	260	-	260
Investments with the Territory Banking
Account - Fixed Interest Portfolio	-	1,831	-	1,831
Total	-	2,091	-	2,091

2012
	Classification According to Fair Value Hierarchy
	Level 1 $'000	Level 2 $'000	Level 3 $'000	Total $'000

Financial Assets
Investments with the Territory Banking
Account - Cash Enhanced Portfolio	-	259	-	259
Investments with the Territory Banking
Account - Fixed Interest Portfolio	-	1,832	-	1,832
Total	-	2,091	-	2,091

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 36. FINANCIAL INSTRUMENTS – CONTINUED

Transfer between Categories

There have been no transfers of financial assets or financial liabilities between Level 1 and Level 2 during the reporting period.

Maturity Analysis and Exposure to Interest Rates

The following tables set out the Directorate's maturity analysis for financial assets and liabilities as well as the exposure to interest rates, including the weighted average interest rates by maturity period as at 30 June 2013 and 30 June 2012.

All financial assets and liabilities which have a floating interest rate or are non-interest bearing will mature in 1 year or less. All amounts appearing in the following maturity analysis are shown on an undiscounted cash flow basis.

The Directorate does not hold any collateral as security relating to financial assets.

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 36. FINANCIAL INSTRUMENTS – CONTINUED

Maturity Analysis and Exposure to Interest Rates – Continued

Year 2013				Fixed Interest Maturing In:
	Note No.	Weighted Average Interest Rate	Floating Interest Rate $'000	1 Year or Less $'000	Over 1 Year to 5 Years $'000	Over 5 Years $'000	Non-Interest Bearing $'000	Total $'000

Financial Instruments

Financial Assets
Cash and Cash Equivalents	21	2.99%	44,794	-	-	-	19,144	63,938
Investments with the Territory Banking Account	23		-	-	-	-	2,091	2,091
Receivables	22		-	-	-	-	4,132	4,132
Total			44,794	-	-	-	25,367	70,161

Financial Liabilities
Payables	28		-	-	-	-	(5,443)	(5,443)
Other Liabilities	32		-	-	(73)	-	-	(73)
Finance Leases	29	6.85%	-	(49)	(60)	-	-	(109)
Total			-	(49)	(133)	-	(5,443)	(5,625)

Net Financial
Assets / (Liabilities)			44,794	(49)	(133)	-	19,924	64,536

Year 2012				Fixed Interest Maturing Inc:
	Note No.	Weighted Average Interest Rate	Floating Interest Rate $'000	1 Year or Less $'000	Over 1 Year to 5 Years $'000	Over 5 Years $'000	Non-Interest Bearing $'000	Total $'000

Financial Instruments

Financial Assets
Cash and Cash Equivalents	21	3.86%	36,948	-	-	-	16,446	53,394
Investments with the	23		-	-	-	-	1,251	1,251
Territory Banking Account
Receivables	22		-	-	-	-	2,091	2,091
Total			36,948	-	-	-	19,788	56,736

Financial Liabilities
Payables	28		-	-	-	-	(10,143)	(10,143)
Finance Leases	29	7.37%	-	(80)	(28)	-	-	(108)
Total			-	(80)	(28)	-	(10,143)	(10,251)

Net Financial
Assets/(Liabilities)			36,948	(80)	(28)	-	9,645	46,485

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 36. FINANCIAL INSTRUMENTS - CONTINUED

	2013 $'000	2012 $'000
Carrying Amount of Each Category of Financial Asset and Financial Liability
Financial Assets
Financial Assets at Fair Value through the Profit and Loss	2,091	2,091
Loans and Receivables	4,132	1,251

Financial Liabilities
Financial Liabilities Measured at Amortised Cost	5,620	10,246

The Directorate does not have any financial assets in the 'Available for Sale' category or the 'Held to Maturity' category and as such these categories are not included above. Also, the Directorate does not have any financial liabilities in the 'Financial Liabilities at Fair Value through Profit and Loss' category and, as such, this category is not included above.

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

	2013 $'000	2012 $'000
NOTE 37. COMMITMENTS

Capital Commitments
Capital commitments contracted at reporting date that have not recognised as liabilities, are payable as follows:

Capital Commitments - Property, Plant and Equipment
Payable:
Within one year	27,721	39,911
Later than one year but not later than five years	4,114	22,163
Later than five years	-	-
Total	31,835	62,074

Other Commitments
Other commitments contracted at reporting date that have not been
recognised as liabilities, are payable as follows:
Within one year	50,756	49,379
Later than one year but not later than five years	45,317	50,951
Later than five years	-	734
Total	96,073	101,064

Operating Lease Commitments

Within one year	2,609	2,660
Later than one year but not later than five years	2,625	2,603
Total	5,234	5,263

All amounts shown in the commitment note are inclusive of Goods and Services Tax.

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 38. CONTINGENT LIABILITIES

Contingent Liabilities

As at 30 June 2013 the Directorate had contingent liabilities in relation to known personal injury cases not settled of $6.183 million and as at 30 June 2012 the liability was $5.437 million.

	2013 $'000	2012 $'000

The estimated liability for known personal injury litigation cases not settled as at 30 June 2013 and 30 June 2012.	6,183	5,437
Total	6,183	5,437

There were no contingent assets in 2012-13 or 2011-12.

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 39. INTEREST IN A JOINTLY CONTROLLED ENTITY

Gold Creek Primary School operates adjacent to the Holy Spirit Primary School that is operated by the Catholic Education Office. Both schools share joint facilities including a hall/gymnasium, canteen, library, car park and meeting rooms. The shared facilities are managed by a Joint Facilities Management Committee which was created under a formal agreement in December 1995 between the ACT Government and the Catholic Education Office. All assets and liabilities relating to the shared facilities are owned by the ACT Government and Catholic Education Office in accordance with the participating share of each party, which is 53% for the ACT Government and 47% for the Catholic Education Office. The joint venture is accounted for using the equity method.

	2013 $'000	2012 $'000
Share of the Joint Venture Profit is as follows:
Revenue	53	72
Expenses	(125)	(148)
Operating (Deficit)	(72)	(76)

Share of the Joint Venture Assets and Liabilities
Current Assets	64	61
Non-Current Assets	3,063	3,062
Total Assets	3,127	3,123

Current Liabilities	7	7
Non-Current Liabilities	-	-
Total Liabilities	7	7

Net Assets	3,120	3,116

Share of the Joint Venture Cash	52	52

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

NOTE 40. CASH FLOW RECONCILIATION

	2013 $'000	2012 $'000

(a) Reconciliation of Cash and Cash Equivalents at the End of the Reporting Period in the Cash Flow Statement to the Equivalent Items in the Balance Sheet

Total Cash and Cash Equivalents Recorded in the Balance Sheet	63,937	53,394
Cash and Cash Equivalents at the End of the Reporting Period as Recorded
in the Cash Flow Statement	63,937	53,394

(b) Reconciliation of Net Cash Inflows from Operating Activities to the Operating Deficit

Operating Deficit	(59,953)	(74,172)

Add / (Less) Non-Cash / Investing and Financing Items
Depreciation and Amortisation	65,323	55,766
Transfer of Assets Outside Administration Restructures	-	2,171
Assets Written Off	337	20
(Gain) from Sale of Assets	(30)	(1)
Unrealised Gain on Investments	-	(58)

Cash Before Changes in Operating Activities	5,677	(16,274)

Changes in Assets and Liabilities
(Increase)/Decrease in Receivables	(2,124)	2,516
Decrease in Prepaid Expenditure	550	1,005
(Decrease)/Increase in Payables	(312)	180
Increase in Employee Benefits	6,752	22,064
Increase in Revenue Received in Advance	318	66
Net Changes in Assets and Liabilities	5,184	25,831

Net Cash Inflows from Operating Activities	10,861	9,557

(c) Non-Cash Financing and Investing Activities

The Directorate has entered into finance lease arrangements for plant and equipment.

Plant and Equipment	93	-

EDUCATION AND TRAINING DIRECTORATE
TERRITORIAL FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013

Education and Training Directorate
Statement of Income and Expenses on Behalf of the Territory
For the Year Ended 30 June 2013

	Note No.	Actual 2013 $'000	Original Budget 2013 $'000	Actual 2012 $'000
Income

Revenue
Payment for Expenses on Behalf of the Territory	41	202,799	212,368	195,105
Fees	42	14	210	-
Interest	43	-	-	1

Total Income		202,813	212,578	195,106

Expenses
Grants and Purchased Services	44	202,799	212,368	195,105
Transfer to Government	45	14	210	1
Total Expenses		202,813	212,578	195,106

Operating Result		-	-	-

Other Comprehensive Income		-	-	-

Total Comprehensive Income		-	-	-

The above Statement of Income and Expenses on Behalf the Territory should be read in conjunction with the accompanying notes.

Education and Training Directorate
Statement of Assets and Liabilities on Behalf of the Territory
As at 30 June 2013

	Note No.	Actual 2013 $'000	Original Budget 2013 $'000	Actual 2012 $'000
Current Assets

Cash and Cash Equivalents	46	261	558	50
Receivables	47	-	99	23

Total Current Assets		261	657	73
Total Assets		261	657	73

Current Liabilities

Payables	48	261	657	73

Total Current Liabilities		261	657	73
Total Liabilities		261	657	73

Net Assets		-	-	-

Equity

Accumulated Funds		-	-	-

Total Equity		-	-	-

The above Statement of Assets and Liabilities on Behalf of the Territory should be read in conjunction with the accompanying notes.

Net Assets and Total Equity has remained at nil, therefore a Statement of changes in Equity on behalf of the Territory has not been performed.

Education and Training Directorate
Cash Flow Statement on Behalf of the Territory
For the Year Ended 30 June 2013

	Note No.	Actual 2013 $'000	Original Budget 2013 $'000	Actual 2012 $'000
Cash Flows from Operating Activities

Receipts

Cash from Government for Expenses on Behalf of the Territory		218,114	228,229	209,184
Fees		14	210	8
Interest		-	-	1
Goods and Services Tax Received		5,119	5,316	4,787

Total Receipts from Operating Activities		223,247	233,755	213,980

Payments

Grants and Purchased Services		217,922	228,229	209,718
Transfer of Territory Receipts to the ACT Government		14	210	10
Goods and Services Tax Paid		5,100	5,316	4,760

Total Payments for Operating Activities		223,036	233,755	214,488

Net Cash Inflows/(Outflows) from Operating Activities		211	-	(508)

Net Cash Flows from Investing Activities		-	-	-

Net Cash Flows from Financing Activities		-	-	-

Net Increase/(Decrease) in Cash and Cash Equivalents Held		211	-	(508)
Cash and Cash Equivalents at the Beginning of the
Reporting Period		50	558	558

Cash and Cash Equivalents at the End of the Reporting Period	50	261	558	50

The above Cash Flow Statement on Behalf of the Territory should be read in conjunction with the accompanying notes.

Education and Training Directorate
Territorial Statement of Appropriation
For the Year Ended 30 June 2013

	Notes	Original Budget 2013 $'000	Total Appropriated 2013 $'000	Appropriation Drawn 2013 $'000	Appropriation Drawn 2012 $'000
Expenses on Behalf of the Territory
Expenses on Behalf of the Territory	1	228,229	229, 526	218,114	209,184
Total Territorial Appropriation		228,229	229,526	218,114	209,184

Notes:

The difference between the original budget and the total amount appropriated relates to increased Commonwealth grants ($0.618m) for the Improving Literacy and Numeracy National Partnership and the Reward for Great Teachers National Partnership, the transfer of funds from 2011-12 for the Interest Subsidy Scheme ($0.181m) and Reward for Great Teachers National Partnership ($0.187m) and a Treasurer's Advance for increased student enrolments in non-government schools ($0.311m).

The difference between the total appropriated and appropriation drawn mainly relates to actual levels of Commonwealth grants onpassed to non-government schools being below original Commonwealth Budget Estimates ($6.991m) and the transfer of funds from 2012-13 to 2013-14 for the Interest Subsidy Scheme ($2.652m) to meet the Governments' commitment to reinvest funds within the non-government sector.

Education and Training Directorate
Territorial Note Index

Income Notes
			Notes
	Payment for Expenses on behalf of the Territory	41
	Fees	42
	Interest	43

Expenses Notes
	Grants and Purchased Services	44
	Transfer to Government	45

Assets Notes
	Cash and Cash Equivalents	46
	Receivables	47

Liabilities Notes
	Payables	48

Other Notes
	Financial Instruments	49
	Cash Flow Reconciliation	50

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
On Behalf of the Territory for the Year Ended 30 June 2013

NOTE 41. PAYMENT FOR EXPENSES ON BEHALF OF THE TERRITORY

	2013 $'000	2012 $'000
Under the Financial Management Act 1996, funds can be appropriated for expenses incurred on behalf of the Territory. The Directorate receives this appropriation to fund a number of expenses incurred on behalf of the Territory, the main one being the payment of grants to non-government schools. Refer Note 44 – Grants and Purchased Services for the details of the expenses.

Amounts Received to Meet Expenses Incurred on Behalf of the Territory¹	202,799	195,105

Total Payment for Expenses on Behalf of the Territory	202,799	195,105
1. The increase from 2011-12 primarily relates to increased Commonwealth grants due to indexation and enrolment growth.

NOTE 42. FEES
Fees for Regulatory Services - Training¹	14	-

Total	14	-
1. The increase from 2011-12 primarily relates to the timing of registration by Group Training Organisations.

NOTE 43. INTEREST
Interest	-	1

Total	-	1

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
On Behalf of the Territory for the Year Ended 30 June 2013

	2013 $'000	2012 $'000
NOTE 44. GRANTS AND PURCHASED SERVICES
Payments for grants and subsidies were as follows:

Grants - Non-Government Schools¹	202,232	194,701
Junior Bursary Scheme	523	338
Block Release Grants	44	66

Total	202,799	195,105
1. The increase from 2011-12 primarily relates to increased Commonwealth grants due to indexation and enrolment growth.

NOTE 45. TRANSFER TO GOVERNMENT Transfers to Government primarily relates to fees that are collected on behalf of the Territory – refer Note 42 – Fees.
Transfer to Government¹	14	1

Total	14	1
1. The transfer to Government reflects fees collected for regulatory services. The increase from 2011-12 relates to the timing of registration by Group Training Organisations

NOTE 46. CASH AND CASH EQUIVALENTS
Cash at Bank	261	50

Total	261	50

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
On Behalf of the Territory for the Year Ended 30 June 2013

	2013 $'000	2012 $'000
NOTE 47. RECEIVABLES

Current Receivables
Other Receivables – Non ACT Government	-	4
Goods and Services Tax Receivable from the Australian Taxation Office	-	19

Total	-	23

Ageing of Receivables
	Not Overdue	Past Overdue			Total
	$'000	Less than 30 Days $'000	30 to 60 Days $'000	Greater than 60 Days $'000	$'000

2013
Not Impaired
Receivables	-	-	-	-	-
Impaired
Receivables	-	-	-	-	-

2012
Not Impaired
Receivables	19	-	-	4	23
Impaired
Receivables	-	-	-	-	-

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
On Behalf of the Territory for the Year Ended 30 June 2013

	2013 $'000	2012 $'000
NOTE 48. PAYABLES All payables at 30 June 2013 are current and not overdue.

Current Payables

Current amount owed to the Territory Banking Account	261	73

Total Current Payables	261	73

Total	261	73

NOTE 49. FINANCIAL INSTRUMENTS

Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

The financial assets held by the Directorate on behalf of the Territory consist of cash and cash equivalents and receivables and its financial liabilities are comprised of payables. As cash, receivables and payables are held in non-interest bearing arrangements, the Directorate on behalf of the Territory is not exposed to movements in interest rates in respect of these financial assets and liabilities, as shown in the table 'Fair Value of Financial Assets and Liabilities'.

As the Territory's operating cash flows are not dependant on interest earned from cash and cash equivalents, a sensitivity analysis of interest rate risk has not been performed.

Credit Risk

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. There are no receivables in 2012-13.

Financial assets consist of cash. This is shown below in the table 'Maturity Analysis and Exposure to Interest Rates'.

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
On Behalf of the Territory for the Year Ended 30 June 2013

NOTE 49. FINANCIAL INSTRUMENTS - CONTINUED

Liquidity Risk

Liquidity risk is the risk that the Directorate on behalf of the Territory will not be able to meet its financial obligations as they fall due.

Expenses on behalf of the Territory appropriations are drawn down progressively throughout the year to meet operating requirements. In the event of cash pressure, access to additional appropriation may be obtained through the Chief Minister and Treasury Directorate.

Price Risk

Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market price.

The Directorate on behalf of the Territory is not exposed to price risk as its financial assets consisting of cash.

Currency Risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes to foreign currency rates.

The Directorate on behalf of the Territory is not exposed to currency risk as all of its transactions are made in Australian dollars.

Unrecognised Financial Assets and Financial Liabilities

There were no unrecognised financial assets and liabilities.

Fair Value of Financial Assets and Liabilities

	Carrying Amount 2013 $'000	Fair Value 2013 $'000	Carrying Amount 2012 $'000	Fair Value 2012 $'000

Financial Assets

Cash and Cash Equivalents	261	261	50	50
Receivables	-	-	4	4
Total	261	261	54	54

Financial Liabilities

Payables	261	261	73	73
Total	261	261	73	73

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
On Behalf of the Territory for the Year Ended 30 June 2013

NOTE 49. FINANCIAL INSTRUMENTS – CONTINUED

2013
		Fixed Interest Maturing In:
	Note No.	Floating Interest Rate $'000	1 Year or Less $'000	Over 1 Year to 5 Years $'000	Over 5 Years $'000	Non-Interest Bearing $'000	Total $'000

Financial Instruments

Financial Assets
Cash and Cash Equivalents	46	-	-	-	-	261	261
Receivables	47	-	-	-	-	-	-

Total Financial Assets		-	-	-	-	261	261

Financial Liabilities
Payables	48	-	-	-	-	(261)	(261)

Total Financial (Liabilities)		-	-	-	-	(261)	(261)

Net Financial Assets/		-	-	-	-	-	-
(Liabilities)

2012
		Fixed Interest Maturing In:
	Note No.	Floating Interest Rate $'000	1 Year or Less $'000	Over 1 Year to 5 Years $'000	Over 5 Years $'000	Non-Interest Bearing $'000	Total $'000
Financial Instruments

Financial Assets
Cash and Cash Equivalents	46	-	-	-	-	50	50
Receivables	47	-	-	-	-	4	4

Total Financial Assets		-	-	-	-	54	54

Financial Liabilities
Payables	48	-	-	-	-	(73)	(73)

Total Financial (Liabilities)		-	-	-	-	(73)	(73)

Net Financial Assets/ (Liabilities)		-	-	-	-	-	-

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
On Behalf of the Territory for the Year Ended 30 June 2013

NOTE 49. FINANCIAL INSTRUMENTS – CONTINUED

Fair Value Hierarchy

All financial assets and liabilities are measured, subsequent to initial recognition at amortised cost and as such no fair value hierarchy disclosures have been made.

NOTE 50. CASH FLOW RECONCILIATION

a) Reconciliation of Cash and Cash Equivalents at the end of the end of the Reporting Period in the Cash Flow Statement on Behalf of the Territory to the Related Items in the Statement of Assets and Liabilities on Behalf of the Territory.

	2013 $'000	2012 $'000

Total Cash Disclosed on the Statement of Assets and Liabilities on Behalf of the
Territory
Cash at the End of the Reporting Period	261	50

Cash at the End of the Reporting as Recorded in the Cash Flow Statement on Behalf of the Territory	261	50

b) Reconciliation of Net Cash Inflows from Operating Activities to the Operating Result

Operating Result	-	-

Cash Before Changes in Operating Activities and Liabilities	-	-

Changes in Operating Activities and Liabilities

Decrease in Receivables	23	76
Increase /(Decrease) in Payables	188	(584)

Net Cash Inflow/(Outflow) from Operating Activities	211	(508)

Schooling

Early Childhood

Public School Life

Support for Students and Families

Our Priorities

Working with Us

About Us

Appendix 2 A6 Financial report

Appendix 2: A6 Financial report

INDEPENDENT AUDIT REPORT EDUCATION AND TRAINING DIRECTORATE

To the Members of the ACT Legislative Assembly

Report on the financial statements

Responsibility for the financial statements

The auditor's responsibility

Electronic presentation of the audited financial statements

Independence

Audit opinion

Education and Training Directorate Financial Statements For the Year Ended 30 June 2013

Statement of Responsibility

Education and Training Directorate Financial Statements For the Year Ended 30 June 2013

Statement by the Chief Finance Officer

EDUCATION AND TRAINING DIRECTORATE CONTROLLED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013

Education and Training Directorate Operating Statement For the Year Ended 30 June 2013

Education and Training Directorate Balance Sheet As at 30 June 2013

Education and Training Directorate Statement of Changes in Equity For the Year Ended 30 June 2013

Education and Training Directorate Statement of Changes in Equity - Continued For the Year Ended 30 June 2013

Education and Training Directorate Cash Flow Statement For the Year Ended 30 June 2013

Education and Training Directorate Summary of Output Classes For the Year Ended 30 June 2013

Education and Training Directorate Operating Statement for Output Class 1 – Public School Education For the Year Ended 30 June 2013

Education and Training Directorate Operating Statement for Output Class 2 – Non-Government School Education For the Year Ended 30 June 2013

Education and Training Directorate Operating Statement for Output Class 3 – Vocational Education and Training For the Year Ended 30 June 2013

Education and Training Directorate Controlled Statement of Appropriation For the Year Ended 30 June 2013

Education and Training Directorate Controlled Statement of Appropriation - Continued For the Year Ended 30 June 2013

EDUCATION AND TRAINING DIRECTORATE NOTE INDEX

EDUCATION AND TRAINING DIRECTORATE NOTE INDEX

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

Education and Training Directorate Notes to and Forming Part of the Financial Statements For the Year Ended 30 June 2013

EDUCATION AND TRAINING DIRECTORATE TERRITORIAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013

Education and Training Directorate Statement of Income and Expenses on Behalf of the Territory For the Year Ended 30 June 2013

Education and Training Directorate Statement of Assets and Liabilities on Behalf of the Territory As at 30 June 2013

EDUCATION AND TRAINING DIRECTORATE
CONTROLLED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013

Education and Training Directorate
Operating Statement
For the Year Ended 30 June 2013

Education and Training Directorate
Balance Sheet
As at 30 June 2013

Education and Training Directorate
Statement of Changes in Equity
For the Year Ended 30 June 2013

Education and Training Directorate
Statement of Changes in Equity - Continued
For the Year Ended 30 June 2013

Education and Training Directorate
Cash Flow Statement
For the Year Ended 30 June 2013

Education and Training Directorate
Summary of Output Classes
For the Year Ended 30 June 2013

Education and Training Directorate
Operating Statement for Output Class 1 – Public School Education
For the Year Ended 30 June 2013

Education and Training Directorate
Operating Statement for Output Class 2 – Non-Government School Education
For the Year Ended 30 June 2013

Education and Training Directorate
Operating Statement for Output Class 3 – Vocational Education and Training
For the Year Ended 30 June 2013

Education and Training Directorate
Controlled Statement of Appropriation
For the Year Ended 30 June 2013

Education and Training Directorate
Controlled Statement of Appropriation - Continued
For the Year Ended 30 June 2013

EDUCATION AND TRAINING DIRECTORATE
NOTE INDEX

EDUCATION AND TRAINING DIRECTORATE
NOTE INDEX

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
For the Year Ended 30 June 2013

EDUCATION AND TRAINING DIRECTORATE
TERRITORIAL FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013

Education and Training Directorate
Statement of Income and Expenses on Behalf of the Territory
For the Year Ended 30 June 2013

Education and Training Directorate
Statement of Assets and Liabilities on Behalf of the Territory
As at 30 June 2013

Education and Training Directorate
Cash Flow Statement on Behalf of the Territory
For the Year Ended 30 June 2013

Education and Training Directorate
Territorial Statement of Appropriation
For the Year Ended 30 June 2013

Education and Training Directorate
Territorial Note Index

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
On Behalf of the Territory for the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
On Behalf of the Territory for the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
On Behalf of the Territory for the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
On Behalf of the Territory for the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
On Behalf of the Territory for the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
On Behalf of the Territory for the Year Ended 30 June 2013

Education and Training Directorate
Notes to and Forming Part of the Financial Statements
On Behalf of the Territory for the Year Ended 30 June 2013