This is the financial report of the Australian Academy of Science for the year ended 30 June 2016. It includes a balance sheet for the financial year, as well as statements of comprehensive income, changes in equity and cash flows.
The Academy has posted an accounting deficit of $167,860 (2015 $52,547 deficit) for the year ended 30 June 2016 incorporating a non-cash impairment loss of $925,417. It must be noted also that Academy investments have decreased in value over this amount by $431,657 (2015 increase of $880,949) which creates an overall (but not realised) loss of $599,517 (2015 $828,402 gain). Compliance with accounting standards requires that significant changes in the market value of investments must be accounted for, but as the chart of funds under management illustrates, the trend in the value of the Academy’s endowments is upwards, reflecting the careful stewardship of these endowments. It would, of course, be better if the accounts showed a surplus, making more funds available for new initiatives.
Please see the below table detailing the Academy’s operating deficit and how it has been funded:
|Academy Operations||Untied Investments||Special Purpose Funds||Primary Connections (excluding grant and public good)||Total per Accounts|
|Net Investment Income||$2,467,236||$433,388||$41,197||$2,941,821|
*Primary Connections income does not include donations yet to be spent so this will differ from audited figures due to accounting treatment.
This shows that Academy operations cost $1.4 million and Primary Connections Operations $0.43 million, funded by net untied investment income of $1.44 million to the extent that grants did not cover expenditure. Please note that there were also some small transfers over the year from the Enlightening Fund to Academy Operations. This is a much better result than the prior year noting in particular that much of the untied expenses related to a large non cash impairment loss.
Performance to budget – The major positive variances can be attributed to:
Negative variances can be attributed to:
At the end of June 2016 the Academy employed 62 full time equivalent staff. The full audited accounts of the Academy are available on the Academy website (above) and a hard copy can be printed off for those who require one by calling the Academy Secretariat on 02 6201 9400.
For a more detailed break up of income and expenditure please refer to the charts below.
Grant figures comprise total grant excluding GST.
|General Academy grants – Funding body||Project/program||Amount ($)|
|Australian Academy of Technology and Engineering||Postgraduate Short-term Research Placements Programme||$75,000|
|Australian Council of Learned Academies||Research training systems review||$33,998|
|Australian National University||Department of Education and Training for ERA Phase 2||$26,304|
|Australian National University||Management of the Australian National University engagement in COST Actions||$50,000|
|Australian Research Council||Decadal Plans for Science||$185,074|
|Bjarne K Dahl Trust||Grant to support Primary Connections Stage 6||$15,000|
|Commonwealth Scientific and Industrial Research Organisation||Future Earth Australia||$100,000|
|Defence Science and Technology Group||Study on Autonomous Systems Operating in Non-ergodic Environments||$15,000|
|Department of Education and Training||Science by Doing Stage 3||$1,000,000|
|Department of Education and Training||Mathematics by Inquiry||$2,111,747|
|Department of Education and Training||Primary Connections - Linking Science with Literacy Stage 6||$1,000,000|
|Department of Education and Training||Postgraduate Short-term Research Placements Programme||$220,000|
|Department of Health||The science of immunisation: questions and answers||$190,000|
|Department of Industry, Innovation and Science||Science in Australia Gender Equity||$750,000|
|Department of Industry, Innovation and Science||APEC Earth and Marine Observing Workshop||$339,178|
|Department of Industry, Innovation and Science||Early- and Mid-career Researcher Fellowships and Women in STEMM Workshop||$361,647|
|Department of Industry, Innovation and Science||Regional Collaboration Programme||$240,000|
|Department of the Environment and Energy||SEWPAC Dome grant||$20,632|
|Embassy of France||French–Australian Research Collaboration||$20,151|
|Evans & Partners – Theo Murphy Fund||Think Tank and Frontiers of Science (2015–17)||$460,266|
|Geoscience Australia||National Committee for Earth Sciences Decadal Plan||$30,000|
|Knowledge Sector Initiative||Australia–Indonesia Science Symposium||$247,225|
|Macquarie University||Future Earth Australia||$30,000|
|Primary Industries Education Foundation Australia||Grant to support Primary Connections Stage 6||$11,115|
|Questacon||National Science Week||$20,000|
|Science and Industry Endowment Fund||Australian Academy of Science Fellowships to the Lindau Nobel Laureates Meetings||$93,800|
|University of Queensland||Future Earth Australia||$30,000|
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