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MESSAGE TO THE MINISTER

ABOUT THE CONSTRUCTION TRA?NING FUND ............................................................... 1

PERFORMANCE HIGHLIGHTS 2013-14 ............................................................................. 2

CHAIRMAN'SOVERVIEW...................... .......... ................................................ 3

BOARD MEMBERSHIP ........................................................................................................ s

BOARD ACTMTI ES... ... . ... ... . . ... . ... ............ .... . . . ... . . .............. . . . ... . . . . .... ........... . . . . .............. .... .. 6

EXECUTIVE DIRECTOR'S REPORT................................................................................... 7

APPRENTICESHIP SUPPORT PROGRAM ....................................................................... 12

APPRENTICESHIP/TRA?NEESHIP SUPPORT.................................................................. 13

SUPPLEMENTARY SKILLS AND OCCUPATIONAL SAFETY AND HEALTH.................... 14

CAREER PROMOTION AND SCHOOL TO WORK TRANSITION SUPPORT ................... 16

RESEARCH AND DEVELOPMENT PROGRAM ................................................................ 20

INDUSTRY TRAINING COUNCIL....................................................................................... 22

PLANNED OPERATIONS 2013-14..................................................................................... 24

PERFORMANCE MANAGEMENT FRAMEWORK ............................................................. 25

STATUTORY AND OBLIGATORY REPORTING................................................................ 26

AUDITOR GENERAL'S REPORT

CERT?FICATION OF KEY PERFORMANCE IND?CATORS

CERTIF?CAT?ON OF KEY EFFICIENCY PERFORMANCE INDICATORS

CERTIFICATION OF FINANC?AL STATEMENTS

FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2014

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l"lESSl'lGE Tl) THE l"llll1STER

To the Hon Dr Kim Hames MLA, Deputy Premier, Minister for Health; Training andWorkforce Development.

In accordance with Section 63 of the Financial Management Act 2006, l havepleasure in submitting for your information and presentation to Parliament the AnnualReport of.the Building and Construction Industry Training Board for the financial year

(jd30?J 201-ene une 4.

I

lan C Hill

Chairman

BCIT Board

m/ERVIEW

This report describes the function and operations of the Building and ConstructionIndustiy Training Board and Fund, outlin.ing outputs, financial results andrf- ada f h dd30?.Ii 20lTha d la lpeormanceinicatorsorteyearene une 4. isanearierannua

reports are available on the Training Fund's website at bcitf.org.

Building and Construction Industry Training Boardtrading as Construction Training Fund

Suite 3, 40 Hasler RoadOsborne Park WA 6017

PO Box 743

Wembley WA 691308 9244 0100 (P)08 9244 0199 (F)

inquiries@,bcitf.orgbcitf.org

nolimits.com.au

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I?BI?UT THE l:OllSTRUl:Tll)11 TRl'llll?llG FUllD

Who we are

The Construction Training Fund is a statutory authority that assists WesternAustralia's building and construction industry to meet its demands for skilled workers.

The Fund is managed by a Board of industry representatives and an independentChairperson. Members of the Building and Construction Industry Training Board areappointed by the Minister for Training and Workforce Development.

A small team of 20 staff service the Fund which is based in Osborne Park. We work

very closely with stakeholders in the building and construction industry, registeredtraining providers, local government agencies, secondary schools, the Department ofTraining and Workforce Development and the State Training Board.

What we do

The Fund administers a Ievy on building and construction work in Western Australia,with the exception of engineering construction associated with the resources sector.

The revenue generated from the levy is then returned to the industry's employersand workers in a range of grants and subsidies that reduce costs associated withskills training required by a modern and progressive building and constructionindustry.

The Board also carries out the role of a Construction Training Council, which worksclosely with industry stakeholders and provides advice to Government to ensure thattraining meets the needs of one of WA's biggest and most diverse industries.

Values

The Building and Construction Industry Training Board and Fund are committed toproviding reliable, efficient and effective services to our internal and externalcustomers.

The standards of conduct and integrity expected of the Board members and Fundemployees are expressed in the following principles.

Personal Integrity

We act with care and diligence and make decisions that are honest, fair,impartial, and timely and consider all relevant information.

*

* Relationships with others

We treat people with respect, courtesy and sensitivity and recognise theirinterests, rights, safety and welfare.

Accountability

We use the resources of the Fund in a responsible and accountable mannerthat ensures the efficient, effective and appropriate use of human, natural,financial and physical resources, property and information.

The Construction Training Fund ensures these values are demonstrated in acommitment that our customers will be treated professionally, courteously and withappropriate sensitivity. Consideration will be given to their concerns and interestsand stakeholders will be consulted regarding significant changes in our processesand systems.

*

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Training Support Outcomes

w $21 million in financial support has been provided to employers through 6,543subsidies for employment of apprentices.

m Provided a further 836 bonus apprentice subsidies for regional training,Indigenous apprentices and trades in demand.

w $4.5 million provided for 13,357 people to undertake subsidised skills training.

s $764,000 provided for 4,978 people to undertake subsidised Occupational Safety& Health training.

w Provided 175 subsidies for workers to be assessed and qualified throughrecognition of prior Iearning (RPL) processes or obtain Certificate IV levelqualifications.

Information and Career Promotion Outcomes

m '149,474 visits to www.nolimits.com.au and www.bcitf.org information websites.

w 1,805 school students supported to undertake School to Work Transitionprograms.

M $404,000 provided for delivery of VET in Schools pathways program toaccommodate an additional 374 students.

w 145 presentations provided on construction careers at schools and exposincluding 37 regional presentations.

w 252 students and 303 apprentices provided with bursaries or scholarships.

W 1,222 information visits to employers and probationary apprentices on buildingsites.

s Support through relationships with 160 schools in the metropolitan and countryregl0ns.

Training Advisory Services Outcomes (Training Council)

m Produced updated Construction Industry Workforce Development Plan.

m Published a bi-monthly industry snapshot report detailing employment andtraining trends in the industry.

m Supported implementation of VET in Schools, Trade and Para-Professionalpathways for entry into the construction industry.

m Provided documentation to State Training Board for establishment and variationof several new apprenticeships and traineeships.

w Provided advice to Department of Training and Workforce Development relatingto the State Priority Occupation List (SPOL) and key changes to trainingpackages.

s Facilitated accreditation and re-accreditation of State based training courses.

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CHl'l?Rl"llJll'S m/ERl/IEW

2013-14 a year of change in construction sector activity

During the year the level of activity in resource industry construction slowedsubstantially. This trend was replicated in the commercial sector of the industrybut was offset by substantial growth in residential construction.

The Board continues to closely monitor activity within all sectors of the industryand make strategic changes to respond to changing demand or need for support.

Training support programs

Pleasing results were achieved following changes by the Board to the fundingmodel in the apprentice support program with 6,543 subsidies provided (a 6%increase on 2012-13). Skills and occupational safety and health training hasdeclined substantially due to a slowdown in commercial construction but also asignificant reduction in resource industry construction which has resulted inalready trained workers returning to the traditional sectors of the industry.

Career promotion programs continue to achieve strong success resulting indemand for additional services. As a result of requests from industry, theBuilding and Construction Industry Training Board has decided to establish acareer information centre which will act as a form of "Scitech" for careers in the

construction industry.

The Construction Training Fund is currently considering a number of locationswithin the metropolitan area to establish the centre which, when operational, willprovide career information and interactive practical learning for thousands ofschool students.

The Board has also been aware of the impact that mental health problems haveon many workers including young people in the industry resulting in some cases,in suicide. As a result the Board has agreed to provide subsidy support toworkers and supervisors to undertake training and receive information on drugs,alcohol and mental health issues.

Review of the Construction Training Fund

During the year an independent review has been undertaken on the effectivenessof the Building and Construction Industry Training Board and the ConstructionTraining Fund. This review is required under the Building and ConstructionIndustry Training Fund and Levy Collection Act 1990 and is carried out every syears.

3

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CHl'l?Rl"ll'l1l'S m/ERI/IEW

Acknowledgements

The Board has once again had a busy year and has experienced renewal with 3new members appointed in June 2013.

Board members strive to make strategic decisions that support the future as wellas immediate needs of the industry. Examples include expansion of bonusapprentice subsidies to employers for trades in short supply and greater flexibilityfor group training schemes in use of their apprentice subsidies.

It is pleasing to report that the Construction Training Fund was recognised duringthe year by the Institute for Public Administration Australia WA (IPAA).

The Fund was shortlisted for achieving best practice in collaboration betweenpublic and private organisations for its work in developing and implementing thenew construction industry vocational education and training in schools (VETiS)program.

During the year Ms Hayley McBride resigned from the Board due to a change inher employment and l extend my appreciation to Ms McBride and the othercontinuing Board members for the strong contribution they have made to theBoard's success.

The Executive Director of the Construction Training Fund and his team of officersare a skilled and hard working group of people who, through their expertise andprofessionalism, continue to deliver high quality services to their customers. Allmembers of the Board acknowledge and thank them for their contribution.

The Board appreciated the opportunity to work with the Hon Terry Redman MLA.The Board is currently reporting to the Hon Dr Kim Hames MLA, Deputy Premier,Minister for Health; Training and Workforce Development and looks forward tohaving a continuing and strong working relationship.

The Board works closely with a number of key industry stakeholders who willinglygive up their time to participate in meetings of advisory groups. The support fromthese people is greatly appreciated and enables the Board to make sounddecisions based on practical and relevant information.

The role of other community and Government representatives is alsoacknowledged who all make an important contribution to the Board's operations.In particular, the support of officers from the Department of Training andWorkforce Development, the State Training Board and the Minister's office isappreciated.

l

lan C Hill

Chairman

BCIT Board

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Bl)IJRI) l"lEl'lBERSHll)

The Building and Construction Industry Training Board is a body corporate which isresponsible for the administration of the training levy and Construction Training Fundoperations.

The Board has seven members appointed by the Minister for Training and WorkforceDevelopment. During the year three new members were appointed for a period oftwo years expiring in June 2015 and four members for three years expiring in June2016.

BOARD MEMBER PROFILES

Mr lan Hill, Chairman

Mr Hill was initially appointed as Chairman in July 2003 and has a career spanningover 30 years in the State Public Sector. During this time Mr Hill has been employedas Chief Executive Officer of the Department of Corrective Services and DirectorGeneral of the WA Department of Training and Employment.

Mr Hill currently chairs the Building and Construction Industry Training Board and theTraining Accreditation Council.

Mrs Susan Bailey

Mrs Bailey was first appointed as a member in July 2003, and is employed asExecutive Manager, HomestarUJCorp Pty Ltd.

Mrs Bailey possesses 34 years' experience in the housing construction industry,which includes serving as past President of the Housing Industry Association (WA /Asia).

Mr Maxwell Rivett

Mr Rivett was appointed to the Board in June 2007 and is Director / Partner ofCooper and Oxley Builders Pty Ltd where he has worked since '1974. Mr Rivett hasbeen a past president of the Master Builders' Association and Director of MasterBuilders Australia Incorporated.

Mr Les Wellington

Mr Wellington was appointed to the Board on the 20th June 2010 and has beenemployed as Chief Executive Officer of the Construction Skills Training Centre inWelshpool since 1998. Prior to this employment Mr Wellington was employed for anumber of years as a union official with the Construction, Forestry, Mining andEnergy Union of WA.

Mr Mick Unger

Mr Unger was appointed on 20'h June 2013 and is General Manager lnfrastructurewith Ertech Pty Ltd, a civil contracting company.

Mr Unger has worked in the construction industry for 15 years and is BranchPresident of the Civil Contractors Federation WA and a member of the KimberleyTraining Institute Governing Council.

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Ms Hayley McBride

Ms McBride was appointed on 20fh June 2013 and was a Project Manager withBrookfield Johnson Controls. She has worked in various project co-ordination andproject management roles in the construction industry for approximately 7 years. MsMcBride is currently the Western Australian President of the National Association forWomen in Construction.

Ms McBride resigned from the Board in May 2014 because of a change in heremployment which prevented her from continuing as a Board member.A replacement for Ms McBride is currently being arranged.

Mr Les McLaughlan

Mr McLaughlan was appointed on 20fh June 2013 and is the State Secretary of theElectrical Trades Union (ETU); a position he has held since 2006. Previously he hasworked in the union as an organiser, and as an electrician in Western Australia since1978.

BOl'lRl:) l'll:Tll/ITIES

During the year the Board met on eight occasions. Members also participated in anannual strategic planning workshop with approximately 40 industry stakeholders inMarch 2014, which assisted the Board to set priorities and strategic programobjectives for the future.

The Board relies on four advisory committees to provide advice and information.These committees are:

* Construction Industry Strategic Group.

* Construction Industry Working Group.

* Construction Training Deliveiy Group.

* Career Promotion Committee.

Each committee or group meet regularly and provide input to key issues relating tothe operations of the Construction Training Fund and workforce development in theindustry. This includes the work undertaken by the Board in its capacity as anindustry training council dealing with workforce development issues.

During the year the Chairman of the Board visited Karratha and Geraldton in order totalk with industry and community stakeholders.

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EXECU'lll/E l)lREC'l OR'S REl=l)R-i

There was significant change in the level of activity in different sectors of theconstruction industry with commercial projects slowing and residential constructionincreasing to record levels.

Despite this, income of $34.9 million was close to the estimate of $34 millionbudgeted in the 2013-'14 0perational Plan.

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Expenditure of $31 .3 million was $4.5 million below budget but still $2.2 million morethan spent in 2012-13.

Supplementary skills and OS&H programs were underspent by a combined total of$4.1 million or 44% because of the slowdown in commercial construction and thereturn of thousands of skilled workers to the industry from a significant downturn inthe resources sector who did not require training.

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Legislative Changes

No changes were made to the Building and Construction Industry Training Fund andLevy Collection Act or the regulations during the year.

Administrative changes and activities

New levy compliance processes

Changes have been implemented to the staffing structure of the ConstructionTraining Fund to increase the resources involved in collection of the training levy.

Whilst the vast majority of levy payments are still made prior to issue of a buildingpermit by a Local Government Authority, the establishment of the Building Act 2011now means that a significant number of construction projects no longer requirebuilding permits.

The Construction Training Fund processes have been enhanced to identify andcapture information about these projects and associated processes relating tovariations of project value.

New online levy application and payment system

A new electronic levy application and payment system has been developed andsuccessfully implemented. The system enables project owners to submit informationrelating to projects directly to the Construction Training Fund electronically and tomake payment of the levy by credit card, electronic funds transfer or cheque.

Changes to support programs

A number of significant changes were implemented as a means of stimulatingapprenticeship commencements and included:

* New differential funding model with different levels of funding for core industrytrades and service trades.

* Bonus subsidy for construction trades and trades in short supply includingbricklaying, plastering, wall and floor tiling, concreting and wall and ceiling fixing.

During 2013 there has been a 22% increase in building trades apprenticecommencements with bricklaying and plastering registering much higherincreases. However wage increases, the implementation of competency basedwage progression and a requirement for employers to pay off the job training feesunder the new national award conditions has appeared to have a negative impactwith intakes slowing in 2014.

* Additional funding was provided to support the employment of a third trainingsupport officer which has enabled the Construction Training Fund to visit moreemployers and apprentices, and to co-ordinate school programs support.

* The Board allocated $1 million to enable training providers to deliver VET inSchools construction pathways programs for additional students. Approximately700 students have enrolled in the program this year which is a 1 00% increase onthe number enrolled in the previous year.

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Summary

Whilst revenue of $34.99 million for the year was close to the budget of $34 million,expenditure of $31 .3 million was approximately $4.5 million under budget. This wasprimarily due to a 44% reduction in supplementary skills and OS&H training withlarge numbers of already skilled and qualified workers returning to the industry as aresult of the reduction in resource industry construction.

The Construction Training Fund finished the year with an operating surplus of $3.67million and net assets of $17.9 million.

The 2014-15 0perational Plan continues existing support programs and key prioritiesinclude supporting an increase in the number of apprentices in training andexpanding the career promotion program.

The Board has allocated a capital works budget to enable the establishment of anew initiative which will be a career information centre (Scitech) for the constructionindustry. This centre will provide interactive and practical information services anddisplays for thousands of school students to help them make informed decisionsabout careers in the industry.

,A=>,.,,/

Ralph DawsonExecutive Director

Construction Training Fund

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Support for employers

a Employers are paid a subsidy depending on the term of indenture to support theemployment of apprentices. A new differential funding model was introducedduring 2013-14, with the base grant for most construction trades raised from$9,000 to $10,000. The new funding model sets different levels of funding forseparate trades, depending on the priorities set by industry.

a An additional "trade bonus" incentive of up to $4,000 for employers wasintroduced in 2013-14 to encourage employment of apprentices in critical tradeshortage areas.

€ Additional supplements of up to 20% of the base grant are paid to employers ofregionally based apprentices and 30% of the base grant is paid to employers ofAboriginal apprentices.

Support for apprentices

€ A trade scholarship of up to $1,500 was available to new apprentices andtrainees during 2013-14. The scholarship was introduced to help newapprentices reduce costs and similar to the trade bonus incentive for employers,was differentiated according to the trade qualification and critical skill shortageareas.

a A subsidy of up to $720 per year is available to eligible regionally basedapprentices travelling more than l00km to attend off-the-job training. Thesubsidy helps apprentices to reduce costs incurred with commercialaccommodation required for attendance at off-the-job training.

Outcomes

a 4,485 subsidies paid to employers of direct indenture apprentices, including 993regional apprentices.

a 2,058 subsidies were paid for group training scheme apprentices.

a 836 trade bonus payments made to direct indenture employers and grouptraining schemes.

€ Approximately 550 scholarships or bursaries were provided to pre-apprenticestudents and apprentices.

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Expenditure

$13,551,000

$4,961 ,000

$1 ,992,000

$4,000

$211 ,000

$77,000

$20,796,000

Number

4,485

"2,058

556

26

282

66

6,543

W Direct indenture apprentices

w Group training apprentices

W Bonus trade and other subsidies

w Accommodation allowance

m Apprentice scholarships

s Indigenous bonus

TOTALS

"Average per month (bonus subsidies shown in base figures)

During the year, there was a 24% increase in apprentice commencements withapprentices in training increasing by approximately 4%.

Recognition of prior learning (RPL)

During the year, the Construction Training Fund provided 90 subsidies at a cost of$34,900 to support existing construction industry workers to gain trade qualificationsand recognition.

History of apprentice subsidies provided

6,543

7,000

6,000

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4,000

3,000

2,000

1,000

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2008/09 2009/10 2010/11 2011/12

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2012/13 2013/14

The 6,543 subsidies provided during 2013-14 represent a 6% increase on 2012-13.

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€ To maintain the skill Ievels required in WA's vibrant construction industry, theConstruction Training Fund provides subsidies to industry workers who completeshort training courses enabling them to perform their tasks effectively and safely.

a The Fund supports more than 200 short training courses delivered by registeredtraining providers.

a The subsidy available to eligible workers attending training in metropolitan areasis calculated on an hourly rate of $28 per hour of training or 70% of the coursecost, whichever is the lower amount. The maximum subsidy available pertrainee per course is $1 ,ooo.

w For training delivered in regional Western Australia, the subsidy is calculated at$31 per hour of training or 80% of the course cost, whichever is lower. Themaximum subsidy available per trainee per course is $1 ,300.

Higher qualifications

€ The Construction Training Fund supports industry workers that completeCertificate IV qualifications in Occupational Safety and Health, Builder'sRegistration and Project Management. In 2013-14, the Fund provided 85subsidies for these higher qualifications, with an expenditure of $130,995.

Outcomes

Number Expenditure

a Supplementary skills 13,357 $4,503,000

a Occupational safety and health 4,978 $764,000

TOTALS 18,335 $5,267,000

The 18,335 supplementary skills and occupational safety and health subsidiesprovided in 2013-14 was 31% lower than in 2012-13. Training providersacknowledge the reduction in training activity is directly related to the continueddownturn in construction activity and that a high proportion of the existing workforcehave returned to the industry from employment in the resources sector and havealready completed the skills training required for their current work.

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4,000

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The key objective of the Career Promotion Program is to raise awareness withinthe community of the unlimited career opportunities which are available in theconstruction industry, particularly for school students who are considering theircareer options.

What we do

Promotions and field services

€

€

a

Two websites - bcitf.org for information about the Construction Training Fundand the programs available to support training within the industry;nolimits.com.au for information on careers in building and construction.

Comprehensive campaign advertising in TV, radio, press and digital media,promoting careers in the industry and the One Industry - No Limits informationwebsite.

a

a

€

a

a

Advertising in key industry publications promoting the Training Fund's keysupport programs for employers and industry workers.

Information brochures relating to the Training Levy, the Training Fund's supportprograms and careers in building and construction.

Attendance at public, industry and school-based careers expos.

Funding industry-based awards for excellence in training.

Visits to employers of new apprentices on construction sites to provideinformation and guidance on apprenticeship training in order to support areduction in attrition rates.

Attendance at industry forums to provide information on apprenticeship trainingand skills training

Schools2Skills

a

a

€

€

a

€

€

a

Funding of school-to-work transition initiatives aimed at giving secondary schoolstudents opportunity, practical experience, knowledge and understanding ofapprenticeships in construction trades, including Tiy-a-Trade.

Distribution of information materials to school students, parents and teachers.

Liaison with district and regional Department of Education, Catholic Educationand Independent Schools personnel to assist with information about VET inSchools courses and training delivery models.

In-school presentations to students and educators about career opportunities anddevelopment in the building and construction industry by the Training Fund'sTraining Support Officers.

Promotion of key industry supported VET in Schools qualifications to secondarystudents, parents and educators to assist with smooth transition intoapprenticeship training.

Funding of $150 per student enrolled in recognised VET in Schools qualificationsto reduce costs associated with personal protective equipment and enable site-based work experience.

Funding scholarships for students that complete recognised VET in Schools andpre-apprenticeship qualifications.

16

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l:'l'lREER l)Rl]l"ll?Tll)11 l'l1l1) SCHI)l)1. Tl) Wl)Rl< TRl'lllSlTll)11 SUI)l)l)RT

The Construction Training Fund introduced some changes to the Schools2Skillssupport program for 2013-14 based on feedback from industry and schools.

In previous years, the Training Fund provided funding support for Year 10 studentsundertaking work experience placement on construction sites. General feedbackfrom industry indicated that students were unprepared for site-based work and thatthe preference is for students that have some preliminary training, such as Year 11VET in Schools students, prior to release for work experience.

As a result, the Training Fund's Schools2Skills program for 2013-14 only providedsupport for students enrolled in construction related VET in Schools qualificationsand encouraged schools to channel interested Year 10 students into Try-a-Tradeprograms to help them make more informed choices for Year 11 studies.

VET in Schools programs are funded by Government, however, the Boardrecognised that the demand for the new construction VET in Schools qualificationsmay exceed funding allocated by Government for delivery of all VET in Schoolsprograms. The Board made a commitment to provide funding for delivery of keyconstruction VET in Schools qualifications for 20'l3-14 and 2014-15 to ensure thatstudents did not miss out on the opportunity to participate in the program as apathway into a construction apprenticeship.

As a result, the Construction Training Fund funded delivery of training for 374additional students in key VET in Schools qualifications with expenditure of$404,000.

Outcomes

a 1 ,203 students to complete Try-a-Trade courses, an increase of 50% over 20 12-13.

w Provided $150 to 602 students in VET in Schools construction qualifications forPPE, an increase of 33%.

a Funded delivery of VET in Schools training for 374 students, for an expenditure of$403,892.

€ Funded 252 pre-apprenticeship scholarships - a decrease of 17%

a Delivered 145 school-based presentations to students and career expos - adecrease of 30%.

a 1 ,222 visits to employers of new apprentices and trainees - an increase of 50%.

€ '149,474 visits to the Training Fund's websites - an increase of 50%.

The Training Fund saw an increase of 33% in the number of students it funded inVET in Schools qualifications during 2013-14, indicating the promotional work doneby Training Support Officers in 2012-13 was effective.

There was a reduction in the number of school-based career expos attended by theTraining Fund in 2013-14. This can be attributed to a trend where schools partnerwith others to host an expo, rather than managing them on their own.

17

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Industry stakeholders have strong support for and place a high value on the fieldservices provided by the Construction Training Fund's Training Support Officers.During 2013-14, the Construction Training Fund employed a third Training SupportOfficer, enabling 1,222 visits to employers of new apprentices and trainees, anincrease of 50 % over the previous year.

The Construction Training Fund expended $2,508,000 on the CareerPromotion/School to work transition program in 2013-14. Approximately $1,000,000was used to support students in transition programs (Schools2Skills) and $900,000was allocated to campaigns and promotion.

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Training Support Officers are on the roadevery day, visiting employers, apprentices,industry stakeholders, schools and trainingproviders to provide information andassistance on training pathways inconstruction.

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The Fund received approximately '149,474 visits to its information websites in 2013-14.

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RESEl'lRCH Flll1) l]El/El.l)l)l'lEllT l)ROGRl'll"l

During the past year, the Construction Training Fund's Research and Developmentbranch has contributed to the bi-monthly Construction Industry Snapshots andgathered information relating to Fund KP?s and also focused on the following keyresearch programs.

The impact of new technologies on the construction industry

The construction industry is expecting future growth in new construction methodsand technology. A project was undertaken to ascertain the extent that this will impacton the industry and any demand on the Construction Training Fund's future financialrequirements for training subsidies in new and developing markets.

The research identified areas which would be affected, including any demand fornew trades, the need for changes to training methodologies, up-skilling of currenttradespersons or workers, and industry areas or trades that would be most affected.

The key findings related to modular construction where pre-fabricated systems andalternative construction materials could significantly itincrease aS consumers are

better advised and builders become major drivers of the new technologies andproducts.

The research identified a need for up-skilling and cross skilling, including shortcourse training and in house training. No need for new or modified tradequalifications was identified at this time.

It was established that computer-assisted products such as Global PositioningSystems, Ground Penetrating Radar, Driverless Vehicles, Building InformationModelling (BIM); and Trenchless Technology will have an impact on the Civil andCommercial sectors in the future.

Recommendations from this project include:

Ensure that trades identified in this research are on the State Priority Occupation List

Provide subsidies for basic computer technology to help workers to understandconstruction software and applications

Consider subsidising basic level introductory BIM courses.

High level Building Information Modelling courses should not be subsidised as they areaimed more at the professional Ievel of industry.

*

*

*

An additional research project will be undertaken which will examine the residentialsector, in particular construction companies and their sub-contractors, where themajority of apprentices are employed.

The impact on the retention of students in school until Year 12 on the numberof pre-apprentices and apprentices entering the Industry

This project has been undertaken to investigate the perception that the change inschool leaving age has contributed to lower apprenticeship, traineeship and pre-apprenticeship intakes.

The outcome of the research is expected to help in forecasting any shortfall in thenumber of school students entering the industry and to identify changes inrecruitment and training strategies that may alleviate this shortfall.

20

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? 1RESEl'lRl:H l'l1lD I?EI/El.l]l)l"lEllT l)Rl]GRl"ll"l

Pre-apprentice enrolment information from 2008 - 2013 was requested from asample of the larger Registered Training Organisations, metropolitan and regional;and three Group Training Organisations to establish benchmark data. It appearsthat changes in the funding model, course costs, industrial award decisions andchanges to Government subsidies over the last 6 months have influenced the uptakeof pre-apprenticeships and apprenticeships. VET statistics and VET in Schools 2014enrolments will be added to the research to establish the actual effect of the

changes. VET in Schools enrolment statistics and School Curriculum and StandardsAuthority reports are not due until August 2014 and this project will therefore becompleted in late 2014.

Other Industry related research projects

* Apprenticeship suspension and attrition rates of group trainingorganisations and direct indenture employers.

This report was undertaken to clarify what appeared to be an increase in thenumber of suspensions of Construction apprentices. Statistics were gatheredf h %d200 20l3'f h'C a dEl al trom t e perio 7 - or t e onstruction an ectrica secorsencompassing In Training, Commencements, Suspensions, Cancellations andWithdrawals.

The outcomes reflected a reduction in suspensions for Direct Indentureapprem!ces from 7.5% !n 2007 to 3.9% !n 2012. However, there was an increasefor the Group Training Schemes' apprentices, from 10.7% in 2007 to 18.6% in2012. The increase within Group Training Schemes may be attributed to anumber of factors including being able to predict economic conditions and maketimely decisions to suspend training contracts, however, the difference in thesuspension rate is significant and will be monitored.

* Competency Based Wage Progression

In early 2014, industry stakeholders expressed concern about the impact of thechanges to Award wage conditions for apprentices implemented by Fair WorkAustralia. A major concern related to wage progression for apprentices whocomplete Year 12 at school and achieve 25% of trade qualification competenciesin a VET program as part of a Certificate 11 VET qualification.

For students who complete existing pre-apprenticeships there is also thepossibility that having completed 50% of trade competencies they wouldcommence on a starting salary of 75% of the Award rate. Employers, especiallyGroup Training Organisations expressed concerns that this would discourageemployment of apprentices. Various training and employment scenarios wereconsidered and resulted in the Construction Training Fund makingrecommendations to address this issue to the Department of Training andWorkforce Development.

Recommendations included amendments to the VET legislation to ensure wageprogression is implemented at an appropriate time in the indenture whenconsistent application of competencies learnt have been demonstrated in theworkplace.

' TRS Cube lor BCITF

21

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?1l1)USTRY TRl'llll1llG COUllCll.

Over the past 12 months, the Board, in its capacity as the Construction TrainingCouncil, has provided advice to Government and the Department of Training andWorkforce Development (DTWD) on a number of key training issues.

Key industry stakeholders have participated in the Construction Industry StrategicGroup and Industry Working Group which as advisory committees to the Board, havehelped develop solutions for a number of issues including;

a The Construction Industry Workforce Development Plan.

a Implementation of VET in Schools trade, para-professional and civil constructionpathways for entry into the construction industry.

a Provided support for the development of learning resources for the VET inSchools trade pathway in conjunction with WestOne Services (DTWD) andPolytechnic West.

€ The establishment and variation of several apprenticeships and traineeships inconstruction and the civil construction industry.

€ Advice to the DTWD related to the State Priority Occupation List (SPOL).

a Consultation and advice on key changes to training packages at State andnational level and on accreditation and re-accreditation of State-based courses.

A comprehensive Industry Workforce Development Plan was revised in June 2014and submitted to the DTWD. The plan made five key and twenty-four specificrecommendations that relate to specific areas of interest.

Following implementation of the VET in Schools trade and para-professionalpathways, the Construction Training Council worked with the Civil ContractorsFederation (WA) and the School Curriculum and Standards Authority (SCSA) todevelop a Certificate 11 Civil Construction Pathway.

The new Civil Construction pathway was endorsed in March 2014 and launched onthe SCSA website for implementation in 2015. This VET in Schools pathway is alsoestablished as a School Based Traineeship.

The Construction Training Council has also consulted with key stakeholders anddeveloped a new Pre-Apprenticeship pathway in Plumbing to be included in the VETin Schools model. The pre-apprenticeship is pending D?n/VD and TrainingAccreditation Council endorsement prior to implementation.

Following successful completion of learning resources for the Certificate 11 para-professional pathway, the Training Council is currently working with WestOneServices to develop learning resources for the Certificate 11 trade pathwayqualification. Year 11 resources have been completed and the Year 12 Carpentryand Joinery resources are due to be completed by the end of 2014. Developmentfunding is being supported by the Construction Training Fund.

During 2013-14, the Training Council has produced bi-monthly reports that provideindustry stakeholders, DTWD, the State Training Board and Industry Skills Councilswith a summary of the status of the industry using specific performance indicators.The indicators are based on Australian Bureau of Statistics, ConstructionForecasting Council and other key providers of statistical information and trends.

22

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Number Employed - Construction Industry Western Australia

The following graph shows the 'annualised average growth' of employment in theconstruction industry over the last 10 years to May 2014. There has been asignificant decrease in the part-time nature of the industry in the last 12 months. Theindustry employs approximately 1 0% of the State workforce.

Employed in WA Construction Industry (OOO's)(Annualised Average)

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140i25.53

l:ll.88 127.95130.50 141-45

120121.11 125.08

jlO.40

100

80

60

40

20

o

11

2005 2006 2007 2008 2009 2010 2011 2012 2013 2€)14

The annualised growth in the industry is at a higher rate than all industries combined.In the past 10 years while the construction industry workforce has increased by 38%,the Western Australian workforce has increased by 31 %.

In the year to May 2014, the industry has experienced a 2.3% growth in the numberof workers employed. There has been a significant upturn in the housing sector, asubsequent increase in full-time positions and a return of workers from the resourcessector.

Apprentices 'in training' over past 10 years

The construction industry employs approximately 40% of all apprentices, includingelectrical, in Western Australia. The following graph shows the growth of constructionapprenticeships over the past 10 years and the reliance that is placed onapprenticeships to meet skills demand.

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As at March 20142 (including Electrical Mechanics)

The 'training rate' (apprentice to tradesperson ratio) is currently approximately 13%which compares favourably with the 'all other industries' average of 8.2%.

2 In previous reports data was collected to end of May each year, however, due to data collection methodology change, the endof March 2014 is the Iatest data available.

23

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The Deputy Premier, Minister for Health; Training and Workforce Development theHon Dr Kim Hames MLA, approved the Construction Training Fund's OperationalPlan for 2014-15 in June 2014. Below is a summary of the plan:

Operational Plan-I July 2014 to 30 June 2015

24

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fflm?!m

4JJ',! im

!?[m € i%€Gi ?(;

Wliili

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Levy income - general

Other income

Interest income

TOTAL INCOME

32,800,000

530 000

580 000

33,910,000

33 800 000

540 000

460 000

34,800,000

i ffiiii!iiisMApprentice & Trainee Programs

Group training schemes

Direct indenture

Other bonuses and support

Program Total

5 000 000

13 700 000

2,065,000

20,765,000

Supplementary Skills Program

Construction skills

lndustry skills

Program Total

4 400 000

400 000

4,800,000

4 550 000

450 000

5,000,000

Safety & Health Program 820,000 "i,ooo,ooo

Career Promotion/Schools2Skills Transition 2,325,000 3,310,000

Research & Development/lndustry Support Programs &Recognition of Prior Learning

Training Advisory Services

270,000

s'io,ooo

340,000

523,000

Construction Training Fund Administration

Capital Expenditure

2,100,000

30

2,200,000

s,ooo,ooo

TOTAL EXPENDITURE 31,620,000 40,973,000

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Government Goal(s)

€ Building strategic infrastructure that will create jobs and underpin WesternAustralia's long term economic development.

Agency level Government desired outcomes

m Construction Training Fund programs support an increase in the number ofpersons in the building and construction industry with the skills required tomeet the industry's workforce needs.

w Construction Training Fund programs support an improvement in the quality oftraining for the construction industry.

The West Australian Construction Industry contributes approximately 10% of theGross State Product and employs approximately 10% of the State's workforce, whichincludes approximately 40% of the State's apprentice workforce.

The Construction Training Fund provides financial support to both employers andworkers in the industry to employ and train apprentices and to undertake skillsenhancement and OS&H training. During 2013-14 the Construction Training Fundhas provided training support in one form or another for approximately 25,000 peoplewhich is 22% of the construction industry's workforce subject to the Ievy.

This support contributes to the productivity of the industry and ultimately, theeconomic performance of the State.

Services

* Financial support to employers for employment of apprentices.

* Financial support to workers for skills and occupational safety and health training.

* Research into training and competency levels.

* Provision of career information and support for school to work transitionprograms.

25

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STl'lTUTl:)RY l'lll1) I?BI-IGllTl)RY REI)ORTII?G

Legislation impacting on the Building and Construction Industry TrainingBoard's activities

In the performance of its functions, the Building and Construction Industry TrainingBoard complies with the following relevant written laws:

The Building and Construction Industry Training Board, has complied with therequirements of the Financial Management Act 2006 and every other relevant writtenlaw. It has exercised controls which provide reasonable assurance that the receiptand expenditure of moneys, the acquisition and disposal of public property andincurring of liabilities have been in accordance with legislative provisions.

At the date of signing, the Board is not aware of any circumstances which wouldrender the particulars included in this statement misleading or inaccurate.

26

m A New Tax System (Goods &Services Tax) Act 1999

a lndustrial Relations Act 1979 (EmploymentAct)

a Auditor General Act 2006 a LibraryBoardofWesternAustraliaAct1951-1983

a Building Act 2011 m LocalGovernmentActl995

a Building and Construction lndustryTraining Fund and Levy CollectionActl990

a Minimum conditions of Employment Act 1 993

ffi Commercial Arbitration Act 1985 a Occupational Safety and Health Act 1984

a CopyrightAct1968 a Public and Bank Holidays Act 1972

a Corruption and Crime CommissionAct 2003

a Public Interest Disclosure Act 2003

a Criminal Code a PublicSectorManagementActl994

a Disability Services Act 1993 a State Records Act 2000

a Electoral Act 1907 a StateSupplyCommissionActl99l

a Electronic Transactions Act 2003 a Statutory Corporations (Liability of Directors)Act1996

a EqualOpportunityActl984 ' SuperannuationandFamilyBenefitsAct1938

N Financial Management Act 2006 a Superannuation Guarantee (Administration)Act1992

a FreedomoflnformationActl992 a Vocational Education and Training Act 1996

ffi Fringe Benefits Tax Act 1986 m WorkPlaceAgreementActl993

a Government EmployeesSuperannuation Act 1987

a Workers Compensation and lnjuryManagement Act 1981

W

STl'lTUTDRY l'l1ll) l)Bl.lGlJTl)RY REI)l)RTlllG

Publications

The following publications are produced by the Building and Construction IndustryTraining Board and are available on request:

r w Annual Report r s Quarterly Newsletter

Career information booklets r w Training subsidy pamphlets

Program information on website: ? l ' Career information on website: nolimits.com.au

Bi-monthly Construction Industry Snapshot l m Formal research reports

These documents are a// available on the Training Fund's bcifforgnolimits.com.au websites.

l111

or

Contracts with senior officers

At the date of reporting, other than normal contracts of employment of service, noBoard members or senior officers or firms of which members or senior officers are

members, or entities in which members or senior officers have substantial interests,had any interests in existing or proposed contracts with the Building andConstruction Industry Training Board.

Changes in Written Law

No changes were made to either the primary legislation, the Building andConstruction Industry Training Fund and Levy Collection Act 1990 or its regulationsduring the year.

Ministerial Directives

The Building and Construction Industry Training Fund and Levy Collection Act 1990provides for the Minister to approve the Building and Construction Industry TrainingBoard's Operational Plan for the forthcoming year.

The Minister approved the 2014-15 0perational Plan in June 2014. No furtherministerial directives were issued.

Legislative review

Section 32(1) of the Building and Construction Industry Training Fund and LevyCollection Act 1990 requires the Minister to conduct a review of the effectiveness ofthe Act and the Board every s years.

The Minister initiated such a review which was undertaken by an independentchairperson and steering committee of industry representatives. The review wascompleted in June 2014 and submitted to the Minister for consideration.

Staff Development

The Building and Construction Industry Training Board is committed to the personaldevelopment of its employees.

The sum of $16,934.11 was spent on staff development in 2013-14. New staffundertake appropriate induction training and existing staff undertake training inaccordance with the Construction Training Fund's needs and their personaldevelopment requirements.

27

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J JSTl'lTUTl)RY Flll1) l)Bl.lGFlTl)RY REI)l)RTlllG

Major Promotional, Public Relations or Marketing Activities

The Construction Fund administered a Career Promotion and Marketing Programduring the year to raise awareness of career opportunities within the building andconstruction industry.

The Fund also promoted the availability of financial subsidies to industry and usedvarious media and marketing strategies including the following information web sites:

bcitf.orgnolimits.com.au

The following information complies with section 1 75ZE of the Electoral Act 1907 anddetails expenditure in advertising, market research, polling, direct mail and mediaadvertising:

jTotal exppnditiire for 2013-14 was $759,566.78IAgency l Expenditure l AgencyVinten Browning J,505.83 € MediaBranch Media $ 28,600.00 HIA

Business Promotions Aust l-'$- ---- 4,-952.-00 -f G-ate-cras-herConstruction Worker j$ 5,000.00 l Times PublicationsCrowther Blayne l$ 8,030.00 l Discuss Digital Print

rDowd Public-ati-ons l' s - 3,gg@-.0@ J Master Plumbers & Gasfitters

FHobsons Australia i00.0@ Advance PressCivil Contractors' Fr ??1,osg.og TSkillJWest Expo

rBusiness News $ 25,056.91 Master Painters & Decorators

lStudent Edge l$ 8,000.00 tWABuildingNewslClockwork Print J$ 300.00 fHightail

IPSOS $

I

?Jl$ 1,354.54 l03 s,z-so.oo ]7$- 6,925.?(5 s,ooo.?fflp{-$? - 3,180.00 }1$ 1,290.00 %l$ 2,159.62 ll-$ 1,860.00 lJj ?r,<oo-.o-oJ

62,700.00

Total $219,139.98

J'?lniiJ?0,426.80{$540,426.80

JPolling Orga?nisationsfDirect?Mail Organisati?onsMedia Advertising Organisations

rarat Austra?liaMe?diaServic sPricing Policies on Services

The Construction Training Fund does not charge any fees for services it renders,however, the Board entered into a contract with the Department of Training andWorkforce Development to deliver training advisory services for the constructionindustry. The contract for the period under review is valued at $500,000 for deliveryf o al30?J 2014o services unti une .

l11

I

Insurance Premiums paid to indemnify members of the Board

A Directors and Officers liability insurance policy was taken out to indemnifymembers of the Building and Construction Industry Training Board against anyliability incurred in undertaking their responsibilities. The amount of the insurancepremium in 2013-14 was $6,997.

28

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STl'lTUTDRY l'l1ll) l]Bl.lGl'lTl)RY REI)ORTlllG

Freedom of Information

The Construction Training Fund has published and maintained informationstatements in the form of hard copy pamphlets and information on its bcitf.orgwebsite enabling people to access information about programs, policies andprocedures. Procedures are in place to respond to applications under the Freedomof Information Act 1992. No applications were received during the year underreVIeW.

Occupational Safety, Health and Injury Management

The Construction Training Fund is committed to providing a safe and healthy workenvironment for all staff and visitors. The Fund's goal is to have a workplace that isfree from work-related injuries and diseases by developing and implementing safesystems of work and by continuing to identify hazards and to control risks as far aspracticable.

The Fund promotes a consultative environment in which management, staff andother stakeholders work together to continually improve occupational safety andhealth practices. Formal mechanisms for consultation with employees onoccupational safety and health matters include:

A standing agenda item on management and staff meetings;

Maintenance of Occupational Safety and Health policy as part of the Fund'sHuman Resources Management processes as detailed in the Human ResourcesManual;

Identification of health and safety risks and monitoring by management and staff;Dissemination of information and discussion at staff meetingsDissemination of information and monitoring at management meetingsThe Construction Training Fund's Human Resource Manual includes a policy oninjury management, which was developed in accordance with the Workers'Compensation and Injury Management Act 1981.

Occupational Safety and Health policies and processes are documented in theFund's Human Resources Manual provided to all staff and forming part of theinduction for all new staff and are used as a reference by all staff.

The policies were recently reviewed as part of a general review of the ConstructionTraining Fund's Human Resources Manual. The Fund has an employee assistanceprogram in place. There were no compensation claims processed during the year.

The Construction Training Fund's Occupational Safety and Health statistics for 2013-14 are shown below:

*

*

*

*

*

*

29

Occupational Safety and Health Statistics 2013-14 Target 2013-l4Actual

Number of fatalities o o

Lost time injury / diseases (LTI/D) incidence rate o o

Lost time injury severity rate o o

Percentage of injured workers returned to work within (i)13weeks; (ii) 26 weeks

Greater than or equalto 80% within 26

weeks

N/A

Percentage of managers and supervisors trained inoccupational safety, health and injury managementresponsibilities

Greater than or equalto 60%

60%

']%-!l

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STl'lTUTDRY l'lll1) l)Bl.lGl'lTORY REI)ORTII?G

Disability Access and Inclusion Plan

The Construction Training Fund is a non SES organisation which does not fall withinthe jurisdiction of the Disability Services Act 1993.

However the Fund has voluntarily adopted the Disability Access and Inclusion Plan(DAIP) objectives which are built into its human resources plan.

Recordkeeping Plans

Records Management Framework

The Construction Training Fund is committed to maintaining record keepingpractices consistent with the State Records Act 2000. The current Record KeepingPlan was reviewed in 2013 and approved by the State Records Commission for fiveyears in March 2014 and has approval for continuation until March 2019.

Evaluation and Review of Efficiency and Effectiveness of Systems

During 2013-14 the Construction Training Fund's record keeping processes werereviewed and some processes updated as part of the successful implementation of anew information management system.

Offsite Storage and Disposal

The Construction Training Fund continues to maintain an offsite storage facility forthe storage of all "significant" records for the duration of their retention. A regulardisposal program is undertaken to ensure ongoing on-site storage capacity.

Electronic Records Management

All incoming, outgoing and significant internal documents are being savedelectronically into the Electronic Records Management System.

Induction and Training

New staff are informed of their roles and responsibilities for records management aspart of the Fund's induction program manual. The Human Resources Manualprovides detailed information for staff relating to a wide range of human resourcepractices and obligations including Code of Conduct, Recruitment, ManagingPerformance, Occupational Safety and Health and employee relations. Sections ofthe manual have been reviewed and updated as required.

Sustainability Code of Practice

As a non SES organisation, the Construction Training Fund is not required tomaintain a Sustainability Action Plan, however, the Fund continues to apply theprinciples set out in the code as part of good governance of the Fund. This includes:

Strategic planning is based on assessment of longer term needs of the buildingand construction industry and involves objectives and strategies that ensure themaximum effectiveness and the long term sustainability of Fund resources;

Agency operations and use of resources support sustainability principles;

Staff are encouraged to make the most effective use of recycled paper productsand to minimise light and power usage;

The Construction Training Fund has responded to new training programs in thebuilding and construction industry relating to sustainable building practices byproviding training subsidies.

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Compliance with Public Sector Standards and Ethical Codes

Action to monitor and ensure compliance with Western Australian PublicSector Standards

Managers and staff are required to comply with the Public Sector Standards inHuman Resources Management. Monitoring provisions include:

*

*

For recruitment, selection and appointment, a review of each process isundertaken prior to the final decision to ensure compliance with the EmploymentStandard;

A monitoring process to ensure there are current performance managementprocesses in place for all employees.

Compliance issues

Internal reviews have shown compliance with the Standards is achieved before anyfinal decision is made. No claims for breach of standards have been made duringthe year.

Action to monitor and ensure compliance with Western Australian PublicSector Code of Ethics

The Code of Ethics is available in the Construction Training Fund's HumanResources Manual which is available in the electronic records systems and is part ofthe induction for new staff. The Code of Ethics is reinforced as part of personalperformance management processes. Regular information is provided to stafftogether with relevant training and references made in job descriptions. The Code ofEthics was reviewed during the year.

Compliance issues

There has been no evidence of non-compliance with the Public Sector Code ofEthics.

Action to monitor and ensure compliance with Construction Training FundCode of Conduct

The Construction Training Fund's Code of Conduct Iinks the corporate values withexpected standards of personal conduct. All staff, contractors and consultants whocarry out work for, or on behalf of, the Fund are required to comply with the spirit ofthe Code of Conduct which has the premise that all staff accept personalresponsibility for their behaviour. The Code of Conduct was reviewed during theyear.

Compliance issues

There has been no evidence of non-compliance with the Construction TrainingFund's Code of Conduct. The Fund Executive has a Public Interest Disclosure

Policy and supports disclosures being made by staff. The Executive Director will takeall reasonable steps to provide protection to staff who make such disclosures fromany detrimental action in reprisal for making public interest disclosure. The Fundprovides guidelines to staff wishing to make such disclosures. In 2013-14 there wereno public interest disclosures about the activities of the Fund or issues raised aboutbreaches of the Code of Conduct.

31

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STl'lTUTl)RY l'l1lD l)Bl-lGl'lTl)RY REI)l)RTlllG

Corporate Governance Framework

The Construction Training Fund's governance framework is based on the PublicSector Commissioner's Good Governance guide. The Board undertook a review ofits performance against the guide during the year.

Government and Public Sector relationships

The Building and Construction Industry Training Board is the corporate entityprescribed under the Building and Construction Industry Training Fund and LevyCollection Act 1990 as responsible for administration of the Construction TrainingFund.

Management and oversight

Delegations from the Board to the Executive Director are documented to give theExecutive Director responsibility for the day to day operations of the ConstructionTraining Fund. The delegations were updated following a review by the Boardduring the year.

Policies and guidelines are in place to support decision making and communicationswith external customers and stakeholders. These include governance, informationtechnology, human resources, finance and procurement. The policies and guidelinesare available to staff through the Construction Training Fund's Human ResourcesManual and through the internal records managements system.

The Building and Construction Industry Training Board produces an annual strategicplan and an operational plan which is required to be approved by the Minister forTraining and Workforce Development. The plan establishes revenue andexpenditure estimates, program expenditure and targeted outcomes for theforthcoming financial year.

The plan is consistent with the Construction Training Fund's legislative objectivesand with priorities set by the Board following consultation with industry stakeholders.

Organisational structure

Decision making responsibilities in accordance with the approved operational planrest with the Executive Director and the executive team of the Construction TrainingFund.

The organisational structure supports the delivery of Construction Training Fundprograms. Each year the structure and individual positions are reviewed andchanges implemented if necessary to ensure good governance and maintenance ofa skilled and motivated workforce.

Operations

The Board meets regularly and receives monthly reports detailing program andfinancial performance against the operational plan targets.

Reviews of the effectiveness of programs and financial results are undertakenregularly to support Board decision making when it is necessary to makeadjustments.

32

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STl'lTUTORY l'lll1) l)Bl.lGllTDRY REI)I?RTII?G

People

The Construction Training Fund works to attract, develop and retain a skilled andvalued workforce with a culture that supports high quality, responsive and efficientservices; and to treat people professionally, courteously and with appropriatesensitivity.

The Fund has a human resources policy framework covering flexible workarrangements, staff development, study assistance and occupational safety andhealth.

Other disclosures and legal compliance

Finance

The Construction Training Fund produces an annual budget, by program anddivision, which is approved by the Corporate Executive to ensure that it is Iine withthe strategic direction of the Fund. Financial integrity and accountability is securedthrough reporting to Corporate Executive and the Board every month.

The Fund has documented Financial Management processes, designed to assistemployees to perform their tasks efficiently and effectively. These manuals ensuredisruptions to operations are minimised as a result of staff changes. The processesare consistent with relevant Treasurer's Instructions and State Supply Commissionpolicies.

External auditors conduct an annual internal audit of financial management to ensurethat financial processes, policies and controls are in place and consistent with therequirements of the Financial Management Act 2006.

Communication

To ensure services are accessible, open and responsive, the Construction TrainingFund communicates with its key stakeholders using a range of communicationmethods. This includes planning workshops with stakeholders, industry informationforums and written and electronic surveys to obtain feedback on specific issues.

Fortnightly staff meetings and executive team meetings enable sharing ofinformation internally and the opportunity for staff to contribute to decision making.

Policies covering record keeping, record management and communications are inplace to ensure the confidentiality and integrity of information, preventingunauthorised or false disclosure.

Risk management

The Construction Training Fund identifies and manages its risk through a RiskManagement Plan that has been created following consultation with Risk Cover. Anew plan created in 2011-12 was reviewed and updated in early 2013 and again inMay 2014. The plan includes actions required to maintain business continuity.

Under the Risk Management Plan, controls have been identified for significant risksand any action required is assigned to a relevant member of Corporate Executive.Progress on these actions is monitored through reporting to Corporate Executive.

33

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Construction Training Fund staff profile

Construction Training Fund organisational chart

i DEPUTY PREMIER 11;)QT:9 EnPcrt rvrt Wl.?

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BUILDING AND CONSTRUCTION INDUSTRY TRAINING BOARD

lEXECUTIVE DIRECTOR

Class3-JCF4

Executm AssistamI?3-JDF13

Senior

rTraining Suppor}

Officer

.Direc;oiOpeiations

Leval 9 - JDF 3

Dj'ec%or SkillsDewiloprnernaassl-JDF2

ILewM6-JDF28

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OfficetB

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LeW 61 .ADF 7 Level 61 JDF 8%

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Staff establishtnent jB.66 FTE

Denotes advisory Iines of cnmmunicationDenotes directline of reporung

34

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2012-13 18.6 1 1 @ .66 FTE 19.21

2013-14 18.0 1 1 @ .66FTE 18.66

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Auditor General

INDEPENDENT AUDITOR'S REPORT

To the Parliament of Western Australia

BUILDING AND CONSTRUCTION INDUSTRY TRAIN?NG BOARD

Report on the Financial Statementsl have audited the accounts and financiai statements of the Building and Construction IndustryTraining Board.

The financial statements comprise the Statement of Financial Position as at 30 June 2014, theStatement of Comprehensive Income, Statement of Changes in Equity and Statement of CashFlows for the year then ended, and Notes comprising a summary of significant accountingpolicies and other explanatory information.

Board's Responsibility for the Financial StatementsThe Board is responsible for keeping proper accounts, and the preparation and fairpresentation of the financial statements in accordance with Australian Accounting Standardsand the Treasurer's Instructions, and for such internal control as the Board determines isnecessary to enable the preparation of financial statements that are free from materialmisstatement, whether due to fraud or error.

Auditor's ResponsibilityAs required by the Auditor General Act 2006, my responsibility is to express an opinion on thefinancial statements based on my audit. The audit was conducted in accordance withAustralian Auditing Standards. Those Standards require compliance with relevant ethicalrequirements relating to audit engagements and that the audit be planned and performed toobtain reasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgement, including the assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error. In making those risk assessments, the auditorconsiders internal control relevant to the Board's preparation and fair presentation of thefinancial statements in order to design audit procedures that are appropriate in thecircumstances. An audit aiso includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of accounting estimates made by the Board, as well asevaluating the overall presentation of the financial statements.

l believe that the audit evidence obtained is sufficient and appropriate to provide a basis for myaudit opinion.

OpinionIn my opinion, the financiai statements are based on proper accounts and present fairly, in allmaterial respects, the financial position of the Building and Construction Industry TrainingBoard at 30 June 2014 and its financial performance and cash flows for the year then ended.They are in accordance with Australian Accounting Standards and the Treasurer's Instructions.

Page 1 of 3

7ihFloorAlbertFaceyHouse469WellingtonSttee(Perih MAILTO:Per!hBCPOBox8489PerthWA6849 TEL:0865577500 FAX'0865577600

Report on Controlsl have audited the controls exercised by the Building and Construction Industry Training Boardduring the year ended 30 June 2014.

Controls exercised by the Building and Construction Industry Training Board are those policiesand procedures established by the Board to ensure that the receipt, expenditure andinvestment of money, the acquisition and disposal of property, and the incurring of liabilitieshave been in accordance with Iegislative provisions.

Board's Responsibility for ControlsThe Board is responsibie for maintaining an adequate system of internal control to ensure thatthe receipt, expenditure and investment of money, the acquisition and disposal of public andother property, and the incurring of Iiabilities are in accordance with the Financial ManagementAct 2006 and the Treasurer's Instructions, and other relevant written Iaw.

Auditor's ResponsibilityAs required by the Auditor General Act 2006, my responsibility is to express an opinion on thecontrols exercised by the Building and Construction Industry Training Board based on my auditconducted in accordance with Australian Auditing and Assurance Standards.

An audit invoives performing procedures to obtain audit evidence about the adequacy ofcontrols to ensure that the Board complies with the legislative provisions. The proceduresselected depend on the auditor's judgement and include an evaluation of the design andimplementation of relevant controls.

l believe that the audit evidence obtained is sufficient and appropriate to provide a basis for myaudit opinion.

OpinionIn my opinion, the controls exercised by the Building and Construction Industry Training Boardare sufficiently adequate to provide reasonable assurance that the receipt, expenditure andinvestment of money, the acquisition and disposal of property, and the incurring of Iiabilitieshave been in accordance with legislative provisions during the year ended 30 June 2014.

Report on the Key Performance Indicatorsl have audited the key performance indicators of the Building and Construction IndustryTraining Board for the year ended 30 June 2014.

The key performance indicators are the key effectiveness indicators and the key efficiencyindicators that provide information on outcome achievement and service provision.

Board's Responsibility for the Key Performance IndicatorsThe Board is responsible for the preparation and fair presentation of the key performanceindicators in accordance with the Financial Management Act 2006 and the Treasurer'sInstructions and for such controls as the Board determines necessary to ensure that the keyperformance indicators fairly represent indicated performance.

Auditor's ResponsibilityAs required by the Auditor General Act 2006, my responsibility is to express an opinion on thekey performance indicators based on my audit conducted in accordance with AustralianAuditing and Assurance Standards.

Page 2 of 3

An audit involves performing procedures to obtain audit evidence about the key performanceindicators. The procedures selected depend on the auditor's judgement, including theassessment of the risks of material misstatement of the key performance indicators. In makingthese risk assessments the auditor considers internal control relevant to the Board's

preparation and fair presentation of the key performance indicators in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluating therelevance and appropriateness of the key performance indicators for measuring the extent ofoutcome achievement and service provision.

I believe that the audit evidence obtained is sufficient and appropriate to provide a basis for myaudit opinion.

OpinionIn my opinion, the key performance indicators of the Building and Construction IndustryTraining Board are relevant and appropriate to assist users to assess the Board's performanceand fairly represent indicated performance for the year ended 30 June 2014.

IndependenceIn conducting this audit, I have complied with the independence requirements of the AuditorGeneral Act 2006 and Australian Auditing and Assurance Standards, and other relevant ethicalrequirements.

Matters Relating to the Electronic Publication of the Audited Financial Statements andKey Performance IndicatorsThis auditor's report relates to the financial statements and key performance indicators of theBuilding and Construction Industry Training Board for the year ended 30 June 2014 includedon the Board's website. The Board's management is responsible for the integrity of the Board'swebsite. This audit does not provide assurance on the integrity of the Board's website. Theauditor's report refers only to the financial statements and key performance indicatorsdescribed above. It does not provide an opinion on any other information which may have beenhyperlinked to/from these financial statements or key performance indicators. If users of thefinancial statements and key performance indicators are concerned with the inherent risksarising from publication on a website, they are advised to refer to the hard copy of the auditedfinancial statements and key performance indicators to confirm the information contained inthis website version of the financial statements and key performance indicators.

'/'%,,-

DON CUNNINGHAME

ASSISTANT AUDITOR GENERAL FINANCIAL AUDIT

Delegate of the Auditor General for Western AustraliaPerth, Western Australia14 August 2014

Page 3 of 3

BUILDING AND CONSTRUCTION INDUSTRY TRA?NING BOARDNotes to the Financial Statements

For the year ended 30 June 2014

CERT?FICATION OF PERFORMANCE INDICATORS

We hereby certify that the Performance Indicators are based on proper records, arerelevant and appropriate for assisting users to assess the Board's performance andfairly represent the performance of the Building and Construction Industry TrainingBoard for the financial year ended 30 June 2014.

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lan Hill

Chairman

For the BCIT Board

Date

/l;'

Les WellingtoiBoard Member

For the BCIT Board

?yl.?.7fil-H p=:<tqDate

OAG

AUDITED

861

BUILDING AND CONSTRUCTION

INDUSTRY TRAINING BOARD

Performance lndicators

For the year ended 30 June 2014

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KEY PERFORMANCE INDICATORS

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Mission

a "The demands of the building and construction industry for skilled workers aresupported"

Government goal(s)

a Building strategic infrastructure that will create jobs and underpin WesternAustralia's Iong term economic development.

Agency level Government desired outcome(s)

m Construction Training Fund's programs support an increase in the number ofpersons in the building and construction industry with the skills required tomeet the industry's workforce needs.

Construction Training Fund's programs support an improvement in the qualityof training for the construction industry.

Outcome 1- Programs support an increase in skilled workers in the industry

m

KPI 1.1 "The number of apprentices and trainees employed in the building andconstruction industry as a percentage of the trade workforce in the industry."

iNumber of Apprentices and TraineesAppren?ices and Trainees in Tra!n!ng (includes Electrical Mechanics)

Source:

Department of Training and Workforce Development

l Number of Tradespeople

Tradespeople in industry (includes Etectricat uechanics)

Source: ABS'

lPercentageTraining Rate2

Source: Derived

?

2013-14 2012-13 2011-12 l

8,322 8,374 8,681

zo"is-"ia 2012-13 2011-12 l

l l?:il 62,375 l 65,000 l 52,000 l

i ? l ?

2013-14 2012-132012-13 2011-12 l

'i1 3.3% 1 2.9% 16.7%

Although the training rate has risen to 13.3% from 12.9% this relies on the 4%decrease in the number of tradespeople in the industry. This reduction intradespeople is due to the decrease in activity in the Engineering Construction sectorwhich is not subject to the training levy. At the same time, the number of apprenticesand trainees has decreased by only O.6% in the year to March 2014.3

National research based on age distribution in the workforce has confirmed thatindustry needs to train at a training rate of 15% in order to replace tradespeopleIeaving the industry through normal circumstances such as retirement. The trainingrate is the percentage of active apprentices and trainees compared to employedtradespeople in the industry.

The apprentice training rate for all other Industries is approximately 8.2%.

A significant number of total workers are employed in Engineering Construction in thepe?4es sector on the construction phase of projects where apprentice employmenti4ffle&

AUDITED

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KEY PERFORMANCE INDICATORS

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KPI 1.2 lIThe number of people supported to undertake supplementary skillsand occupational safety and health training or skills assessment as apercentage of the total workforce in the building and construction industry."

l Number of PeopleWorkers in industry trained with ConstructionTraining Fund support

Source: CTF

l Number of WorkersNumbers of Workers in the Industry (actualemployed at end of May 2014)

Source: ABS4

l Percentage

Training Rates

2012-13 2011-12 l

18,355 l 26,639

2013-14 2012-13 2011-12 l

2013-14

33,155

rto,oos l 99,923 89,220

2013-14 2012-13 2011-12 lTarget

20%

Note: All percentages are rounded up or down to the nearest whole numberThe above figures do not include apprentice subsidies which are paid directly to employers of the apprentice.

16.67% 27% 37%Source: Derived

The 'training rate' in KPI 1.2 shows a decrease compared to 2012-13. However, thenumber of workers in the industry has increased by 10.1% while the workers inindustry that are supported by the Construction Training Fund have actuallydecreased by 31 .2%.

As at May 2014, there were 137,5'lO workers employed in the construction industryhowever, the 'Number of Workers in the lndustry' includes the EngineeringConstruction workforce? within the Mining sector and is estimated as 20% of theC a kfeTh k- a b=fonstruction wor orce . ese wor ers are not entitled to access su sidies rom the

Construction Training Fund but are included as workers in the industry.

Therefore, the Engineering Construction workforce within the Mining sector isexcluded from the above tables to reflect the true workforce eiigible for Training Fundsupport.

The decrease in the number of people supported is attributed to a downturn in thenon-residential sector of the industry which is the sector where workers rely mostheavily on OSH and skills training programs.

The number of people training has also decreased because of a significant downturnin construction in the resources sector. Thousands of workers from the resour6es

sector who are already skilled are moving back to the traditional sectors of theConstruction Industry without the need for training.

OAG

AUDITED

Auitraliasi?eauzf St:!i, ?.?Traui?utCOi

8 M.ABS Labouuviobili(y and In'

Statistics, Labour Force, 62G)1 .0.55.003 - Australia, Detailed, Quarterly.me 2 is the ratio of people trained in Supplementary Skills compared to total eligible people in workforce.

ility and In}en}ions Survey 2008

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Outcome 2 - Programs support an improvement in the quality of training

KPI 2.1 l'The proportion of workers surveyed who are satisfied with the qualityof training supported by the Construction Training Fund."

Name: Building worker satisfaction levelsSource: Course feedback

i m? ? waI #of Satisf!ed 8atisfaction1 # Surveyed ,,,, ,l " ?" '-y-" Responses Responses Tarqet

9,741

;ioqo-qq I2012-13 :':011-12

i i

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2013-14

9al%10,181 80% 96%

Methodology of Survey - Building Worker Satisfaction Levels

The indicator relating to 'worker satisfaction' is a measure of the level of satisfactionwith Supplementary Skills training, and Occupational Safety and Health training(OSH) that was subsidised by the Construction Training Fund (the Fund) within thelast twelve months.

There was a substantial downturn in activity in the non-residential sectors where alarge proportion of Supplementary Skills training occurs.

Building worker satisfaction levels were determined by surveying students who hadundertaken Supplementary Skills training courses at private Registered TrainingProviders (RTP) delivering courses subsidised by the Fund. The Survey wasincluded on the Fund claim form which had to be completed and returned to the Fundin order to obtain a reimbursement for the course completed. Results from the surveywere entered into the Fund's Access database and the level of satisfaction was

derived from these responses.7

Satisfaction levels were calculated on a scale of 1 to s, where 1 is very dissatisfiedand s is very satisfied. Response Ievels 4 - s were included as positive responses inthe result.

There were 330 responses (3.24%) in the mid-range where the respondent wasneither satisfied nor dissatisfied. A further 110 respondents (1 .08%) indicated somedegree of dissatisfaction.

To ensure that the satisfaction level was consistent across training providers ad l a a RTPah5207 - add?'ran om samp e across nine private s wit , responses was consi ere .

The percentage of overall satisfaction was 96.22% with a confidence interval of O.14dI If fd f99o/oA d d l d kanaeveoconienceo o. seconranomsurveywasasounertaen,

using nine different RTPs to compare satisfaction levels; the result was a differenceof O.97%.

In addition to the responses received from the direct survey of employers andworkers, the Fund relies on other feedback mechanisms. These include industrystakeholder advisory groups, industry employer/employee associations and regularcontact with RTPs where overall positive feedback is received regarding theperformance of the Fund.

Comparing results from 2012-13 to 2013-'14, the analysis used a wider spread ofRTPs. This has shown that even though there is a change in the respondent cohort,the satisfa? rate is exceeding target and is almost the same as previous years.This ,der6?t%es a high level of satisfaction across a greater number of RTPs in the

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KPI 2.2 lIThe proportion of employers surveyed who are satisfied overall withthe quality of training supported by the Construction Training Fund."

Name:

Source:

Employer satisfaction levels

Satisfaction survey of employers

l# Surveyed

if

353r

l

#ofPlHesponges

353

Satisfled

Regponses

310

Satisfaction

Tarqet

80%

2013-14

88%

2

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20

12

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20

11

12

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10

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Note: All percentages are rounded up or down to the nearest whole number.

Methodology of Survey - Employer Satisfaction Levels

The KPIs detailed in this report relate to the results from the collation of thesatisfaction surveys completed on the Supplementary Skills program claim forms.

The responses to the Claim Form surveys were entered into the F?und Accessbadafa -af I'odata ase an satis action percentages were derived rom these resu ts.

The 353 employers surveyed represented a 100% response rate, which was amarked increase on previous surveys for this KPI. Satisfaction levels werecalculated on a scale of 1 to s, where 1 is very dissatisfied and s is very satisfied andwas derived from the question "How would you rate your level of satisfaction with thesubsidised training undertaken by your employee/s"? Response levels 4 - s wereincluded as positive responses in the result.

Based on the sample of 353 responses there were 310 satisfied responses and thepercentage of overall satisfaction was 87.82% with a confidence interval of 1 .2 at alevel of confidence of 95%.

There were 28 responses (7.9%) in the mid-range where the respondent was neithersatisfied nor dissatisfied. A further 15 respondents (4.2%) indicated some level ofdissatisfaction.

A 95% confidence level is used due to the smaller sample return size. for this survey.Thalla l d h ah' f ?is eve is common y use by researc ers using t is type o survey.

The overall satisfaction rate has marginally increased for the 2013-14 period whichmay be attributed to the mandatory completion of the Satisfaction survey on the newclaim forms. This means a shorter time lapse between delivery and responseensures a more timely response to the survey and increased reliability.

)AG

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KEY EFFIC?ENCY PERFORMANCE IND?CATORS

KPI 1.1 lIThe total administration costs of the Building and ConstructionIndustry Training Fund as a percentage of the Fund's total expenditure."

i 2013-14 2012-13 2011-12 2010-11

li 7.27%

y6.60%

I

i

l:

ll l

l

7.43% 5.77%

Total administration costs as a percentage of total expenditure for 2013-14 falls wellwithin the targeted 10% of the Construction Training Fund's expenditure.

The figure for 2013-14 is actually inflated by $95,000 in consultancy costs resultingfrom the review of the Construction Training Fund and work in relation to the careerpromotion centre. If this cost was removed, the percentage would be reduced to6.95%.

KPI 1.2 l'The specific administration costs of the Building and ConstructionIndustry Training Fund represented as a cost per apprentice or traineesubsidised by the Fund."

2010-1120'l2-13i

li

l

rm

ll

ll

l

2013-14 2011-12

l J T

il

ll

$53.18 $57.64 $76.53 $70.27

Specific administration costs represented as a cost per apprentice or trainee hasfallen in 2013-14 due to an increase in subsidies paid from 6,1 8'l to 6,543.

KPI 1.3 lIThe specific administration costs of the Building and ConstructionIndustry Training Fund represented as a cost per person supported by theFund to undertake skills training or vocational education."

ll-

ll

l

2013-14

$18.98

ll

ll

i

2012-13

$13.94T

l

2011-12

$12.21T

li

ll

2010-11

$12.71

il

Specific administration costs represented as a cost per person supported toundertake skills training or vocational education has increased in 2013-'14 due to adecrease in subsidies paid from 26,639 to 1 8,335.

While the decrease was across all payments, some of the more significant decreaseswe re :

W Industry skills down 71% from 3,531 to 1,010.

wi Occupational safety and health down 42% from 8,564 to 4,978.

OAGAUDITED

86

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3

William Buck Audit (WA) Pty Ltd

BUlLDiNG AND CONSTRUCTION INDUSTRY TRAIN?NG BOARDNotes to the Financial Statements

For the year ended 30 June 2014

CERT?FICATION OF FINANCIAL STATEMENTS

The accompanying financial statements of the Building and Construction IndustryTraining Board have been prepared in compliance with the provisions of the FinancialManagement Act 2006 from proper accounts and records to present fairly thefinancial transactions for the financial year ended 30 June 2014 and the financialposition as at 30 June 2014.

At the date of signing we are not aware of any circumstances which would render theparticulars included in the financial statements misleading or inaccurate.

x?,< ll?'%i

11 AUC liqMark Lukan

Chief Finance Officer

Date

f

7 // ,,:4i4Ian Hill

Chairman

For the BCIT Board

Date

;i?????7 ????:;o44?Les WellingtonBoard Member

For the BCIT Board

Date

(Ue1

BULDING AND CONSTRUCTION

INDUSTRY TRAINNG BOARD

FINANCIAL STATEMENTS

For the year ended 30 June 2014

William Buck Audit (WA) Pty Ltd

BU?LDING AND CONSTRUCTION INDUSTRY TRAINING BOARD (BCITB)STATEMENT OF COMPREHENSIVE INCOME

For the year ended 30 June 20'l4

Note zo'ta

($'000)

2013

($'000)INCOME

Revenue

Levy receiptsInterest revenue

Other revenue

TOTAL INCOME

3

4

s

33,858591

545

34,994

32,825465

557

33,847

EXInrh r rrciwoca

Employee benefits expenseSupplies and servicesDepreciation expenseAccommodation expensesGrants and subsidies - programs recurrentGrants and subsidies - training expenditure recumOther expensesIg jl H 'g l l Q 'g O

Revenue collection costs

TOTAL EXPENSES

6

7

8

9

10

qo

11

12

2,011643

93

227

1,99326,081

35

239

31,322

1,773506

129

218

1 ,423

24,85035

192

29,126

PROFIT FOR THE PERIOD 3,672 4,721

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 3,672 4,721

The Statement of Comprehensive Income should be read in conjunction with theaccompanying notes.

ep 2

William Buek Audit (WA) Pty Ltd

BUILDING AND CONSTRUCTION INDUSTRY TRAINING BOARD

STATEMENT OF FINANCIAL POSIT?ON

As at 30 June 2014

Note 2014

($'000)

2013

($'000)

ASSETS

Current Assets

Cash and cash equivalentsReceivables

Other current assets

Total Current Assets

13

14

15

17,032173

1,939

19,144

1 3,403169

1,8851 5,457

Non-Current Assets

Property, plant and equipmentTotal Non-Current Assets

16 104

104

179

179

TOTAL ASSETS 19,248 15,636

LIABILITIES

Current Liablilities

PayabtesProvisions

Other current Iiabilities

Total Current Liabilities

18

19

20

27

281

919

1 ,227

37

340

946

1,323

Non-Current Liabilities

Provisions

Total Non-Current Liabilities

19 108

108

72

72

TOTAL L?ABILIT?ES 1,335 1,395

NET ASSETS 17,913 14,241

EQUITY

Retained earningsTOTAL EQUITY

21 17,913

17,913

14,241

14,241

The Statement of Financial Position should be read in conjunction with theaccompanying notes.

3

(9

William Buck Audit (WA) Pty Ltd

BUILD?NG AND CONSTRUCTION INDUSTRY TRAINING BOARD

STATEMENT OF CHANGES IN EQUITY

For the year ended 30 June 2014

Contributed Retained Earnings TotalNote equity Reserves surplus/(deficit) Equity

($'000) ($'000) ($'000)

Balance at 30 June 2012

Balance at I July 2012

Surplus/DeficitOther Comprehensive Income

Balance at 30 June 2013

Balance as at I July 2013

Surplus/DeficitOther Comprehensive Income

Balance at 30 June 2014

34 9,520 9,520

9,520 9,520

4,721 4,721

14,241 14,241

14,241 14,241

3,672 3,672

17,913 17,913

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

4

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William Buck Audit (WA) Pty Ltd

BUILDING AND CONSTRUCTION INDUSTRY TRAINING BOARD

STATEMENT OF CASH FLOWS

For the year ended 30 June 2014

Note 2014

($'000)

2013

($'000)

CASH FLOWS FROM OPERATING ACTMTIES

Receipts

Levies from project ownersInterest received

Other receiptsGST receipts from taxation authority

33,586543

546

208

34,883

32,596457

557

405

34,015

Payments

Employee benefitsSupplies and servicesAccommodation

Grants and subsidies - programs recurrentGrants and subsidies - training expenditure recurrentGST payments on purchases

(2,012)(654)(226)

(1,908)(26,208)

(227)(31,235)

(1 ,809)(558)(219)

(1,359)(24,995)

(385)(29,325)

NET CASH PROVIDED BY OPERATING

ACTMTIES 22b 3,648 4,690

CASH FLOWS FROM INVESTING ACTMTIES

Purchase of non-current physical assets

NET CASH (USED IN) INVEST?NG ACTMTIES

NET INCREASE/(DECREASE) IN CASH ANDCASH EQUIVALENTS

Cash and cash equivalent at the beginning of the period

CASH AND CASH EQUIVALENT ASSETS AT

THE END OF THE PERIOD

(19)

(19)

3,629

13,403

22a 17,032

(96)

(ge)

4,594

8,809

13,403

The Statement of Cash Flows should be read in conjunction with theaccompanying notes.

/'?OAGX'l AuDlTED lAUDlTED'lX >s,-s e,S

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s

William Buck Audit (WA) Pty Ltd

BUILD?NG AND CONSTRUCTION INDUSTRY TRAIN?NG BOARD

Index of Notes to the Financial Statements

For the year ended 30 June 2014

Subject

General

General

General

General

General

Income

Income

Income

General

Assets

Assets

Assets

General

Assets

Assets

Assets

LiabilityLiability

ExpenseLiabilityGeneral

ExpenseGeneral

General

General

ExpenseExpenseExpenseExpenseExpenseExpenseExpenseIncome

Asset

LiabilityEquityCash Flow

General

General

General

General

General

General

External

General

General

PolicyNote

1

2

2a

2b

2c

2d

2e

2f

2g2j2h

21

2i

2m

2n

2o

2o (i)2o (ii)

2p2k

2q2r

2s

2t

2u

Disclosure Title of the Disclosure note

Note

3

4

16

17

13

24

14

28

18

19

6

20

23

6

7

8

9

10

11

12

s

15

20

21

22

25

26

27

29

30

31

32

33

34

Australian Accounting StandardsSummary of significant accounting policies

General Statement

Basis of PreparationReporting EntityIncome

Levy receiptsInterest revenue

Income tax

Property, Plant and EquipmentImpairment of assetsCash and cash equivalentsLeases

Receivables

Financial instruments

Investments and Other Financial Assets

PayablesProvisions

Provisions - Employee benefitsProvisions - Other

Superannuation expenseAccrued salaries

Resources received free of charge or for nominal costComparative figuresDisclosure of changes in accounting policy and estimatesJudgements made by management in applying accounting policiesKey sources of estimation uncertaintyEmployee benefits expenseSupplies and servicesDepreciationAccommodation expensesGrants and subsidies

Other expensesRevenue collection costs

Other revenue

Other assets

Other Iiabilities

Retained earningsNotes to the Statement of Cash Flows

Contingent Liabilities and Contingent AssetsEvents occurring after the end of the reporting periodExplanatory statementRemuneration of members of the Accountable Authority and senior officersRemuneration of auditor

Related bodies

Affiliated bodies

Supplementary financial informationEquity

6

'4?)This index does not form part of the financial statements.

William Buck Audit (WA) Pty LtdBUILDING AND CONSTRUCTION INDUSTRY TRA?NING BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

1. AustralianAccountingStandards

General

The Building and Construction Industry Training Board's (Board) financial statements forthe year ended 30 June 2014 have been prepared in accordance with AustralianAccounting Standards. The term "Australian Accounting Standards" includes Standardsand Interpretations issued by the Australian Accounting Standards Board (AASB).

The Board has adopted any applicable new and revised Australian AccountingStandards from their operative dates.

Early adoption of standards

The Board cannot early adopt an Australian Accounting Standard unless specificallypermitted by Tl 1101 Application of Australian Accounting Standards and OtherPronouncements. There has been no early adoption of Australian Accounting Standardsthat have been issued or amended (but not operative) by the Board for the annualreporting period ended 30 June 2014.

2. Summary of significant accounting policies

(a.) General Statement

The Board is a not-for-profit reporting entity that prepares general purpose financialstatements in accordance with Australian Accounting Standards, the Framework,Statem?ents of Accounting Concepts and other authoritative pronouncements of theAASB as applied by the Treasurer's instructions. Several of these are modified bythe Treasurer's instructions to vary application, disclosure, format and wording.

The Financial Management Act and the Treasurer's instructions impose legislativeprovisions that govern the preparation of financial statements and take precedenceover Australian Accounting Standards, the Framework, Statements of AccountingConcepts and other authoritative pronouncements of the AASB.

Where modification is required and has had a material or significant financial effectupon the reported results, details of that modification and the resulting financialeffect are disclosed in the notes to the financial statements.

(b.) Basis of Preparation

The financial statements have been prepared on the accrual basis of accountingusing the historical cost convention.

The accounting poiicies adopted in the preparation of the financial statements havebeen consistently applied throughout all periods presented unless otherwise stated.

The financial report is presented in Australian dollars and all values are rounded tothe nearest thousand dollars ($'000).

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il

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7

William Buck Audit (WA) Pty LtdBUILDING AND CONSTRUCTION INDUSTRY TRAINING BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

Note 2t "Judgements made by management in applying accounting policies"discloses judgements that have been made in the process of applying the Board'saccounting policies resulting in the most significant effect on amounts recognised inthe financial statements.

Note 2(u) "Key sources of estimation uncertainty" discloses key assumptions madeconcerning the future and other key sources of estimation uncertainty at the end ofthe reporting period, that have a significant risk of causing a material adjustment tothe carrying amount of assets and Iiabiiities within the next financial year.

(c.) Reporting Entity

The reporting entity comprises the Building and Construction Industry TrainingBoard, there being no related bodies.

(d.) Income

Revenue Recognition

Revenue is recognised and measured at the fair value of consideration received orreceivable. Revenue is recognised for the major business activities as follows:

Levy income

The principal revenue is Ievy collection based on the value of that construction workin accordance with Section 21 of the Building and Construction tndustry TrainingFund and Levy Collection Act of 1990. Revenue is recognised on receipt fromproject owners and in respect of collection agents, when the Ievy is received by anagent. An estimate of funds held by agents at the end of the reporting period isrecognised as income for the period. Levy receipts are shown net of refunds: 2014$746,936 (2013 $1 ,055,304).

Interest

Revenue is recognised as the interest accrues.

Gains

Realised and unrealised gains are usually recognised on a net basis. These includegains arising on the disposal of non-current assets and some revatuations of non-current assets.

(e.) Income Tax

The Board has been exempted from income tax under the provisions of section23(d) of the Income Tax Assessment Act.

8

William Buck Audit (WA) Pty LidBUILDING AND CONSTRUCTION INDUSTRY TRA?NING BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

(f.) Plant and Equipment

Capitalisation/expensing of assets

Items of plant and equipment costing $5,000 or more are recognised as assets andthe cost of utilising assets is expensed (depreciated) over their useful Iives. Items ofplant and equipment costing less than $5,000 are immediately expensed direct tothe Statement of Comprehensive Income (other than where they form part of agroup of similar items which are significant in total).

Initial recognition and measurement

Plant and equipment are initially recognised at cost.

For items of plant and equipment acquired at no cost or for nominal cost, the cost istheir fair value at the date of acquisition.

Subsequent measurement

Subsequent to initial recognition as an asset, the historical cost model is used for allpiant and equipment. All items of plant and equipment are stated at historical costIess accumulated depreciation and accumulated impairment losses.

Depreciation

All non-current assets having a limited useful life are systematically depreciatedover their estimated useful lives in a manner that reflects the consumption of theirfuture economic benefits.

Depreciation is calculated using the straight iine method, using rates which arereviewed annually. Estimated useful Iives for each class of depreciable asset are:

Office equipmentOffice furnishings

3 yearss years

(g.) Impairment of Assets

Plant and equipment are tested for any indication of impairment at the end of eachreporting period. Where there is an indication of impairment, the recoverableamount is estimated. Where the recoverable amount is Iess than the carryingamount, the asset is considered impaired and is written down to the recoverableamount and an impairment Ioss is recognised. As the Board is a not-for-profit entity,unless an asset has been identified as a surplus asset, the recoverable amount isthe higher of an asset's fair value less costs to sell and depreciated replacementcost.

-ff-$..

7 f', A rsIy '? J art ?a %,-4.

' A lj D I 'a'oba' D " %, +'ti0a =.-

J 4JrWl.4 %

(+AUfiF. EDI'? ThQ l% Oi. #S /

9

William Buck Audil (WA) Pty LtdBUILD?NG AND CONSTRUCTION INDUSTRY TRAINING BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

The risk of impairment is generally Iimited to circumstances where an asset'sdepreciation is materially understated, where the replacement cost is falling orwhere there is a significant change in the useful life. Each relevant class of assets isreviewed annuaiiy to verify that the accumulated depreciation/amortisation reflectsthe Ievel of consumption or expiration of asset's future economic benefits and toevaluate any impairment risk from falling replacement costs.

(h.) Leases

The Board has entered into several operating lease arrangements for the rent of theoffice building and motor vehicles. Lease payments are expensed on a straight linebasis over the lease term as this represents the pattern of benefits to be derivedfrom the leased properties.

(i.) Financial Instruments

In addition to cash, the Board has three categories of financial instruments:* Loans and receivables

Held-to-maturity investments (term deposits); andFinancial Iiabilities measured at amortised cost.

@

*

Financial Instruments have been disaggregated into the following classes:

Financial Assets

Cash and cash equivalentsReceivables

Term deposits

*

*

Financial Liabilities

@ Payables

Initial recognition and measurement of financial instruments is at fair value whichnormally equates to the transaction cost or face value. Subsequent measurement isat amortised cost using the effective interest method.

The fair value of short-term receivables and payables is the transaction cost or theface value because there is no interest rate applicable and subsequentmeasurement is not required as the effect of discounting is not material.

(j.) Cash and Cash Equivalents

For the purpose of the Statement of Cash Flows, cash and cash equivalent assetscomprise cash on hand and short-term deposits with original maturities of threemonths or less that are readily convertible to a known amount of cash and whichare subject to insignificant risk of changes in value.

X'?.'

'[ 86 ,!?z

10

William Buck Audit (WA) Pty LtdBUILD?NG AND CONSTRUCTION INDUSTRY TRAINING BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

(k.) Accrued Salaries

Accrued salaries represent the amount due to staff but unpaid at the end of thefinancial year. Accrued salaries are settled within a fortnight of the financial yearend. The Board considers the carrying amount of accrued salaries to be equivalentto its net fair value.

(I.) Receivables

Receivables are recognised at original invoice amount Iess an allowance for anyuncollectible amounts (impairment). The collectability of receivables is reviewed onan ongoing basis and any receivables identified as uncollectibie are written-offagainst the allowance account. The allowance for uncollectible amounts (doubtfuldebts) is raised when there is objective evidence that the Board will not be able tocollect its debts. The carrying amount is equivalent to fair value as it is due forsettlement within 30 days. See note 28 'Financial Instruments' and note 14'Receivables'.

(m.) Investments and Other Financial Assets

The Board classifies its investments into the fo!iowing categories: financial assets atfair value through profit or Ioss, Ioans and receivables and held to maturityinvestments. The classification depends on the purpose for which the investmentswere acquired. Management determines the classification of its investments atinitial recognition and re-evaluates this designation at the end of the reportingperiod. Investments not at fair value are initially recognised at cost being the fairvalue of consideration given, including directly attributable transaction costs.

Non-derivative financial assets with fixed or determinable payments and fixedmaturity dates are classified as held-to-maturity when management has a positiveintention and ability to hold to maturity. Investments intended to be held for anundefined period are not included in this classification.

Loans and receivables and held-to-maturity investments, such as commercial billsare subsequently measured at amortised cost using the effective interest method.Amortised cost is calculated by taking into account any discount or premium onacquisition, over the period to maturity. For investments carried at amortised cost,gains and losses are recognised in the Statement of Comprehensive Income whenthe investments are derecognised or impaired, as well as through the amortisationprocess.

The Board assesses at each balance date whether there is objective evidence thata financial asset or group of financial assets is impaired.

?' 04(S.G '%,

,4t3DJThiD'%86 ,/

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11

William Buck Audit (WA) Pty LtdBUILDING AND CONSTRUCTION INDUSTRY TRAINING BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

(n.) Payables

Payables are recognised at the amounts payable when the Board becomes obligedto make future payments as a result of a purchase of assets or services, as they aregenerally settled within 30 days. See note 28 'Financial lnstruments' and note 18'Payables'.

(o.) Provisions

Provisions are Iiabilities of uncertain timing or amount and are recognised wherethere is a present Iegal or constructive obligation as a result of a past event andwhen the outflow of resources embodying economic benefits is probable and areliable estimate can be made of the amount of the obligation. Provisions arereviewed at the end of the reporting period. See note 19 'Provisions'.

(i) Provisions - Employee Benefits

All annual teave and long service leave provisions are in respect of employees'services up to the end of the reporting period.

Annual Leave

Annual leave is not expected to be settled wholly within 12 months after the endof the reporting period and is therefore considered to be 'other Iong-termemployee benefits'. The annual leave liability is recognised and measured at thepresent value of amounts expected to be paid when the Iiabilities are settledusing the remuneration rate expected to appty at the time of settlement.

When assessing expected future payments consideration is given to expectedfuture wage and salary levels including non-salary components such asemployer superannuation contributions, as well as the experience of employeedepartures and periods of service. The expected future payments are discountedusing market yields at the end of the reporting period on national governmentbonds with terms to maturity that match, as closely as possible, the estimatedfuture cash outflows.

The provision for annual Ieave is classified as a current iiability as the Authoritydoes not have an unconditional right to defer settlement of the liability for at Ieast12 months after the end of the reporting period.

Long Service Leave

Long service Ieave is not expected to be settled wholly within 12 months after theend of the reporting period is recognised and measured at the present value ofamounts expected to be paid when the liabilities are settled using theremuneration rate expected to apply at the time of settlement.

12

William Buck Audit (WA) Pty LtdBU?LDING AND CONSTRUCTION INDUSTRY TRAINING BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

When assessing expected future payments consideration is given to expectedfuture wage and salary Ievels including non-salary components such asemployer superannuation contributions, as well as the experience ofemployee departures and periods of service. The expected future paymentsare discounted using market yields at the end of the reporting period onnational government bonds with terms to maturity that match, as closely aspossible, the estimated future cash outflows.

Unconditional Iong service leave provisions are classified as current liabilitiesas the Authority does not have an unconditional right to defer settiement ofthe liability for at least 12 months after the end of the reporting period. Pre-conditional and conditional Iong service Ieave provisions are classified asnon-current Iiabifities because the Authority has an unconditional right to deferthe settlement of the Iiability until the employee has completed the requisiteyears of service.

(ii) Provisions - Other

Employment on-costs

Employment on-costs, including workers' compensation insurance, are notemployee benefits and are recognised separately as liabilities and expenseswhen the employment to which they relate has occurred. Employment on-costsare included as part of "Other expenses" and not included in the Board's"Employee benefits expense". The related Iiability is included in "Employment on-costs provision". See note 11 'Other expenses' and note 19 'Provisions'.

(p.) Superannuation Expense

The Board complies with Commonwealth Iegislation by making contributionsaccording to individual requirements. Contributions are paid to selectedsuperannuation funds complying with the Commonwealth Government'sSuperannuation Guarantee (Administration) Act 1992. See note 2(n) (i) "Provisions-Employee Benefits"

(q.) Assets and Services Received Free of Charge or for Nominal Cost

Assets and services received free of charge or for norryinal cost that can be reliablymeasured are recognised as at fair value. Where the asset or service receivedrepresents a service that the Board would otherwise pay for, a correspondingexpense is recognised. Receipts of assets are recognised in the Statement ofFinancial Position.

Assets or services are received from other State Government agencies areseparately disclosed under Income from State Government in the Statement ofComprehensive Income.

(3f,';;., ''-' N0!0 .,9

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13

William Buck Audit (WA) Pty LtdBUILDING AND CONSTRUCTION INDUSTRY TRA?NING BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

(r.) Comparative Figures

Comparative figures are, where appropriate, reclassified to be comparable with thefigures presented in the current financial year.

(s.) Disclosure of changes in accounting policy and estimates.

Initial application of an Australian Accounting Standard

The Board has applied the following Australian Accounting Standards effective forannual reporting periods beginning on or affer I July 2013 that impacted on theBoard.

AASB13 Fair Value Measurement

This Standard defines fair value, sets out a framework formeasuring fair value and requires additional disclosures for fairvalue measurements for non-financial assets and Iiabilities.

There is no financial impact.

AASB119 Employee Benefits

This Standard supersedes AASB 119 (October 2010), makingchanges to the recognition, presentation and disclosurerequirements.

The Board assessed employee Ieave patterns to determinewhether annual leave is a short-term or other long-termemployee benefit. The resultant discounting of annual IeaveIiabilities that were previously measured at the undiscountedamounts is not material.

AASB 1048 Interpretation of Standards

This Standard supersedes AASB 1048 (June 2012), enablingreferences to the Interpretations in all other Standards to beupdated by reissuing the service Standard. There is nofinancial impact.

AASB 2011-8 Amendments to Australian Accounting Standards arising fromAASB 13 [AASB 1, 2, 3, 4, s, 7, 9, 2009-11, 2010-l 101, 102,108, 110, 116, 111118, 119, 120, 121, 128, 131, 132, 133,134, 136, 138, 139, 140, 141,1004, 1023 & 1038 and Int 2, 4,12, 13, 14, 11 19, 131 & 132]

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,a sgr'ls,,1 ?:' [%B lrirarr-z"il A U D l T E D:L71

a'%, 86?<l?l?, j?'

This Standard replaces the existing definition and fair valueguidance in other Australian Accounting Standards andInterpretations as the result of issuing AASB 13 in September2011 , There is no financiai impact.

14

William Buck Audit (WA) Pty LtdBU?LDING AND CONSTRUCTION INDUSTRY TRAINING BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

AASB 2011-9 Amendments to Australian Accounting StandardsPresentation of Items of Other Comprehensive Income [AASB"i, s, 7,101,112, 120, 121, 132, 133, 134, 1039 & 1049]

This Standard requires to group items presented in othercomprehensive income on the basis of whether they arepotentially reclassifiable to profit or Ioss subsequently(reclassification adjustment). There is no financial impact.

AASB 2011-10 Amendments to Australian Accounting Standards arising fromAASB 119 (September 2011) [AASB 1, 8, 101, 124, 134, 1049& 2011-8 and Int 14]

This Standard makes amendments to other Australian

Accounting Standards and Interpretations as a result of issuingAASB 119 in September 2011. The resultant discounting ofannual leave liabilities that were previously measured at theundiscounted amounts is not material.

AASB 2012-2 Amendments to Australian Accounting Standards -Disdosures- Offseffing Financial Assets and Financial Liabilities [AASB 7&132]

This Standard amends the required disclosures in AASB 7 toinclude information that will enable users of an entity's financialstatements to evaluate the effect or potential effect of nettingarrangements, including rights of set-off associated with theentity's recognised financial assets and recognised financialIiabilities, on the entity's financial position. There is no financialimpact.

AASB 2012-s Amendments to Australian Accounting Standards arising fromAnnual Improvements 2009-11 Cyde [AASB 1, 101, 116, 132& 134 and Int 2]

This Standard makes amendments to the Australian

Accounting Standards and Interpretations as a consequence ofthe annual improvements process. There is no financialimpact.

AASB 2012-6 Amendments to Australian Accounting Standards - MandatoryEffective Date of AASB 9 and Transition Disclosures [AASB 9,2009-11, 2010-7, 2011-7 & 2011-8?

This Standard amends the mandatory effective date of AASB 9Financial Instruments to I January 2015 (instead of 1 January2013). Further amendments are also made to numerousconsequential amendments arising from AASB 9 that will nowapply from I January 2015. There is no financial impact.

15

William Buck Audit (WA) Pty LtdBUILDING AND CONSTRUCTION INDUSTRY TRAINING BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

AASB 2012-9 Amendment to AASB 1048 arising from the Withdrawal ofAustralian Int 1039

The withdrawal of Int 1039 Substantive Enactment of MajorTax Bills in Australia has no financial impact for the Boardduring the reporting period and at balance date. Measurementof tax assets and iiabilities continues to be measured in

accordance with enacted or substantively enacted tax lawpursuant to AASB 112.46-47.

AASB 2012-10 Amendments to Australian Accounting Standards - TransitionGuidance and OtherAmendments [AASB 1, s, 7, 8, 10, 11, 12,13, 101, 102, 108, 112, 118, 119, 12l 128, 132, 133, 134,137, 1023, 1038, '1039, 1049 & 2011-7 and Int 12]

The Standard introduces a number of editorial alterations and

amends the mandatory application date of Standards for not-for-profit entities accounting for interests in other entities.There is no financial impact.

AASB 2073-9 Amendments to Australian Accounting StandardsConceptual Framework, Materiality and Financial Instruments.

Part A of this omnibus Standard makes amendments to other

Standards arising from revisions to the Australian AccountingConceptual Framework for periods ending on or after 20December 2013. Other Parts of this Standard become

operative in later periods. There is no financial impact for PartA of the Standard. Standard become operative in Iater periods.There is no financial impact for Part A of the Standard.

Future impact of Australian Accounting Standards not yet operative

The Board cannot early adopt an Australian Accounting Standard unless specificallypermitted by Tl 1101 Application of Australian Accounting Standards and OtherPronouncements. Consequently, the Board has not applied early any of the followingAustralian Accounting Staridards that have been issued that may impact the Board.Where applicable, the Board plans to apply these Australian Accounting Standardsfrom their application date.

Operative forreporting periodsbeginning on/after

Int2l Levies 1 Jan 2014

. . ,, # = k%.%

)??" OAG ?%1<AUDrr,.r:i'%"X s ?:-.i

?' ?a+?/???"

This Interpretation clarifies the circumstances under which aliability to pay a government levy imposed should berecognised. There is no financial impact for the Board atreporting date.

16

William Buck Audit (WA) Pty LtdBU?LDING AND CONSTRUCTION INDUSTRY TRAIN?NG BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

AASB9 Financial Instruments 1 Jan 2017

This Standard supersedes AASB 139 Financial Instruments:Recognition and Measurement, introducing a number ofchanges to accounting treatments.

The mandatory application date of this Standard was amendedto I January 2017. The Board has not yet determined theapplication or the potential impact of the Standard.

AASB10 Consolidated Financial Statements 1 Jan 2014

This Standard, issued in August 2011 , supersedes AASB 127Consolidated and Separate Financial Statements and Int 112Consolidation - Special Purpose Entities, introducing anumber of changes to accounting treatments.

Mandatory application was deferred by one year for not-for-profit entities by AASB 2012-10 Amendments to AustralianAccounting Standards - Transition Guidance and OtherAmendments. The adoption of the new Standard has nofinancial impact for the Board as it doesn't impact accountingfor related bodies and the Board has no interests in other

entities.

AASB11 Joint Arrangements 1 Jan 2014

This Standard, issued in August 201 1 , supersedes AASB 1 31Interests in Joint Ventures, introduces new principles fordetermining the type of joint arrangement that exists, which aremore aligned to the actual rights and obligations of the partiesto the arrangement.

Mandatory application of the Standard was deferred by oneyear for not-for-profit entities by AASB 2012-10. There is nofinancial impact for the Board as the new standard willcontinueto require proportional consolidation of the Board's rights toassets and liabilities for the unincorporated joint operation.

AASB12 Disclosure of Interests in Other Entities 1 Jan 2014

This Standard, issued in August 2011 , supersedes disclosurerequirements under AASB 127 Consolidated and SeparateFinancial Statements, AASB 128 Investments in Associatesand AASB 131 Interests in Joint Ventures. Mandatoryapplication was deferred by one year for not-for-profit entitiesby AASB 2C)12-1 0. There is no financial impact.

rl /% P% '"?l tJ

j'/'

'%,J?7

:I JSiAUD!7i0'%?i- 7

%x?t 86 717

William Buek Audit (WA) Pty LtdBUILDING AND CONSTRUCTION INDUSTRY TRAINING BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

AASB 127 Separate Financial Statements 1 Jan 2014

This Standard, issued in August 2011 , supersedes AASB 127Consolidated and Separate Financial Statements, removingthe consolidation requirements of the earlier standard whilstretaining accounting and disclosure requirements for thepreparation of separate financial statements. Mandatoryapplication was deferred by one year for not-for-profit entitiesby AASB 2012-10. There is no financial impact.

AASB128 Investments in Associates and Joint Ventures 1 Jan 2014

This Standard issued in August 20li supersedes AASB 128Investments in Associates, introducing a number ofclarifications for the accounting treatments of changedownership interest.

Mandatory application was deferred by one year for not-for-profit entities by AASB 2012-10. The adoption of the newStandard has no financial impact for the Board as it doesn'thold investments in associates or and the accountingtreatments for joint operations is consistent with currentpractice.

AASB 1031 Materiality 1 Jan 2014

This Standard is an interim standard cross-referencingdefinitions of 'materiality' in other Standards and will remainoperative until references to AASB 1031 are removed fromother Standards. There is no financial impact.

AASB 1055 Budgetary Reporting 1 Jan 2014

This Standard specifies the nature of budgetary disclosures,the circumstances in which they are to be inciuded in thegenerat purpose financial statements of not-for-profit entitieswithin the General Government Sector. The Board will be

required to disclose additional budgetary information andexplanations of major variances between actual and budgetedamounts, though there is no financial impact.

AASB 2009-11 1 Jan 2015

Amendments to Australian Accounting Standards arising fromAASB 9 [AASB 1, 3, 4, s, 7, 101, 102, 108, 112, 118, 121, 121128, 131, 132, 136, 139, 1023 & 1038 and Int 10 & 12]

[modified by AASB 2010-7)

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18

William Buck Audit (WA) Pty LtdBUILDING AND CONSTRUCTION INDuSTRY TRAINING BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

AASB 201 0-7 1 Jan 2015

Amendments to Australian Accounting Standards arising fromAASB 9 (December 2010) (AASB 1, 3, 4, s, 7, 101, 102, 108,112, 118, 120, 121, 127, 128, 131 132, 136, 137, 139, 1023, &1038 and Int 2, s, 10, 12, 19, & 127)

This Standard makes consequential amendments to otherAustralian Accounting Standards and Interpretations as aresult of issuing AASB 9 in December 2010. The Board hasnot yet determined the application or the potential impact of theStandard.

AASB 2011-7 1 Jul 2014

Amendments to Australian Accounting Standards arising fromthe Consolidation and Joint Arrangements Standards [AASB 1,2, 3, s, 7, 9, 2009-11, 101, 107, 112, 118, 121, 124, 132, 133,136, 138, 139, 1023& l038andlnt5, 9, 16& 17]

This Standard gives effect to consequential changes arisingfrom the issuance of AASB 10, AASB 11 , AASB 127 SeparateFinancial Statements and AASB 128 Investments in

Associates and Joint Ventures. The Board has undertaken an

analysis of the suite of Consolidation and Joint ArrangementsStandards and determined that there is no financial impactarising from adoption of the various Standards.

AASB 2012-3 1 Jan 2014

Amendments to Australian Accounting Standards - OffsettingFinancial Assets and Financial Liabilities (AASB132).

This Standard adds application guidance to AASB 132 toaddress inconsistencies identified in applying some of theoffsetting criteria, including clarifying the meaning of "currentlyhas a legally enforceable right of off-set" and that some grosssettlement systems may be considered equivalent to netsettlement. There is no financial impact.

The Board does not routinely hold financial asset and financialliabilities that it intends to settle on a net basis, therefore thereis no financial impact.

AASB 2013-3 1 Jan 2014

Amendments to AASB 136 - Recoverable Amount Disclosures

for Non-Financial Assets.

This Standard introduces editorial and disclosure changes.There is no financial impact.

'y pa Q!, sz %.,r"o=i, 7

19

William Buck Audit (WA) Pty LtdBU?LDING AND CONSTRUCTION INDUSTRY TRAINING BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

AASB 2013-4 1 Jan 2014

Amendments to Australian Accounting Standards - Novationof Derivatives and Continuation of Hedge Accounting [AASB139]

This Standard permits the continuation of hedge accounting incircumstances where a derivative, which has been designatedas a hedging instrument, is novated from one counterparty to acentral counterparty as a consequence of laws or regulations.The Board does not routinely enter into derivatives or hedges,therefore there is no financial impact.

AASB 2013-8 1 Jul 2014

Amendments to Australian Accounting Standards - AustralianImplementation Guidance for Not-for-Profit Entities - Controland Structured Entities [AASB 10, 12 & 1049].

The amendments, issued in October 2013, provide significantguidance in determining whether a not-for-profit entity controlsanother entity when financial returns aren't a key attribute ofthe investor's relationship. The Standard has no financialimpact in its own right, rather the impact results from theadoption of the amended AASB 10.

AASB 2013-9 1 Jan 2014

1 Jan 2017

Amendments to Australian Accounting StandardsConceptual Framework, Materiality and Financial Instruments.

This omnibus Standard makes amendments to other

Standards arising from the deletion of references to AASB1031 in other Standards for periods beginning on or after 1January 2014 (Part B), and, defers the application of AASB 9to I January 2017 (Part C). The Board has not yet determinedthe application or the potential impact of AASB 9, otherwisethere is no financial impact for Part B.

AASB 2014-1 1 Jul 2014

Amendments to Australian Accounting Standards. I Jan 20al51 Jan 2016

1 Jan 2018The Board has not yet determined the applicationor the potential impact of the Standard.

'a.. .%<l

20

William Buck Audit (WA) Pty LtdBUILD?NG AND CONSTRUCTION INDUSTRY TRAINING BOARDNotes to the Financial Statements

For the year ended 30 June 2014

(t.) Judgements made by management in applying accounting policies

The preparation of financial statements requires management to make judgementsabout the application of accounting policies that have a significant effect on theamounts recognised in the financial statements. The Board evaluates thesejudgements regularly.

(u.) Key sources of estimation uncertainty

Key estimates and assumptions concerning the future are based on historicalexperience and various other factors that have a significant risk of causing materialadjustments to the carrying amount of assets and Iiabilities within the next financialyear.

Long Service Leave

Several estimations and assumptions used in calculating the Board's long serviceIeave provision, expected future salary rates, discount rates, employee retentionrates and expected future payments. Changes in these estimations andassumptions may impact on the carrying amount of the Iong service leave provision.

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21

William Buck Audit (WA) Pty LtdBUILDING AND CONSTRUCTION INDUSTRY TRAIN?NG BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

2014

($'000)

2013

($'000)3 Levy Receipts

Levy receipts 33,858 32,825

Levy receipts by sectorHousingCommercial

EngineeringMining

1 7,227

10,191

5,614826

33,858

13,458

14,115

5,252

o

32,825

4 Interest Revenue

Interest revenue 591

591

465

465

Earned on current bank accounts and investments by way of term deposits

s Other Revenue

DTWD - Skills Development

Training 457 Visa

Sundry Income

500

44

1

545

481

76

o

557

6 Employee Benefits ExpenseWages & Salaries (a)Superannuation- superannuation guarantee levyLong service Ieave (b)Annual Ieave (b)Other employee costs

1,69-I165

(10)23

142

2,011

1 ,493

146

35

(26)125

1 ,773

(a) Includes the value of fringe benefit to the employee plus the fringe benefit tax component.(b) Includes a superannuation contribution component.

Employment on-costs such as worker's compensation insurance are inctuded at note 1 1 'OtherExpenses'. The employment on-cost Iiability is included at note 19 'Provisions'.

7 Supplies and Services

Bank chargesCommunications

Consumables

Accounting & audit feesBoard costs

Insurance

Legal FeesOther supplies & servicesConferences and Seminars

Travel

s

69

71

13

156

23

9

234

25

38

643

7

62

48

12

151

24

s

171

s

21

506

8 Depreciation ExpenseOffice equipment 93 129

22

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BU?LDING AND CONSTRUCTION INDUSTRY TRAIN?NG BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

William Buck Audit (WA) Pty Ltd

2014

($'000)

2013

($'000)

9 Accommodation ExpenseLease rentals

OutgoingsRepairs & maintenanceCleaning

202

12

4

9

227

196

12

2

8

218

10 Grants & Subsidies

Programs recurrent

Career promotionRPL

Research g development

1 ,90835

50

1,993

1 ,28251

go

1 ,423

Training expenditure recurrentby sector-HousingCommercial

Engineering construction

15,941

7,871

2,269

26,081

10,188

10,685

3,977

24,850

11 0ther ExpensesEmployment on-costs (a) (see note 6 'Employee benefits')Other (b)

1

34

35

1

34

35

(a) Includes worker's compensation insurance, and other employment on-costs. The on-costsIiability associated with the recognition of annual and Iong service Ieave Iiability is included atnote 1 9 'Provisions'. Superannuation contributions accrued as part of the provision for Ieave areemployee benefits and are not included in employment on-costs.

(b) Audit Fees, see note 30 'Remuneration of Auditor'.

12 Revenue Collection Costs

Levy collection fees 239 192

13 Cash and Cash EquivalentsBank accounts

Funds on deposit

Other financial assets- term deposits

133

80

16,819

17,032

667

80

12,656

13,403

14 Receivables

Receivables

GST receivable

Interest receivable

27

70

76

173

27

114

28

169

The Board does not hold any collateral as security or other credit enhancements relating to receivables.23

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Wil!iam Buck Audit (WA) Pty LtdBUILDING AND CONSTRUCTION INDUSTRY TRAINING BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

2014

($'000)

2013

($'000)

15 0therAssets

Accrued Ievy incomePrepayments

1 ,89544

1 ,939

1 ,85926

1 ,885

16 Plant & EquipmentOffice equipment at costAccumulated depreciation

737

(633)104

750

(571)179

Reconciliations of the carrying amounts of office equipment at the beginning and the end of thereporting period are set out below:

17 Impairment of AssetsThere vvere no indications of impairment to plant & equipment assets at 30 June 2014.

The Board held no goodwill or intangible assets with an indefinite useful life during the reportingperiod and at reporting date there were no intangible assets not yet available for use.

18 Payables

Trade payables 27 38

See also note 2 (n) "Payables" and note 28 Financial Instruments.

19 Provisions

?Employee benefits provision:Annual Ieave (a)Long service Ieave (a)

116

165

281

93

247

340

Other proVisions:Employment on-costs (c) o

281

o

340

Non current

Employee benefits provision:Long service Ieave (b) 108

108

72

72

24

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'S*

7AU€lT'ED)',,, 86 }-.,/

Office equipment Total Non Current AssetS

l

Carrying amount at start of yearAdditions

DisposalsDepreciationImpairment IossesDepreciation writeback

Carrying amount at end of year

2014

($000)179

18

31

(93)o

31

2013

($000)277

31

15

(129)o

15

200

($000)179

18

31

(93)o

31

2013

($000)277

31

15

(130)o

15

104 179 104 179

William Buck Audit (WA) Pty LtdBUILDING AND CONSTRUCTION INDUSTRY TRAINING BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

2014

($'000)

2013

($'000)19 Provisions (Cont...)

(a) Annual Ieave liabilities have been classified as current as there is no unconditional right todefer settlement for at Ieast 12 months after the reporting period. Assessments indicate thatactual settlement of the Iiabilities will occur as follows:

Within 12 months of the end of the reporting periodMore than 12 months affer the reporting period

64

52

116

50

43

93

(b) Long service Ieave Iiabilities have been classified as current where there is no unconditionalright to defer settlement for at Ieast 12 months affer the reporting period. Assessments indicatethat actuat settlement of the Iiabilities will occur as follows:

Within 12 months of the end of the reporting periodMore than 12 months affer the reporting period

92

74

166

136

111

247

(c) The settlement of annual and long service Ieave liabilities gives rise to the payment ofemployment on-costs including worker's compensation premiums and payroll tax. The provisionis measured at the present value of expected future payments. The associated expense, apartfrom the unwinding of the discount (finance cost), is included at note 11 'Other expenses'.

20 0ther Liabilities

Accrued training expensesAccrued expenses

587

332

919

760

186

946

21 EquityRetained EarningsBalance at the start of year

Result for the periodBalance at the end of year

14,241

3,672

17,913

9,520

4,721

14,241

22 Notes to the Statement of Cash Flows

Reconciliation of cash

Cash at the end of the financial year as shown in the Statement of Cash Flows is reconciled tothe related items in the Statement of Financial Position as follows:

Cash and cash equivalentsBank accounts

Funds on deposit

a) Other financial assets- term deposits

133

80

16,819

17,032

667

80

12,656

13,403

25

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BU?LDING AND CONSTRUCTION INDUSTRY TRAINING BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

William Buck Audit (WA) Pty Ltd

2014

($'000)

2013

($'000)

22 Notes to the Statement of Cash Flows (Cont...)Reconciliation of profit/ (loss) to net cash flows provided by/(used in) operating activities:

Profit 3,672 4,72"l

Non cash items:

Depreciation expenseAssets accrued

93

o

129

64

(Increase)/ decrease in assets:Current receivables(c)Other current assets

(4)

(54)

3

(60)

Increase/ (decrease) in liabilities

Current payablesCurrent provisionsOther current Iiabilities

Non-current provisions

(10)(59)(26)

36

8

66

(183)(58)

Net GST receipts/(payments)(a)Change in GST receivables/payables(b)

b) Net cash provided by operating activities

to

(10)3,648

28

(28)4,690

(a) This is the net GST paid/received, re. Cash transactions

(b) This reverses out the GST in receivables and payables

(c) Note that the Australian Taxation Office (ATO) receivables/payables in respect of GST andthe receivables/payable in respect of the sale/purchase of non-current assets are not included inthese items as they do not form part of the reconciling items.

23 Resources Provided Free of Charge

During the year there were no resources provided to other agencies free of charge for functionsoutside the normal operations of the Board.

24 Commitments

The commitments below are inclusive of GST vtt'iere relevant.

Non-cancellable operating Iease commitments

Commitments in relation to Ieases contracted at the end of the reporting period but notrecognised in the financial statements as fiabilities, are payable as follows:

Within 1 yearLater than 1 year and not later than s years

198

14

212

230

20

250

Representing:Non-cancellable Operating Leases 212 250

i!)

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26

BUILD?NG AND CONSTRUCTION INDUSTRY TRAINING BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

William Buck Audit (WA) Pty Ltid

In 2009 the Board entered into a non-cancellable five year Iease with the option of a five yearterm extension for premises in Hasler Road Osborne Park. The Board has now exercised thisoption and extended the Iease for a period of one year. Rent is payable monthly in advance.Contingent rent provisions within the Iease agreement require that the current Iease paymentsshould be reviewed on 30th June each year and are subject to increase at a rate equivalent toprevailing market rates.

The Board has entered into non-cancellable operating leases for six motor vehicles with StateFleet. Board policy is to replace vehicles on the expiry of the lease, the latest of which maturesin May 2016.

25 Contingent LiabilitiesIn addition to the liabilities included in the financial statements, there are the following contingentliabilities:

Levy refunds

During the 2C)I 3/14 year $33.86 million dollars was collected as levies. Under the Act, these arepayable before the commencement of construction and are refundable wholly or in part if theconstruction is not completed. The proportion representing incomplete work is not known andaccording to past experience the amount of the refunds in proportion to the total amountcollected is relatively insignificant and in the year ended 30th June 2014 amounted to $0.747mbeing 2.20% of the amount received. No other contingent Iiabilities have since come to ourknowledge.

Litigation in progress

There are no known Iegal claims pending by third parties against the BCITB other than thosematters referred to our Iawyers or insurers in the normal course of business for which weconsider there are no significant Iiabilities.

26 Events Occurring After the end of the reporting period.There have been no significant events occurring since the reporting date.

27 Explanatory Statement

Sigriificant variations between the estimates and actual results for 2014 and between the actualresults for 2013 and 2014 are shown below. Significant variations are considered to be thosegreater than 1 0% of budget and/or $1 oo,ooo.

Significant variances between estimate and actual results for the financial year

The budget figures contained in this note to the financial statements were drawn from theOperational Plan endorsed by the Minister for Training and Workforce Development; Water;Forestry during the course of the year to 30 June 2013.

2014 2014

Estimate Actual Variation

$'000 $'000 $'000

Income

LevyReceipts 33,000 33,858 858Interest 450 591 141

ExpenditureTraining ExpenditureCareer Promotion

30,051

3,000

26,081

2,509

(3,970)

(491)

27

.AUDlTED?a

-,:,/50Q %Q l

J

William Buck Audit (WA) Pty LtdBUILD?NG AND CONSTRUCTION INDUSTRY TRAINING BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

Levy ReceiptsLevy receipts were $0.858m or 2.6% higher than budget expectations. This variance is due to asubstantial increase in activity in the housing sector. Resedential dwelling commencementsexceeded the previous peak set in 2006.

Interest

Interest income from Board reserves were $M1 ,000 or 3al% higher than budget expectations.The Board had forecast a deficit for the year and the associated reduction in cash reserveswould impact on interest received. As a result of training expenditure falling below expectationscash balances remained high, and resulted in additional interest income.

Training expenditure

Training expenditure was $3.97alm or 13.2% Iower than budget expectations. Expenditure onConstruction Skills, Industry Skills and Occupational Health & Safety all fell siginificantly short ofbudget expectations. This can be attributed to a slowdown in commercial construction and thereturn of thousands of skilled workers to the industry resulting from a downturn in the resourcessector. The return workers did not require training.

Career Promotion

Career Promotion expenditure was $0.49lm or 16.4% Iower than budget expectations. TheBoard made a commitment to provide funding of $1m for delivery of key construction VET inSchools qualifications for 2013-14 and 2014-15 to ensure that students did not miss out on theopportunity to participate in the program as a pathway into a construction apprenticeship. Actualexpenditure of $400k was well short of expectations.

Significant Variances between actual and prior year actual

2014

s'ooo

2013

$'000

Variation

$'000

Income

Levy ReceiptsInterest

33,858591

32,825

465

1 ,033126

Expenditure

Employee BenefitsSupplies & services

Training expenditure

2,011643

26,081

1,773506

24,850

238

137

1 ,231

Levy receipts

Levy receipts were $1 .03m or 3. 1 % higher than 2012/13. This variance is due to a substantialincrease in activity in the housing sector. Resedential dwelling commencements exceeded theprevious peak set in 2006.

Interest

Interest income from Board reserves were $0.l26m or 27% higher than Iast year due thecontinue strong cash balances. The Board had forecast a deficit for the year and the associatedreduction in cash reserves would impact on interest received. As a result of training expenditurefalling below expectations cash balances remained high, and resulted in additional interestincome.

.4--%%

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28

William Buek Audit (WA) Pty LtdBUILDING AND CONSTRUCTION INDUSTRY TRAIN?NG BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

Employee benefitsEmployee Benefits expenditure was $0.238m or 13.4% higher than 2012/13 due to the additionof a third Field Services Officer and an increase in the superannuation contribution ra{e from 9%to 9.25%.

Supplies & Services

Suppfies and Services expenditure was $0.l36m or 26.9% higher than 2012/13 due toconsultancy costs associated with the Career Information Centre and the review of the Fund.

Training expenditure

Training expenditure was $l.23m or 4.9% higher than 2012/13 due to the introduction of theBuilding and Construction Industry Training Package Bonuses. Bonus subsisies wereintroduced to encourage employment in the wet trades, bricklaying, plastering wall and floortiling and concreting.

28 Financial Instruments

Financial Instrument Disclosures

(a) Financial Risk Management Objectives and PoliciesFinancial instruments held by the Board are cash and cash equivalents, restricted cash andcash equivalents, borrowings, finance Ieases, Treasurer's advances, Ioans and receivables, andpayables. The Board has limited exposure to financial risks. The Boards overall riskmanagement program focuses on managing the risks identified below.

Credit risk

Credit risk arises when there is the possibility of the Boards receivables defaulting on theircontractual obligations resulting in financial Ioss to the Board.

The maximun exposure to credit risk at the end of the reporting period in relation to each classof recognised financial assets is the gross carrying amount of those assets inclusive of anyprovisions for impairment as shown in the tab)e at riole 28(c) "Financial instruments disclosures'and note 14 "Receivables"

Liquidity riskLiquidity risk arises when the Board is unable to meet its financial obligations as they fall due.The Board is exposed to Iiquidity risk through its trading in the normal course of business.

The Boards objective is to maintain a balance bebseeri continuity of funding and flexibilitythrough the use of bank overdrafts, loans and finance Ieases. The Board has appropriateprocedures to manage cash flows by monitoring forecast cash flows to ensure that sufficientfunds are available to meet its commitments.

Market risk

Market risk is the risk that changes in market prices such as foreign exchange rates and interestrates will affect the Boards income or the value of its holdings of financial instruments. TheBoard does not trade in foreign currency and is not materially exposed to other price risks. Otherthan as detailed in the interest rate sensitivity analysis table at note 28(c), the Board is notexposed to interest rate risk because apart from cash and cash equivalents it has noborrowings.

29

*

William Buek Audit (WA) Pty LtdBUILD?NG AND CONSTRUCTION INDUSTRY TRAINING BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

(b) Categories of Financial InstrumentsIn addition to cash and bank overdraft, the carrying amounts of each of the following categoriesof financial assets and financial Iiabilities at the end of the reporting period are as follows:

Financial Assets

Cash and cash equivalents

2014

$000's

17,032

2013

$000's

13,403

Receivables

Other current assets

173

1 ,939

168

1 ,885

Financial

Financial liabilities measured at amortised cost (a) 586 760

(a) The amount of financial liabilities measured at amortised cost excludes GST payable to theATO (statutory receivable/payable)

Afl financial assets and Iiabilities recognised in the statement of financial position, whether theyare carried at cost or fair value, are recognised at amounts that represent a reasonableapproximation of fair value unless otherwise stated in the applicable notes.

30

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BU?LDING AND CONSTRUCTION INDUSTRY TRA?NING BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

William Buek Audit (WA) Pty Ltd

29 Remuneration of Members of the Accountable Authority and Senior OfficersRemuneration of Members of the Accountable Authority

The number of members of the Accountable Authority, whose fees, salariessuperannuation and other benefits for the financial year, fall within the following bands are:

$10,000 - $20,000

$20,001 - $30,000$30,001 - $40,000

$40,00al - $50,000

2014

6

o

o

1

2013

6

o

1

o

Base remuneration and superannuationIan Hill

Sue BaileyMichael UngerHayley McBrideLeslie WellingtonMax Rivett

Leslie McLaughlin

$000's43

18

18

16

18

18

18

$000's42

18

18

18

18

18

18

ThetotalremunerationofMembersoftheAccountableAuthorityis 151 148

The total remuneration included here represents the salary and superannuation expenseincurred by the Board in respect of members of the Accountable Authority.

Remuneration of Senior Officers

The number of senior officers, other than senior officers reported as members of theAccountable Authority, whose total fees, salaries and other benefits for the financial year, fallwithin the following bands are:

$150,001 - $160,000$160,001 - $170,000$170,001 - $al80,000$180,001 -$190,000$190,001 - $200,000

2014

1

o

o

1

1

2013

1

o

o

1

1

Base remuneration and superannuationAnnual Ieave and Iong service Ieave accrualsOther benefits

486

124

74

468

158

59

The total remuneration of Senior Officers is: 684 685

The total remuneration included here represents the superannuation expense incurred by theBoard in respect of senior officers other than senior officers reported as members of theAccountable Authority.

35

??i?'-'J?XuAG =')AUD!TE

OA(X) /

r

.,/

William Buek Audit (WA) Pty LtdBU?LDING AND CONSTRUCTION INDUSTRY TRAINING BOARD

Notes to the Financial Statements

For the year ended 30 June 2014

30 Remuneration of Auditor

Remuneration payable to the Auditor General for the financial year is as follows:

Auditing the accounts, financial statements and performance

2014

34

2013

34

Expenses are included in 'Other Expenses' at note 1 1

31 Related Bodies

There are no bodies associated with the BCITB which would constitute that of a related bodyaccording to the disclosure requirements of the FMA.

32 Affiliated Bodies

There are no bodies associated with the BCITB which would constitute that of an affiliated bodyaccording to the disclosure requirements of the FMA.

33 Supplementary Financial Information

During the financial year, there were no write-offs of public property approved by the Minister,Iosses of public moneys or property through theft or default or gifts of public property providedby the Board.

Equity represents the residual interest in the net assets of the Authority. The Government holdsthe equity interest in the Board on behalf of the community. The asset revaluation surplusrepresents that portion of equity resulting from the revaluation of non-current Assets.

36