Notes to the Financial Statements

Note 6: Investments in Associates

Consolidated University
This Year Last Year This Year Last Year
$000 $000 $000 $000
Investments in Associates
U Leisure Limited Investment   1,553 1,478   374 374
LCo New Zealand Limited Investment   638 606   501 501
WaikatoLink Limited Investments   - -   - -
Total Investments in Associates 2,191 2,084   875 875


Associates

Ownership Balance Date
U Leisure Limited (previously known as Campus Services Limited)   50%   31 December
Principal Activity: Provision of sport & recreation facilities and food & entertainment outlets for the University students and staff.  
Consolidated
This Year Last Year
$000 $000
The University's share of the results of U Leisure Limited is as follows:
Share of retained surplus/(loss)     75 98
Investment in Associate
Opening Balance     1,478   1,380
Share of retained surplus/(loss)     75   98
Closing Balance     1,553   1,478
Represented by:
Share of increase in net assets of associate (Carrying Value)     1,553   1,478

Ownership Balance Date
LCo New Zealand Limited (LCoNZ)     24%   31 December
Principal Activity: A consortium of four New Zealand universities providing library solutions to those universities.
Consolidated
This Year Last Year
The University's share of the results of LCoNZ is as follows: $000 $000
Share of retained surplus/(loss)     54 25
Investment in Associate          
Opening Balance     606   620
Share of retained surplus/(loss)     54   25
Dividend paid     (22)   (40)
Closing Balance     638   606
Represented by:
Share of increase in net assets of associate (Carrying Value)     638   606

Consolidated
This Year Last Year
           
WaikatoLink Limited's share of the results of its Associates is as follows: $000 $000
Share of retained surplus/(loss)     - (224)
Investment in Associate          
Opening Balance     -   593
Associate disposed of during year         (248)
Share of total recognised revenues and expenses     -   (345)
Closing Balance     -   -
Summarised financial Information of Associates      
Assets   6,697   7,285
Liabilities   928 1,784
Net Assets   5,769   5,501
Revenue   4,630 4,484
Net Surplus/(Loss)   388 302
Share of Associates' surplus/(loss)   129 (100)

The Group's associates are unlisted entities, accordingly there is no published price quotations to determine the fair value of the investments.

Details of contingent liabilities arising from the group involvement in the associates are disclosed separately in note 28.



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