| || |
Notes to the Financial Statements
Note 13: Loans and Receivables
| || ||Consolidated || ||University |
| || ||This Year ||Last Year || ||This Year ||Last Year |
| || ||$000 ||$000 || ||$000 ||$000 |
|Hamilton Fibre Network Limited ||126 ||- || ||126 ||- |
| || ||126 ||- || ||126 ||- |
The University has loaned Hamilton Fibre Network Limited $126,153 interest free as part of its shareholder contribution to the company. Interest may be payable on demand by holders of the debt as agreed by the principal parties by special resolution. The interest will be based on a specific premium to the risk free rate (or such other market rate method) as adopted. The principal may not be repaid to the University unless agreed to by the principal parties by special resolution.
After initial recognition the loans are measured at amortised cost using the effective interest method. Gains and losses when the asset is impaired or derecognised are recognised in the Income Statement.