The University of Waikato - Te Whare Wananga o WaikatoThe University of Waikato - Te Whare Wananga o Waikato

2008 Annual Report

   
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Notes to the Financial Statements 

Note 20: Borrowings

Consolidated University
This Year Last Year This Year Last Year
$000 $000 $000 $000
 
Opening Balance   1,598 1,732 1,598 1,732
less Loans Repaid   (123) (134) (123) (134)
Closing Balance   1,475 1,598 1,474 1,598
 
Current Portion - Finance Lease   2 2 2 2
Current Portion - Loan   80 136 80 136
Non Current Portion - Finance Lease   1,340 1,342 1,340 1,342
Non Current Portion - Loan   53 118 53 118
    1,475 1,598 1,475 1,598


The Finance lease was fair valued at inception using a discount rate of 12.07%. The University's other loan is an interest free Energy Efficiency and Conservation Authority which has been fair valued using the discount rate of 8.7%. This rate was the market rate applicable at the time the loan was originally fair valued, December 2006.


Finance lease

(a) Leasing arrangements

The Finance lease relates to University buildings which become the property of the University at the conclusion of the lease term in 2046.

(b) Finance lease liabilities

Minimum Future Lease Payments Present Value of minimum future lease payments
Consolidated University Consolidated University
  This Year Last Year   This Year Last Year   This Year Last Year   This Year Last Year
  $000 $000   $000 $000   $000 $000   $000 $000
No later than 1 year 164 164 164 164 154 154 154 154
Later than 1 year and not later than 5 years 655 655 655 655 459 459 459 459
Later than five years 4,860 5,516 4,860 5,516 729 731 729 731
Minimum Lease Payments 5,679 6,335 5,679 6,335 1,342 1,344 1,342 1,344
Less future finance charges (4,337) (4,991) (4,337) (4,991) - - - -
Present value of minimum lease payments 1,342 1,344 1,342 1,344 1,342 1,344 1,342 1,344


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