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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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