Notes to the Financial Statements 

Note 7: Other Reserves

Consolidated University
Ref This Year Last Year This Year Last Year
$000 $000 $000 $000
Asset Revaluation Reserve i 142,209 119,985 142,209 119,985
Restricted Reserves ii 2,872 2,967 2,872 2,967
Total Other Reserves 145,081 122,952 145,081 122,952

 

 

i) Asset Revaluation Reserve

Consolidated University
This Year Last Year This Year Last Year
$000 $000 $000 $000
Opening Balance 119,985 120,086 119,985 120,086
Revaluation 22,224 - 22,224 -
Transfer on disposal of assets - (101) - (101)
Increase/(Decrease) in Asset Revaluation Reserve 22,224 (101) 22,224 (101)
Closing Balance 142,209 119,985 142,209 119,985
 
Represented by:
Land
Opening Balance 836 836 836 836
Revaluation (46) - (46) -
Closing Balance 790 836 790 836
 
Buildings
Opening Balance 111,781 111,882 111,781 111,882
Revaluation 18,677 - 18,677 -
Transfer on disposal of assets - (101) - (101)
Closing Balance 130,458 111,781 130,458 111,781
 
Infrastructural Assets
Opening Balance 7,368 7,368 7,368 7,368
Revaluation 3,593 - 3,593 -
Closing Balance 10,961 7,368 10,961 7,368

 

 

Notes to the
Financial Statements 

ii) Restricted Reserves

The Prizes, Scholarships and Trust Funds Reserves represent funds held by the University on behalf of others and funds provided to the University by various people for specific purposes. Revenue received for these items and disbursements to authorised recipients are shown in the Statement of Comprehensive Income. Fund balances remaining are shown as restricted reserves.

Consolidated University
This Year Last Year This Year Last Year
$000 $000 $000 $000
Prizes, Scholarships and Trust Funds
Opening Balance 2,967 2,833 2,967 2,833
add appropriation of Net Surplus 801 939 801 939
less application to Prizes, Scholarships and Trust Funds (895) (805) (895) (805)
Closing Balance 2,872 2,967 2,872 2,967


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