Notes to the Financial Statements

Note 14: Loans and Receivables

Consolidated University
This Year Last Year This Year Last Year
$000 $000 $000 $000
Hamilton Fibre Network Limited 146 146   146 146
  146 146   146 146

The University has loaned Hamilton Fibre Network Limited $146,152 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 Statement of Comprehensive Income.

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