Notes to the Financial Statements
Note 6: Investments in Associates
| | Consolidated | | University |
| | This Year | Last Year | | This Year | Last Year |
| | $000 | $000 | | $000 | $000 |
Investments in Associates |
U Leisure Limited Investment | | 1,553 | 1,478 | | 374 | 374 |
LCo New Zealand Limited Investment | | 638 | 606 | | 501 | 501 |
WaikatoLink Limited Investments | | - | - | | - | - |
Total Investments in Associates | | 2,191 | 2,084 | | 875 | 875 |
Associates
| | | Ownership | | Balance Date |
U Leisure Limited (previously known as Campus Services Limited) | | 50% | | 31 December |
Principal Activity: Provision of sport & recreation facilities and food & entertainment outlets for the University students and staff. | |
| | | Consolidated |
| | | This Year | | Last Year |
| | | $000 | | $000 |
|
The University's share of the results of U Leisure Limited is as follows: |
Share of retained surplus/(loss) | | | 75 | | 98 |
Investment in Associate |
Opening Balance | | | 1,478 | | 1,380 |
Share of retained surplus/(loss) | | | 75 | | 98 |
Closing Balance | | | 1,553 | | 1,478 |
Represented by: |
Share of increase in net assets of associate (Carrying Value) | | | 1,553 | | 1,478 |
| | | Ownership | | Balance Date |
LCo New Zealand Limited (LCoNZ) | | | 24% | | 31 December |
Principal Activity: A consortium of four New Zealand universities providing library solutions to those universities. | | | |
| | | Consolidated |
| | | This Year | | Last Year |
The University's share of the results of LCoNZ is as follows: | $000 | | $000 |
Share of retained surplus/(loss) | | | 54 | | 25 |
Investment in Associate | | | | | |
Opening Balance | | | 606 | | 620 |
Share of retained surplus/(loss) | | | 54 | | 25 |
Dividend paid | | | (22) | | (40) |
Closing Balance | | | 638 | | 606 |
Represented by: |
Share of increase in net assets of associate (Carrying Value) | | | 638 | | 606 |
| | | Consolidated |
| | | This Year | | Last Year |
| | | | | |
WaikatoLink Limited's share of the results of its Associates is as follows: | $000 | | $000 |
Share of retained surplus/(loss) | | | - | | (224) |
Investment in Associate | | | | | |
Opening Balance | | | - | | 593 |
Associate disposed of during year | | | | | (248) |
Share of total recognised revenues and expenses | | | - | | (345) |
Closing Balance | | | - | | - |
Summarised financial Information of Associates | | | |
Assets | | 6,697 | | 7,285 |
Liabilities | | 928 | | 1,784 |
Net Assets | | 5,769 | | 5,501 |
Revenue | | 4,630 | | 4,484 |
Net Surplus/(Loss) | | 388 | | 302 |
Share of Associates' surplus/(loss) | | 129 | | (100) |
The Group's associates are unlisted entities, accordingly there is no published price quotations to determine the fair value of the investments.
Details of contingent liabilities arising from the group involvement in the associates are disclosed separately in note 28.