Notes to the Financial Statements

Note 7: Equity


General Equity

Consolidated University
This Year Last Year This Year Last Year
$000 $000 $000 $000
Opening Balance 183,659 172,687   164,330 155,265
Net Surplus/(Deficit) 8,854 10,741   9,371 8,970
Staff Share Options Issued 56 91   - -
Associate prior year gains/losses reversed on share buy back (113) 30   - -
less appropriations of net surplus to:          
Restricted Reserves  
  Prizes, Scholarships and Trust Funds (1,195) (801)   (1,195) (801)
Surplus attributable to Non-Controlling Interest 161 16   - -
plus transfers from  
  Prizes, Scholarships and Trust Funds 927 895   927 895
Closing Balance 192,349 183,659   173,433 164,330

During 2008, 11 Ants Ltd, a subsidiary of WaikatoLink, established a share option programme that entitles key personnel to purchase shares in the company. In accordance with this programme options are exercisable at the market price of the shares at the date of grant. During the 2010 year $56,180 of options were exercised (2009 : $90,827).

Other Reserves

Consolidated University
Ref This Year Last Year This Year Last Year
$000 $000 $000 $000
Asset Revaluation Reserve i 142,209 142,209   142,209 142,209
Restricted Reserves ii 3,140 2,872   3,140 2,872
Total Other Reserves 145,349 145,081   145,349 145,081

i) Asset Revaluation Reserve

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

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 recorded 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 2,872 2,967   2,872 2,967
add appropriation of Net Surplus 1,195 801   1,195 801
less application to Prizes, Scholarships and Trust Funds (927) (895)   (927) (895)
Closing Balance 3,140 2,872   3,140 2,872


<< Note 6: Investments in Associates Table of contents Note 8: Cash and Cash Equivalents >>

In New Zealand

0800 WAIKATO

International

+64 7 856 2889