2007 Annual report (PDF 8.1 Mb) - University of Melbourne

NOTES TO AND FORMING PART OF THE
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2007
NOTE 26: INTANGIBLE ASSETS
CONSOLIDATED
UNIVERSITY
2007 2006 2007 2006
$’000 $’000 $’000 $’000
Software 6,704 6,859 5,002 4,907
Provision for Amortisation (5,894) (6,384) (4,887) (4,857)
Total Intangible Assets 810 475 115 50
Movement in Carrying Amounts
Balance at Beginning of Year 475 587 50 -
Additions 630 148 95 51
Reclassification (40) - - -
Amortisation Expense (255) (260) (30) (1)
Carrying Amount at End of Year 810 475 115 50
NOTE 27: PAYABLES
Current:
Trade Creditors 29,441 36,715 25,411 33,514
Sundry Creditors and Accrued Expenses 38,093 32,405 29,484 26,376
Total Current Payables 67,534 69,120 54,895 59,890
Non-Current:
Sundry Creditors 12,000 12,000 12,000 12,000
Total Non-Current Payables 12,000 12,000 12,000 12,000
Total Payables 79,534 81,120 66,895 71,890
NOTE 28: BORROWINGS
Current:
Secured Bank Borrowings 2,750 2,448 2,750 2,448
Finance Lease Liabilities 827 869 - -
Total Current Interest Bearing Liabilities 3,577 3,317 2,750 2,448
Non-Current:
Secured Bank Borrowings 154,616 137,365 154,616 137,365
Finance Lease Liabilities 800 1,431 - -
Total Non-Current Interest Bearing Liabilities 155,416 138,796 154,616 137,365
Total Borrowings 158,993 142,113 157,366 139,813
Secured Bank Borrowings are for the construction of two educational facilities. The first, University Square comprises of three academic
buildings with a small retail component and was substantially completed in 2001. The total loan facility was initially for $150.0 million
with repayments extending until 2029. The second Secured Bank Borrowing is for the construction of a new Economics and Commerce
building. The total loan facility is $60.0 million of which $20.0 million has been drawn down at balance date.
The University has also established a standby bill facility of $10.0 million with the National Australia Bank. This is to provide short term cash
should the need arise. As at 31 December 2007, this facility was not utilised.
Assets Pledged as Security
The University’s Bank Borrowings are secured by registered first mortgage over certain freehold property and a registered equitable
mortgage of securities held by the University.
The University is required to maintain a security deposit for its Borrowings of at least $75.0 million under the terms of the loan agreement.
At the reporting date, the carrying value of securities amounted to $105.7 million (2006, $91.8 million).