annual report/2006 - University of Melbourne

Notes to and forming part of the Financial Statements
Note 26 Intangible Assets
CONSOLIDATED
UNIVERSITY
2006 2005 2006 2005
$’000 $’000 $’000 $’000
Software 6,859 6,569 4,907 4,715
Provision for Amortisation (6,384) (5,982) (4,857) (4,715)
Total Intangible Assets 475 587 50 -
Note 27 Payables
Current:
Trade Creditors 36,715 30,178 33,514 26,111
Sundry Creditors and Accrued Expenses 32,405 38,002 26,376 30,117
Total Current Payables 69,120 68,180 59,890 56,228
Non-Current:
Sundry Creditors 12,000 - 12,000 -
Total Non-Current Payables 12,000 - 12,000 -
Total Payables 81,120 68,180 71,890 56,228
Note 28 Interest Bearing Liabilities
Current:
Secured Bank Borrowings 2,448 2,354 2,448 2,354
Finance Lease Liabilities 869 513 - -
Total Current Interest Bearing Liabilities 3,317 2,867 2,448 2,354
Non-Current:
Secured Bank Borrowings 137,365 139,813 137,365 139,813
Finance Lease Liabilities 1,431 1,314 - -
Total Non-Current Interest Bearing Liabilities 138,796 141,127 137,365 139,813
Total Interest Bearing Liabilities 142,113 143,994 139,813 142,167
The Bank Borrowings are for the construction of a major educational facility at University Square comprising three academic
buildings with a small retail component which was substantially completed in 2001. The loan is secured by registered first
mortgage over certain freehold property and a registered equitable mortgage of securities held by the University.
The total loan facility was initially for $150,000,000 with repayments extending until 2029.
The University has also established a standby bill facility of $10 million with the National Australia Bank. This is to provide
short term cash should the need arise. As at 31 December 2006, this facility was not utilised.
122
The University of Melbourne Annual Report 2006