CQUniversity Annual Report - Central Queensland University

30Central Queensland Universityand Controlled EntitiesNotes to the Financial Statementsfor the year ended 31 December 2012ConsolidatedParent EntityNotes 2012 2011 2012 2011$'000 $'000 $'000 $'000Note 19. InventoriesCurrentMerchandiseBookshop inventory held for distribution - at cost 2,208 1,890 2,208 1,890Total current inventories 2,208 1,890 2,208 1,890Total inventories 2,208 1,890 2,208 1,890Note 20. Income tax assetsThe income tax refundable of $472,803 (2011: $105,914) for the Group, $Nil (2011: $Nil) for the Parent Entity represents the amountof income tax refundable in respect of current periods net of payments of tax made to the relevant tax authority and accrual at end ofyear.Note 21. Available for sale financial assetsCurrentQIC - Unit trust 30,886 35,500 30,886 35,50030,886 35,500 30,886 35,500Non-currentShares in SubsidiariesC Management Services Pty Ltd - - - -CQU Travel Centre Pty Ltd - - 411 402Australian International Campuses Pty Ltd - - - -Health Train Education Services Pty Ltd - - 304 -CQU Institute of Higher Learning Pte Ltd - - 222 -Mask-Ed International Pty Ltd - - - -Shares in Unlisted CompaniesEducation Australia Ltd 1,565 1,337 1,565 1,337WaterEd Australia Pty Ltd 165 137 165 137Rail Innovation Australia Pty Ltd 82 78 82 78AARNet Pty Ltd 1 1 1 1Unisuper Management Pty Ltd - - -Total non-current other financial assets 1,813 1,553 2,750 1,955Total available for sale financial assets 32,699 37,053 33,636 37,455Changes in fair values of other financial assets are recorded in other comprehensive income.Investment FundsThe investment funds in the unit trust with Queensland Investment Corporation (QIC) were established to provide the University with shorttermfunding capabilities.SubsidiariesDetails of subsidiaries are set out in Note 38. The Australian International Campuses Trust owns 100% of the shares in C ManagementServices Pty Ltd. The trust was established for the benefit of the University, being the sole unit holder. These shares are valued usingthe net asset method. This is a management valuation and there is no active market for these shares.CQU Travel Centre Pty Ltd is a licenced travel agency. The company is 100% owned by the University. These shares are valued usingthe net asset method. This is a management valuation and there is no active market for these shares.Health Train Education Services Pty Ltd was acquired by Central Queensland University on 1 June 2012 and is a fully owned subsidiary ofthe University. The university acquired the company in an active market. These shares are valued using the net asset value on a goingconcern method.CQU Institute of Higher Learning Pte Ltd was registered in Singapore on 9 March 2012 with 1,000,000 ordinary shares issued. CentralQueensland University has a 51% shareholding. The company has traded during the 2012 year however operations are now on hold.