Annual Report 2005 - Publications Unit - The University of Western ...

`THE UNIVERSITY OF WESTERN AUSTRALIANOTES TO THE FINANCIAL STATEMENTS31 DECEMBER 2005ConsolidatedUniversity2005 2004 2005 2004Notes $'000 $'000 $'000 $'00025. Investment properties – restrictedAt fair valueOpening balance 33,322 51,130 33,322 51,130Capitalised subsequent expenditure 563 1,093 563 1,093Classified as held for sale or disposals (16,510) (20,250) (16,510) (20,250)Net gain from fair value adjustment 65 1,347 65 1,347Closing balance 17,440 33,320 17,440 33,320Total investment properties – restricted 30 17,440 33,320 17,440 33,320(a) Amounts recognised in profit and loss for investment propertiesRental income 1,602 2,107 1,602 2,107Direct operating expenses from property that generatedrental income (468) (984) (468) (984)Direct operating expenses from property that did notgenerate rental income (59) - (59) -1,075 1,123 1,075 1,123Properties that generated rental income were sold during the year.(b) Valuation basisInvestment properties are stated at fair value, being the amounts for which properties could be exchanged between willing parties in anarm's length transaction, based on comparable market transactions. The valuation adjustments are based on independent assessmentsby a Certified Practising Valuer.26. Other financial assetsManaged investment portfolios 423,515 399,675 423,515 399,675Other shares and units 5,306 4,840 5,306 4,840Shares in associates - - 8,928 8,957Unsecured loan advances 3,798 3,235 4,160 3,235Total other financial assets 432,619 407,750 441,909 416,707Restricted 30 327,696 285,195 327,696 285,195Unrestricted 104,923 122,555 114,213 131,512Total other financial assets 432,619 407,750 441,909 416,70727. Investments accounted for using the equity methodShares in associates 4,491 3,913 - -Total investments accounted for using the equity method4,491 3,913 - -Shares in associatesInvestments in associates are accounted for in the consolidated financial statements using the equity method of accounting and arecarried at cost by the University (see note 26).53