✨ Financial Statements Notes
5 AUGUST 2009 NEW ZEALAND GAZETTE, No. 113 2587
THE WAIKATO COMMUNITY TRUST INCORPORATED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
For the year ended 31 March 2009
13. SPORT WAIKATO LOAN
The loan to Sport Waikato is secured by a first ranking general security agreement over all of the present and after-acquired property of the borrower. The loan is interest free and repayable in one sum by 19 August 2013. The loan balance is made up as follows:
| 2009 | 2008 | |
|---|---|---|
| NZ$'000 | NZ$'000 | |
| Loan Principal | 1,500 | |
| Fair Value Adjustment on Initial Recognition of Interest Free Loan | (525) | |
| Notional Interest | 53 | |
| 1,028 |
The above loan carrying value is calculated using the market interest rate at the time of the loan drawdown. The fair value of the Sport Waikato loan at balance date is $1,088,065.
14. CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES
The following commitments exist for donations that have been approved in the current or previous years subject to the fulfillment of certain conditions in future years.
| 2009 | 2008 | |
|---|---|---|
| NZ$'000 | NZ$'000 | |
| Total Commitments | 2,911 | 2,865 |
Subject to fulfillment of the conditions, the commitments are payable as follows:
| 2009 | 2008 | |
|---|---|---|
| Not later than 1 year | 2,533 | 2,715 |
| Later than 1 year and not later than 5 years | 378 | 150 |
| 2,911 | 2,865 |
There are no other capital commitments or contingent liabilities at balance date (2008 - Nil).
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NZ Gazette 2009, No 113
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Notes to Financial Statements of The Waikato Community Trust Incorporated
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💰 Finance & RevenueFinancial Statements, Sport Waikato Loan, Capital Commitments, Contingent Liabilities, Donations