✨ Financial Statements Notes
THE WAIKATO COMMUNITY TRUST INCORPORATED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
For the year ended 31 March 2010
Entity as lessor
Amounts due from lessees under finance leases are recorded as receivables. Finance lease receivables are initially recognised at amounts equal to the present value of the minimum lease payments receivable plus the present value of any unguaranteed residual value expected to accrue at the end of the lease term. Finance lease payments are allocated between interest revenue and reduction of the lease receivable over the term of the lease in order to reflect a constant periodic rate of return on the net investment outstanding in respect of the lease.
When assets are leased out under an operating lease, the asset is included in property, plant and equipment in the Balance Sheet based on the nature of the asset. They are depreciated over their expected useful lives on a basis consistent with similar owned property, plant and equipment.
2. INCORPORATION
The Trust Bank Waikato Community Trust was incorporated on 5 August 1988 with Trust capital of $21,316,622. The name of the Trust was changed to The Waikato Community Trust Incorporated in December 1997.
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NZ Gazette 2010, No 101
✨ LLM interpretation of page content
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Notes to and Forming Part of the Financial Statements
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Lease Accounting, Asset Depreciation
🏢 Incorporation of the Waikato Community Trust
🏢 State Enterprises & InsuranceTrust Incorporation, Name Change, Trust Capital