✨ Financial Statements Notes
13 AUGUST 2010 NEW ZEALAND GAZETTE, No. 101 2743
THE WAIKATO COMMUNITY TRUST INCORPORATED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
For the year ended 31 March 2010
Transactions with Trustees
Trustees were related to organisations that received donations totalling $486,500 (2009–$825,000) during the year. Interests were declared when these donations were considered and Trustees took no part in deliberations relating to organisations they had an interest in.
There are no outstanding balances at balance date.
22. DATABASE LOAN
The Trust and ten of the other eleven Community Trusts established under the 1988 Trustee Bank Restructuring Act are combining resources to own and operate an integrated donation management and financial management information system. The system is currently being developed and once completed will be owned and operated by a limited partnership named Te Kele Putea Limited Partnership (TKPLP). The total cost of the project is expected to be in the order of $1.5m. The Trust’s estimated contribution to these costs is 9.4%.
It is envisaged that the capital of the limited partnership will consist of 10,000 units and each Trust will hold units in proportion to its audited capital at 31 March 2008. The value of each unit will be determined once project costs are finalised. Until such time as TKPLP has been established, ASB Community Trust (ASBCT) is entering into project contracts with vendors on behalf of the Trusts and meeting the funding requirements for the project in terms of a letter of indemnity from each of the participating Trusts. The contracts with the vendors provide for the contracts to be novated to TKPLP once it becomes established.
The Trust has met its funding proportion for the project by way of a loan to ASBCT, who has agreed to undertake the work on the project and incur the project commitments. The Trust has granted an indemnity in favour of ASBCT in respect of such commitments. This loan, shown in the Trust’s balance sheet, is unsecured and interest free. On the formation of TKPLP, the loan from the Trust will be extinguished by being retained and applied by ASBCT towards the Trust’s capital contribution to TKPLP.
23. AUDIT FEES
Audit fees expense in 2009 includes fees for 2008 and 2009.
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NZ Gazette 2010, No 101
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Notes to the Financial Statements of the Waikato Community Trust
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🏢 State Enterprises & InsuranceFinancial Statements, Transactions with Trustees, Database Loan, Audit Fees, Waikato Community Trust