✨ Financial Statements
THE WAIKATO COMMUNITY TRUST INCORPORATED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
For the year ended 31 March 2011
12. SPORT WAIKATO LOAN
The loan to Sport Waikato is secured by a first ranking General Security Agreement (GSA) in favour of the Trust over all of Sport Waikato’s present and after-acquired property with a first priority amount of no less than $2,000,000 and by a first Mortgage over Sport Waikato’s leasehold estate and interest in their site at Wintec. The loan is interest free and repayable in one sum by 19 August 2013. The loan balance is made up as follows:
| 2011 | 2010 | |
|---|---|---|
| NZ$'000 | NZ$'000 | |
| Loan Principal | 1,500 | 1,500 |
| Fair Value Adjustment on Initial Recognition of Interest Free Loan | (325) | (525) |
| Cumulative Notional Interest | 247 | 146 |
| 1,222 | 1,121 |
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 $1,290,866 (2010 - $1,170,758). The cumulative notional interest is calculated at 9% which was the rate used when the fair value of the loan was calculated at inception. The fair value calculation is based on the 2.5 (2010 - 3.5) year bank loan rate of 6.5% (2010 - 7.6%).
13. CONTINGENT LIABILITIES AND COMMITMENTS
The following contingent liabilities exist for donations that have been approved in the current or previous years subject to the fulfillment of certain conditions in future years.
| 2011 | 2010 | |
|---|---|---|
| NZ$'000 | NZ$'000 | |
| Total Contingent Liabilities | 4,512 | 5,937 |
Subject to fulfillment of the conditions, the contingent liabilities are payable as follows:
| 2011 | 2010 | |
|---|---|---|
| NZ$'000 | NZ$'000 | |
| Not later than 1 year | 693 | 2,668 |
| Later than 1 year and not later than 5 years | 3,819 | 3,269 |
| 4,512 | 5,937 |
Next Page →
NZ Gazette 2011, No 119
✨ LLM interpretation of page content
💰
Notes to Financial Statements of The Waikato Community Trust Incorporated
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Property, Plant and Equipment, Office Equipment, Motor Vehicles, Art and Artefacts, Cost, Depreciation, Net Book Value
💰 Sport Waikato Loan Details
💰 Finance & RevenueLoan, Financial Statements, General Security Agreement, Mortgage, Interest-Free, Repayment, Fair Value Adjustment, Notional Interest
💰 Contingent Liabilities and Commitments
💰 Finance & RevenueContingent Liabilities, Donations, Financial Statements, Repayment Schedule