✨ Financial Statements
2630
NEW ZEALAND GAZETTE, No. 96
15 AUGUST 2012
Notes to the financial statements (continued)
in New Zealand Dollars ($000's)
11 Loans
From time to time the Trust advances funds to organisations at low interest rates or interest free. The loans are classified as loans and receivable and, after initial recognition, are measured at amortised cost using effective interest rate method less any impairment loss.
The loan balance is made up as follows:
| Organisation | Maturity Date | Interest rate % | 2012 | 2011 |
|---|---|---|---|---|
| Tauhara Centre Trust | 10/03/2016 | 3% | 77 | - |
| West Rotorua Parish | 17/03/2016 | 3% | 113 | 142 |
| Paradise Point Development Trust | 12/05/2016 | 3% | 62 | - |
| Tauranga Boys' College | 17/06/2016 | 3% | 75 | 95 |
| Tauranga Squash Club | 22/04/2015 | 0% | 900 | - |
| Other | 213 | 94 | ||
| Less fair value adjustment in initial recognition of low interest or interest free loans | (96) | (94) | ||
| Total | 1,344 | 237 |
Classified as:
| Current | 182 | 109 | ||
| Non-current | 1,162 | 128 | ||
| Total | 1,344 | 237 |
For the purposes of calculating amortised cost a term of 5 years and interest rate applying to the Reserve Bank swap rate at inception date of the advance are assumed.
The loan to Tauranga Squash Club is secured by way of first mortgage, has an interest free period of one year, with a review of interest and principal repayments after two years.
12 Cash and cash equivalents
| 2012 | 2011 | |
|---|---|---|
| Bank balances | 199 | 174 |
| Call deposits | 56 | 97 |
| Cash and cash equivalents | 255 | 271 |
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NZ Gazette 2012, No 96
✨ LLM interpretation of page content
💰
Statement of financial position for BayTrust
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Loans, Cash Equivalents, BayTrust