✨ Financial Statements Notes
NEW ZEALAND GAZETTE, No. 101
27 AUGUST 2014
THE WAIKATO COMMUNITY TRUST INCORPORATED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
9. SPORT WAIKATO LOAN
The loan to Sport Waikato was 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 $2,000,000 and by a first mortgage over Sport Waikato’s leasehold estate and interest in their site at Wintec. The loan was interest free and repaid in full on 19 August 2013. The loan balance was made up as follows:
| 2014 | 2013 | |
|---|---|---|
| NZ$’000 | NZ$’000 | |
| Loan Principal | 1,500 | 1,500 |
| Fair Value Adjustment on Initial Recognition of Interest Free Loan | (525) | (525) |
| Cumulative Notional Interest | 525 | 476 |
| Repaid | (1,500) | - |
| Balance at the End of the Year | - | 1,451 |
The loan carrying value was 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 nil (2013: $1,468,836). The cumulative notional interest was calculated at 9% which was the rate used when the fair value of the loan was calculated at inception. The fair value calculation for 2013 was based on the 1 year bank loan rate of 5.6%.
10. INVESTMENTS
| Movements in Managed Funds | 2014 | 2013 |
|---|---|---|
| NZ$’000 | NZ$’000 | |
| Balance at the Beginning of the Year | 282,685 | 257,485 |
| Movement in Market Value and Investment Income Net of Fees | 18,372 | 30,393 |
| Net Redemptions | 705 | (5,193) |
| Balance at the End of the Year | 301,762 | 282,685 |
Investments are valued at fair value through profit or loss. The basis of the fair value of financial assets has been disclosed in Note 3.9.2.
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NZ Gazette 2014, No 101
✨ LLM interpretation of page content
💰
Notes to the Financial Statements of The Waikato Community Trust Incorporated
(continued from previous page)
💰 Finance & Revenue24 July 2014
Financial Statements, Depreciation, Cash Flows, Goods and Services Tax, Taxation, Foreign Currency Transactions