✨ Financial Statements Notes
18 AUGUST 2014 NEW ZEALAND GAZETTE, No. 93 2639
Bay of Plenty Community Trust Incorporated
Notes to the financial statements (continued)
in New Zealand Dollars ($000’s)
9 Property, plant and equipment (continued)
| Furniture & fittings | Office equipment | Motor vehicle | Total | |
|---|---|---|---|---|
| Balance at 1 April 2013 | 47 | 28 | 19 | 94 |
| Depreciation for the year | 5 | 6 | 5 | 16 |
| Disposals | - | 0 | - | 0 |
| Balance as at 31 March 2014 | 52 | 34 | 24 | 110 |
Carrying amounts
| Furniture & fittings | Office equipment | Motor vehicle | Total | |
|---|---|---|---|---|
| At 1 April 2012 | 23 | 15 | 16 | 54 |
| At 31 March 2013 | 22 | 12 | 13 | 47 |
| At 1 April 2013 | 22 | 12 | 13 | 47 |
| At 31 March 2014 | 18 | 5 | 8 | 31 |
10 Investment in Te Kete Putea Limited Partnership
The Trust and ten of the other eleven Community Trusts established under the 1988 Trustee Bank Restructuring Act have combined resources to own and operate an integrated donation management and financial management information system. The system has been implemented and final development was completed during the 2013 financial year. The system is owned and operated by a limited partnership named Te Kete Putea Limited Partnership (TKPLP) which was established in the prior financial year. The total cost of the project was $2,380,000.
The capital of the limited partnership consists of 10,000 units and each Trust holds units broadly in proportion to its audited capital at 31 March 2008.
The investment in TKPLP was initially valued at $90,000. Subsequent to initial recognition, the investment will be recorded at fair value which for 2014 is $72,000. Fair value is determined using an appropriate valuation technique. The Trust classifies TKPLP as a Level 3 financial asset, as the valuation is not based on observable market data.
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 % | 2014 | 2013 |
|---|---|---|---|---|
| Rautahi Marae Trust | 23/07/2015 | 0% | 2 | 3 |
| Habitat for Humanity | 23/12/2015 | 0% | 53 | 83 |
| Tauhara Centre Trust | 27/06/2015 | 3% | 40 | 58 |
| West Rotorua Parish | 1/04/2016 | 3% | 40 | 60 |
| Paradise Point Development Trust | 12/08/2017 | 3% | 34 | 48 |
| Tauranga Boys’ College | 1/12/2015 | 3% | 35 | 55 |
| Tauranga Squash Club | 23/03/2017 | 3% | 900 | 900 |
| Less fair value adjustment in initial recognition of low interest or interest free loans | (210) | (294) | ||
| Total | 894 | 913 |
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NZ Gazette 2014, No 93
✨ LLM interpretation of page content
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Bay of Plenty Community Trust Financial Statements Notes
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💰 Finance & Revenue26 June 2014
Financial Statements, Notes, Property, Plant, Equipment, Investments, Loans