Financial Statements of Waikato River Clean-Up Trust
for the period ended 30 June 2012
40
11 Funding receivable
2012
2011
Current
7,877,375
6,603,774
Non-current
88,455,101
85,869,965
96,332,476
92,473,739
Under the terms of the Waikato-Tainui Raupatu Claims (Waikato River) Settlement
Act 2010, the Trust is to receive $7,000,000 each year over the next 26 years in
settlement funding. This revenue has been recognised upfront and the related
receivable has been discounted back at 6.0% which is the treasury risk-free discount
rate at settlement. The funding receivable of $182,000,000 has been discounted by
$90,977,837 to provide for the present value of $91,022,163.
Under the terms of the Nga Wai o Maniapoto (Waipa River) Act 2012, the Trust is to
receive $1,333,333 in year one and $333,333 each year after over the next 27 years
in settlement funding. This revenue has been recognised upfront and the related
receivable has been discounted back at 4.69% which is the treasury risk-free rate
at balance date. The funding receivable of $10,000,000 has been discounted by
$4,689,687 to provide the present value of $5,310,313.
12 Income tax refund
2012: Nil. 2011 tax receivable related to resident withholding tax (RWT) that
had been deducted from the Trust’s interest income prior to receiving the RWT
exemption certificate.
13 Other financial assets
2012
2011
Current investments
Term deposits with maturities of 4-12 months
23,389,625
21,087,611
23,389,625
21,087,611
The carrying amount of term deposits approximates their fair value.
There were no impairment expenses or provisions for other financial assets. At
balance date, none of these financial assets are either past due or impaired.
14 Property, plant and equipment
Office equipment
Total
Cost or valuation
Balance at 1 July 2011
-
-
Additions
16,321
16,321
Disposals
-
-
Balance at 30 June 2012
16,321
16,321
Accumulation depreciation and impairment losses
Balance at 1 July 2011
-
-
Depreciation expense
4,327
4,327
Elimination of disposal
-
-
Balance at 30 June 2012
4,327
4,327
Carrying amounts
At 30 June and 1 July 2011
-
-
At 30 June 2012
11,994
11,994