Note 14: Borrowings
Te Motu Regional Economic Development Trust: Model financial statements 2008/09.
Borrowings
| NZ IAS 1.103(c) | Actual 2009 |
Actual 2008 |
|
|---|---|---|---|
| NZ IAS 1.63 | Current | ||
| Bank overdraft | 2,687 | 0 | |
| Loan from Te Motu Regional Council | 7,313 | 10,000 | |
| Total current borrowings | 10,000 | 10,000 | |
| NZ IAS 1.51,52 | Non-current | ||
| Loan from Te Motu Regional Council | 29,000 | 25,000 | |
| Total non-current borrowings | 29,000 | 25,000 | |
| Loans from Te Motu Regional Council | |||
| NZ IFRS 7.31 | The loans from Te Motu Regional Council, with a face value of $55,000 (2008 $60,000), are issued at a nil interest rate. | ||
| Security | |||
| NZ IFRS 7.31 | The loans from Te Motu Regional Council are unsecured. | ||
| NZ IAS 7.50(a) | The bank overdraft is unsecured. The maximum amount that can be drawn down against the overdraft facility is $10,000 (2008 $10,000). There are no restrictions on the use of this facility. | ||
| NZ IFRS 7.25 | Fair value | ||
| The fair value of non-current borrowings is $27,895 (2008 $23,395). | |||
| NZ IFRS 7.27(a) | The fair value is based on cash flows discounted using a ate based on the market borrowing rate at the balance date of 9.5% (2008 9.3%). | ||
| NZ IFRS 7.25,29(a) | The carrying amounts of borrowings repayable within one year approximate their fair value. | ||
Note 13: Creditors and other payables
