Page 32 - PNMRT AnnRpt 2020

PALMERSTON NORTH MA¯ ORI RESERVE TRUST
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020
9. INTEREST-BEARING LOANS AND BORROWINGS
Westpac Banking Corporation 91 Loan
Maturity Date: 31/03/2022 Interest Rate: 2.50%
Balance at Beginning of Year Drawdown
Repayments
Balance at End of the Year
Current Non-current
2019 $
27,380,823 3,037,500
(960,000)
$29,458,323
960,000 28,498,323
$29,458,323
2020 $
29,458,323 3,000,000
(3,460,000)
$28,998,323
960,000 28,038,323
$28,998,323
Borrowings are initially recognised at fair value net of transaction costs and subsequently carried at amortised cost.
The bank loans are secured over certain investment properties with a carrying amount of $63,685,000 (2019: $69,195,000).
10. UNCLAIMED DISTRIBUTIONS
Unclaimed distributions represent distributions declared by Palmerston North Māori Reserve Trust but that have not been claimed by the respective beneficial owner. Unclaimed distributions are held on demand for the rightful beneficial owner. Palmerston North Māori Reserve Trust has sufficient access to capital to pay all unclaimed distributions if they were called.
2020 $
1,695,517 954,159
(1,069,746)
$1,579,930
(1,069,746) 8,251
$(1,061,495)
Balance at Beginning of Year Distribution Declared
Net Distributions Claimed
Balance at End of the Year
Reconciliation to Cashflow
Net Distributions Claimed
Distribution relating to shares held by the Trust
(refer to note 12)
Palmerston North Ma¯ori Reserve Trust
ANNUAL REPORT 2020
2019 $
1,405,741 954,159
(664,384)
$1,695,517
(664,384)
8,252
$(656,132)
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