Page 35 - PNMRT AnnRpt 2020
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PALMERSTON NORTH MA¯ ORI RESERVE TRUST
NOTES TO AND FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020
14. NET FINANCE COSTS
Finance income comprises interest income on funds invested. Interest income is recognised as it accrues in profit or loss, using the effective interest method.
Finance costs comprise interest expense on borrowings and impairment losses recognised on financial assets (other than trade receivables). Interest expense is recognised using the effective interest method.
2020 $
114,375 36,179 4,024
674 191
155,443
(943,580) –
(943,580)
$(788,137)
Finance Income
Interest Income from Loans and Receivables
– Wharewaka o Poneke Charitable Trust (refer to note 20)
Interest Income from Loans and Receivables
– H¯ıkoikoi Management Limited (refer to note 20) Interest Income from Loans and Receivables
– Wellington Tenths Trust (refer to note 20) Interest Income – Westpac
Interest Income – Other
Finance Expense – Liabilities at Amortised Cost
Interest Expense – Westpac
Interest Expense – Wellington Tenths Trust (refer to note 20)
Net Finance Expense
2019 $
141,613 38,394 – 6,588
814
187,409
(1,138,973) (1,138)
(1,140,111)
$(952,702)
Palmerston North Ma¯ori Reserve Trust
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ANNUAL REPORT 2020
