ĀTIHAU WHANGANUI INCORPORATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015 12. Unclaimed Dividends
2015 2014 $ $ Unclaimed Dividends at beginning of year 1,654,103 1,587,590 Dividends paid older than 1 year (63,589) (172,731) Unclaimed Dividends relating to prior year 256,591 239,244 Unclaimed Dividends at end of year $1,847,104 $1,654,103
13. Secured Borrowings The bank overdraft facilities and term loans are secured by a registered first mortgage over land contained in Certificate of Title WN7D/391 and a charge over all livestock owned by the Incorporation. Lender Principal Interest Rate Loan Expiry Dates $ From To From To BNZ loans due within 12 months 8,850,000 5.4% 6.6% 30 Jul 15 24 Nov 15 BNZ loans due after 12 months 20,962,967 5.5% 6.5% 29 Jul 16 20 Feb 20 Total Loans $ & Weighted AVG % $29,812,967 6.0% A loan of $4.8m due 28 May 2019 is a drawdown of a BNZ $8.4m loan facility which has been agreed for the purposes of the Te Hou Investment. A term loan totalling $5m maturing July 2015 has been refinanced until July 2020 (interest fixed at 5.53% until July 2018)
14. Taxation Losses 2015 2014 $ $ Tax losses available to offset against future income $12,674,224 $12,892,404
15. Māori Authority Credit Account 2015 2014 $ $ Māori Authority Credit Account balance at year end $369,079 $347,404
16. Related Party Information The Incorporation is the Settlor of, and makes annual grants to, Te Āti Hau Trust. Grants and distributions made are reflected in the Statement of Movements in Equity. Jim Edmonds is a Committee of Management member. Amounts totalling $23,100 were paid to him for contract fencing services (2014: $19,650). All related party transactions have been carried out on commercial terms and conditions and at market rates. No related party debts have been written off or forgiven during the period.
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