✨ Financial Statements and Audit Report
13 AUGUST NEW ZEALAND GAZETTE 2791
7. Reconciliation of Net Surplus with Operating Cash Flows
| 1998 $ | 1997 $ | |
|---|---|---|
| Net surplus for the period | 21,458,592 | 31,282,487 |
| Adjust for non cash items- | ||
| Unrealised income on investments | (19,815,024) | 343,580 |
| Depreciation | 17,408 | 16,247 |
| Movements in net current assets— | ||
| Accrued income | 67,315 | (91,147) |
| Donations and sundry payables | 1,398,258 | 332,067 |
| Item classified as investing activity— | ||
| Profit on sale of investment in Trust Bank New Zealand Limited | — | (26,065,537) |
| Net operating cash flows | $3,126,549 | $5,817,697 |
8. Contingent Liabilities and Commitments
There are no contingent liabilities at 31 March 1998.
Lease commitments (incl. G.S.T.)
| 1998 $ | 1997 $ | |
|---|---|---|
| Within 1 year | 33,750 | 12,111 |
| 1–2 years | 33,750 | — |
| 2–5 years | 101,250 | — |
| Beyond 5 years | 18,280 | — |
| $187,030 | $12,111 |
A 6-year renewal option exists.
9. Segmental Reporting
The trust operates as a charitable trust distributing funds to the community in the Central North Island region.
10. Financial Instruments
Financial instruments include short-term deposits, New Zealand Bonds and investments in managed funds both within New Zealand and overseas.
10.1 Credit Risk
The trustees regularly review their investment strategy. The investment strategy ensures an appropriate diversification of investments so that the trust has no significant concentration of counterparty or credit risk.
10.2 Fair Values
The trust has recorded its financial assets and liabilities at current market values which represent estimated fair values and credit risk exposure.
10.3 Currency Risk
The trust has exposure to currency risk through its investments in off-shore equities and bonds.
10.4 Credit Facilities
The trust has no credit facilities.
10.5 Interest Rate Risk
The trust investments in fixed rate securities are subject to interest rate risk.
11. Net Current Assets
Cash, bank deposits and accrued income are expected to be realised within 12 months. All liabilities are due within 12 months.
Audit Report
To the trustees of Trust Bank Eastern and Central Community Trust Inc.
We have audited the consolidated financial report. The consolidated financial report provides information about the past financial performance of Trust Bank Eastern and Central Community Trust Inc. group (the trust) and its financial position as at 31 March 1998. This information is stated in accordance with the accounting policies set out.
Trustees' Responsibilities
The trustees are responsible for the preparation of a consolidated financial report which fairly reflects the financial position of the trust as at 31 March 1998 and of the results of operations and cash flows for the year ended 31 March 1998.
Auditors' Responsibilities
It is our responsibility to express an independent opinion on the consolidated financial report presented by the trustees and report our opinion to you.
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VUW Te Waharoa —
NZ Gazette 1998, No 112
NZLII —
NZ Gazette 1998, No 112
✨ LLM interpretation of page content
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Notes to the Consolidated Financial Statements for the Year Ended 31 March 1998
(continued from previous page)
💰 Finance & RevenueReconciliation of Net Surplus, Operating Cash Flows, Contingent Liabilities, Lease Commitments, Segmental Reporting, Financial Instruments, Net Current Assets
💰 Audit Report for Trust Bank Eastern and Central Community Trust Inc.
💰 Finance & RevenueAudit, Financial Report, Trustees' Responsibilities, Auditors' Responsibilities