✨ Financial Statements
NEW ZEALAND GAZETTE
9 JULY 2099
| 1998 $'000 | 1997 $'000 | |
|---|---|---|
| Portugal escudo equivalents ... | 99 | – |
| Singapore dollar equivalents ... | 115 | – |
| Spanish peseta equivalents ... | 1,296 | – |
| Swedish krona equivalents ... | 2,066 | – |
| Swiss franc equivalents ... | 2,683 | – |
| United States dollar equivalents | 54,668 | 10,480 |
| $205,447 | $182,116 |
All financial instruments are disclosed at fair value. No undisclosed credit risk exists. At 31 March 1998 the trust had no Forward Exchange Contracts.
11. Currency Translation
Monetary assets denominated in foreign currency are converted to New Zealand dollars at the exchange rates reported at balance date and any unrealised profit or loss resulting from the conversion is reflected in the Statement of Financial Performance.
Trust policy is to hedge the currency movements on global fixed interest and passive global equity investments to reduce exposure to fluctuation in foreign exchange. Any unrealised losses and gains are recorded at year end through the Statement of Financial Performance.
12. Cash Flow Reconciliation
| 1998 $'000 | 1997 $'000 | |
|---|---|---|
| Net surplus | 23,346 | 33,674 |
| Adjust for non-cash items: | ||
| Depreciation | 9 | 11 |
| (Increase) decrease in market value of investments | (14,307) | – |
| (14,298) | 11 | |
| Items classified as investing activities: | ||
| Realised gain on sale of investments | (2,020) | (18,497) |
| Foreign exchange gain on sale of investments | (111) | – |
| (2,131) | (18,497) | |
| Movement in working capital: | ||
| Increase (decrease) in accounts payable | 87 | 40 |
| Increase (decrease) in donations payable | 179 | (68) |
| (Increase) decrease in accounts receivable | 8 | – |
| (Increase) decrease in accrued interest | 831 | (8) |
| 1,105 | (36) | |
| Net cash inflow from operating activities | $8,022 | $15,152 |
13. Related Party Information
Waikato Community Trust Charities Limited (WCTC Limited) is a wholly-owned charitable company established by the trust and will be used to carry out some of the trust’s future activities.
The trust acts as nominee for investments held by WCTC Limited.
14. Donations
On 26 September 1997 the Waikato Times published a list, totalling $2,906,700, which showed all of the donations approved by the trust from the period 1 April 1997 to 25 September 1997. In the period from 26 September 1997 to 31 March 1998 the trust has also made the following donations:
| 1998 $'000 | |
|---|---|
| Waikato District Council | 1,500 |
| Cambridge Racquets Club | 10,000 |
| Hauraki District Council | 10,000 |
| Waikato Womens Health Action Centre | 25,000 |
| Waikato Scout Association | 32,000 |
| Netball Waikato | 25,000 |
| Fairfield Amateur Swimming Club | 500 |
| Cambridge Community Kitchen | 500 |
| $104,500 |
These donations bring the total donations for the 1997–98 financial year to $3,011,200. Of this amount $2,616,200 has been
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VUW Te Waharoa —
NZ Gazette 1998, No 91
NZLII —
NZ Gazette 1998, No 91
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Notes to Consolidated Financial Statements for the Year Ended 31 March 1998
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💰 Finance & RevenueFinancial Statements, Investments, Fixed Assets, Financial Instruments, Currency Denominations