✨ Financial Statements of The Community Trust
NEW ZEALAND GAZETTE
No. 95
5. Reconciliation of Net Surplus to Net Operating Cash Flow
| 1998 $ | 1997 $ | |
|---|---|---|
| Net surplus | 23,350,492 | 22,292,397 |
| Adjustments for non cash items in net surplus | ||
| Armstrong Jones Investment income | – | (2,473,404) |
| Depreciation | 106,929 | 28,301 |
| Revaluation of Government securities investment | 7,276 | – |
| Managed funds income unrealised | (20,488,645) | – |
| Prior years donations transferred to long term commitments | – | 51,667 |
| 2,976,052 | 19,898,961 |
Adjustments for changes in Working Capital
| | | |
| Decrease/(increase) in accounts receivable | (1,024) | – |
| Decrease/(increase) in accrued interest | 1,965,891 | (1,941,425) |
| Decrease/(increase) in prepayments | (2,742) | (15,419) |
| Increase/(decrease) in accrued charges | 1,563 | – |
| Increase/(decrease) in accounts payable | 14,161 | (3,329) |
| Increase/(decrease) in donations payable | 170,889 | (304,915) |
| Increase/(decrease) in taxation payable | 3,278,515 | (4,693,059) |
| Increase/(decrease) in goods and services tax | 39,822 | (26,804) |
| Increase/(decrease) in donations paid in advance | (69,292) | (708) |
| | | |
| Add capital base reserve transfer | 8,372,272 | 12,914,865 |
| Deduct donations paid from capital | 9,168,516 | 8,740,535 |
| | (5,630,438)| (9,452,557) |
| Capital items included in working capital adjustments | – | 44,000 |
| Cash flow from operations | $11,910,350 | $12,246,843 |
6. Capital Commitments:
There are no capital commitments at balance date (1997 $1,740,086).
7. Fixed Assets:
| Cost $ | Accumulated Depreciation $ | 1998 Book Value $ | 1997 Book Value $ | |
|---|---|---|---|---|
| Buildings | 3,907,435 | 67,230 | 3,840,205 | – |
| Plant and equipment | 68,721 | 44,059 | 24,662 | 35,357 |
| Computer | 37,614 | 10,440 | 27,174 | – |
| Motor vehicles | 72,654 | 38,329 | 34,325 | 48,981 |
| 4,086,424 | 160,058 | 3,926,366 | 84,338 |
8. Contingent Liabilities:
There are no contingent liabilities at balance date (1997 nil) apart from donation commitments as per note 3.
9. Segmental Reporting:
The trust operates as a charitable trust in the Canterbury, Marlborough and Nelson areas. As all operations occur within New Zealand, segmental reporting is not required.
10. Related Party:
In the normal course of business the trust has no related parties with any entity. In the previous year the trust had related parties with WestpacTrust (1997 interest received $7,605,270, 1997 balance date bank balance $13,514,076 and deposits $97,227,768)
11. Financial Instruments:
Investments are stated at estimated market value at balance date. Accrued interest, accounts payable, community loans, and donations approved not yet paid are stated at the amounts expected to be received or paid.
Accordingly, the trustees consider that the fair value of each class of financial assets and financial liabilities is the same as the carrying value in the statement of financial position.
Concentration of Investments
Ninety-seven percent of the assets of the trust are represented by investments held with a range of financial institutions. However the trustees consider the risk of non-recovery of these investments to be minimal.
Currency Risk
The trust incurs currency risk as a result of investment transactions entered into by fund managers.
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VUW Te Waharoa —
NZ Gazette 1998, No 95
NZLII —
NZ Gazette 1998, No 95
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Financial Statements of The Community Trust
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💰 Finance & RevenueFinancial Statements, Revenue, Donations, Trust Funds, Canterbury, Nelson, Marlborough