New Zealand Gazette – 1999 – No. 101

Page 2453

✨ Financial Statements and Notes



26 AUGUST NEW ZEALAND GAZETTE 2453

  1. Reconciliation of Net Surplus to Net Operating Cash Flow
1999 $000 1998 $000
Net surplus from statement of financial performance 18,034 23,350
Adjustments for non cash items in net depreciation 160 107
Revaluation of Government securities investment — 7
Managed funds income unrealised 5,479 (20,489)

Adjustments for changes in working capital:
| Decrease/(increase) in accounts receivable | 1 | (1) |
| Decrease/(increase) in accrued interest | 119 | 1,966 |
| Decrease/(increase) in prepayments | 18 | (3) |
| Increase/(decrease) in accounts payable | (28) | 14 |
| Increase/(decrease) in donations payable | (52) | — |
| Increase/(decrease) in taxation payable | 1,455 | 3,279 |
| Increase/(decrease) in goods and services tax | 5 | 40 |
| Increase/(decrease) in donations paid in advance | 70 | (69) |

| | 25,261 | 8,372 |
| Add capital base reserve transfer | — | — |
| | 6,766 | 9,169 |
| Deduct donations paid from capital | (4,468) | (5,631) |
| Cash flow from operations | $27,559 | $11,910 |

  1. Capital Commitments

There are no capital commitments at balance date (1998: nil).

  1. Investment Property

The investment property of the trust is valued at cost. Payments made on the investment property as at 31 March 1999 consist of the purchase of the land at 262 Oxford Terrace and adjoining property, architectural and legal fees, stamp duty, building consent permits and building costs to date.

  1. Fixed Assets
Cost $000 Accumulated Depreciation $000 1999 Book Value $000 1998 Book Value $000
Plant and equipment 45 24 21 25
Computer 120 35 85 27
Motor vehicles 44 29 15 34
Furniture and fittings 90 27 63 80
$299 $115 $184 $166
  1. Contingent Liabilities

There are no contingent liabilities at balance date (1998: nil) apart from donation commitments as per note 3.

  1. 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.

  1. Related Party

In the normal course of business the trust has no related parties with any entity, other than those advised in note 1.

  1. 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-nine percent (99%) 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.

Interest Rate Risk

The following investments of the trust are sensitive to changes in interest rates: Bank call accounts and deposits, governments and local authority and securities held by fund managers.

Loans and advances with related parties do not carry interest and therefore do not hold any interest rate risk.



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✨ LLM interpretation of page content

🏢 The Community Trust Notes to the Financial Statements for the Year Ended the 31st day of March 1999 (continued from previous page)

🏢 State Enterprises & Insurance
Financial Statements, Accounting Policies, Revenue, Expenses, Donations, Trust Funds, Reconciliation, Net Surplus, Operating Cash Flow, Capital Commitments, Investment Property, Fixed Assets, Contingent Liabilities, Segmental Reporting, Related Party, Financial Instruments, Investments, Currency Risk, Interest Rate Risk