✨ Financial Statements
31 AUGUST NEW ZEALAND GAZETTE 2985
Ashburton Athletics Club 1,000 0
Albury Ice Hockey Association 6,000 0
SC Aviation Heritage Centre 2,000 0
Temuka Community Care 4,700 0
Farmers Irrigation Management Group Trust 12,500 0
Starship Foundation 20,000 0
Sport South Canterbury 11,900 0
Sport Mid Canterbury 6,600 0
Sound Shell Roof Cover project 10,000 10,000
South Rangitata Reserve 0 500
191,740 286,5609. Capital commitments
There were no capital commitments (1999 Nil).
10. Contingent liabilities
The trust is committed to providing $750,000 over three years to the Ashburton Aquatic Park Trust contingent upon certain conditions being met.
The trust has agreed to set aside $1,000,000 in a technology fund which will be distributed on application by secondary and high schools to improve the standard of technology in the region’s schools.
11. Advances
The trust made an advance to the Aorangi Park Trust. The balance outstanding at balance date was $160,000.
12. Financial instruments
Fair values
Investments are stated at estimated market value at balance date. Interest accrued, sundry debtors, sundry creditors, term 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.
Credit risk
Forty-eight percent of the net assets of the trust are represented by debt investments and current account balances with WestpacTrust and through managed funds. The trustees consider the risk of non-recovery of these investments at balance date to be within satisfactory guidelines.
The maximum exposure to credit risk of other financial instruments are:
| 2000 | 1999 | |
|---|---|---|
| Debtors | 587,125 | 66,708 |
| Advances | 160,000 | 200,000 |
| Interest accrued | 186,431 | 345,490 |
| New Zealand shares | 0 | 3,877,112 |
| New Zealand property shares | 0 | 1,150,815 |
| Australian property shares | 0 | 1,272,709 |
| Australian shares | 0 | 1,115,500 |
| Managed fund equities | 19,091,263 | 0 |
| Managed fund property | 796,447 | 0 |
| ___ | ___ | |
| 20,754,199 | 8,028,334 |
Currency risk
The trust is partly, through its managed funds, to financial instruments with off balance sheet risk to reduce exposure to fluctuations in foreign currency exchange rates. Forward exchange contracts are entered into to hedge foreign currency transactions.
The trust is also partly, through its managed funds, to financial instruments with off balance sheet risk to reduce exposure to fluctuations in foreign currency interest rates. Futures contracts are entered into to hedge foreign currency fixed interest transactions.
Interest rate risk
The following investments of the trust are sensitive to changes in interest rate: Bank call accounts and term deposits, and various managed fund investments.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 117
Gazette.govt.nz —
NZ Gazette 2000, No 117
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Notes to the Consolidated Financial Statements for the Year Ended 31 March 2000
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