1686 NEW ZEALAND GAZETTE No. 72

Swedish krona equivalents 801 1,533
Swiss franc equivalents 1,743 1,777
United States dollar equivalents 45,544 50,818
226,365 219,593

All financial instruments are disclosed at fair value. No undisclosed credit risk exists.

At 31 March 2000 the Trust’s investment managers had forward exchange contracts to cover the global fixed interest and passive global equities position. The value of the New Zealand cover is $73,808,285.

12. 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 effected 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.

                                      2000             1999
                                      $’000            $’000

13. CASH FLOW RECONCILIATION

NET SURPLUS 9,190 14,423

Adjust for non-cash items:
Depreciation & Loss on Sale 112 25
Investment Income (3,895) (13,973)

Impact of changes in working capital items:
Increase (decrease) in Accounts Payable 46 76
Increase (decrease) in Taxation Payable 39 -
Increase (decrease) in Donations Payable (561) 1,844
(476) 1,920

Net cash inflow from operating activities 4,931 2,395

14. RELATED PARTY INFORMATION

Trust Waikato Charities Limited (formerly Waikato Community Trust Charities Limited) is a wholly-owned charitable company established by the Trust and is used to carry out some of the Trust’s activities.

The Trust acts as nominee for investments held by Trust Waikato Charities Limited.

15. DONATIONS

On 29 September 1999 the Waikato Times published a list totalling $8,576,300 which showed all of the donations approved by the Trust from the period 1 April 1999 to 29 September 1999.

In the period from 30 September 1999 to 31 March 2000 the Trust has also paid, committed or withdrawn the following donations:

Total donations as published in the Waikato Times on 29 September 1999 $8,576,300
Aotearoa Traditional Maori Performing Arts Festival 50,000
Raukawa Development Trust 12,500
Multicultural Centre Trust 31,000
Waikato Museum of Art and History 12,000
Waikato Chamber of Commerce 500
Te Awamutu Events Centre 450,000
The Parents Place Charitable Trust 25,000
Youth Resource Centre Trust 1,000
Life Unlimited (50,000)
Waikato Regional Sports and Events Trust (2,000,000)

Total donations for the year 7,108,300

Represented by:
Donations paid from income 5,608,300
Donations paid from donation reserve 1,500,000
7,108,300