✨ Financial Statements and Accounting Policies
3 AUGUST NEW ZEALAND GAZETTE 2103
1.3.5 Cash comprises cash at bank, call deposits and short-term deposits but does not include cash held by fund managers.
1.3.6 Donations are included in the Statement of Financial Performance when approved by the trustees.
1.3.7 Fixed assets
Fixed assets are recorded at cost less accumulated depreciation.
1.3.8 Depreciation is provided on a straight line basis that on all tangible fixed assets at rates calculated to allocate the assets’ cost less estimated residual value, over their estimated useful lives.
The depreciation periods are:
Computer equipment ... three years
Fixtures and Fittings ... nine years
Furniture ... ten years
Office equipment ... five years
1.3.9 Income tax is not provided as the trust has charitable status for tax purposes.
1.3.10 G.S.T. inclusive accounting has been adopted, as the trust is not registered for G.S.T.
1.4 Changes in accounting policies
There have been no changes in accounting policies. All policies have been consistently applied.
2. Income from investments
| 2000 | 1999 | |
|---|---|---|
| $ | $ | |
| Realised investment income | 4,958,548 | 6,691,014 |
| Changes in investment values – gain (loss) | 8,843,721 | 4,548,486 |
| Foreign exchange movements – gain (loss) | 5,647,989 | 2,559,579 |
| 19,450,258 | 13,799,079 | |
| Less fund managers’ expenses | 296,349 | 313,777 |
| 19,153,909 | 13,485,302 |
3. Investments
| Type | Manager | Appointed | 2000 | 1999 |
|---|---|---|---|---|
| $ | $ | |||
| NZ shares | ||||
| Active | Coronet Asset Management | Jan 97 | 11,080,915 | |
| Passive | TeNZ | Dec 97 | 12,640,280 | |
| Passive | BNZ Inv. Management | July 99 | 20,174,282 | |
| International shares | ||||
| Passive | State Street Global Advisors | May 97 | 74,093,427 | 58,338,294 |
| NZ bonds | ||||
| Active | Citibank Global Asset Management | Mar 97 | 46,562,307 | |
| Active | ANZ Asset Management | Sept 99 | 27,702,438 | |
| Passive | Self | 2,995,751 | 3,579,443 | |
| International bonds | ||||
| Active | ANZ Asset Management | Sept 99 | 17,438,279 | |
| 142,404,177 | 132,201,239 |
4. Fixed assets
| 2000 | 1999 | |
|---|---|---|
| Fixtures, fittings and equipment at cost | 117,157 | 98,964 |
| Less accumulated depreciation | 76,207 | 61,445 |
| 40,950 | 37,519 |
5. Cash and bank deposits
| 2000 | 1999 | |
|---|---|---|
| Current accounts | 7,760 | 4,663 |
| Call accounts | 1,197,658 | 1,005,925 |
| Petty cash | 63 | 22 |
| Short term deposits | 8,025,000 | 6,830,890 |
| 9,230,481 | 7,841,500 |
6. Donations payable
Included in donations payable are $2,340,800 (1999 – $1,339,125) of donations, which are subject to the applicants fulfilling certain conditions.
7. Reconciliation of net surplus with operating cash flows
| 2000 | 1999 | |
|---|---|---|
| $ | $ | |
| Net surplus for the period | 10,554,448 | 7,688,984 |
| Adjust for non-cash items | ||
| Unrealised income on investments | (14,491,710) | (7,108,065) |
| Depreciation | 14,762 | 19,870 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2000, No 86
Gazette.govt.nz —
NZ Gazette 2000, No 86
✨ LLM interpretation of page content
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Eastern and Central Community Trust Financial Performance
(continued from previous page)
💰 Finance & RevenueFinancial statements, Income, Expenditure, Community payments, Equity, Accounting policies, Investments, Fixed assets, Cash deposits, Donations