New Zealand Gazette – 2001 – No. 119

Page 3122

✨ Financial Statements and Allocations



NEW ZEALAND GAZETTE

No. 119

Allocations

Organisation Amount ($)
Ashburton College STAR Programme 7,500
Ashburton Safer Community Council 8,000
Ashburton Steam and Model Engineering Club 2,400
Mid Canterbury Cricket Assn Inc. 14,000
Mid Canterbury Netball Courts Upgrade Project 40,000
Fairlie Beautifying Society 10,000
Lake Tekapo Promotion Association 5,000
Lake Tekapo Squash Club 5,000
Pathways Trust 2,000
Te Puna Whaihua 1,000
Aoraki Polytechnic 4,000
Caroline House Inc. 10,000
IHC South Canterbury 1,500
Kodiak Wrestling Club 1,000
Sacred Heart Basilica Restoration Trust 15,000
SC Car Club 5,000
SC Cricket Development Trust 75,000
SC Heritage Trails Inc. 2,000
SC Sports Stadium Trust 100,000
Timaru Beautifying Society Assn. 20,000
Timaru Bowling Club Inc. 10,000
Project Waimate 25,000
St. Augustines Anglican Church 25,000
Waimate Community Vehicle Trust 10,000
Ashburton Aquatic Park 750,000
1,230,440
191,740
  1. Capital Commitments

There were no capital commitments (2000 – $Nil).

  1. Contingent Liabilities

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.

To date $174,649 (2000 – $Nil) has been paid out, the balance of $825,351 (2000 – $1,000,000) remains as contingent liability.

  1. Advances

The trust made an advance to the Aorangi Park Trust. The balance outstanding at balance date was $120,000 (2000 – $160,000). The advance is reduced each year by a donation from the trust of $40,000. The final donation will be made during the year ended 31 March 2004.

  1. 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

Fifty-five per cent 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:

2001 2000
Debtors $24,946 $587,125
Advances $120,000 $160,000
Interest accrued $214,338 $186,431
Managed fund equities $17,291,684 $19,887,709
Total $17,650,968 $20,821,265

Currency Risk

The trust is party, 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 party, 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.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2001, No 119


Gazette.govt.nz — PDF NZ Gazette 2001, No 119




✨ LLM interpretation of page content

💰 Community Trust of Mid & South Canterbury Inc. Annual Report (continued from previous page)

💰 Finance & Revenue
27 August 2001
Community Trust, Annual Report, Financial Statements, Donations, Strategic Planning, Volunteer Support, Trustee Appointments

💰 Financial Allocations by Community Trust

💰 Finance & Revenue
Allocations, Financial Support, Community Projects, Educational Programs, Sports Development

💰 Capital Commitments and Contingent Liabilities

💰 Finance & Revenue
Capital Commitments, Contingent Liabilities, Technology Fund, Financial Instruments, Credit Risk, Currency Risk