New Zealand Gazette – 2002 – No. 126

Page 3397

✨ Financial Report Excerpts

29 AUGUST

NEW ZEALAND GAZETTE

3397


SC Cricket Development Trust	75,000	75,000
SC Heritage Trails Inc.	–	2,000
SC Sports Stadium Trust	100,000	100,000
Timaru Beautifying Society Assn.	–	20,000
Timaru Bowling Club Inc.	–	10,000
Project Waimate	–	25,000
St. Augustines Anglican Church	25,000	25,000
Waimate Community Vehicle Trust	–	10,000
Ashburton Aquatic Park	–	750,000
Ashburton Area Equestrian Federation	1,000	–
Ashburton Sports Hall	15,000	–
Ashburton Eastern United Soccer Club	450	–
Ashburton Hockey Assn	900	–
Ashburton Musical Parenting	165	–
Ashburton Sports Turf Trust	4,000	–
Mania-o-roto Rover Scout Crew	20,000	–
Methven Soccer Club	300	–
Mic Canterbury Soccer	500	–
Mt Somers/Mayfield Order of St. John	8,000	–
Geraldine Amateur Swimming Club	30,000	–
Fairlie Museum Inc.	500	–
Mackenzie Junior Netball	500	–
Twizel Community Board – Project 2000	100,000	–
S C Aviation Heritage Centre	2,000	–
Temuka Community Care Trust	5,000	–
Air Training Corp 15th Squadron	200	–
Athletics S C All Weather Track Trust	100,000	–
Caroline House Inc.	36,000	–
Parenting With Confidence	2,500	–
S C Victim Support	750	–
Project Waimate	5,000	–
Waimate Community Youth Groups	300	–
	649,211	1,230,440

9. Capital Commitments
There were no capital commitments (2001 – $Nil).

10. 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 $702,616 (2001 – $174,649) has been paid out, the balance of $297,384 (2001 – $825,351) remains as contingent liability.

11. Advances
The trust made an advance to the Aorangi Park Trust. The balance outstanding at balance date was $80,000 (2001 – $120,000). 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.

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
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.

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