✨ Community Trust Financial Statements
5 SEPTEMBER
NEW ZEALAND GAZETTE
3535
| Ringa Ringa Heights Golf Club | 39,000 | 39,000 |
| Otatara Community Church | – | 2,490 |
| Southland Outdoor Stadium Trust | 1,000,000 | – |
| Tuatapere Hump Ridge Track | 200,000 | – |
| Invercargill Artificial Sport Surface Trust | 96,500 | – |
| Ice Sports Southland | 50,000 | – |
| 1,768,771 | 713,508 |
Each loan is repayable upon demand. All loans are interest free, with the exception of the loan to Topoclimate South Trust, which attracts interest at the 90 day bank bill rate plus a margin of 2%, and the loan to the Southland Outdoor Stadium Trust, which attracts interest at the 90 day bank bill rate.
13. Reconciliation with Operating Surplus
| 2002 ($) | 2001 ($) | |
|---|---|---|
| Net surplus before distribution | 470,785 | 3,732,673 |
| Less grants | (10,228,478) | (8,918,418) |
| Add/(less) movement in working capital: | ||
| Increase/(decrease) in liabilities | (1,114,078) | (2,185,970) |
| (Increase)/decrease in accounts receivable | (20,430) | (37,101) |
| (1,134,508) | (2,223,071) |
| Add/(less) movement in items classified as investing/financing: | | |
| Asset purchases | – | (11,250) |
| Add/(less) movement in non-cash items: | | |
| Revaluation of investments | 72,326 | 32,543 |
| Depreciation | 83,496 | 82,848 |
| Loss/(gain) on sale of fixed assets | (5,725) | (4,121) |
| | 150,097 | 111,270 |
| Net cash provided by operating activities | (10,742,104) | (7,308,796) |
14. Financial Instruments
General
The group states its investments at balance date at estimated market value. The trustees consider that the fair value of the financial assets is identical to the value in the statement of financial position.
Concentration of Credit Risk
The group, from time to time, has significant funds in trading bank deposits. The group limits risk by spreading the deposits over several trading banks. The group has not required collateral or other security to support its financial statements.
The group further limits risk through its policy of placing investment funds with five separate fund managers, with each fund manager having an investment mandate which requires that they diversify their investments on the group's behalf. The group has sought and obtained the advice of professional financial advisers prior to making its investment allocation and placement decisions.
Interest Rate Risk
The bank deposits are sensitive to changes in interest rates, as are a proportion of the funds managed by the fund managers, and the loans to Topoclimate South Trust and the Southland Outdoor Stadium Trust.
15. Capital Commitments
Commitments of $5,443,724 exist for grants which will be distributed from either capital or future income sources in future years. These grants have not been recorded in either the statements of financial performance or financial position. Specific commitments are as follows:
| 2002 ($) | 2001 ($) | |
|---|---|---|
| Southern Institute of Technology | 1,678,259 | 3,452,390 |
| Southland Outdoor Stadium Trust | 1,000,000 | 2,000,000 |
| Gore Multi Sport Complex | 1,065,465 | – |
| Eastern Southland Art Gallery | 400,000 | – |
| Southland Hospice | 375,000 | – |
| Tuatapere Hump Ridge Track | 200,000 | – |
| Fiordland Community Events Centre | 400,000 | – |
| Fiordland Medical Trust | 325,000 | – |
| 5,443,724 | 5,452,390 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 131
Gazette.govt.nz —
NZ Gazette 2002, No 131
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Consolidated Financial Statements of The Community Trust of Southland
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💰 Finance & RevenueCommunity Trust, Financial Performance, Trust Funds, Financial Position, Southland