11 JULY

NEW ZEALAND GAZETTE

2107

These are denominated in the following currencies:

| | 2002
$'000 | 2001
$'000 |
|-----------------------|----------|----------|
| Austrian schilling equivalents | 6,794 | |
| Australian dollar equivalents | 2 | 611 |
| Canadian dollar equivalents | 1,810 | 2,400 |
| Danish krona equivalents | 460 | 2,484 |
| Deutschmark equivalents | 2,554 | 10,894 |
| Euro equivalents | 5,241 | 6,479 |
| French franc equivalents | 2,408 | 4,542 |
| Great Britain pound equivalents| 9,236 | 8,737 |
| Italian lira equivalents | 517 | 618 |
| Japanese yen equivalents | 4,895 | 5,278 |
| Netherlands guilder equivalents| 2,803 | 698 |
| New Zealand dollars | 97,947 | 104,068 |
| Spanish peseta equivalents | 1,166 | 1,692 |
| Swedish krona equivalents | 1,377 | 653 |
| Swiss franc equivalents | 944 | 860 |
| United States dollar equivalents| 63,891 | 61,849 |
| Other equivalents | 2,374 | 1,803 |
| Total | 204,419 | 213,666 |

Trust policy is to hedge exposure on fluctuations in foreign exchange on 100% of global fixed interest investments and 50% of global equity investments. At 31 March 2002, the trust's investment managers had forward exchange contracts in accordance with this policy.

The market value of the New Zealand cover is $81,680,020 (nominal value – $80,982,751). The market value of the cover at balance date accounts for 100.7% of funds held in global fixed interest and 54.4% of funds held in global equities. No undisclosed credit risk exists.

12. Related Party Information

Trust Waikato Charities Limited, Trust Waikato Amateur Sport Limited and Trust Waikato District Improvements Limited are wholly-owned charitable companies established by the trust and are used to carry out some of the trust's activities.

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

13. Capital Commitments and Contingent Liabilities

Commitments of $1,000,000 (2001 – $1,500,000) exist for donations that have been approved in the current or previous years subject to the fulfilment of certain conditions in future years. These donations which will be distributed from either capital or future income sources have not been recorded in either the statement of financial performance or statement of financial position.

There are no other capital commitments or contingent liabilities at balance date (2001 – Nil).

| | 2002
$'000 | 2001
$'000 |
|----------------------|----------|----------|
| Net surplus | (7,511) | (10,300) |

Adjust for non-cash items:

| | 2002
$'000 | 2001
$'000 |
|----------------------|----------|----------|
| Depreciation & loss on sale | 58 | 80 |
| Investment income | 13,408 | 13,195 |
| | 13,466 | 13,275 |

Impact of changes in working capital items:

| Increase (decrease) in accounts payable | (9) | (60) |
| Increase (decrease) in taxation payable | – | (39) |
| Increase (decrease) in donations payable | 636 | (154) |
| | 627 | (253) |

Net cash inflow from operating activities | 6,582 | 2,722 |

15. Donations

On 19 September 2001, The Waikato Times published a list totalling $10,418,500 which showed all of the donations approved by the trust from the period 1 April 2001 to 19 September 2001.

In the period from 20 September 2001 to 31 March 2002, the trust has also paid, committed or withdrawn the following donations:

| Total donations as published in The Waikato Times on 19 September 2001 | $10,418,500 |
| Cambridge Life Education Trust | 350 |
| Fairfield Primary School | (6,500) |
| Kaputuhi Marae | (20,000) |