New Zealand Gazette – 2002 – No. 81

Page 2165

✨ Financial Performance Report



18 JULY

NEW ZEALAND GAZETTE

2165

9. Donations

2002 2001
$ $
Standard donations 1,130,834 1,651,113
Special donations 3,607,150 5,453,302
Bursaries 405,000 442,500
Shooting Star 1,989,505 4,258,217
Total community donations 7,132,489 11,805,132
Less donations written back 108,547 142,216
Net community donations 7,023,942 11,662,916

Included in donations payable is $3,136,914 ($3,516,918 – 2001) of donations, which are subject to the applicants fulfilling certain conditions.

10. Reconciliation of Net Surplus With Operating Cash Flows

2002 2001
$ $
Net surplus/(deficit) for the period (2,823,374) (5,599,202)
Adjust for non-cash items:
Income on investments 2,507,261 6,016,270
Depreciation 15,745 15,269
Movements in net current assets:
Accrued income (8,762) 71,989
Donations and sundry payables 14,080 29,367
Provision for taxation 193,770 0
Net operating cash flows (101,280) 533,693

11. Contingent Liabilities and Commitments

Commitments

The trust is committed to $982,279 ($2,971,784 – 2001) for the “Shooting Star Community Project” and future funding of $500,000 ($1,000,000 – 2001) for the four regional sports trusts in the region.

Lease Commitments

2002 2001
$ $
Within 1 year 39,375 39,375
1-2 years 24,704 39,375
2-5 years 0 21,791
Total 64,079 100,541

A six-year renewal option exists.

Contingencies

There are no contingent liabilities at balance date.

12. Segmental Reporting

The trust operates as a charitable trust distributing funds to the community in the central North Island region.

13. Financial Instruments

Financial instruments include short-term deposits, New Zealand bonds, international bonds, derivatives and investments in managed funds both within New Zealand and overseas.

13.1 Credit Risk

The trustees regularly review their investment strategy. The investment strategy ensures an appropriate diversification of investments so that the trust has no significant concentration of counterparty or credit risk.

13.2 Fair Values

The trust has recorded its financial assets and liabilities at current market values, which represent estimated fair values and credit risk exposure.

13.3 Currency Risk

The trust has exposure to currency risk through its investments in offshore equities and bonds. The current investment policy requires full hedging of currency risk for overseas bonds and 50% hedging of currency risk for overseas equities. This is managed by fund managers with a range of tolerance.

Offshore investments are denominated into the following foreign currency groupings:

Region $
USA/Canada 26,498,943
UK/Europe 30,100,383
Japan 15,628,384
Australia 8,112,875
Total 80,340,585


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 81


Gazette.govt.nz — PDF NZ Gazette 2002, No 81




✨ LLM interpretation of page content

💰 Eastern & Central Community Trust Incorporated Financial Performance (continued from previous page)

💰 Finance & Revenue
12 June 2002
Community Trusts Act 1999, Financial Performance, Income, Expenditure, Trust Capital, Donation Reserve, Investments, Fixed Assets, Cash Deposits