New Zealand Gazette – 2002 – No. 81

Page 2171

✨ Financial Statements Notes



18 JULY

NEW ZEALAND GAZETTE

2171

5. Reconciliation of Net Surplus to Net Operating Cashflow

2002 2001
Net surplus from statement of financial performance (22,595,509) (19,344,263)
Adjustments for non cash items in net surplus:
Depreciation 235,129 219,838
Managed funds income unrealised 7,154,659 16,423,870
(15,205,721) (2,700,555)
Adjustments for changes in working capital:
Decrease/(increase) in accounts receivable 78,506 (83,156)
Decrease/(increase) in Colliers Jardine operating account (10,936) –
Increase/(decrease) in accounts payable and goods and services tax 121,614 47,600
Increase/(decrease) in donations payable – (2,808,000)
Increase/(decrease) in taxation payable 42 (180)
(15,016,495) (5,544,291)
Add capital base reserve transfer 9,803,417 11,278,948
Deduct donations paid from capital (6,229,538) (6,962,273)
Cash flow from operations (11,442,616) (1,227,616)

6. Capital Commitments

At balance date, the trust has capital commitments for the investment property situated at 141 Hereford Street totalling $1.3 million (2001 – Nil).

7. Investment Properties

The investment property of the trust is valued at cost less accumulated depreciation. Payments made on the investment property as at 31 March 2002 consist of the purchase of the land and adjoining property, architectural and legal fees, stamp duty, building consent permits and building costs to date. A further investment property was purchased during the year, situated at 141 Hereford Street.

2002 2001
262 Oxford Terrace 4,451,688 4,517,618
95 Oxford Terrace 1,798,046 1,676,480
141 Hereford Street 1,898,991 –
Less accumulated depreciation (618,093) (422,235)
7,530,632 5,771,863

8. Fixed Assets

Cost Accumulated Depreciation 2002 Book Value 2001 Book Value
Computer 127,380 108,963 18,417 36,509
Furniture and fittings and office equipment 124,832 61,885 62,947 71,515
Fixed assets 252,212 170,848 81,364 108,024

9. Contingent Liabilities

There are no contingent liabilities at balance date (2001 – Nil) apart from donation commitments as per note 3.

10. Segmental Reporting

The trust operates as a charitable trust in the Canterbury, Marlborough and Nelson areas. As all operations occur within New Zealand, segmental reporting is not required.

11. Related Party

In the normal course of business, the trust has no related parties with any entity, other than those advised in note 1.

12. Financial Instruments

Investments are stated at market value at balance date. Accounts receivable, accounts payable and community loans 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 financial position.

Concentration of Investments
Ninety-eight percent (98%) of the assets of the trust are represented by investments held with a range of financial institutions. However, the trustees consider the risk of non-recovery of these investments to be minimal.

Currency Risk
The trust incurs currency risk as a result of investment transactions entered into by fund managers.

Interest Rate Risk
The following investments of the trust are sensitive to changes in interest rates: Bank call accounts and deposits, government and local authority and securities held by fund managers.
Some loans and advances with related parties do not carry interest and therefore do not hold any interest rate risk.



Next Page →



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

💰 Notes to the Financial Statements for the Year Ended 31 March 2002 (continued from previous page)

💰 Finance & Revenue
Financial statements, reconciliation, cashflow, capital commitments, investment properties, fixed assets, contingent liabilities, segmental reporting, related party, financial instruments