New Zealand Gazette – 2002 – No. 85

Page 2325

✨ Community Trust Financial Report

25 JULY

NEW ZEALAND GAZETTE

2325

Donations which the trust has conditionally approved but not yet paid are shown in the accounts as a contingent liability (see Note 10).

5. Managed Funds

	2002	2001
	$000	$000
Managed by external managers:
Opening balance	178,402	180,731
Gross income	(764)	5,471
Fund managers’ fees – deducted	(758)	(800)
Withdrawals to fund donations	(11,000)	(7,000)
Closing balance	165,880	178,402

Investments comprise:

	2002	2001
	$000	$000
Cash, deposits and miscellaneous	15,237	19,851
Bonds	84,422	91,945
Equities	66,221	66,606
Total managed funds	165,880	178,402
Held in: New Zealand	72,316	79,325
Offshore	93,564	99,077

6. Fixed Assets

	2002 Cost	2002 Accum Dep	2002 Book Value	2001 Book Value
	$000	$000	$000	$000
Land	432	-	432	432
Buildings	1,026	241	785	816
Office furniture and equipment	210	122	88	109
	1,668	363	1,305	1,357

7. Financial Instruments

(a) The financial instruments are subject to an interest rate risk.

The investment portfolios are treated as lump sum investments. The fund managers or custodians manage both the credit risk and foreign exchange risk.

No comparison is provided between the carrying value and estimated fair value of financial instruments, due to the carrying value reflecting market price.

	2002	2001
	$000	$000
New Zealand:
Bonds and deposits	62,627	69,090
Equities	9,689	10,235
	72,316	79,325

| Overseas: | | |
| Bonds and deposits | 37,032 | 42,706 |
| Equities | 56,532 | 56,371 |
| | 93,564 | 99,077 |

| Total: | | |
| Bonds and deposits | 99,659 | 111,796 |
| Equities | 66,221 | 66,606 |
| | 165,880 | 178,402 |

(b) Credit Risk

At balance date there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying value of each financial asset in the statement of financial position.

VUW Te Waharoa — NZ Gazette 2002, No 85

Gazette.govt.nz — NZ Gazette 2002, No 85

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✨ LLM interpretation of page content

💰 Community Trust of Otago Annual Report 2002 (continued from previous page)

Domain💰 Finance & Revenue
Dated21 June 2002
KeywordsFinancial Statements, Trust Funds, Cashflows, Otago

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