✨ Financial Statements
3226 NEW ZEALAND GAZETTE No. 118
10. Fixed Assets
| Cost | Accum depn | 2003 value | 2002 value | |
|---|---|---|---|---|
| $ | $ | $ | $ | |
| Land | 457,419 | – | 457,419 | 457,419 |
| Buildings | 523,063 | 107,396 | 415,667 | 437,525 |
| Office equipment | 181,123 | 120,669 | 60,454 | 50,667 |
| Furniture and fittings | 151,357 | 93,653 | 57,704 | 74,692 |
| Motor vehicles | 119,298 | 48,751 | 70,547 | 75,145 |
| Totals | 1,432,260 | 370,469 | 1,061,791 | 1,095,448 |
11. Investments Managed by Fund Managers
The group has funds with five investment managers (fund managers), being AMP Asset Management, ING (NZ) Ltd, State Street Global Advisors, Tower Asset Management and Invest South Limited. Market values and asset allocations of these investments as at balance date were as follows:
| AMP (NZ$m) | ING (NZ$m) | State Street Global Advisors (NZ$m) | Tower Asset Management (NZ$m) | Invest South Ltd (NZ$m) | Total 2003 value (NZ$m) | Total 2002 value (NZ$m) | |
|---|---|---|---|---|---|---|---|
| NZ equities | – | 14.01 | – | 2.64 | – | 16.65 | 18.39 |
| Overseas equities | – | – | 45.06 | – | – | 45.06 | 62.57 |
| NZ fixed interest | 34.20 | – | – | – | – | 34.20 | 36.85 |
| Overseas fixed interest | – | – | – | 46.75 | – | 46.75 | 46.21 |
| Cash | 3.74 | – | 6.74 | – | – | 10.48 | 9.67 |
| Totals | 37.94 | 14.01 | 51.80 | 49.39 | 2.66 | 153.14 | 173.69 |
Exposure to currency, interest rate and credit risk arises in the normal course of the fund managers' management of the group's investments. A range of hedging policies are in place whereby the fund managers use derivative financial instruments as a means of managing exposure to fluctuations in foreign exchange rates and interest rates. While these financial instruments are subject to the risk of market rates changing subsequent to acquisition, such changes would generally be offset by opposite effects on the items being hedged.
12. Loans
Loan balances outstanding as at 31 March were as follows:
| 2003 | 2002 | |
|---|---|---|
| $ | $ | |
| Troopers Memorial Corner Charitable Trust | 195,000 | 195,000 |
| Topoclimate South Trust | 98,493 | 146,525 |
| Southland Museum & Art Gallery | 34,190 | 41,746 |
| Ringa Ringa Heights Golf Club | 39,000 | 39,000 |
| Nga Hau Wha Society | 34,872 | – |
| Croydon Aviation Museum | 280,000 | – |
| Southland Outdoor Stadium Trust | – | 1,000,000 |
| Tuatapere Hump Ridge Track | 160,000 | 200,000 |
| Invercargill Artificial Sport Surface Trust | 96,500 | 96,500 |
| Ice Sports Southland | – | 50,000 |
| 938,055 | 1,768,771 |
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 Nga Hau Wha Society, which attracts interest of 7%.
13. Reconciliation with Operating Surplus
| 2003 | 2002 | |
|---|---|---|
| $ | $ | |
| Net surplus before distribution | (12,483,402) | 470,785 |
| Less grants | (8,489,491) | (10,228,478) |
| (20,972,893) | (9,757,693) | |
| Add/(less) movement in working capital: | ||
| Increase/(decrease) in liabilities | (933,950) | (1,114,078) |
| (Increase)/decrease in accounts receivable | 66,467 | (20,430) |
| 867,483 | (1,134,508) | |
| Add/(less) movement in non-cash items: | ||
| Revaluation of investments | 828,176 | 72,326 |
| Depreciation | 74,153 | 83,496 |
| Loss/(gain) on sale of fixed assets | 5,660 | (5,725) |
| 907,989 | 150,097 | |
| Net cash provided by operating activities | (20,932,387) | (10,742,104) |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 118
Gazette.govt.nz —
NZ Gazette 2003, No 118
✨ LLM interpretation of page content
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Financial Performance Statement of The Community Trust of Southland
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💰 Finance & RevenueFinancial Performance, Income, Expenditure, Community Trust, Southland, Investment Income, Fixed Assets, Investments, Loans, Reconciliation