New Zealand Gazette – 2003 – No. 85

Page 2234

✨ Financial Statements



2234 NEW ZEALAND GAZETTE No. 85

  1. Reconciliation of Net Surplus to Net Operating Cashflow
2003 2002
Net surplus from statement of financial performance (12,998,252) (22,595,509)
Adjustments for non cash items in net surplus:
Depreciation 294,632 235,129
Managed funds income unrealised 2,432,742 7,154,659
(10,270,878) (15,205,721)
Adjustments for changes in working capital:
Decrease/(increase) in accounts receivable 9,238 78,506
Decrease/(increase) in Colliers Jardine operating account 10,847 (10,936)
Increase/(decrease) in accounts payable, rents received in advance, and goods and services tax (172,338) 121,614
Increase/(decrease) in taxation payable 71 42
(10,423,060) (15,016,495)
Add capital base reserve transfer 9,803,245 9,803,417
Deduct donations paid from capital (3,283,470) (6,229,538)
Cash flow from operations (3,903,285) (11,442,616)

  1. Capital Commitments
    At balance date, the trust has no capital commitments (2002 – $1.3 million).

  2. Investment Properties
    The investment properties of the trust is valued at cost less accumulated depreciation. Payments made on the investment property as at 31 March 2003 consist of the purchase of the land and adjoining property, architectural and legal fees, stamp duty, building consent permits and building costs to date.

2003 2002
262 Oxford Terrace 4,451,688 4,451,688
95 Oxford Terrace 1,801,171 1,798,046
141 Hereford Street 2,977,317 1,898,991
Less accumulated depreciation (864,940) (618,093)
8,365,236 7,530,632

The investment properties of the trust have the following market valuations at balance date:

2003
262 Oxford Terrace 2,210,000
95 Oxford Terrace 1,440,000
141 Hereford Street 4,220,000
  1. Fixed Assets
Cost Accumulated Depreciation 2003 Book Value 2002 Book Value
Computer 156,401 90,927 65,474 18,417
Office equipment 26,760 16,124 10,636 12,342
Furniture and fittings 91,099 53,023 38,076 50,605
Fixed assets 274,260 160,074 114,186 81,364

  1. Contingent Liabilities
    There are no contingent liabilities at balance date (2002 – Nil) apart from donation commitments as per note 3.

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

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

  4. Financial Instruments
    Investments are stated at market value at balance date. Accounts receivable and accounts payable 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.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 85


Gazette.govt.nz — PDF NZ Gazette 2003, No 85




✨ LLM interpretation of page content

💰 Notes to the Financial Statements for the Year Ended 31 March 2003 (continued from previous page)

💰 Finance & Revenue
26 May 2003
Community Trust, Financial Statements, Investment Income, Commissions, Expenses, Donations, Trust Funds