✨ Financial Statements
26 AUGUST 2004
NEW ZEALAND GAZETTE, No. 104
2589
Hedging Instruments
The trust, through its fund managers, enters into hedging instruments such as forward exchange contracts. These are converted
to the New Zealand dollar rate at balance date with all realised and unrealised gains and losses being recognised in the
statement of financial performance as income from managed funds.
Statement of Cashflows
Cash comprises cash at bank and call deposits but does not include cash or deposits held by the fund managers.
Financial Instruments
All assets and liabilities of the trust with the exception of fixed assets are financial instruments and are recognised in the
statement of financial position. All financial instruments are recorded at market value or fair value or are not materially
different from market value or fair value.
Fund managers utilise financial instruments with off balance sheet risk to reduce exposure to fluctuations in foreign currency
exchange rates.
Forward exchange contracts are entered into to hedge foreign currency transactions.
These are converted to the New Zealand dollar rate at balance date with all realised and unrealised gains and losses being
recognised in the statement of financial performance.
The quantitative disclosures required by FRS 31 Disclosure of Information About Financial Instruments, have been included
throughout the financial statements where material.
Changes in Accounting Policies
There have been no changes in accounting policies during this accounting period. During the year to 31 March 2003, there was
a change in the way the trust accounted for donations approved and not paid. This had the effect of reducing equity by
$5,380,295 in the financial year to 31 March 2003. All donations once approved are now included as donations payable.
- Revenue
| Note | 2004
$000 | 2003
$000 |
|------|-----------|------------|
| Interest | 3,545 | 3,678 |
| Pooled managed funds | 17,860 | (11,413) |
| Realised gains | 769 | 503 |
| Unrealised (losses)/gains | (276) | 1,358 |
| Other | 127 | 242 |
| Total operating revenue | 22,025 | (5,632) |
- Expenditure
| | 2004
$000 | 2003
$000 |
|----------------------|------------|------------|
| Depreciation | 55 | 77 |
| Fund managers’ fees | 376 | 374 |
| Occupancy | 73 | 52 |
| Other operating | 109 | 169 |
| Professional fees | 160 | 157 |
| Promotion | 35 | 39 |
| Public and statutory reporting | 19 | 66 |
| Staff | 261 | 248 |
| Trustee fees | 12 | 158 |
| Trustee expenses | 22 | 28 |
| | 1,268 | 1,375 |
| Professional fees— | 2004
$000 | 2003
$000 |
|----------------------|------------|------------|
| Payments to auditors: | |
| Audit fees | 10 | 8 |
| Accounting and other support | 12 | 10 |
| Computer support | 10 | 15 |
| Legal advisers | 1 | 5 |
| Professional investment advisers | 89 | 87 |
| Tax advice | 16 | 22 |
| Other professional advice | 22 | 10 |
| | 160 | 157 |
- Trust Funds
Trust Capital
The trust capital represents the realised value of its original asset, being shares in Trust Bank. They were sold, partly in 1994
when Trust Bank listed on the New Zealand Stock Exchange and the balance in 1996 when Westpac acquired Trust Bank.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2004, No 104
Gazette.govt.nz —
NZ Gazette 2004, No 104
✨ LLM interpretation of page content
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Community Trust of Otago Financial Statements 2004
(continued from previous page)
🏢 State Enterprises & Insurance28 June 2004
Financial Statements, Trust Funds, Cashflows, Dunedin