✨ Financial Statements
8 JULY 2004 NEW ZEALAND GAZETTE, No. 85
2147
5. Reconciliation of Net Surplus to Net Operating Cashflow
| 2004 | 2003 | |
|---|---|---|
| Net surplus from statement of financial performance | 28,058,676 | (12,998,252) |
| Adjustments for non cash items in net surplus: | ||
| Depreciation | 295,180 | 294,632 |
| Gain on revaluation of investment properties | (401,630) | – |
| Managed funds income unrealised | (11,713,371) | 2,432,742 |
| 16,238,855 | (10,270,878) | |
| Adjustments for changes in working capital: | ||
| Decrease/(increase) in accounts receivable | (35,942) | 9,238 |
| Decrease/(increase) in Colliers Jardine operating account | (21,631) | 10,847 |
| Increase/(decrease) in accounts payable, rents received in advance, and goods and services tax | 21,818 | (172,338) |
| Increase/(decrease) in taxation payable | 35 | 71 |
| 16,203,135 | (10,423,060) | |
| Add capital base reserve transfer | 5,979,954 | 9,803,245 |
| Deduct donations paid from capital | (2,132,967) | (3,283,470) |
| Net operating cash flow | 20,050,122 | (3,903,285) |
6. Capital Commitments
At balance date, the trust had capital commitments of $268,000 (2003 – Nil).
7. Investment Properties
The investment properties held at 31 March 2004 are valued at market value as follows:
(Comparative values reflect book values at 31 March 2003).
| Property | 2004 | 2003 |
|---|---|---|
| 262 Oxford Terrace | 4,450,000 | 4,451,688 |
| 95 Oxford Terrace | – | 1,801,171 |
| 141 Hereford Street | 2,630,000 | 2,977,317 |
| Less accumulated depreciation | – | (864,940) |
| Total | 7,080,000 | 8,365,236 |
The investment properties were valued at 31 March 2004 by an independent valuer, G. R. Sellars of Fright Aubrey, who is a Fellow of the New Zealand Institute of Valuers.
8. Fixed Assets
| Cost | Accumulated Depreciation | 2004 Book Value | 2003 Book Value | |
|---|---|---|---|---|
| Land and Buildings | ||||
| – 95 Oxford Terrace, Christchurch | 1,801,171 | 232,943 | 1,568,228 | – |
| Computer | 174,092 | 125,737 | 48,355 | 65,474 |
| Office equipment | 28,352 | 18,325 | 10,027 | 10,636 |
| Furniture and fittings | 127,808 | 63,390 | 64,418 | 38,076 |
| Fixed assets | 2,131,423 | 440,395 | 1,691,028 | 114,186 |
9. Contingent Liabilities
There are no contingent liabilities at balance date (2003 – 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 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. The trustees consider the risk of non-recovery of these investments to be mitigated by prudent investment strategies and an appropriately diversified portfolio.
Currency Risk
The trust incurs currency risk as a result of investment transactions entered into by fund managers. Such risks are mitigated by foreign currency hedges where appropriate.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2004, No 85
Gazette.govt.nz —
NZ Gazette 2004, No 85
✨ LLM interpretation of page content
💰 Reconciliation of Net Surplus to Net Operating Cashflow
💰 Finance & RevenueFinancial performance, Cashflow, Depreciation, Investment properties, Managed funds, Taxation, Capital base reserve
💰 Capital Commitments
💰 Finance & RevenueCapital commitments, Financial obligations
💰 Investment Properties Valuation
💰 Finance & RevenueInvestment properties, Market value, Depreciation, Valuation
- G. R. Sellars, Valued investment properties
💰 Fixed Assets Details
💰 Finance & RevenueFixed assets, Land and buildings, Computer, Office equipment, Furniture and fittings, Depreciation
💰 Contingent Liabilities
💰 Finance & RevenueContingent liabilities, Donation commitments
💰 Segmental Reporting
💰 Finance & RevenueSegmental reporting, Charitable trust, Canterbury, Marlborough, Nelson
💰 Related Party Disclosures
💰 Finance & RevenueRelated parties, Business operations
💰 Financial Instruments
💰 Finance & RevenueFinancial instruments, Investments, Market value, Accounts receivable, Accounts payable, Currency risk, Hedging