✨ Community Trust Annual Report
21 JULY 2005
NEW ZEALAND GAZETTE, No. 110
2667
Interest Rate Risk
The following investments of the trust are sensitive to changes in interest rates: Bank call accounts and deposits, government
and local authority securities, and securities held by fund managers.
Fair Value
The carrying value is considered to be the fair value for financial instruments.
5. Investments
The value of investments which are held in equities and fixed interest are subject to market fluctuations. The total investment
portfolio is diversified in such a way that over time reductions in value in particular asset classes should be more than offset by
increases in other classes. Investments are disclosed at market value at balance date and any gains (losses) arising from that
treatment are shown as “investment gains (losses)” in the statement of financial performance. Therefore, no provision has been
made for potential gains or losses that could occur due to future market fluctuations. The investment portfolio as at 31 March
2005 is diversified as follows:
| Asset | Tower | AMP | Russell | Total |
|---|---|---|---|---|
| Management | Capital International | Investors Share Fund | ||
| $(000) | $(000) | $(000) | $(000) | |
| New Zealand equities | 6,479 | – | – | 6,479 |
| New Zealand fixed interest | – | 23,137 | – | 23,137 |
| New Zealand cash | 15,741 | 16,386 | – | 32,127 |
| Global bonds (fully hedged) | 27,755 | – | – | 27,755 |
| Global equities (50% hedged) | – | 285 | 33,102 | 33,387 |
| Total 2005 | 49,975 | 39,808 | 33,102 | 122,885 |
| Total 2004 | 45,797 | 40,721 | 32,440 | 118,958 |
The balance date figures above are reflected in the trust’s asset allocations:
| Policy (%) | Actual (%) | |
|---|---|---|
| New Zealand equities | 5 | 5 |
| New Zealand fixed interest | 20 | 19 |
| New Zealand cash | 25 | 26 |
| Global bonds (fully hedged) | 20 | 23 |
| Global equities (50% hedged) | 30 | 27 |
| 100 | 100 |
6. Taxation
Bay of Plenty Community Trust is exempt from income tax with effect from 1 April 2004, under section CB 4 (1) (m) of the
Income Tax Act 1994.
7. Goods and Services Tax
The trust is not registered for goods and services tax purposes. Accordingly, these financial statements are stated on a G.S.T.
inclusive basis.
8. Related Party Transactions
Bay of Plenty Community Trust Charities Limited (the company) is wholly owned by Bay of Plenty Community Trust
Incorporated (the trust).
No related party debts have been written off or forgiven during the year.
9. Segment Information
The trust’s activity is to receive income to allocate for charitable, cultural, philanthropic, recreational and other purposes
beneficial to the community principally in the Bay of Plenty area.
10. Contingent Liabilities
The following future donations have been approved but are subject in each case to the applicants satisfying particular criteria
specific to each recipient.
| Year Ending | Donation Recipient | 31 Mar 06 | 31 Mar 07 |
|---|---|---|---|
| $ | $ | ||
| Omokoroa District Sports and Recreation | 5,000 | – | |
| Habitat for Humanity | 4,489 | – | |
| Omanu Beach Surf Lifesaving Club | 20,000 | – | |
| Pukehina School | 10,000 | – | |
| St Andrews Presbyterian Church | 15,000 | – | |
| Tauranga Civic Art Gallery Trust | 334,000 | – | |
| Total contingent liabilities | 388,489 | – |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 110
Gazette.govt.nz —
NZ Gazette 2005, No 110
✨ LLM interpretation of page content
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Bay of Plenty Community Trust Incorporated Annual Report for the Year Ended 31 March 2005
(continued from previous page)
🏢 State Enterprises & Insurance24 June 2005
Community Trust, Annual Report, Bay of Plenty, Trustees, Trust Manager, Accountants, Auditors, Bankers, Investments, Taxation, Goods and Services Tax, Related Party Transactions, Segment Information, Contingent Liabilities