New Zealand Gazette – 2005 – No. 110

Page 2673

✨ Financial Statements



21 JULY 2005

NEW ZEALAND GAZETTE, No. 110

2673

Adjustments for changes in working capital:
Decrease/(increase) in accounts receivable
Decrease/(increase) in Colliers operating account
Increase/(decrease) in accounts payable, rents received in advance, and goods and services tax
Increase/(decrease) in taxation payable

(187,453)
20,552
91,729
–

(35,942)
(21,631)
21,818
35

Add capital base reserve transfer
Deduct donations paid from capital

12,873,343
11,538,595
(2,442,054)

16,203,135
5,979,954
(2,132,967)

Net operating cash flow

21,969,884

20,050,122

2005
4,720,000
3,130,000

2004
4,450,000
2,630,000

7,850,000

7,080,000

  1. Capital Commitments
    At balance date, the trust had capital commitments of $Nil (2004 – $268,000).

  2. Investment Properties
    The investment properties held at 31 March 2005 are valued at market value as follows:

262 Oxford Terrace
141 Hereford Street

The investment properties were valued at 31 March 2005 by an independent valuer, G. R. Sellars of Fright Aubrey, who is a Fellow of the New Zealand Institute of Valuers.

  1. Fixed Assets

Accumulated Depreciation

2005 Book Value

2004 Book Value

Land and Buildings
– 95 Oxford Terrace, Christchurch
Computer
Office equipment
Furniture and fittings

295,622
152,900
20,708
70,585

1,505,549
31,040
11,635
32,579

1,568,228
48,355
10,027
64,418

Fixed assets

539,815

1,580,803

1,691,028

  1. Contingent Liabilities
    There are no contingent liabilities at balance date (2004 – Nil) apart from donation commitments as per Note 3.

  2. 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.

  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. 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. At 31 March 2005, the trust had entered into foreign exchange contracts to hedge foreign denominated investments in the amount of $36,044,881.

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 and securities held by fund managers. Interest rate risk is mitigated by the use of interest rate swaps where appropriate.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 110


Gazette.govt.nz — PDF NZ Gazette 2005, No 110




✨ LLM interpretation of page content

🏢 Canterbury Community Trust Financial Statements (continued from previous page)

🏢 State Enterprises & Insurance
30 May 2005
Financial Statements, Community Trust, Canterbury, Donations, Trust Funds, Financial Performance, Reconciliation
  • G. R. Sellars, Independent valuer