✨ Financial Statements
13 OCTOBER 2005
NEW ZEALAND GAZETTE, No. 175
4423
12. Loans
Loan balances outstanding as at 31 March were as follows:
| 2005 | 2004 | |
|---|---|---|
| $ | $ | |
| Troopers Memorial Corner Charitable Trust | 195,000 | 195,000 |
| Topoclimate South Trust | – | 33,513 |
| Southland Museum & Art Gallery | 29,115 | 29,115 |
| Ringa Ringa Heights Golf Club | 36,000 | 36,000 |
| Nga Hau E Wha Society | 42,219 | 43,257 |
| Croydon Aviation Museum | 280,000 | 280,000 |
| Tuatapere Hump Ridge Track | 80,000 | 120,000 |
| Invercargill Artificial Sport Surface Trust | 96,500 | 96,500 |
| Northern Southland Medical Trust | 50,000 | 50,000 |
| Otautau Community Health Trust | 27,000 | 30,000 |
| Troopers Memorial Corner Charitable Trust – Yule House | 180,000 | – |
| Southland Heritage Buildings Preservation Trust | 25,000 | – |
| Total | 1,040,834 | 913,385 |
Each loan is repayable upon demand. All loans are interest free, with the exception of the loan to Topoclimate South Trust,
which attracts interest at the 90 day bank bill rate plus a margin of 2%, and the loan to Nga Hau E Wha Society, which attracts
interest of 7%.
13. Reconciliation with Operating Surplus
| 2005 | 2004 | |
|---|---|---|
| $ | $ | |
| Net surplus before distribution | 12,196,855 | 22,215,250 |
| Less grants | (7,138,001) | (6,923,045) |
| 5,058,854 | 15,292,205 |
Add/(less) movement in working capital:
| Increase/(decrease) in liabilities | 2,309,982 | 2,228,640 |
| (Increase)/decrease in accounts receivable | (491,351) | (7,353) |
| | 1,818,631 | 2,221,287 |
Add/(less) movement in non-cash items:
| Revaluation of investments | – | – |
| Depreciation | 66,366 | 70,044 |
| Loss/(gain) on sale of fixed assets | 10,393 | 413 |
| Revaluation of property | (51,858) | 251,228 |
| | 24,901 | 321,865 |
Add/(less) items classified as investing/financing activities:
| Accounts receivable amount relating to sale of asset | – | 16,000 |
| Loan repayment by way of grant approval | 40,000 | 43,000 |
| Net cash provided by operating activities | 6,942,386 | 17,894,177 |
14. Financial Instruments
General
The group states its investments at balance date at estimated market value. The trustees consider that the fair value of the financial
assets is identical to the value in the statement of financial position.
Concentration of Credit Risk
The group, from time to time, has significant funds in trading bank deposits. The group limits risk by spreading the deposits
over several trading banks. The group has not required collateral or other security to support its financial statements.
The group further limits risk through its policy of placing investment funds with five separate fund managers, with each fund
manager having an investment mandate which requires that they diversify their investments on the group’s behalf. The group
has sought and obtained the advice of professional financial advisers prior to making its investment allocation and placement
decisions.\n
Interest Rate Risk
The bank deposits are sensitive to changes in interest rates, as is a proportion of the funds managed by the fund managers, and the
loans to Topoclimate South Trust and Nga Hau E Wha Society.
15. Capital Commitments
Commitments of $5,050,000 exist for grants which will be distributed from either capital or future income sources in future
years. These grants have not been recorded in either the statements of financial performance or financial position. Specific
commitments are as follows:
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 175
Gazette.govt.nz —
NZ Gazette 2005, No 175
✨ LLM interpretation of page content
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The Community Trust of Southland Financial Statements
(continued from previous page)
💰 Finance & RevenueFinancial Performance, Trust Funds, Financial Position, Income, Expenditure, Grants, Loans, Reconciliation, Financial Instruments, Capital Commitments