New Zealand Gazette – 2007 – No. 110

Page 2928

✨ Financial Statements and Notes



NEW ZEALAND GAZETTE, No. 110

11 OCTOBER 2007

Basis of Consolidation

The Community Trust of Otago, Fillmor House Limited, The Community Trust District Improvement Company Limited and The Community Trust Amateur Sports Company Limited have been consolidated using the purchase method of consolidation.

Capital Maintenance Reserve

The capital maintenance reserve represents the additional amount necessary to preserve the real value of the capital allowing for inflation as measured by the Consumers’ Price Index (CPI).

Investments

Investments are valued at period end market value. All realised and unrealised gains and losses are recognised in the statement of financial performance.

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 the year except for the method of accounting GST as referred to above.

1. Revenue

Note 2007 ($000) 2006 ($000)
Interest 2,790 3,332
Pooled managed funds 9,741 18,377
Realised gains/(losses) 300 999
Unrealised gains/(losses) (836) 1,307
Other 115 115
Total operating revenue 12,110 24,130

2. Expenditure

2007 2006
Depreciation 47 51
Fund managers’ fees 426 432
Occupancy 62 70
Other operating 97 124
Professional fees 183 154
Promotion 36 35
Public and statutory reporting 19 17
Staff 283 254
Trustee remuneration 142 166
Trustee expenses 17 24
Total (excl. professional fees breakdown) 1,312 1,327

Professional fees:

2007 2006
Audit fees 9 10
Fees paid to auditors for other services 6 –
Accounting and other support 14 13
Computer support 4 17
Legal advisers 4 2
Investment advisory fees 113 92
Tax advice 16 11
Other professional advice 17 9
Total professional fees 183 154


Next Page →



Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2007, No 110


Gazette.govt.nz — PDF NZ Gazette 2007, No 110




✨ LLM interpretation of page content

🏢 The Community Trust of Otago Financial Statements for the Year Ended 31 March 2007 (continued from previous page)

🏢 State Enterprises & Insurance
26 June 2007
Financial Statements, Trust Funds, Revenue, Expenditure, Dunedin