✨ Financial Statements and Notes
2 AUGUST 2007 NEW ZEALAND GAZETTE, No. 87 2279
Art and artefacts:
| 2007 | 2006 | |
|---|---|---|
| Opening cost | 629 | 543 |
| Add additions/(disposals) | 85 | 86 |
| Closing cost | 714 | 629 |
| Opening depreciation | – | – |
| Depreciation expense | – | – |
| Closing depreciation | – | – |
| Net book value | 714 | 629 |
Buildings:
| 2007 | 2006 | |
|---|---|---|
| Opening cost | 973 | 969 |
| Add additions/(disposals) | – | 4 |
| Closing cost | 973 | 973 |
| Opening depreciation | 239 | 204 |
| Depreciation expense | 33 | 35 |
| Closing depreciation | 272 | 239 |
| Net book value | 701 | 734 |
Land:
| 2007 | 2006 | |
|---|---|---|
| Opening cost | 841 | 841 |
| Add additions/(disposals) | – | – |
| Net book value | 841 | 841 |
Total property, plant and equipment | 2,365 | 2,299 |
11. Capital Commitments and Contingent Liabilities
Commitments of $3,874,250 (2006 – $1,000,000) exist for donations that have been approved in the current or previous years subject to the fulfilment of certain conditions in future years. These donations, which will be distributed from either capital or future income sources, have not been recorded in either the statement of financial performance or statement of financial position.
Subject to fulfilment of the conditions, the commitments payable in 2007/2008 are $1,309,250, 2008/2009 are $1,305,000 and 2009/2010 are $1,260,000.
There are no other capital commitments or contingent liabilities at balance date (2006 – Nil).
| 2007 | 2006 | |
|---|---|---|
| $'000 | $'000 |
12. Cash Flow Reconciliation
| Net surplus/(deficit) | 10,817 | 21,445 |
| Adjust for non-cash items: | |
| Depreciation and loss on sale | 88 | 74 |
| Unrealised gain | (5,711)| (13,845)|
| | (5,623)| (13,771)|
Impact of changes in working capital items:
| (Increase)/decrease in accounts receivable | 24 | (63) |
| Increase/(decrease) in accounts payable | 32 | (24) |
| Increase/(decrease) in donations payable | 712 | 299 |
| | 768 | 212 |
| Net cash inflow from operating activities | 5,962 | 7,886 |
13. Financial Instruments
The trust uses the services of an investment adviser to pursue an investment policy considered appropriate for the trust. The current policy is to achieve a long-term asset allocation of:
| % | |
|---|---|
| New Zealand equities | 7.50 |
| New Zealand fixed interest | 25.00 |
| New Zealand cash | 12.50 |
| Global fixed interest (fully hedged) | 27.50 |
| Global equities (fully hedged) | 27.50 |
| 100.00 |
The following financial assets have been recognised in the financial statements of the trust.
| 2007 | 2005 | |
|---|---|---|
| $'000 | $'000 | |
| Investments | 247,894 | 236,108 |
| 247,894 | 236,108 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2007, No 87
Gazette.govt.nz —
NZ Gazette 2007, No 87
✨ LLM interpretation of page content
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Notes to and Forming Part of the Consolidated Financial Statements for the Year Ended 31 March 2007
(continued from previous page)
🏢 State Enterprises & InsuranceAccounting policies, Financial statements, Trust funds, Investment fluctuation reserve, Donation reserve