✨ Financial Statements
14 AUGUST 2008 NEW ZEALAND GAZETTE, No. 127 3323
From table 2 the long term expected return for the trust’s portfolio was 7.3% per annum and there was approximately a 68% probability that the return in any one year would be within the range of 0.5% to 14.1%.
As at 31 March 2007, the trust’s Portfolio had NZ$142.8m under management. Assuming the long-term return distribution approximates the short-term return distribution, then for the year 31 March 2007 to 31 March 2008, there is approximately a 68% probability that the trust’s revenue profit from investment activities will lie in the range of $0.7m to $20.1m, with an expected value of $10.4m.
Classification and Fair Values
All financial assets (including investments, loans, trade receivables and cash) are recognised at fair value.
All investments are designated at fair value. Loans and trade receivables are designated as loans and receivables.
Estimation of Fair Value
The methods used in determining the fair values of financial instruments are discussed in note 4.
14. Operating Leases
Leases as lessee
Non-cancellable operating lease rentals are payable as follows:
| 2008 | 2007 | |
|---|---|---|
| Less than one year | 66 | 62 |
| Between one and five years | 232 | 277 |
Lease is for a 6-year term, with 2 rights of renewal for 3 years each.
15. Reconciliation of the Profit for the Period With the Net Cash From Operating Activities
| 2008 | 2007 | |
|---|---|---|
| Profit for the period | (7,082) | 11,786 |
| Adjustments for: | ||
| Depreciation | 19 | 16 |
| Loss on disposal of property, plant and equipment | 1 | – |
| Capital grants | (4,135) | (3,710) |
| Accrued income included on investments | 8,604 | (6,460) |
| Change in trade and other receivables | – | 4 |
| Change in trade and other payables | 39 | (1,032) |
| Net cash from operating activities | (2,555) | 605 |
16. Related Parties
There were no related transactions for the year ended 31 March 2008.
17. Subsequent Event
There are no subsequent events at 31 March 2008.
18. Explanation of Transition to NZ IFRS
As stated in note 1(a), these are the trust’s first financial statements for the year ended 31 March 2008, the comparative information presented in these financial statements for the year ended 31 March 2007 and in the preparation of an opening NZ IFRS balance sheet at 1 April 2006 (the trust’s date of transition).
In preparing its opening NZ IFRS balance sheet, the trust has adjusted amounts reported previously in financial statements prepared in accordance with its old basis of accounting (previously GAAP). An explanation of how the transition from previous GAAP to NZ IFRS has affected the trust’s financial position, financial performance and cash flows is set out in the following tables and the notes that accompany the tables.
In addition, the trust has changed its accounting policies in a number of areas. In accordance with NZ IFRS, the changes in accounting policies have been made retrospectively and therefore adjustments have been made to the trust’s opening balance sheet.
Reconciliation of Equity
| Group | Note | Previous GAAP | Effect of transition | NZ IFRS | Previous GAAP | Effect of transition | NZ IFRS |
|---|---|---|---|---|---|---|---|
| $000 | $000 | $000 | $000 | $000 | $000 | ||
| 1 Apr 06 | 31 Mar 07 | ||||||
| Assets: | |||||||
| Property, plant and equipment | 58 | – | 58 | 55 | – | 55 | |
| Investments including derivatives | 135,527 | – | 135,527 | 142,717 | – | 142,717 | |
| Loans | (c) | 557 | (133) | 424 | 291 | (73) | 218 |
| Total non-current assets | 136,142 | – | 136,009 | 143,063 | – | 142,990 | |
| Loans | 430 | (103) | 327 | 408 | (102) | 306 | |
| Trade receivables | 4 | – | 4 | – | – | 0 | |
| Cash and cash equivalents | 678 | – | 678 | 766 | – | 766 | |
| Total current assets | 1,112 | – | 1,009 | 1,174 | – | 1,072 | |
| Total assets | 137,254 | – | 137,018 | 144,237 | – | 144,062 |
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NZ Gazette 2008, No 127
✨ LLM interpretation of page content
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Bay of Plenty Community Trust Incorporated Financial Statements
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💰 Finance & RevenueAccounting Policies, Financial Instruments, Derivatives, Property Plant and Equipment, Depreciation, Impairment, Revenue Recognition, Reserves Transfers, Income Fluctuation, Inflation, Population Growth, Credit Risk, Liquidity Risk, Market Risk, Foreign Currency Risk, Interest Rate Risk, Capital Management, Sensitivity Analysis, Asset Allocation, Expected Return, Standard Deviation, Operating Leases, Reconciliation of Profit, Related Parties, Subsequent Events, Transition to NZ IFRS