✨ Financial Statements
14 AUGUST 2008 NEW ZEALAND GAZETTE, No. 127 3365
Swiss franc equivalents 2,384 2,279
United States dollar equivalents 32,239 34,141
66,775 69,724
New Zealand fixed interest and cash 11
Denominated in the following currency:
New Zealand dollars 85,004 90,186
85,004 90,186
New Zealand equities and cash 11
Denominated in the following currency:
New Zealand dollars 17,540 20,820
17,540 20,820
Global fixed interest 11
Denominated in the following currencies:
Australian dollar equivalents 3,084 1,881
Canadian dollar equivalents 1,802 1,549
Danish krona equivalents 256 221
Euro equivalents 23,908 19,152
Great Britain pound equivalents 9,130 4,095
Japanese yen equivalents 12,727 12,290
Poland zloty equivalents 128 111
South Korean dollar equivalents – 553
United States dollar equivalents 20,183 25,245
71,219 65,097
Forward Foreign Exchange Contracts
The trust manages its foreign exchange risk by using forward exchange contracts to cover 100% of its foreign currency exposures. Such forward exchange contracts have the economic effect of converting foreign currency denominated balances into New Zealand dollars. These forward exchange contracts are not treated as hedges for accounting purposes.
The following table details the forward foreign currency contracts outstanding at reporting date.
| Outstanding Contracts | Average Exchange Rate | Foreign Currency | Contract Value | Fair Value |
|---|---|---|---|---|
| 2008 | 2007 | 2008 | 2007 | |
| $’000 | $’000 | $’000 | ||
| Buy Canadian Dollars | ||||
| Less than 3 months | 0.7710 | 0.8135 | 2,391 | 2,085 |
| Buy Swiss Franc | ||||
| Less than 3 months | 0.7905 | 0.8474 | 1,962 | 2,034 |
| Buy Euro | ||||
| Less than 3 months | 0.5114 | 0.5257 | 7,059 | 7,187 |
| Buy Great British Pounds | ||||
| Less than 3 months | 0.3897 | 0.3591 | 2,954 | 2,945 |
| Buy Japanese Yen | ||||
| Less than 3 months | 78.5158 | 80.8792 | 578,924 | 690,767 |
| Buy US Dollars | ||||
| Less than 3 months | 0.7759 | 0.7020 | 26,512 | 25,103 |
| Sell Japanese Yen | ||||
| Less than 3 months | 76.8503 | 83.1233 | 44,685 | 39,676 |
| Sell Euro | ||||
| Less than 3 months | 0.4968 | – | 216 | – |
| Sell US Dollars | ||||
| Less than 3 months | 0.7929 | – | 714 | – |
| Sell Canadian Dollars | ||||
| Less than 3 months | 0.7971 | – | 66 | – |
| Sell Swiss Franc | ||||
| Less than 3 months | 0.7670 | – | 90 | – |
| Sell Great British Pounds | ||||
| Less than 3 months | 0.3926 | – | 111 | – |
70,894 72,678
(620) 2,067The trust has entered contracts to hedge their investments denominated in foreign currency.
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NZ Gazette 2008, No 127
✨ LLM interpretation of page content
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Notes To and Forming Part Of the Financial Statements for The Waikato Community Trust Incorporated
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💰 Finance & RevenueFinancial Assets, Property Plant and Equipment, Capital Commitments, Contingent Liabilities, Profit and Loss, Cash Flows, Financial Instruments, Risk Management