✨ Financial Statements
3434 NEW ZEALAND GAZETTE, No. 131 21 AUGUST 2008
This calculation has been performed by determining which of the Group’s financial assets are impacted by market interest rates, as opposed to those with fixed interest rates or variable interest rates where the interest rate risk is managed by way of interest rate swap derivatives. The returns on the investments are then recalculated under a scenario where interest rates are one percentage point higher.
It is estimated that a general increase of one percentage point in the value of the New Zealand dollar against other foreign currencies would have decreased the Group’s profit before income tax by approximately $850,000 for the year ended 31 March 2008 (2007 – $900,000). The forward exchange contracts have been included in this calculation.
This calculation is performed by firstly determining which financial assets are denominated in an overseas currency and where the exchange rate risk is not managed by way of foreign exchange contracts. A calculation is then performed to simulate the impact of a one percentage increase in the value of the New Zealand dollar.
Estimation of fair value
The methods used in determining the fair values of financial instruments are discussed in Note 4.
- Operating Leases
Leases as lessee
Non-cancellable operating lease rentals are payable as follows:
| Group | |
|---|---|
| 2008 | |
| Less than one year | 6 |
| Between one and five years | – |
| More than five years | – |
| Total | 6 |
Leases as lessor
The Group leases out its investment property held under operating leases (see Note 11). The future minimum lease payments under non-cancellable are as follows:
| Group | |
|---|---|
| 2008 | |
| Less than one year | 1,632 |
| Between one and five years | 2,751 |
| More than five years | 1,567 |
| Total | 5,950 |
- Reconciliation of the Profit for the Period with the Net Cash from Operating Activities
| Note | Group |
|---|---|
| 2008 | |
| Profit/(loss) for the year | (4,287) |
| Adjustments for: | |
| Depreciation | 77 |
| Change in fair value of investment property | 11 |
| Managed funds income (gains)/losses | 37,725 |
| Change in trade and other receivables | 216 |
| Change in trade and other payables | (66) |
| Net cash from operating activities | 32,588 |
- Related Parties
Transaction with key management personnel
Key management personnel compensation
Key management personnel compensation comprised:
| Group | |
|---|---|
| 2008 | |
| Salaries and trustee fees | 298 |
- Group Entities
Significant subsidiaries
| Subsidiary | Country of ownership incorporation | Interest (%) |
|---|---|---|
| Group 2008 | ||
| Canterbury Trust House Limited | New Zealand | 100% |
| Canterbury Trust Charities Limited | New Zealand | 100% |
| Canterbury Direct Investments Limited | New Zealand | 100% |
| Amateur Game or Sport Promoter Limited | New Zealand | 100% |
| District Improvement Organisation | New Zealand | 100% |
At balance date, the trust had capital commitments of $8.422 million (2006 – $9.44 million).
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NZ Gazette 2008, No 131
✨ LLM interpretation of page content
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Canterbury Community Trust Financial Statements for the Year Ended 31 March 2008
(continued from previous page)
🏢 State Enterprises & Insurance28 July 2008
Financial Statements, Trust, Charity, Canterbury, Community Benefits, Revenue, Liabilities, Income Statement, Cash Flows, Accounting Policies, Credit Risk, Liquidity Risk, Market Risk, Foreign Currency Risk, Interest Rate Risk