✨ Financial Statements
21 AUGUST 2009 NEW ZEALAND GAZETTE, No. 125 2897
- RECONCILIATION OF REPORTED SURPLUS TO NET CASH FLOW FROM OPERATING ACTIVITIES
| 2009 | 2008 | |
|---|---|---|
| $000 | $000 | |
| Reported (deficit) surplus | (232,352) | (41,759) |
Add: Non-cash items
Depreciation | 79 | 116 |
Movements in working capital items:
Increase (decrease) in Accounts Payable | 97 | (194) |
Decrease (increase) in Accounts Receivable | (290) | (25) |
Increase (decrease) in Outstanding Grants Payable| (15,329) | 12,046 |
| (15,522) | 11,827 |
Investment income reinvested | 201,314 | (16,873) |
Net cash outflow from operating activities | (46,481) | (46,689) |
- CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES
Other than committed grants, the Trust has no other material capital commitments or contingent liabilities.
- CONFLICTS OF INTEREST
During the year Trustees and staff were required to declare either a direct or indirect conflict of interest in a matter being considered by the Trust. A register of interests is maintained by the Trust.
At the commencement of a meeting, Trustees are asked to disclose any interest in the upcoming business. A Trustee who has an interest in any matter before the meeting must not be counted in the quorum present at the meeting, not vote in respect of the matter, and absent him/herself from discussion or consideration of the matter. If, because of the number of Trustees who have an interest in the matter the meeting would fail for want of a quorum and it is a meeting of a Committee of Trustees, the matter is referred to a meeting of the Board of Trustees. If a meeting of the Board of Trustees would fail for want of a quorum because of the number of Trustees with an interest in the matter under consideration, then those Trustees who have the interest must sign a certificate for entry in the minutes certifying that the matter is in the best interest of the Trust and cause details of the matter and the nature of the Trustee’s interest to be included in the next financial statements of the Trust.
At their meeting on 15 December 2008 the Trustees resolved to effect Trustee Liability Insurance for the sum of $2 million at a premium cost of $10,600.00.
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NZ Gazette 2009, No 125
✨ LLM interpretation of page content
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Pricing Risk Analysis
(continued from previous page)
🏢 State Enterprises & InsurancePricing Risk, Financial Assets, Market Prices, Sensitivity Analysis, Investment Portfolio, Volatility
💰 Reconciliation of Reported Surplus to Net Cash Flow from Operating Activities
💰 Finance & RevenueFinancial Statements, Cash Flow, Operating Activities, Surplus, Deficit
💰 Capital Commitments and Contingent Liabilities
💰 Finance & RevenueCapital Commitments, Contingent Liabilities, Grants
🏛️ Conflicts of Interest
🏛️ Governance & Central AdministrationConflicts of Interest, Trustees, Disclosure, Insurance