✨ Financial Statements Notes
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2009 (Continued)
Credit Risk
58% of the assets of the Trust are represented by debt investments and Current Account balances with Westpac Bank and through Managed Funds. The Trustees consider the risk of non-recovery of these investments at balance date to be within satisfactory guidelines.
The maximum exposure to credit risk of other financial instruments are:
| 2009 $ | 2008 $ | |
|---|---|---|
| Debtors | 41,718 | 58,112 |
| GST Refund Due | 1,512 | 3,665 |
| Managed Fund Equities | 13,247,237 | 17,680,346 |
| Total | 13,290,467 | 17,742,123 |
Currency Risk
The Trust is party, through its Managed Funds, to financial instruments with off Balance Sheet risk to reduce exposure to fluctuations in foreign currency exchange rates. Forward exchange contracts are entered into to hedge foreign currency transactions.
The Trust is also party through its Managed Funds, to financial instruments with off Balance Sheet risk to reduce exposure to fluctuations in foreign currency interest rates. Future contracts are entered into to hedge foreign currency fixed interest transactions.
Interest Rate Risk
The following investments of the Trust are sensitive to changes in interest rate: Bank Call Accounts and Term Deposits, and various Managed Fund investments.
A full list of all distributions of income by way of donations for the year ended 31 March 2009 is available from the trust’s office on request at 27 Strathallan Street, PO Box 983, Timaru, or email msccomtrust@xtra.co.nz.
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NZ Gazette 2009, No 132
✨ LLM interpretation of page content
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Notes to the Financial Statements for the Year Ended 31 March 2009
(continued from previous page)
💰 Finance & RevenueCredit Risk, Currency Risk, Interest Rate Risk, Financial Instruments, Managed Funds