✨ Financial Statements
2146 NEW ZEALAND GAZETTE, No. 96 1 JULY 2009
During the year ended 31 March 2009, $49,555 was recognised as an expense in the income statement in respect of operating leases ($47,592 - 2008).
Contingencies
There are no contingent liabilities or contingent assets at balance date (nil -2008).
13. RELATED PARTY TRANSACTIONS
There have been no related party transactions during the year.
Trustees update their personal register of interests at each Trust Meeting. A folder containing each Trustee’s register of interests is readily available to members of the public.
In addition, a record of all declarations of interests with any donation application is maintained and is also included in the Trustees’ register of interest folder. Trustees abstain from decisions regarding donations to entities in which they have an interest.
Key management personnel include the Trustees and Trust Manager. Remuneration for key management personnel was $296,184 ($276,229 - 2008).
14. FINANCIAL INSTRUMENTS
The Trust has the following financial assets and liabilities:
| 2009 | 2008 | |
|---|---|---|
| Financial Assets | $ | $ |
| Cash at Bank | 5,362,386 | 7,278,079 |
| Accrued Income | 47,723 | 145,217 |
| Financial Assets held for trading consisting of: | ||
| NZ/Australian Equities | 6,983,416 | 9,479,262 |
| NZ Bonds | 57,180,191 | 55,803,015 |
| Off Shore Equities | 48,102,519 | 63,334,393 |
| Total | 117,676,235 | 136,039,966 |
| 2009 | 2008 | |
|---|---|---|
| Financial Liabilities | $ | $ |
| Accounts Payable & Employee Entitlements | 187,935 | 246,827 |
| Currency Hedging Contracts | 113,891 | - |
| Donations Payable | 1,620,750 | 2,045,500 |
| Total | 1,922,576 | 2,292,327 |
Risks arising for the Trust’s financial assets and liabilities are inherent in the nature of the Trust’s activities, and are managed through an ongoing process of identification, measurement and monitoring. The Trust is exposed to credit risk, liquidity risk and market risk (including currency, interest rate and pricing risks).
The Trust’s income is generated from its financial assets. Liabilities which arise from its operations are met from cash flows provided by these assets.
Information regarding the fair value of assets and liabilities exposed to risk is regularly reported to the Trust’s management, the Trust’s Executive sub-Committee and ultimately the Board of Trustees. The Investment Portfolio is rebalanced, as necessary, to ensure that the asset classes remain within the strategic asset allocation ranges as set out in the Trust’s Statement of Investment Policy and Objectives (SIPO). The Trustees regularly review the Trust’s SIPO.
The SIPO sets out the Trust’s primary investment objectives. These can be summarised as to:
- ensure that the investment fund is invested prudently;
- provide inter-generational equity with regard to distribution levels over time;
- ensure money is available for distribution, as required, to meet the needs and distribution policies of the Trust;
- maintain the value of the investment fund’s capital base in real terms (CPI);
- maximise the funds available for distribution.
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NZ Gazette 2009, No 96
✨ LLM interpretation of page content
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Contingent Liabilities & Commitments
(continued from previous page)
💰 Finance & RevenueContingent liabilities, Commitments, Lease commitments
💰 Related Party Transactions
💰 Finance & RevenueRelated party transactions, Trustees, Register of interests
💰 Financial Instruments
💰 Finance & RevenueFinancial assets, Financial liabilities, Cash at bank, Accrued income, Equities, Bonds, Accounts payable, Employee entitlements, Currency hedging, Donations payable