✨ Financial Statements Notes
2772 NEW ZEALAND GAZETTE, No. 103 17 AUGUST 2010
Notes to the financial statements
in New Zealand Dollars ($000's)
20 Operating leases
Leases as lessee
Non-cancellable operating lease rentals are payable as follows:
| Group | Parent | |||
|---|---|---|---|---|
| 2010 | 2009 | 2010 | 2009 | |
| Less than one year | 3 | - | 3 | - |
| Between one and five years | 6 | - | 6 | - |
| More than five years | - | - | - | - |
Leases as lessor
The Group leases out its investment property held under operating leases. The future minimum lease payments under non-cancellable are as follows:
| Group | Parent | |||
|---|---|---|---|---|
| 2010 | 2009 | 2010 | 2009 | |
| Less than one year | 99 | 99 | - | - |
| Between one and five years | 63 | 158 | - | - |
| More than five years | - | - | - | - |
During the year ended 31 March 2010, $122,000 was recognised as being rental income in the income statement (2009: $115,000). Repairs and maintenance expense, recognised in occupancy costs, was $7,996 (2009: $6,451).
21 Capital commitments
The Trust has a capital commitment of $46,000 being the Trust's share towards building a new donations management system incorporating an integrated financial management system. This project is carried out in equal partnership with 11 other community trusts in New Zealand. The system would be shared between the participating community trusts and be hosted centrally. The total cost of the project is $1.6 million with scheduled delivery in 2010. (2009: 125,000).
22 Contingencies
The Trust had no contingent liabilities as at balance date (2009: Nil).
23 Reconciliation of the profit for the period with the net cash from operating activities
| Group | Parent | |||
|---|---|---|---|---|
| Note | 2010 | 2009 | 2010 | |
| Surplus/(Deficit) for the period | 35,649 | (16,761) | 35,640 |
Adjustments for:
| Depreciation | 5 | 5 | 5 | 4 | 5 |
| Change in fair value of investment property | 10 | - | - | - | - |
| Change in fair value of managed funds | | (36,540) | 15,530 | (36,540) | 15,530 |
| Income tax expense | | 4 | 10 | - | - |
| Change in trade and other receivables | 1 | - | 7 | (78) | (44) |
| Change in prepayments | | - | (2) | - | (2) |
| Change in trade and other payables | | 8 | (43) | 11 | (38) |
| Net cash from operating activities | | (863) | (1,254) | (961) | (1,332) |
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NZ Gazette 2010, No 103
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Notes to the financial statements
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💰 Finance & RevenueFinancial statements, Operating leases, Capital commitments, Contingencies, Reconciliation, Profit, Cash flow