✨ Financial Statements
2340 NEW ZEALAND GAZETTE, No. 87 21 JULY 2010
EASTERN AND CENTRAL COMMUNITY TRUST INC
9. CASH AND CASH EQUIVALENTS
| 2010 $ | 2009 $ | |
|---|---|---|
| Current accounts | 6,156 | 8,690 |
| Call account | 872,628 | 1,353,444 |
| Petty cash | 63 | 252 |
| Short term deposits | 6,500,000 | 4,000,000 |
| Total cash | 7,378,847 | 5,362,386 |
10. DONATIONS
| 2010 $ | 2009 $ | |
|---|---|---|
| Standard donations | 1,720,590 | 1,607,209 |
| Special donations | 3,901,000 | 4,331,500 |
| Total community donations | 5,621,590 | 5,938,709 |
Less donations written back | 371,750 | 223,007 |
| Net community donations | 5,249,840 | 5,715,702 |
Total of donations payable at year end was $1,904,930 ($1,620,750 - 2009). Included in donations payable was $1,348,400 ($1,082,200 - 2009) of donations, which are subject to the applicants fulfilling certain conditions.
11. RECONCILIATION OF NET SURPLUS WITH OPERATING CASH FLOWS
| 2010 $ | 2009 $ | |
|---|---|---|
| Net gain/(deficit) for the period | 24,004,274 | (17,998,496) |
| Adjust for non-cash items: | ||
| Unrealised loss/(gain) on investments | (19,842,020) | 18,925,110 |
| Depreciation | 10,607 | 13,700 |
| Movements in net current assets: | ||
| Accrued income | (119,645) | 97,495 |
| Current liabilities excluding donations | (77,347) | 55,000 |
| Donations Payable | 284,180 | (424,750) |
| Recognition of realised gains in investing activities | (876,868) | (506,740) |
| Net operating cash flows | 3,383,182 | 161,319 |
12. CONTINGENT LIABILITIES & COMMITMENTS
Commitments
At year end the Trust had entered into an agreement with 10 other Community Trusts to contribute to the cost of new software. It is expected that the Trust will pay approximately $110,000 during the next financial year towards this. There are no other capital commitments (nil – 2009).
Lease commitments
| 2010 $ | 2009 $ | |
|---|---|---|
| Less than 1 year | 50,209 | 50,209 |
| 1 – 5 years | 200,836 | 200,836 |
| Over 5 years | 62,781 | 112,970 |
| Total | 313,806 | 364,015 |
The lease on the present Westerman’s premises commenced on 1st July 2004 and expires on 30th June 2016. The rent payable has been reviewed at the conclusion of the second and fourth years and the rental was adjusted in accordance to any increase in the consumer price index.
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NZ Gazette 2010, No 87
✨ LLM interpretation of page content
💰
Notes to the Financial Statements of Eastern and Central Community Trust Incorporated
(continued from previous page)
💰 Finance & Revenue28 May 2010
Financial statements, Community Trusts Act 1999, Eastern and Central Community Trust, NZ GAAP, NZ IFRS