✨ Financial Statements Notes
2344 NEW ZEALAND GAZETTE, No. 87 21 JULY 2010
EASTERN AND CENTRAL COMMUNITY TRUST INC
forward exchange contracts are not treated as hedges for accounting purposes. All contracts are with the Bank of New Zealand which has a Standard and Poor’s Rating of AA.
The following table details the three-month forward foreign currency contracts outstanding as at 31st March 2010:
| Currencies | Buy Amount NZ$ | Deal Rate 9 February 2010 | Valuation Rate 31 March 2010 | Gain/(Loss) NZ$ |
|---|---|---|---|---|
| Australian Dollars | 23,200,000 | 0.7947 | 0.7767 | (536,269) |
| Euros | 8,300,000 | 0.4975 | 0.5285 | 486,312 |
| British Pounds | 2,000,000 | 0.4359 | 0.4701 | 144,807 |
| Japanese Yen | 3,100,000 | 60.515 | 66.080 | 260,309 |
| US Dollars | 10,800,000 | 0.6783 | 0.7082 | 454,103 |
| TOTAL | 47,400,000 | 809,262 |
The following table details the three-month forward foreign currency contracts outstanding as at 31st March 2009:
| Currencies | Buy Amount NZ$ | Deal Rate 12 January 2009 | Valuation Rate 31 March 2009 | Gain/(Loss) NZ$ |
|---|---|---|---|---|
| Australian Dollars | 2,500,000 | 0.8396 | 0.8256 | (42,363) |
| Euros | 4,500,000 | 0.4338 | 0.4285 | (54,824) |
| British Pounds | 1,000,000 | 0.3853 | 0.3968 | 28,926 |
| Japanese Yen | 2,000,000 | 52.534 | 55.736 | 114,756 |
| US Dollars | 6,500,000 | 0.5820 | 0.5680 | (160,386) |
| TOTAL | 16,500,000 | (113,891) |
Liquidity Risk
Liquidity risk is the risk that the Trust will encounter difficulties in meeting the obligations associated with its financial liabilities. This risk is managed through the Trust’s investment in a diversified portfolio of financial assets.
The Trust’s investment portfolio during the year under review consisted of only listed securities which under normal market conditions are readily convertible to cash. In addition the Trust maintains sufficient cash and cash equivalents to meet normal operating requirements, as well as the timing of the commitments below.
The Trust’s financial liabilities comprise trade and other payables, and committed but unpaid donations.
At balance date all trade and other payables were current, and are normally settled on the 20th of the month following invoice date.
Committed but unpaid donations are held as current liabilities pending the satisfaction of conditions under which the donations were made. At balance date committed but unpaid donations totalled $1,904,930 ($1,620,750 – 2009).
These committed and unpaid donations had the following profile:
| Financial Year Approved | Number of Grants Outstanding | Value |
|---|---|---|
| 2009 | 7 | 425,000 |
| 2010 | 115 | 1,479,930 |
| Total | 122 | 1,904,930 |
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NZ Gazette 2010, No 87
✨ LLM interpretation of page content
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Notes to the Financial Statements of Eastern and Central Community Trust Incorporated
(continued from previous page)
💰 Finance & Revenue21 July 2010
Financial statements, Community Trusts Act 1999, Eastern and Central Community Trust, NZ GAAP, NZ IFRS, Operating leases, Contingencies, Related party transactions, Financial instruments