New Zealand Gazette – 2010 – No. 98

Page 2586

✨ Financial Statements Notes

2586 NEW ZEALAND GAZETTE, No. 98 10 AUGUST 2010

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2010 (Continued)

(iii) General Reserve
The Trustees intend to compile a minimum General Reserve equivalent to 5% of the Initial Capital Fund and Inflation Reserve. The General Reserve is intended to enable the Trustees to continue with distributions should the Trust incur a deficit in a particular income year.

Financial Instruments

Fair Values
Investments are stated at estimated market value at balance date. Interest accrued, Sundry Debtors, Sundry Creditors, Term Loans and donations approved, not yet paid, are stated at the amounts expected to be received or paid.

Accordingly, the Trustees consider that the fair value of each class of financial assets and financial liabilities is the same as the carrying value in the Statement of Financial Position.

Credit Risk
59% 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:

	2010	2009
Debtors	52,786	41,718
GST Refund Due	3,799	1,512
Managed Fund Equities	17,587,604	13,247,237
Total	17,644,189	13,290,467

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.

Gazette.govt.nz — NZ Gazette 2010, No 98

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✨ LLM interpretation of page content

🏢 Notes to the Financial Statements for The Community Trust of Mid & South Canterbury Inc. (continued from previous page)

Domain🏢 State Enterprises & Insurance
KeywordsFinancial Statements, General Reserve, Financial Instruments, Fair Values, Credit Risk, Currency Risk, Debt Investments, Managed Funds

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