✨ Financial Statements
11 JULY 2011 NEW ZEALAND GAZETTE, No. 101 2917
Otago Community Trust
Notes to the financial statements
in New Zealand Dollars ($000’s)
15 Net cash and cash equivalents
| Group | Parent | |||
|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | |
| Bank balances | 135 | 199 | 132 | 156 |
| Call and Term deposits | 2,422 | 5,602 | 2,422 | 5,602 |
| Cash and cash equivalents | 2,557 | 5,801 | 2,554 | 5,758 |
| Cash and cash equivalents in the statement of cash flows | 2,557 | 5,801 | 2,554 | 5,758 |
The effective interest rate on call deposits in 2011 ranged from 2.0% - 2.5% (2009: 2.25% - 2.5%), term deposits 4.25% - 5.1%, with terms ranging from 90 – 180 days.
16 Trust funds
| Note | Trust Capital | Capital Maintenance Reserve | Uncommitted Surplus | Total |
|---|---|---|---|---|
| Balance at 1 April 2009 | 131,467 | 51,053 | (21,237) | 161,283 |
| Total recognised income and expense | - | - | 35,647 | 35,647 |
| Reserves transfers | - | 3,860 | (3,860) | - |
| Donations paid from trust equity | - | - | (4,499) | (4,499) |
| Balance at 31 March 2010 | 131,467 | 54,913 | 6,051 | 192,431 |
| Balance at 1 April 2010 | 131,467 | 54,913 | 6,051 | 192,431 |
| Total recognised income and expense | - | - | 15,445 | 15,445 |
| Reserves transfers | - | 8,290 | (8,290) | - |
| Donations paid from trust equity | - | - | (6,045) | (6,045) |
| Balance at 31 March 2011 | 131,467 | 63,203 | 7,161 | 201,831 |
Trust Capital
Trust capital represents the realised value of its original asset, being shares in Trust Bank.
Capital Maintenance Reserve
The Capital Maintenance Reserve represents the additional amount necessary to preserve the real value of the capital allowing for inflation as measured by the Consumers’ Price Index (CPI).
Uncommitted Surplus
Uncommitted surplus represents funds not allocated to the Capital Maintenance Reserve and as such form part of the Trust Fund. Like the Capital Maintenance Reserve, balances in Uncommitted Surplus are used to provide a stable flow of grants to the community during times of adverse investment earnings.
Capital Management
The Trust’s policy is to maintain a strong capital base so as to sustain future development of the Trust.
The Trust is not subject to any externally imposed capital requirements.
The Trust’s policies in respect of capital management and allocation are reviewed regularly by the Trustees.
There have been no material changes in the Trust’s management of capital during the period.
17 Trade and other payables
| Group | Parent | |||
|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | |
| Donations payable | 3,937 | 6,615 | 3,937 | 6,615 |
| Other trade payables | 157 | 89 | 143 | 89 |
| Total | 4,094 | 6,704 | 4,080 | 6,704 |
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NZ Gazette 2011, No 101
✨ LLM interpretation of page content
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Otago Community Trust Financial Statements for 2011
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Investment Property, Other Investments, Taxation, Income Tax Act 2007