✨ Financial Statements Notes
Otago Community Trust
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 | |||
|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | |
| Less than one year | 3 | 3 | 3 | 3 |
| Between one and five years | 3 | 6 | 3 | 6 |
| More than five years | - | - | - | - |
Leases as lessor
The Trust leases out its investment property held under operating leases. The future minimum lease payments under non-cancellable are as follows:
| Group | Parent | |||
|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | |
| Less than one year | 59 | 99 | - | - |
| Between one and five years | 4 | 63 | - | - |
| More than five years | - | - | - | - |
During the year ended 31 March 2011, $118,000 was recognised as being rental income in the income statement (2010: $122,000). Repairs and maintenance expense, recognised in occupancy costs, was $81,202 (2010: $7,996).
21 Capital commitments
The Trust has a capital commitment of $9,000 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 ten 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 $2.27 million with scheduled delivery to be April 2011. (2010: $48,000).
22 Contingencies
The Trust had no contingent liabilities as at balance date (2010: Nil).
23 Reconciliation of the profit for the period with the net cash from operating activities
| Group | Parent | |||
|---|---|---|---|---|
| Note | 2011 | 2010 | 2011 | |
| Surplus/(Deficit) | 15,445 | 35,647 | 15,514 | |
| Adjustments for: | ||||
| Depreciation | 6 | 5 | 6 | |
| Change in fair value of investment property | 50 | 10 | - | - |
| Interest on Subsidiary Advance | - | - | (49) | |
| Change in fair value of managed funds | (16,218) | (36,540) | (16,218) | (36,540) |
| Income tax expense | (13) | 6 | - | |
| Change in trade and other receivables | (22) | 1 | (13) | (76) |
| Change in trade and other payables | 56 | 8 | 54 | 11 |
| Net cash from operating activities | (696) | (863) | (706) | (961) |
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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 Instruments, Credit Risk, Investment Management, Financial Assets, Financial Liabilities