New Zealand Gazette – 2011 – No. 116

Page 3236

✨ Financial Statements

Financial Statements

Notes to the financial statements (In New Zealand Dollars ($000’s)

4 Determination of fair values Cont’d

(c) Trade and other receivables

The fair value of trade and other receivables, excluding construction work in progress, is estimated as the present value of future cash flows, discounted at the market rate of interest at the reporting date.

(d) Derivatives

The fair value of forward exchange contracts is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds).

The fair value of interest rate swaps is based on broker quotes. Those quotes are tested for reasonableness by discounting estimated future cash flows based on the terms and maturity of each contract and using market interest rates for a similar instrument at the measurement date.

5 Revenue

	Group 2011	Group 2010
Rents received	861	1,000
Dividends received	2,987	3,831
Interest received	12,323	14,287
Change in fair value of investments	12,925	42,870
Total revenue	29,096	61,988

6 Other income

	Group 2011	Group 2010
Change in fair value of investment property	(889)	(1,530)
Rent received from investment property	2,643	2,405
Total other income	1,754	875

7 Investment fees

	Group 2011	Group 2010
Fund manager funds	852	702
Custodial fees	175	219
Advisory fees	257	244
Total investment fees	1,284	1,165

8 Other expenses

	Group 2011	Group 2010
Advertising public relations, distribution and other costs	449	267
Computer costs	150	67
Depreciation	147	133
Depreciation recovered (Refer to note 10)	(613)	-
Professional fees	126	187

Gazette.govt.nz — NZ Gazette 2011, No 116

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✨ LLM interpretation of page content

💰 Canterbury Community Trust Financial Statements (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Accounting Policies, Charitable Trust, Canterbury

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