✨ Financial Statements Notes
4890 NEW ZEALAND GAZETTE, No. 172 9 NOVEMBER 2011
ASB COMMUNITY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2011
10. RECONCILIATION OF REPORTED SURPLUS TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Group | Trust | |||
|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | |
| $000 | $000 | $000 | $000 | |
| Reported surplus | 61,455 | 221,270 | 75,282 | 169,000 |
| Add: Non-cash items | ||||
| Depreciation | 50 | 67 | 50 | 67 |
| Loss on disposal of fixed assets | 39 | - | 39 | - |
| Unrealised loss on Foreign Exchange contract | - | 19 | - | 19 |
| Movements in working capital items: | ||||
| Increase (decrease) in Accounts Payable | 78 | (128) | 78 | (128) |
| Decrease (increase) in Accounts Receivable | (665) | (887) | (665) | (887) |
| Increase (decrease) in Outstanding Grants Payable | 1,296 | (23,253) | 552 | (44,428) |
| Increase (decrease) in Subsidiary Current Account | - | - | (13,083) | 73,445 |
| Net Cash inflows from Fund Managers | 42,883 | 16,974 | 42,883 | 16,974 |
| 43,592 | (7,294) | 29,765 | 44,976 |
| Investment income reinvested | (105,648) | (236,248)| (105,648) | (236,248)|
| Net cash outflow from operating activities | (512) | (22,186) | (512) | (22,186) |
11. OPERATING LEASE COMMITMENTS
The Trust has entered into a lease for premises at 8 College Hill, Auckland. The lease expires on 30 June 2011, with a right of renewal for a further three months. Lease rental commitments (incl Opex) to 30 June 2011 total $54,000 (2010: nil).
12. CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES
Other than committed grants for the group totalling $43 million (2010: $42 million) and capital commitments to the Allendale House Remedial Works $1.1 million (2010: nil), the Trust has no other material capital commitments.
The Trust has acted as the Project Leader for the Combined Community Trusts' database project. Project costs are shared by the participating Trusts on an agreed basis. The other participating Trusts have provided loans to the Trust to meet development and implementation costs. Once the project has been completed, ownership of the database, along with loans from the participating Trusts will be transferred to a Limited Partnership. The loans will be extinguished by way of calls on capital of the Limited Partnership.
During the 2011 financial year the Trust committed $5 million to a New Zealand based infrastructure fund. Of this sum $1.28 million had been drawn down. The Trust has a contingent liability for the remaining $3.72 million. Calls on the Trust's commitment will be made by the Fund Manager as further investments are made.
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NZ Gazette 2011, No 172
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ASB Community Trust Financial Statements Notes
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