✨ Community Trust Financial Statements
2576 NEW ZEALAND GAZETTE, No. 91 4 JULY 2011
EASTERN AND CENTRAL COMMUNITY TRUST INC
July 2010 the rent was market assessed but was limited to a 20% increase over the rent set in 2008. During the year ended 31 March 2011, $58,410 was recognised as an expense in the statement of comprehensive income in respect of operating leases ($50,209 - 2010).
Contingencies
There are no contingent liabilities or contingent assets at balance date (nil - 2010).
13. RELATED PARTY TRANSACTIONS
There has been one related party transaction during the year. Two trustees attended a three-day course held at Massey University entitled “Governance for the 21st Century”. Trustee Dr Bev Edlin was one of the paid presenters of the course.
Trustees update their personal register of interests at each Trust Meeting. A folder containing each Trustee’s register of interests is readily available to members of the public.
In addition, a record of all declarations of interests with any donation application is maintained and is also included in the Trustees’ register of interest folder. Trustees abstain from decisions regarding donations to entities in which they have an interest.
Key management personnel include the Trustees and Trust Manager. Short term benefits paid to key management personnel were $289,810 ($277,681 - 2010).
14. FINANCIAL INSTRUMENTS
The Trust has the following financial assets and liabilities which are shown at their fair value:
| 2011 | 2010 | |
|---|---|---|
| Financial Assets | $ | $ |
| Cash at Bank | 6,870,766 | 7,378,847 |
| Prepayment | 84,148 | 46,484 |
| Derivatives | - | 809,262 |
| Accrued Income | 91,811 | 167,368 |
| Financial Assets held for trading consisting of: | ||
| NZ Equities | 9,761,428 | 9,138,233 |
| NZ Bonds | 51,889,769 | 50,308,893 |
| Off Shore Equities | 65,996,649 | 63,071,377 |
| Off Shore Bonds | 13,052,231 | 10,970,229 |
| 147,746,802 | 141,890,693 | |
| Financial Liabilities | ||
| Accounts Payable & Employee Entitlements | 261,018 | 224,480 |
| Derivatives | 1,592,901 | - |
| Donations Payable | 1,318,130 | 1,904,930 |
| 3,172,049 | 2,129,410 |
Risks arising for the Trust’s financial assets and liabilities are inherent in the nature of the Trust’s activities, and are managed through an ongoing process of identification, measurement and monitoring. The Trust is exposed to credit risk, liquidity risk and market risk (including currency, interest rate and pricing risks).
The Trust’s income is generated from its financial assets. Liabilities which arise from its operations are met from cash flows provided by these assets.
Information regarding the fair value of assets and liabilities exposed to risk is regularly reported to the Trust’s management, the Trust’s Executive Committee and ultimately the Board of Trustees. The Investment Portfolio is rebalanced, as necessary, to ensure that the asset classes remain within the strategic asset allocation ranges as set out in the Trust’s Statement of Investment Policies and Objectives (SIPO). The Trustees regularly review the Trust’s SIPO.
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NZ Gazette 2011, No 91
✨ LLM interpretation of page content
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Eastern and Central Community Trust Financial Statements
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💰 Finance & RevenueFinancial Statements, Community Trusts, Eastern and Central, Revenue, Expenses, Profit, Investments, Bonds, Equities, Plant & Equipment, Cash, Donations, Reconciliation, Surplus, Cash Flows, Contingent Liabilities, Commitments, Lease, Financial Instruments, Risks, Credit Risk, Liquidity Risk, Market Risk, Currency Risk, Interest Rate Risk, Pricing Risks, Fair Value, Asset Allocation, Statement of Investment Policies and Objectives, SIPO
- Bev Edlin (Doctor), Paid presenter of a governance course