New Zealand Gazette – 2011 – No. 94

Page 2770

✨ Financial Statements Notes

THE COMMUNITY TRUST OF WELLINGTON

Notes to the Financial Statements

For the Twelve Months Ended 31 March 2011

Credit Risk

Financial instruments which potentially expose the Trust to credit risk consist of cash and short term deposits, fixed interest securities and receivables and, indirectly, investments in unitised products which invest in cash and fixed interest investments. The maximum exposure to credit risk is the carrying value of these financial instruments:

	2011	2010
Cash	104,945	259,851
Short Term Deposits	2,422,001	2,432,945
Fixed Interest - Offshore	13,228,485	13,125,805

The significant counterparties of the Trust are its investment managers: OnePath (NZ) Ltd (formerly known as ING NZ Ltd), Tower Asset Management Ltd, and Mint Asset Management Ltd which the Trustees consider to be financial institutions of high quality. The investments are held in trust by the investment managers for the benefit of the Trust. The managers operate within the portfolio mix approved by the Trustees.

The credit risk on cash and short term deposits is limited because the counterparties are banks; BNZ and ASB, with high credit ratings assigned by international credit rating agencies.

Currency Risk

The Trust is indirectly exposed to currency risk in that future currency movements will affect the valuation of investments in unitised products which invest in foreign currency denominated investments. The Trust has no directly held investments denominated in a foreign currency.

Interest Rate Risk

The Trust is exposed to interest rate risk in that future interest rate movements will affect cash flows and net market values of fixed interest assets and, indirectly, the valuation of investments in unitised products which invest in cash and fixed interest investments.

Interest rate risk management activities are undertaken by the investment manager in accordance with the investment mandate set by the Trustees.

11. Contingent Liabilities

There are no contingent liabilities as at 31 March 2011 (2010: $Nil).

Gazette.govt.nz — NZ Gazette 2011, No 94

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✨ LLM interpretation of page content

💰 Notes to the Financial Statements of The Community Trust of Wellington (continued from previous page)

Domain💰 Finance & Revenue
Dated3 June 2011
KeywordsFinancial Statements, Credit Risk, Currency Risk, Interest Rate Risk, Contingent Liabilities, Wellington

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