✨ 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 | |||
|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | |
| Less than one year | 3 | 3 | 3 | 3 |
| Between one and five years | - | 3 | - | 3 |
| More than five years | - | - | - | - |
Leases as lessor
The Group leases out its investment property held under operating leases. The future minimum lease payments under non-cancellable are as follows:
| Group | Parent | |||
|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | |
| Less than one year | 54 | 59 | - | - |
| Between one and five years | 58 | 4 | - | - |
| More than five years | - | - | - | - |
During the year ended 31 March 2012, $120,000 was recognised as being rental income in the income statement (2011: $118,000). Repairs and maintenance expense, recognised in occupancy costs, was $41,978 (2011: $81,202).
21 Capital commitments
The Trust has no capital commitments as at balance date. (2011: $9,000)
22 Contingencies
The Trust had no contingent liabilities as at balance date (2011: Nil).
23 Reconciliation of the profit for the period with the net cash from operating activities
| Note | Group | Parent | ||
|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | |
| Surplus/(Deficit) for the period | 7,503 | 9,400 | 7,518 | 9,469 |
| Adjustments for: | ||||
| Depreciation | 13 | 6 | 13 | 6 |
| Change in fair value of investment property | 10 | 50 | - | - |
| Interest on Subsidiary Advance | - | - | (52) | (49) |
| Change in fair value of managed funds | (13,114) | (16,218) | (13,114) | (16,218) |
| Income tax expense | 1 | (13) | - | - |
| Change in trade and other receivables | (1) | (22) | (13) | (18) |
| Change in trade and other payables | (2,031) | (2,623) | (2,020) | (2,625) |
| Net cash from operating activities | (7,619) | (9,420) | (7,668) | (9,430) |
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NZ Gazette 2012, No 82
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Otago Community Trust Financial Statements
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💰 Finance & RevenueFinancial Statements, Operating Leases, Capital Commitments, Contingencies, Reconciliation, Dunedin