✨ Financial Statements
14 JUNE 2013 NEW ZEALAND GAZETTE, No. 76 2017
EASTERN AND CENTRAL COMMUNITY TRUST INC
11. RECONCILIATION OF OPERATING CASH FLOWS WITH NET SURPLUS
| 2013 $ | 2012 $ | |
|---|---|---|
| Comprehensive income for the year | 8,533,637 | (7,456,060) |
Adjust for non-cash items:
| Unrealised (gains)/losses on financial assets held for trading | (8,026,400) | 12,120,011 |
| Unrealised (gains)/losses on derivatives | 298,247 | (1,665,789) |
| Total unrealised (gains)/losses | (7,728,153) | 10,454,222 |
| Realised (gains)/losses on financial assets held for trading not paid in cash | (4,110,985) | (6,140,261) |
| Depreciation | 19,535 | 15,323 |
| Management fees not paid in cash | 45,838 | 42,275 |
Movement in working capital items:
| Incr/(Decr) in trade & other payables & employee entitlements | (27,943) | 8,109 |
| Incr/(Decr) in donations payable | 312,760 | 159,060 |
| Net principal movement in financial assets held for trading | 6,931,424 | 4,000,000 |
| Net operating cash flows | 3,976,113 | 1,082,668 |
12. CONTINGENCIES & COMMITMENTS
Capital Commitments
There are no capital commitments (2012: $108,630).
Operating commitments
| 2013 $ | 2012 $ | |
|---|---|---|
| Less than 1 year | 65,340 | 61,590 |
| 1 – 5 years | 147,015 | 200,167 |
| Over 5 years | nil | nil |
| Total | 212,355 | 261,757 |
The lease on the present Westerman’s premises expires on 30th June 2016.
In 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 2013, $65,340 was recognised as an expense in the statement of comprehensive income in respect of rent and other operating costs (2012: $61,590).
The Trust is also committed to a proportion of operating expenses of Te Kete Putea Limited Partnership as detailed in note 4.
Contingencies
There are no contingent liabilities or contingent assets at balance date (2012: nil).
13. RELATED PARTY TRANSACTIONS
There have been no related party transactions during the year.
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 interests folder. Trustees abstain from discussion and decisions regarding donations to entities in which they have an interest.
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NZ Gazette 2013, No 76
✨ LLM interpretation of page content
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Eastern and Central Community Trust Financial Statement
(continued from previous page)
💰 Finance & Revenue24 May 2013
Financial Statements, Income, Expenses, Donations, Trust, Accounting Policies, NZ IFRS 13, Fair Value Measurement, Financial Reporting Framework, Employee Benefits, GST, Income Tax, Leases, Cash Flows, Te Kete Putea Limited Partnership, DMS Database, Hosting Agreement, Administrative Expenses, Office Administration, Advertising, Promotion, Audit Fees, Depreciation, Rent, Services, Professional Expenses, Fund Managers' Fees, Donation Expenses