✨ Financial Statements
2018 NEW ZEALAND GAZETTE, No. 76 14 JUNE 2013
EASTERN AND CENTRAL COMMUNITY TRUST INC
Key management personnel include the Trustees and Trust Manager. Short term benefits paid to key management personnel were $320,036 (2012: $301,101).
14. FINANCIAL INSTRUMENTS
The Trust has the following financial assets and liabilities which are shown at their fair value:
| 2013 | 2012 | |
|---|---|---|
| $ | $ | |
| Financial Assets | ||
| Cash and cash equivalents | 11,967,759 | 7,997,144 |
| Short Term Advance | - | 108,630 |
| Te Keite Putea Limited Partnership | 108,630 | - |
| Derivatives financial assets/(liabilities) | (225,359) | 72,888 |
| Financial Assets held for trading consisting of: | ||
| NZ & Australia Equities | 15,012,878 | 12,768,917 |
| NZ Bonds | 44,407,599 | 40,952,865 |
| Off Shore Equities | 62,732,410 | 64,260,762 |
| Off Shore Bonds | 13,685,299 | 12,695,509 |
| 135,838,176 | 130,678,052 |
| Financial Liabilities | | |
| Accounts Payable | 97,422 | 59,273 |
| Donations Payable | 1,789,950 | 1,477,190 |
| | 1,887,372 | 1,536,463 |
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 sub-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.
The SIPO sets out the Trust’s primary investment objectives. These can be summarised as to:
- ensure that the investment fund is invested prudently;
- provide inter-generational equity with regard to distribution levels over time;
- ensure money is available for distribution, as required, to meet the needs and distribution policies of the Trust;
- maintain the value of the investment fund’s capital base in real terms (CPI);
- maximise the funds available for distribution.
The Investment Portfolio
The Trust manages its Investment Portfolio in terms of its SIPO. The SIPO is monitored on a regular basis by the Board of Trustees and amended as necessary. The Portfolio’s strategic asset allocation is reviewed annually. The strategic asset allocation was last reviewed in November 2012. MCA NZ Limited assists both management and the Trustees with investment advice and the portfolio management.
Portfolio Characteristics
The Trust has its investments in seven different portfolios and the performance of each asset is measured against an appropriate index:
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NZ Gazette 2013, No 76
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Eastern and Central Community Trust Financial Statement
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💰 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