New Zealand Gazette – 2013 – No. 76

Page 2022

✨ Financial Statements



2022 NEW ZEALAND GAZETTE, No. 76 14 JUNE 2013

EASTERN AND CENTRAL COMMUNITY TRUST INC

At balance date the Trust’s exposure to currency risk was as follows:

2013 2012
$ $
Foreign currency denominated assets 80,904,305 80,032,172
Less forward foreign exchange contracts 46,045,000 42,680,000
Unnedged currency exposure at 31 March 34,859,305 37,352,172

Geographic location of Overseas Investments:

2013 2012
USA/Canada 13,288,205 12,068,754
UK/Europe 3,963,033 10,601,529
Japan/Asia 18,397,921 17,250,737
Emerging Markets 7,285,593 7,324,290
Australia 37,969,553 32,786,862
80,904,305 80,032,172

The following table details the three-month forward foreign exchange contracts outstanding as at 31st March 2013:

| Currencies | Buy Amount NZD | Deal Rate | Valuation Rate | Gain/(Loss) |
| | | 5 Feb & 1 Mar | | NZD |
| | | 2013 | 31 Mar 2013 | |
|----------------|----------------|----------------|----------------|---------------|
| Australian Dollars | 25,685,000 | 0.8093 | 0.8022 | (226,496) |
| British Pounds | 2,010,000 | 0.5324 | 0.5509 | 67,490 |
| Japanese Yen | 2,330,000 | 77.338 | 78.452 | 32,996 |
| US Dollars | 16,020,000 | 0.8389 | 0.8337 | (99,350) |
| TOTAL | 46,045,000 | | | (225,359) |

The following table details the three-month forward foreign currency contracts outstanding as at 31st March 2012:

| Currencies | Buy Amount NZD | Deal Rate | Valuation Rate | Gain/(Loss) |
| | | 8 Feb 2012 | | NZD |
|----------------|----------------|----------------|----------------|---------------|
| Australian Dollars | 22,600,000 | 0.7764 | 0.7889 | 358,166 |
| Euros | 3,180,000 | 0.6275 | 0.6120 | (80,522) |
| British Pounds | 1,800,000 | 0.5235 | 0.5116 | (41,773) |
| Japanese Yen | 1,500,000 | 63.788 | 67.054 | 72,847 |
| US Dollars | 13,600,000 | 0.8314 | 0.8171 | (235,830) |
| TOTAL | 42,680,000 | | | 72,888 |

The Australian Listed Property Index Trust, the Off Shore Bond Securities Index Fund and the Australian shares held within the NZ & Australia Equity portfolio are reported in AUD by the fund managers. The remaining offshore equity investments are:

  • Managed by State Street Global Advisors (Boston, USA).
  • Invested in 27 individual country common trust funds.
  • Reported by the fund manager in the fund’s base currency of USD.

Exposure to currency risk:

| Currencies | AUD | USD | AUD | USD |
| | at 31 Mar 2013 | at 31 Mar 2013 | at 31 Mar 2012 | at 31 Mar 2012 |
|----------------|----------------|----------------|----------------|----------------|
| | NZD | NZD | NZD | NZD |
| Equities/Bonds | 20,235,666 | 60,668,639 | 17,376,537 | 62,655,634 |

The following NZD exchange rates applied during the year:

| Currencies | Average monthly | Average monthly |
| | Mid-Rate for 2012/13 | Mid-Rate for 2011/12 |
|----------------|-----------------------|-----------------------|
| Australian Dollar | 0.7895 | 0.7720 |
| US Dollar | 0.8146 | 0.8068 |



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Online Sources for this page:

Gazette.govt.nz — PDF NZ Gazette 2013, No 76




✨ LLM interpretation of page content

💰 Eastern and Central Community Trust Financial Statement (continued from previous page)

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24 May 2013
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