✨ Financial Statements Notes
Otago Community Trust
Notes to the financial statements
For the year ended 31 March 2013
in New Zealand Dollars ($000's)
20 Operating leases
Leases as lessee
Non-cancellable operating lease rentals are payable as follows:
| Group | Parent | |||
|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | |
| Less than one year | - | 3 | - | 3 |
| Between one and five years | 12 | - | 12 | - |
| 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 | |||
|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | |
| Less than one year | - | 54 | - | - |
| Between one and five years | 168 | 58 | - | - |
| More than five years | - | - | - | - |
During the year ended 31 March 2013, $122,444 was recognised as being rental income in the income statement (2012: $120,000). Repairs and maintenance expense, recognised in occupancy costs, was $9,583 (2012: $41,978).
21 Capital commitments
The Trust has no capital commitments as at balance date. (2012: Nil)
22 Contingencies
The Trust had no contingent liabilities as at balance date (2012: Nil).
23 Reconciliation of the profit for the period with the net cash from operating activities
| Note | Group | Parent | ||
|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | |
| Surplus/(Deficit) for the period | 16,594 | 7,503 | 16,571 | 7,518 |
| Adjustments for: | ||||
| Depreciation | 20 | 13 | 20 | 13 |
| Amortisation in Te Kete Putea Limited Partnership | 1 | 1 | 1 | 1 |
| Change in fair value of property | - | 10 | - | - |
| Interest on Subsidiary Advance | - | - | (52) | (52) |
| Change in fair value of managed funds | (22,164) | (13,114) | (22,164) | (13,114) |
| Income tax expense | 9 | 1 | - | - |
| Change in trade and other receivables | - | (1) | 9 | (13) |
| Change in trade and other payables | (686) | (2,031) | (684) | (2,020) |
| Net cash from operating activities | (6,226) | (7,619) | (6,299) | (7,668) |
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NZ Gazette 2013, No 98
✨ LLM interpretation of page content
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Otago Community Trust Financial Statements
(continued from previous page)
🏢 State Enterprises & InsuranceFinancial statements, Operating leases, Capital commitments, Contingencies, Reconciliation, Profit, Cash flow