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New Zealand Gazette – 2014 – No. 85

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✨ Financial Statements

Otago Community Trust

Notes to the financial statements

For the year ended 31 March 2014

in New Zealand Dollars ($000's)

17 Financial Instruments (continued)

Analysis of Fixed Interest Portfolios

Credit Rating	2014 Global	2014 NZ	2013 Global	2013 NZ
AAA	43,963	1,283	68,525	1,289
AA	14,713	19,346	13,928	19,425
A	21,509	2,383	10,813	2,393
BBB	30,522	1,252	12,333	1,257
Other	5,852	—	4,490	—
Totals	116,559	24,264	110,089	24,364

Sector Rating	2014 Global	2014 NZ	2013 Global	2013 NZ
Government	49,254	11,028	64,070	10,150
Corporates	20,480	9,114	23,827	10,075
Mortgages	21,411	—	21,005	4,069
Swaps	—	—	(2,736)	(37)
Other	25,414	4,122	3,923	107
Totals	116,559	24,264	110,089	24,364

Duration	2014 Global	2014 NZ	2013 Global	2013 NZ
0-3 years	31,319	7,641	15,604	7,672
3-5 years	20,721	4,331	24,256	4,349
5-7 years	9,265	2,737	3,402	2,748
7-9 years	5,791	4,404	4,613	4,422
9-11 years	20,930	5,151	18,166	(7)
11+ years	27,954	—	39,636	5,180
Liquidity	579	—	4,412	—
Totals	116,559	24,264	110,089	24,364

The group's maximum exposure to credit risk is:

	2014	2013
Cash and cash equivalents	753	290
Investments	151,881	142,728
Other	28	142
Totals	152,662	143,158

Liquidity Risk

Liquidity risk is the risk that the Trust will encounter difficulties in meeting the obligations associated with its financial liabilities. This risk is managed through the Trust's investment in a diversified portfolio of financial assets. This portfolio consists of marketable securities which, under normal conditions are readily convertible to cash. In addition, the Trust maintains sufficient cash and cash equivalents to meet normal operating requirements.

The Trust's financial liabilities comprise trade and other payables and committed but unpaid donations.

At balance date the ratio of financial assets to financial liabilities was 223:1 (2013: 164:1).

Gazette.govt.nz — NZ Gazette 2014, No 85

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✨ LLM interpretation of page content

💰 Otago Community Trust Financial Statements (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Community Trusts, Trade payables, Financial instruments, Investments, Credit Risk, Liquidity Risk, Market Risk

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