✨ Financial Statements
Otago Community Trust
Notes to the financial statements
For the year ended 31 March 2014
in New Zealand Dollars ($000's)
19 Operating leases
Leases as lessee
Non-cancellable operating lease rentals are payable as follows:
| Group | Parent | |||
|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |
| Less than one year | - | - | - | - |
| Between one and five years | 8 | 12 | 8 | 12 |
| More than five years | - | - | - | - |
Leases as lessor
The Group leases out its land and building held under operating leases. The future minimum lease payments under non-cancellable are as follows:
| Group | Parent | |||
|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |
| Less than one year | 21 | - | - | - |
| Between one and five years | 57 | 168 | - | - |
| More than five years | - | - | - | - |
During the year ended 31 March 2014, $126,901 was recognised as being rental income in the income statement (2013: $122,444). Repairs and maintenance expense, recognised in occupancy costs, was $14,368 (2013: $9,583).
20 Capital commitments
The Trust has no capital commitments as at balance date. (2013: Nil)
21 Contingencies
The Trust had no contingent liabilities as at balance date. (2013: Nil)
22 Reconciliation of the profit for the period with the net cash from operating activities
| Note | Group | Parent | ||
|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | |
| Surplus/(Deficit) for the period | 12,959 | 18,594 | 12,951 | 16,571 |
| Adjustments for: | ||||
| Depreciation | 42 | 20 | - | - |
| Amortisation in Te Keke Putea Limited Partnership | 31 | 1 | 31 | 1 |
| Interest on Subsidiary Advance | - | - | (49) | (52) |
| Accrued interest on call account | (11) | - | (11) | - |
| Change in fair value of managed funds | (18,351) | (22,164) | (18,351) | (22,164) |
| Income tax expense | - | - | - | - |
| Change in trade and other receivables | 4 | - | 6 | 9 |
| Change in trade and other payables | (328) | (886) | (329) | (684) |
| Net cash from operating activities | (5,651) | (6,226) | (5,735) | (6,299) |
Next Page →
NZ Gazette 2014, No 85
✨ LLM interpretation of page content
💰
Otago Community Trust Financial Statements
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Community Trusts, Operating Leases, Capital Commitments, Contingencies, Cash Flow Reconciliation