✨ Financial Statements
4 AUGUST 2014 NEW ZEALAND GAZETTE, No. 86 2421
EASTERN AND CENTRAL COMMUNITY TRUST INC
- NET COMMUNITY DONATIONS
| 2014 $ | 2013 $ | |
|---|---|---|
| Standard donations | 1,604,140 | 1,392,655 |
| Special donations | 3,146,000 | 3,265,700 |
| Total community donations | 4,750,140 | 4,658,355 |
| Less donations written back | -124,902 | -108,899 |
| Net community donations | 4,625,238 | 4,549,456 |
Total of donations payable at year end was $1,658,050 (2013 - $1,789,950). Included in donations payable was $1,589,750 (2013 - $1,707,650) of donations which are subject to the applicants fulfilling certain conditions.
- RECONCILIATION OF OPERATING CASH FLOWS WITH NET SURPLUS
| 2014 $ | 2013 $ | |
|---|---|---|
| Comprehensive income for the year | 2,552,049 | 8,533,637 |
| Adjust for non-cash items: | ||
| Foreign Exchange Losses | 6,059,199 | 1,884,742 |
| Change in fair value of financial assets held for trading | (2,330,663) | (9,911,141) |
| Unrealised (gains)/losses on derivatives | (1,578,350) | 298,247 |
| Total unrealised (gains)/losses | 2,150,186 | (7,728,152) |
| Realised (gains)/losses on financial assets held for trading not paid in cash | (6,701,050) | (4,110,985) |
| Depreciation | 19,312 | 19,535 |
| Fair value movement – investment in Te Keté Putea Limited Partnership | 17,974 | - |
| Management fees not paid in cash | 48,918 | 45,838 |
| Loss on Disposal | 28 | - |
| Movement in working capital items: | ||
| (Incr)/Decr in trade & other payables & employee entitlements | (4,961) | (27,943) |
| Incr/(Decr) in donations payable | (131,900) | 312,760 |
| Net principal movement in financial assets held for trading | -905,525 | 6,931,424 |
| Net operating cash flows | (1,143,919) | 3,976,113 |
- CONTINGENCIES & COMMITMENTS
Capital Commitments
The Trust has a commitment of $1.4 mill being the balance of the private equity fund with Pioneer Capital Partners Limited (2013: nil).
Operating commitments
| 2014 $ | 2013 $ | |
|---|---|---|
| Less than 1 year | 65,340 | 65,340 |
| 1 – 5 years | 81,675 | 147,015 |
| Over 5 years | 147,015 | 212,355 |
The lease on the present Westerman’s premises expires on 30th June 2016.
During the year ended 31 March 2014, $65,340 was recognised as an expense in the statement of comprehensive income in respect of rent and other operating costs (2013: $65,340). The commitment for the coming year ending 31 March 2015 in respect of rent and other operating costs is $65,340.
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NZ Gazette 2014, No 86
✨ LLM interpretation of page content
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Financial Statements of Eastern and Central Community Trust Incorporated
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Community Donations, Operating Cash Flows, Contingencies, Commitments