✨ Financial Statements
2422 NEW ZEALAND GAZETTE, No. 86 4 AUGUST 2014
EASTERN AND CENTRAL COMMUNITY TRUST INC
The Trust is also committed to a proportion of operating expenses of Te Kete Putea Limited Partnership as detailed in note 4.
Contingencies
There are no contingent liabilities or contingent assets at balance date (2013:nil).
13. RELATED PARTY TRANSACTIONS
There have been no related party transactions during the year.
Trustees update their personal register of interests at each Trust Meeting. A folder containing each Trustee’s register of interests is readily available to members of the public.
In addition, a record of all declarations of interests with any donation application is maintained and is also included in the Trustees’ register of interests’ folder. Trustees abstain from discussion and decisions regarding donations to entities in which they have an interest.
Key management personnel include the Trustees and General Manager. Short term benefits paid to key management personnel year ended 31 March 2014 were $351,699 (2013:$320,036).
14. FINANCIAL INSTRUMENTS
The Trust has the following financial assets and liabilities which are shown at their fair value:
| 2014 $ | 2013 $ | |
|---|---|---|
| a) Financial Assets | ||
| NZ & Australian equities | 29,214,862 | 15,012,878 |
| Offshore equities | 56,181,897 | 62,732,410 |
| 85,396,759 | 77,745,288 | |
| NZ bonds | 39,897,850 | 44,407,599 |
| Offshore bonds | 11,980,533 | 13,685,289 |
| 51,878,383 | 58,092,888 | |
| Private equity | — 581,104 | — |
| Financial assets held for trading | 137,856,245 | 135,838,176 |
| Cash and cash equivalents | 10,807,068 | 11,967,759 |
| Te Kete Putea Limited Partnership | 90,656 | 108,630 |
| Derivatives | -1,352,990 | (225,359) |
| 150,106,959 | 147,689,206 |
| b) Financial Liabilities | | |
| Accounts Payable | 71,118 | 97,422 |
| Donations Payable | 1,658,050 | 1,789,950 |
| | 1,729,168 | 1887,372 |
c) Risk Management
Risks arising from the Trust’s financial assets and liabilities are inherent in the nature of the Trust’s activities, and are managed through an ongoing process of identification, measurement and monitoring. The Trust is exposed to credit risk, liquidity risk and market risk (including currency, interest rate and pricing risks).
The Trust’s income is generated from its financial assets. Liabilities which arise from its operations are met from cash flows provided by these assets.
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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
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💰 Finance & RevenueFinancial Statements, Contingencies, Related Party Transactions, Financial Instruments, Risk Management