F I N A N C I A l S T A T E M E N T S
THE WAIKATO COMMUNITY TRUST INCORPORATED
NOTES TO
AND FORMING PART OF THE SUMMARISED FINANCIAL
STATEMENTS
For the year ended 31 March 2012
3. REALISED AND UNREALISED
GAINS / (LOSSES)
2012
2011
NZ$’000 NZ$’000
Gains / (Losses) on Financial Assets
at Fair Value Through Profit or Loss
2,877
8,593
Gains / (Losses) on Derivative
Financial Instruments at Fair Value
Through Profit or Loss
2,869
2,249
5,746 10,842
4. CASH FLOW RECONCILIATION
2012
2011
NZ$’000 NZ$’000
SURPLUS FOR THE YEAR
6,808 10,995
Adjust for non-cash items
(31)
(19)
Impact of changes in net assets and
liabilities:
(6,193)
(10,498)
Net cash inflow from operating activities 584
478
5. FINANCIAL ASSETS AT FAIR
VALUE THROUGH PROFIT
OR LOSS
The Trust uses the services of an investment
advisor to pursue an investment policy considered
appropriate for the Trust. The Trust selects fund
managers according to their style and specialist
skills including the ability to protect capital in
negative or down markets. In the year to 31 March
2012 the Trust confirmed the following strategic
asset allocations:
1. STATEMENT OF ACCOUNTING
POLICIES
Background
These are the summarised financial statements of
The Waikato Community Trust Incorporated. The
Trust was incorporated on 5 August 1988 with Trust
capital of $21,316,622.
These summarised financial statements are
prepared in compliance with FRS - 43 ‘Summary
Financial Statements’ and have been extracted
from the full audited financial statements for the
year ended 31 March 2012 which were authorised
for issue on 6 July 2012. Summarised financial
statements cannot be expected to provide as
complete an understanding as provided by the full
financial statements, which can be obtained from
the office of the Trust or from the Trust’s website
www.trustwaikato.co.nz.
The full financial statements have been subject
to audit by KPMG and an unmodified audit report
was issued on 6 July 2012. The audit concluded
that the full financial statements “give a true and
fair view of the financial position of the Trust as
at 31 March 2012 and its financial performance
and cashflows for the year then ended”. These
summarised financial statements were authorised
by the Trustees for issue on 6 July 2012 and have
been examined by KPMG for consistency with the
full financial statements.
Statement of Compliance
The Trust’s full financial statements have been
prepared in accordance with Generally Accepted
Accounting Practice in New Zealand (NZ GAAP)
and The Incorporated Societies Act 1908. They
comply with the New Zealand Equivalents to
International Financial Reporting Standards (NZ
IFRS) and other applicable Financial Reporting
Standards as appropriate for Public Benefit Entities.
Basis of Preparation
The financial statements have been prepared on the
basis of historical cost, except for the revaluation of
certain assets which are stated at their fair value.
2. REVENUE
2012
2011
NZ$’000 NZ$’000
Comprises:
Dividends
7,657
6,706
Interest
3,001
3,447
Rent
22
22
Other Income
2
7
10,682 10,182
2012
2012
2011
2011
Stragetic NZ$’000 Strategic
NZ$’000
Allocation %
Allocation %
Growth Assets
Global Equities
25% 67,515
25% 68,504
Australasian Equities
15% 40,551
15% 39,738
Unlisted Property
10% 26,242
10% 25,550
Infrastructure
10% 20,417
10%
1,851
Income Assets
Global Fixed Interest
25% 64,287
25% 74,806
New Zealand
Fixed Interest
10% 25,882
10% 26,368
New Zealand Cash
5% 12,591
5% 16,701
100% 257,485 100% 253,518
18