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1. Reporting Entity
The Waikato Community Trust Incorporated is
a not for profit charitable trust incorporated
and domiciled in New Zealand. Its principal
activities are the investment and maintenance
of the Trust capital and the provision of
donations to community groups in the greater
Waikato area. The Trust was incorporated on
5 August 1988 with Trust Capital of $21,316,622.
The Trust operates as Trust Waikato.
2. Summarised Financial Statements
These are the summarised financial statements
of The Waikato Community Trust Incorporated.
These summarised financial statements
are prepared in compliance with FRS - 43
‘Summary Financial Statements’ and have
been extracted from the full audited financial
statements for the year ended 31 March
2014 which were authorised for issue on 24
July 2014. Summarised financial statements
cannot be expected to provide as complete an
understanding as provided by the full financial
statements, which can be obtained from the
office of the Trust or from the Trust website
.
The full financial statements have been subject
to audit by KPMG and an unmodified audit
report was issued on 24 July 2014. The audit
concluded that the full financial statements
‶give a true and fair view of the financial
position of the Trust as at 31 March 2014 and its
financial performance and cashflows for the
year then ended”. These summarised financial
statements were authorised by the Trustees for
issue on 24 July 2014 and have been examined
by KPMG for consistency with the full financial
statements.
3. Statement Of Compliance
The Trust full financial statements have
been prepared in accordance with Generally
Accepted Accounting Practice in New Zealand
(NZ GAAP). They comply with New Zealand
International Financial Reporting Standards
for Public Benefit Entities (‘NZ IFRS’).
THE WAIKATO COMMUNITY TRUST INCORPORATED
NOTES TO AND FORMING PART OF THE FINANCIAL
STATEMENTS
For the year ended 31 March 2014
4. Basis Of Measurement
The financial statements have been prepared
on the basis of historical cost, except for the
revaluation of the following assets, which are
stated at their fair value:
· Financial assets at fair value through
profit or loss
· Derivative financial instruments
· Available for sale financial assets
5.
Investment Income
2014
2013
NZ$’000
NZ$’000
Net Increase in Investments
16,334
27,332
Net Increase in Derivative
Financial Instruments
11,808
1,991
Dividends
2,497
3,174
Interest
1,685
1,963
32,324
34,460
6. Trust Funds
2014
2013
NZ$’000
NZ$’000
Balance at the Beginning
of the Year
271,671
267,743
Transfer from
Comprehensive Income
5,901
3,928
Balance at the
End of the Year
277,572
271,671
Base Capital Value is adjusted on a quarterly
compounding basis for inflation and regional
population growth.
Base Capital Value
2014
2013
NZ$’000
NZ$’000
Balance at the Beginning
of the Year
13,837
(6,198)
Transfer from
Comprehensive Income
15,649
20,035
Balance at the End
of the Year
29,486
13,837
Investment Fluctuation
Reserve
