28
2014
Commitment Contribution
Commitment
Expected
to date
Balance Contribution
within 1 year
NZ$’000
NZ$’000
NZ$’000
NZ$’000
23,000
6,159
16,841
1,800
2013
Commitment Contribution
Commitment
Expected
to date
Balance
Contribution
within 1 year
NZ$’000
NZ$’000
NZ$’000
NZ$’000
23,000
2,925
20,075
450
10. Investments
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 2014 the Trust confirmed
the following strategic asset allocations and
investments at fair value.
12. Te Kete Putea Limited Partnership (2013:
Database Loan)
The Trust and ten of the other eleven
Community Trusts established under the 1988
Trustee Bank Restructuring Act have combined
resources to own and operate an integrated
donations and financial management system.
The system is owned and operated by a limited
partnership named Te Kete Putea Limited
Partnership (TKPLP), which was registered on
18 December 2012. The total cost of the project
was $2,380,000. The Trust contribution to these
costs was 8.2%.
The capital of TKPLP consists of 10,000 units and
each Trust holds units broadly in proportion to
its audited capital at 31 March 2008. The Trust
holds 820 units.
The investment in TKPLP was initially valued
at $195,000. Subsequent to initial recognition,
the investment has been recorded at fair value
through profit or loss. Fair value is determined
using an appropriate valuation technique.
13. Reconciliation Of Surplus For The Year
To Net Cash Flows From Operating
Activities
2014
2013
NZ$’000
NZ$’000
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR
21,550
23,963
Adjust for
Non-Cash Items:
27
56
Impact of Changes
in Net Assets and
Liabilities:
(20,552)
(23,938)
Net Cash Inflow
From Operating
Activities
1,025
81
11. Commitments: Investments
The Trust has made commitments to invest in
certain managed funds, which will call upon
the committed funds as the fund managers
identify suitable investment vehicles. These
investments will be funded by realising other
investments currently held by the Trust.
Committed
Investments
Committed
Investments
2014
2014
2013
2013
Strategic
NZ$’000
Strategic
NZ$’000
Asset
Asset
Allocation
Allocation
%
%
Growth Assets
Global Equities
25 83,743
25 73,463
Australasian
Equities
10 46,832
10 48,298
Private Equity
5
2,495
5
334
Unlisted
Property
17.5 46,474
10 27,395
Infrastructure
10 21,976
10 22,371
Global Credit
7.5 26,538
-
-
Income Assets
New Zealand
Fixed Interest
5 14,592
10 26,972
Global Fixed
Interest
15 44,477
25 68,505
New Zealand
Cash
5 14,635
5 15,347
Investments at
Fair Value
100% 301,762
100% 282,685
