New Zealand Gazette – 1998 – No. 112

Page 2785

✨ Financial Statements



13 AUGUST

NEW ZEALAND GAZETTE

2785

1998 $ 1997 $
Increase in debtors ... 26,674 0
2,314,869 26,582,035
Net cash flow from operating expenses ... $248,612 $709,683

Cash at 31 March 1998 comprises the subsidiary company account, current account, the prime call account and the money market deposit account at WestpacTrust and deposits at National Bank of New Zealand and ANZ Banking Group.

Notes to the Consolidated Financial Statements for the Year Ended 31 March 1998

1. Statement of Accounting Policies

Reporting Entity

The Community Trust of Mid and South Canterbury Inc. is a charitable trust incorporated under the Trustee Banks Restructuring Act 1988. The financial statements have been prepared in accordance with the Financial Reporting Act 1993 and generally accepted accounting policies.

General Accounting Policies

The general accounting policies adopted in the preparation of these financial statements are:

  • The measurement base is that of historical cost, except for the revaluation of investments. Reliance is placed on the fact that the trust is a going concern.
  • The matching of revenues earned and expenses incurred using accrual accounting.

Particular Accounting Policies

The following are the particular accounting policies which have a material effect on the measurement of results and financial position:

(a) Dividend Income—Dividend income is included in the consolidated statement of financial performance when it is received.

(b) Donations—Donations, special projects and community loans are accounted for on an accruals basis.

(c) Investments—Investments held as managed funds are shown at market value. Net income including unrealised gains or losses from holding such investments are recorded in the consolidated statement of financial performance. Other investments representing assets to be held to maturity are shown at market value. Unrealised gains or losses from holding such investments are transferred directly to the revaluation reserve. Differences between sale proceeds and book value of investments are recorded in the statement of financial performance.

(d) Fixed Assets—Fixed assets are recorded at cost less accumulated depreciation.

(e) Basis of Consolidation—The Community Trust of Mid and South Canterbury Inc. and its subsidiary the South Canterbury Community Trust Charities Limited have been consolidated using the purchase method of consolidation.

Changes in Accounting Policies

The policy with respect to investments has changed during the year from stating unrealised gains/losses on managed fund investments to the revaluation reserve to stating these gains/losses directly to the statement of financial performance on an annual basis. The value of this change has resulted in an increased operating surplus of $222,956. The other accounting policies remain unchanged from the previous year.

2. Investments

1998 $ 1997 $
New Zealand Government stock 8,835,342 4,015,616
New Zealand local authority stock 1,490,240 0
New Zealand debentures 1,010,580 0
New Zealand capital notes 210,386 0
New Zealand shares 4,526,660 1,951,380
Australian shares 795,000 0
New Zealand property shares 1,204,110 544,700
Australian property shares 1,316,655 441,560
Total 19,388,973 6,953,256
Less New Zealand Government stock—short term (2,400,000) (2,400,000)
Net Total $16,988,973 $4,553,256

3. General Fund

1998 $ 1997 $
Balance brought forward 33,438,962 8,760,245
Plus: surplus from statement of financial performance 2,534,440 27,227,544
35,973,402 35,987,789
Less:
Donations paid (953,485) (1,780,854)
Donations approved but not paid (69,630) (751,496)


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✨ LLM interpretation of page content

💰 Reconciliation of Net Surplus and Net Cash Flows From Operating Activities (continued from previous page)

💰 Finance & Revenue
Net Surplus, Cash Flows, Financial Reconciliation

💰 Notes to the Consolidated Financial Statements for the Year Ended 31 March 1998

💰 Finance & Revenue
Financial Statements, Accounting Policies, Investments, General Fund