New Zealand Gazette – 1999 – No. 163

Page 3916

✨ Financial Statements



3916 NEW ZEALAND GAZETTE No. 163

1999 1998
$ $
Purchase of other debt investments ... (2,875,669) (1,261,568)
Net cash flows from investing activities ... (3,202,583) (13,197,445)
(591,629) (12,197,445)
Increase/(decrease) in cash held ... 178,071 (11,948,833)
Add opening cash 1 April 1998 ... 15,249,729 27,198,562
Cash as at 31 March 1999 ... $15,427,800 $15,249,729

Comprised of:
Westpac Trust:
Subsidiary company account ... 9,205 1,365
Current account ... 232,933 77,495
Prime call account ... 66,206 63,062
Term account ... 6,784,512 7,086,707
National Bank ... 5,477,579 5,356,950
ANZ Banking Group ... 2,857,365 2,664,150
$15,427,800 $15,249,729

Reconciliation of Net Surplus and Net Cash Flows From Operating Activities

1999 1998
$ $
Net surplus transferred to equity ... 2,129,547 2,534,440
Add—
Decrease in debtors ... 32,547 —
Decrease in prepayments ... 13,770 —
Decrease in accrued interest ... 23,050 —
Loss on sale of investments ... 9,203 29,041
2,208,117 2,563,481
Deduct—
Unrealised capital gain on equity investments ... 0 222,956
Donations paid ... 1,181,441 1,704,981
Advances made ... 200,000 —
Movements in working capital—
Decrease in creditors ... 8,102 18,287
Increase in tax refund due ... 39,341 27,367
Increase in accrued interest ... — 302,090
Increase in prepayments ... — 12,514
Increase in debtors ... — 26,674
Net gain on redemption of Government stock ... 9,533 —
1,438,417 2,314,869
Net cash flow from operating activities ... $769,700 $248,612

Cash at 31 March 1999 comprises the subsidiary company account, current account, the prime call account and the money market deposit account at Westpac Trust and deposits at National Bank of New Zealand and ANZ Banking Group.

Notes to the Consolidated Financial Statements for the Year Ended 31 March 1999

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 accepting accounting policies.

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

  • The measurement base adopted 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.



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✨ LLM interpretation of page content

🏢 Consolidated Statement of Cash Flows for the Year Ended 31 March 1999 (continued from previous page)

🏢 State Enterprises & Insurance
Cash flows, Operating activities, Investing activities, Financial statements

🏢 Reconciliation of Net Surplus and Net Cash Flows From Operating Activities

🏢 State Enterprises & Insurance
Net surplus, Cash flows, Financial reconciliation, Operating activities

🏢 Notes to the Consolidated Financial Statements for the Year Ended 31 March 1999

🏢 State Enterprises & Insurance
Accounting policies, Financial statements, Reporting entity, Dividend income, Donations