New Zealand Gazette – 2000 – No. 107

Page 2681

✨ Financial Statements

(c) Fixed assets:
Fixed assets are stated at cost less accumulated depreciation.

(d) Depreciation:
Depreciation is charged to write off the cost of fixed assets over their expected economic lives using the diminishing value method at rates from 12% to 40% per annum.

(e) Accounts receivable:
Accounts receivable are recorded at their estimated realisable value.

(f) Financial instruments:
The Trust includes all financial instrument arrangements in the balance sheet using the concept of accrual accounting. Financial instruments are valued as per note 1, Measurement Base. These instruments arise as a result of everyday operations and include bank, accounts receivable, accounts payable and investments. Revenues and expenses in relation to all financial instruments are recognised in the Statement of Financial Performance. Financial instruments are shown at their fair values.

(g) Consolidation:
The Bay of Plenty Community Trust and its subsidiary Charitable Company, Bay of Plenty Community Trust Charities Limited have been consolidated using the purchase method of consolidation.

Changes in accounting policies
There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in previous years.

Equity

Trust capital	2000	1999
	$(000)	$(000)
General funds—
Opening balance	89,308	89,308
Plus transfer from current year surplus	330	6,320
Less donations from capital	(330)	(341)
	0	21,002
Plus/(less): Transfer from investment	0	(11,055)
Transfer to income fluctuation reserve	0	(9,947)
Transfer to inflation and population reserve	0	0
Income fluctuation reserve
Opening balance	12,017	962
Increase in reserve	4,942	11,055
	16,959	12,017
Regional facilities reserve
Opening balance	0	0
Increase in reserve	1,926	0
	1,926	0
Inflation and population reserve
Opening balance	9,947	0
Increase in reserve	636	9,947
	10,583	9,947
Total equity	118,776	111,272

	2000	1999
	$(000)	$(000)

Fixed assets
Office furniture and equipment:
Cost 71 58
Accumulated depreciation 45 35
Book value 26 23
Financial instruments
Investments are stated at market value as at balance date. Accrued interest, accounts payable, community loans and donations approved not yet paid are stated at the amounts expected to be received or paid. Accordingly, the trustees consider that the fair value of each class of financial assets and financial liabilities is the same as the carrying value in the financial position.