New Zealand Gazette – 2000 – No. 117

Page 2983

✨ Financial Statements

31 AUGUST 2000

NEW ZEALAND GAZETTE

2983

Cash at 31 March 2000 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 NZ and ANZ Banking Group.

Notes to the Consolidated Financial Statements for the Year Ended 31 March 2000

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 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 Statement of Financial Performance when it is received.

(b) Donations

Donations, special projects and community loans are accounted for as they are distributed.

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 Statement of Financial Performance.

(d) Fixed assets

Fixed assets are recorded at cost less accumulated depreciation.

(e) Donations reserve

The donations reserve is credited with 75% of the net profit of the trust for each year or lesser sum to maintain the trust’s general reserve in terms of the consumer price index. The intended effect of this reserve is to withhold from donations each year a sum sufficient to preserve the trust’s capital in real terms to provide for maintenance of current donation levels in future years.

(f) Basis of consolidation

The Community Trust of Mid and South Canterbury Inc. and its subsidiary the South Canterbury Community Trust Charities Ltd have been consolidated using the purchase method of consolidation.

Changes in accounting policies

(a) The trustees have entered into an “Investment Management Agreement” with the New Zealand Guardian Trust Company Limited (NZGT) from 29 April 1999. This agreement appoints NZGT as Manager and Custodian of the Trustees Investment Portfolio and empowers NZGT to actively manage (buy, sell or hold) the investment portfolio in accordance with the Trustees Policy Guidelines and Objectives as set out in Annex B (Investment Objectives) to said “Investment Management Agreement”. NZGT is required to promptly remedy any non compliance with trustees investment objectives which may arise.

(b) There have been no other changes in accounting policy.

2. Investments

	2000	1999
New Zealand government stock	-	6,824,353
New Zealand Local Authority Stock	-	1,589,243
New Zealand debentures	-	1,088,392
New Zealand capital notes and bonds	-	3,127,672
New Zealand shares	-	3,877,112
Australian shares	-	1,115,500
New Zealand property shares	-	1,150,815
Australian property shares	-	1,272,709
Managed funds – debt	17,717,217	-
Managed funds – equity	19,091,263	-
Managed funds – property	796,446	-
	37,604,926	20,045,796
Less NZ Government stock – short term	-	(1,632,845)
	37,604,926	18,412,951

VUW Te Waharoa — NZ Gazette 2000, No 117

Gazette.govt.nz — NZ Gazette 2000, No 117

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✨ LLM interpretation of page content

💰 Consolidated Statement of Cash Flows for the Year Ended 31 March 2000 (continued from previous page)

Domain💰 Finance & Revenue
KeywordsCash Flows, Operating Activities, Investing Activities, Reconciliation

💰 Notes to the Consolidated Financial Statements for the Year Ended 31 March 2000

Domain💰 Finance & Revenue
KeywordsAccounting Policies, Financial Statements, Investments, Dividends, Donations, Fixed Assets, Donations Reserve, Consolidation

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