17 AUGUST NEW ZEALAND GAZETTE 2301

Cash flows from financing activities—
Cash was provided to:
BNZ loan principal repayments (39,522) -
Interest expense (58,289) -
(97,811) -
Net increase (decrease) in cash held 2,067,089 53,217
Opening cash brought forward 63,720 10,503
Closing cash carried forward 2,130,809 63,720
Shown in Statement of Financial Position as
Cash at bank 2,130,809 63,720
Closing cash carried forward 2,130,809 63,720

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

I. Statement of accounting policies

Reporting entity
The financial statements presented here are for the reporting entity Trust Bank Wellington Community Trust and its wholly owned companies, Wellington Community Trust Charities Limited and Jarden Mile Investments Limited. The Trust Bank Wellington Community Trust is an incorporated Charitable Trust under the Charitable Trusts Act 1957.

Reporting basis
The trustees have chosen to prepare general purpose financial reports which comply with generally accepted accounting practice.

Measurement base
The measurement base adopted is historical cost with the exception of certain items for which specified accounting policies are identified.

Investment income (net)
Investment income (net) includes gross investment income less management fees payable to the fund managers.

Investment property
The investment property held is valued at net current value. Depreciation is not charged on the investment property. The net change in the value of the investment property is recorded in the consolidated Statement of Financial Performance.

Basis of consolidation
The consolidated financial statements have been prepared using the purchase method of consolidation and include the financial statements of the parent and subsidiary companies.
All significant inter-entity profits and transactions have been eliminated in preparing the consolidated financial statements.

Accounts receivable
Accounts receivable are stated at expected realisable value.

Donations
Donations made from current years income are recorded in the Statement of Financial Performance when paid. Donations from prior years’ income are recorded in the Donation Reserve Account when paid.

Fixed assets
Fixed assets are stated at cost less accumulated depreciation.

Depreciation
Depreciation is charged at the maximum rates allowable by the Inland Revenue Department. The tax rates are as follows:
Computer equipment 24.0 - 48.0 %CP
Office furniture 13.2 - 14.4 %DV

Goods and services tax
The Community Trust of Wellington financial statements are prepared on a G.S.T. inclusive, basis with the exception of transactions relating to Jarden Mile Investments Limited, whose financial statements are prepared on a G.S.T. exclusive basis, as it is registered for goods and services tax.

Shares and investments
Shares and other investments are stated at the market value. Changes in the market value of investments are taken to the Statement of Financial Performance.

Financial instruments
All financial instruments held by the trust are recorded in the Statement of Financial Position. The financial instruments comprise equity securities, discounted securities, secured investments, borrowings, deposits and cash. Concentrations of credit risk arise as a result of holding equity securities as investments. These are subject to the normal market risk associated with investments of this nature. There are no significant differences between the fair value and book value of financial instruments.

Where possible, financial assets and liabilities are supported by collateral or other security. These arrangements are described in the individual policy statements associated with each item.

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.