✨ Financial Statements and Notes
NEW ZEALAND GAZETTE
No. 119
Plus/(less) non cash items:
- Loss on transfer to managed funds –
- Managed funds expenses 171,731 109,424
- Unrealised capital losses/(gains) on investments 3,112,308 (2,156,554)
- Managed fund revenue (3,849,152) (1,673,790)
- Gains on transfer to managed funds – (504,629)
- Transfer from Aorangi Park Trust 40,000 –
(2,561,422) (1,093,814)
Movements in working capital:
- Increase/(decrease) in donations approved not yet paid 1,038,700 –
- Increase/(decrease) in creditors 9,744 2,500
- (Increase)/decrease in accrued interest (10,695) 139,734
- (Increase)/decrease in tax refund due 59,566 (359)
- (Increase)/decrease in sundry debtors 11,236 –
Net cashflow from operating activities (1,452,871) 951,939
Notes to the Consolidated Financial Statements for the Year Ended 31 March 2001
1. Statement of Accounting Policies
Reporting Entity
The Community Trust of Mid & 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 consolidated statement of financial performance when it is received.
(b) Donations
Donations, special projects and community loans are accounted for when they are distributed.
(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.
(d) Trust Capital
Trust capital is made up of:
(i) Capital fund – which records initial capital fund (being the realised value of trust bank shares).
(ii) Inflation reserve – this is increased each year by applying the consumer price index to the sum of the initial capital fund and opening inflation reserve. The amount is to be allocated from trust profit on an annual basis.
(iii) Uncommitted surplus – this is the balance of the profit.
(e) Basis of Consolidation
The Community Trust of Mid & South Canterbury Inc. and its subsidiary the Trust Bank South Canterbury Community Trust Charities Limited have been consolidated using the purchase method of consolidation.
Changes in Accounting Policies
(a) The trustees have changed its policy with respect to the capital and reserves of the trust. The change in policy, as described in Note 1 (d) above, will enable initial capital to be preserved in real terms and a consistent maintainable annual donations level.
(b) There have been no other changes in accounting policy.
2. Investments
| 2001 | 2000 | |
|---|---|---|
| Managed funds – debt | 19,545,615 | 17,717,217 |
| Managed funds – equity | 17,291,684 | 19,887,709 |
| 36,837,299 | 37,604,926 |
3. Capital Fund
| 2001 | 2000 | |
|---|---|---|
| Balance at beginning of the year | 32,087,148 | 32,087,148 |
| Transfers | – | – |
| Balance at end of the year | 32,087,148 | 32,087,148 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2001, No 119
Gazette.govt.nz —
NZ Gazette 2001, No 119
✨ LLM interpretation of page content
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Community Trust of Mid & South Canterbury Inc. Annual Report
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💰 Finance & Revenue27 August 2001
Community Trust, Annual Report, Financial Statements, Donations, Strategic Planning, Volunteer Support, Trustee Appointments