✨ Financial Statements and Notes
NEW ZEALAND GAZETTE
No. 75
1798
Net increase (decrease) in cash held
| 2001 | 2000 | |
| ------------------ | --------- | ------------ |
| $ | $ | |
| Net increase (decrease) in cash held | 7,702,601 | 1,388,981 |
| Add cash at 1 April | 9,230,481 | 7,841,500 |
| Cash at 31 March | 16,933,082 | 9,230,481 |
5
Notes to the Consolidated Financial Statements for the Year Ended 31 March 2001
1. Statement of Accounting Policies
1.1 Reporting Entity
Eastern and Central Community Trust is a charitable trust incorporated in accordance with the provisions of the Trustee Banks Restructuring Act 1988.
The trust has a wholly owned company – Eastern & Central Community Trust Charities Limited – which is registered under the Companies Act 1993.
The consolidated financial statements have been prepared in accordance with generally accepted accounting practice.
1.2 Measurement Base
The measurement base applied is that of historical cost adjusted for the market valuation of investments.
1.3 Specific Accounting Policies
The following are the particular accounting policies which have a material effect on the measurement of results and financial position.
1.3.1 Basis of Consolidation
The consolidated financial statements include the trust and its wholly owned company accounted for using the purchase method. All significant inter-entity transactions are eliminated on consolidation. Both entities have a common balance date of 31 March.
1.3.2 Investment Income
Investment Income is accounted for on an accruals basis recognising both realised and unrealised gains or losses in value.
1.3.3 Foreign Currency
Foreign Currency balances are converted to NZD at the year-end rate of exchange unless covered by a forward exchange contract. Where such contracts are in place, the contracted rate is adopted. Transactions completed during the year are converted at the rate applying at the approximate date of the transaction. Foreign exchange gains and losses are included within the statement of financial performance.
1.3.4 Investments
Investments are recorded at market value at year-end.
1.3.5 Cash
Cash comprises cash at bank, call deposits and short-term deposits but does not include cash held by fund managers.
1.3.6 Donations
Donations are included in the statement of financial performance when approved by the trustees.
1.3.7 Fixed Assets
Fixed assets are recorded at cost less accumulated depreciation.
1.3.8 Depreciation
Depreciation is provided on a straight line basis on all tangible fixed assets at rates calculated to allocate the assets’ cost less estimated residual value over their estimated useful lives.
The depreciation periods are:
- Computer equipment: three years
- Fixtures and fittings: nine years
- Furniture: ten years
- Office equipment: five years
1.3.9 Income Tax
Income Tax is not provided as the trust has charitable status for tax purposes.
1.3.10 G.S.T.
G.S.T. inclusive accounting has been adopted, as the trust is not registered for G.S.T.
1.4 Changes in Accounting Policies
There have been no changes in accounting policies. All policies have been consistently applied.
2. Income From Investments
| 2001 | 2000 | |
|---|---|---|
| $ | $ | |
| Interest | 2,910,875 | 2,937,540 |
| Dividends | 1,797,178 | 2,760,504 |
| Gains on disposals of investments | 1,658,103 | 480,470 |
| Foreign exchange gain | 5,260,222 | 4,428,023 |
| Changes in investment value | (16,123,798) | 8,843,721 |
| (4,497,419) | 19,450,258 | |
| Less fund managers' expenses | 307,395 | 296,349 |
| (4,804,814) | 19,153,909 |
3. Investments in Managed Funds
| 2001 | 2000 | |
|---|---|---|
| $ | $ | |
| Opening balance | 139,408,426 | 128,621,796 |
| Gross income | (5,324,420) | 14,725,400 |
| Withdrawals to fund donations | (13,814,457) | (3,938,770) |
| Closing balance | 120,269,549 | 139,408,426 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2001, No 75
Gazette.govt.nz —
NZ Gazette 2001, No 75
✨ LLM interpretation of page content
💰
Consolidated Statement of Cash Flows for the Year Ended 31 March 2001
(continued from previous page)
💰 Finance & Revenue12 June 2001
Cash Flows, Operating Activities, Investing Activities, Financial Statements, Eastern & Central Community Trust
💰 Notes to the Consolidated Financial Statements for the Year Ended 31 March 2001
💰 Finance & RevenueAccounting Policies, Reporting Entity, Measurement Base, Consolidation, Investment Income, Foreign Currency, Investments, Cash, Donations, Fixed Assets, Depreciation, Income Tax, G.S.T.
💰 Income From Investments for the Year Ended 31 March 2001
💰 Finance & RevenueInvestment Income, Interest, Dividends, Gains on Disposals, Foreign Exchange, Investment Value, Fund Managers' Expenses
💰 Investments in Managed Funds for the Year Ended 31 March 2001
💰 Finance & RevenueManaged Funds, Opening Balance, Gross Income, Withdrawals, Closing Balance