New Zealand Gazette – 2002 – No. 126

Page 3395

✨ Financial Statements

NEW ZEALAND GAZETTE

29 AUGUST 3395


(Increase)/decrease in tax refund due	–	59,566
(Increase)/decrease in sundry debtors	(3,024)	11,236
Movements in working capital	(531,535)	1,108,551
Net cashflow from operating activities	(2,241,460)	(1,452,871)

Notes to the Consolidated Financial Statements for the Year Ended 31 March 2002

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.

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 – it is intended to increase the inflation reserve 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. There is insufficient profit to allow this action to occur in the current year.
(iii) Uncommitted surplus represents the balance of any profit remaining.

(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) While the trust has not changed its policy with respect to the capital and reserves of the trust, unfortunately there is insufficient profit to increase the inflation reserve by the level of inflation.

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

2. Investments

	2002	2001
Guardian Trust – debt	12,915,261	19,545,615
Guardian Trust – equity	6,237,789	17,291,684
State Street Global – debt	5,334,884	–
State Street Global – equity	10,629,471	–
	35,117,405	36,837,299

3. Capital Fund

	2002	2001
Balance at beginning of the year	32,087,148	32,087,148
Balance at end of the year	32,087,148	32,087,148

4. Inflation Reserve

	2002	2001
Balance at beginning of the year	2,539,687	1,498,550
Transfer from general reserves	–	1,041,137
Balance at end of the year	2,539,687	2,539,687

5. Reserves

	2002	2001
Balance at beginning of the year	5,271,765	5,271,765
Add Surplus for the year	–	386,568
Add Donations returned	16,040	1,700
Deduct Donations approved	(2,210,359)	(5,660,033)
Deduct Prior period tax adjustment	(1,555,856)	(59,566)

VUW Te Waharoa — NZ Gazette 2002, No 126

Gazette.govt.nz — NZ Gazette 2002, No 126

The General Assembly Library (on the right) was completed in 1899 and survived the 1907 fire. Now the oldest remaining original Parliament building, still used as the Parliamentary Library.

✨ LLM interpretation of page content

💰 Reconciliation of Net Surplus and Net Cash Flows From Operating Activities (continued from previous page)

Domain💰 Finance & Revenue
KeywordsNet Surplus, Cash Flows, Donations, Tax Adjustment

💰 Notes to the Consolidated Financial Statements for the Year Ended 31 March 2002

Domain💰 Finance & Revenue
KeywordsAccounting Policies, Financial Statements, Trust Capital, Investments

💰 Statement of Accounting Policies

Domain💰 Finance & Revenue
KeywordsAccounting Policies, Historical Cost, Accrual Accounting

💰 General Accounting Policies

Domain💰 Finance & Revenue
KeywordsAccounting Policies, Going Concern, Accrual Accounting

💰 Particular Accounting Policies

Domain💰 Finance & Revenue
KeywordsDividend Income, Donations, Investments, Trust Capital, Basis of Consolidation

💰 Changes in Accounting Policies

Domain💰 Finance & Revenue
KeywordsAccounting Policies, Inflation Reserve, Trust Profit

💰 Investments

Domain💰 Finance & Revenue
KeywordsInvestments, Guardian Trust, State Street Global

💰 Capital Fund

Domain💰 Finance & Revenue
KeywordsCapital Fund, Balance

💰 Inflation Reserve

Domain💰 Finance & Revenue
KeywordsInflation Reserve, General Reserves, Balance

💰 Reserves

Domain💰 Finance & Revenue
KeywordsReserves, Surplus, Donations, Tax Adjustment

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