✨ Financial Statements and Notes
3224
NEW ZEALAND GAZETTE
No. 118
I. Investments
Investments are stated at market value and report realised and unrealised gains or losses on holding these investments in the statement of financial performance. These gains or losses are shown in the statement of financial performance as income from revaluation of investments.
J. Accounts Receivable
Accounts receivable are stated at expected realisable value.
K. Grants
Grants are recognised when they are approved by the trustees. Unpaid grants are recorded as a liability.
L. Goods and Services Tax
The group is not registered for goods and services tax. The financial statements are prepared using G.S.T. inclusive accounting.
M. Income Taxation
The group provides for income tax on its net income after adjusting for tax accounting differences and any beneficiaries' income determinations made pursuant to section OB1 (226) of the Income Tax Act 1994.
N. Statement of Cash Flows
Operating cash flows includes interest and dividends paid or credited to investment funds under management and any upward or downward revaluation of funds during the period. Cash movements in funds invested are recognised in investing activities.
O. Changes in Accounting Policies
The accounting policies have been consistently applied by the group and are consistent with those of the previous year.
Notes to the Financial Statements for the Year Ended 31 March 2003
1. Investment Income
| Note | 2003 | 2002 |
|---|---|---|
| $ | $ | |
| Dividends and distributions | 4,452,442 | 359,710 |
| Interest | 2,787,056 | 5,121,563 |
| Change in value of investments | (18,631,581) | (3,635,361) |
| (11,392,083) | 1,845,912 |
2. Expenditure
| 2003 | 2002 | |
|---|---|---|
| $ | $ | |
| Audit fees | 12,921 | 14,104 |
| Communications | 18,623 | 21,830 |
| Conference costs | 7,462 | 13,522 |
| Depreciation | 74,153 | 83,496 |
| Loss/(gain) on disposal of fixed assets | 5,660 | (5,725) |
| Fund manager fees | 445,915 | 386,632 |
| General expenses | 36,735 | 41,300 |
| Insurance | 12,263 | 12,131 |
| Occupancy costs | 17,089 | 17,205 |
| Office expenses | 20,403 | 24,139 |
| Professional fees | 160,709 | 210,158 |
| Promotion, reporting and compliance expenses | 52,919 | 65,334 |
| Salaries and staff costs | 254,862 | 250,273 |
| Trustees' fees | 167,433 | 150,697 |
| Vehicle expenses | 15,996 | 17,705 |
| Total Expenditure | 1,303,143 | 1,302,801 |
3. Reserves
(a) Capital Maintenance Reserve
| 2003 | 2002 | |
|---|---|---|
| $ | $ | |
| Opening balance of capital maintenance reserve | 10,039,680 | 11,137,680 |
| Transfer from statement of financial performance | 4,369,401 | 4,412,418 |
| Transfer to capital reserve | (7,305,691) | (5,510,418) |
| 7,103,390 | 10,039,680 |
(b) Grants Maintenance Reserve
| 2003 | 2002 | |
|---|---|---|
| $ | $ | |
| Opening balance of grants maintenance reserve | 1,925,057 | 10,584,750 |
| Transfer from statement of financial performance | (18,036,603) | (8,659,693) |
| (16,111,546) | 1,925,057 |
| Total reserves | (9,008,156) | 11,964,737 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 118
Gazette.govt.nz —
NZ Gazette 2003, No 118
✨ LLM interpretation of page content
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Financial Performance Statement of The Community Trust of Southland
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💰 Finance & RevenueFinancial Performance, Income, Expenditure, Community Trust, Southland, Investment Income