New Zealand Gazette – 2003 – No. 89

Page 2312

✨ Financial Statements



2312

NEW ZEALAND GAZETTE

No. 89

These financial statements have been authorised for issue by the trustees on 16 July 2003.

JOHN CULLING
Chairperson

BRIAN BOURKE
Trustee

Consolidated Statement of Cash Flows for the Year Ended 31 March 2003

Note

Cash flows from operating activities—
Cash was provided from:
Interest and dividends on investments

Cash was applied to:
Trustees and employees
Suppliers of other goods and services
Net operating cash flows

Cash flows from investing activities—
Cash was provided from:
Withdrawals from managed funds
Sale of fixed assets

Cash was applied to:
Investment in managed funds
Purchase of fixed assets
Net cash flows from investing activities

Cash flows from financing activities—
Cash was applied to:
Community donation payments
Net increase (decrease) in cash held
Add cash at 1 April
Cash at 31 March

10

8

2003
$

2002
$

1,220,563
1,220,563

995,377
995,377

(370,867)
(620,219)
229,477

(381,342)
(715,315)
(101,280)

46,568,577
–
46,568,577

6,828,000
350
6,828,350

(44,574,755)
(43,654)
(44,618,409)
1,950,168

(2,856,000)
(7,419)
(2,863,419)
3,964,931

(5,744,870)
(3,565,225)
13,014,417
9,449,192

(7,782,316)
(3,918,665)
16,933,082
13,014,417

Notes to the Consolidated Financial Statements for the Year Ended 31 March 2003

  1. Statement of Accounting Policies

1.1 Reporting Entity
Eastern and Central Community Trust Inc. is a charitable trust incorporated in accordance with the provisions of the Community Trusts Act 1999.
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 the Financial Reporting Act 1993.

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. The entities have a common balance date of 31 March.

1.3.2 Investment Income is accounted for on an accruals basis recognising both realised and unrealised gains or losses in value.

1.3.3 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 are recorded at market value at year-end.

1.3.5 Cash comprises cash at bank, call deposits and short-term deposits but does not include cash held by fund managers.

1.3.6 Donations are recognised as a liability of the trust when they are approved by trustees and notified to applicants notwithstanding that the applicants may still have to fulfil some conditions.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2003, No 89


Gazette.govt.nz — PDF NZ Gazette 2003, No 89




✨ LLM interpretation of page content

🏢 Eastern & Central Community Trust Incorporated Financial Statements (continued from previous page)

🏢 State Enterprises & Insurance
16 July 2003
Financial Performance, Movements in Equity, Financial Position, Income, Expenditure, Assets, Liabilities, Donations
  • John Culling, Chairperson
  • Brian Bourke, Trustee