4058

NEW ZEALAND GAZETTE, No. 161

22 SEPTEMBER 2005

Consolidated Statement of Cash Flows for the Year Ended 31 March 2005

Cash flows from operating activities—
Cash was provided from:
Interest on deposits 340 825
Operating income 19,891 –
Distribution from Community House Trust 43,343 –
Taxation refund – 4,763
63,574 5,588

Cash was applied to:
Suppliers of goods and services (349,913) (281,180)
Donations paid (434,826) (674,899)
(784,739) (956,079)

Net cash flows from operating activities (721,165) (950,491)

Cash flows from investing activities—
Cash was provided from:
Withdrawal of managed funds 764,758 915,492

Cash was applied to:
Fixed assets (63,039) –

Net cash flows from investing activities 701,719 915,492

Increase/(decrease) in cash held (19,446) (34,999)
Add opening cash 1 April 2004 42,543 77,542
Cash as at 31 March 2005 23,097 42,543

Comprised of—
WestpacTrust:
Subsidiary company account 777 1,143
Current account 22,320 41,400
23,097 42,543

Reconciliation of Net Surplus and Net Cash Flows From Operating Activities

Net surplus transferred to equity 2,464,413 4,511,065
Plus donations returned 5,000 23,897
Less donations approved (566,426) (342,292)
1,902,987 4,192,670

Plus/(less) non cash items:
Managed funds gains/losses (1,330,344) (4,804,824)
Depreciation 8,445 –
Transfer from Aorangi Park Trust – 40,000
(1,321,899) (4,764,824)
581,088 (572,154)

Movements in working capital:
Increase/(decrease) in donations approved not yet paid 126,600 (356,504)
Increase/(decrease) in creditors 7,295 (44,973)
(Increase)/decrease in G.S.T. (5,303) –
(Increase)/decrease in tax refund due 3,740 6,913
(Increase)/decrease in sundry debtors 7,745 16,227
Movements in working capital 140,077 (378,337)

Net cashflow from operating activities 721,165 (950,491)

Notes to the Consolidated Financial Statements for the Year Ended 31 March 2005

1. Statement of Accounting Policies

Reporting Entity
The Community Trust of Mid & South Canterbury Incorporated 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: