✨ Community Trust Financial Report
4060 NEW ZEALAND GAZETTE, No. 161 22 SEPTEMBER 2005
Approved donations not yet paid out include:
| 2005 | 2004 | |
|---|---|---|
| Ashburton Community Pool | 20,000 | 20,000 |
| Geraldine Pre-school Inc | 5,000 | – |
| Hakatere Maori Committee | 10,000 | – |
| Hilton Hall Committee | 2,000 | – |
| Hockey South Canterbury | – | 1,000 |
| Holy Name Catholic Parish Ashburton | 20,000 | – |
| IHC South Canterbury | 1,500 | 1,500 |
| Lake Clearwater Hutholders Association | 2,000 | – |
| Lake Tekapo Promotion Association | – | 5,000 |
| Mid Canterbury Cricket Association | 1,000 | 1,000 |
| Mid/South Canterbury Search & Rescue | 60,000 | – |
| SC Conservation Trust | 500 | 500 |
| SC Cricket Association | 5,000 | – |
| SC Cricket Development Trust | – | 75,000 |
| SC Football Association | 8,000 | – |
| SC Womens’ Wellness Centre | 500 | – |
| Sport South Canterbury | 4,500 | 1,400 |
| Temuka & Districts Project Trust | 10,000 | – |
| The Geraldine Players Inc | 15,000 | – |
| Timaru Civic Trust Inc | 6,000 | – |
| Timaru Mental Health Support Trust | 60,000 | – |
| Waimate Historical Society | 1,000 | – |
| 232,000 | 105,400 |
- Taxation
The trust is exempt from tax with effect from 1 April 2004 in accordance with section CB 4 (1) (m) of the Income Tax Act 1994.
- Goods and Services Tax
The trust is registered for Goods and Services Tax purposes during the financial year. These financial statements are stated on a G.S.T. inclusive basis up to the date of G.S.T. registration. From the date of G.S.T. registration, the financial statements are stated on a G.S.T. exclusive basis except for debtors and creditors which are stated on a G.S.T. inclusive basis.
- Capital Commitments
There were no capital commitments (2004 – $Nil).
- Contingent Liabilities
There were no contingent liabilities at 31 March 2005 (2004 – $Nil).
- Advances
There were no advances outstanding at balance date.
- Financial Instruments
Fair Values
Investments are stated at estimated market value at balance date. Interest accrued, sundry debtors, sundry creditors, term loans and donations approved, not yet paid, are stated at the amounts expected to be received or paid.
Accordingly, the trustees consider that the fair value of each class of financial assets and financial liabilities is the same as the carrying value in the statement of financial position.
Credit Risk
Sixty-eight per cent of the assets of the trust are represented by debt investments and current account balances with Westpac and through managed funds. The trustees consider the risk of non-recovery of these investments at balance date to be within satisfactory guidelines.
The maximum exposure to credit risk of other financial instruments are:
| 2005 | 2004 | |
|---|---|---|
| Debtors | 7,680 | 15,425 |
| G.S.T. refund due | 5,303 | – |
| Managed fund equities | 11,872,965 | 10,995,775 |
| 11,885,948 | 11,011,200 |
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2005, No 161
Gazette.govt.nz —
NZ Gazette 2005, No 161
✨ LLM interpretation of page content
🏢
Annual Report of the Community Trust of Mid & South Canterbury
(continued from previous page)
🏢 State Enterprises & Insurance23 August 2005
Community Trust, Financial Report, Income, Expenses, Auditors, Accounting Policies, Capital Fund, Inflation Reserve, General Reserves