New Zealand Gazette – 2005 – No. 175

Page 4419

✨ Financial Statements



13 OCTOBER 2005

NEW ZEALAND GAZETTE, No. 175

Assets—

Current assets:
Westpac cheque account 128,145 45,454
Accounts receivable and interest accrued 509,540 18,189
Westpac term deposit 103,248 —
Total current assets 740,933 63,643

Non current assets:

Note 2005 2004
Property, plant and equipment 10 782,434 776,933

Investment assets:

Managed funds:

Note 2005 2004
– ING (NZ) Ltd 11 30,943,776 27,946,841
– Tower Asset Management 11 44,135,403 40,696,696
– AMP Asset Management 11 34,049,593 38,097,333
– Capital International 11 25,779,726 26,322,389
– Alliance Bernstein 11 35,038,298 30,324,941
Note 2005 2004
Loans 12 1,040,836 913,385
Invest South Limited 7 5,769,104 5,518,041

| Total non current assets | | 177,539,170 | 170,596,559 |
| Total assets | | 178,280,103 | 170,660,202 |

Consolidated Statement of Cash Flows as at 31 March 2005

Note 2005 2004
Cash flows from operating activities—
Cash was provided from/(applied to):
Interest and dividends 7,622,436 15,868,690
Revaluation of investments 5,887,721 10,360,923
Administration expenses (1,712,775) (1,418,382)
Grants to the community (4,854,996) (6,917,054)
Net cash inflow/(outflow) from operating activities 13 6,942,386 17,894,177

| Cash flows from investing activities— | | | |
| Cash was provided from/(applied to): | | | |
| Investments | | (6,661,844) | (12,678,032) |
| Fixed assets | | (30,402) | (52,826) |
| Loans | | (167,449) | (18,330) |
| Net cash inflow/(outflow) from investing activities | | (6,859,695) | (12,749,188) |

| Cash flows from financing— | | | |
| Cash was provided from/(applied to): | | | |
| Purchase of additional Invest South Limited shares | | — | (5,125,000) |
| Net cash inflow/(outflow) from financing activities | | — | (5,125,000) |
| Net increase/(decrease) in cash held | | 82,691 | 19,988 |
| Add cash at beginning of the year | | 45,454 | 25,466 |
| Total cash balance at end of year | | 128,145 | 45,454 |

Statement of Significant Accounting Policies for the Year Ended 31 March 2005

A. Basis of Preparation

The Community Trust of Southland was formed under the Trustee Banks Restructuring Act 1988 and is incorporated under the Charitable Trusts Act 1957. The financial statements presented are those for The Community Trust of Southland Group ("the group"). The group consists of The Community Trust of Southland ("the trust"), its wholly owned subsidiary company Southland Community Trust Charities Limited and the trust’s interests in associates.

The financial statements comply with the Financial Reporting Act 1993 and the Community Trusts Act 1999. They comprise statements of the following: Significant accounting policies, financial performance, movements in trust funds, financial position, cash flows, as well as notes to these statements.

The financial statements are prepared on the basis of historical cost except that investment assets are stated at valuation, as is the trust’s property at 62 Don Street, Invercargill.

B. Consolidation Method

The financial statements of the trust’s wholly owned company Southland Community Trust Charities Limited are included in the financial statements using the purchase method of consolidation.

C. Associates

Associates are entities in which the group has significant influence, but not control over the operating and financial policies. The financial statements include the group’s share of the net surplus of associates on an equity accounted basis.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2005, No 175


Gazette.govt.nz — PDF NZ Gazette 2005, No 175




✨ LLM interpretation of page content

💰 The Community Trust of Southland Financial Statements (continued from previous page)

💰 Finance & Revenue
Financial Performance, Trust Funds, Financial Position, Income, Expenditure, Grants