New Zealand Gazette – 2006 – No. 100

Page 2985

✨ Bay of Plenty Community Trust Financial Statements



24 AUGUST 2006 NEW ZEALAND GAZETTE, No. 100 2985

Reconciliation of net surplus and net cash flows from operating activities—

2006 2005
Net surplus transferred to/(from) equity 12,879 4,612
Less payments out of capital (net) (268) (136)
Accrued income included in investments (6,460) (645)

Plus non cash items:

2006 2005
Depreciation of fixed assets 7 9
Loss on disposal of assets – 1

Movement in working capital:

2006 2005
Decrease/(increase) in accounts receivable 8 20
Increase/(decrease) in accounts payable 349 760

Net cash flows from operating activities | 6,515 | 4,621 |

The accompanying notes form part of these financial statements.

Notes to the Financial Statements for the Year Ended 31 March 2006

1. Statement of Accounting Policies

Reporting Entity

The trust is a charitable trust in accordance with the provisions of the Community Trusts Act 1999. The group consists of Bay of Plenty Community Trust Incorporated and its subsidiary Bay of Plenty Community Trust Charities Limited which was wound up on 2 December 2005.

The financial statements have been prepared as required by the Community Trusts Act 1999 and the Trust Deed dated 17 August 2000 and in accordance with the Financial Reporting Act 1993.

Measurement Base

The accounting principles recognised as appropriate for the measurement and reporting of financial performance and financial position on a historical cost basis are followed by the group, with the exception of investments which are stated at market value as at 31 March 2006.

Specific Accounting Policies

The following specific accounting policies which materially affect the measurement of financial performance and the financial position have been applied:

(a) Donations:

Donations made during the year from revenue are included in the statement of financial performance. Those made from trust capital have been included in the statement of movements in equity.

(b) Investments:

All Investments are stated at assessed market value (refer Note 5).

(c) Fixed assets:

Fixed assets are stated at cost less accumulated depreciation.

(d) Depreciation:

Depreciation is charged to write off the cost of fixed assets over their expected economic lives using the diminishing value method at rates from 12% to 50% per annum.

(e) Accounts receivable:

Accounts receivable are recorded at their estimated realisable value.

(f) Financial instruments:

The trust includes all financial instrument arrangements in the balance sheet using the concept of accrual accounting. Financial instruments are valued as per Note 1, measurement base. These instruments arise as a result of everyday operations and include bank, accounts receivable, accounts payable and investments. Revenues and expenses in relation to all financial instruments are recognised in the statement of financial performance. Financial instruments are shown at their fair values.

(g) Consolidation:

The Bay of Plenty Community Trust Incorporated and its subsidiary charitable company, Bay of Plenty Community Trust Charities Limited, have been consolidated using the purchase method of consolidation. The company was wound up on 2 December 2005.

Changes in Accounting Policies

There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in previous years.

2006 2005
$000 $000

2. Equity

Trust capital—

2006 2005
89,308 89,308

General funds:

Opening balance

Less donations from trust capital

| | (268) | (136) |

Plus transfer from current year surplus

| | 268 | 136 |



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2006, No 100


Gazette.govt.nz — PDF NZ Gazette 2006, No 100




✨ LLM interpretation of page content

🏢 Bay of Plenty Community Trust Annual Report (continued from previous page)

🏢 State Enterprises & Insurance
3 July 2006
Community Trust, Annual Report, Bay of Plenty, BayTrust, Financial Performance, Donations, Charitable Activities