✨ Financial Statements
7 SEPTEMBER 2006
NEW ZEALAND GAZETTE, No. 105
Cash was applied to:
Fixed assets
(1,360,423)
(63,039)
Net cash flows from investing activities
1,207,645
701,719
Increase/(decrease) in cash held
3,512
(19,446)
Add opening cash 1 April 2005
23,097
42,543
Cash as at 31 March 2006
26,609
23,097
Comprised of—
Westpac:
Subsidiary company account
–
777
Current account
26,609
22,320
26,609
23,097
Reconciliation of Net Surplus and Net Cash Flows From Operating Activities
2006
$
5,896,004
2005
$
2,464,413
Net surplus transferred to equity
Plus donations returned
Less donations approved
4,300
(1,056,741)
5,000
(566,426)
4,843,563
1,902,987
Plus/(less) non cash items:
Managed funds gains/losses
(6,322,955)
(1,330,344)
Depreciation
16,363
8,445
(6,306,592)
(1,321,899)
Movements in working capital:
Increase/(decrease) in donations approved not yet paid
426,448
126,600
Increase/(decrease) in creditors
(9,810)
7,295
(Increase)/decrease in GST
(165,058)
(5,303)
(Increase)/decrease in tax refund due
–
3,740
(Increase)/decrease in sundry debtors
7,316
7,745
Movements in working capital
258,896
140,077
Net cashflow from operating activities
(1,204,133)
721,165
Notes to the Consolidated Financial Statements for the Year Ended 31 March 2006
- 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:
● The measurement base adopted is that of historical cost, except for the revaluation of investments. Reliance is placed on the fact that the trust is a going concern.
● The matching of revenues earned and expenses incurred using accrual accounting.
● The trust qualifies for differential reporting and the financial statements have been prepared taking advantage of the differential reporting exemptions with the exception of the preparation of a statement of cashflows.
Particular Accounting Policies
The following are the particular accounting policies which have a material effect on the measurement of results and financial position:
(a) Dividend Income
Dividend income is included in the consolidated statement of financial performance when it is received.
(b) Donations
Donations, special projects and community loans are accounted for when they are approved for payment.
(c) Investments
Investments held as managed funds are shown at market value. Net income including unrealised gains or losses from holding such investments are recorded in the consolidated statement of financial performance.
(d) Trust Capital
Trust capital is made up of:
(i) Capital fund – which records initial capital fund (being the realised value of trust bank shares).
(ii) Inflation reserve – it is intended to increase the inflation reserve each year by applying the consumer price index to the sum of the initial capital fund and opening inflation reserve. This amount to be allocated from trust profit on an annual basis.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2006, No 105
Gazette.govt.nz —
NZ Gazette 2006, No 105
✨ LLM interpretation of page content
💰
Consolidated Statement of Cash Flows for the Year Ended 31 March 2006
(continued from previous page)
💰 Finance & RevenueCash Flows, Operating Activities, Investing Activities, Financial Statements
💰 Notes to the Consolidated Financial Statements for the Year Ended 31 March 2006
💰 Finance & RevenueAccounting Policies, Financial Statements, Trust Capital, Dividend Income, Donations, Investments