New Zealand Gazette – 2007 – No. 100

Page 2717

✨ Financial Statements and Notes

13 SEPTEMBER 2007 NEW ZEALAND GAZETTE, No. 100 2717

Plus/(less) non cash items:

	2007 $	2006 $
Managed funds gains/(losses)	(2,311,072)	(6,322,955)
Depreciation and loss on sale	66,951	12,957
	(2,244,121)	(6,309,998)

Movements in working capital:

	2007 $	2006 $
Increase/(decrease) in donations approved not yet paid	450,852	426,448
Increase/(decrease) in creditors	3,133	(9,810)
(Increase)/decrease in GST	164,228	(165,048)
(Increase)/decrease in tax refund due	579	–
(Increase)/decrease in sundry debtors	(2,778)	7,316
Movements in working capital	616,014	258,896
Net cashflow from operating activities	(709,176)	(1,204,133)

Notes to the Financial Statements for the Year Ended 31 March 2007

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:

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 cash flows.

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 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.

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 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.

(iii) General reserves – intended to enable the trustees to continue with distributions should the trust incur a deficit in a particular income year.

(e) Depreciation

The assets of the trust are stated at cost price less depreciation based on rates as allowed by the Inland Revenue Department.

Changes in Accounting Policies

There have been no changes in accounting policies.

2. Capital Fund

	2007 $	2006 $
Initial capital fund	32,087,148	32,087,148
Balance at end of year	32,087,148	32,087,148

3. Inflation Reserve

	2007 $	2006 $
Balance at beginning of the year	6,974,389	5,184,500
Transfer from/to general reserves	1,146,868	1,789,889
Balance at end of year	8,121,257	6,974,389

VUW Te Waharoa — NZ Gazette 2007, No 100

Gazette.govt.nz — NZ Gazette 2007, No 100

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

💰 Reconciliation of Net Surplus and Net Cash Flows From Operating Activities (continued from previous page)

Domain💰 Finance & Revenue
KeywordsNet Surplus, Donations, Tax, Equity, Financial Statements, Accounting Policies

💰 Statement of Accounting Policies

Domain💰 Finance & Revenue
KeywordsAccounting Policies, Financial Reporting, Charitable Trust, Historical Cost, Accrual Accounting

💰 Capital Fund

Domain💰 Finance & Revenue
KeywordsCapital Fund, Initial Capital, Balance

💰 Inflation Reserve

Domain💰 Finance & Revenue
KeywordsInflation Reserve, Transfer, General Reserves

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