✨ Trust Fund Financial Statements
NEW ZEALAND GAZETTE, No. 127
14 AUGUST 2008
Trust funds:
| (c) | |||||
|---|---|---|---|---|---|
| Trust capital | 89,308 | 89,308 | 89,308 | 89,308 | 89,308 |
| Income fluctuation reserve | 23,919 | (236) | 23,683 | 26,949 | (175) |
| Inflation and population growth reserve | 22,713 | 22,713 | 27,698 | ||
| Total equity | 135,940 | 135,704 | 143,955 | ||
| Trade and other payables | 1,298 | 1,298 | 267 | ||
| Employee entitlements | 16 | 16 | 15 | ||
| Total current liabilities | 1,314 | 1,314 | 282 | ||
| Total liabilities | 1,314 | 1,314 | 282 | ||
| Total equity and liabilities | 137,254 | 137,018 | 144,237 |
Reconciliation of Profit
| Trust | Note | Previous GAAP $000 | Effect of transition to NZ IFRS $000 | NZ IFRS $000 |
|---|---|---|---|---|
| Revenue | (c) | 13,059 | 61 | 13,120 |
| Portfolio management and advisory fees | (643) | – | (643) | |
| Other expenses | (b), (c) | (8,706) | (8,015) | (691) |
| Grants – profit before income tax | (a) | (3,548) | (3,548) | – |
| Income tax | – | – | – | |
| Profit/(loss) for the year | 162 | 11,624 | 11,786 |
Changes in Accounting Policies
NZ IFRS Adjustments
(a) The trust has changed its accounting policy to recognise all donations as distributions from equity. In the previous years’ financial statements, certain distributions had been accounted for as an expense. The impact of the change in accounting policy has to increase profit in the year ended 31 March 2007 by $3,552,000.
(b) The trust has changed its accounting policy in respect of income fluctuation and inflation and population growth reserves transfers. Transfers are now recognised as movements in equity rather than as an expense in the income statement. The impact of the change in accounting policy is to increase profits for the year by $8,015,000.
(c) Under NZ IFRS, loans and receivables should be initially recognised at fair value. Under previous NZ GAAP, loans and receivables were recognised at the face value of the loan. The impact of the adjustment is to reduce the carrying value of the loans by $236,000 at 1 April 2006 and by $175,000 at 31 March 2007. The adjustment increases profit for the year ending 31 March 2007 by $61,000.
19. Contingent Liabilities
There are no contingent liabilities at 31 March 2008.
Auditor’s Report
To the Trustees of Bay of Plenty Community Trust Incorporated
We have audited the financial statements. The financial statements provide information about the past financial performance and financial position of the trust and its financial position as at 31 March 2008. This information is stated in accordance with the accounting policies.
Trustees’ Responsibilities
The trustees are responsible for the preparation of financial statements, which give a true and fair view of the financial position of the trust as at 31 March 2008, and of the results of operations and cash flows for the year ended on that date.
Auditors’ Responsibilities
It is our responsibility to express to you an independent opinion on the financial statements presented by the trustees.
Basis of Opinion
An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial statements. It also includes assessing:
- the significant estimates and judgments made by the trustees in the preparation of the financial statements; and
- whether the accounting policies are appropriate to the trust’s circumstances, consistently applied and adequately disclosed.
We conducted our audit in accordance with New Zealand Auditing Standards. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatements, whether caused by fraud or error. In forming our opinion, we also evaluated the overall adequacy of the presentation of information in the financial statements.
Other than in our capacity as auditors, we have no relationship with or interests in the trust.
Unqualified Opinion
We have obtained all the information and explanations we have required.
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NZ Gazette 2008, No 127
✨ LLM interpretation of page content
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Bay of Plenty Community Trust Incorporated Financial Statements
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💰 Finance & RevenueTrust funds, Equity, Liabilities, Accounting Policies, Financial Instruments, Derivatives, Property Plant and Equipment, Depreciation, Impairment, Revenue Recognition, Reserves Transfers, Income Fluctuation, Inflation, Population Growth, Credit Risk, Liquidity Risk, Market Risk, Foreign Currency Risk, Interest Rate Risk, Capital Management, Sensitivity Analysis, Asset Allocation, Expected Return, Standard Deviation, Operating Leases, Reconciliation of Profit, Related Parties, Subsequent Events, Transition to NZ IFRS