✨ Financial Statements
NEW ZEALAND GAZETTE, No. 127
14 AUGUST 2008
Current liabilities:
| 2008 $ | 2007 $ | |
|---|---|---|
| Sundry payables | 207,010 | 141,368 |
| Employee entitlements | 39,817 | 18,181 |
| Donations payable | 10 | 2,045,500 |
| Total current liabilities | 2,292,327 | 1,504,999 |
| Total equity and liabilities | 133,790,818 | 143,883,298 |
These financial statements have been authorised for issue by the trustees on 23 May 2008.
JOHN CULLING CLAIRE MATTHEWS
Chairperson Trustee
Statement of Cash Flows for the Year Ended 31 March 2008
| Note | 2008 $ | 2007 $ |
|---|---|---|
| Cash flows from operating activities— | ||
| Cash was provided from: | ||
| Investment income | 9,835,603 | 8,243,881 |
| Cash was applied to: | ||
| Trustees and employees | (507,262) | (446,192) |
| Suppliers of other goods and services | (507,523) | (635,126) |
| Community donations | (5,108,442) | (4,607,041) |
| Net operating cash flows | 3,712,376 | 2,555,522 |
| Cash flows from investing activities— | | |
| Cash was applied to: | | |
| Net investment in managed funds | (3,896,894) | (4,703,604) |
| Purchase of fixed assets | — | (1,611) |
| Net cash flows from investing activities | (3,896,894) | (4,705,215) |
| Net increase (decrease) in cash held | (184,518) | (2,149,692) |
| Add cash at 1 April | 7,462,597 | 9,612,290 |
| Cash and cash equivalents at 31 March | 7,278,079 | 7,462,597 |
Notes to the Financial Statements for the Year Ended 31 March 2008
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Reporting Entity
Eastern and Central Community Trust Incorporated is a charitable trust incorporated in accordance with the provisions of the Community Trusts Act 1999.
The financial statements, for the year ended 31 March 2008, have been prepared in accordance with the Financial Reporting Act 1993. The Eastern and Central Community Trust Incorporated is primarily involved in the management of the investment of assets and the distribution of donations to the community within a designated lower North Island region of New Zealand.
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Basis of Preparation
(a) Statement of Compliance
The financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice ("NZ GAAP"). They comply with New Zealand Equivalents to International Financial Reporting Standards ("NZ IFRS"), and other applicable Financial Reporting Standards, as appropriate for public benefit entities.
The financial statements were approved by the Board of Trustees on 23 May 2008.
(b) Basis of Measurement
The financial statements have been prepared on the historical cost basis except for financial instruments at fair value through the income statement, which are measured at fair value and disclosed further in note 14.
(c) Functional and Presentation Currency
These financial statements are presented in New Zealand dollars ("NZD") ($), which is the trust’s functional currency. All financial information has been rounded to the nearest dollar.
(d) Use of Estimates and Judgements
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of the income and expenses during the period. Actual results could differ from these estimates.
Fair value estimates are made at a specific point in time, based on market conditions and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgement and therefore, can not be determined with precision. Changes in assumptions could significantly affect the estimates.
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NZ Gazette 2008, No 127
✨ LLM interpretation of page content
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Eastern & Central Community Trust Incorporated Financial Statements
(continued from previous page)
💰 Finance & Revenue23 May 2008
Financial statements, Cash flows, Liabilities, Equity, Trustees, Community donations
- John Culling, Chairperson of the Trust
- Claire Matthews, Trustee
- John Culling, Chairperson
- Claire Matthews, Trustee