✨ Financial Statements
14 AUGUST 2008 NEW ZEALAND GAZETTE, No. 127 3329
- Financial Assets Held for Trading
All investments in managed funds are classified as fair value through the income statement.
| 2008 | 2007 | |
|---|---|---|
| Opening balance | 137,730,430 | 132,308,727 |
| Income/(loss) before fund manager fees | (3,771,608) | 8,238,936 |
| Withdrawals to fund donations (net) | (5,342,152) | (2,817,233) |
| Closing balance | 128,616,670 | 137,730,430 |
Investments comprise:
| 2008 | 2007 | |
|---|---|---|
| Bonds | 55,803,015 | 55,597,631 |
| Equities | 72,813,655 | 82,132,799 |
| Total managed funds | 128,616,670 | 137,730,430 |
Held in:
| New Zealand | 2008 | 2007 |
|---|---|---|
| Bonds | 55,803,015 | 55,597,631 |
| Equities | 9,479,262 | 10,440,957 |
| Off shore | 2008 | 2007 |
|---|---|---|
| Equities | 63,334,393 | 71,691,842 |
The fair value of financial assets at fair value through the income statement is determined by reference to the quoted price at the reporting date.
- Property, Plant and Equipment
| 2008 | 2007 | |
|---|---|---|
| Cost | ||
| Balance at beginning of year | 157,108 | 155,496 |
| Additions | – | 1,612 |
| Disposals | – | – |
| Balance at end of year | 157,108 | 157,108 |
| Depreciation and impairment losses | 2008 | 2007 |
|---|---|---|
| Balance at beginning of year | 94,924 | 73,734 |
| Depreciation for the year | 19,005 | 21,190 |
| Impairment | – | – |
| Disposals | – | – |
| Balance at end of year | 113,929 | 94,924 |
| Carrying amounts | 2008 | 2007 |
|---|---|---|
| At beginning of year | 62,184 | 81,762 |
| At end of year | 43,179 | 62,184 |
- Cash and Cash Equivalents
| 2008 | 2007 | |
|---|---|---|
| Current accounts | 8,796 | 7,705 |
| Call account | 269,268 | 954,733 |
| Petty cash | 15 | 158 |
| Short term deposits | 7,000,000 | 6,500,000 |
| Total cash | 7,278,079 | 7,462,596 |
- Donations
| 2008 | 2007 | |
|---|---|---|
| Standard donations | 1,802,870 | 1,235,640 |
| Special donations | 4,114,300 | 3,586,050 |
| Total community donations | 5,917,170 | 4,821,690 |
| Less donations written back | 108,678 | 311,349 |
| Net community donations | 5,808,492 | 4,510,341 |
Total donations payable at year end was $2,045,500 ($1,345,450 – 2007). Included in donations payable is $1,572,000 ($890,250 – 2007) of donations, which are subject to the applicants fulfilling certain conditions.
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NZ Gazette 2008, No 127
✨ LLM interpretation of page content
💰
Eastern & Central Community Trust Incorporated Financial Statements
(continued from previous page)
💰 Finance & Revenue23 May 2008
Financial statements, Accounting policies, Foreign currency, Financial instruments, Donations, Property, Depreciation, Impairment, Employee benefits, GST, Income tax, Intangible assets, Leases, Net income from investments