14 AUGUST 2008 NEW ZEALAND GAZETTE, No. 127 3355

For and behalf of the trustees, who authorised the issue of these financial statements on the date shown below:

Trustee: TUREITI MOXON Trustee: JOHN KILBRIDE
Date: 16 June 2008 Date: 16 June 2008

Cash Flows Statement for the Year Ended 31 March

Cash flow from operating activities—

Cash was provided from:
Dividends 6,628 2,348
Interest 10,496 10,049
Other investment income received 6,066 3,288
GST (net) 5 39
23,195 15,724

Cash was applied to:
Payments to suppliers and employees (2,159) (1,934)
Donations paid (8,009) (8,122)
(10,168) (10,056)

Net cash (used in)/provided by operating activities 14 13,027 5,668

Cash flow from investing activities—
Cash was provided from:
Sale of investments 10,000 -
10,000

Cash was applied to:
Purchase of investments (22,574) (6,075)
Purchase of property, plant and equipment (211) (154)
(22,785) (6,229)

Net cash (used in)/provided by investing activities (12,785) (6,229)

Net increase in cash and cash equivalents 242 (561)
Cash and cash equivalents at beginning of the financial year 71 632
Cash and cash equivalents at the end of the financial year 313 71

The Waikato Community Trust Incorporated Cash Flow Statement for the Year Ended 31 March 2008

The GST (net) component of operating activities reflects the net GST paid and received with the Inland Revenue Department. The GST (net) component has been presented on a net basis, as the gross amounts do not provide meaningful information for financial statement purposes.

The Waikato Community Trust Incorporated Notes To and Forming Part Of the Financial Statements for the Year Ended 31 March 2008

1. Statement of Accounting Policies

Reporting Entity
The trust is a not for profit charitable trust incorporated and domiciled in New Zealand. Its principal service is the provision of funds in the form of donations and sponsorship to community groups in the wider Waikato area. Accordingly, the Waikato Community Trust has designated itself as a public benefit entity for the purposes of New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS).

The financial statements were authorised for issue by the trustees on 16 June 2008.

Statement of Compliance
The financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand ("NZ GAAP") and the Incorporated Societies Act 1908. They comply with the New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) and other applicable Financial Reporting Standards as appropriate for public benefit entities.

These are the first financial statements of the trust to be prepared in accordance with NZ IFRS.
The transition to NZ IFRS is accounted for in accordance with NZ IFRS-1 "First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards", with 1 April 2006 as the date of transition. An explanation of the transition to NZ IFRS is discussed in note 20.

Basis of Preparation
The financial statements have been prepared on the basis of historical cost, except for the revaluation of certain non-current assets, as identified in the specific accounting policies below, which are stated at their fair value.

The accounting policies set out below have been applied in preparing the financial statements for the year ended 31 March 2008, the comparative information presented in these financial statements for the year ended 31 March 2007 and in the preparation of the opening NZ IFRS balance sheet at 1 April 2006, the trust’s date of transition.

In preparing these financial statements in accordance with NZ IFRS 1, the trust has applied certain applicable optional exemptions and certain applicable mandatory exceptions.