New Zealand Gazette – 2008 – No. 131

Page 3425

✨ Financial Statements

	2008	2007
Trade and other payables	2,507	2,441
Derivatives	3,098	603
Total current liabilities	5,605	3,044
Total liabilities	5,605	3,044
Total trust funds and liabilities	531,538	553,875

	Note	Group
		2008
Profit/(loss) for the year		(4,287)
Total recognised income and expense for the year	16	(4,287)

	Note	Group
		2008
Cashflows from operating activities:
Other income		1,335
Interest received		29,761
Dividends received		3,940
Cash paid to suppliers, employees and trustees		(2,448)
Net cash from operating activities	20	32,588
Cashflows from investment activities:
Managed funds investments		(1,506)
Community loans		(373)
Purchase of investment property and property, plant and equipment		(10,699)
Net cash from/used in investing activities		(12,578)
Cashflows from financing activities:
Donations	9	(20,419)
Net cash used in financing activities		(20,419)
Net (decrease)/increase in cash and cash equivalents		(409)
Cash and cash equivalents at 1 April		668
Cash and cash equivalents at 31 March	15	259

Reporting Entity
The Canterbury Community Trust (the “Parent”) is a charitable trust, domiciled in New Zealand, incorporated in accordance with the provisions of the Community Trusts Act 1999 and has a registered office at 119 Armagh Street, PO Box 2510, Christchurch.

Consolidated financial statements are presented for The Canterbury Community Trust. The consolidated financial statements of the Group as at and for the year ended 31 March 2008 comprise the Parent and its subsidiaries (together referred to as the “Group”) and the Group’s interest in associates and jointly controlled entities.

The Group is a charitable trust which distributes income from its investment activities to the communities of Canterbury, Nelson, Marlborough and the Chatham Islands.
Basis of Preparation
(a) Statement of Compliance
The financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand (NZ GAAP). They comply with New Zealand equivalents to International Financial Reporting Standards, and its interpretations (NZ IFRS) and other applicable Financial Reporting Standards, as appropriate for public benefit entities. Compliance with NZ IFRS ensures that the financial statements comply with International Financial Reporting (IFRS). These are the Group’s first financial statements and NZ IFRS 1 has been applied.

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