✨ Financial Statements Continuation
21 AUGUST 2008 NEW ZEALAND GAZETTE, No. 131 3431
- Financial Assets
| Group | 2008 | 2007 |
|---|---|---|
| Non-current investments: | ||
| Loans and receivables | 2,615 | 2,242 |
| 2,615 | 2,242 |
Current investments:
| Financial assets designated at fair value through the profit or loss | 498,915 | 533,315 |
| Derivatives | 617 | – |
| | 499,532 | 533,315 |
- Taxation
The Canterbury Community Trust is exempt from income tax with effect 1 April 2004. This means that the Canterbury Trust House Limited is now the only taxable entity in the Group.
The Group has an unrecognised deferred taxation asset in respect of taxation losses of $716,513 (2007 – $557,509) and an unrecognised deferred tax liability in respect of its investment property of $640,978 (2007 – $114,486). The assets and liabilities are not expected to be realised in the foreseeable future.
- Trade and Other Receivables
| Group | 2008 | 2007 |
|---|---|---|
| Other trade receivables | 699 | 916 |
| 699 | 916 |
See Note 18 with respect to impairment of trade receivables
- Cash and Cash Equivalents
| Group | 2008 | 2007 |
|---|---|---|
| Call deposits | 146 | 620 |
| Bank balances | 113 | 48 |
| Cash and cash equivalents in the statement of cash flows | 259 | 668 |
The effective interest rate on call deposits in 2008 was an average of 7.5 – 8.25% (2007 – 7.25%). The deposits were on call deposit with the balance fluctuating on a daily basis.
- Trust Funds
| Core Real Capital Base Reserve | Capital Base Reserve | Accumulated Income Reserve | Total | |
|---|---|---|---|---|
| Balance at 1 April 2006 | 371,422 | 74,360 | 80,317 | 526,099 |
| Total recognised income and expense | – | – | 40,905 | 40,905 |
| Distributions in the form of donations (Note 9) | (2,907) | – | (13,266) | (16,173) |
| Reserves transfers | 2,907 | 13,399 | (16,306) | – |
| Balance at 31 March 2007 | 371,422 | 87,759 | 91,650 | 550,831 |
| Balance at 1 April 2007 | 371,422 | 87,759 | 91,650 | 550,831 |
| Total recognised income and expense | – | – | (4,287) | (4,287) |
| Distributions in the form of donations (Note 9) | (3,452) | – | (17,159) | (20,611) |
| Reserves transfers | 3,452 | 16,071 | (19,523) | – |
| Balance at 31 March 2008 | 371,422 | 103,830 | 50,681 | 525,933 |
Core Real Capital Base Reserve
The core real capital base reserve arose when monies were received on the sale of the Canterbury Savings Bank to Westpac.
Capital Base Reserve
The capital base reserve provides a fund to reflect the effects of annual inflation on the core real capital base reserve, using CPI to calculate the amount.
Accumulated Income Reserve
The accumulated income reserve reflects the accumulated profits from earlier periods.
- Trade and Other Payables
| Group | 2008 | 2007 |
|---|---|---|
| Other trade payables | 321 | 401 |
| Non-trade payables and accrued expenses | 2,186 | 2,040 |
| 2,507 | 2,441 |
- Financial Instruments
Exposure to credit, interest rate, foreign currency, equity price and liquidity risks arises in the normal course of the Group’s business. The Group’s risk management policies and procedures for financial instruments are formally documented and approved by the trustees in the Group’s statement of investment policies and objectives (SIPO).
Next Page →
NZ Gazette 2008, No 131
✨ LLM interpretation of page content
🏢
Canterbury Community Trust Financial Statements for the Year Ended 31 March 2008
(continued from previous page)
🏢 State Enterprises & Insurance28 July 2008
Financial Statements, Trust, Charity, Canterbury, Community Benefits, Revenue, Liabilities, Income Statement, Cash Flows, Accounting Policies