New Zealand Gazette – 2008 – No. 136

Page 3655

✨ Financial Statements



4 SEPTEMBER 2008 NEW ZEALAND GAZETTE, No. 136 3655
Large clock 15,000D — — 8,296 724 7,572
Board table 15,000D — — 5,079 381 4,698
Computer and printer 40,000D — — 2,655 1,062 1,593
Shredder 40,000D — — 549 19 530
Total assets 86,241 27,849 58,392 24,841 15,686 67,547
2,486,776 59,836 2,426,940 116,919 78,579 2,465,280

Notes to the Financial Statements for the Year Ended 31 March 2008

1. Statement of Accounting Policies

Reporting Entity

The Community Trust of Mid & South Canterbury Incorporated is a charitable trust incorporated under the Trustee Banks Restructuring Act 1988. The financial statements have been prepared in accordance with the Financial Reporting Act 1993 and generally accepted accounting policies.

General Accounting Policies

The general accounting policies adopted in the preparation of these financial statements are:

  • The measurement base adopted is that of historical cost, except for the revaluation of investments. Reliance is placed on the fact that the trust is a going concern.
  • The matching of revenues earned and expenses incurred using accrual accounting.
  • The trust qualifies for differential reporting on the basis that it is not publicly accountable and does not have revenue greater than $20m or have greater than 50 employees. The financial statements have been prepared taking advantage of the differential reporting exemptions with the exception of the preparation of a statement of cash flows.

Particular Accounting Policies

The following are the particular accounting policies which have a material effect on the measurement of results and financial position:

(a) Dividend Income

Dividend income is included in the statement of financial performance when it is receivable.

(b) Donations

Donations, special projects and community loans are accounted for when they are approved for payment.

(c) Investments

Investments held as managed funds are shown at market value. Net income, including unrealised gains or losses from holding such investments, are recorded in the statement of financial performance.

(d) Trust Capital

Trust capital is made up of:

(i) Capital fund – which records the initial capital fund (being the realised value of trust bank shares).

(ii) Inflation reserve – it is intended to increase the inflation reserve each year by applying the consumer price index to the sum of the initial capital fund and opening inflation reserve. This amount to be allocated from trust profit on an annual basis.

(iii) General reserves – intended to enable the trustees to continue with distributions should the trust incur a deficit in a particular income year.

(e) Depreciation

The assets of the trust are stated at cost price less depreciation based on rates as allowed by the Inland Revenue Department.

Changes in Accounting Policies

There have been no changes in accounting policies.

2. Capital Fund

2008 ($) 2007 ($)
Initial capital fund 32,087,148 32,087,148
Balance at end of year 32,087,148 32,087,148

3. Inflation Reserve

2008 ($) 2007 ($)
Balance at beginning of the year 8,121,257 6,974,389
Transfer to general reserves (3,457) 1,146,868
Balance at end of year 8,117,800 8,121,257

4. General Reserves

2008 ($) 2007 ($)
Balance at beginning of the year 2,829,053 3,056,990
Add: Surplus for the year (1,752,383) 1,911,182
Donations received — 46,489
Donations returned 6,715 18,500
1,083,385 5,033,161


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Online Sources for this page:

Gazette.govt.nz — PDF NZ Gazette 2008, No 136




✨ LLM interpretation of page content

🏢 Depreciation Schedule for the Year Ended 31 March 2008 (continued from previous page)

🏢 State Enterprises & Insurance
Depreciation, Assets, Financial Reporting, Community Trust

🏢 Notes to the Financial Statements for the Year Ended 31 March 2008

🏢 State Enterprises & Insurance
Financial Statements, Accounting Policies, Capital Fund, Inflation Reserve, General Reserves