✨ Financial Statements
19 AUGUST 2009 NEW ZEALAND GAZETTE, No. 122 2823
Notes to the financial statements (continued)
in New Zealand Dollars ($000's)
10 Taxation
Bay of Plenty Community Trust Inc is exempt from income tax with effect 1 April 2004, under section CW 44 of the Income Tax Act 2004.
11 Net cash and cash equivalents
| 2009 | 2008 | |
|---|---|---|
| Bank balances | 158 | 1,018 |
| Call deposits | 57 | 110 |
| Cash and cash equivalents | 215 | 1,128 |
12 Trust funds
| Note | Trust Capital | Retained Earnings (Deficit) | Income Fluctuation Reserve | Inflation & Population Growth Reserve | Total |
|---|---|---|---|---|---|
| Balance at 1 April 2007 | 89,308 | - | 26,774 | 27,698 | 143,780 |
| Total recognised income and expense | - | (7,082) | - | - | (7,082) |
| Distributions in the form of grants | - | (4,136) | - | - | (4,136) |
| Reserves transfers | - | 11,218 | (14,687) | 3,469 | - |
| Balance at 31 March 2008 | 89,308 | - | 12,087 | 31,167 | 132,562 |
| Balance at 1 April 2008 | 89,308 | - | 12,087 | 31,167 | 132,562 |
| Total recognised income and expense | - | (20,475) | - | - | (20,475)|
| Distributions in the form of grants | - | (2,650) | - | - | (2,650) |
| Reserves transfers | - | 6,846 | (12,087) | 5,241 | -
| Balance at 31 March 2009 | 89,308 | (16,279) | - | 36,408 | 109,437 |
Income Fluctuation Reserve
The Income Fluctuation Reserve relates to a capital maintenance reserve established and maintained at the trustees’ discretion.
Inflation & Population Growth Reserve
The Inflation & Population Growth Reserve relates to a capital maintenance reserve based on an inflation factor (CPI) and 50% population growth in the region.
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NZ Gazette 2009, No 122
✨ LLM interpretation of page content
💰
BayTrust Annual Report for 2008-2009
(continued from previous page)
💰 Finance & Revenue9 July 2009
Financial Statements, Taxation, Cash Equivalents, Trust Funds, Income Fluctuation Reserve, Inflation & Population Growth Reserve