✨ Financial Statements
21 JULY 2010 NEW ZEALAND GAZETTE, No. 87 2337
EASTERN AND CENTRAL COMMUNITY TRUST INC
i) Trade and Other Payables
Trade payables and other accounts payable are recognised at amortised cost when the Trust becomes obliged to make future payments resulting from the purchase of goods and services.
j) Employee Benefits
Provision is made for salaries, annual leave and long service leave when it is probable that settlement will be required and they are capable of being measured reliably. Provisions in respect of employee entitlements expected to be settled within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled.
k) GST
GST inclusive accounting has been adopted, as the Trust is not registered for GST.
l) Income Tax
The Trust is exempt from income tax under section CW52 of the Income Tax Act 2007.
m) Leases
Operating lease payments are recognised in the statement of comprehensive income on a straight line basis.
n) Cash Flows
The cash flow statement is prepared inclusive of GST, which is consistent with the method used in the statement of comprehensive income. The following are the definitions of the terms used in the cash flow statement:
- Operating activities include all transactions and other events that are not investing or financing activities
- Investing activities include transactions relating to the acquisition, holding or disposal of investments
- Financing activities are those activities that change the equity of the Trust
- Cash means cash on deposit with banks
- NET INCOME FROM INVESTMENTS
| 2010 $ | 2009 $ | |
|---|---|---|
| Realised Income (losses) | ||
| Dividend income on held for trading financial assets | 1,899,374 | 2,465,910 |
| Interest income on held for trading financial assets | 4,293,093 | 4,948,298 |
| Gain/(Loss) on forward currency hedging contracts | 3,395,344 | (61,273) |
| Gain on disposal on held for trading financial assets | 876,868 | 506,740 |
| Sundry Income | 33,546 | - |
| Total Realised Income | 10,498,225 | 7,859,670 |
| Unrealised Income (losses) | | |
| Foreign exchange gains/(losses) | (11,249,665) | 17,179,220 |
| Change in fair value of financial assets held for trading | 31,091,685 | (36,104,330) |
| Total Unrealised Income | 19,842,020 | (18,925,110) |
| Total Income from Investments | 30,340,245 | (11,065,440) |
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NZ Gazette 2010, No 87
✨ LLM interpretation of page content
💰
Notes to the Financial Statements of Eastern and Central Community Trust Incorporated
(continued from previous page)
💰 Finance & Revenue28 May 2010
Financial statements, Community Trusts Act 1999, Eastern and Central Community Trust, NZ GAAP, NZ IFRS