New Zealand Gazette – 2010 – No. 98

Page 2582

✨ Financial Statements Notes



NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2010

  1. Statement of Accounting Policies

Reporting Entity

The Community Trust of Mid & South Canterbury Inc 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 fifty 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 received.

(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.



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Gazette.govt.nz — PDF NZ Gazette 2010, No 98




✨ LLM interpretation of page content

🏢 Notes to the Financial Statements for The Community Trust of Mid & South Canterbury Inc. (continued from previous page)

🏢 State Enterprises & Insurance
Financial Statements, Accounting Policies, Reporting Entity, Dividend Income, Donations, Investments