✨ Financial Statements Notes
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2010 (Continued)
(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 is intended 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.
- Capital Fund
| 2010 | 2009 | |
|---|---|---|
| $ | $ | |
| Initial Capital Fund | 32,087,148 | 32,087,148 |
| Balance at End of Year | 32,087,148 | 32,087,148 |
- Inflation Reserve
| 2010 | 2009 | |
|---|---|---|
| $ | $ | |
| Balance at Beginning of the Year | 4,159,319 | 8,117,800 |
| Transfer (To) From General Reserves | 6,586,888 | (3,958,481) |
| Balance at End of Year | 10,746,207 | 4,159,319 |
Next Page →
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 & InsuranceFinancial Statements, Accounting Policies, Reporting Entity, Dividend Income, Donations, Investments