New Zealand Gazette – 2010 – No. 98

Page 2585

✨ Financial Statements Notes



THE COMMUNITY TRUST OF MID & SOUTH CANTERBURY INC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2010 (Continued)

  1. Taxation

The Trust is exempt from tax in accordance with Section CW52 of the Income Tax Act 2007.

  1. Goods and Services Tax

These Financial Statements are stated on a GST exclusive basis, except for debtors and creditors which are stated on a GST inclusive basis.

  1. Capital Commitments

There were no capital commitments as at 31 March 2010. (2009: Nil).

  1. Contingent Liabilities/Contingent Assets

(a) There are no Contingent Liabilities at 31 March 2010 (2009: Nil).

(b) The Trust granted a donation to Project Waimate to assist with the purchase of a building. The donation was provided on the basis that should the property for which the grant was used be sold the donation should be paid back to the Trust. The Trust has a 2nd registered mortgage over the property.

  1. Advances

There are no advances outstanding at Balance Date.

  1. Reserves

(i) Capital Fund

The initial Capital Fund (being the realised value of Trust Bank shares) was $32,087,148.

(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. The nominal Inflation Reserve required under this policy at 31 March 2010 is $11,694,800.



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Online Sources for this page:

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, Taxation, GST, Capital Commitments, Contingent Liabilities, Advances, Reserves, Capital Fund, Inflation Reserve