New Zealand Gazette – 2011 – No. 116

Page 3240

✨ Financial Statements

Financial Statements

Notes to the financial statements (In New Zealand Dollars ($000's))

13 Taxation

The Canterbury Community Trust is exempt from income tax with effect 1 April 2004. This means that the Canterbury Trust House Limited is now the only taxable entity in the Group.

The Group has an unrecognised deferred taxation asset in respect of taxation losses of $849,718 (2010: $1,455,072) and an unrecognised deferred tax liability in respect of its investment property of $ppp (2010: $430,370). The assets and liabilities are not expected to be realised in the foreseeable future.

14 Trade and other receivables

	Group 2011	Group 2010
Other trade receivables	553	438

See note 18 with respect to impairment of trade receivables.

15 Cash and cash equivalents

	Group 2011	Group 2010
Call Deposits	1,447	2,722
Bank balances	150	140
Total	1,597	2,862

The effective interest rate on call deposits in 2011 was an average of 2.5-4.9 percent (2010: 2.5-3.4 percent). The deposits were on call deposit with the balance fluctuating on a daily basis.

16 Trust funds

Core Real Capital Base Reserve

The Core Real Capital Base Reserve arose when monies were received on the sale of the Trust Bank Canterbury to Westpac.

Capital Base Reserve

The Capital Base Reserve provides a fund to reflect the effects of annual inflation on the Core Real Capital Base Reserve, using the Consumer Price Index.

Accumulated Income Reserve

The Accumulated Income Reserve reflects the accumulated profits from earlier periods.

17 Trade and other payables

	Group 2011	Group 2010
Other trade payables	487	261
Unpaid donations	10,172	6,012
Cash and cash equivalents in the statement of cash flows	10,659	6,273

Gazette.govt.nz — NZ Gazette 2011, No 116

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✨ LLM interpretation of page content

💰 Canterbury Community Trust Financial Statements (continued from previous page)

Domain💰 Finance & Revenue
KeywordsFinancial Statements, Taxation, Trade Receivables, Cash Equivalents, Trust Funds, Trade Payables, Canterbury Community Trust

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