✨ Financial Statements Continuation
THE COMMUNITY TRUST OF MID & SOUTH CANTERBURY INC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2011 (Continued)
(ii) General Reserves – This recognises a general reserve 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.
2. Capital Fund
| 2011 | 2010 | |
|---|---|---|
| $ | $ | |
| Initial Capital Fund | 32,087,148 | 32,087,148 |
| Inflation Reserve – Opening Balance | 10,746,207 | 4,159,319 |
| Transfer from General Reserves | 1,148,674 | 6,586,888 |
| Inflation Reserve – Closing Balance | 11,894,881 | 10,746,207 |
| Capital Fund at End of Year | 43,982,029 | 42,833,355 |
3. General Reserves
| 2011 | 2010 | |
|---|---|---|
| $ | $ | |
| Balance at Beginning of the Year | - | - |
| Add Surplus for the Year | 2,110,053 | 7,561,615 |
| Donations Returned / Lapsed | 84,244 | 98,435 |
| 2,194,297 | 7,660,050 | |
| Deduct Donations Approved | (1,045,623) | (1,073,162) |
| Transfer From/(To) Inflation Reserve | (1,148,674) | (6,586,888) |
| Balance at End of the Year | – | – |
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NZ Gazette 2011, No 132
✨ LLM interpretation of page content
💰
Notes to the Financial Statements of The Community Trust of Mid & South Canterbury Inc
(continued from previous page)
💰 Finance & Revenue3 August 2011
Financial Statements, Accounting Policies, Community Trusts, Mid & South Canterbury