✨ Financial Statements
27 JUNE 2012 NEW ZEALAND GAZETTE, No. 72 2025
EASTERN AND CENTRAL COMMUNITY TRUST INC
j) GST
GST inclusive accounting has been adopted, as the Trust is not registered for GST.
k) Income Tax
The Trust is exempt from income tax under section CW52 of the Income Tax Act 2007.
l) Leases
Operating lease payments are recognised in the statement of comprehensive income on a straight line basis.
m) Cash Flows
The cash flow statement is prepared inclusive of GST, which is consistent with the method used in the statement of comprehensive income. The following are the definitions of the terms used in the cash flow statement:
- Operating activities include all transactions and other events that are not investing or financing activities
- Investing activities include transactions relating to the acquisition, holding or disposal of investments
- Financing activities are those activities that change the equity of the Trust
- SHORT TERM ADVANCE
The Trust is a member of an unincorporated joint venture consortium with 10 other participating community trusts in New Zealand, which was formed to develop a combined community trusts donations management database.
The ASB Community Trust on behalf of the consortium engaged Deloitte and Enabling Technologies to develop the DMS Database, with the agreement that the DMS Database and all related benefits would vest in, and be managed and operated by a limited partnership established under the Limited Partnerships Act 2008.
The Trust has made an interest-free loan to the ASB Community Trust of $108,630 (2011: $84,148) to meet the Trust’s agreed portion of the cost to design, build and implement the DMS Database.
The Trust, in collaboration with the other participating community trusts, is in the process of:
- forming and registering a limited partnership under the name "Te Kete Putea Limited Partnership" to own, manage and operate the DMS Database.
- Incorporating a company under the name "Te Kete Putea General Partner Limited" to act as the general partner of the Limited partnership.
On registration of the limited partnership, the interest-free loan to the ASB Community Trust will be repaid and the Trust will contemporaneously make its capital contribution to the limited partnership and receive 456 of the 10,000 shares in the limited partnership.
The Trust intends to enter into a hosting agreement with the limited partnership to provide it with data hosting, database and communication services utilising the DMS Database; the Trust has agreed to pay fees to the limited partnership of 7.93% of the operating costs.
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NZ Gazette 2012, No 72
✨ LLM interpretation of page content
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Notes to the Financial Statements for the Year Ended 31 March 2012
(continued from previous page)
🏢 State Enterprises & Insurance25 May 2012
Financial Statements, GST, Income Tax, Leases, Cash Flows, Short Term Advance, Community Trusts, Joint Venture, DMS Database, Te Kete Putea Limited Partnership, Te Kete Putea General Partner Limited