✨ Financial Statements
NEW ZEALAND GAZETTE, No. 104
9 AUGUST 2013
Investment transactions are recorded by Fund Managers on a transaction date basis. Financial assets are managed and have their performance evaluated on a fair value basis in accordance with risk management and investment strategies of the Foundation, as disclosed in Note 13. The Foundation ceases to recognise a financial asset when and only when the contractual rights to cash flows from the financial asset expire.
Taxation
The Income Tax Act 2007 provides exemption from income tax for Community Trusts established under the Trustee Banks Restructuring Act 1988. The amendment applied from the 2005 income year, and consequently no taxation has been provided for in these financial statements. The Company is registered as a charitable entity under the Charities Act 2005 (CC21727) and is therefore exempt from tax.
Goods and Services Tax
The financial statements have been prepared on a GST exclusive basis except for the amounts included for accounts receivable and accounts payable, which include GST where invoiced.
Accounts Receivable and Payable
Receivables and payables are initially recorded at fair value and subsequently carried at amortised cost using the effective interest method. Due allowance is made for impaired receivables (doubtful debts). All accounts receivable are considered to be receivable in full and therefore there has been no requirement to provide a provision for doubtful debts.
Employee benefits
Liabilities for annual leave, sick leave and long-service leave are accrued and recognised in the Statement of Financial Position.
There were no changes in accounting policies during the year.
2
Investment Income/(Loss)
| 2013 Group $ | 2013 Parent $ | 2012 Group $ | 2012 Parent $ | |
|---|---|---|---|---|
| Global Equities - Unrealised | 2,737,475 | 2,737,475 | (895,899) | (895,899) |
| Bonds | 314,123 | 314,123 | 446,828 | 446,828 |
| Bank Deposits - Interest | 290,517 | 290,516 | 164,167 | 154,064 |
| Other | 6,572 | 6,572 | - | - |
| Interest Foregone on WRPHO loan | 20,005 | 20,005 | 23,625 | 23,625 |
| Investment Income/(Loss) | 3,368,692 | 3,362,119 | (261,279) | (271,382) |
3
Community Distributions
| 2013 Group $ | 2013 Parent $ | 2012 Group $ | 2012 Parent $ | |
|---|---|---|---|---|
| Community Support | 14,218 | 14,218 | 22,960 | 22,960 |
| Grants | 782,068 | 782,068 | 808,553 | 114,091 |
| Less Prior Year Grants Cancelled or Returned | - | - | (35,000) | (35,000) |
| Total Community Distributions | 796,286 | 796,286 | 796,513 | 102,051 |
4
Reconciliation of Net Surplus (Deficit) to Net Cashflows from Operating Activities
Group
| 2013 $ | 2012 $ | |
|---|---|---|
| Net Surplus/(Deficit) for the Year | 2,257,598 | (1,359,043) |
| Add (Less) Non Cash Items | ||
| Depreciation | 20,173 | 16,685 |
| Changes in Investment Values | (1,414,588) | 921,751 |
| Working Capital Movements | ||
| (Increase)/Decrease in Accrued Income | (91,370) | 4,222 |
| Increase in Accounts Payable | 9,479 | 15,823 |
| Decrease in Grants Approved but Not Paid | (163,090) | (49,418) |
| Decrease in Trust Funds Held | (10,000) | (3,791) |
| (Increase)/Decrease in social loans | (9,500) | 66,666 |
| Increase in prepayments | (4,887) | - |
| Net Cash Inflow (Outflow) from Operating Activities | 593,813 | (387,105) |
Parent
| 2013 $ | 2012 $ |
|---|
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NZ Gazette 2013, No 104
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Whanganui Community Foundation Financial Statements
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🏢 State Enterprises & InsuranceFinancial Statements, Accounting Policies, Reporting Entity, Compliance, Consolidated Statements, Revenue, Grants, Whanganui Community Foundation