✨ Financial Statements
21 AUGUST 2013 NEW ZEALAND GAZETTE, No. 112 3017
THE COMMUNITY TRUST OF MID & SOUTH CANTERBURY INC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2013 (Continued)
(e) Depreciation
The assets of the Trust are stated at cost price less depreciation based on rates as allowed by the Inland Revenue Department. From 1 April 2011 buildings have been depreciated at 0%, previously they had been depreciated at 3% straight line method.
Changes in Accounting Policies
Donations are now reported in the Statement of Financial Performance as donations approved $808,928 (2012 : $1,430,574) and donations no longer required/lapsed ($15,295) (2012 : $23,817) respectively. These transactions have been moved from the Statement of Movements in Equity because they are not transactions with owners. The financial effect of this is to decrease Net Income by $793,633 (2012 : $1,406,757).
In the Statement of Cash Flows, revenue from investments is classified as Income from Operating Activities. This is because the Trust’s main operational activity to generate funds for distribution is investment. This change has no effect upon the Net Income of the Trust.
There have been no other changes in accounting policies.
2. Capital Fund
| 2013 ($) | 2012 ($) | |
|---|---|---|
| Initial Capital Fund | 32,087,148 | 32,087,148 |
| Inflation Reserve | ||
| Opening Balance | 10,407,178 | 11,894,880 |
| Share of Current Movement in Equity | 1,435,469 | (1,487,702) |
| Closing Balance | 11,842,647 | 10,407,178 |
| General Reserves | ||
| Opening Balance | - | - |
| Share of Current Movement in Equity | 2,007,895 | - |
| Closing Balance | 2,007,895 | - |
| Capital Fund at End of Year | 45,937,690 | 42,494,326 |
3. Reserves
(i) Capital Fund
The Initial Capital Fund (being the realised value of Trust Bank shares) was $32,087,148.
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NZ Gazette 2013, No 112
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Notes to the Financial Statements for The Community Trust of Mid & South Canterbury Inc
(continued from previous page)
🏢 State Enterprises & InsuranceFinancial Statements, Accounting Policies, Trust Capital, Investments, Canterbury