New Zealand Gazette – 2013 – No. 112

Page 3018

✨ Financial Statements

3018 NEW ZEALAND GAZETTE, No. 112 21 AUGUST 2013

THE COMMUNITY TRUST OF MID & SOUTH CANTERBURY INC

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2013 (Continued)

(ii) Inflation Reserve
It is intended to increase the inflation reserve each year by applying the Consumer Price Index to the sum of the initial Capital Fund and opening Inflation Reserve. The nominal Inflation Reserve required under this policy at 31 March 2013 is $11,842,647.

(iii) General Reserve
The Trustees intend to compile a minimum General Reserve equivalent to 5% of the Initial Capital Fund and Inflation Reserve. The General Reserve is intended to enable the Trustees to continue with distributions should the Trust incur a deficit in a particular income year.

Donations Approved not yet Paid

	2013 $	2012 $
Approved Donations not yet Paid Out Include:
Hakatere Marae	100,000	100,000
Aoraki Foundation – CBay	-	350,000
Sacred Heart Parish	-	3,000
Highfield Gym Club	-	30,000
Aoraki Foundation – CBay	-	150,000
Ashburton Stadium Complex	500,000	500,000
Aoraki Foundation – MRI Scanner	-	100,000
Timaru Municipal Band Inc.	-	5,000
Geraldine Historical Society	75,000	-
South Canterbury Hunt	500	-
Southern Netball Club	25,000	-
South Canterbury Pottery Group Inc	500	-
Te Ana Whakairo Ltd	6,275	-
Timaru Mental Health Support Trust	1,521	-
Total	708,796	1,238,000

Taxation

The Trust is exempt from tax in accordance with Section CW52 of the Income Tax Act 2007.

Goods and Services Tax

These Financial Statements are stated on a GST exclusive basis, except for debtors and creditors which are stated on a GST inclusive basis.

Capital Commitments

There were no capital commitments as at 31 March 2013 (2012: Nil).

Contingent Liabilities

There are no Contingent Liabilities at 31 March 2013 (2012: Nil).

Gazette.govt.nz — NZ Gazette 2013, No 112

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✨ LLM interpretation of page content

🏢 Notes to the Financial Statements for The Community Trust of Mid & South Canterbury Inc (continued from previous page)

Domain🏢 State Enterprises & Insurance
KeywordsFinancial Statements, Accounting Policies, Trust Capital, Investments, Canterbury

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