✨ Financial Statements
2014 NEW ZEALAND GAZETTE, No. 76 14 JUNE 2013
EASTERN AND CENTRAL COMMUNITY TRUST INC
i) Employee Benefits
Provision is made for salaries, annual leave and long service leave when it is probable that settlement will be required and they are capable of being measured reliably. Provisions in respect of employee entitlements expected to be settled within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled.
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
- TE KETE PUTEA LIMITED PARTNERSHIP
The Trust, in collaboration with the other participating community trusts, has;
- formed and registered a limited partnership under the name “Te Kete Putea Limited Partnership” to own, manage and operate the DMS Database (a donation management system database).
- incorporated 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 of $108,630 has been repaid and the Trust has made its equivalent capital contribution to the limited partnership and received 456 of the 10,000 shares in the limited partnership.
The Trust has entered 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.
- EXPENSES
| 2013 $ | 2012 $ | |
|---|---|---|
| Administrative Expenses | ||
| Office administration | 81,996 | 91,460 |
| Advertising and promotion | 65,718 | 140,049 |
| Fees paid to the auditors for | ||
| - audit of the financial statements | 17,025 | 17,329 |
| - accounts assistance | 2,011 | 791 |
| Depreciation | 19,535 | 15,323 |
| Rent and services | 91,061 | 93,609 |
| Professional expenses | 91,102 | 71,049 |
| Fund managers’ fees | 235,806 | 221,582 |
| Donation expenses | 998 | 10,762 |
| Other expenses | 18,891 | 14,502 |
| Total | 624,143 | 676,466 |
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NZ Gazette 2013, No 76
✨ LLM interpretation of page content
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Eastern and Central Community Trust Financial Statement
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💰 Finance & Revenue24 May 2013
Financial Statements, Income, Expenses, Donations, Trust, Accounting Policies, NZ IFRS 13, Fair Value Measurement, Financial Reporting Framework, Employee Benefits, GST, Income Tax, Leases, Cash Flows, Te Kete Putea Limited Partnership, DMS Database, Hosting Agreement, Administrative Expenses, Office Administration, Advertising, Promotion, Audit Fees, Depreciation, Rent, Services, Professional Expenses, Fund Managers' Fees, Donation Expenses