✨ Financial Statements Notes
NEW ZEALAND GAZETTE, No. 84
1 AUGUST 2014
The Canterbury Community Trust
Notes to the financial statements
For the year ended 31 March 2014
in New Zealand Dollars (‘000’s)
13 Taxation
The Canterbury Community Trust is exempt from income tax with effect 1 April 2004. This means that the Canterbury Trust House Limited is now the only taxable entity in the Group.
The Group has an unrecognised deferred taxation asset in respect of taxation losses of $1,550,000 (2013: $2,702,000). The assets and liabilities are not expected to be realised in the foreseeable future.
14 Trade and other receivables
| Group 2014 | Group 2013 | Trust 2014 | Trust 2013 | |
|---|---|---|---|---|
| Other trade receivables | 1,370 | 3,554 | 1,148 | 721 |
See note 3 with respect to impairment of trade receivables.
15 Cash and cash equivalents
| Group 2014 | Group 2013 | Trust 2014 | Trust 2013 | |
|---|---|---|---|---|
| Call Deposits | 23,354 | 40,880 | 24,251 | 40,880 |
| Bank balances | 1,081 | 238 | 3 | 150 |
| Total | 24,435 | 41,118 | 24,254 | 41,030 |
The effective interest rate on call deposits in 2014 was an average of 4.28-4.30 percent (2013: 4.16-4.46 percent).
The deposits were on call deposit with the balance fluctuating on a daily basis.
16 Trust funds
Capital Base Reserve
The Capital Base Reserve arose when monies were received on the sale of the Trust Bank Canterbury to Westpac. Subsequently a portion has been applied to establish the Special Fund Reserve.
Inflation Reserve
The Inflation Reserve provides a fund to reflect the effects of annual inflation on the Capital Base Reserve, using the Consumer Price Index.
Special Fund Reserve
The Special Fund was created during the year as a response to the Canterbury earthquakes, and the reserve established by proportionate deductions from the Trust’s Capital Base and Inflation Reserve.
Accumulated Income Reserve
The Accumulated Income Reserve reflects the accumulated surpluses/(deficits) from earlier periods.
17 Trade and other payables
| Group 2014 | Group 2013 | Trust 2014 | Trust 2013 | |
|---|---|---|---|---|
| Other trade payables | 557 | 795 | 465 | 501 |
| Unpaid donations | 17,666 | 7,183 | 2,795 | 1,311 |
| Total | 18,223 | 7,978 | 3,260 | 1,812 |
18 Financial instruments
Risk Management
Risks arising from the Group’s financial assets and liabilities are inherent in the nature of the Group’s activities, and are managed through an ongoing process of identification, measurement and monitoring. The Group is exposed to credit risk, liquidity risk, and market risk (including currency, interest rate and pricing risks).
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NZ Gazette 2014, No 84
✨ LLM interpretation of page content
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Financial Statements for Year Ended 31 March 2014
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💰 Finance & Revenue7 July 2014
Financial Statements, Revenue, Investment Fees, Other Income, Other Expenses, Donations, Property, Plant and Equipment, Depreciation