✨ Financial Statements and Partnership Details
2418 NEW ZEALAND GAZETTE, No. 86 4 AUGUST 2014
EASTERN AND CENTRAL COMMUNITY TRUST INC
- 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
n) Changes in accounting policies
The trust has implemented NZ IAS 1 during the year. This had no impact on the financial statements.
The trust has changed its accounting treatment of fund managers’ fees and brokerage fees to show them as gross expenses rather than netted off against revenue. Comparatives have been adjusted. All other policies have been applied on bases consistent with those used in previous periods.
o) Proposed Changes to the Financial Reporting Framework
New Zealand has adopted a two sector, multi-tier accounting framework for financial reporting which means that different financial reporting standards will apply to public benefit entities and for-profit entities. The new standards will become effective for the 2016 financial reporting year. The trust has not yet assessed the impact of the changes.
4. 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.
The Trust has made a $108,630 capital contribution to the limited partnership and received 456 of the 10,000 shares in the limited partnership.
The Trust’s interest in the Limited Partnership is carried at fair value based upon the carrying value of the partnership assets (principally software carried at cost less accumulated amortisation and subject to impairment testing)
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.
| 2014 $ | 2013 $ | |
|---|---|---|
| Opening balance at beginning of year | 108,630 | - |
| Capital contribution | - | 108,630 |
| Impairment | (17,974) | - |
| Closing balance at end of year | 90,656 | 108,630 |
5. EXPENSES
| 2014 $ | 2013 $ | |
|---|---|---|
| Administrative Expenses | ||
| Office administration | 101,906 | 81,996 |
| Advertising and promotion | 62,461 | 65,718 |
| Fees paid to the auditors for | ||
| - audit of the financial statements | 22,426 | 17,025 |
| - accounts assistance | - | 2,011 |
| Depreciation | 19,312 | 19,535 |
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NZ Gazette 2014, No 86
✨ LLM interpretation of page content
💰
Financial Statements of Eastern and Central Community Trust Incorporated
(continued from previous page)
💰 Finance & RevenueAccounting Policies, Financial Reporting Framework, NZ IAS 1, Revenue, Expenses
💰 Te Kete Putea Limited Partnership Details
💰 Finance & RevenueLimited Partnership, Capital Contribution, Shares, Hosting Agreement, Financial Statements
💰 Expenses of Eastern and Central Community Trust Incorporated
💰 Finance & RevenueAdministrative Expenses, Office Administration, Advertising, Audit Fees, Depreciation