✨ Financial Statements Notes
THE COMMUNITY TRUST OF MID & SOUTH CANTERBURY INC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014 (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.
(f) Foreign Currencies
Transactions in foreign currencies are converted at spot rate at the date of the transaction or a rate approximating that rate.
At balance date, foreign monetary assets and liabilities are translated at the spot rate and movements, both realised and unrealised gains and losses, are recognised in the statement of financial performance.
(g) Vesting Employment Benefits
The Trust provides for holiday pay as a current liability, which is vesting to staff. Holiday pay is calculated as the maximum liability payable as at balance date.
Changes in Accounting Policies
There have been no changes in accounting policies.
2. Capital Fund
| 2014 | 2013 | |
|---|---|---|
| $ | $ | |
| Initial Capital Fund - 1 April 1996 | 32,087,148 | 32,087,148 |
Inflation Reserve
| 2014 | 2013 | |
|---|---|---|
| Opening Balance | 11,842,647 | 10,407,178 |
| Share of Current Movement in Equity | 481,694 | 1,435,469 |
| Transfer from General Reserves | 191,847 | - |
| Closing Balance | 12,516,188 | 11,842,647 |
General Reserves
| 2014 | 2013 | |
|---|---|---|
| Opening Balance | 2,007,895 | - |
| Share of Current Movement in Equity | - | 2,007,895 |
| Transfer to Inflation Reserve | (191,847) | - |
| Closing Balance | 1,816,048 | 2,007,895 |
| Capital Fund at End of Year | 46,419,384 | 45,937,690 |
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NZ Gazette 2014, No 88
✨ LLM interpretation of page content
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Notes to the Financial Statements for The Community Trust of Mid & South Canterbury Inc
(continued from previous page)
💰 Finance & RevenueAccounting Policies, Financial Reporting, Depreciation, Foreign Currencies, Vesting Employment Benefits, Capital Fund, Inflation Reserve, General Reserves