✨ Financial Statements Notes
THE COMMUNITY TRUST OF MID & SOUTH CANTERBURY INC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014 (Continued)
3. Reserves
(i) Capital Fund
The initial Capital Fund (being the realised value of Trust Bank shares) was $32,087,148.
(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 2014 is $12,516,188.
(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.
4. Donations Approved not yet Paid
| 2014 | 2013 | |
|---|---|---|
| Approved Donations not yet Paid Out Include | $ | $ |
| Hakatere Marae | - | 100,000 |
| Ashburton Stadium Complex | 500,000 | 500,000 |
| Geraldine Historical Society | - | 75,000 |
| South Canterbury Hunt | 500 | 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 |
| Mania-o-Roto Scout Zone | 35,000 | - |
| Cave Tennis Club | 7,500 | - |
| Blue Cliffs Hall Committee | 5,543 | - |
| Big Little Theatre Company | 2,500 | - |
| 551,043 | 708,796 |
5. Taxation
The Trust is exempt from tax in accordance with Section CW52 of the Income Tax Act 2007.
6. 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.
7. Capital Commitments
There were no capital commitments as at 31 March 2014 (2013: Nil).
8. Contingent Liabilities
There are no Contingent Liabilities at 31 March 2014 (2013: Nil).
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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 & RevenueFinancial Reporting, Reserves, Donations, Taxation, GST, Capital Commitments, Contingent Liabilities