RTB Financial Statements
(c) Property, Plant & Equipment The residual value, depreciation methods and useful lives are reassessed annually. The entity has the following classes of Property, Plant & Equipment;
Office Equipment 60%
DV
All property, plant & equipment is stated at cost less accumulated depreciation.
(d) Goods & Services Tax These financial statements have been prepared on a GST exclusive basis with the exception of accounts receivable and accounts payable which are shown inclusive of GST.
(e) Taxation Raukawa Trust Board is registered under the Charities Act 2005 and therefore is exempt from income tax under Section CW41 of the Income Tax Act 2007.
(f) Investments Share investments in equity securities are stated at their fair value. Initially they are recorded at cost, and are then valued at market bid price at the Statement of Financial Position date in subsequent periods. Any gains or losses generated as a result of revaluation is recognised in the Statement of Changes in Trust Funds. Other investments are stated at cost less any amortisation. Amortisation is recognised in the Statement of Financial Performance.
(g) Revenue Sales of goods are recognised when they have been delivered and accepted by the customer. Interest income is recognised using the effective interest method. Dividend revenue is recognised when the shareholders’ right to receive the payment is established.
(h) Receivables Receivables are stated at their estimated realisable value. Bad debts are written off in the year in which they are identified.
(i) Fishing Quota The fishing quota has been recorded at cost less any impairment. Impairment is recognised in the Statement of Financial Performance.
2.
CONTINGENT LIABILITIES At balance date there are no known contingent liabilities (2012: $Nil). Raukawa Trust Board Group has not granted any securities in respect of liabilities payable by any other party whatsoever.
3.
OPERATING REVENUE
Group 2013 ($)
Group 2012 ($)
Parent 2013 ($)
Parent 2012 ($)
Contracts - 250 - 250 ishing Quota Income F 162,170 163,288 - Dividends Received 90,449 97,061 - Interest Received 36,999 21,338 23,473 20,850 Donations - - 140,000 Sundry Income 2,504 11,554 698 11,379 Total Operating Revenue 292,122 293,491 164,171 32,479
Raukawa Annual Report 2012-2013 |
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