| ANGLICAN DIOCESE OF CHRISTCHURCH | Page 5 | ||||||||
| PARISH OF FENDALTON | |||||||||
| NOTES TO THE FINANCIAL STATEMENTS | |||||||||
| FOR THE YEAR ENDED 31 DECEMBER 2008 | |||||||||
| 1 | STATEMENT OF ACCOUNTING POLICIES | ||||||||
| Reporting Entity | |||||||||
| The entity is a Parish, as defined in the Regulations of the Anglican Diocese of Christchurch. | |||||||||
| The principal activity is the provision of opportunities for Christian teaching, fellowship, worship and outreach in the area of the parish. | |||||||||
| Basis of Preparation | |||||||||
| These financial statements have been prepared in accordance with generally accepted accounting practice in New Zealand and applicable Financial Reporting Standards. | |||||||||
| Measurement Base | |||||||||
| The accounting principles recognised as appropriate for the measurement and reporting of financial performance and financial position on a historical cost basis, modified by the revaluation of land & buildings to approximate current value, are followed by the entity. | |||||||||
| Differential Reporting | |||||||||
| The entity qualifies for Differential Reporting exemption as it is not publicly accountable and is not large in terms of the Framework for Differential Reporting. Advantage has been taken of all available differential reporting exemptions. | |||||||||
| Comparatives | |||||||||
| The financial year end of the Anglican Diocese of Christchurch was changed from 31 January to 31 December in the prior year. Accordingly the comparatives are for a period of 11 months. | |||||||||
| SPECIFIC ACCOUNTING POLICIES | |||||||||
| The following specific accounting policies which materially affect on the measurement of financial performance and financial position have been applied: | |||||||||
| Non-Current Tangible Assets | |||||||||
| Land and Buildings are valued at the most recent Rating Valuation, therefore no depreciation has been calculated on them. | |||||||||
| Other fixed assets are recorded at cost less accumulated depreciation. Assets less than $500 are expensed. | |||||||||
| Depreciation | |||||||||
| Depreciation has been calculated using the straight line basis, whereby the cost is written off evenly over the expected economic life of the asset, assuming nil residual values. | |||||||||
| Estimated economic lives are:- | |||||||||
| Organs | 50 years | ||||||||
| Computer Hardware & Software | 3 - 5 years | ||||||||
| Office Equipment | 5 - 10 years | ||||||||
| Furniture & Fittings | 10 years | ||||||||
| Inventory | |||||||||
| Consumable supplies are valued at the lower of cost, on a first-in first-out basis, and net realisable value. | |||||||||
| Accounts Receivable | |||||||||
| Accounts receivable are stated at their expected realisable value. Bad debts are written off in the year in which they become uncollectable. | |||||||||
| Investments | |||||||||
| Investments are stated at market value. Investments with the Church Property Trustees, although available at call, are shown according to the Parish's intention of retaining them for the long term. | |||||||||
| Accounts Payable | |||||||||
| Accounts payable are stated at their expected amount payable. | |||||||||
| Goods and Services Tax | |||||||||
| GST has been accounted for on a GST exclusive basis. | |||||||||
| Taxation | |||||||||
| The Anglican Diocese of Christchurch is registered as a charitable entity under the Charities Act 2005 which exempts it from liability for income tax. | |||||||||
| CHANGES IN ACCOUNTING POLICIES | |||||||||
| There have been no changes in the above accounting policies. All policies have been applied on bases consistent with those used in previous years. | |||||||||
| 2 | COMMITMENTS | ||||||||
| There are commitments totalling $1,874 as at balance date. (Prior year: Nil) | |||||||||
| 3 | CONTINGENCIES | ||||||||
| There are no known contingent liabilities as at balance date. (Prior year: Nil) | |||||||||
| 4 | SUBSEQUENT EVENTS | ||||||||
| There are no significant events subsequent to balance date which would have a material effect on the financial position or performance reflected in the financial statements. (Prior year: Nil) | |||||||||
| 5 | LAND & BUILDINGS | ||||||||
| The properties of the Parish are vested in The Church Property Trustees who hold them on behalf of the Parish. The properties are valued at the most recent Rating Valuation (1 August 2007). | |||||||||
| Properties are insured at the insurance valuation agreed upon by Vestry and CPT each year. | |||||||||
| 6 | PLANT, EQUIPMENT & FURNISHINGS | ||||||||
| Land and Buildings at 2007 Rateable Values | |||||||||
| St Barnabas land, church, hall, office and Sunday school | 4,120,000 | ||||||||
| St Thomas land, church and hall | 508,000 | ||||||||
| Vicarage - 7 Makora Street | 674,000 | ||||||||
| Clergy House - 15 Tui Street | 703,000 | ||||||||
| 6,005,000 | |||||||||
| Furniture, Fittings and Organs | |||||||||
| Book Value | Additions | Depreciation | Book Value | ||||||
| 31/12/07 | Rate % | Amount | 31/12/08 | ||||||
| St Barnabas | |||||||||
| Organ | 212,747 | 2 | 4,255 | 208,492 | |||||
| Church fixtures and chattels | 99,063 | 10.00 | 10,846 | 88,217 | |||||
| Objets d'art | 12,741 | 12,741 | |||||||
| Sunday School, hall and office contents | 61,932 | 43,922 | 20.00 | 13,929 | 91,925 | ||||
| Garden appliances | 400 | 20.00 | 80 | 320 | |||||
| St Thomas | |||||||||
| Organ | 31,306 | 2.00 | 626 | 30,680 | |||||
| Church fixtures and chattels | 12,713 | 0 | 10.00 | 1,271 | 11,442 | ||||
| Objets d'art | 1,188 | 1,188 | |||||||
| Hall contents | 1,497 | 20.00 | 299 | 1,198 | |||||
| Fixtures in two houses | 19,904 | 0 | 20.00 | 3,981 | 15,923 | ||||
| 453,491 | 43,922 | 35,288 | 462,125 | ||||||
| 7 | SPECIAL PURPOSE FUNDS | ||||||||
| Opening | Income | Closing | |||||||
| Name of Fund | Balance | Deposits | Gain (loss) | Payments | Balance | ||||
| $ | $ | $ | $ | $ | |||||
| Richard Barker Bequest | 278,000 | 278,000 | |||||||
| General Reserve | 112,802 | 8,037 | 120,839 | ||||||
| Fair Fund | - | 32,675 | 32,675 | ||||||
| Hand in hand | 101 | 101 | |||||||
| Total | 390,903.00 | 32,675.00 | 8,037.00 | 0.00 | 431,615.00 | ||||
| 8 | TERM DEPOSITS | ||||||||
| AdFund | 8.75% matures 30/4/09 | 50,263.55 | |||||||
| ANZ | 8.75% matures 31/1/09 | 70,574.72 | |||||||
| South Canterbury Finance | 9.75% matures 19/10/09 | 278,000.00 | |||||||
| 398,838.27 | |||||||||
| 9 | DONATIONS FOR SPECIFIC PROJECTS | ||||||||
| These funds were received from the Christchurch City Council, the Scottswood Trust, the Canterbury Community | |||||||||
| Trust and an anonymous donor and totally covered the costs incurred. | |||||||||
| 10 | FUND RAISING CAPITAL PROJECTS | ||||||||
| This represents the net proceeds from the fair, less a tithe of $3,640. $2,000 was donated to the | |||||||||
| Petersgate Trust and $1,240 to St Andrew's High School Tonga. | |||||||||
| 11 | SUNDRY INCOME | ||||||||
| This comprises net income from funeral catering of $10,303 (2007 $10,179); wafer room of $13,341 (2007 $10,153); | |||||||||
| advertising in the parish magazine of $4,756 (2007 $3,916); and general of $1,537 (2007 $1,964). | |||||||||
| 12 | RESOURCES AND EDUCATION | ||||||||
| These costs are largely made up of the costs of the mission conducted by Bishop Richard Ellena. | |||||||||
| 13 | OTHER MISSIONS AND DONATIONS | ||||||||
| Donations were made to | Bible Society | 2,000.00 | |||||||
| Christchurch City Mission | 2,000.00 | ||||||||
| Church Army | 2,000.00 | ||||||||
| Canterbury Youth Services | 1,000.00 | ||||||||
| Aranui Mission Parish | 2,000.00 | ||||||||
| Christian World Service | 80.00 | ||||||||
| 9,080.00 | |||||||||
| 14 | REPAIRS AND MAINTENANCE CLERGY HOUSES | ||||||||
| Almost all this expenditure related to maintenance on the property at 8 Tui Street. | |||||||||
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