Annual Report 2010 - Christchurch City Council

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Cash flow statement (continued) Financial statements Annual Report Christchurch Otautahi 2010 p141. Financial statements Cash flow statement (continued) Parent Group 30 Jun 10 30 Jun 10 30 Jun 09 30 Jun 10 30 Jun 09 Actual Plan Actual Actual Actual $000s $000s $000s $000s $000s Cash flows from financing activities Proceeds from borrowing 139,624 99,584 91,033 315,549 128,547 Repayment of borrowings (42,571) (113,293) (6,220) (86,730) (73,031) Repayment of finance leases - - - (409) - Dividends paid - minority interests - - - (7,723) (9,117) Net cash provided by/(used in) financing activities 97,053 (13,709) 84,813 220,687 46,399 Net increase in cash and cash equivalents (3,491) 501 28,956 (5,975) 1,904 Cash and cash equivalents at beginning of year 84,383 45,069 55,427 109,830 107,926 Cash and cash equivalents at end of year 80,892 45,570 84,383 103,855 109,830 The accompanying notes form part of and are to be read in conjunction with these financial statements.
p142. Annual Report Christchurch Otautahi 2010 Financial statements Statement of accounting policies Notes to financial statements 1. Statement of accounting policies Reporting entity Christchurch City Council (“Council”) is a territorial authority under the Local Government Act 2002. The consolidated entity consists of the entities listed in the Group structure section. The primary objective of Council is to provide goods or services for the community or for social benefit rather than to make a financial return. Accordingly, Council has designated itself a public benefit entity (“PBE”) for the purposes of New Zealand Equivalents to International Financial Reporting Standards (“NZ IFRS”). Council is therefore subject to policies and exemptions that may not apply to other entities in the group. Where PBE treatment of specific issues differs from the usual treatment, this fact is noted in each policy. The financial statements of Council are for the year ended 30 June 2010. The financial statements were approved by Council on 30 September 2010. Council does not have the authority to amend the financial statements after this date. Basis of preparation i) The financial statements of Council have been prepared in accordance with the requirements of the Local Government Act 2002: Part 6, Section 98 and Part 3 of Schedule 10, which includes the requirement to comply with General Accepted Accounting Practice in New Zealand (“NZ GAAP”). They comply with the New Zealand equivalents to International Financial Reporting Standards (NZ IFRS), and other applicable financial reporting standards, as appropriate for public benefit entities. The financial statements have been prepared on the basis of historical cost, except for the revaluation of certain non-current assets and financial instruments. The financial statements are presented in New Zealand dollars and all values are rounded to the nearest thousand dollars ($000s). The functional currency of Council is New Zealand dollars. The accounting policies set out below have been applied consistently to all periods presented in these financial statements. ii) New accounting standards and interpretations (a) Changes in accounting policy and disclosures. The accounting policies adopted are consistent with those of the previous financial year except as follows: The Group has adopted the following new and amended New Zealand Equivalents to International Financial Reporting Standards and interpretations as of 1 July 2009. • NZ IFRS 3 Business Combinations (revised 2008) effective 1 July 2009 • NZ IFRS 7 Financial Instruments: Disclosures effective 1 January 2009 • NZ IAS 1 Presentation of Financial Statements (revised 2007) effective 1 January 2009 • NZ IAS 27 Consolidated and Separate Financial Statements (revised 2008) effective 1 July 2009 • Amendments to NZ IFRS arising from NZ IFRS 3 and NZ IAS 27 effective 1 July 2009 • Improvements to NZ IFRSs May 2009 effective 1 January 2009, 1 July 2009 and 1 January 2010 • Amendments to NZ IFRS 1 and NZ IAS 27 - Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate effective 1 January 2009
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Annual Report 2010 - Christchurch City Council

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