Note 28: Explanation of significant variances against budget
Te Motu Regional Economic Development Trust: Model financial statements 2008/09.
Note 27: Capital management
Explanation of significant variances against budget
| NZ IAS 1 NZ 41.1 | Explanations for significant variations from the Trust’s budgeted figures in the 2008/09 statement of intent are as follows: |
| Statement of financial performance There are no significant variances against the prospective statement of financial performance. |
|
| Statement of changes in equity There are no significant variances against the prospective statement of changes in equity. |
|
| Statement of financial position Creditors and other payables is $62,000 below budget. The conditions for the regional rugby sevens annual tournament grant were not expected to be satisfied by the balance sheet date, therefore the grant received was expected to be recorded in the financial statements as a liability, grants received in advance. The conditions of the $50,000 grant were satisfied in June 2009, at which time the grant was recognised as revenue. |
|
| Statement of cash flows There are no significant variances against the prospective statement of cash flows. |
