New Zealand Gazette – 1997 – No. 73

Page 1802

✨ Financial Statements



1802

NEW ZEALAND GAZETTE

No. 73

6. Waikato Community Trust Charities Limited (WCTC Limited)

This is a wholly-owned charitable company established by the trust and will be used to carry out some of the trust's future activities.

7. Taxation

Group 1997 $ Parent 1997 $
Net income after distributions as per statement of financial performance ... 14,656,074 3,327,804
Less:
Non-assessable income ... (11,328,270) —
Add:
Non-deductible expenditure ... 42,000 42,000
Imputation credits received ... 1,683,109 1,683,109
Assessable income for tax purposes ... 5,052,913 5,052,913
Taxation @ 33 percent ... 1,667,461 1,667,461
Less:
Imputation credits received ... 1,683,109 1,683,109
($15,648) ($15,648)
Imputation credits transferred to loss carried forward (at extra emolument rate for 31 March 1997 of 25 percent) ... $62,592 $62,592

8. Financial Instruments

The trust uses the services of an investment advisor to pursue an investment policy considered appropriate for the trust. The current policy is to achieve a long term asset allocation of:

New Zealand equities ... 5.00 percent
New Zealand fixed interest ... 20.00 percent
New Zealand cash ... 30.00 percent
Global fixed interest (fully hedged) ... 20.00 percent
Passive global equities (fully hedged) ... 12.50 percent
Active global equities ... 12.50 percent
100.00 percent

The trust's financial instruments comprise the following:

Group 1997 $ Group 1996 $ Parent 1997 $ Parent 1996 $
Term deposits ... 181,472,644 3,160,537 170,146,252 3,160,537
Investments ... 642,514 146,252,808 642,514 146,252,808
$182,115,158 $149,413,345 $170,788,766 $149,413,345

These are denominated in the following currencies:

Group 1997 $ Group 1996 $ Parent 1997 $ Parent 1996 $
New Zealand dollars ... 164,778,778 132,883,523 153,452,386 132,883,523
Australian dollar equivalents ... 2,297,796 2,313,626 2,297,796 2,313,626
United States dollar equivalents ... 10,479,791 8,033,871 10,479,791 8,033,871
Great Britain pound equivalents ... 4,558,793 5,649,298 4,558,793 5,649,298
Singapore dollar equivalents ... — 266,096 — 266,096
Swiss franc equivalents ... — 266,931 — 266,931
$182,115,158 $149,413,345 $170,788,766 $149,413,345

All financial instruments are disclosed at fair value. No undisclosed credit risk exists.

At 31 March 1997 the trust had no forward exchange contracts.

9. Cash Flow Reconciliation

Group 1997 $ Group 1996 $ Parent 1997 $ Parent 1996 $
Net surplus ... 33,673,546 5,483,469 22,345,276 5,484,045
Adjust for non cash items—
Depreciation ... 11,423 4,890 11,423 4,890


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✨ LLM interpretation of page content

💰 Notes to the Consolidated Financial Statements for the Year Ended 31 March 1997 (continued from previous page)

💰 Finance & Revenue
Accounting Policies, Fixed Assets, Donations, Taxation, GST, Investments, Consolidation, Incorporation, Receivables