New Zealand Gazette – 1998 – No. 100

Page 2320

✨ Financial Statements and Audit Report



2320
NEW ZEALAND GAZETTE
No. 100

Bonds and deposits .................................................. 106,586 126,855
Equities .............................................................. 67,011 30,928
$173,597 $157,783

  1. Contingent Liabilities
    Contingent liabilities at 31 March 1998 consist of donations approved but not disbursed of $5.702 million (1997: $2.748 million).

  2. Taxation

Net surplus before taxation as per statement of financial performance ............ 24,225 23,970
Less:
Allocation of beneficiaries income ........................................ 4,333 5,944
Non assessable gains on sale of shares .................................... 4,422 8,840
Charitable business exemption ........................................... 15,111 7,562
23,866 22,346
Plus:
Non-deductible expenditure .............................................. 193 10
Imputation credits received ............................................. 242 827
435 837
Assessable income for tax purposes ......................................... 794 2,461
Less losses carried forward .............................................. (60) -
Taxable income ........................................................... 734 2,461

Taxation @ 33 cents ...................................................... 242 812
Less imputation credits ................................................ (242) 827
Taxation payable (refund) .................................................. - (15)

Losses brought forward .................................................... 60 -
Losses incurred/(used) .................................................. (60) 60
Losses carried forward .................................................... - 60

  1. Reconciliation of Reported Surplus to Net Cash Flow From Operating Activities

Surplus for the period ................................................... 17,480 22,963
Add:
Non-cash items:
Depreciation ........................................................ 57 9
Less:
Non-cash items:
Managed funds revaluation ........................................... 23,456 7,813
Gain on sale .......................................................... - 9,150
23,456 16,963
Donations paid from capital ........................................... 446 513
23,902 17,476
(Decrease)/increase in creditors ...................................... (30) 55
Increase/(decrease) in committed donations ............................... - (1,402)
Decrease/(increase) in debtors ........................................ 207 (142)
177 1,489
Net cash flow from operating activities .................................. $(6,188) $4,007

Audit Report
We have audited the consolidated financial statements. The consolidated financial statements provide information about the past consolidated financial performance of The Community Trust of Otago and its consolidated financial position as at 31 March 1998. This information is stated in accordance with the accounting policies set out.



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💰 Financial Statements of The Community Trust of Otago

💰 Finance & Revenue
Financial Statements, Contingent Liabilities, Taxation, Net Cash Flow, Audit Report