✨ Financial Report Tables
2646 NEW ZEALAND GAZETTE No. 107
3. Equity
| 1998 $(000) | 1997 $(000) | |
|---|---|---|
| Trust capital— | ||
| Transfer from general funds | 89,308 | — |
| General funds— | ||
| Opening balance | 97,471 | 21,340 |
| Less transfer to trust capital | 89,308 | — |
| 8,163 | 21,340 | |
| Plus transfer from current year surplus | 8,129 | 9,079 |
| Less donations from capital | (330) | (2,389) |
| Plus/(less): transfer from investment revaluation reserve | 15,962 | 28,030 |
| Capital profit on sale of TBNZ shares | 23 | 58,376 |
| Transfer to income fluctuation reserve | (962) | — |
| 15,023 | 97,471 |
| Investment revaluation reserve— | | |
| Opening balance | 23 | 58,376 |
| Plus revaluation for the year | — | 23 |
| Less transfer to general funds | 23 | 58,376 |
| | — | 23 |
| Income fluctuation reserve— | | |
| Transfer from general reserve | 962 | — |
| Current year surplus— | | |
| Surplus for the year | 10,173 | 9,079 |
| Less donations | (2,044) | — |
| Surplus transferred to general funds | 8,129 | 9,079 |
| Total equity | $105,293 | $97,494 |
4. Fixed Assets
| Office furniture and equipment: | 1998 $(000) | 1997 $(000) |
|---|---|---|
| Cost | 55 | 46 |
| Accumulated depreciation | 27 | 15 |
| Book value | $28 | $31 |
5. Financial Instruments
Credit Risks
Financial instruments which potentially subject the trust to credit risk principally consist of bank balances, bank term deposits and accounts receivable. Maximum exposure to credit risk as at balance date is:
| $(000) | $(000) | |
|---|---|---|
| Bank balances | 359 | 110 |
| Bank term deposits | 12,744 | 95,431 |
| Accounts receivable | 9 | 551 |
Concentrations of Credit Risk
The bank balances are held with WestpacTrust but may be held with other various registered banks and under common funds management. There are no other material concentrations of credit risk.
Market Risk
The value of investments which are held in equities and fixed interest are subject to market fluctuations. The total investment portfolio has been structured in such a way that any reductions in value in particular asset classes should be offset by increases in other classes; therefore no provision has been made for potential gains or losses that could occur due to market fluctuations.
Fair Value
The carrying value is considered to be the fair value for financial instruments.
6. Taxation
| 1998 $(000) | 1997 $(000) | |
|---|---|---|
| Net surplus (before donations) | 10,173 | 9,079 |
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VUW Te Waharoa —
NZ Gazette 1998, No 107
NZLII —
NZ Gazette 1998, No 107
✨ LLM interpretation of page content
🏢
Bay of Plenty Community Trust Incorporated Annual Report for the Year Ended 31 March 1998
(continued from previous page)
🏢 State Enterprises & Insurance24 June 1998
Community Trust, Annual Report, Charitable Trust, Bay of Plenty, Financial Summary