✨ Financial Report
2658
NEW ZEALAND GAZETTE
No. 107
| Group | Trust | ||
|---|---|---|---|
| 1998 $ | 1997 $ | 1998 $ | 1997 $ |
| Add(less) movement in non-cash items— | |||
| Revaluation of investments | (4,153,595) | 1,069,921 | (4,153,595) |
| Depreciation | 43,285 | 17,407 | 43,285 |
| (4,110,310) | 1,087,328 | (4,110,310) | |
| Net cash provided by operating activities | $(7,413,962) | $(4,038,081) | $(4,063,688) |
- Financial Instruments
General
The group states its investments at balance date at estimated market value, calculating accrued interest on bank deposits by reference to the contract rates. The trustees consider that the fair value of the financial assets is identical to the carrying value in the statement of financial position.
Concentration of Credit Risk
The group has significant funds in trading bank deposits, and in TeNZ Fund units. The group limits risk by spreading the deposits over several trading banks, and the TeNZ Fund's policy of selecting 10 investments in its portfolio also limits the risk. The group has not required collateral or other security to support its financial statements. The group further limits risk through its policy of placing investment funds with 3 separate fund managers, with each fund manager having an investment mandate which requires that they in turn diversify their investments on the group's behalf. The group has sought and obtained the advice of a professional financial adviser prior to making its investment allocation and placement decisions.
Interest Rate Risk
The bank deposits are sensitive to changes in interest rates, as are a proportion of the funds managed by the fund managers.
- Trustee’s Fees
Meeting fees and honorariums were paid to trustees as follows:
| 1998 $ | 1997 $ | |
|---|---|---|
| C. S. Ballantyne | 26,121 | 16,450 |
| W. A. Cambridge | 10,059 | 4,970 |
| F. G. Cardno | 7,513 | 4,650 |
| P. Duffy | 7,402 | 4,390 |
| G. A. Farry | 5,323 | 2,810 |
| J. J. Grant | 5,273 | 2,610 |
| C. A. McCulloch | 9,152 | 4,910 |
| B. J. MacKay | 6,023 | 3,390 |
| G. M. Neave | 8,382 | 4,060 |
| D. J. Stronach | 8,832 | 5,510 |
| Total | $94,080 | $53,750 |
- Taxation
(a) Income tax expense—
| Group | ||
|---|---|---|
| 1998 $ | 1997 $ | |
| Gross income per statement of financial performance | 15,368,904 | 16,671,063 |
| Add imputation credits attached to dividends | 530,505 | 1,996,286 |
| 15,899,409 | 18,667,349 | |
| Less expenditure | (1,048,623) | (627,950) |
| 14,850,786 | 18,039,399 | |
| Income subject to taxation | 4,770,278 | 4,750,979 |
| Prima facie income tax expense calculated at 33 percent | 1,574,192 | 1,567,823 |
| Less tax effect of permanent differences | (968,298) | 353,074 |
| 605,894 | 1,920,897 | |
| Less imputation credits | (605,894) | (1,920,897) |
| Total income tax expense | Nil | Nil |
(b) Imputation credits—
| Balance at beginning of year | 75,389 | Nil |
| Imputation credits attached to dividends received | 530,505 | 1,996,286 |
| Taxation expense | (605,894) | (1,920,897) |
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VUW Te Waharoa —
NZ Gazette 1998, No 107
NZLII —
NZ Gazette 1998, No 107
✨ LLM interpretation of page content
💰
Financial Report of The Community Trust of Southland
(continued from previous page)
💰 Finance & RevenueFinancial Report, The Community Trust of Southland, Fixed Assets, Investments, Income Tax, Operating Surplus
10 names identified
- C. S. Ballantyne, Trustee
- W. A. Cambridge, Trustee
- F. G. Cardno, Trustee
- P. Duffy, Trustee
- G. A. Farry, Trustee
- J. J. Grant, Trustee
- C. A. McCulloch, Trustee
- B. J. MacKay, Trustee
- G. M. Neave, Trustee
- D. J. Stronach, Trustee