✨ Financial Statements
2786 NEW ZEALAND GAZETTE No. 112
| 1998 $ | 1997 $ | |
|---|---|---|
| Endowment fund transfer ... | 0 | (16,477) |
| $34,950,287 | $33,438,962 |
4. Revaluation Reserve
Opening balance as 1 April 1997 ... 0 ... 0
Unrealised gains on debt investments ... 44,357 ... 0
Balance at 31 March 1998 ... $44,357 ... $0
5. Taxation
Net income before donations ... 2,311,484 ... 2,529,396
Add: imputation credits ... 65,727 ... 112,094
Non deductible expenditure ... 34,274 ... -
Deduct: distributed as beneficiaries income to South Canterbury Community Trust Charities Limited ... 2,411,485 ... 2,641,490
Taxable income ... 199,172 ... Nil
Tax @ 33 percent ... 65,727 ... 0
Less: tax credits ... 93,094 ... -
Tax refund due ... $27,367 ... $Nil
6. Goods and Services Tax
The trust is not registered for goods and services tax purposes. Accordingly these financial statements are stated on a G.S.T. inclusive basis.
7. Donations Approved Not Yet Paid
Approved donations not yet paid out include:
| 1998 $ | 1997 $ | |
|---|---|---|
| Otipua Wetland Charitable Trust | 25,000 | 2,000 |
| Methven Anglican Parish | - | 2,000 |
| QEII National Trust | - | 2,000 |
| Task Force Green Community Employment initiative | 6,380 | 25,080 |
| Age Concern Ashburton Inc. | - | 5,000 |
| Ashburton Sports Turf Trust | - | 15,000 |
| Hinds School on Behalf of Community Organisation | - | 1,000 |
| St Andrews Presbyterian Church (Ashburton) | 1,000 | 1,000 |
| Caroline Bay Seating Cover Project | - | 5,000 |
| S C War Memorial Society Inc. | - | 5,000 |
| Timaru Squash Club | 10,000 | 10,000 |
| Glenavy Tennis Club | - | 750 |
| Waimate Health and Fitness Trust | - | 2,500 |
| Hieracium Control Trust | - | 10,000 |
| Cave Pistol Club | - | 500 |
| Aorangi Park Trust | - | 666,666 |
| Barnabas Christian Trust | 13,750 | - |
| Waikakahi Centennial | 3,000 | - |
| Sound Shell Roof Cover project | 10,000 | - |
| South Rangitata Reserve | 500 | - |
| 69,630 | 751,496 |
8. Capital Commitments
There were no capital commitments (1977 Nil).
9. Contingent Liabilities
There are no contingent liabilities apart from donation commitments as per notes 1 and 10.
10. Financial Instruments
Fair Values
Investments are stated at estimated market value at balance date. Interest accrued, sundry debtors, sundry creditors, term loans and donations approved, not yet paid, are stated at the amounts expected to be received or paid.
Accordingly, the trustees consider that the fair value of each class of financial assets and financial liabilities is the same as the carrying value in the statement of financial position.
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VUW Te Waharoa —
NZ Gazette 1998, No 112
NZLII —
NZ Gazette 1998, No 112
✨ LLM interpretation of page content
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Notes to the Consolidated Financial Statements for the Year Ended 31 March 1998
(continued from previous page)
💰 Finance & RevenueFinancial Statements, Revaluation Reserve, Taxation, GST, Donations, Capital Commitments, Contingent Liabilities, Financial Instruments