New Zealand Gazette – 1998 – No. 112

Page 2790

✨ Financial Statements



NEW ZEALAND GAZETTE
No. 112

method. All significant inter-entity transactions are eliminated on consolidation. Both entities have a common balance date of 31 March.

1.3.2 Investment Income is accounted for on an accruals basis recognising both realised and unrealised gains or losses in value.

1.3.3 Foreign Currency balances are converted to NZD at the year end rate of exchange. Transactions completed during the year are converted at the rate applying at the date of the transaction. Foreign exchange gains and losses are included within the statement of financial performance.

1.3.4 Investments are recorded at market value at year end.

1.3.5 Cash comprises cash at bank, call deposits and short term deposits but does not include cash held by fund managers.

1.3.6 Donations are included in the statement of financial performance when approved by the trustees.

1.3.7 Fixed Assets are recorded at cost less accumulated depreciation.

1.3.8 Depreciation is provided on a straight line basis on all tangible fixed assets at rates calculated to allocate the assets’ cost less estimated residual value, over their estimated useful lives.

The depreciation periods are:

Computer equipment: 3 years
Fixtures and fittings: 9 years
Furniture: 10 years
Office equipment: 5 years

1.3.9 Income Tax is not provided as the trust has charitable status for tax purposes.

1.3.10 G.S.T. inclusive accounting has been adopted as the trust is not registered for G.S.T.

1.4 Changes in Accounting Policies

There have been no changes in accounting policies. All policies have been consistently applied.

1998 $ 1997 $
2. Income from Investments
Dividends received from Trust Bank New Zealand Limited – 2,436,000
Realised investment income 7,582,972 7,475,252
Changes in investment values—gain (loss) 10,116,167 (824,575)
Foreign exchange movements—gain (loss) 9,665,295 554,579
27,364,434 9,641,256
Less fund managers expenses 272,956 *
27,091,478 9,641,256
  • In 1997 income from managed funds were recorded net of fund managers’ expenses.
  1. Investments
Type Manager Appointed 1998 $ 1997 $
New Zealand Shares
Active Coronet Asset Management Jan 97 10,258,471 9,908,956
Passive TeNZ Dec 9 14,662,725 14,030,711
International Shares
Passive State Street Global Advisors May 97 56,646,384 35,023,373
New Zealand Bonds
Active Citibank Global Assets Management Mar 97 38,071,633 35,006,648
Passive Self 4,194,181 4,318,891
123,833,394 98,288,579
  1. Fixed Assets

Fixtures, fittings and equipment at cost ... 91,005
Less accumulated depreciation ... 41,576
49,429 70,642
24,917
45,725

  1. Cash and Bank Deposits

Current accounts ... 30,460
Call accounts ... 1,018,743
Petty cash ... 200
Short term deposits ... 7,500,000
$8,549,403 $11,173,757
50,829
5,122,869
59
6,000,000

  1. Donations Payable

Included in donations payable are $823,400 of donations which are subject to the applicants fulfilling certain conditions.



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✨ LLM interpretation of page content

💰 Notes to the Consolidated Financial Statements for the Year Ended 31 March 1998 (continued from previous page)

💰 Finance & Revenue
Accounting Policies, Investment Income, Foreign Currency, Investments, Cash, Donations, Fixed Assets, Depreciation, Income Tax, GST