✨ Financial Report
26 AUGUST NEW ZEALAND GAZETTE 2447
3. Fixed Assets
Office furniture and equipment:
| 1999 ($000) | 1998 ($000) | |
|---|---|---|
| Cost | 58 | 55 |
| Accumulated depreciation | 35 | 27 |
| Book value | $23 | $28 |
4. 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 | 187 | 359 |
| Bank term deposits | 600 | 12,744 |
| Accounts receivable | 12 | 9 |
Concentrations of Credit Risk
The bank balances are held with WestpacTrust and Bank of New Zealand 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.
5. Taxation
| 1999 ($000) | 1998 ($000) | |
|---|---|---|
| Net surplus (before donations) | 8,565 | 10,173 |
| Plus prior year adjustment | 3,416 | — |
| Less non-assessable income (Bay of Plenty Community Trust Charities Limited) | (1,011) | (732) |
| Plus FIF income | — | 4,047 |
| Less unrealised gains/losses – | ||
| State Street global advisors | 258 | (2,934) |
| Tower portfolio management | — | (13) |
| 15,275 | 6,494 | |
| Plus non-deductible expenditure | 283 | 248 |
| Plus imputation credits received | 73 | 3 |
| 15,631 | 6,745 | |
| Less beneficaries income from interest – | ||
| General | (2,245) | (2,044) |
| Less distribution from Bay of Plenty Community Trust Charities Limited | 1,273 | 659 |
| (972) | (1,385) | |
| Bay of Plenty Community Trust Charities Limited | (14,220) | (5,300) |
| Total trustees’ income | 439 | 60 |
| Trustees’ loss brought forward | (46) | (97) |
| Adjustment to 1998 losses brought forward | (171) | — |
| Imputation credits converted to losses | — | (9) |
| Assessable trustees’ income/(loss) | 222 | (46) |
| Taxation @ 33 percent | 73 | — |
| Less imputation credits received | (73) | — |
| Less withholding tax | (2) | — |
| Provision for taxation | — | — |
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.
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VUW Te Waharoa —
NZ Gazette 1999, No 101
NZLII —
NZ Gazette 1999, No 101
✨ LLM interpretation of page content
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Bay of Plenty Community Trust Incorporated Annual Report for the Year Ended 31 March 1999
(continued from previous page)
🏢 State Enterprises & Insurance5 August 1999
Trust, Community Trust, Annual Report, Bay of Plenty, Financial Performance, Community Contributions, Cash Flows, Investments