New Zealand Gazette – 1999 – No. 150

Page 3606

✨ Financial Statements and Fees



3606 NEW ZEALAND GAZETTE No. 150

income from investments is higher than the level of grants, surplus income will be transferred to this reserve. In years when there is insufficient income to sustain the level of grants, an appropriate amount will be transferred from the grants maintenance reserve to income.

Investments

The group states its equity in investments at market value, and reports realised and unrealised gains or losses on holding these investments in the statement of financial performance. These gains or losses are shown in the statement of financial performance as income from revaluation of investments. The group intends to hold bank deposits until maturity and states these investments at cost.

Fixed Assets

Fixed assets are initially stated at cost and then depreciated on a straight line basis to allocate the cost of an asset, less any residual value, over its useful life. The estimated useful lives of fixed assets are as follows:

  • Land .................................. indefinite
  • Buildings .......................... 30–40 years
  • Furniture and fittings .......... 3–15 years
  • Office equipment ............... 3–8 years
  • Motor vehicles ................... 5–8 years

Accounts Receivable

The group states these at expected realisable value.

Grants

The group brings these to account when approved by trustees. Unpaid grants are recorded as a liability.

Income Tax

The group provides for income tax on its net income after adjusting for tax accounting differences and any beneficiaries income determinations made pursuant to section OB1 (226) of the Income Tax Act.

Goods and Services Tax

The group is not registered for goods and services tax. The financial statements are prepared so that all components are stated inclusive of G.S.T.

2. Professional Fees

1999 $ 1998 $
Accountancy 13,343
Financial advisory 44,928 19,999
Taxation advisory 38,313 5,923
Legal 23,560 52,380
Other 45,983 11,522
$152,784 $103,167

3. Trustee’s Fees

Meeting fees and honorariums were paid to trustees as follows:

Trustee Meetings 1999 $ 1998 $
C. S. Ballantyne 40 28,144 26,121
W. A. Cambridge 35 14,650 10,059
F. G. Cardno 31 11,666 7,513
P. Duffy 26 10,312 7,402
G. A. Farry 12 6,496 5,323
J. J. Grant 14 6,886 5,273
C. A. McCulloch 32 11,620 9,152
B. J. Mackay (retired August 1998) 14 4,914 6,023
G. M. Neave 35 12,434 8,382
D. J. Stronach 29 11,323 8,832
S. G. Palmer (appointed August 1998) 15 5,900 Nil
Total $124,345 $94,080

4. Investments in Associates

The total investment in Invest South Limited comprises:

1999 $ 1998 $
Opening value of investment 1,229,920 1,250,000
Share of operating surplus (deficit) 16,202 (20,080)
Equity accounted value of investment $1,246,122 $1,229,920


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✨ LLM interpretation of page content

💰 Notes to the Financial Statements (continued from previous page)

💰 Finance & Revenue
Accounting Policies, Financial Statements, Investments, Fixed Assets, Accounts Receivable, Grants, Income Tax, Goods and Services Tax

💰 Professional Fees

💰 Finance & Revenue
Accountancy, Financial Advisory, Taxation Advisory, Legal, Professional Fees

💰 Trustee's Fees

💰 Finance & Revenue
Trustees, Meeting Fees, Honorariums, Financial Compensation
11 names identified
  • C. S. Ballantyne, Received meeting fees
  • W. A. Cambridge, Received meeting fees
  • F. G. Cardno, Received meeting fees
  • P. Duffy, Received meeting fees
  • G. A. Farry, Received meeting fees
  • J. J. Grant, Received meeting fees
  • C. A. McCulloch, Received meeting fees
  • B. J. Mackay, Received meeting fees, retired August 1998
  • G. M. Neave, Received meeting fees
  • D. J. Stronach, Received meeting fees
  • S. G. Palmer, Received meeting fees, appointed August 1998

💰 Investments in Associates

💰 Finance & Revenue
Investments, Associates, Financial Performance