3918 NEW ZEALAND GAZETTE No. 163

| 1999 1998 |
| $ $ |
| Taxable income 213,088 199,172 |
| Tax @ 33 percent 70,319 65,727 |
| Less: tax credits 109,660 93,094 |
| |
| Prior year refund due 39,341 27,367 |
| 27,367 0 |
| Tax refund due $66,708 $27,367 |

7. 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.

8. Donations Approved Not Yet Paid

Approved donations not yet paid out include:

| 1999 1998 |
| $ $ |
| S.C. Dare Association 2,000 - |
| Otipua Wetland Charitable Trust 250,000 25,000 |
| S.C. Museum Development Trust 1,000 - |
| Mensline S.C. 1,000 - |
| Task Force Green Community Employment Initiative 5,060 6,380 |
| Temuka/Geraldine A & P Assn 2,000 - |
| Ashburton Domain Oval Pavilion 10,000 - |
| St Andrews Presbyterian Church (Ashburton) 1,000 1,000 |
| Timaru Squash Club - 10,000 |
| Ashburton Youth Steering Committee 5,000 - |
| Barnabas Christian Trust - 13,750 |
| Waikakahi Centennial - 3,000 |
| Sound Shell Roof Cover project 10,000 10,000 |
| South Rangitata Reserve 500 500 |
| $286,560 $69,630 |

9. Capital Commitments

There were no capital commitments (1998 Nil).

10. Contingent Liabilities

The trust is committed to providing $750,000 over 3 years to the Ashburton Aquatic Park Trust contingent upon certain conditions being met.

11. Advances

The trust made an advance to the Aorangi Park Trust. The balance outstanding at balance date was $200,000.

12. 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.

Credit Risk

Seventy six percent of the assets of the trust are represented by debt investments and current account balance with Westpac Trust, National Bank of New Zealand and ANZ Banking Group. The trustees consider the risk of non-recovery of these investments at balance date to be within satisfactory guidelines.

The maximum exposure to credit risk of other financial instruments are:

| 1999 1998 |
| $ $ |
| Sundry debtors 0 32,547 |
| Advances 200,000 0 |
| Interest accrued 345,490 368,540 |
| New Zealand shares 3,877,112 4,526,660 |
| New Zealand property shares 1,150,815 1,204,110 |
| Australian property shares 1,272,709 1,316,655 |
| Australian shares 1,115,500 795,000 |
| $7,761,626 $8,243,512 |