New Zealand Gazette – 1999 – No. 75

Page 1711

✨ Financial Statements



24 JUNE NEW ZEALAND GAZETTE 1711

(f) Investments
Investments are stated at market value. Adjustments to market value of investments are included in the statement of financial performance.

(g) Taxation
Income tax expense recognises the current obligations payable to the Inland Revenue Department. No deferred tax is recognised. No deferred tax liability is expected to crystalise in the foreseeable future.

(h) Changes in Accounting Policies
The accounting policies for trust funds have been modified this year, however, as they impact on the treatment of funds within total trust funds it has no impact on the financial position of the trust. All other policies have been applied on bases consistent with those used in the prior year.

  1. Incorporation
    The Trust Bank Waikato Community Trust was incorporated on 5 August 1988 with trust capital of $21,316,622. The name of the trust was changed to the Waikato Community Trust Incorporated in December 1997.
1999 $'000 1998 $'000
3. Revenue
Comprises:
Managed funds 21,362 24,218
Other investments 18 2,535
$21,380 $26,753

  1. Expenses
    Comprises:
    Audit fees | 10 | 10 |
    Accountancy/secretarial fees | 36 | 26 |
    Consultants—donations | 34 | — |
    Consultants—tax | 29 | — |
    Consultants—other | 23 | — |
    Employee remuneration | 121 | 71 |
    Funds management services | 812 | 510 |
    Investment advisory services | 131 | 96 |
    Recruitment | 7 | — |
    Rental costs | — | 10 |
    Statutory reporting | 136 | — |
    Trustees fees | 89 | 89 |
    Depreciation | 22 | 9 |
    Other expenses | 130 | 103 |
    | $1,635 | $924 |

  2. Taxation
    Net surplus after distributions as per statement of financial performance | 14,423 | 23,346 |
    Less:
    Non-assessable income | (33,464) | (23,304) |
    | (19,041) | 42 |

Add:
Non-deductible expenditure | 569 | 228 |
Non-deductible losses | 12,370 | — |
Foreign Investment Fund income | 5,442 | — |
Imputation tax credits received and withholding tax deducted | 271 | 185 |
Adjustment for prior year | (2,241) | 7 |
Donations payable | 2,309 | 161 |
| 18,720 | 581 |

Assessable income for the year | (321) | 623 |
Less: Loss brought forward | — | (63) |
Assessable income (loss) for tax purposes | $(321) | $560 |

Taxation @ 33 percent | — | 185 |
Imputation credits received and withholding tax deducted | — | (185) |
Imputation tax credits transferred to loss carried forward | 491 | —



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✨ LLM interpretation of page content

💰 Notes to and forming part of the Consolidated Financial Statements for the Year Ended 31 March 1999 (continued from previous page)

💰 Finance & Revenue
Accounting policies, Financial statements, Trust funds, Investment fluctuation reserve, Donation reserve, Fixed assets, Depreciation, Donations, Goods and services tax