✨ Financial Statements
1712 NEW ZEALAND GAZETTE No. 75
1999 1998
$'000 $'000
Assessable loss for tax purposes ... 321
Losses carried forward ... $812 $-
The ability to carry forward tax losses is subject to statutory provisions.
6. Capital
Balance at beginning of the year ... 180,141 174,894
Transfer from income ... 1,256 5,247
Balance at the end of the year ... $181,397 $180,141
The transfer from income for inflation and regional population growth was calculated at an annual rate of 0.697 percent on the balance at the beginning of the the year (1998—3 percent).
7. Reserves
1999 1998
$'000 $'000
Investment Fluctuation Reserve
Balance at beginning of the year ... 18,318 4,313
Transfer from income ... 7,870 14,005
Balance at the end of the year ... $26,188 $18,318
Donation Reserve
Balance at beginning of the year ... 6,323 2,757
Transfer from income ... 5,297 4,094
... 11,620 6,851
Less donations paid ... (1,234) (528)
Balance at the end of the year ... $10,386 $6,323
8. Payables
Accounts payable ... 278 198
... $278 $198
9. Investments
Passive global equities ... 28,066 29,256
New Zealand fixed interest and cash ... 83,733 69,282
Active global equities ... 28,057 31,643
New Zealand equities and cash ... 37,774 35,198
Global fixed interest ... 41,144 39,903
... $218,774 $205,282
10. Fixed Assets
Office equipment:
At cost ... 55 16
Accumulated depreciation ... (17) (11)
Net book value ... 38 5
Motor vehicles:
At cost ... 37 31
Accumulated depreciation ... (6) (14)
Net book value ... 31 17
Land and buildings:
At cost ... 886 —
Accumulated depreciation ... (10) —
Net book value ... 876 —
Total fixed assets ... $945 $22
11. Financial Instruments
The trust uses the services of an investment advisor to pursue an investment policy considered appropriate for the trust. The current policy is to achieve a long term asset allocation of:
New Zealand equities ... 5.0 percent
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VUW Te Waharoa —
NZ Gazette 1999, No 75
NZLII —
NZ Gazette 1999, No 75
✨ LLM interpretation of page content
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Notes to and forming part of the Consolidated Financial Statements for the Year Ended 31 March 1999
(continued from previous page)
💰 Finance & RevenueAccounting policies, Financial statements, Trust funds, Investment fluctuation reserve, Donation reserve, Fixed assets, Depreciation, Donations, Goods and services tax, Assessable loss, Capital, Reserves, Payables, Investments, Financial instruments