New Zealand Gazette – 1999 – No. 83

Page 1961

✨ Financial Statements Notes



15 JULY NEW ZEALAND GAZETTE 1961

Taxation

Income tax is recognised on the surplus after distribution, adjusting for differences between taxable and accounting income. Future tax benefits are not recognised unless realisation of the asset is virtually certain.

Fixed Assets

Fixed assets are recorded at cost less accumulated depreciation.

Depreciation

Depreciation has been charged to the financial statement using rates, which will write off the cost of assets less their estimated residual value over their estimated economic lives. The depreciation rates used are:

  • Buildings 4 percent
  • Office furniture and equipment 12–48 percent

G.S.T.

The trust is not registered for G.S.T. purposes and therefore the financial statements have been prepared on a G.S.T. inclusive basis.

Capital Maintenance Reserve

The capital maintenance reserve represents the additional amount necessary to preserve the real value of the capital allowing for inflation as measured by the consumers’ price index (CPI).

Investments

Investments are valued at year end market value. All realised and unrealised gains and losses are recognised in the statement of financial performance.

Hedging Instruments

The trust through its investment managers enters into hedging instruments such as futures, options and forward exchange contracts. These are converted to the New Zealand dollar rate at balance date with all realised and unrealised gains and losses being recognised in income and expenditure as income from managed funds.

Statement of Cash Flows

Cash comprises cash at bank and call deposits but does not include cash or deposits held by the fund managers.

Changes in Accounting Policies

There have been no changes in accounting policies during this accounting period.

Changes in Comparative Figures

Where applicable, certain comparatives have been restated to comply with the accounting presentation adopted for the current period.

1999 1998
$000 $000
1. Revenue
Interest 222 1,390
Managed funds 17,374 24,046
Other 91 57
17,687 25,493

| 2. Expenditure | | |
| Depreciation | 81 | 57 |
| Fund managers fees | 772 | 528 |
| Loss on sale | 3 | |
| Occupancy | 29 | |
| | 45 | 45 |
| Other operating | 101 | 103 |
| Professional fees | 171 | 118 |
| Promotion | 75 | 37 |
| Public and statutory | | |
| reporting | 61 | 50 |
| Staff | 206 | 218 |
| Trustee fees | 146 | 103 |
| Trustee expenses | 44 | 25 |
| | 1,705 | 1,268 |

| Professional fees — | | |
| Payments to auditors — |
| Audit fees | 4 | 4 |
| Other professional fees| 13 | 34 |
| Legal advisors | 3 | 12 |
| Professional investment|
| advisors | 68 | 55 |
| Other | 47 | 13 |



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✨ LLM interpretation of page content

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

💰 Finance & Revenue
Financial Statements, Accounting Policies, Income, Donations, Foreign Currencies, Taxation, Fixed Assets, Depreciation, GST, Capital Maintenance Reserve, Investments, Hedging Instruments, Statement of Cash Flows, Changes in Accounting Policies, Changes in Comparative Figures