New Zealand Gazette – 2000 – No. 107

Page 2682

✨ Financial Report Details



2682 NEW ZEALAND GAZETTE No. 107

Concentration of investments

Ninety-nine point seven percent (99.7%) of the assets of the Trust are represented by investments held with a range of financial institutions. However, the trustees consider the risk of non-recovery of these investments to be minimal. Maximum exposure to credit risk as at balance date is:

$(000) $(000)
Bank balances 103 187
Bank term deposits 181 600
Accounts receivable 0 12
Community loans 19 0
Investments 118,644 110,657

Currency risk

The Trust incurs currency risk as a result of investment transactions entered into by fund managers. The Trust has a policy of fully hedging Global Bonds and fifty percent hedging of Global Equities.

Interest rate risk

The following investments of the Trust are sensitive to changes in interest rates Bank call accounts and deposits, government and local authority securities, and securities held by fund managers.

Fair value

The carrying value is considered to be the fair value for financial instruments.

5. Investments

The value of investments which are held in equities and fixed interest are subject to market fluctuations. The total investment portfolio has been structured in such a way that any reductions in value in particular asset classes should be offset by increases in other classes; therefore no provision has been made for potential gains or losses that could occur due to market fluctuations. The investment portfolio as at 31 March 2000 is diversified as follows:

ANZ Asset Management State Street Global Advisors Tower Asset Management Total
New Zealand equities 0 0 5,765 5,765
New Zealand fixed interest 36,339 0 13,407 49,746
New Zealand cash 459 0 628 1,087
Global Bonds (fully hedged) 0 0 22,787 22,787
Global Equities (50% hedged) 0 39,259 0 39,259
Total 2000 36,798 39,259 42,587 118,644
Total 1999 45,857 21,967 42,833 110,657
2000 $(000) 1999 $(000)
Net surplus (before donations) 10,118 8,565

6. Taxation

2000 $(000) 1999 $(000)
Net surplus (before donations) 10,118 8,565
Plus prior year adjustments 0 3,416
Less non-assessable Income (Bay of Plenty Community Trust Charities Ltd) (2,408) (1,011)
Plus FIF income 0 4,047
Less unrealised gains/losses (6,111) 258
State Street global advisors 1,599 15,275
Plus non-deductible expenditure 317 283
Plus imputation credits received 98 73
Holiday pay 11 0
Total taxable income 2,025 15,631
Less beneficiaries distribution (2,285) (2,245)
Less distribution from Bay of Plenty Community Trust Charities Limited (1,555) (1,273)
(730) (972)
Bay of Plenty Community Trust Charities Limited (1,270) (14,220)
Total trustees’ income 25 439
Trustees’ loss brought forward 0 (46)
Adjustment to losses brought forward (1,269) (171)
Imputation credits converted to losses (295) 0
Assessable trustees’ income (1,539) 222
Taxation at 33% 0 73
Less imputation credits received 0 (73)
Less withholding tax 0 (2)
Provision for taxation 0 (2)


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2000, No 107


Gazette.govt.nz — PDF NZ Gazette 2000, No 107




✨ LLM interpretation of page content

💰 Bay of Plenty Community Trust Incorporated Annual Report (continued from previous page)

💰 Finance & Revenue
23 June 2000
Community Trust, Annual Report, Financial Performance, Donations, Reserves, Cash Flows, Accounting Policies