2984 NEW ZEALAND GAZETTE No. 117

3. General fund

Balance at beginning of the year 33,526,105 32,993,718

Plus Transfer from statement of financial performance 513,460 532,387
Transfer from unrealised revenue reserve 96,629 0

Balance at end of the year 34,136,194 33,526,105

4. Donations reserve

Balance at beginning of the year 1,878,064 1,733,613

Plus Transfer from statement of financial performance 1,540,379 1,597,160
Unrealised revenue reserve 289,886 0

Less Donations approved (1,143,614) (1,398,371)
Transfer to unrealised revenue 0 (54,338)

Balance at end of the year 2,564,715 1,878,064

5. Unrealised revenue reserve

Balance at beginning of the year 386,515 267,313

      Transfer from statement of financial performance    2,156,554                     64,864
      Transfer from donations reserve                            0                     54,338

                                                     2,543,069                    386,515

Transfer to general fund 96,629 0
Donations reserve 289,886 0

Balance at end of the year 2,156,554 386,515

6. Taxation

Net income before donations 2,053,839 2,129,547
Add Imputation credits 154,841 70,319
Loss on realisation of passive investments 118,342 0
Unrealised foreign exchange gains 404,811 0
Non deductible expenditure 0 14,690

                                                     2,731,833                  2,214,556

Deduct Unrealised loss on debt instruments 678,697 0
Capital gain on realisation of passive investments 504,624 0
Distributed as beneficiaries income to Trust Bank South Canterbury Community Trust Charities Ltd
1,079,297 2,001,048

Taxable income 469,215 213,088
Tax at 33% 154,841 70,319
Less tax credits 155,200 109,660
(359) (39,341)
Prior year refund due 66,708 27,367
Tax refund due (67,067) 66,708

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:

                                                       2000                      1999

S.C. Dare Association 0 2,000
Ashburton Highland & National Dancing Association 300 0
S.C. Museum Development Trust 0 250,000
Mensline S.C. 0 1,000
Task Force Green Community Employment Initiative 3,740 5,060
Temuka/Geraldine A & P Assn 2,000 2,000
Ashburton Domain Oval Pavilion 40,000 10,000
St Andrew’s Presbyterian Church (Ashburton) 1,000 1,000
Ashburton Senior Centre Trust Inc 30,000 0
Ashburton Youth Steering Committee 5,000 5,000
K88 Trust Inc 35,000 0