New Zealand Gazette – 2000 – No. 72

Page 1683

✨ Financial Statements

29 JUNE NEW ZEALAND GAZETTE 1683

(d) Donations and Distributions
Donations and distributions made are included in the Statement of Financial Performance when approved by the Trustees.

(e) Goods and Services Tax
The Trust is not registered for goods and services tax purposes. Accordingly, these financial statements are stated on a GST inclusive basis.

(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. The partial method of recognising deferred tax is employed. No deferred tax liability is expected to crystalise in the foreseeable future.

(h) Changes in Accounting Policies
There have been no changes in accounting policies since the previous annual financial statements. All policies have been applied on bases consistent with those used in the prior year.

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.

	2000	1999
	$'000	$'000

REVENUE
Comprises:
Managed Funds | 16,843 | 21,362 |
Other Investments | 81 | 18 |
| 16,924 | 21,380 |
EXPENSES
Comprises:
Audit Fees | 14 | 10 |
Accountancy/Secretarial Fees | 38 | 36 |
Consultants - Donations | 34 | 34 |
Consultants - Tax | 50 | 29 |
Consultants - Other | 6 | 23 |
Employee Remuneration | 189 | 121 |
Funds Management Services | 763 | 812 |
Investment Advisory Services| 132 | 131 |
Recruitment | 8 | 7 |
Rental Costs | - | 9 |
Statutory Reporting | 158 | 136 |
Trustees Fees | 174 | 135 |
Depreciation | 112 | 22 |
Other expenses | 387 | 130 |
| 2,065 | 1,635 |
TAXATION
Net Surplus before taxation as per Statement of Financial Performance | 9,229 | 14,423 |

Less:
Non-assessable income | (13,675) | (33,464)|

Add:
Non-deductible Expenditure | 882 | 569 |
Non-deductible Losses | 2,125 | 12,370 |
FIF Income | - | 5,442 |
Imputation Tax Credits received and Withholding Tax deducted | 354 | 271 |
Adjustment for prior year | 415 | (2,241) |
Donations payable | 1,608 | 2,309 |
| 5,384 | 18,720 |

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