1684 NEW ZEALAND GAZETTE No. 72

Assessable Income for the year 938 (321)
Less:
Loss brought forward (812) -
Assessable Income (Loss) for tax purposes 126 (321)
Taxation @ 33% 42 -
Imputation Tax Credits received and Withholding Tax Deducted (42) -

Imputation Tax Credits transferred to Loss Carried Forward 717 491
Assessable Loss for tax purposes - 321
Losses carried forward 717 812

The Inland Revenue Department has recently completed an assessment of the Trust’s tax position from 1989 to 1998. As a consequence of this, the Trust is required to pay $38,975 in respect of the 1995 year.
The Trust’s ability to carry forward tax losses is subject to statutory provisions.

                                                                                 2000                               1999
                                                                                 $'000                              $'000

6. CAPITAL
   Balance at beginning of the year 181,397 180,141
   Transfer from Income 4,536 1,256
   Balance at the end of the year 185,933 181,397

The transfer from income for inflation and regional population growth was calculated at an annual rate of 2.5% on the balance at the beginning of the year (1999 - 0.697%).

                                                                                 2000                               1999
                                                                                 $'000                              $'000

7. RESERVES
   Investment Fluctuation Reserve
   Balance at beginning of the year 26,188 18,318
   Transfer from Income 3,319 7,870
   Balance at the end of the year 29,507 26,188

Donation Reserve
Balance at beginning of the year 10,386 6,323
Transfer from Income 1,335 5,297
Less Donations Paid (1,500) (1,234)
Balance at the end of the year 10,221 10,386

                                                                                 2000                               1999
                                                                                 $'000                              $'000

8. PAYABLES
   Accounts Payable 323 278

                                                                                 323                                278

9. INVESTMENTS
   Passive Global Equities 30,741 28,066
   NZ Fixed Interest and Cash 84,100 83,733
   Active Global Equities 30,433 28,057
   NZ Equities and Cash 37,517 37,774
   Global Fixed Interest 43,068 41,144
   225,859 218,774

                                                                                 2000                               1999
                                                                                 $'000                              $'000

10. FIXED ASSETS
    Office Equipment
    At Cost 173 55
    Accumulated depreciation (62) (17)
    Net Book Value 111 38