6 SEPTEMBER NEW ZEALAND GAZETTE 3121

4. Inflation Reserve
   Balance at beginning of the year 1,498,550 1,002,210
   Plus transfer from uncommitted surplus 1,041,137 496,340
   2,539,687 1,498,550

5. Uncommitted Surplus
   Balance at beginning of the year 5,271,765 2,701,326
   Surplus for the year 386,568 4,210,393
   Plus donations returned 1,700 –
   Less donations approved (2,365,011) (1,143,614)
   Less prior period tax adjustment (59,566) –
   Less transfer to inflation reserve (1,041,137) (496,340)
   2,194,319 5,271,765

6. Taxation
   Net income before donations 3,498,877 2,053,839
   Add
   Taxation credits 96,951 160,405
   Loss on realisation of passive investments – 40,724
   Non deductible expenditure 75,086 52,732
   Unrealised gains on blacklist equities – 344,481
   Unrealised foreign exchange gains – 404,811
   3,670,914 3,056,993
   Deduct
   Unrealised loss on debt instruments 22,321 678,697
   Charitable company transactions 447,191 952,324
   Non taxable capital gain – 21,481
   Unrealised loss on black list equities 237,695 –
   Capital gain on realisation of passive investments – 474,106
   Unrealised FX loss 458,303 –
   Distributed as beneficiaries’ income 2,211,613 444,279
   293,791 408,106
   Tax at 33% 96,951 160,415
   Less tax credits 96,951 160,774
   Prior year adjustment 59,566 359
   Prior year refund due 67,067 –
   Tax refund due 7,501 67,067

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:

                                                                               2001        2000
                                                                               $           $

   Ashburton Highland & National Dancing Association 300 300
   Task Force Green Community Employment Initiative 3,740 3,740
   Temuka/Geraldine A & P Assn. – 2,000
   Ashburton Domain Oval Pavilion 40,000 40,000
   St Andrew’s Presbyterian Church (Ashburton) 1,000 1,000
   Ashburton Senior Centre Trust Inc. – 30,000
   Ashburton Youth Steering Committee 5,000 5,000
   K88 Trust Inc. – 35,000
   Ashburton Athletics Club – 1,000
   Albury Ice Hockey Association – 6,000
   SC Aviation Heritage Centre 2,000 2,000
   Temuka Community Care – 4,700
   Farmers Irrigation Management Group Trust – 12,500
   Starship Foundation 20,000 20,000
   Sport South Canterbury – 11,900
   Sport Mid Canterbury – 6,600
   Sound Shell Roof Cover Project 10,000 10,000