New Zealand Gazette – 2001 – No. 119

Page 3126

✨ Financial Statements



NEW ZEALAND GAZETTE

No. 119

I. Investments

Investments are stated at market value and reports realised and unrealised gains or losses on holding these investments in the statement of financial performance. These gains or losses are shown in the statement of financial performance as income from revaluation of investments.

J. Accounts Receivable

Accounts receivable are stated at expected realisable value.

K. Grants

Grants are recognised when they are approved by the trustees. Unpaid grants are recorded as a liability.

L. Goods and Services Tax

The group is not registered for Goods and Services Tax. The financial statements are prepared using G.S.T. inclusive accounting.

M. Income Taxation

The group provides for income tax on its net income after adjusting for tax accounting differences and any beneficiaries' income determinations made pursuant to section OB1 (226) of the Income Tax Act 1994.

N. Changes in Accounting Policies

The accounting policies have been consistently applied by the group and are consistent with those of the previous year.

Notes to the Financial Statements

1. Investment Income

2001 1999
$ $
Dividends and distributions 6,729,244 2,699,605
Interest 7,415,270 4,451,145
Change in value of investments (8,869,682) 8,039,931
5,274,832 15,190,681

2. Expenditure

2001 2000
$ $
Audit fees 5,963 6,189
Communications 25,503 21,095
Conference costs 18,531 7,045
Depreciation 82,848 84,356
Loss/(gain) on disposal of fixed assets (4,121) –
Fund manager fees 582,712 893,697
General expenses 45,716 33,435
Insurance 11,019 10,420
Occupancy costs 14,765 17,308
Office expenses 21,590 20,995
Professional fees 285,593 168,048
Promotion, reporting and compliance expenses 65,780 68,913
Salaries and staff costs 215,939 232,990
Trustees’ fees 119,940 109,190
Vehicle expenses 22,146 22,272
1,513,924 1,695,953

Note:

  • 6
  • 5
  • 7

3. Capital Maintenance Reserve

2001 2000
$ $
Opening balance of capital maintenance reserve 6,845,313 4,402,377
Transfer from statement of financial performance 5,058,343 3,034,099
Transfer to capital reserve (765,976) (591,163)
11,137,680 6,845,313

4. Grants Maintenance Reserve

2001 2000
$ $
Opening balance of grants maintenance reserve 20,062,862 18,605,969
Transfer from statement of financial performance (9,478,112) 1,456,893
10,584,750 20,062,862

4B. Trust Capital

2001 2000
$ $
Opening balance of trust capital 158,460,000 158,460,000
Transfer from capital maintenance reserve 765,976 591,163


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2001, No 119


Gazette.govt.nz — PDF NZ Gazette 2001, No 119




✨ LLM interpretation of page content

💰 Statement of Significant Accounting Policies for the Year Ended 31 March 2001 (continued from previous page)

💰 Finance & Revenue
Accounting Policies, Financial Statements, Trust Capital, Grants, Consolidation