✨ Financial Statements
12 JULY
NEW ZEALAND GAZETTE
1697
Financial Instruments
The financial instruments are recorded at their carrying value which is also the fair value of each of the classes of financial instruments consisting of cash, accounts payable, and accounts.
Cashflows
For the purpose of the statement of cashflow, cash includes cash on hand and deposits held on call with banks.
Goods and Services Tax
The financial statements have been prepared on a G.S.T. inclusive basis.
Changes in Accounting Policies
The new trust deed adopted requires that the Trust is to be treated as a reporting entity and an issuer as defined in the Financial Reporting Act. This has resulted in additional disclosures in the trust’s financial statements relating to financial instruments and related party transactions.
There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in the previous years.
- Dividend
The dividend includes $1,400,000 relating to the final instalment received from the bank for year ended 31 March 2000 and $650,000 interim dividend for the year ended 31 March 2001.
- Financial Instruments
Financial instruments that potentially have credit risk are cash, accrued interest, and accrued charges.
The maximum credit risk exposure at balance date is the carrying value of bank, accrued interest and accrued charges. This is also the fair value.
- Income Tax
The company has income tax losses of $263,880 (2000 – $213,100) available to be carried forward and set off against future assessable income.
- Commitments and Contingent Liabilities
At balance date $764,800 has been approved for donations in the 2001/2002 financial year (2000 – $405,400).
- Publishing Requirements
A comprehensive list itemising all recipients was published in Taranaki’s The Daily News on the following dates:
1st round 7 September 2000
2nd round 24 April 2001
A copy of the list of grants is available to anyone upon request (P.O. Box 31, Oakura, Taranaki).
- Fixed Assets
| 2001 | 2000 | |
|---|---|---|
| $ | $ | |
| Office equipment at cost | 17,548 | 14,112 |
| Accumulated depreciation | 13,677 | 12,888 |
| 3,871 | 1,224 |
- Segment Information
The company operates predominately in one industry – investment. All operations are carried out within New Zealand.
- Reconciliation of Net Surplus With Net Cashflows From Operating Activities
| 2001 | 2000 | |
|---|---|---|
| $ | $ | |
| Net surplus | 176,869 | (93,129) |
| Add/(less): | ||
| Depreciation | 789 | 427 |
| Movements in working capital items: | ||
| (Increase)/decrease in receivables | (2,881) | 371 |
| Increase/(decrease) in payables | (346) | 3,973 |
| Net cashflows from operating activities | 174,431 | (88,358) |
- Cash Balances in the Statement of Financial Position
| 2001 | 2000 | |
|---|---|---|
| $ | $ | |
| Petty cash | 36 | 64 |
| TSB Bank Ltd | 55,591 | 84,569 |
| 55,627 | 84,632 |
- Related Party Transactions
The trust paid donations throughout the year to community organisations of which the trustees may be members. These donations were made on normal terms and conditions. There were no amounts outstanding at 31 March 2001 relating to these transactions.
- Transactions at Nil or Nominal Value
Professional services have been provided to the trust during the year at no cost.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2001, No 71
Gazette.govt.nz —
NZ Gazette 2001, No 71
✨ LLM interpretation of page content
💰 Statement of Financial Instruments and Accounting Policies
💰 Finance & RevenueFinancial Instruments, Accounting Policies, Cashflows, Goods and Services Tax, Dividend, Income Tax, Commitments, Fixed Assets, Segment Information, Reconciliation, Cash Balances, Related Party Transactions