3396 NEW ZEALAND GAZETTE No. 126

Deduct Transfer to inflation reserve – (1,041,137)
Deduct Deficit for the year (551,462) –
Balance at end of the year 103,041 2,194,319

6. Taxation
   Net income before donations 378,495 3,498,877
   Add:
   Taxation credits 80,885 96,951
   Unrealised gain on debt instruments 30,560 –
   Unrealised gains on SSG bonds 34,884 –
   Non deductible expenses 81,722 75,086
   Unrealised foreign exchange gains 111,047 –
   717,593 3,670,914
   Deduct: Unrealised loss on debt instruments 115,601 22,321
   Charitable company transactions 624,315 447,191
   Unrealised loss on black list equities 106,786 237,695
   Unrealised FX loss – 458,303
   Distributed as beneficiaries’ income – 2,457,677
   Taxable income/(loss) (129,109) 47,727
   Tax at 33% – 15,750
   Less: Tax credits – 15,750
   Prior year refund due 7,501 7,501
   Tax refund due 7,501 7,501

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:

                                                                            2002                       2001
                                                                             $                          $

   Ashburton Highland & National Dancing Association – 300
   Task Force Green Community Employment Initiative – 3,740
   Ashburton Domain Oval Pavilion – 40,000
   St Andrew’s Presbyterian Church (Ashburton) – 1,000
   Ashburton Youth Steering Committee 5,000 5,000
   Temuka High School (Millennium Grant) 58,021 –
   Waihi School 1,125 –
   SC Aviation Heritage Centre 2,000 2,000
   Starship Foundation – 20,000
   Sound Shell Roof Cover Project 10,000 10,000
   Ashburton College STAR Programme 7,500 7,500
   Ashburton Safer Community Council – 8,000
   Ashburton Steam and Model Engineering Club – 2,400
   Mid Canterbury Cricket Assn Inc. – 14,000
   Mid Canterbury Netball Courts Upgrade Project – 40,000
   Fairlie Beautifying Society 10,000 10,000
   Lake Tekapo Promotion Association 5,000 5,000
   Lake Tekapo Squash Club – 5,000
   Pathways Trust – 2,000
   Te Puna Whaihua – 1,000
   Aoraki Polytechnic – 4,000
   Caroline House Inc. 10,000 10,000
   IHC South Canterbury 1,500 1,500
   Kodiak Wrestling Club 1,000 1,000
   Sacred Heart Basilica Restoration Trust – 15,000
   SC Car Club 5,000 5,000