New Zealand Gazette – 2002 – No. 78

Page 2105

✨ Financial Statements



11 JULY

NEW ZEALAND GAZETTE 2105

4. Expenses

Comprises:

2002 $'000 2001 $'000
Audit fees 10 10
Accountancy/secretarial fees 37 42
Consultants – donations – 5
Consultants – tax 22 34
Consultants – other 22 6
Employee remuneration 197 199
Funds management services 680 619
Investment advisory services 137 143
Statutory reporting 153 159
Trustees fees 193 184
Depreciation 58 78
Other expenses 375 395
1,884 1,874

5. Taxation

Net surplus before taxation as per statement of financial performance

2002 $'000 2001 $'000
(7,511) (10,300)

Less:
| Non-assessable income | (7,352) | (7,583) |
| | (14,863) | (17,883) |

Add:
| Non-deductible expenditure | 1,008 | 1,020 |
| Non-deductible losses | 14,046 | 16,298 |
| Imputation tax credits received and withholding tax deducted | 163 | 129 |
| Adjustment for prior year | (2) | – |
| Donations payable | 683 | 995 |
| | 15,898 | 18,442 |

Assessable income for the year

| | 1,035 | 559 |

Less:
| Loss brought forward | (550) | (717) |

Assessable income (loss) for tax purposes

| | 485 | (158) |

Taxation @ 33%

| | 160 | – |

Imputation tax credits received and withholding tax deducted

| | (160) | – |

Imputation tax credits transferred to loss carried forward

| | 2 | 392 |

Assessable loss for tax purposes

| | – | 158 |

Losses carried forward

| | 2 | 550 |

The trust’s ability to carry forward tax losses is subject to statutory provisions.

6. Capital

2002 $'000 2001 $'000
Balance at beginning of the year 193,184 185,933
Transfer from income 5,458 7,251
Balance at the end of the year 198,642 193,184

The transfer from income for inflation and regional population growth was calculated at an annual rate of 2.825% on the balance at the beginning of the year (2001 – 3.9%).

7. Reserves

Investment fluctuation reserve:

2002 $'000 2001 $'000
Balance at beginning of the year 19,343 29,507
Transfer from (to) income (14,446) (10,164)
Balance at the end of the year 4,897 19,343

Donation reserve:

2002 $'000 2001 $'000
Balance at beginning of the year 666 10,221
Transfer from (to) income 1,477 (7,387)


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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 78


Gazette.govt.nz — PDF NZ Gazette 2002, No 78




✨ LLM interpretation of page content

💰 The Waikato Community Trust Incorporated Notes To and Forming Part Of the Consolidated Financial Statements for the Year Ended 31 March 2002 (continued from previous page)

💰 Finance & Revenue
Accounting Policies, Investment Strategy, Depreciation, Taxation, Financial Performance