New Zealand Gazette – 2002 – No. 81

Page 2175

✨ Financial Statements and Notes



18 JULY

NEW ZEALAND GAZETTE

2175

Tax effect accounting is applied on a comprehensive basis to all timing differences. A debit balance in the deferred tax account, arising from timing differences or income tax benefits from income tax losses, is only recognised if there is virtual certainty of realisation.

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
There have been no changes in accounting policies. All policies have been applied on bases consistent with those used in the previous years.

  1. Dividend
    The dividend includes $2,800,000 relating to the final instalment received from the bank for year ended 31 March 2001 and $785,000 interim dividend for the year ended 31 March 2002.

  2. 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.

  3. Income Tax
    The company has income tax losses of $309,077 (2001 – $263,880) available to be carried forward and set off against future assessable income.

  4. Commitments and Contingent Liabilities
    At balance date, $523,800 has been approved for donations in the 2002/2003 financial year (2001 – $764,800).

  5. Publishing Requirements
    A comprehensive list itemising all recipients was published in Taranaki’s The Daily News on the following dates:

1st round 13 September 2001
2nd round 7 February 2002
3rd round 10 May 2002

A copy of the list of grants is available to anyone upon request (P.O. Box 31, Oakura, Taranaki).

  1. Fixed Assets
2002 2001
$ $
Office equipment at cost 19,646 17,548
Accumulated depreciation 15,315 13,677
4,331 3,871

  1. Segment Information
    The company operates predominately in one industry – investment. All operations are carried out within New Zealand.

  2. Reconciliation of Net Surplus With Net Cashflows From Operating Activities

2002 2001
$ $
Net surplus— 200,126 176,869
Add/(less):
Depreciation 1,640 789
Movements in working capital items:
(Increase)/decrease in receivables (7,347) (2,881)
Increase/(decrease) in payables 213,035 (346)
Net cashflows from operating activities 407,454 174,431
  1. Cash Balances in the Statement of Financial Position
2002 2001
$ $
Petty cash 134 36
TSB Bank Ltd 10,849 55,591
10,983 55,627

  1. 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 relating to these transactions.

  2. Transactions at Nil or Nominal Value
    Professional services have been provided to the trust during the year at no cost.



Next Page →



Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 81


Gazette.govt.nz — PDF NZ Gazette 2002, No 81




✨ LLM interpretation of page content

💰 Suspensory loan and financial statements (continued from previous page)

💰 Finance & Revenue
Loan, cashflows, operating activities, investing activities, equity movements, accounting policies