New Zealand Gazette – 2002 – No. 85

Page 2326

✨ Financial Statements and Audit Report



2326 NEW ZEALAND GAZETTE No. 85

8. Taxation

2002 $000 2001 $000
Net surplus/(deficit) before donations as per statement of financial performance (2,342) 3,874
Less: Unrealised equity gains – –
Charitable business exemption and donations 253 5,072
(2,595) (5,072)
Plus: Unrealised equity losses 5,552 2,977
Non deductible expenditure 276 385
Imputation and withholding tax credits received 199 262
Total taxable income 6,027 3,624
Less: Distribution of income to beneficiaries 3,432 2,426
Total trustees taxable income 932 1,558
Less: Losses brought forward 683 1,446
Assessable income for tax purposes 249 112
Taxation @ 33% 82 37
Less: Overseas withholding tax credits claimed 49 35
Taxation payable before imputation credits 33 2
Less: Imputation credits 33 2
Taxation payable – –
Excess imputation credits 117 225
Losses brought forward 683 1,445
Plus: Conversion of excess imputation credits to losses 354 –
Prior year adjustment – 1
Less: Losses claimed this year 683 1,446
Total losses to be carried forward 354 683

9. Reconciliation of Reported Surplus to Net Cashflow From Operating Activities

2002 $000 2001 $000
Surplus/(deficit) for the period (2,342) (1,441)
Add:
Non-cash items:
Depreciation 79 80
Net managed funds drawn down 12,522 2,329
Less:
Non-cash items:
Donations paid from capital 9,721 930
538 38
Movements in working capital items:
Increase/(decrease) in creditors (29) 37
(Increase)/decrease in debtors 5 (9)
Increase/(decrease) in income tax payable – (88)
Increase/(decrease) in stock (4) (8)
(Increase)/(decrease) in accrued interest 35 (35)
7 (103)
Net cashflow from operating activities 545 (65)

10. Contingent Liabilities

Contingent liabilities at 31 March 2002 consist of donations approved but not disbursed of $5,188,003 (2001 – $8,127,326).

11. Loan to Dunedin Community House Trust (Inc.)

The loan was advanced interest free in December 1999. It has a ten year term. The commencement date for principal repayments was extended from December 2000 to December 2001, with trustees' approval.

Audit Report

To the Trustees of The Community Trust of Otago Consolidated

We have audited the consolidated financial statements. The consolidated financial statements provide information about the past consolidated financial performance of The Community Trust of Otago and its consolidated financial position as at 31 March 2002. This information is stated in accordance with the accounting policies.



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2002, No 85


Gazette.govt.nz — PDF NZ Gazette 2002, No 85




✨ LLM interpretation of page content

💰 Community Trust of Otago Annual Report 2002 (continued from previous page)

💰 Finance & Revenue
21 June 2002
Financial Statements, Trust Funds, Cashflows, Otago