✨ Financial Statements and Contingent Liabilities
2566 NEW ZEALAND GAZETTE No. 94
6. Taxation
| 2002 | 2001 | |
|---|---|---|
| $(000) | $(000) | |
| Net surplus (before donations) | 1,615 | 1,728 |
| Less non-assessable income (Bay of Plenty Community Trust Charities Limited) | (445) | (428) |
| Less unrealised gains/losses | ||
| Tower asset management | (181) | -- |
| State Street global advisors | 5,465 | 5,659 |
| 6,454 | 6,959 |
Plus non-deductible expenditure | 302 | 300 |
Plus imputation credits received | 59 | 54 |
Holiday pay | -- | -- |
Total taxable income | 6,815 | 7,313 |
Less beneficiaries' distribution: | (3,233) | (3,682) |
Less distribution from Bay of Plenty Community Trust Charities Limited | 1,448 | 2,624 |
Bay of Plenty Community Trust Charities Limited | (1,785) | (1,058) |
Total trustees' income | (4,700) | (5,166) |
| 330 | 1,089 |
Trustees' loss brought forward | (618) | (1,539) |
Adjustment to losses brought forward | (179) | (168) |
Imputation credits converted to losses | (467) | (618) |
Assessable trustees' income | -- | -- |
Taxation at 33% | -- | -- |
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. Related Party Transactions
Bay of Plenty Community Trust Charities Limited (the company) is wholly owned by Bay of Plenty Community Trust Incorporated (the trust). During the year, the trust made a beneficiaries' income distribution to the company of $4.7m.
No related party debts have been written off or forgiven during the year.
9. Segment Information
The trust's only activity is to receive income to allocate for charitable, cultural, philanthropic, recreational and other purposes beneficial to the community principally in the Bay of Plenty area.
10. Contingent Liabilities
The following future donations have been approved but are subject in each case to the applicants satisfying particular criteria specific to each recipient.
| Donation Recipient | Year Ending 31 Mar 03 | Year Ending 31 Mar 04 | Subsequent Years |
|---|---|---|---|
| $ | $ | $ | |
| Aotearoa Employment & Economic Development Corporation | 30,000 | -- | -- |
| 1st Opotiki Scout Group | 7,500 | -- | -- |
| Kawerau District Council | 20,000 | -- | -- |
| Paroa School | 50,000 | -- | -- |
| Rotorua Competitions Society | 7,500 | -- | -- |
| Tarawera Sailing – subcommittee | 1,500 | -- | -- |
| Northern Cricket Coaching Trust | 10,000 | -- | -- |
| Whakatane District Council | 10,000 | -- | -- |
| Tauranga Civic Art Gallery Trust | 333,000 | 333,000 | 334,000 |
| Total contingent liabilities | 469,500 | 333,000 | 334,000 |
11. Commitments
Capital commitments:
There are no capital commitments.
Lease commitments:
Lease commitments under non-cancellable operating leases:
Less than one year $7,000
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2002, No 94
Gazette.govt.nz —
NZ Gazette 2002, No 94
✨ LLM interpretation of page content
💰 Taxation Details for Bay of Plenty Community Trust Charities Limited
💰 Finance & RevenueTaxation, Financial Statements, Bay of Plenty Community Trust Charities Limited
💰 Goods and Services Tax Statement
💰 Finance & RevenueGST, Financial Statements, Bay of Plenty Community Trust Charities Limited
💰 Related Party Transactions
💰 Finance & RevenueRelated Party Transactions, Financial Statements, Bay of Plenty Community Trust Charities Limited
💰 Segment Information
💰 Finance & RevenueSegment Information, Financial Statements, Bay of Plenty Community Trust Charities Limited
💰 Contingent Liabilities
💰 Finance & RevenueContingent Liabilities, Financial Statements, Bay of Plenty Community Trust Charities Limited
💰 Commitments
💰 Finance & RevenueCommitments, Financial Statements, Bay of Plenty Community Trust Charities Limited