✨ Financial Statements
2166 NEW ZEALAND GAZETTE No. 82
(k) Changes in Accounting Policies
There have been no changes in accounting policies since the previous annual financial statements. All policies have been applied on bases consistent with those used in the prior year.
2. Incorporation
The Trust Bank Waikato Community Trust was incorporated on 5 August 1988 with trust capital of $21,316,622. The name of the trust was changed to The Waikato Community Trust Incorporated in December 1997.
| 2003 | 2002 | |
|---|---|---|
| $'000 | $'000 |
3. Revenue
Comprises:
Interest | 5,303 | 6,597
Dividends | 6,271 | 3,811
Sundry income | 131 | 25
Realised gains | 40,903 | 30,222
Realised losses | (44,660) | (24,040)
Unrealised gains | 982 | 1,823
Unrealised losses | (14,497) | (15,231)
| | (5,567) | 3,207 |
| 2003 | 2002 | |
|---|---|---|
| $'000 | $'000 |
4. Expenses
Comprises:
Audit fees | 11 | 10
Accountancy/secretarial fees | 31 | 37
Consultants – tax | 11 | 22
Consultants – other | 17 | 22
Employee remuneration | 218 | 197
Funds management services | 648 | 680
Investment advisory services | 134 | 137
Statutory reporting | 10 | 153
Trustees fees | 181 | 193
Depreciation – office equipment | 35 | 26
– motor vehicles | 17 | 14
– buildings | 24 | 25
(Gain) loss on sale | 7 | (7)
Other expenses | 332 | 375
| | 1,676 | 1,884 |
| 2003 | 2002 | |
|---|---|---|
| $'000 | $'000 |
5. Capital
Balance at beginning of the year | 198,642 | 193,184
Transfer from income | — | 5,458
Balance at the end of the year | 198,642 | 198,642
| 2003 | 2002 | |
|---|---|---|
| $'000 | $'000 |
6. Reserves
Investment fluctuation reserve:
Balance at beginning of the year | 4,897 | 19,343
Transfer from (to) income | (4,897) | (14,446)
Balance at the end of the year | — | 4,897
Donation reserve:
Balance at beginning of the year | — | 666
Transfer from (to) income | (8,282) | 1,477
| | (8,282) | 2,143 |
Less donations paid | (1,192) | (2,143)
Balance at the end of the year | (9,474) | —
There has been no transfer to the investment fluctuation reserve and the capital reserve due to the performance of the fund for the year. Transfers to these reserves will commence when investment performance improves sufficiently.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 82
Gazette.govt.nz —
NZ Gazette 2003, No 82
✨ LLM interpretation of page content
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Financial Statements of The Waikato Community Trust Incorporated
(continued from previous page)
💰 Finance & Revenue16 June 2003
Financial Performance, Trust Funds, Waikato Community Trust