✨ Financial Statements
17 JULY
NEW ZEALAND GAZETTE
2167
7. Taxation
Net deficit before taxation as per statement of financial performance
| | 2003
| | $'000 |
|----------------|-------|
| | (13,179) |
Less:
| Non-assessable income | (7,047) | (7,352) |
| | (20,226) | (14,863) |
Add:
| Non-deductible expenditure | 787 | 1,008 |
| Non-deductible losses | 13,071 | 14,046 |
| Imputation tax credits received and withholding tax deducted | 202 | 163 |
| Adjustment for prior year | (1,578) | (2) |
| Donations payable | 123 | 683 |
| | 12,605 | 15,898 |
Assessable income for the year
| | (7,621) | 1,035 |
Less:
| Loss brought forward | (2) | (550) |
Assessable income (loss) for tax purposes
| | (7,623) | 485 |
Taxation @ 33%
| | – | 160 |
Imputation tax credits received and withholding tax deducted
| | – | (160) |
Imputation tax credits transferred to loss carried forward
| | (611) | (2) |
Assessable loss for tax purposes
| | (7,623) | – |
Losses carried forward
| | (8,234) | (2) |
The adjustment for prior year in 2003 relates to a change in the treatment of unrealised losses for one of the trust’s investment funds. In 2001 and 2002, unrealised losses were treated as non-deductible for tax purposes when, in fact, they could be deducted. The impact of this change is to increase the tax losses that the trust has available to reduce future taxable income.
8. Payables
| | 2003
| | $'000 |
|----------------|-------|
| Accounts payable | 263 | 252 |
| | 263 | 252 |
9. Investments
| | 2003
| | $'000 |
|----------------|-------|
| Passive global equities | 22,960 | 29,228 |
| NZ fixed interest and cash | 82,778 | 84,312 |
| Active global equities | 19,605 | 25,907 |
| NZ equities and cash | 12,343 | 12,877 |
| Global fixed interest | 51,478 | 51,352 |
| | 189,164 | 203,676 |
10. Fixed Assets
| | 2003
| | $'000 |
|----------------|-------|
Office equipment:
| At cost | 184 | 168 |
| Accumulated depreciation | (104) | (111) |
| Net book value | 80 | 57 |
Motor vehicles:
| At cost | 67 | 67 |
| Accumulated depreciation | (31) | (14) |
| Net book value | 36 | 53 |
Art and artefacts:
| At cost | 391 | 291 |
| Accumulated depreciation | – | – |
| Net book value | 391 | 291 |
Buildings:
| At cost | 600 | 599 |
| Accumulated depreciation | (138) | (115) |
| Net book value | 462 | 484 |
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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
💰
Financial Statements of The Waikato Community Trust Incorporated
(continued from previous page)
💰 Finance & Revenue16 June 2003
Financial Performance, Trust Funds, Waikato Community Trust
💰 Taxation Details of Financial Performance
💰 Finance & RevenueTaxation, Financial Performance, Trust Funds, Tax Adjustments
💰 Payables for the Year
💰 Finance & RevenueAccounts Payable, Financial Statements
💰 Investments Portfolio
💰 Finance & RevenueInvestments, Equities, Fixed Interest, Financial Assets
💰 Fixed Assets Valuation
💰 Finance & RevenueFixed Assets, Depreciation, Office Equipment, Motor Vehicles, Art, Buildings