✨ Financial Reports and Statements
24 JULY
NEW ZEALAND GAZETTE
2241
8. Taxation
| 2003 $000 | 2002 $000 | |
|---|---|---|
| Net surplus/(deficit) before donations as per statement of financial performance | (7,007) | (2,342) |
| Less: Charitable business exemption and donations | 5,673 | 253 |
| 5,673 | 253 | |
| Plus: Unrealised equity losses | (12,680) | (2,595) |
| 15,677 | 5,552 | |
| Non deductible expenditure | 525 | 276 |
| Imputation and withholding tax credits received | 125 | 199 |
| Total taxable income | 16,327 | 6,027 |
| Less: Distribution of income to beneficiaries | 3,647 | 3,432 |
| Total trustees taxable income | 3,300 | 2,500 |
| Less: Losses brought forward | 347 | 932 |
| 354 | 683 | |
| Assessable income/(loss) for tax purposes | (7) | 249 |
| Taxation @ 33% | – | 82 |
| Less: Overseas withholding tax credits claimed | – | 49 |
| Taxation payable before imputation credits | – | 33 |
| Less: Imputation credits | – | 33 |
| Taxation payable | – | 33 |
| Excess imputation credits | 122 | 117 |
| Losses brought forward | 354 | 683 |
| Plus: Conversion of excess imputation credits to losses | 369 | 354 |
| Current year loss | 7 | – |
| Less: Losses claimed this year | 354 | 683 |
| Total losses to be carried forward | 376 | 354 |
9. Reconciliation of Reported Surplus to Net Cashflow From Operating Activities
| 2003 $000 | 2002 $000 | |
|---|---|---|
| Deficit for the period | (7,007) | (2,342) |
| Add: | ||
| Non-cash items: | ||
| Depreciation | 77 | 79 |
| Fund revaluation | 5,908 | 764 |
| Management fees | – | – |
| (1,022) | (1,499) | |
| Movements in working capital items: | ||
| Increase/(decrease) in creditors | (23) | (29) |
| (Increase)/decrease in debtors | (107) | 40 |
| Increase/(decrease) in stock | 3 | (4) |
| (127) | 7 | |
| Net cashflow from operating activities | (1,149) | (1,492) |
10. Contingent Liabilities
Contingent liabilities at 31 March 2003 (Nil). Last year they consisted of donations approved but not disbursed of $5,188,003.
11. Loan to Dunedin Community House Trust (Inc.)
The loan was advanced interest free in December 1999. It has a 10-year term. Trustees have agreed that the commencement date for principal repayments can be extended from December 2002 to December 2003.
12. Trustees Fees
Rates of trustees’ remuneration are set by the Minister of Finance. Remuneration includes the honorarium together with meeting fees. The trust has insured its trustees against liability to other parties that may arise from their position as trustees. The insurance does not cover liabilities arising from gross negligence or criminal actions.
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 2003. This information is stated in accordance with the accounting policies.
Next Page →
Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 85
Gazette.govt.nz —
NZ Gazette 2003, No 85
✨ LLM interpretation of page content
💰 Taxation Details
💰 Finance & RevenueTaxation, Financial Performance, Trustees, Income, Losses
💰 Reconciliation of Reported Surplus to Net Cashflow
💰 Finance & RevenueFinancial Reconciliation, Cashflow, Operating Activities, Depreciation
💰 Contingent Liabilities
💰 Finance & RevenueContingent Liabilities, Donations, Financial Statements
💰 Loan to Dunedin Community House Trust
💰 Finance & RevenueLoan, Trust, Interest Free, Principal Repayments
💰 Trustees Fees
💰 Finance & RevenueTrustees Remuneration, Insurance, Liability
💰 Audit Report
💰 Finance & RevenueAudit, Financial Statements, Consolidated Financial Performance