✨ Financial Statements
31 JULY
NEW ZEALAND GAZETTE
2309
Interest Rate Risk
The following investments of the trust are sensitive to changes in interest rates: Bank call accounts and deposits, government and local authority securities, and securities held by fund managers.
Fair Value
The carrying value is considered to be the fair value for financial instruments.
5. Investments
The value of investments which are held in equities and fixed interest are subject to market fluctuations. The total investment portfolio is diversified in such a way that over time reductions in value in particular asset classes should be more than offset by increases in other classes. Investments are disclosed at market value at balance date and any gains (losses) arising from that treatment are shown as “Investment gains (losses)” in the statement of financial performance. Therefore, no provision has been made for potential gains or losses that could occur due to future market fluctuations. The investment portfolio as at 31 March 2003 is diversified as follows:
| ANZ Asset Management | State Street Global Advisors | Tower Asset Management | AMP Henderson | RISF | Total | |
|---|---|---|---|---|---|---|
| New Zealand equities | – | – | 5,660 | – | – | 5,660 |
| New Zealand fixed interest | – | – | – | 22,756 | – | 22,756 |
| New Zealand cash | – | – | 13,512 | 14,565 | – | 28,077 |
| Global bonds (fully hedged) | – | – | 22,389 | – | – | 22,389 |
| Global equities (50% hedged) | – | – | – | 354 | 27,025 | 27,379 |
| Total 2003 | – | – | 41,561 | 37,675 | 27,025 | 106,261 |
| Total 2002 | 10 | 35,275 | 43,327 | 36,605 | – | 115,217 |
The balance date figures above are reflected in the trust’s asset allocations:
| Policy (%) | Actual (%) | |
|---|---|---|
| New Zealand equities | 5 | 5 |
| New Zealand fixed interest | 20 | 22 |
| New Zealand cash | 25 | 26 |
| Global bonds (fully hedged) | 20 | 21 |
| Global equities (50% hedged) | 30 | 26 |
| 100 | 100 |
6. Taxation
| $(000) | $(000) | |
|---|---|---|
| Net surplus (before donations) | (6,117) | 1,615 |
| Less non-assessable income (Bay of Plenty Community Trust Charities Limited) | 1,869 | (445) |
| Less unrealised gains/losses | ||
| Russell | 5,616 | – |
| Tower asset management | 352 | (181) |
| State Street global advisors | (5,187) | 5,465 |
| (3,467) | 6,454 | |
| Plus non-deductible expenditure | 325 | 302 |
| Plus imputation credits received | 65 | 59 |
| Plus withholding tax | 1 | – |
| Total taxable income | (3,076) | 6,815 |
| Less beneficiaries’ distribution: | (2,204) | (3,233) |
| Less distribution from Bay of Plenty Community Trust Charities Limited | 1,212 | 1,448 |
| (992) | (1,785) | |
| Bay of Plenty Community Trust Charities Limited | – | (4,700) |
| Total trustees’ income | (4,068) | 330 |
| Trustees’ loss brought forward | (467) | (618) |
| Imputation credits converted to losses | (197) | (179) |
| Assessable trustees’ income | (4,732) | (467) |
| 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).
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.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2003, No 89
Gazette.govt.nz —
NZ Gazette 2003, No 89
✨ LLM interpretation of page content
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Bay of Plenty Community Trust Annual Report
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🏢 State Enterprises & Insurance24 June 2003
Community Trust, Financial Statements, Equity Movements, Financial Position