✨ Financial Statements
26 AUGUST 2004
NEW ZEALAND GAZETTE, No. 104
2591
- Fixed Assets
Land:
At cost
Buildings:
At cost
Accumulated depreciation
Office furniture and equipment:
At cost
Accumulated depreciation
Total net carrying value
Depreciation:
Buildings
Office furniture and equipment
2004
$000
2003
$000
432
432
1,026
(324)
702
1,026
(285)
741
234
(186)
48
1,182
226
(172)
54
1,227
43
12
55
44
33
77
- Financial Instruments
Currency Risk
The trust, through its fund managers, invests in securities that are denominated in foreign currencies and therefore result in a currency risk. The trusts fund managers actively monitor this risk and hedge positions in accordance with their investment guidelines.
Interest Rate Risk
The trust, through its fund managers, invests in securities that are subject to interest rate risk. The trusts fund managers monitor this risk and change asset allocations and maturity profiles in accordance with their investment guidelines.
Credit Risk
The trust, in the normal course of business, enters into arrangements with other parties. These arrangements give rise to credit risk for the trust and hence policies and procedures are maintained so that the risk is minimised. No collateral is required in respect of financial assets.
For all classes of financial assets held by the trust, the maximum credit risk exposure to the trust is the carrying value as disclosed in the financial statements at balance date.
Due to the diversification of the investment portfolio and the policies and procedures in place, there are no significant concentrations of credit risk.
Fair Values
All financial instruments are carried at market value.
- Taxation
2004
$000
2003
$000
Net surplus/(deficit) before donations
20,757
(7,007)
Less: Charitable business exemptions and donations
(5,881)
(5,673)
Plus: Unrealised equity (gains) losses
(5,957)
15,677
Non-deductible expenditure
357
525
Overseas withholding tax credits
8
–
Imputation credits received
142
125
(5,450)
10,654
Total taxable income
9,426
3,647
Less: Distribution of income to beneficiaries
(9,160)
(3,300)
Total trustees taxable income
266
347
Less: Losses brought forward
(377)
(354)
(Loss) for tax purposes
(111)
(7)
Excess imputation credits
142
122
Losses brought forward
377
354
Plus: Conversion of excess imputation credits to losses
431
369
Current year loss
111
7
Less: Losses claimed this year
(377)
(354)
Total losses to be carried forward
542
377
Next Page →
Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2004, No 104
Gazette.govt.nz —
NZ Gazette 2004, No 104
✨ LLM interpretation of page content
🏢
Community Trust of Otago Financial Statements 2004
(continued from previous page)
🏢 State Enterprises & Insurance28 June 2004
Financial Statements, Trust Funds, Cashflows, Dunedin, Fixed Assets, Financial Instruments, Taxation