✨ Financial Statements Notes
3024
NEW ZEALAND GAZETTE, No. 121
16 SEPTEMBER 2004
5. Donations Approved Not Yet Paid
Approved donations not yet paid out include:
| 2004 | 2003 | |
|---|---|---|
| Fairlie Beautifying Society | – | 10,000 |
| Lake Tekapo Promotion Association | 5,000 | 5,000 |
| Caroline House Inc. | – | 10,000 |
| IHC South Canterbury | 1,500 | 1,500 |
| SC Car Club | – | 5,000 |
| SC Cricket Development Trust | 75,000 | 75,000 |
| SC Sports Stadium Trust | – | 100,000 |
| Ashburton Area Equestrian Federation | – | 1,000 |
| Ashburton Eastern United Soccer Club | – | 450 |
| Ashburton Hockey Assn | – | 900 |
| Ashburton Musical Parenting | – | 165 |
| Mania-o-roto Rover Scout Crew | – | 20,000 |
| Mid Canterbury Soccer | – | 500 |
| Fairlie Museum Inc. | – | 500 |
| Mackenzie Junior Netball | – | 500 |
| Air Training Corp 15th Squadron | – | 200 |
| Athletics S C All Weather Track Trust | – | 100,000 |
| Caroline House Inc. | – | 36,000 |
| Project Waimate | – | 5,000 |
| SC Conservation Trust | 500 | 500 |
| Aoraki Polytechnic | – | 7,000 |
| Caroline House Inc. | – | 5,000 |
| Studholme District History Committee | – | 1,000 |
| Geraldine Amateur Swim Club | – | 30,000 |
| Ashburton College Technology | – | 46,689 |
| Ashburton Community Pool | 20,000 | – |
| Mid Canterbury Cricket Association | 1,000 | – |
| Hockey South Canterbury | 1,000 | – |
| Sport South Canterbury | 1,400 | – |
| 105,400 | 461,904 |
6. Taxation
The trust is exempt from tax with effect from 1 April 2004 in accordance with section CB 4 (1) (m) of the Income Tax Act 1994. The trust was in a tax loss position up to 31 March 2004.
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. Capital Commitments
There were no capital commitments (2003 – $Nil).
9. Contingent Liabilities
There were no contingent liabilities at 31 March 2004 (2003 – $Nil).
10. Advances
There were no advances outstanding at balance date.
11. Financial Instruments
Fair Values
Investments are stated at estimated market value at balance date. Interest accrued, sundry debtors, sundry creditors, term loans and donations approved, not yet paid, are stated at the amounts expected to be received or paid.
Accordingly, the trustees consider that the fair value of each class of financial assets and financial liabilities is the same as the carrying value in the statement of financial position.
Credit Risk
Sixty-six per cent of the assets of the trust are represented by debt investments and current account balances with Westpac Bank and through managed funds. The trustees consider the risk of non-recovery of these investments at balance date to be within satisfactory guidelines.
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Online Sources for this page:
VUW Te Waharoa —
NZ Gazette 2004, No 121
Gazette.govt.nz —
NZ Gazette 2004, No 121
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Notes to the Consolidated Financial Statements for the Year Ended 31 March 2004
(continued from previous page)
💰 Finance & RevenueDonations, Taxation, GST, Capital Commitments, Contingent Liabilities, Advances, Financial Instruments, Fair Values, Credit Risk