New Zealand Gazette – 2004 – No. 87

Page 2195

✨ Financial Statements



15 JULY 2004

NEW ZEALAND GAZETTE, No. 87

2195

Imputation tax credits received and withholding tax deducted
–
–
–
–
Imputation tax credits transferred to loss carried forward
(702)
(611)
Assessable loss for tax purposes
(22,532)
(7,623)
Losses carried forward
(23,234)
(8,234)

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.

2004
$’000

2003
$’000

  1. Payables
    Accounts payable
    234
    263

234
263

2004
$’000

2003
$’000

  1. Investments
    Passive global equities
    55,758
    22,960
    NZ fixed interest and cash
    78,237
    82,778
    Active global equities
    –
    19,605
    NZ equities and cash
    16,452
    12,343
    Global fixed interest
    55,615
    51,478
    206,062
    189,164

2004
$’000

2003
$’000

  1. Fixed Assets
    Office equipment:
    At cost
    195
    184
    Accumulated depreciation
    (131)
    (104)
    Net book value
    64
    80

Motor vehicles:
At cost
67
67
Accumulated depreciation
(42)
(31)
Net book value
25
36

Art and artefacts:
At cost
451
391
Accumulated depreciation
–
–
Net book value
451
391

Buildings:
At cost
960
600
Accumulated depreciation
(165)
(138)
Net book value
795
462

Land:
At cost
841
754
Accumulated depreciation
–
–
Net book value
841
754

Total fixed assets
2,176
1,723

  1. Related Party Information
    Trust Waikato Charities Limited, Trust Waikato Amateur Sport Limited and Trust Waikato District Improvements Limited are wholly-owned charitable companies established by the trust and are used to carry out some of the trust’s activities.

The trust acts as nominee for investments held by Trust Waikato Charities Limited.

  1. Capital Commitments and Contingent Liabilities
    Commitments of $1,547,000 (2003 – $2,294,000) exist for donations that have been approved in the current or previous years subject to the fulfilment of certain conditions in future years. These donations which will be distributed from either capital or future income sources have not been recorded in either the statement of financial performance or statement of financial position.

Subject to fulfilment of the conditions, the commitments are payable in 2004/2005 $970,000 and 2005/2006 $577,000.

There are no other capital commitments or contingent liabilities at balance date (2003 – Nil).



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Online Sources for this page:

VUW Te Waharoa — PDF NZ Gazette 2004, No 87


Gazette.govt.nz — PDF NZ Gazette 2004, No 87




✨ LLM interpretation of page content

💰 Notes to and Forming Part of the Consolidated Financial Statements for The Waikato Community Trust Incorporated (continued from previous page)

💰 Finance & Revenue
15 July 2004
Imputation tax credits, Withholding tax, Loss carried forward, Tax losses, Investment funds, Unrealised losses, Taxable income