NEW ZEALAND GAZETTE, No. 105

7 JULY 2005

2504

3. Revenue

Comprises:

| | 2005
| | $'000 |
|----------------|-------|
| Interest | 8,502 |
| Dividends | 9,232 |
| Sundry income | 40 |
| Realised gains/(losses) | 647 |
| Unrealised gains/(losses) | (293) |
| Total | 18,128 |

| | 2004
| | $'000 |
|----------------|-------|
| Interest | 5,735 |
| Dividends | 6,684 |
| Sundry income | 42 |
| Realised gains/(losses) | (17,305) |
| Unrealised gains/(losses) | 31,476 |
| Total | 26,632 |

4. Expenses

Comprises:

| | 2005
| | $'000 |
|--------------------------|-------|
| Audit fees | 12 |
| Accountancy/secretarial fees | 50 |
| Consultants – tax | 4 |
| Consultants – other | 13 |
| Employee remuneration | 271 |
| Funds management services| 616 |
| Investment advisory services | 137 |
| Statutory reporting | 10 |
| Trustees fees | 195 |
| Depreciation – office equipment | 30 |
| – motor vehicles | 17 |
| – buildings | 38 |
| Other expenses | 381 |
| Total | 1,774 |

| | 2004
| | $'000 |
|--------------------------|-------|
| Audit fees | 12 |
| Accountancy/secretarial fees | 31 |
| Consultants – tax | 6 |
| Consultants – other | – |
| Employee remuneration | 236 |
| Funds management services| 513 |
| Investment advisory services | 134 |
| Statutory reporting | 10 |
| Trustees fees | 194 |
| Depreciation – office equipment | 26 |
| – motor vehicles | 12 |
| – buildings | 27 |
| Other expenses | 320 |
| Total | 1,521 |

5. Capital

| | 2005
| | $'000 |
|------------------------------|-------|
| Balance at beginning of the year | 198,642 |
| Transfer from income | – |
| Balance at the end of the year | 198,642 |

| | 2004
| | $'000 |
|------------------------------|-------|
| Balance at beginning of the year | 198,642 |
| Transfer from income | – |
| Balance at the end of the year | 198,642 |

6. Reserves

Investment fluctuation reserve:

| | 2005
| | $'000 |
|------------------------------|-------|
| Balance at beginning of the year | 9,432 |
| Transfer from (to) income | 9,115 |
| Balance at the end of the year | 18,547 |

| | 2004
| | $'000 |
|------------------------------|-------|
| Balance at beginning of the year | – |
| Transfer from (to) income | 9,432 |
| Balance at the end of the year | 9,432 |

Donation reserve:

| | 2005
| | $'000 |
|------------------------------|-------|
| Balance at beginning of the year | – |
| Transfer from (to) income | 911 |
| Less donations paid | (911) |
| Balance at the end of the year | – |

| | 2004
| | $'000 |
|------------------------------|-------|
| Balance at beginning of the year | (9,474) |
| Transfer from (to) income | 10,028 |
| Less donations paid | (554) |
| Balance at the end of the year | – |

7. Taxation

The taxation (G.S.T., Trans-Tasman Imputation and Miscellaneous Provisions) Act 2003 amended the Income Tax Act (1994) to exempt the trust from income tax from 1 April 2004. The effect of this is:

– The trust is not required to prepare an income tax return beyond 31 March 2004.

– The trust can continue to make distributions to community organisations without an income tax liability and the significant compliance costs previously required.

– Trust Waikato Charities Limited, a wholly-owned charitable company established by the trust to carry out some of the trust’s activities, could be wound up before 31 March 2006 and distributed to the trust without tax costs.